The Members of
Chhattisgarh Industries Limited
Your Directors have pleasure in presenting the 32nd Annual Report with the AuditedAccounts of the Company for the year ended March 312016.
|1. FINANCIAL RESULTS || |
|Turnover || |
|Current Period (In Rs.) ||Previous Year (In Rs.) |
|00 ||955218 |
During the financial year 2015-2016 the turnover of the Company is lesser as compare tothe previous year. The financials for the financial year 2015-16 is as follows:
| || |
|PARTICULARS ||31st March 2016 ||31st March 2015 |
| ||(Rs.) ||(Rs.) |
|Sales and Other Income ||00 ||955218 |
|Total Expenditure ||2296937 ||4181695 |
|Profit before Tax ||-2296937 ||-3226477 |
|Profit/(Loss) for the period ||-2296937 ||-3226477 |
Considering the losses from last few years the Directors of the Company has notrecommended dividend for the current period.
3. TERM DEPOSITS:
During the period under review your Company has not accepted any deposit under section73 & 76 of the Companies Act 2013 read with Companies (Acceptance of Deposits) Rules1975.
Section 73 to 76 (both inclusive) read with Companies (Acceptance of deposits) Rules2013 regulates the invitation acceptance and repayment of deposits by the Companies.
4. Information under Section 196 - 202 of the Companies Act 2013 and rule 3-10 of theCompanies (Appointment and remuneration of Managerial Personnel) Rule 2014.
None of the employees was in receipt of remuneration exceeding the limit specifiedunder section 196-202 of Companies Act 2013.
Pursuant to section 152 of the companies Act 2013 (the 'Act') and under Article(Article No. if any) of the Company's Articles of Association Mr. Keshav Goyal whoretires by rotation and being eligible offers himself for re-appointment is reappointedas a Director of the Company.
Mr. Manoj Harishchandra Tiwari is been appointed as an Executive Director of theCompany with effect from 2nd August2016 with the terms agreed between Board of Directorsand Mr. Manoj Harishchandra Tiwari.
Mr. Anil Kumar Sharma Managing Director of the Company has resigned From theDirectorship of the company with effect from 2nd August 2016.
6. DIRECTORS' RESPONSIBILITY STATEMENT
Pursuant to in terms of clause (c) of Sub Section 3 of Section 134 of the CompaniesAct 2013 the Directors based on the representations received from the managementconfirm:
That in the preparation of the Annual Accounts the applicable accounting standardshave been followed That we have selected such accounting policies and applied themconsistently and made judgments and estimates that are reasonable and prudent so as togive a true and fair view of the state of affairs of the company at the end of March 2016and of the Profits /Loss of the Company for that period
That we have taken proper and sufficient care for the maintenances of adequateaccounting records in accordance with the provisions of the Companies Act 2013 forsafeguarding the assets of the Company and for preventing and detecting fraud and otherirregularities That we have prepared the Annual accounts on a going concern basis.
The Board has proposed the appointment of M/s U.K. Rathi & Co. Chartered as aStatutory Auditors of the Company until the conclusion of next Annual General Meeting ofthe company at remuneration as the Board of Directors may determine. "Subject to theapproval of the shareholders in the Annual General Meeting of the company."
8. CONVERSATION OF ENERGY RESERCH AND DEVELOPMENT TECHNOLOGY ABSORPTION AND FOREIGNEXCHANGE EARNINGS AND OUTGO:
The information required under the companies Act 2013 with respect to conversation ofenergy technology absorption and foreign exchange earnings / outgo is appended hereto asAnnexure: "A" and it forms part of this Report.
9. EMPLOYEE RELATIONS:
The employee relations in the company continued to be positive information as perSection 134 of the Companies Act 2013 (the 'Act') read with the Companies (Particulars ofEmployees) rule 1975 forms part of this Report. As per the provisions of the Section136(1) of the Act the Report and Accounts are being sent to the shareholders of theCompany 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 theSecretarial Department at the Registered Office of the Company.
10. 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 forwardingagents and all others associated with it. Your Company will continue to build and maintainstrong association with its business partners.
Your Company also has policy on prevention of Sexual Harassment which is reviewed bythe internal Complaints Committee at regular intervals. Your Company recognizes itsresponsibility and continues to provide a safe working environment for women free fromsexual harassment and discrimination and to boost their confidence morale andperformance.
11. CORPORATE GOVERNANCE:
As per clause 49 of the Listing Agreement entered into with the Stock ExchangesCorporate Governance Report with auditors' certificate thereon and management Discussionand Analysis are attached and form part of this report.
As per clause 55 of the Listing Agreement entered into with the Stock Exchanges aBusiness Responsibility Report is attached and form part of the annual report.
The Directors thank the Company's customers vendors investors business associatesbankers for their support to the company. The Directors appreciate and value thecontributions made by every member of the "Chhattisgarh" family across thecountry.
13. PARTICULARS OF EMPLOYEES
There was no employee in respect of whom information is required to be given pursuantto Section 134 of the Companies Act 2013 read with the Companies (Particulars ofEmployees) Amendment Rules 1999 as amended up-to-date.
14. AUDITOR REPORT
The Auditors' Report to the shareholders did not contain any adverse or qualificationremarks.
15. INDUSTRIAL RELATIONS
During the year under review your company has cordial and harmonious industrialrelations at all levels of the Organization.
16. PUBLIC DEPOSITS
During the year under review your Company has not accepted any Fixed Deposits frompublic within the meaning of the provisions of the Section 73 & 76 of the CompaniesAct 2013 and the Rules made there under.
Your Directors place on record their appreciation of the dedication and commitment ofyour Company's employees and look forward to their support in the future as well.
| ||By Order of the Board |
| ||Sd/- |
|Place: Raipur ||Manoj Harishchandra Tiwari |
|Date: August 13 2016 ||Director |