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Yours Directors have pleasure in presenting their Twenty-Fourth Annual Report together with the audited statement of accounts for the Financial Year ended March 31 , 2018.
|1. FIFINANCIAL RESULTS|
|Results of Operations||(Rs. In Lakhs)|
|Particulars||March 31, 2018||March 31, 2017|
|Sales & Other Income||27849.68||28563.96|
|Profit Before Tax||3565.60||435.18|
|Provision for Tax||1123.70||(135.46)|
|Total Comprehensive Income||2449.03||317.14|
|Balance of Profit brought forward from previous Year||7723.90||7,406.76*|
|Profit Available for Appropriation||10172.93||7723.90|
|Dividend (Including Dividend Distribution Tax)||NIL||NIL|
|Exceptional items- Income/(Expenses)||260.78||Nil|
* Balance of profit brought forward for the year 2016-17 shown after adjustment of IND AS Rs 3.29lakhs
2. BUSINESS PERFORMANCE/STATE OF COMPANY AFFAIRS
The sales and other income for the year ended 31st March 2018 were Rs. 27849.68 Lakhs as against Rs. 28563.96 Lakhs in the previous year. The operating Profit amounted to Rs. 3304.82 Lakhs as against Rs. 435.19 Lakhs in the previous year. Total comprehensive income after tax was Rs. 2449.03 Lakhs as against Rs. 317.14 Lakhs in the previous year.
3. MATERIAL CHANGES AND COMMITMENTS
There were no material changes and commitments affecting the financial position of the Company which occurred between the end of the financial year to which this financial statements relate and the date of this Report.
In order to conserve the resources, the Board of Directors does not recommend any dividend for the year ended March 31, 2018.
The Board of Directors does not propose to transfer any amount to the reserves.
6. DIRECTORS AND KEY MANAGERIAL PERSONNEL
Mr. J. P Patel, Director of the Company will retire by rotation at the forthcoming Annual General Meeting and being eligible, offer himself for reappointment.
Mr. P.L. Patel and Mr. V. L. Patel cease to be Whole Time Directors w.e.f 30th June 2017. Mr. J. P. Patel and Mr. S. V. Patel whose tenure as Executive Chairman and Managing Director was upto 30th June 2017 were reappointed w.e.f 1st July 2017.
During the year under review, Mr. J. G. Awate, Mr. S. Y. Mestry and Mr. S. U. Joshi were Independent Directors retire w.e.f 7th August 2017. Ms. Sarita Kotasthane and Adv S. B. Malegaonkar continue to be Independent Directors of the Company.
All the Independent Directors have given declarations that they meet the criteria of independence as laid down under Section 149 (6) of the Companies Act, 2013 and as per provisions of Listing Regulations.
During the year under review, Ms. Yashodhara Agashe was appointed as Company Secretary & Compliance Officer w.e.f 15th April 2017.
7. BOARD EVALUATION
Pursuant to the provisions of the Companies Act, 2013 and Listing Regulations, the Board of Directors has carried out an annual performance evaluation of its flown performance and that of the Directors and Committees, internally.
It included the Evaluation of the Board as a whole, Board Committees and Directors. The exercise was led by the Chairman of Nomination and Remuneration Committee along with an Independent Director. The Evaluation process focused on various aspects of the Board and Committees functioning such as composition of the Board and Committees, experience, performance of duties and governance issues etc. Separate exercise was carried out to evaluate the performance of individual Directors on parameters such as attendance, contribution, independent judgment and guidance and support provided to the management.
The results of the Evaluation were shared with the Board, Chairman of respective Committees and individual Directors.
8. NOMINATION AND REMUNERATION POLICY
The Board of Directors on the recommendation of the Nomination & Remuneration Committee has framed a Policy for Directors, Key Managerial Personnel and other Senior Managerial Personnel of the Company, in accordance with the requirements of the provisions of Section 178 of the Companies Act, 2013 and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The Nomination and Remuneration Policy is stated in the Corporate Governance Report. The same has also been uploaded on the website of the company under the weblink viz, http://www.silworld.in/index.php/about-us/ investors-room/policy.
