Nouritrans Exim Limited
Your Directors present the 22nd Annual Report of your Company together withthe Audited Financial Statement for the financial year ended 31st March 2017.
|FINANCIAL HIGHLIGHTS || || |
|Particulars ||2016-17 ||2015-16 |
|Income for the year was ||116000474 ||63489132 |
|Profit before Financial Charges Depreciation and ||116000474 ||63489132 |
|Taxation Out of which Provisions have been made for :- || || |
|Financial Charges ||- ||38563 |
|Depreciation ||159169 ||239420 |
|Provision for Taxation : || || |
|(i) Current Income Tax ||1096000 ||320000 |
|(ii) Deferred Tax ||(38926) ||(20956) |
|Profit after Income Tax ||3041196 ||663075 |
The Board of Directors has not recommended any dividend for the financial year endedMarch 31 2017.
The amounts as on ended of financial year Reserves are Rs. 29208621.
? ISSUE OF SWEAT EQUITY SHARE: The Company under the provision Section 54 readwith Rule 8(13) of the Companies (Share Capital and Debentures) Rules 2014 has not issuedany sweat equity share during the year under review.
? BUY BACK OF SECURITIES: The Company has not bought back any of its securitiesduring the year under review.
? BONUS SHARES The Company has not issued any of its securities during the yearunder review.
DIRECTORS AND KEY MANAGERIAL PERSONNEL ? RETIREMENT BY ROTATION
In accordance with the provisions of the Companies Act 2013 Mr. Firoz Vhora Directorof the company who is liable to retire by rotation being eligible for reappointmentoffers himself for reappointment.
? DECLARATION OF INDEPENDENCE:
The Independent Directors have submitted their disclosures to the Board that theyfulfil all the requirements as stipulated in Section 149(6) 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.
? The Board made following Appointments
(i) Appointment of Mr. Aftab Vohra as an Executive Director in capacity ofDirector of the company with effect from September 16 2016.
(ii) Appointment of Mr. Firoz Vhora as a Non- Executive Director in capacity ofDirector of the company with effect from February 02 2017.
(iii) Appointment of Mr. Narendra Jain as an Additional Director in capacity ofDirector of the company with effect from March 11 2017.
(iv) Appointment of Mr. Asif Iqbalbhai Vohra as a Managing Director in capacityof Director of the company with effect from March 28 2017.
(v) Appointment of Mr. Aftab Vohra as a CFO of the company with effect fromMarch 28 2017.
(vi) Appointment of Mr. Manohar B Chunara as an Additional Director in capacityof independent Director of the company with effect from June 06 2017.
(vii) Appointment of Mrs. Nidhi Jain as an Additional Director in capacity ofindependent Director of the company with effect from June 06 2017.
(viii) Appointment of Ms. Noopur Jain as a CS of the company with effect fromJune 06 2017.
? The Board made following Cessations
(i) Cessation of Mrs. Noorjahan Vohra who hold Designation of Executive Directorof the company with effective from February 11 2017.
(ii) Cessation of Mrs. Shaheen Vohra who hold Designation of Executive Directorof the company with effective from February 11 2017.
(iii)Cessation of Mr. Narendra Jain who hold Designation of Additional Directorof the company with effective from March 28 2017.
NUMBER OF BOARD MEETINGS
The Board of Directors duly met Fourteen (14) times on 30.06.2016 16.09.201617.09.2016 26.12.2016 02.02.2017 11.02.2017 11.03.2017 13.03.2017 15.03.201720.03.2017 22.03.2017 23.03.2017 28.03.2017 31.03.2017 during the year under review.
DIRECTORS' RESPONSIBILITY STATEMENT
Pursuant to the requirement under Section 134(5) of the Companies Act 2013 withrespect to Directors' Responsibility Statement it is hereby confirmed that:
(a) In the preparation of the annual accounts the applicable accounting standards havebeen followed along with explanation relating to material departures;
(b) The directors have 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/loss of the company for that period;
(c) The directors have 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 have prepared the annual accounts on a going concern basis; and
DETAILS OF SUBSIDIARY/JOINT VENTURES/ASSOCIATE COMPANIES
Pursuant to sub-section (3) of section 129 of the Act the statement containing thesalient feature of the financial statement of a company's subsidiary or subsidiariesassociate company or companies and joint venture or ventures is not applicable to thecompany. And Company does not have any subsidiary.
The details relating to deposits from the public during the year covered under ChapterV of the Act:
|Accepted during the year; ||NIL |
|Remain unpaid or unclaimed as at the end of the year; ||NIL |
|Whether there has been any default in repayment of deposits or payment of interest thereon during the year and if so number of such cases and the total amount involved ||NIL |
|1. at the beginning of the year; ||NIL |
|2. maximum during the year; || |
|3. at the end of the year; || |
EXTRACT OF ANNUAL RETURN
The extract of Annual Return as per section 92 of the Companies Act 2013 read withRule 12 of the Companies (Management and administration) Rules 2014 is annexed herewithto this report.
