Sancia Global Infraprojects Limited
Your Directors have presenting their Report and Audited Accounts of the Company for theyear ended March 31 2016
1. Financial Results:
|Current Period (In Rs.) ||Previous Year (In |
|28905039 ||20582920 |
The financials for the financial year 2015-16 is as follows:-
|Particulars ||Year ended 31.03.2016 ||Year ended 31.03.2015 |
|Income || || |
|Revenue from Operations ||28905039 ||20582920 |
|Other Income ||- ||- |
|Total Revenue ||28905039 ||20582920 |
|Expenses || || |
|Cost of Sales ||12271767 ||16939954 |
|Employees benefits expense ||5657788 ||3727098 |
|Finance costs ||10782 ||10516 |
|Depreciation and amortization expenses ||37000048 ||37336896 |
|Other expenses ||5262945 ||4014929 |
|Total expenses ||60203330 ||62029394 |
|Profit before tax ||(31298291) ||(41446474) |
|Tax Expenses || || |
|Current tax expense || || |
|Mat Credit Entitlement || || |
|Deferred tax expense || || |
|Short/(excess) provision for taxes || || |
|Profit for the year ||(31298291) ||(41446474) |
|Less: Prior Period Items (Loss on Sale of Land) || ||240806 |
|Profit Transferred to Reserve & Surplus ||(31298291) ||(41687280) |
2. Financial Restructuring:
During the year under review Revenue and net loss for the year was Rs. 28905039 andRs. (31298291) as compared to the previous year Rs. 20582920 and Rs. (41687280).
The accumulated loss of the company as on 31st March 2016 is more than 100% of its networth during the year and immediately preceding the financial year and as such fallswithin the definition of "Sick industrial company" under section 46 (AA) (i) ofthe companies (Second Amendment ) Act 2002. The net worth of the company had also beeneroded during the financial year 2011-12 itself resulting the company had become a sickindustrial company within the meaning of section 3(s) (o) of the sick industrial companies(Specials Provisions) Act 1985.
The company has made a reference during the financial year 2012-13 to the "Boardfor industrial & financial reconstruction" under section 15(1) of the SickIndustrial companies (Special Provisions) Act 1985 however the same reference has beendeclined by BIFR.
Presently the management is taking all possible steps for revival/restructuring of thecompany.
In view of losses the directors of company has not recommended any dividend for thecurrent Period.
4. Term Deposits:
During the Period under review your Company has not accepted any deposit under Section73 of the Companies Act 2013 read with Companies (Acceptance of Deposits) Rules 1975.
5. Information under Section 196-202 of Companies Act 2013 and Rule 3-10 of theCompanies (Appointment and Remuneration of Managerial Personnel) Rules 2014
None of the employees was in receipt of remuneration exceeding the limit specifiedunder section 196-202 of Companies Act 2013.
Pursuant to Section 152 of the Companies Act 2013 (the 'Act') and under Article(Article No. if any) of the Company's Articles of Association Mr. Arun Kumar Ray retiresby rotation at the ensuing 25th Annual General Meeting and being eligible offers himselffor re-appointment.
During the year:
Mr. Pradip Sutodia the Director of the Company has been resigned from the Directorshipof the company with effect from 13th November 2015.
7. Director's Responsibility Statement:
Pursuant to in terms of clause (c) of sub-section 3 of Section 134 of the CompaniesAct 2013 the directors based on the representations received from the Managementconfirm:
That in the preparation of the annual accounts the applicable accounting standardshave been followed That we have selected such accounting policies and applied themconsistently and made judgments and estimates that are reasonable and prudent so as togive a true and fair view of the state of affairs of the company at the end of March 2016and the profit / Loss of the Company for that period.
That we have taken proper and sufficient care for the maintenance of adequateaccounting records in accordance with the provisions of the Companies Act 2013 forsafeguarding the assets of the Company and for preventing and detecting fraud and otherirregularities
That we have prepared the annual accounts on a going concern basis.
The Board has proposed the appointment of M/S Arup & Associates Chartered as aStatutory Auditor of the Company until the conclusion of Next Annual General Meeting ofthe company at a remuneration as the Board of Directors may determine. "subject tothe approval of the shareholders in the Annual General Meeting of the company;
9. Conservation of Energy Research and Development Technology Absorption andForeign Exchange Earning & Outgoing
The information required under the Companies Act 2013 with respect to conservation ofenergy technology absorption and foreign exchange earnings/outgo is appended hereto asAnnexure : "A" and it forms part of this Report.
10. Employee Relations
The employee relations in the Company continued to be positive. Information as perSection 134 of the Companies Act 2013 (the 'Act') read with the Companies (Particulars ofEmployees) Rules 1975 forms part of this Report. As per the provisions of Section 136 ofthe Act the Report and Accounts are being sent to the shareholders of the Companyexcluding the statement on particulars of employees under Section 134 of the Act. Anyshareholder interested in obtaining a copy of the said statement may write to theSecretarial Department at the Registered Office of the Company.
11. Trade Relations
Your Directors wish to record appreciation of the continued unstinted support andco-operation from its Customers suppliers of goods/services clearing and forwardingagents and all others associated with it. Your Company will continue to build and maintainstrong association with its business partners.
Your Company also has a Policy on Prevention of Sexual Harassment which is reviewed bythe Internal Complaints Committee at regular intervals. Your Company recognizes itsresponsibility and continues to provide a safe working environment for women free fromsexual harassment and discrimination and to boost their confidence morale andperformance.
11. Corporate Governance
A report on Corporate Governance along with a certificate from the Statutory Auditorsand a certificate from the Managing Director has been included in the Annual Reportdetailing the compliances of corporate governance norms as enumerated in Clause 49 of theListing Agreement with the stock exchange.
The Directors thank the Company's customers vendors investors business associatesbankers for their support to the company. The Directors appreciate and value thecontributions made by every member of the "Sancia" family across the country.
| ||For and On Behalf of the Board of Directors |
| ||SD/- |
| ||Yaswant T. Shukla |
| ||Managing Director |
|Place: Mumbai || |
|Date: August 13 2016 || |