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S T Services Ltd.

BSE: 538876 Sector: Financials
NSE: N.A. ISIN Code: INE907D01012
BSE LIVE 15:15 | 16 Jun Stock Is Not Traded.
NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 9.95
PREVIOUS CLOSE 10.47
VOLUME 5
52-Week high 18.25
52-Week low 9.95
P/E 497.50
Mkt Cap.(Rs cr) 5
Buy Price 0.00
Buy Qty 0.00
Sell Price 9.95
Sell Qty 8796.00
OPEN 9.95
CLOSE 10.47
VOLUME 5
52-Week high 18.25
52-Week low 9.95
P/E 497.50
Mkt Cap.(Rs cr) 5
Buy Price 0.00
Buy Qty 0.00
Sell Price 9.95
Sell Qty 8796.00

S T Services Ltd. (STSERVICES) - Director Report

Company director report

Dear Shareholders

On behalf of the Board of Directors it is our pleasure to present the 27thAnnual Report together with the Audited Statement of Accounts of S T Services Limited ("theCompany") for the year ended March 31st 2016.

FINANCIAL PERFORMANCE (Standalone)

(Amoun in Rupees)

Financial Statements Standalone
31/03/2016 31/03/2015
Total Income 1675899 2004184
Profit/(loss) before Depreciation & Taxation 201339 258944
Depreciation 90988 158696
Profit before taxation 110351 100248
Provision for Income Tax 45939 55138
Provision for Deferred Tax (12091) (28371)
Net Profit/(Loss) After Tax 76502 73481
Less: Contingent Provision against Standard Assets. (2559) (7904)
Less: Earlier Year Depreciation (3982)
Profit/(Loss) brought forward from previous year 1539956 1493062
Profit available for appropriation 1583300 1554656
Less: transferred to special reserve. (15300) (14700)
Profit/(Loss) carried to Balance Sheet 1598600 1539956

Reserve & Surplus

The balance of Reserve & Surplus as at 31st March 2016 stand atRs.2050125/-after making appropriations indicated above.

Summary of Operations

The Company is a Non Banking Financial Company and engaged in advancing of Loans andInvestments in shares and securities. The Company is also exploring other businessopportunities such as Infrastructure & Real Estate. Your Directors are hopeful toachieve better results in future.

Dividend

With the view to conserve the resources of the Company the Directors are notrecommending any dividend.

Listing of Shares of the Company

The shares of the Company are listed at BSE Calcutta Ahmedabad and Jaipur StockExchanges.

Change in Nature of Business

There was no change in the nature of business of the Company.

Material Changes and Commitments

No material changes and commitments affecting the financial position of the Companyoccurred between the ends of Financial Year to which the Balance Sheet relates on the dateof this report.

There was no significant and material orders passed by the regulators or courts ortribunals impacting the Going Concern status and Company’s operations in future.

Internal Financial Control

The Company has in place adequate internal control systems and procedures commensuratewith the size and nature of the business. These systems and procedures provide reasonableassurance of maintenance of proper accounting records reliability of financialinformation protection of resources and safeguarding of assets against unauthorized use.

Share Capital / Finance

Your Company has not issued any Equity Shares or shares with differential rights/Employee Stock Option Plan/ Sweat Equity Shares during the year.

Extract of Annual Return

Pursuant to section 92(3) of the Companies Act 2013 (‘the Act’) and rule12(1) of the Companies (Management and Administration) Rules 2014 extract of annualreturn is Annexed as Annexure 1.

Directors’ Responsibility Statement

Pursuant to the requirement clause (c) of sub-section (3) of Section 134 of theCompanies Act 2013 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;

(c) The directors had 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 had prepared the annual accounts on a going concern basis; and

(e) The directors had laid down internal financial controls to be followed by thecompany and that such internal financial controls are adequate and were operatingeffectively.

(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.

Statutory Auditors their Report and Notes to Financial Statements

Ratification of appointment of Statutory Auditors is being sought from the members ofthe Company at the ensuing AGM.

Further the report of the Statutory Auditors along with notes to Schedules is enclosedto this report. The observations made in the Auditors’ Report are self-explanatoryand therefore do not call for any further comments.

Meetings

Details of the various meetings held during the financial year 2015-16 is been given inthe Corporate Governance Report.

