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Sabrimala Industries India Ltd.

BSE: 540132 Sector: Others
NSE: N.A. ISIN Code: INE400R01018
BSE LIVE 13:36 | 26 Oct 18.25 -0.95
(-4.95%)
OPEN

18.25

HIGH

18.25

LOW

18.25

NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 18.25
PREVIOUS CLOSE 19.20
VOLUME 100
52-Week high 20.20
52-Week low 10.70
P/E
Mkt Cap.(Rs cr) 16
Buy Price 0.00
Buy Qty 0.00
Sell Price 18.25
Sell Qty 1390.00
OPEN 18.25
CLOSE 19.20
VOLUME 100
52-Week high 20.20
52-Week low 10.70
P/E
Mkt Cap.(Rs cr) 16
Buy Price 0.00
Buy Qty 0.00
Sell Price 18.25
Sell Qty 1390.00

Sabrimala Industries India Ltd. (SABRIMALAINDUS) - Director Report

Company director report

To

The Members of

Sabrimala Leasing and Holdings Limited

Your Directors have pleasure in presenting the Annual Report and the Audited Statementof Accounts for the year ended 31 March 2016.

FINANCIAL PERFORMANCE

(In Rs.)

Particulars 2015-2016 2014-2015
Total Turnover 125101172.00 55095245.00
Less: Total Expenses (121918353.00) (54595098.00)
Profit Before Tax and Exceptional Items 3182819.00 500147.00
Less: Tax (1064837.00) (353436.00)
Profit after Tax 2117982.00 146711.00
Less: Exceptional items (2931550.00) (120213.00)
Profit after Tax and exceptional items (813568.00) 26498.00

OPEARTION & OUTLOOK

The Financial year 2015-2016 was a challenging year in many ways. Economic activityremained subdued compounded by volatility in interest rate markets in the first half ofthe year. Gross Domestic Products (GDP) for the 2015-2016 has been estimated to grow at7.6% giving a vision of recovery mode.

During the year your company has earned the profit of Rs. 2117982/- after tax beforeexceptional items as compared to profit of Rs. 146711/- in the previous year. However thecompany has gone into losses of Rs. 813568/- due to exceptional items which includesone time listing fees paid to BSE Limited. The Company has enhanced its business activitymanifolds resulting into profitability and hence strives to achieve sustainability inlong-run by ploughing back the same into the business.

DIVIDEND

During the year under review to plough back the profits in the business activity nodividend is recommended this year.

CORPORATE GOVERANCE

With reference to SEBI circular no. CIR/CFD/POLICY CELL/7/2014 dated 15thSeptember 2014 Compliances with the provisions of clause 49 shall not be mandatory forthe time being in respect of the companies having paid up equity share capital exceedingRs. 10 crore and Net worth exceeding Rs. 25 crore as on the last day of the previousfinancial year.

Since the company is in process of diversification of its operations and exploring allthe trading possibilities the management is trying to set all the standards for GoodGovernance. The company will be adopting the Clause 49 of the Listing Agreement in thecoming financial years or SEBI makes it compulsory for all whichever is earlier.

FIXED DEPOSIT

During the year the Company has not accepted any fixed deposits under Section 76A ofthe Companies Act 2013.

DIRECTORS

As per the provisions of Articles of Association and the Company Act 2013 Ankur GargDirector of the Company is liable to retire by rotation and being eligible and offeredhimself to be appointed as Director of the Company. The Board of Directors haverecommended his appointment.

STATUTORY AUDITORS

M/s. Khatter & Associates Chartered Accountants New Delhi the auditors of yourCompany retire at the ensuing Annual General Meeting and are eligible for re-appointment.Pursuant to provision of section 139 of the Companies Act 2013 and rules frames thereunder it proposed to appoint M/s. Khatter & Associates as statutory auditors from theconclusion of the ensuring AGM till the conclusion of the 36th Annual GeneralMeeting subject to annual ratification by members at Annual General Meeting. The auditorshave furnished certificate regarding their eligibility for re-appointment asCompany’s Auditors pursuant to section 139 of the Companies Act 2013.

AUDITORS REPORT

A) The Auditors'' in their Report to the members have given a qualified opinion andthe clarification of your Directors with respect to it are as follows:-

1. Note no. 12 to the financial statements the company is in the process ofreconciling the trade receivable balances with certain customers and the impact ofadjustments if any that may arise is presently not ascertainable. The company has weaksystem for the reconciliation of customer balances i.e. trade receivables on periodicalbasis. This could results in the impact on the profitability of the company by recognitionof revenue without establishing reasonable certainty of ultimate collection and otheraccounting adjustments on confirmation and reconciliation if any.

