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Cressanda Solutions Ltd.

BSE: 512379 Sector: IT
NSE: N.A. ISIN Code: INE716D01033
BSE 15:40 | 21 Feb 2.65 0.05
(1.92%)
OPEN

2.65

HIGH

2.65

LOW

2.65

NSE 05:30 | 01 Jan Cressanda Solutions Ltd
OPEN 2.65
PREVIOUS CLOSE 2.60
VOLUME 200
52-Week high 3.00
52-Week low 2.60
P/E
Mkt Cap.(Rs cr) 80
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 2.65
CLOSE 2.60
VOLUME 200
52-Week high 3.00
52-Week low 2.60
P/E
Mkt Cap.(Rs cr) 80
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Cressanda Solutions Ltd. (CRESSANDASOLNS) - Director Report

Company director report

To

The Members

CRESSANDA SOLUTIONS LIMITED

Your Directors have great pleasure in presenting ANNUAL REPORT along with theAudited Balance Sheet and Profit and Loss Account for the year ended 31stMarch 2017.

1. FINANCIAL RESULTS

The financial Results are briefly indicated below:

(Amt in Rs.)

Financial Results Previous year ended Previous year ended
31/03/2017 31/03/2016
Total Income 2238534 251668
Total Expenditure 51572305 4381048.70
Profit before depreciation interest & taxation (49333771) (4129380.70)
Depreciation & Amortization 25291 77288.30
Profit/(Loss) before Tax (49359062) (4206669)
Provision for Taxation Current FBT & NIL NIL
Deferred
Profit/(Loss) after Tax (49359062) (4206669)
Amount carried forward to Balance Sheet (49359062) (4206669)

2. TRANSFERS

There are no transfers to any specific reserves during the year.

3. REVIEW OF OPERATIONS

The loss of the financial year is Rs. 49359062/- the same is debited to profit andloss account. Your Directors expects to achieve better performance in the future and aretaking maximum efforts to control the costs and optimize the results in the coming yearsthe current profitable situation though marginal is a indication of the same.

4. DIVIDEND

In order to conserve resources your directors do not recommend dividend for the yearended 31st March 2017 with a view to conserve resources.

5. TRANSFER OF UNCLAIMED DIVIDEND TO INVESTOR EDUCTION AND PROTECTION FUND

The provisions of Section 125(2) of the Companies Act 2013 do not apply as there wasno dividend declared and paid last year

6. CONSERVATION OF ENERGY-TECHNOLOGY ABSORPTION & FOREIGN EXCHANGE ETC

Since the Company is not a manufacturing unit provisions of Section 134(m) of theCompanies Act 2013 read with the Companies (Accounts) Rules 2014 regarding conservationof energy technology absorption is not applicable.

7. STATEMENT CONCERNING DEVELOPMENT AND IMPLEMENTATION OF RISK MANAGEMENT POLICYOF THE COMPANY

The Company has in place a mechanism to identify assess monitor and mitigatevarious risks to key business objectives. Major risks identified by the businesses andfunctions are systematically addressed also discussed at the meetings of the AuditCommittee and the Board of Directors of the Company.

The Company's internal control systems are commensurate with the nature of its businessand the size and complexity of its operations. These are routinely tested and certified byStatutory as well as Internal Auditors. Significant audit observations and follow upactions thereon are reported to the Audit Committee.

8. DETAILS OF POLICY DEVELOPED AND IMPLEMENTED BY THE COMPANY ON ITS CORPORATESOCIAL RESPONSIBILITY INITIATIVES

The Company is not required to constitute a Corporate Social Responsibility Committeeas it does not fall within purview of Section 135 of the Companies Act 2013 and hence itis not required to formulate policy on corporate social responsibility

9. PARTICULARS OF LOANS GUARANTEES OR INVESTMENTS MADE UNDER SECTION 186 OF THECOMPANIES ACT 2013

The Company has not made any loans guarantees however has made investment underSection 186 of the Companies Act 2013

10. PARTICULARS OF CONTRACTS OR ARRANGEMENTS MADE WITH RELATED PARTIES

The particulars of contracts or arrangements with related parties referred to inSection 188(1) as prescribed in Form AOC - 2 of the rules prescribed under Chapter IXrelating to Accounts of Companies under the Companies Act 2013 is appended as Annexure Ato Director's Report.

11. COMMENTS ON AUDITOR'S REPORT

There are no qualifications reservations or adverse remarks or disclaimers madeStatutory Auditors in their report. The Statutory Auditors have not reported any incidentof fraud to the Audit Committee of the Company in the year under review.

There are no qualifications reservations or adverse remarks or disclaimers madeStatutory Auditors in their report. The Statutory Auditors have not reported any incidentof fraud to the Audit Committee of the Company in the year under review.

12. PARTICULARS OF REMUNERATION OF EMPLOYEES AND DIRECTORS

No details as required under section 197 (12) of the Companies Act 2013 and Rule 5(2)of Companies (Appointment and Remuneration of Managerial Personnel) Rules 2014 have beenprovided as there are no employees in the Company during the Year and the Directors of theCompany do not draw any Remuneration.

The Nomination and Remuneration Committee of the Company has affirmed at its meetingthat the Directors of the Company do not draw any Remuneration.

13. ANNUAL RETURN

The extracts of Annual Return pursuant to the provisions of Section 92 read with Rule12 of the Companies (Management and administration) Rules 2014 is furnished in Annexure Bto Director's Report

14. NUMBER OF BOARD MEETINGS CONDUCTED DURING THE YEAR UNDER REVIEW

During the financial year the Seven (7) board meetings of the directors were convened.

