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Sancia Global Infraprojects Limited
Your Directors have presenting their Report and Audited Accounts of the Company for the year ended March 31, 2017.
1. Financial Results:
|Current Period (In Rs.)||Previous Year (In Rs.)|
The financials for the financial year 2016-17 is as follows:-
|31 ST March 2017 (Rs.)||31 ST March 2016 (Rs.)|
|Sales and other Income||7,753,078||28,905,039|
|Profit before tax||2,954,344||(31,298,291)|
|Profit/(Loss) for the period||92,305,090||(31,298,291)|
In view of losses the directors of company has not recommended any dividend for the current Period.
3. Fixed Deposits:
During the Period Your Company has not accepted any public deposits during the financial period under review.
4. RELATED PARTY TRANSACTIONS
All Related Party Transactions are placed before the Audit Committee for approval. Prior omnibus approval of the Audit Committee is obtained for the transactions which are repetitive in nature. A statement of all Related Party Transactions is placed before the Audit Committee for its review on a quarterly basis, specifying the nature, value and terms and conditions of the transactions.
The Company has adopted a Related Party Transactions Policy. The Policy, as approved by the Board, is uploaded on the Companys website.
Details of the transactions with Related Parties are provided in the accompanying financial statements. There were no major transactions during the year which would require to be reported in Form AOC.2
5. RISK MANAGEMENT
Risk management comprises all the organizational rules and actions for early identification of risks in the course of doing business and the management of such risks.
Although not mandatory, as a measure of good governance, the Company has constituted a Risk Management Committee of the Board. The Committee reviews the Companys performance against identified risks, formulates strategies towards identifying new and emergent risks that may materially affect the Companys overall risk exposure and reviews the Risk Management Policy and structure.
This robust Risk Management framework seeks to create transparency, minimize adverse impact on business objectives and enhance the Companys competitive advantage.
The Internal Audit Department is responsible for facilitating coordination with the heads of various Departments, with respect to the process of identifying key risks associated with the business, manner of handling risks, adequacy of mitigating factors and recommending corrective action. The major risks forming part of the Enterprise Risk Management process are linked to the audit universe and are also covered as part of the annual risk based audit plan.
The Company has adopted a Risk Management Policy pursuant to Section 134 of the Act.
6. Information under Section 196-202 of Companies Act, 2013 and Rule 3-10 of the, Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014
None of the employees was in receipt of remuneration exceeding the limit specified under section 196-202 of Companies Act, 2013.
7. DIRECTORS AND KEY MANAGERIAL PERSONNEL
Appointment and Retirement:
Pursuant to Section 152 of the Companies Act, 2013 (the Act) and under Article (Article No., if any) of the Companys Articles of Association, Mr. Arun Kumar Ray retires by rotation at the ensuing 26th Annual General Meeting and, being eligible, offers himself for re-appointment.
During the year:
Mr.Yashwant T.Shukla the Director of the Company has been resigned from the Directorship of the company with effect from 14th October, 2016.
Mr. Dolon Kundu has Been Appoint as Director of The company with effect From 21st September, 2016 Smt. Sonia Kundu has Been Appoint as Director of The company with effect From 26th October, 2016.
8. Directors Responsibility Statement:
Based on the framework of internal financial controls and compliance systems established and maintained by the Company, work performed by the Internal, Statutory and Secretarial Auditors, including audit of the internal Financial controls over financial reporting by the Statutory Auditors, and the reviews performed by Management and the relevant Board Committees, including the Audit Committee, the Board is of the opinion that the Companys internal financial controls were adequate and effective during the financial year 2016-17.
Pursuant to in terms of clause (c) of sub-section 3 of Section 134 & Section 134(5) of the Companies Act, 2013, the directors, based on the representations received from the Management, confirm:
That in the preparation of the annual accounts, the applicable accounting standards have been followed That we 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 March 2017 and the profit / Loss of the Company for that period.
That we have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 2013 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities
That we have prepared the annual accounts on a going concern basis.