Clarification to Point (1)- Sabrimala Leasing and Holdings Limited is a vendor toE-commerce portals. Due to typical nature of trade customer who buys the products arecouriered with the same after billing and many a time customer for any reason returns theproduct. The same is marked as customer return by e-commerce portal in their system. Butthere is a time lag which sometimes take months between the date of billing and physicalreceipt of customer returned product to us due to which reconciliation becomes a bitdifficult process.

However the management has already taken a note of the same and is trying to implementa more reasonable and effective way to ascertain the actual trade receivables.

ENERGY TECHNOLOGY & FOREIGN EXCHANGE

Information in accordance with the provision of Section 134 of the Companies Act 2013read with Companies (Disclosure of Particulars in the Report of Board of Directors) Rules1988 being not relevant/significant are not given. There was no a foreign exchangeearnings or outgo during the year under review.

SUBSIDIARY COMPANIES

The Company does not have any subsidiary.

CONSOLIDATED FINANCIAL STATEMENTS

Since there is no subsidiary of the Company at present hence no consolidated financialstatements have been prepared.

PARTICULARS OF EMPLOYEES

As required by the provision of section 134 of the Companies Act 2013 read with theCompanies (particulars of employee) rules 1975 as amended no employee was in receipt ofremuneration exceeding 6000000/- per annum or 500000/- per month for any part thereof.

SECRETARIAL AUDIT REPORT

In terms of Section 204 of the Act and Rules made there under Ms. Hema KumariPracticing Company Secretary have been appointed Secretarial Auditors of the Company. Thereport of the Secretarial Auditors is enclosed as ANNEXURE II to this report. The reportis self-explanatory and do not call for any further comments.

INTERNAL AUDIT & CONTROLS

The Company has engaged M/s Rajeev Baldev & Associates as its Internal Auditor.During the year the Company continued to implement their suggestions and recommendationsto improve the control environment. Their scope of work includes review of processes forsafeguarding the assets of the Company review of operational efficiency effectiveness ofsystems and processes and assessing the internal control strengths in all areas. InternalAuditors findings are discussed with the process owners and suitable corrective actionstaken as per the directions of Audit Committee on an ongoing basis to improve efficiencyin operations.

EXTRACT OF ANNUAL RETURN

As required pursuant to section 92(3) of the Companies Act 2013 and rule 12(1) of theCompanies (Management and Administration) Rules 2014 an extract of annual return in MGT9 as a part of this Annual Report as ANNEXURE I .

DIRECTORS’ RESPONSIBILITY STATEMENT

Pursuant to the requirement under Section 134 (3) C of the Companies Act 2013 withrespect to the Directors’ Responsibility Statement it is hereby confirmed that:

i. in the preparation of the accounts for the Financial Year ended March 31 2016 theapplicable accounting standards have been followed along with proper explanation relatingto material departures

ii. the Directors have selected such accounting policies and applied them consistentlyand made judgments and estimates that were reasonable and prudent so as to give a true andfair view of the state of affairs of the Company as at March 31 2016 and of the profit ofthe Company for the year under review;

iii. the Directors have taken proper and sufficient care for the maintenance ofadequate accounting records in accordance with the provisions of the Companies Act 1956and Companies Act 2013 for safeguarding the assets of the Company and for preventing anddetecting fraud and other irregularities; and

iv. the Directors have prepared the annual accounts of the Company on a ‘goingconcern’ basis.

LISTING

The Equity Shares of the Company is listed at the Calcutta Stock Exchange (CSE).

The Company has received the In-Principal Approval from BSE Limited for 8714500equity Shares of Rs. 10/- each on 29th August 2016.

ACKNOWLEDGEMENTS

Your Directors take this opportunity to express their deep and sincere gratitude to thecustomers of the Company for their confidence and patronage as well as to the Governmentof India and Regulatory Authorities for their co-operation support and guidance. YourDirectors would like to express a profound sense of appreciation for the commitment shownby the employees in supporting the Company. Your Directors would also like to expresstheir gratitude to the members for their trust and support.

By Order of the Board of Directors
For Sabrimala Leasing and Holdings Limited
Sd/- Sd/-
Place: New Delhi (Amit Kumar Saraogi) (Sanjay Garg)
Date: 05.09.2016 Director Managing Director
DIN 00560131 DIN 01962743