9. NUMBER OF MEETINGS OF THE BOARD OF DIRECTORS AND ITS COMMITTEES
During the year Five Board Meetings, Four Audit Committee Meetings, Four Nomination and Remuneration Committee Meetings, One Stakeholder Relationship Committee Meeting, and One Independent Directors Meeting and was convened and held. The details of which are given in the Corporate Governance Report. The intervening gap between the Meetings was within the period prescribed under the Companies Act, 2013.
10. DIRECTORS RESPONSIBILITY STATEMENT
Pursuant to the requirement clause (c) of subsection (3) of Section 134 of the Companies Act, 2013, your Directors 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) 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 and loss of the Company for that period;
(c) they have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of Companies Act, 2013 for 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 to be followed by the Company and that such internal financial controls are adequate and were operating effectively, and
(f) they have devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.
11. RELATED PARTY TRANSACTIONS
All related party transactions that were entered into during the financial year were on an arms length basis and were in the ordinary course of business. Further there are no material related party transactions during the year under review with the Promoters, Directors or Key Managerial Personnel. All Related Party Transactions are placed before the Audit Committee as also the Board of Directors for approval. The policy on Related Party Transactions as approved by the Board has been uploaded on the Companys website. The form AOC-2 is annexed herewith as Annexure A.
12. SIGNIFICANT AND MATERIAL ORDERS
PASSED BY THE REGULATORS OR
COURTS OR TRIBUNALS
There are no significant material orders passed by the Regulators / Courts which would impact the going concern status of the Company and its future operations.
13. CORPORATE GOVERNANCE & SECRETARIAL STANDARDS:
Pursuant to regulation 34 of the Listing regulations and relevant sections of the act a Management Discussion and Analysis Statement Report on corporate governance and Auditors certificate are included in Annual Report.
The Company has complied with applicable secretarial standard lead down by the Institute of Company Secretaries of India, New Delhi.
14. AUDITORS AND AUDITORS REPORT:
a. Statutory Auditors and Auditors Report
Pursuant to the provisions of section 139 and 142 and other applicable provisions, if any, of the Companies Act, 2013, and the rules made there under, as amended from time to time, appointment of M/s. Vijay S. Kalera & Associates , Chartered Accountants, Pune [Firm Registration No. 115160W] as the Statutory Auditors of the Company was made by the members at the 23rd Annual General Meeting held on 28 September, 2017 for a term of five years, subject to the ratification of members in every Annual General Meeting.
Their appointment be and is hereby ratified for the financial year 2018-19 on such remuneration as may be fixed by the Board.
They have confirmed their eligibility under Section 141 of the Companies Act, 2013 and the Rules framed there under for reappointment as Auditors of the Company.
Independent Auditors Report forms part of this Annual Report.
b. Cost Auditors and Cost Auditors Report
Pursuant to Section 148 of the Companies Act, 2013 read with The Companies (Cost Records and Audit) Amendment Rules, 2014, the cost audit records maintained by the Company in respect of production of Cement Products & Power generation are required to be audited.
The Board of Directors of the Company on the recommendation of Nomination and
Remuneration Committee has appointed M/s Nimkar Mohani & Associates to audit the cost accounts of the Company for the financial year 2017-18 on a remuneration of Rs. 30,000/- plus Goods and Services Tax as applicable. As required under the Companies Act, 2013, the remuneration payable to the cost auditor is required to be placed before the Members in a general meeting for their ratification. Accordingly, a Resolution seeking Members ratification for the remuneration payable to M/s Nimkar Mohani and Associates, Cost Auditor is included at Item No. 6 of the Notice convening the Annual General Meeting.
c. Secretarial Audit and Secretarial
Pursuant to the provisions of Section 204 of the Companies Act, 2013 and The Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Company had appointed Mr. Suvir Saraf, Company Secretary in Practice to undertake the Secretarial Audit of the Company for the financial year 2017-18.
The Secretarial Audit Report is included as "Annexure B" and forms an integral part of this Report.
d. Auditors Comment
There are no qualifications, reservations or adverse remarks or disclaimers made by Statutory Auditors, in their Audit Report. However the Secretarial Auditor report have qualification. The same is summarized as under:
The company has failed to le E Form CHG-1 (Creation of Charge on 04 December 2017 during the reporting period.)
e. Boards Reply
The Company is under the process for ling the same.