CONSERVATION OF ENERGY TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO
The particulars as required under the provisions of Section 134(m) of the CompaniesAct 2013 in respect of conservation of energy and technology absorption have not beenfurnished considering the nature of activities undertaken by the company during the yearunder review. Further during the year under review the Company has neither earned norused any foreign exchange.
ADEQUACY OF INTERNAL FINANCIAL CONTROLS
The Company has in place adequate internal financial Controls with reference toFinancial Statements. The Board has inter alia reviewed the adequacy and effectiveness ofthe Company's internal financial controls relating to its financial statements.
During the year such Controls were tested and no reportable material weakness wasobserved
PARTICULARS OF LOANS GUARANTEES OR INVESTMENTS MADE UNDER SECTION 186 OF THE COMPANIESACT 2013
During the year the Company has not given any loan guarantee or provided security inconnection with the loan to any other body corporate or person or made any investmentshence no particulars of the loans guarantees or investments falling under the provisionsof Section 186 of the Companies Act 2013 are provided by the Board.
RELATED PARTY TRANSACTIONS
During the year no contracts or arrangements were made with related parties fallingunder the purview of Section 188 of the Companies Act 2013
There are no materially significant related party transactions made by the company withPromoters Key Managerial Personnel or other designated persons which may have potentialconflict with interest of the company at large.
PARTICULARS OF EMPLOYEES
In terms of the provisions of Section 197 of the Companies Act 2013 read with rule 5of the Companies (Appointment and Remuneration of Managerial Personnel) Rules 2014 inrespect of employees of the Company will be provided upon request .However as per theprovisions of Section 136 of the said Act the Annual Report Excluding the aforesaidinformation is being sent to all the members of the Company and others entitled thereto.Any member interested in obtaining the information on employee's particulars which isavailable for inspection by the members at the registered office of the Company duringBusiness hours on working days of the Company up to the date of ensuing Annual GeneralMeeting may write to the Company at the registered office of the Company in advance.
DETAILS OF POLICY DEVELOPED AND IMPLEMENTED BY THE COMPANY ON ITS CORPORATE SOCIALRESPONSIBILITY INITIATIVES
The disclosures as per Rule 9 of Companies (Corporate Social Responsibility Policy)Rules 2014 the Company has not developed and implemented any Corporate SocialResponsibility initiatives as the said provisions are not applicable.
SIGNIFICANT AND MATERIAL ORDER PASSED BY REGULATORS OR COURTS OR TRIBUNALS IMPACTINGTHE GOING CONCERN STATUS AND COMPANY'S OPERATIONS IN FUTURE
No significant and material order has been passed by any regulators or courts ortribunals impacting the going concern status and company's operations in future. Thecompany is doing reasonable growth and development.
DETAILS IN RESPECT OF ADEQUACY OF INTERNAL FINANCIAL CONTROLS WITH REFERENCE TO THEFINANCIAL STATEMENTS
The company has adequate internal control systems in place. With a view to monitor theCompany's performance as well as to make sure that internal checks and controls areoperating properly the Company has appointed external firms of Chartered Accountant asInternal auditor. The audit committee ensures that the internal control systems areadequate and working effectively.
MATERIAL CHANGES AND COMMITMENTS AFFECTING THE FINANCIAL POSITION OF THE COMPANY WHICHHAVE OCCURRED BETWEEN THE END OF THE FINANCIAL YEAR OF THE COMPANY TO WHICH FINANCIALSTATEMENTS RELATE AND THE DATE OF THE REPORT
No material changes and commitments affecting the financial position of the Companyhave occurred between the end of the financial year to which this financial statementsrelate and the date of this report.
In accordance with the provisions of the provisions of Sections 139 & 142 of theCompanies Act 2013 read with the Companies (Audit and Auditors) Rules 2014 as amendedfrom time to time and such other applicable provisions M/s A.M.N and Co. (FRN-134178W)Statutory Audit Firm will be appointed as Auditors of the Company in place of Bhagat &Co. Chartered Accountant (FRN 134178W) to hold office from the conclusion of this AnnualGeneral Meeting ('AGM') till the conclusion of 27th AGM to 2022 (subject toratification of their appointment at every AGM if so required under the Act) at suchremuneration including applicable taxes as may be mutually agreed between the Board ofDirectors of the Company and the Auditors.
The consent of M/s. A.M.N and Co. Chartered Accountants along with certificate underSection 139 of the Act has been obtained to the effect that their appointment if madeshall be in accordance with the prescribed conditions and that they are eligible to holdthe office of Auditors of the Company.
Your Directors wish to place on record their appreciation for the continuous supportreceived from the Members customers suppliers bankers various statutory bodies of theGovernment of India and the Company's employees at all levels.
| ||By Order of the Board of Director |
|DATE: 01/09/2017 ||SD/- |
|PLACE: AHMEDABAD ||Asif I Vohra |
| ||Managing Director |