Alna Trading & Exports Ltd Directors Report.

To,

The Members

M/s. ALNA TRADING AND EXPORTS LIMITED

Mumbai.

Your Directors have pleasure in presenting to you the 35th Annual Report of the Company and the Audited Financial Statements for the year ended 31st March, 2017.

FINANCIAL RESULTS:

Particulars For the current year ended 31.03.2017 For the previous year ended 31.03.2016
(Amount in Rs) (Amount in Rs)
Gross Revenue 1,67,78,988 1,56,39,435
Profit for the period before Depreciation and Taxation 4,72,329 5,95,261
Less : Depreciation 28,700 30,182
Profit before tax 4,43,629 5,65,079
Provision for Taxation
Current Tax 82,500 1,40,000
Deferred Tax 318 276
(Excess)/Short tax provision for earlier years (303) (5,490)
82,515 1,34,786
Profit after Tax 3,61,114 4,30,293
Add/(Less) : Brought forward profit of earlier year 1,47,39,718 1,43,09,425
Balance carried forward to Balance Sheet 1,51,00,832 1,47,39,718

REVIEW OF OPERATIONS:

During the year under Report, the Company registered turnover amounted to Rs 1.68 crores as compared to the previous year turnover of Rs1.56 crores.

Net Profit for the year is Rs 3.61 lakhs as compared to Rs 4.30 lakhs in the previous year.

TRANSFER TO RESERVES:

The Company did not transfer any amounts to the general reserve during the year.

DIVIDEND:

With a view to strengthen the financial position of the Company and to retain funds required for the operations of the Company the Directors have not recommended any dividend out of the current years profit.

FIXED DEPOSITS:

The Company does not have any deposits remaining unclaimed and/or claimed but not paid for which information is required to be given in this Report.

CONSERVATION OF ENERGY. TECHNOLOGY ABSORPTION. FOREIGN EXCHANGE EARNINGS AND OUTGO:

Information pursuant to section 134(3)(m) of the Companies Act, 2013 read with Rule 8 of the Companies (Accounts) Rules, 2014, is not applicable to your Company, hence no information is disclosed.

The Company has however earned Foreign Exchange of Rs1,64,27,948/- (Previous Year Rs1,53,28,179 /-) and did not incurred any Foreign Exchange outgo during the current year as given in Note 20 of notes forming part of accounts.

CORPORATE SOCIAL RESPONSIBILITY (CSR):

The Company has not developed and implemented any Corporate Social Responsibility initiatives as the said provisions are not applicable.

RISK MANAGEMENT:

The Company follows well-established and detailed risk assessment and minimization procedures, which are periodically reviewed by the Board. The Company has in place a business risk management framework for identifying risks and opportunities that may have a bearing on the organizations objectives, assessing them in terms of likelihood and magnitude of impact and determining a response strategy.

The Senior Management assists the Board in its oversight of the Companys management of key risks, including strategic and operational risks, as well as the guidelines, policies and processes for monitoring and mitigating such risks under the aegis of the overall business risk management framework

RELATED PARTY TRANSACTIONS:

There were no transactions with related parties during the year under review as defined under section 188 of the Companies Act, 2013. Thus disclosure in Form AOC-2 is not required. Further, there were no material related party transactions during the year under review with the Promoters, Directors or Key Managerial Personnel.

DIRECTORATE AND KEY MANGERIAL PERSONNEL:

The Board of Directors, at its meeting held on 01st February, 2017, has appointed Mr. Aftab Alam as an Additional Director of the Company. Mr. Aftab Alam holds office upto till the ensuing Annual General Meeting, is eligible for appointment (and in respect of whom Notice in writing under section 160 of the Companies Act, 2013 has been received from a member by the Company) is to be appointed as a Director of the Company. It is proposed to regularize his appointment in the 35th Annual General Meeting.

Mr. Aftab Alam was appointed as an Independent Director w.e.f. 01st February, 2017 The resolutions for his appointment as an Independent Director for a term upto 31st January, 2022 is placed for approval of the members of the Company at the ensuing Annual General Meeting. A declaration of independence stating that he meet the criteria of independence as provided under section 149(6) of the Companies Act. 2013 has been furnished by him.

Mr. Sundaresh Bhat, vide letter dated 01st February, 2017, has tendered his resignation from Directorship. The Board would like to place on record their appreciation for the valuable contributions made by him during his tenure as the Director of the Board.

Pursuant to section 152 of the Companies Act, 2013 and in terms of the Articles of Association of the Company, Mrs. Merle Dsa, Director, retires by rotation at the ensuing Annual General Meeting and being eligible offers herself for re-appointment. Your Board has recommended her re-appointment.

DIRECTORS RESPONSIBILITY STATEMENT:

Pursuant to Section 134(5) of the Companies Act. 2013, Directors of your Company hereby state and confirm that:

a) in the preparation of the annual accounts for the year ended 31st March, 2017, the applicable accounting standards have been followed along with proper explanation relating to material departures;

b) they have selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the company at the end of the financial year and of the profit of the company for the same period;

c) the directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 2013 lor safeguarding the assets of the company and for preventing and detecting fraud and other irregularities;

d) they have prepared the annual accounts on a going concern basis;

e) they have laid down internal financial controls in the company that are adequate and are operating effectively.

f) they have devised proper systems to ensure compliance with the provisions of all applicable laws and these are adequate and are operating effectively.

REMUNERATION OF THE DIRECTORS / KEY MANAGERIAL PERSONNEL (KMP) / EMPLOYEES:

No remuneration is paid to Director/Key Managerial Personnel since all are Non-executive and Non- independent Directors.

