To the Members,
Amber Fabrics Limited
The Directors have pleasure in presenting before you the Annual Report of the Company
together with the Audited Statements of Accounts for the year ended 31 st March, 2016.
1. FINANCIAL SUMMARY/HIGHLIGHTS, OPERATIONS, STATE OF AFFAIRS:
The performance during the period ended 31st March, 2016 has been as under:
Rs. In Lakhs
| Particulars |
2015-2016 |
2014-2015 |
| Total Income |
314.49 |
186.14 |
| Total Expenditure |
320.29 |
185.59 |
| Profit Before Tax |
(5.80) |
0.55 |
| Provision for Tax |
- |
(1.41) |
| Profit after Tax |
(5.80) |
1.96 |
2. DISCLOSURES UNDER SECTION 134(3) (l) OF THE COMPANIES ACT, 2013:
There were no material changes and commitments affecting financial position of the
company between 31 st March and the date of Boards Report. (I.e. 10/08/2016)
The Company has changed its registered office from Plot.no.16, 1st floor, Srila Realty
Layout, Madinaguda, Miyapur, Serilingampally Mandal, Hyderabad 500049 to R/O, #45, M-701-
H M Tambourine Jargan hall, 6th Phase, J P Nagar, Opp Metro Pillar no 82, Bengaluru 56007
w.e.f. 28.04.2016.
3. CHANGE IN THE NATURE OF BUSINESS, IF ANY:
During the period under review there was no change in the nature of Business.
4. PUBLIC DEPOSITS:
The Company has not accepted any deposits falling within the meaning of Section 73 of
the Companies Act, 2013 and the Companies (Acceptance of Deposits) Rules 2014, during the
financial year under review.
5. TRANSFER TO RESERVES:
Directors have decided not to transfer any amount to reserves for the year.
6. DIVIDEND:
Keeping the Companys expansion and growth plans in mind, your Directors have decided
not to recommend dividend for the year.
7. REVISION OF FINANCIAL STATEMENTS:
There was no revision of the financial statements for the year under review
8. DISCLOSURE OF INTERNAL FINANCIAL CONTROLS
The Internal Financial Controls with reference to financial statements as designed and
implemented by the Company are adequate. During the year under review, no material or
serious observation has been noticed for inefficiency or inadequacy of such controls. The
Company maintains appropriate system of internal control, including monitoring procedures,
to ensure that all assets are safeguarded against loss from unauthorized use or
disposition. Company policies, guidelines and procedures provide for adequate checks and
balances, and are meant to ensure that all transactions are authorized, recorded and
reported correctly.
9. DISCLOSURE OF ORDERS PASSED BY REGULATORS OR COURTS OR TRIBUNAL
No orders have been passed by any Regulator or Court or Tribunal which can have impact
on the going concern status and the Companys operations in future.
10. PARTICULARS OF CONTRACTS OR ARRANGEMENT WITH RELATED PARTIES
The details of transactions/contracts/arrangements entered into by the Company with
related party(ies) as defined under the provisions of Section 2(76) of the Companies Act,
2013, during the financial year under review, are furnished in detail somewhere else in
the report (if applicable) and forms part of this Report.
11. BOARD MEETINGS DURING THE YEAR:
The Board of Directors duly met 4 (four) times on 30.05.2015, 14.08.2015,14.11.2015 and
13.02.2016 in respect of which meetings, proper notices were given and the proceedings
were properly recorded and signed in the Minutes Book maintained for the purpose.
12. CORPORATE GOVERNANCE:
Corporate Governance and management discussion analysis is not applicable to the
company since the paid up capital and networth of the company is less than Rs.10.00 crores
and Rs.25.00 crores respectively.
13. EXTRACT OF ANNUAL RETURN:
As required pursuant to section 92(3) of the Companies Act, 2013 and rule 12(1) of the
Companies (Management and Administration) Rules, 2014, an extract of annual return in MGT
9 as a part of this Annual Report – Annexure I
14. RETIREMENTS AND RESIGNATIONS:
During the year Mr. Gopal Krishna Dandu has resigned from the Board w.e.f. 30.05.2016.
The Board places its sincere appreciation for the services rendered by Mr. Gopal
Krishna Dandu during his tenure as a director of the Company.
