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Sanmitra Commercial Ltd.

BSE: 512062 Sector: Financials
NSE: N.A. ISIN Code: INE896J01014
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Sanmitra Commercial Ltd. (SANMITRACOMMERC) - Director Report

Company director report

DIRECTORS' REPORT

To

The Members of

Sanmitra Commercial Limited

Your Directors have pleasure in presenting Thirtieth Annual Report together with theAudited Accounts of the Company for the year ended 31st March 2014.

PERFORMANCE

There was no revenue from operation during the year as compared to ` 4185573/- in theprevious year resulting in net loss of ` 41418/- as compared to net loss of ` 73852/-in the previous year. Due to accumulated losses; your Directors are unable to recommendany dividend.

DIRECTOR’S RESPONSIBILITY STATEMENT

Pursuant to Section 217(2AA) of the Companies Act 1956 the Directors confirm that:

1. In the preparation of the annual accounts the applicable accounting standards havebeen followed.

2. Appropriate accounting policies as mentioned in Note No. 1 have been appliedconsistently and have made judgments and estimates that are reasonable and prudent so asto give a true and fair view of the state of affairs of the Company as at 31stMarch 2014 and of the loss of the Company for Year ended on that date.

3. Proper and sufficient care has been taken for the maintenance of adequate accountingrecords in accordance with the provisions of the Companies Act 1956 for safeguarding theassets of the Company and for preventing and detecting fraud and other irregularities;

4. The annual accounts have been prepared on a going concern basis.

LISTING AGREEMENT

Pursuant to Clause 32 of the listing agreement with Mumbai Stock Exchange the Companydeclares that its securities are listed on Mumbai Stock Exchange. Listing Fees have beenduly paid to the Mumbai Stock Exchange for the year 2014-2015.

DIRECTORS

Mr. Suresh Jain retires by rotation at the ensuring Annual General Meeting and beingeligible offers himself for reappointment. He will be re-appointed as Non-executiveIndependent Director for a period of five years.

Mr. Suresh Jain is B.Com LL.B. and has vast experience in finance and businessmanagement. The Board recommends his appointment.

Mr. Mangesh Apte was appointed as Additional Director (Independent Non-Executive) andbeing eligible offers himself for reappointment. He will be re-appointed as Non-executiveIndependent Director for a period of five years.

Mr. Mangesh Apte is M.Com D.F.M. has vast experience in financial management andcompliances. He has been lecturer in various colleges and was Cost Officer in NTC for tenyears and has an experience in compliances. The Board recommends his appointment.

FIXED DEPOSITS

The Company has not accepted any Fixed Deposit from the public during the year underreview.

PROPOSAL TO DIVERSIFY THE BUSINESS ACTIVITY IN OTHER AREAS

1. The Board of Directors decided to diversify into other activities namely to startwith the business of rendering services in the field of manpower placement recruitment& training and employment of security guards skilled & unskilled labour andworkers including managerial staff to various organization & also to provide securitysystems hardware and software including maintenance of systems.

2. To start hospitality facility management & property management in India andabroad and to also conduct other business and services in the respect of the aboveservices.

POSTAL BALLOT

NOTICE for Postal Ballot was given to the Members on January 2 2014 and Resolutionspursuant to Section 17 and all other applicable provisions as required by Companies Act1956 were passed to give effect to the new business to be carried by the Company.

Results of successful completion of Postal Ballot were duly published.

EMPLOYEES

No employee is receiving remuneration beyond the limit prescribed under the provisionsof Section 217(2A) of the Companies Act 1956 read with Companies (Particulars ofEmployees) Rules 1975 as amended up to date.

CONSERVATION OF ENERGY TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO

The company has only trading activities hence the information as required undersection 217 (1)(a) of the Companies Act 1956 read with Companies (Disclosure ofParticulars in the Report of Board of Directors) Rules 1988 pertaining to conservation ofenergy or technology absorption is not required to be submitted. The Company has noforeign exchange earning and outgo during the year under review.

AUDITORS

M/s. A. W. Ketkar & Co. Chartered Accountants Auditors of the Company retires onconclusion of the ensuing Annual General Meeting. They are eligible for reappointment andmembers are requested to appoint the auditors.

SECRETARIAL AUDIT REPORT

The Company has obtained Secretarial Audit Report from M/s. GMJ & ASSOCIATESCompany Secretaries in whole-time practice under section 383A of the Companies Act 1956and it forms part of the balance sheet.

ACKNOWLEDGEMENTS

Your Directors place on record their deep sense of appreciation for the contribution ofemployees at all levels and for the support from the government authorities bankslenders and the associates.

By Order of the Board of Directors
Place : Mumbai SURESH JAIN PRAKASH SHAH
Date : May 30 2014 Director Director