(1) Statutory Auditors:
The Board has proposed the appointment of New statutory auditor of S of the Company Mr. SHAILESH AGARWAL having Membership No. 063220, & Partner of SARP & ASSOCIATES, Chartered Accountants (Firm Registration No.007375C) Address at 105, 4 Fairlee palace, Hmp House, Kolkata - 700001 as a Statutory Auditor of the Company until the conclusion of Next Annual General Meeting of the company at a remuneration as the Board of Directors may determine, "subject to the approval of the shareholders in the Annual General Meeting of the company.
(2) Secretarial Auditors:
Pursuant to the provisions of Section 204 of the Act and The Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Board of Directors of the Company had appointed Megha Modi,Practicing Company Secretary in practice(Memb No:390888) to undertake the Secretarial Audit of the Company for the year ended 31st March, 2017. The Secretarial Audit Report is annexed in the Annual Report.
10. Conservation of Energy, Research and Development, Technology, Absorption and Foreign Exchange Earning & Outgo.
The information required under the Companies Act, 2013 with respect to conservation of energy, technology absorption and foreign exchange earnings/outgo is appended hereto as Annexure: "A" and it forms part of this Report
11. Employee Relations
The employee relations in the Company continued to be positive. Information as per Section 134 of the Companies Act, 2013 (the Act) read with the Companies (Particulars of Employees) Rules, 1975 forms part of this Report As per the provisions of Section 136 of the Act, the Report and Accounts are being sent to the shareholders of the Company excluding the statement on particulars of employees under Section 134 of the Act. Any shareholder interested in obtaining a copy of the said statement may write to the Secretarial Department at the Registered Office of the Company.
12. Trade Relations
Your Directors wish to record appreciation of the continued unstinted support and co-operation from its Customers, suppliers of goods/services, clearing and forwarding agents and all others associated with it. Your Company will continue to build and maintain strong association with its business partners.
Your Company also has a Policy on Prevention of Sexual Harassment which is reviewed by the Internal Complaints Committee at regular intervals. Your Company recognizes its responsibility and continues to provide a safe working environment for women, free from sexual harassment and discrimination and to boost their confidence, morale and performance.
13 Corporate Governance Report, Management Discussion & Analysis Report and Business Responsibility Report
The Management Discussion and Analysis Report, the Business Responsibility Report and the Report on Corporate Governance, as required under the Listing Regulations, forms part of the Annual Report.
The Directors thank the Companys customers, vendors, investors, business associates, bankers for their support to the company. The Directors appreciate and value the contributions made by every member of the "Sancia" family across the country.
|For and On Behalf of the Board of Directors|
|Place: Kolkata||Dolon Kundu|
|Date: August 23, 2017||Director|
ANNEXURE A TO THE BOARDS REPORT
[Pursuant to Section 134(3)(m) of The Companies Act, 2013 read with Rule 8(3) of The Companies (Accounts) Rules, 2014]
CONSERVATION OF ENERGY, RESEARCH & DEVELOPMENT, TECHNOLOGY ABSORPTION & FOREIGN EXCHANGE EARNINGS AND OUTGO
A. CONSERVATION OF ENERGY
Presently the operations of the company are not energy intensive. However wherever possible the company strives to curtail the consumption of energy on continued basis. Further company has absorbed latest technology which is helpful in conserving energy.
B. TECHNOLOGY ABSORPTION, ADAPTATION AND INNOVATION
The company over the years through its experience has also developed techniques to create the spares parts which is used to buy from OEMs at a very high rates by getting them produced locally at much economical cost.
FOREIGN EXCHANGE EARNINGS AND OUTGO
Foreign exchange earnings and outgo during the Period 2016-2017 are as under.
|PARTICULARS||Current Period 2016-17||Previous Period 2015-16|
|Foreign Exchange Earnings||Nil||Nil|
|Foreign Exchange Outgo||Nil||Nil|
|By Order of the Board of Directors|
|Date: August 23, 2017|