15. DIRECTOR'S RESPONSIBILITY STATEMENT

In terms of Section 134(5) of the Companies Act 2013 The Board of Directors of theCompany hereby confirm: (i) That in the preparation of the annual accounts theapplicable accounting standards have been followed and there has been no materialdeparture. (ii) That the selected accounting policies were applied consistently andthe directors made judgments and estimates that are reasonable and prudent so as to give atrue and fair view of the state of affairs of the Company as at March 31 2016 and thatof the profit of the Company for the year ended on that date. (iii) That proper andsufficient care has been taken for the maintenance of adequate accounting records inaccordance with the provisions of the Companies Act 2013 for safeguarding the assets ofthe Company and for preventing and detecting fraud and other irregularities. (iv) Thatthe annual accounts have been prepared on a going concern basis. and (v) The Boardhas laid down internal financial controls to be followed by the company and that suchinternal financial controls are adequate and were operating effectively.- the directorshad devised proper systems to ensure compliance with the provisions of all applicable lawsand that such systems were adequate and operating effectively

16. DEPOSITS

The Company has neither accepted nor renewed any deposits during the year under review.

17. DIRECTORS

During the Year under review Mr. Gaurav Bhalotiya was resigned as a Director w.e.f 21stJune 2016.

18. REGISTERED OFFICE:

The Registered office of the company is situated at Office No. 307 3rd Floor MakerBhavan 3 21 New Marine Lines Churchgate Mumbai-400020.

19. DECLARATION OF INDEPENDENT DIRECTORS

The Independent Directors have submitted their disclosures to the Board that theyfulfill all the requirements as stipulated in Section 149(7) of the Companies Act 2013 soas to qualify themselves to be appointed as Independent Directors under the provisions ofthe Companies Act 2013 and the relevant rules.

20. AUDITORS

M/s C.P. Jaria & Co. Chartered Accountant Surat bearing ICAI Firm Registration No104058W are proposed to be appointed as Statutory Auditors in place of Retiring AuditorsM/s. Agarwal & Sanganeria Chartered Accountants at the Annual General Meeting to beheld on 29th September 2017 for the period of Five (5) years. i.e. upto theAnnual General Meeting to be held in year 2022 subject to ratification at each AnnualGeneral Meeting

The Company has received letter from them to the effect that their appointment ifmade would be within the prescribed limits under Section 141(3)(g) of the Companies Act2013 and that they are not disqualified from appointment

The resolution for their appointment is put forward for your approval in the ensuingAnnual General Meeting.

21. SECRETARIAL AUDITORS

The Company has appointed CS Nisha Saraff a Company Secretary in Practice asSecretarial Auditor of the Company to carry out the Secretarial Audit for the FinancialYear 2016-17 and to issue Secretarial Audit Report as per the prescribed format underrules in terms of Section 204(1) of the Companies Act 2013 and Rule 9 of the Companies(Appointment and Remuneration of Managerial Personnel) Rules 2014. Their report isappended to this Annual Report as Annexure C to Director's Report.

22. MANAGEMENT'S DISCUSSION AND ANALYSIS REPORT

The Management's Discussion and Analysis Report for the year under review asstipulated under Listing obligations and Disclosure requirements regulations 2015 isannexed to this Annual Report.

23. CORPORATE GOVERNANCE

The Report on Corporate Governance as stipulated under regulation 34 (3) and Part C ofschedule V of the SEBI (Listing Obligation and Disclosure Requirement) Regulation 2015forms part of the Annual Report. The Certificate from the practicing Chartered Accountantconfirming compliance with the conditions of Corporate Governance as stipulated underregulation 34 (3) and Part E of schedule V of the SEBI (Listing Obligation and DisclosureRequirement) Regulation 2015 is also published in this Annual Report.

24. SUBSIDIARY JOINT VENTURES AND ASSOCIATE COMPANIES

The company does not have any subsidiary Joint Venture or Associate company andtherefore provision with respect to Section 129 of the Companies Act 2013 are notapplicable to the Company.

25. MATERIAL CHANGES AND COMMITMENTS AFFECTING THE FINANCIAL POSITION OF THE COMPANY:

There were no material changes and commitments affecting the financial position of theCompany between the end of the financial year of the Company to which the financialstatements relate and the date of the report.

26. WHISTLE BLOWER POLICY/VIGIL MECHANISM

The Company has established a vigil mechanism for Directors and employees to reporttheir genuine concerns.

27. COMMITTEES OF THE BOARD

During the year in accordance with the Companies Act 2013 the Board re-constitutedsome of its Committees. There are currently three Committees of the Board as follows:

Audit Committee

Nomination and Remuneration Committee

Stakeholders' Relationship Committee

28. OTHER DISCLOSURES

The company does not have any Employees Stock Option Scheme in force and henceparticulars are not furnished as the same are not applicable.

29. ACKNOWLDEGEMENTS

Your Company wishes to sincerely thank all the customers commercial banks financialinstitution creditors etc. for their continuing support and co-operation.

Your Directors express their appreciation for the dedicated and sincere servicesrendered by the employees of the company and also sincerely thank the shareholders for theconfidence reposed by them in the company and from the continued support and co-operationextended by them.

By Order Of the Board

FOR CRESSANDA SOLUTIONS LIMITED

Sd/- SAVITA KISHAN BHALIYA CHAIRMAN

DATE: 1st SEPTMEBR 2017 PLACE: MUMBAI