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Oasis Tradelink Limited
Your Directors present the Annual Report of your Company together with the Audited Financial Statement for the financial year ended, 31st March, 2018.
1. FINANCIAL HIGHLIGHTS
|Income for the year was||5,14,37,16,250||3,42,93,87,156|
|Profit before Financial Charges, Depreciation and Taxation||3,90,14,107||5,29,19,402|
|Out of which Provisions have been made for :-|
|Provision for Taxation:|
|i. Current Income Tax||40,000||35,00,000|
|ii. Deferred Tax||(95,494)||(95,494)|
|Profit after Income Tax||1,86,445||2,23,26,640|
2. OPERATION & REVIEW
To receive, consider and adopt the audited Balance Sheet as at 31st March, 2018 and Statement of Profit & Loss together with Notes forming part thereto ("Financial Statement") for the year ended on 31st March, 2018 and Report of the Board of Directors and Auditors thereon. Total Revenue from operation of the company is Rs. 5,14,37,16,250/- And the net Profit after tax is Rs. 1,86,445 For the Financial year 2017-18.
The Board of Director has not recommended any Dividend for the Year .
4. TRANSFER OF UNCLAIMED DIVIDEND TO INVESTOR EDUCATION AND PROTECTION FUND
Since there was no unpaid/unclaimed dividend, the provisions of Section 125 of the Companies Act, 2013 do not apply.
5. TRANSFER TO RESERVES
During the year under review, the Company has not transferred any amount to General Reserves account.
6. CHANGE IN THE NATURE OF THE BUSINESS
During the year, there is no change in the nature of the business of the Company
7. DIRECTORS AND KEY MANAGERIAL PERSONNEL
a) Retirement By Rotation
In accordance with the provisions of the Companies Act, 2013 Mr. Snehal B Patel, Director of the company who is liable to retire by rotation, being eligible for reappointment, offers himself for reappointment. Appropriate resolutions for the reappointment are being placed for your approval at the ensuing AGM.
b) Resignation of Director
During the year under review Mr. Shankar Prasad Bhagat has resigned from the post of independent director w.e.f 29.03.2018
8. NUMBER OF BOARD MEETINGS
Ten meetings of the Board were held during the year under review. The details of which are given in the Corporate Governance Report.
9. BOARD EVALUATION
Pursuant to the provisions of the Companies Act, 2013 and SEBI (LODR) Regulation, 2015, the Board has carried out an annual performance evaluation of its own performance, the directors individually as well as the evaluation of the working of its Various Committees.
10. DIRECTORS RESPONSIBILITY STATEMENT
Pursuant to the requirement under Section 134(5) of the Companies Act, 2013, with respect to Directors Responsibility Statement, it is hereby confirmed that:
(a) In the preparation of the annual accounts, the applicable accounting standards have been followed along with explanation relating to material departures;
(b) The directors 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/loss of the company for that period;
(c) The directors have 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 have prepared the annual accounts on a going concern basis; and
(e) The directors have 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 have devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.
11. ADEQUACY OF INTERNAL FINANCIAL CONTROLS
The Company has in place adequate internal financial Controls with reference to Financial Statements. The Board has inter alia reviewed the adequacy and effectiveness of the Companys internal financial controls relating to its financial statements. During the year, such Controls were tested and no reportable material weakness was observed
Your Company has neither invited nor accepted any fixed deposit from the public during the year.
13. PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS MADE UNDER SECTION 186 OF THE COMPANIES ACT, 2013
During the year, the Company has not given any loan, guarantee or provided security in connection with the loan to any other body corporate or person or made any investments hence no particulars of the loans, guarantees or investments falling under the provisions of Section 186 of the Companies Act, 2013 are provided by the Board.
14. EXTRACT OF ANNUAL RETURN
The extract of Annual Return as per section 92 of the Companies Act, 2013 read with Rule 12 of the Companies (Management and administration) Rules, 2014 in Form MGT-9 is annexed herewith to this report as "Annexture A"
15. DETAILS OF POLICY DEVELOPED AND IMPLEMENTED BY THE COMPANY ON ITS CORPORATE SOCIAL RESPONSIBILITY INITIATIVES
The Company has not developed and implemented any Corporate Social Responsibility initiatives as the said provisions are not applicable.
16. SIGNIFICANT AND MATERIAL ORDER PASSED BY REGULATORS OR COURTS OR TRIBUNALS IMPACTING THE GOING CONCERN STATUS AND COMPANYS OPERATIONS IN FUTURE
During the year there is No other significant and material order was passed by regulators or courts or tribunals impacting the going concern status and companys operations in future.
17. MATERIAL CHANGES AND COMMITMENTS AFFECTING THE FINANCIAL POSITION OF THE COMPANY WHICH HAVE OCCURRED BETWEEN THE END OF THE FINANCIAL YEAR OF THE COMPANY TO WHICH FINANCIAL STATEMENTS RELATE AND THE DATE OF THE REPORT
No material changes and commitments affecting the financial position of the Company have occurred between the end of the financial year to which this financial statements relate and the date of this report.
18. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO
The particulars as required under the provisions of Section 134(m) of the Companies Act, 2013 in respect of conservation of energy and technology absorption have not been furnished considering the nature of activities undertaken by the company during the year under review. Further during the year under review, the Company has neither earned nor used any foreign exchange.
The Board of Director has Appointed M/s PARTH SHAH AND ASSOCIATES Chartered Accountant, Ahmedabad (FRN: 144251W) as a Statutory Auditor of the company in their meeting held on 4th September 2018 in Place of erstwhile Auditor M/s Dhaval Padiya & Co. having FRN : 140653W and the Auditor Shall hold the Office upto the Conclusion of Annual General Meeting. Therefore Board of Director of our Company Pursuant to Provision of Section 139 of Companies Act 2013 Proposed to Appoint M/s. PARTH SHAH AND ASSOCIATES Chartered Accountant, Ahmedabad (FRN: 144251W) as a Statutory Auditor of the Company for the Period of Five Years till the 27th AGM to be held in 2023 with no further need for ratification at every Annual General Meeting to be held during the said period. The Company has received a confirmation from the said Auditors that they are not disqualified to act as the Auditors and are eligible to hold the office as Auditors of the Company.
The Company has not appointed the Cost Auditor as pursuant to Section 148 of the Companies Act, 2013 read with the Companies (Cost Records and Audit) Amendment Rules, 2014, the cost audit is not applicable to the Company.
In terms of Section 204 of the Act and Rules made there under, Mr. Manohar Chunara, Practicing Company Secretary have been appointed as Secretarial Auditor of the Company. The report of the Secretarial Auditor is enclosed to this report as "Annexure D". The report is self-explanatory.
With reference to the remarks and observation of the secretarial Auditor, the following explanations have been submitted by the board of directors of the company.
Our Company took all reasonable steps to do such appointments, but as our Company is not doing well in its present line of business activity, it failed to attract right candidates for such post. The Board of our Company continues its efforts to search right candidate for the post of Company Secretary will appoint the Company Secretary as soon as possible.
20. AUDIT COMMITTEE/ NOMINATION AND REMUNERATION COMMITTEE/ STAKEHOLDERS RELATIONSHIP COMMITTEE
The details of various committees and their functions are part of Corporate Governance Report and it enclosed herewith to this report As Annexure - C.
Your Directors place on record their gratitude for the continuing support of Shareholders, bankers and Business associates at all levels.
|By Order of the Board of Directors|
|Date: 04/09/2017||Snehal B. Patel|
|Place: Ahmedabad||Whole-Time Director|