Advance Syntex Private Limited
Your Directors have pleasure in presenting their 25h Annual Report of the companytogether with the Audited Statements of Accounts for the financial Year ended 31st March2015.
1. Financial Results:
| ||Year ended 31.03.2015 ||Year ended 31.03.2014 |
|Total Revenue ||473871129 ||362220756 |
|Total Expenses ||454799610 ||350404066 |
|Profit before Tax ||19071519 ||118166910 |
|Exceptional Items -Add. Dep. ||18288317 ||- |
|Tax Expense ||5138290 ||- |
|Deferred Tax Liability/(Assets) ||-4651595 ||825459 |
|Profit for the Year ||296508 ||10991231 |
2. Transfer to Reserves:
For the financial year ended 31s' March 2015 the company has not transferred anyamount to reserves.
Your Directors do not propose to declare any dividend for the year under review with aview to conserve the available resources to improve the working capital needs of theCompany and hence propose to retain entire net profit.
4. Transfer of unclaimed dividend to investor education and protection fund:
No amounts have fallen due for transfer of Unclaimed Dividend to Investor Education andProtection Fund in terms of the provisions of Section 125 of the Companies Act 2013.
5. State of Company's affairs:
Total revenue for the financial year ended 31st March 2015 was Rs. 473871129/ ascompared to previous year's Rs. 362220756/. Your company made profit of Rs. 296508/ forthe financial year ended 31st March 2015 as compared to previous year's profit of Rs.10991231/
6. Change in the Nature of Business:
During the Financial Year 2014-15 there was no change in the nature of the business ofthe Company.
7. Public Deposits;
The Company has neither accepted nor renewed any deposits during the year under reviewwithin the meaning of Section 73 & 74 of the Companies Act 2013 read together withthe Companies (Acceptance of deposits) Rules 2014. There are no outstanding deposits atthe end of the year.
8. Share Capital;
During the year under review your company has issued 390430 equity shares.
9. Directors' Responsibility Statement;
In accordance with the provisions of Section 134 (5) of the Companies Act 2013 theBoard hereby submits its Responsibility Statement:-
(a) In the preparation of the annual accounts the applicable accounting standards hadbeen followed along with proper explanation relating to material departures; if any
(b) The directors had selected such accounting policies and applied them consistentlyand made judgments and estimates that are reasonable and prudent so as to give a true andfair view of the state of affairs of the company at the end of the financial year and ofthe Profit of the company for that period;
(c) The directors had taken proper and sufficient care for the maintenance of adequateaccounting records in accordance with the provisions of this Act for safeguarding theassets 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;
(e) The Directors are in the process of documenting they had laid down internalfinancial controls to be followed by the company and that such internal financial controlsare adequate and were operating effectively;
(f) The directors had devised proper systems to ensure compliance with the provisionsof all applicable laws and that such systems were adequate and operating effectively
10. Board of Directors;
The Board of Directors of the company is duly constituted. There was no appointment ofadditional directors alternate directors and directors to fill casual vacancy during thefinancial year.
11. Number of meetings of the Board;
During the year under review 10 (Ten) Meetings of Board of Directors were held.
12. Extract of Annual Return
The details forming part of the extract of the Annual Return in form MGT 9 has beengiven in the annexure appended hereto and forms part of this report (Annexure-1)
13. Conservation of Energy Technology Absorption Foreign Exchange Earnings and Outgo
The information on conservation of energy technology absorption Foreign ExchangeEarnings & Outgo stipulated under Section 134 (3) (m) of the Companies Act 2013 readwith Rule 8(3) of the Companies (Accounts) Rules 2014 is Annexed herewith. (Annexure-2)
14. Corporate Social Responsibility (CSR)
The provisions relating to Corporate Social Responsibility as provided under Section135 of the Companies Act 2013 are not applicable to the Company.
15. Particulars of Loans Guarantees or Investments made under section 186 of theCompanies Act 2013.
The Company has not granted any loan given any guarantee or made any investment duringthe Financial Year 2014-15.
16. Particulars of contracts or arrangements with related parties
There was no contract or arrangements made with related parties as defined underSection 188 of the Companies Act 2013 during the year under review.
17. Risk Management Policy
The Company does not have any formal Risk Management Policy as the element of riskthreatening the company's existence is very minimal. However the Board of Directorsidentified from time to time the elements of risk like fluctuating raw material priceschange in Government policies potential change in global & domestic markets etc. andtake effective steps for mitigating such risks.
18. Performance of Subsidiary / Joint Venture / Associates Companies:
The Company does not have any Subsidiary Joint Venture or Associates Company.
19. Details of significant and material orders passed by the regulators or courts ortribunals impacting the going concern status and company's operations in future:
There is no order passed by the regulators or courts or tribunals impacting the goingconcern status and company's operations in future.
20. The details in respect of adequacy of internal financial controls with reference tothe Financial Statements:
The Company has adequate internal control systems in place and also has reasonableassurance on authorizing recording and reporting transactions of its operations in allmaterial respects and in providing protection and safeguard against misuse or loss ofassets of the Company. The Company has in place well documented procedures coveringfinancial and operational functions commensurate with the size and complexities of theorganization.
21. Material changes and commitments if any affecting the financial position of thecompany which have occurred between the end of the financial year of the company to whichthe financial statements relate and the date of the report;
There are no material changes and commitments affecting the financial position of theCompany that occurred between the end of the financial year to which the financialstatements relate and the date of this report.
22. Particulars of Employees:
Pursuant to the Rule 5(2) and 5(3) of the Companies (Appointment and Remuneration ofManagerial Personnel) Rules no employee was drawing remuneration in excess of the limitsset out in the said rules and therefore no information is provided in this regard.
23. Auditors & Comments on Auditors' report
M/s K J Shah & Co. Chartered Accountants (FRN 132369W). were appointed asStatutory Auditors for a period of 5 years in the 25h Annual General Meeting held on 30thSeptember 2014. Their continuance of appointment and payment of remuneration are to beratified and approved in the ensuing Annual General Meeting. The Company has received acertificate from the above Auditors to the effect that if they are re appointed it wouldbe in accordance with the provisions of Section 141 of the Companies Act 2013.
The Members are requested to ratify their appointment as Statutory Auditors of theCompany for the Financial Year 2015-16.
24. Disclosure under the sexual harassment of women at workplace (preventionProhibition and redressal Act 2013):
The company has in place an Anti Sexual harassment policy in line with the requirementof the sexual harassment of women at workplace (prevention Prohibition and redressed Act2013). The Company did not receive any sexual harassment complaints during the periodunder review.
Your Directors place on records their sincere thanks to bankers business associatesconsultants and various Government Authorities for their continued support extended toyour companies activities during the year under review. Your Director's also acknowledgegratefully the shareholders for their support and confidence reposed on your company.