Sancia Global Infraprojects Limited
Your Directors have presenting their Report and Audited Accounts of the Company for theyear ended March 31 2017.
1. Financial Results:
| ||Current Period (In Rs.) ||Previous Year (In Rs.) |
| ||7753078 ||28905039 |
The financials for the financial year 2016-17 is as follows:-
|PARTICULARS || |
| ||31 ST March 2017 (Rs.) ||31 ST March 2016 (Rs.) |
|Sales and other Income ||7753078 ||28905039 |
|Total Expenditure ||4798734 ||60203330 |
|Profit before tax ||2954344 ||(31298291) |
|Profit/(Loss) for the period ||92305090 ||(31298291) |
In view of losses the directors of company has not recommended any dividend for thecurrent Period.
3. Fixed Deposits:
During the Period Your Company has not accepted any public deposits during thefinancial period under review.
4. RELATED PARTY TRANSACTIONS
All Related Party Transactions are placed before the Audit Committee for approval.Prior omnibus approval of the Audit Committee is obtained for the transactions which arerepetitive in nature. A statement of all Related Party Transactions is placed before theAudit Committee for its review on a quarterly basis specifying the nature value andterms and conditions of the transactions.
The Company has adopted a Related Party Transactions Policy. The Policy as approved bythe Board is uploaded on the Company's website.
Details of the transactions with Related Parties are provided in the accompanyingfinancial statements. There were no major transactions during the year which would requireto be reported in Form AOC.2
5. RISK MANAGEMENT
Risk management comprises all the organizational rules and actions for earlyidentification of risks in the course of doing business and the management of such risks.
Although not mandatory as a measure of good governance the Company has constituted aRisk Management Committee of the Board. The Committee reviews the Company's performanceagainst identified risks formulates strategies towards identifying new and emergent risksthat may materially affect the Company's overall risk exposure and reviews the RiskManagement Policy and structure.
This robust Risk Management framework seeks to create transparency minimize adverseimpact on business objectives and enhance the Company's competitive advantage.
The Internal Audit Department is responsible for facilitating coordination with theheads of various Departments with respect to the process of identifying key risksassociated with the business manner of handling risks adequacy of mitigating factors andrecommending corrective action. The major risks forming part of the Enterprise RiskManagement process are linked to the audit universe and are also covered as part of theannual risk based audit plan.
The Company has adopted a Risk Management Policy pursuant to Section 134 of the Act.
6. 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.
7. DIRECTORS AND KEY MANAGERIAL PERSONNEL
Appointment and Retirement:
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 26th Annual General Meeting and being eligible offers himselffor re-appointment.
During the year:
Mr.Yashwant T.Shukla the Director of the Company has been resigned from theDirectorship of the company with effect from 14th October 2016.
Mr. Dolon Kundu has Been Appoint as Director of The company with effect From 21stSeptember 2016 Smt. Sonia Kundu has Been Appoint as Director of The company with effectFrom 26th October 2016.
8. Director's Responsibility Statement:
Based on the framework of internal financial controls and compliance systemsestablished and maintained by the Company work performed by the Internal Statutory andSecretarial Auditors including audit of the internal Financial controls over financialreporting by the Statutory Auditors and the reviews performed by Management and therelevant Board Committees including the Audit Committee the Board is of the opinion thatthe Company's internal financial controls were adequate and effective during the financialyear 2016-17.
Pursuant to in terms of clause (c) of sub-section 3 of Section 134 & Section 134(5)of the Companies Act 2013 the directors based on the representations received from theManagement confirm:
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 2017and 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.
(1) Statutory Auditors:
The Board has proposed the appointment of New statutory auditor of S of the Company Mr.SHAILESH AGARWAL having Membership No. 063220 & Partner of SARP & ASSOCIATESChartered Accountants (Firm Registration No.007375C) Address at 105 4 Fairlee palace HmpHouse Kolkata - 700001 as a Statutory Auditor of the Company until the conclusion of NextAnnual General Meeting of the company at a remuneration as the Board of Directors maydetermine "subject to the approval of the shareholders in the Annual General Meetingof the company.
(2) Secretarial Auditors:
Pursuant to the provisions of Section 204 of the Act and The Companies (Appointment andRemuneration of Managerial Personnel) Rules 2014 the Board of Directors of the Companyhad appointed Megha ModiPracticing Company Secretary in practice(Memb No:390888) toundertake the Secretarial Audit of the Company for the year ended 31st March 2017. TheSecretarial Audit Report is annexed in the Annual Report.
10. Conservation of Energy Research and Development Technology Absorption andForeign Exchange Earning & Outgo.
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
11. 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.
12. 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.
13 Corporate Governance Report Management Discussion & Analysis Report andBusiness Responsibility Report
The Management Discussion and Analysis Report the Business Responsibility Report andthe Report on Corporate Governance as required under the Listing Regulations forms partof the Annual Report.
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 /- |
|Place: Kolkata ||Dolon Kundu |
|Date: August 23 2017 ||Director |
ANNEXURE A TO THE BOARD'S REPORT
[Pursuant to Section 134(3)(m) of The Companies Act 2013 read with Rule 8(3) of TheCompanies (Accounts) Rules 2014]
CONSERVATION OF ENERGY RESEARCH & DEVELOPMENT TECHNOLOGY ABSORPTION & FOREIGNEXCHANGE EARNINGS AND OUTGO
A. CONSERVATION OF ENERGY
Presently the operations of the company are not energy intensive. However whereverpossible the company strives to curtail the consumption of energy on continued basis.Further company has absorbed latest technology which is helpful in conserving energy.
B. TECHNOLOGY ABSORPTION ADAPTATION AND INNOVATION
The company over the years through its experience has also developed techniques tocreate the spares parts which is used to buy from OEMs at a very high rates by gettingthem produced locally at much economical cost.
FOREIGN EXCHANGE EARNINGS AND OUTGO
Foreign exchange earnings and outgo during the Period 2016-2017 are as under.
|PARTICULARS ||Current Period 2016-17 ||Previous Period 2015-16 |
|Foreign Exchange Earnings ||Nil ||Nil |
|Foreign Exchange Outgo ||Nil ||Nil |
| ||By Order of the Board of Directors |
| ||Sd /- |
| ||Dolon Kundu |
|Place: Kolkata ||Director |
|Date: August 23 2017 || |