15. ENERGY CONSERVATION, TECHNOLOGY,
ABSORPTION AND FOREIGN EXCHANGE
EARNINGS AND OUTGO
The information on conservation of energy, technology absorption and foreign exchange earnings and outgo stipulated under Section 134(3) (m) of the Companies Act, 2013 read with Rule 8 of The Companies (Accounts) Rules, 2014, is annexed herewith as "Annexure C".
16. EXTRACT OF ANNUAL RETURN
The details forming part of the extract of the Annual Return in form MGT 9 as required under section 92 of the Companies Act, 2013 is included in this Report as "Annexure D" and forms an integral part of this Report.
The Company has not accepted any xed deposits from public and, as such, no amount of principal or interest was outstanding as of the Balance Sheet date.
18. RISK MANAGEMENT POLICY
The Company has adopted the Risk Management Policy after identifying the elements of risks which in the opinion of the Board may threaten the fivery existence of the Company itself. The Risk Management Policy has been uploaded on the website of company under the weblink http://www.silworld.in/index. php/about-us/investors-room/policy
19. CORPORATE SOCIAL RESPONSIBILITY (CSR)
The Board on recommendation of CSR
Committee had approved the CSR policy. The CSR Committee consists of Mr. S. V. Patel-Chairman, Mr. J. P. Patel - Member and Adv S. B. Malegaonkar-Member. The CSR policy is uploaded on Companys website under the http://www.silworld.in/index.php/about - us/investors-room/policy. The Report on CSR Activities as required under Companies (Corporate Social Responsibility Policy) Rules, 2014 is set out as "Annexure E" forming part of this Report.
20. STATEMENT PURSUANT TO SECTION
197(12) OF THE COMPANIES ACT, 2013 READ WITH RULE 5(1) OF THE COMPANIES (APPOINTMENT AND REMUNERATION OF MANAGERIAL PERSONNEL) RULES, 2014
Disclosures pertaining to remuneration and other details as required under Section 197 (12) of the Act read with Rule 5 (1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 is provided in the Annual Report as "Annexure F" which forms a part of this Report.
21. FAMILIARISATION PROGRAMME FOR
The Board members are provided with necessary documents/brochures, reports and internal policies to enable them to familiarize with the Companys procedures and practices.
22. INTERNAL FIFINANCIAL CONTROLS
The Company has put in place an adequate system of internal financial controls with respect to the financial statement and commensurate with its size and nature of business which helps in ensuring the orderly and efficient conduct of business. No reportable material weakness in the operation was observed.
23. VIGIL MECHANISM/WHISTLE BLOWER POLICY
The Company has formulated and published a Whistle Blower Policy to provide Vigil Mechanism for employees including directors of the Company to report genuine concerns. The Whistle Blower Policy is uploaded on the website of the Company under the weblink http://www.silworld.in/index.php/about-us/investors-room/whistle-blower-policy.
24. AUDIT COMMITTEE
The composition of the Audit Committee is
provided in Corporate Governance Report and forms a part of this Annual Report. There has been no instance of non acceptance of any recommendations of the Audit Committee by the Board during the financial year under review.
25. LOANS, GUARANTEES OR INVESTMENTS
The Company has not given any loan to or provided any guarantee or security in favour of other parties. The Company has also not made any investment of its fund with any other party.
We thank our customers, fivendors, investors and bankers for their continued support during the year. We are grateful to the various state governments & local authorities for their continued co operation. We place on record our appreciation of the contribution made by our employees at all levels. Our consistent growth was made possible by their hard work, solidarity, cooperation and support.
30th June 2018
Regd. Office: 39/D, Swastik House, J. N. Road, Gultekdi, Pune 411037 W: www.silworld.in E:email@example.com T:+20 2644 4625/26/27 F:+20 2644 4624/2645/8888 CIN No:L26956PN1994PLC078941
On Behalf of the Board of the Directors
FOR SAHYADRI INDUSTRIES LIMITED
|Jayesh Patel||Satyen Patel|
|(DIN: 00131517)||(DIN: 00131344)|