Corporate Governance Report

Your Company recognizes the importance of good Corporate Governance in buildingshareholders confidence improving investor protection and enhancing Long-term enterprisevalue. A report on Corporate Governance is annexed.

CEO/CFO Certification

The Chief Financial Officer of the Company has submitted a certificate to the Board asrequired under Regulation -27(2) of the Listing Agreement for the year ended 31-03-2016.

Secretarial Audit

In terms of Section 204 of the Act and Rules made there under M/s. Anurag Fatehpuria(Membership No: A34471) a Practicing Company Secretary (COP No: 12855) have beenappointed as Secretarial Auditors of the Company. The report of the Secretarial Auditorsis enclosed as Annexure 2 to this report. The report is self-explanatory and do notcall for any further comments.

Particulars of Loans Guarantees or Investments under sec-186 of Companies Act 2013

a) Details of Loans and Advances Given (Unsecured):(Provided for Business Purposes)

Name of the Borrower Amount
Haryana Steel Supply Co. Pvt. Ltd. 4223285
Metal Engg. & Treatment Co. Pvt. Ltd. 3989908
Metanpart 613832
Mohit Paper Mills Ltd. 2797488
Mohit Petrochemicals Ltd. 60931
Neomet Consultants Pvt. Ltd. 1227664
Ramesh Chandra Juneja 1962000
Shakambari Aromatics Pvt. Ltd. 1939946
Stahlmet Casting Pvt. Ltd. 1350430

b) Details of Investments :

Details of related party transaction are given in the Notes to the Financial Statement.

Related party transactions

Details of related party transactions are given in the Notes to the FinancialStatements.

Risk Management Policy

Pursuant to section 134(3)(n) of the Companies Act 2013 the Company has adopted aRisk Management policy. The Board identifies some risks that may affect the business ofyour Company and segregate them in various categories. Based upon such categories Boardhas directed the management to adopt and follow certain preventive steps. Board reviewsthe Risks periodically.

Vigil Mechanism Policy

The Board has adopted a whistle blower policy for the Company. The policy is formulatedto provide opportunity to all the employees to access in good faith to the AuditCommittee of the Company in case they observe any unethical and improper practice orbehavior or wrongful conduct in the Company.

Declaration by independent directors

The Independent Directors have submitted their declaration of independence as per theCompanies Act 2013 to the Board.

Corporate Social Responsibility

The Companies (Corporate Social Responsibility Policy) Rule 2014 is not applicable tothe Company.

Directors and Key Managerial Personnel

Mr. Shiv Kumar Jaria (DIN:01082212) & Mrs. Mita Agarwal ( DIN:07226487) Directorsretire by rotation at the forthcoming Annual General Meeting and being eligible offerthemselves for reappointment.

Formal Annual Evaluation

The Board has adopted a policy for evaluation of itself along with all its committeesand all the directors individually. Based on such policy the Board in its first BoardMeeting held after the financial year 2015-16 performed an evaluation of its own workingof all its committees and personal evaluation of Directors.

Transfer of Amounts to Investor Education and Protection Fund

There were no funds which were required to be transferred to Investor Education andProtection Fund (IEPF).

Public Deposits

Your Company has not accepted any deposits from public in terms of Section 73 of theCompanies Act 2013 and the Companies (Acceptance of Deposits Rules) 2014.

Particulars of Employees (Managerial Remuneration)

The information required pursuant to sec-197 read with Rule 5 of The CompaniesAppointment and Remuneration of Managerial Personnel) Rules 2014 The ratio ofremuneration of median employee to that of the Managing Director and Company Secretary are1:1 and 1:1 respectively. No other directors get any remuneration from the Company.

Energy technology absorption foreign exchange earnings and outgo

The nature of the Company’s business does not require involving any type of energyconsumption or adaptation of any technology.

The particulars required to be furnished under Rule 8 of the Companies (accounts)Rules 2014: i) Part A and B pertaining to conservation of energy and technologyabsorption are not applicable to the Company. ii) Foreign Exchange earnings and outgo areas under :

Earnings : Nil
Outgo : 244000/-

Acknowledgement

Your Directors would like to express their sincere appreciation of the cooperationassistance received from everyone related to the Company during the year under review.

For and on behalf of the Board
S T SERVICES LIMITED
SD/-
(Managing Director)
Date : 30-05-2016 (DIN: 00556652)
Place : Kolkata