15. APPOINTMENT / RE- APPOINTMENT OF DIRECTORS/CEO/CFO AND KEY MANANGERIAL PERSONNEL:
During the year, there is no change in the Board of the Company.
Mr. Ajay Kumar Sinha retires by rotation and being eligible offers himself for
re-appointment.
| Particulars |
Name of the Director |
| Name |
Ajay Kumar Sinha |
| DIN |
06956495 |
| Date of Birth |
26.01.1968 |
| Date of |
30.09.2014 |
| Appointment |
|
| Qualifications |
B.Com |
| No. of Shares held in the Company |
100000 |
| Directorships held in other companies (excluding private limited and foreign
companies) |
– |
| Positions held in mandatory committees of other companies |
– |
| Relationship with other directors of the Company |
– |
16. DECLARATION FROM INDEPENDENT DIRECTORS ON ANNUAL BASIS:
The Company has received declarations from Mr. Kartika Behera and Ms. Thara
Puttalingaiah Independent directors of the company to the effect that they are meeting the
criteria of independence as provided in Sub-section (6) of Section 149 of the Companies
Act, 2013 and Regulation 25 of SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015.-Annexure-II
17. DIRECTORS RESPONSIBILITY STATEMENT:
In pursuance of section 134 (5) of the Companies Act, 2013, the Directors hereby
confirm that:
a) In the preparation of the annual accounts, the applicable accounting standards had
been followed along with proper explanation relating to material departures;
b) The Directors had 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 and loss of the company for that period;
c) The Directors had taken proper and sufficient care for the maintenance of adequate
accounting records in accordance with the provisions of this Act for safeguarding the
assets of the company and for preventing and detecting fraud and other irregularities;
d) The Directors had prepared the annual accounts on a going concern basis; and
e) The Directors had laid down internal financial controls to be followed by the
company and that such internal financial controls are adequate and were operating
effectively.
f) The Directors had devised proper systems to ensure compliance with the provisions of
all applicable laws and that such systems were adequate and operating effectively.
18. INFORMATION ABOUT THE FINANCIAL PERFORMANCE / FINANCIAL POSITION OF THE
SUBSIDIARIES / ASSOCIATES:
The Company does not have any Subsidiary. During the year neither any company became a
subsidiary nor ceased as a subsidiary.
19. STATUTORY AUDITORS:
Mr. Raju. S. Narayanan, Chartered Accountants, Statutory Auditors of the Company retire
at the ensuing Annual General Meeting and being eligible, have expressed their willingness
for reappointment. Your directors propose the appointment of Mr. Raju. S. Narayanan.,
Chartered Accountants, as statutory auditors to hold office until the conclusion of the
next Annual General Meeting of the company.
The Board recommends the re-appointment of Mr. Raju. S. Narayanan., Chartered
Accountants as the statutory auditors of the Company from the conclusion of this Annual
General meeting till the conclusion of the next Annual General Meeting.
20. INTERNAL AUDITORS:
There is no internal Auditor of the Company
21. SECRETARIAL AUDIT:
Pursuant to the provisions of Section 134(3) (f) & Section 204 of the Companies
Act, 2013, Secretarial audit report as provided by M/s. S. S. Reddy & Associates,
Practicing Company Secretaries is annexed to this Report as annexure.
22. AUDIT REPORTS:
(a) Statutory Auditors Report:
The Board has duly reviewed the Statutory Auditors Report on the Accounts for the year
ended March 31, 2016 and has noted that the same does not have any reservation,
qualification or adverse remarks. However, the Board decided to further strengthen the
existing system and procedures to meet all kinds of challenges that may occur in the
industry.
(b) Secretarial Audit Report:
The Board has duly reviewed the Secretarial Audit Report on the Compliances according
to the provisions of section 204 of the Companies Act 2013 and does not have any
qualifications, reservations or adverse remarks except that the Company does not have a
Company Secretary, CFO and internal auditors.
The Board is looking for a suitable candidate for the posts above said and the vacancy
will be filled soon.
23. CORPORATE SOCIAL RESPONSIBILITY (CSR):
Since the company does not has the net worth of Rs. 500 Crores or more, or turnover of
Rs. 1000 Crores or more, a net profit of Rs. 5 Crore or more during the financial year,
section 135 of the Companies Act, 2013 relating to Corporate Social Responsibility is not
applicable and hence the Company need not adopt any Corporate Social Responsibility
Policy.
