Oasis Tradelink Limited
Your Directors present the Annual Report of your Company together with the AuditedFinancial Statement for the financial year ended 31st March 2017.
1. FINANCIAL HIGHLIGHTS
|Particular ||2016-17 ||2015-16 |
|Income for the year was ||3433595712 ||1890391880 |
|Profit before Financial Charges Depreciation and Taxation ||52919402 ||34518313 |
|Out of which Provisions have been made for :- || || |
|Financial Charges ||23272981 ||17081208 |
|Depreciation ||3915275 ||4038609 |
|Provision for Taxation: || || |
|i. Current Income Tax ||3500000 ||1343000 |
|ii. Deferred Tax ||(95494) ||(359701) |
|Profit after Income Tax ||22326640 ||12415197 |
Your Directors recommend 0.25 paisa per share as dividend for the year under review.
3. SHARE CAPITAL
During the year under review the company has issued Equity shares through bonus issueof 2718744 Equity Shares in the ratio of 1:3 by way of Capitalization of Reserves andSurplus of the company.
Consequent to aforesaid allotment of Bonus Shares the issued subscribed and paid upshare capital of the company stands increase from Rs. 81558920/- (Eight Crore Fifteenlaths Fifty eight thousands Nine hundred twenty) to Rs.108746360/- (Ten Crore EightySeven Lakh Forty Six Thousand Three Hundred Sixty).
4. DIRECTORS AND KEY MANAGERIAL PERSONNEL
a) Retirement By Rotation
In accordance with the provisions of the Companies Act 2013 Mr. Naishadh B. PatelDirector of the company who is liable to retire by rotation being eligible forreappointment offers himself for reappointment. Appropriate resolutions for thereappointment are being placed for your approval at the ensuing AGM.
b) Resignation of Company Secretary
The Board of Directors of the company in their meeting held on Thursday 23rdFebruary 2017 accepted the Resignation of the Company Secretary cum Compliance officer.And Board has decided to appoint Mr. Snehalbhai Bharatbhai Patel Whole time Director asthe compliance officer for the interim Period till the appointment of qualified C.S.
c) Declaration of Independence
The Independent Directors have submitted their disclosures to the Board that theyfulfill 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.
5. NUMBER OF BOARD MEETINGS
Ten meetings of the Board were held during the year under review. The details of whichare given in the Corporate Governance Report.
6. BOARD EVALUATION
Pursuant to the provisions of the Companies Act 2013 and SEBI (LODR) Regulation 2015the Board has carried out an annual performance evaluation of its own performance thedirectors individually as well as the evaluation of the working of its Various Committees.
7. 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
(e) The directors have laid down internal financial controls to be followed by thecompany and that such internal financial controls are adequate and were operatingeffectively.
(f) The directors have devised proper systems to ensure compliance with the provisionsof all applicable laws and that such systems were adequate and operating effectively.
8. 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 theyear such Controls were tested and no reportable material weakness was observed
Your Company has neither invited nor accepted any fixed deposit from the public duringthe year.
10. PARTICULARS OF LOANS GUARANTEES OR INVESTMENTS MADE UNDER SECTION 186 OF THECOMPANIES ACT 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.
11. 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.
12. DETAILS OF POLICY DEVELOPED AND IMPLEMENTED BY THE COMPANY ON ITS CORPORATE SOCIALRESPONSIBILITY INITIATIVES
The Company has not developed and implemented any Corporate Social Responsibilityinitiatives as the said provisions are not applicable.
13. SIGNIFICANT AND MATERIAL ORDER PASSED BY REGULATORS OR COURTS OR TRIBUNALSIMPACTING THE GOING CONCERN STATUS AND COMPANY'S OPERATIONS IN FUTURE
During the year under review the Equity Shares of our company which are already listedunder BSE SME Platform migrated on BSE Main Board with effect from Tuesday February 212017. However there is No other significant and material order was passed byregulators or courts or tribunals impacting the going concern status and company'soperations in future.
14. MATERIAL CHANGES AND COMMITMENTS AFFECTING THE FINANCIAL POSITION OF THE COMPANYWHICH HAVE OCCURRED BETWEEN THE END OF THE FINANCIAL YEAR OF THE COMPANY TO WHICHFINANCIAL STATEMENTS 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.
15. CONSERVATION OF ENERGY TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS ANDOUTGO
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.
|Statutory Auditiors ||M/s. Dhaval Padiya & Co Chartered Accountants having its office at Ahmedabad will be appointed at the Annual General meeting of the Company and being eligible offer themselves for appointment. Your directors recommend their appointment as Statutory Auditors of the Company for the next 5 financial year. |
|SECRETARIAL AUDITORS ||In terms of Section 204 of the Act and Rules made there under Mr. Manohar Chunara Practicing Company Secretary have been appointed as Secretarial Auditor of the Company. The report of the Secretarial Auditor is enclosed to this report. The report is self-explanatory. |
|COST AUDITORS ||The Company has not appointed the Cost Auditor as pursuant to Section 148 of the Companies Act 2013 read with the Companies (Cost Records and Audit) Amendment Rules 2014 the cost audit is not applicable to the Company. |
17. BOARD'S EXPLANATION ON REMARKS AND OBSERVATIONS OF AUDITORS
There is No adverse remark in report of Statutory Auditor however the board hassubmitted their explanation on remarks of secretarial Auditor as under:
Your Company took all reasonable steps to do such appointments but as yourCompany is not doing well in its present line of business activity it failed to attractright candidates for such post. The Board of your Company continues its efforts to searchright candidate for the post of Company Secretary and CFO and will appoint the CompanySecretary and CFO as soon as possible.
18. AUDIT COMMITTEE/ NOMINATION AND REMUNERATION COMMITTEE/ STAKEHOLDERS' RELATIONSHIPCOMMITTEE
The details of various committees and their functions are part of Corporate GovernanceReport and it enclosed herewith to this report.
Your Directors place on record their gratitude for the continuing support ofShareholders bankers and Business associates at all levels.
| ||By Order of the Board of Directors |
| ||Sd/- |
|Date: 01/09/2017 ||Snehal B. Patel |
|Place: Ahmedabad ||Whole-Time Director |