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Shree Narmada Aluminium Industries Ltd.

BSE: 513127 Sector: Others
NSE: N.A. ISIN Code: N.A.
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Shree Narmada Aluminium Industries Ltd. (SHNARMADAALUM) - Director Report

Company director report

DIRECTOR

To

THE MEMBERS

SHREE NARMADA ALUMINIUM INDUSTRIES LTD.

Your Directors are pleased to present their Thirty Third Annual Report together withthe Audited Accounts of the Company for the year ended 31stMarch 2014.

01. SUMMARIZED OPERATIONAL RESULTS:

For the Year ended 31.03.2014 For the Year ended 31.03.2013
Rs. Rs.
Sales (Net) 45173803 76268085
Profit / (Loss) before Depreciation 4552109 (633113)
Depreciation 887791 953457
Profit / (Loss) for the year 3664318 (1586570)
Provision for Tax Nil Nil

02. DIVIDEND:

In absence of sufficient profits your Directors regret their inability to recommenddividend this year and regret for the same.

03. REVIEW OF CURRENT PERFORMANCE:

On account of general depressed market conditions for metal industries Company'soperation were adversely affected during the year and due to this Company's turnovermarginally decrease from 762.68 lacs to 451.74 lacs. During the year Company has writtenoff old balances of Creditors and due to this the Company has ended the financial yearwith a profit of 36.64 Lacs.

04. DIRECTORS' RESPONSIBILITY STATEMENT:

Pursuant to the requirements under Section 217 (2AA) of the Companies Act 1956 withrespect to Directors' Responsibility Statement it is hereby confirmed:

(i) That in the preparation of the accounts for the financial year ended 31stMarch2014 the applicable accounting standards have been followed along with proper explanationrelating to material departures wherever necessary;

(ii) That the Directors have selected such accounting policies and applied themconsistently and made judgements and estimates that were reasonable and prudent so as togive a true and fair view of the state of affairs of the Company at the end of thefinancial year and of the profit of the Company for the year under review.

(iii) That the Directors have taken proper and sufficient care for the maintenance ofadequate accounting records in accordance with the provisions of the Companies Act 1956for safe guarding the assets of the Company and for preventing and detecting fraud andother irregularities;

(iv) That the Directors have prepared the accounts for the financial year ended 31stMarch 2014 on a 'Going Concern1 basis.

05. AUDITORS REPORT:

The notes on Financial Statement referred to in the Auditors Report are selfexplanatory and do not call for any further comments..

06. AUDITORS:

M/s. Chokshi & Chokshi Chartered Accountants Mumbai the Auditors of the Companyshall retire at the ensuing Annual General Meeting and is eligible for re-appointment.

According to the Section 139(1) of the Companies Act 2013 and Rule 3(7) of theCompanies (Audit and Auditors) Rules 2014 which has become effective from 1st April2014 the Auditor Appointed at the ensuing Thirty Third Annual General Meeting shall holdoffice from the conclusion of Thirty Third Annual General Meeting till the conclusion ofThirty Sixth Annual General Meeting of the Company.

The Company has also obtained consent from the firm to act as Statutory Auditor of theCompany.

07. DELISTING OF EQUITY SHARES

During the year the Company's Equity Shares have been delisted from the Vadodara StockExchange Ltd. Vadodara and also from the Ahmedabad Stock Exchange Ltd Ahmedabad pursuantto SEBI (Delisting of Equity Shares) Regulations 2009.

The said delisting was as per the voluntary basis. The Equity Shares of the Company atpresent listed at The Bombay Stock Exchange Ltd (BSE).

08. FIXED DEPOSITS:

The Company has not accepted any deposits as defined under Section 58A of the CompaniesAct 1956 read with Companies Acceptance of Deposits Rules 1972.

09. AUDIT COMMITTEE

During the year the Audit Committee Meetings were held as per the provisions of ListingAgreements with the Stock Exchanges. The details about the functioning of the committeeare enumerated in the Corporate Governance forming part of this report.

10. CORPORATE GOVERNANCE

In pursuance to Clause 49 of the ListingAgreements with the Stock Exchanges CorporateGovernance Report and Management Discussion and Analysis Report are given elsewhere andform part of this Report.

11. PERSONNEL:

None of the employees of the Company was in receipt of remuneration for the financialyear ended 31.03.2014 as prescribed under Companies (Particulars of Employees) Rule 1975and hence information as required under section 217(2A) read with Companies (Particularsof Employees) Rule 1975 is not applicable.

12. INSURANCE:

All Moveable and Fixed Assets are adequately insured.

13. DISCLOSURES:

(a) CONSERVATION OF ENERGY TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS/OUTGO:

During the year your Company has made trading activities.the particulars prescribed bythe Companies (Disclosure of Particulars in the Report of Board of Directors) Rules1988are not furnished in the Annexure the information on this aspect may be treated asNIL

(b) ENVIRONMENTAL CONTROL AND ABATEMENT OF POLLUTION:

Your Company is Engineering Company and hence information on this aspect may betreated as "NIL".

14. ACKNOWLEDGEMENT:

Your Directors wish to place on record their sincere thanks for the valuable assistanceand guidance given by the Central Government and State Government from time to time. YourDirectors also wish to note the dedicated services of all the officers and employees ofthe Company.

Regd.Office
95/1 Bharuch Palej Road
Bholav Dist.(Bharuch) (KANTILAL B. PATEL)
Gujarat - 392 001. CHAIRMAN AND MANAGING DIRECTOR
Bharuch
Date : 29th May 2014