24. COMPLIANCE WITH SEBI (LISTING OBLIGATIONS AND DISCLOSURE REQUIREMENTS) REGULATIONS,
2015:
In compliance with SEBI (Listing Obligations and Disclosure Requirements) Regulations,
2015 the Company has signed uniform listing agreement with BSE Limited and ASE Limited and
framed the following policies which are available on Companys website i.e. www.btil.co.in
• Board Diversity Policy
• Policy on preservation of Documents
• Risk Management Policy
• Whistle Blower Policy
• Familiarisation programme for Independent Directors
• Anti Sexual Harrassment Policy
• Related Party Policy
• Code of Conduct
25. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE OUTGO:
The required information as per Sec.134 of the Companies Act 2013 is provided
hereunder:
A. Conservation of Energy:
Your Companys operations are not energy intensive. Adequate measures have been taken
to conserve energy wherever possible by using energy efficient computers and purchase of
energy efficient equipment.
B. Technology Absorption:
| 1. Research and Development (R&D) |
: NIL |
| 2. Technology absorption, adoption and innovation |
: NIL |
C. Foreign Exchange Earnings and Out Go:
| Foreign Exchange Earnings |
: NIL |
| Foreign Exchange Outgo |
: NIL |
26. INSURANCE:
The assets of your Company are adequately insured.
27. PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS:
The company has not given loans or Guarantees during the year under review.
28. CREDIT & GUARANTEE FACILITIES:
The Company has not been availing any Credit and Guarantee Facilities.
29. DISCLOSURE ABOUT COST AUDIT:
Cost Audit is not applicable to the Company.
30. RATIO OF REMUNERATION TO EACH DIRECTOR:
No remuneration is being paid to any of the Directors of the Company.
31. NON-EXECUTIVE DIRECTORS COMPENSATION AND DISCLOSURES:
None of the Independent / Non-Executive Directors has any pecuniary relationship or
transactions with the Company which in the Judgment of the Board may affect the
independence of the Directors.
32. CEO/ CFO CERTIFICATION:
The Managing Director and CEO/ CFO certification of the financial statements for the
year 2015-16 is provided elsewhere in this Annual Report.
33. INDUSTRY BASED DISCLOSURES AS MANDATED BY THE RESPECTIVE LAWS GOVERNING THE
COMPANY:
The Company is not a NBFC, Housing Companies etc., and hence Industry based disclosures
is not required.
34. SECRETARIAL STANDARDS:
The company is in compliance with SS 1 & SS 2.
35. EVENT BASED DISCLOSURES:
During the year under review, the Company has not taken up any of the following
activities:
1. Issue of sweat equity share: The Company has not issued any sweat equity
shares during the year under review and hence no information as per provisions of Section
54(1)(d) of the Act read with Rule 8(13) of the Companies (Share Capital and Debenture)
Rules, 2014.
2. Issue of shares with differential rights: The Company has not issued any
shares with differential rights and hence no information as per provisions of Section
43(a)(ii) of the Act read with Rule 4(4) of the Companies (Share Capital and Debenture)
Rules, 2014.
3. Issue of shares under employees stock option scheme: The Company has not
issued any equity shares under Employees Stock Option Scheme during the year under review
and hence no information as per provisions of Section 62(1)(b) of the Act read with Rule
12(9) of the Companies (Share Capital and Debenture) Rules, 2014
4. Non- Exercising of voting rights : During the year under review, there
were no instances of non-exercising of voting rights in respect of shares purchased
directly by employees under a scheme pursuant to Section 67(3) of the Act read with Rule
16(4) of Companies (Share Capital and Debentures) Rules, 2014.
5. Disclosure on purchase by company or giving of loans by it for purchase of
its shares: The Company did not purchase or give any loans for purchase of its shares.
6. Buy back shares: The Company did not buy-back any shares during the
period under review.
7. Disclosure about revision: Since the company did not undergo any
revision, this clause is Not Applicable to the company for the period under review.
8. Preferential Allotment of Shares: The Company did not allot any shares on
preferential basis during the period under review.
36. EMPLOYEE RELATIONS AND REMUNERATION:
Your Directors are pleased to record their sincere appreciation of the contribution by
the staff at all levels in the improved performance of the Company.
