Your Directors have pleasure in presenting the Annual Report and the FinancialStatements for the financial year ended 31st March 2016.
EXTRACT OF ANNUAL RETURN
Attached herewith as Annexure -A.
During the financial year ended 31st March 2016 Board of Directors met 7times on
|Sr. No. ||Date of Board Meetings |
|1 ||18/04/2015 |
|2 ||27/05/2015 |
|3 ||16/07/2015 |
|4 ||31/08/2015 |
|5 ||02/11/2015 |
|6 ||15/12/2015 |
|7 ||31/03/2016 |
DIRECTORS' RESPONSIBILTY STATEMENT
Pursuant to the requirements of Section 134(5) of the Companies Act 2013 and on thebasis of explanation and compliance certificate given by the executives of the Company andsubject to disclosures in the annual accounts and also on the basis of discussion with theStatutory Auditors' of the Company from time to time Your Directors confirm that:
(a) in the preparation of the annual accounts the applicable accounting standards hadbeen followed along with proper explanation relating to material departures;
(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 and loss of the company for that period;
(d) the directors had prepared the annual accounts on a going concern basis; and
(e) the directors in the case of a listed company had laid down internal financialcontrols to be followed by the company and that such internal financial controls areadequate 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.
Members of the Company at the AGM held on TUESDAY. 30th DAY OF SEPTEMBER.2014 had approved the appointment of M/s. SNK & CO. Chartered Accountant as theStatutory Auditors for a period of 5 (Five) financial years i.e. up to 31 March 2019. Asrequired by the provisions of the Companies Act 2013 their appointment should beratified by members each year at the AGM. Members are requested to ratify theirappointment at the Annual General Meeting.
Auditor's Report is self explanatory does not require any comments or clarification.
LOANS GUARANTEES OR INVESTMENTS UNDER SECTION 186
There is no loans and investments as per Section 186 of the Companies Act 2013 hencenot .applicable.
CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES
Attached herewith in Form AOC-2 as Annexure-B FINANCIAL SUMMARY
|PARTICULARS ||31/03/2016 ||31/03/2015 |
|Sales ||246822517 ||276888459 |
|Other income ||0 ||2368970 |
|Profit Before Interest & Depreciation ||11983863 ||15378528 |
|1 finance Cost ||9220811 ||12211341 |
|(-/Depreciation ||1594378 ||2852510 |
|Profit before tax & Exceptional items ||1168674 ||314677 |
|(+Exceptional Items ||0 ||0. |
|.Profit Before Tax ||1168674 ||314677 |
|'(-) Tax Expense ||620343 ||726487 |
|Profit for the year after tax ||548331 ||-411810 |
|(+) Surplus brought from previous year ||4163985 ||4576795 |
|Total surplus Carried to balance sheet ||4712316 ||4164985 |
|Profit & Loss Appropriation ||31/03/2016 ||31/03/2015 |
|Proposed Dividend ||0 ||0 |
|Dividend Distribution tax ||0 ||0 |
|Transfer to General Reserve ||0 ||0 |
|Closing Balance ||0 ||0 |
|General Reserve ||0 ||0 |
|Total Amount as at last year ||0 ||0 |
|Add; Transfer from P&L Appropriation Account ||0 ||0 |
STATE OF AFFAIRS OF THE COMPANY
Figures stated herein above are self explanatory about state of affairs of the company.
MATERIAL CHANGES AND COMMITMENTS
There is no material changes in the company's activities since last date of signing ofaccounts and Board of directors are committed for the Best working of the companydepending on the business environment.
CONSERVATION OF ENERGY. TECHNOLOGY ABSORPTION & FOREIGN EXCHANGE EARNINGS ANDOUTGO:
Electric Power Exp.: Rs. 257113/-
The company has not paid any remuneration attracting the provisions of Rule 5(2) ofCompanies (Appointment and Remuneration of Managerial Personnel) Rules 2014. Hence noinformation is required to be appended to this report in this regard.
CORPORATE SOCIAL RESPONSIBILITY POLICY NOT APPLICABLE CHANGES IN DIRECTORS
There is no change in composition of directors during the year.
SUBSIDIARIES. JOINT VENTURES AND ASSOCIATE COMPANIES
During the year your Company has not accepted any deposits under Section 73 of theCompanies Act 2013 and therefore not required to furnish information as per Rule 8(5)(v)and (vi) of the Companies (Accounts) Rules 2014
SEXUAL HARASSMENT OF WOMEN AT THE WORKPALCE (PREVENTION. PROHIBITION AND REDRESSAL1 ACT2013
The Company has in place an Anti Sexual Harassment Policy in line with the requirementof the Sexual Harassment of Women at the Workplace (Prevention Prohibition &Redressai) Act 2013. Internal Complaints Committee (ICC) has been set up to redresscomplaints received regarding sexual harassment. During the year under review there wereno complaints or cases filed pursuant to the Sexual Harassment of Women at the Workplace(Prevention Prohibition & Redressai) Act 2013
The Board of Directors wishes to place on record its appreciation for the commitmentdedication and hard work done by the employees in the Company and the cooperation extendedby Banks Government authorities customers and shareholders of the Company and looksforward to a continued mutual support and co-operation.
For and on behalf of the Board of Directors For BINDAL EXPORTS PRIVATE LIMITED
| ||For Bindal Exports Pvt Ltd. |
|DIRECTOR ||Director |
|Date: 11/07/2016 || |
|Place: SURAT || |