NUMBER OF MEETINGS OF THE BOARD OF DIRECTORS:

The Board of Directors of the Company met 06 times during the year 2016-17 i.e. on 20/05/2016, 30/07/2016, 10/10/2016, 28/10/2016, 30/12/2016 and 01/02/2017.

The gap between two consecutive meetings did not exceed one hundred twenty days.

AUDIT COMMITTEE:

The Audit Committee of the Company comprises of Mr. Anwar Chauhan, Ms. Merle Dsa and Mr. Aftab Alam as its members. During the financial year 2016-17. the Committee met on 20/05/2016. 30/07/2016, 10/10/2016. 28/10/2016, 30/12/2016 and 01/02/2017 the same were attended by all Committee Members. The recommendations made by the Audit Committee were accepted by the Board of Directors of the Company.

REMUNERATION COMMITTEE:

The Remuneration Committee of the Company comprises of Mr. Anwar Chauhan, Ms. Merle Dsa and Mr. Aftab Alam as its members. During the financial year 2016-17, the Committee met on 10/10/2016 the same were attended by all Committee Members.

VIGIL MECHANISM:

Pursuant to requirement laid down in the Companies Act, 2013. the Company has established Vigil Mechanism, The Vigil Mechanism/Whistle Blower Policy provides for adequate safeguards against victimization of persons who use such mechanism and make provision for direct access to the Chairperson (Mr. Aftab Alam) of the Audit Committee in appropriate cases. It is affirmed that no person has been denied access to the Audit Committee. The Whistle Blower Policy has been placed on the website of the Company.

PARTICULARS OF EMPLOYEES AND RELATED DISCLOSURES:

In terms of the provisions of section 197( 12) of the Companies Act, 2013 read with Rule 5(2) and 5(3) of the Companies (Appointment & Remuneration of Managerial Personnel) Rules, 2014, no employee of the Company is drawing remuneration in excess of the limits set out in the said rules

The net worth of the Company as on 31st March, 2017 was Rs 1,76,51,042/- against Rs1,72,89,929/- as on 31st March, 2016.

PARTICULARS OF LOANS. GUARANTEES OR INVESTMENTS:

The information of Loans, Guarantees and Investments covered under the provisions of Section 186 of the Companies Act, 2013 is given under Note No.5 forming part of the accounts.

AUDITORS REPORT REMARK:

Report of Auditors" is self-explanatory and does not require further elucidation.

AUDITORS:

Statutory Auditors:

M/s. Rajendra & Co., Chartered Accountants, Statutory Auditors of the Company, hold office till the conclusion of the ensuing Annual General Meeting and their term (transition period) of 03 years is expiring at the ensuing Annual General Meeting.

Accordingly, as per the requirement of Section 130(2) of the Companies Act, 2013 (the Act), M/s. D K P & Associates, Chartered Accountants (Registration No. 126305W) are proposed to he appointed as auditors for a period of 05 years commencing from the conclusion of 35th Annual General Meeting till the conclusion of the 40th Annual General Meeting, subject to ratification by shareholders every year, as may be applicable, in place of M/s. Rajendra & Co., Chartered Accountants. M/s. D K P & Associates, Chartered Accountants have consented to the said appointment, and confirmed that their appointment, if made, would be within the limits specified under Section 141(3)(g) of the Act. They have further confirmed that they are not disqualified to he appointed as statutory auditor.

M/s. DKP & Associates, Chartered Accountants, new statutory auditors to he appointed in place of retired auditors M/s. Rajendra & Co., Chartered Accountants for a period of five years from the conclusion of the ensuing Annual Genera! Meeting until the conclusion of Annual General Meeting of the company to be held on in the year 2022 subject to ratification by the shareholders at every Annual General Meeting. Members are requested to appoint the statutory auditors and fix their remuneration.

Secretarial Auditors:

According to the provision of section 204 of the Companies Act, 2013 read with Rule 9 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Secretarial Audit Report submitted by Company Secretary in Practice is given in the Annexure-A to this report.

The Company has appointed Secretarial Auditor for the Financial Year 2016-17 and has filed Form MGT-14.

Qualification of Secretarial Auditors:

The secretarial auditor has qualified the report as regards to non-appointment of company secretary under section 203 of the Companies Act, 2013 and rules made thereunder. As regards to the said qualification the Board hereby explained that the Company is small company with paid-up capital of Rs.20,00,000/- (Rupees Twenty Lakhs Only) and therefore most of the provisions of sections of the Companies Act, 2013 are not applicable. Being a small company it cannot afford to appoint a company secretary.

SEXUAL HARRASMENT AT WORK PLACE:

During the year under review, there were no cases reported pursuant to the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013.

EXTRACT OF ANNUAL RETURN:

The details forming part of the extract of the Annual Return in Form No.MGT-9 is given in the Annexure to this report.

APPRECIATION AND ACKNOWLEDGEMENT:

Your Directors would like to express their appreciation for the assistance and co-operation received from the Government authorities, banks, customers, business associates and members during the year under review. Your Directors also wish to place on record their deep sense of appreciation for the committed services by the executives, staff and workers of the Company.

BY ORDER OF THE BOARD OF DIRECTORS For ALNA TRADING AND EXPORTS LIMITED

(ANWAR CHALHAN)
PLACE : MUMBAI CHAIRMAN
DATED : 30th MAY, 2017 DIN:00322114
REGISTERED OFFICE :
Allana House, 4 J.A. Allana Road,
Colaba, Mumbai-400 001.