None of the employees is drawing Rs. 8,50,000/- and above per month or Rs.1,02,00,000/-
and above in aggregate per annum, the limits prescribed under Section 197(12) of Companies
Act 2013 read with Rule 5 of Companies(Appointment & Remuneration Of Managerial
Personnel) Rules, 2014.
37. DISCLOSURE UNDER THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION,
PROHIBITION AND REDRESSAL) ACT, 2013
The Company has in place an Anti Sexual Harassment Policy in line with the requirements
of The Sexual Harassment of Women at workplace (Prevention, Prohibition and Redressal)
Act, 2013. Internal Complaint Committee (ICC) has been set up to redress complaints
received regarding sexual harassment. All employees are covered under this policy.
The following is the summary of sexual harassment complaints received and disposed
during the calendar year.
| • No. of complaints received: |
Nil |
| • No. of complaints disposed off: |
Nil |
38. ACKNOWLEDGEMENTS:
Your Directors wish to place on record their appreciation of the contribution made by
the employees at all levels, to the continued growth and prosperity of your Company.
Your Directors also wish to place on record their appreciation of business
constituents, banks and other financial institutions, other statutory authorities like
SEBI, ROC, Stock Exchanges, NSDL, CDSL, etc and shareholders of the Company for their
continued support for the growth of the Company.
|
For and on Behalf of the Board |
|
Amber Fabrics Limited |
|
Sd/- |
Sd/- |
|
Ajay Kumar Sinha |
Kartika Behera |
| Place: Bangalore |
Whole- Time Director |
Director |
| Date: 10.08.2016 |
(DIN: 06956495) |
(DIN:06982406) |
Code of Conduct
The Company has formulated and implemented a Code of Conduct for Board Members and
Senior Management of the Company. Requisite annual affirmations of compliance with the
respective Codes have been made by the Directors and Senior Management of the Company.
Certificate of Code of Conduct for the year 2015-16 as per Regulation 17(5) read with
Regulation 34(3) Schedule V of SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015.
Amber Fabrics Limited is committed for conducting its business in accordance with the
applicable laws, rules and regulations and with highest standards of business ethics. The
Company has adopted a "Code of Ethics and Business Conduct" which is applicable
to all director, officers and employees.
I hereby certify that all the Board Members and Senior Management have affirmed the
compliance with the Code of Ethics and Business Conduct, under a certificate of Code of
Conduct for the year 2015-16.
|
For and on Behalf of the Board |
|
Amber Fabrics Limited |
|
Sd/- |
|
Ajay Kumar Sinha |
| Place: Bangalore |
Whole- Time Director |
| Date: 10.08.2016 |
(DIN: 06956495) |
CERTIFICATE BY THE WHOLE-TIME DIRECTOR OF THE COMPANY
To
The Board of Directors Amber Fabrics Limited
Dear Sirs,
As required under Regulation 17(8) read with Part B, Schedule II of SEBI (Listing
Obligations and Disclosure Requirements) Regulations, 2015, we state that:
1. I have reviewed the financial statements and the cash flow statement for the year
ended 31st March 2016 and to the best of my knowledge and belief;
a. These statements do not contain any materially untrue statement nor omit any
material fact nor contain statements that might be misleading, and
b. These statements present a true and fair view of the companys affairs and are in
compliance with the existing accounting standards, applicable laws and regulations.
2. There are, to the best of my knowledge and belief, no transactions entered into by
the company during the year, which are fraudulent, illegal or violative of the companys
code of conduct.
3. I accept responsibility for establishing and maintaining internal controls, I have
evaluated the effectiveness of the internal control systems of the company and I have
disclosed to the auditors and the audit committee, deficiencies in the design or the
operation of internal controls, if any, of which I Was aware and the steps that we have
taken or propose to take and rectify the identified deficiencies and,
4. That I have informed the auditors and the audit committee of: a) Significant changes
in the internal control during the year;
b) Significant changes in accounting policies during the year and that the same have
been disclosed in the notes to the financial statements; and
c) Instances of significant fraud of which we have become aware and the involvement of
any employee having a significant role in the companys internal control system.
|
For and on Behalf of the Board |
|
Amber Fabrics Limited |
|
Sd/- |
|
Ajay Kumar Sinha |
| Place: Bangalore |
Whole- Time Director |
| Date: 10.08.2016 |
(DIN: 06956495) |
+91-9892691696
