You are here » Home » Companies » Company Overview » Shree Shaleen Textiles Ltd

Shree Shaleen Textiles Ltd.

BSE: 505513 Sector: Others
NSE: N.A. ISIN Code: INE703L01026
BSE LIVE 05:30 | 01 Jan Stock Is Not Traded.
NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN
PREVIOUS CLOSE
VOLUME
52-Week high 0.00
52-Week low 0.00
P/E
Mkt Cap.(Rs cr) 0
Buy Price
Buy Qty
Sell Price
Sell Qty
OPEN
CLOSE
VOLUME
52-Week high 0.00
52-Week low 0.00
P/E
Mkt Cap.(Rs cr) 0
Buy Price
Buy Qty
Sell Price
Sell Qty

Shree Shaleen Textiles Ltd. (SHREESHALEEN) - Director Report

Company director report

To.

The Members

Shree Shaleen Textiles Limited

C-108 Room B

Crystal Plaza CHS Ltd..

New Link Road. Near Infinity Mall

Andheri (W). Mumbai-400053.

Your Directors are pleased to present their Directors' Report together with the AuditedFinancial Statements for the year ended March 312016

1. EXTRACT OF ANNUAL RETURN: {Section 92 (3)}

In Form MGT-9 enclosed as Annexure I.

2. NUMBER OF BOARD MEETINGS: (Section 134)

The Board of Directors duly met 5 times on 14th May 2015 14th August 2015 4thSeptember. 2015. 14th November. 2015 13th February 2016.

3. DIRECTORS KEPSONSIBILITY STATEMENT:

Pursuant to the requirement of Section 134(5) of the Companies Act. 2013. the Directorshereby confirm that:

i) In the preparation of the Annual Accounts the applicable Accounting Standards havebeen followed along with proper explanations relating to material departures:

ii) The Directors have selected such accounting policies and applied them consistentlyand made judgments and estimates that are reasonable and prudent so as to give a true andfair view of the state of affairs of the Company at the end of the financial year and ofthe profit and Loss of the Company for the that period:

iii) The Directors have taken proper and sufficient care for the maintenance ofadequate accounting records in accordance with the provisions of the Companies Act 2013for safeguarding the assets of the Company and for preventing and detecting fraud andother irregularities;

iv) The Directors have prepared the annual accounts on a going concern basis.

v) The directors in case of listed company have laid down internal financial controlsto be followed by the company and such controls are adequate and are operatingeffectively.

vi) The Directors have devised proper system to ensure compliance with the provisionsof all applicable laws and such systems are adequate and are operating effectively.

4. AUDITORS SECRETARIAL AUDITORS AND REPLY TO THEIR RESPECTIVE QUALIFICATIONS:

Auditors:

Satish Soni & Co.. Chartered Accountants who are the statutory auditors of theCompany hold office in accordance with the. provisions of the Act up to this AnnualGeneral Meeting and from whom necessary consent has been obtained under section 151 of theCompanies Act. 2013 are eligible for re-appointment as required under the provisions ofSection 139 of the Companies Act. 2013 from the conclusion of this Annual General Meetingtill the conclusion of Annual General Meeting of the Company relating to the financialended 2020-2021 be and are appointed subject to ratification of the Members at everyAnnual General Meeting and at a remuneration as may be decided by the Board. The Companyhas received the necessary eligibility certificate from the Auditors and the Directorsrecommend the resolution at item no. 3 of the notice for the approval of the members.

Reply to Auditors' Qualification:

There has a plan of change in the management of the Company which got failed and due tosame the statutory' dues could not paid.

5. FINANCIAL RESULTS:

Particulars Current year 2016 Previous Y ear 2015
Income Earned During the year 137922077 71547033
Profit/ (Loss) before Interest Depreciation & Tax 2259142 2173490
Less:
a. Interest 32856 36246
b. Depreciation 326465 9935
Add prior period income 0 0
Profit before Taxes 1899821 2127309
Less Current Tax 400000 500000
Add Deferred Tax 7985 8864
Profit for the period 1491836 1618445
Profits carried forward from previous year 1910445 10292000
Less proposed Dividend 0 0
Less Dividend Distribution Tax 0 0
Profits c f to Balance Sheet 13402280 11910445

6. RESERVES:

The Company proposes to carry Rs. 14. 91.836 - being profit for the year 2016 to theProfit & Loss Surplus account. All the Requirements as laid down in Companies Act.2013 and Rules made there under are complied with.

7. DIVIDEND:

The Board of Directors have not recommended dividend for the year under review'.

8. MATERIAL CHANGES AND COMMITMENTS BETWEEN THE DATE OF THE BALANCE SHEET AND THE DATEOF REPORT:

There are no material changes between the date of balance sheet and the date of thisreport that would affect the financial position of the company as both are approved andsigned on the same day.

9. CONSERVATION OF ENERGY TECHNOLOGICAL ABSORPTION FOREIGN EXCHANGE EARNINGS ANDOUTGO:

(A) Conservation of energy:

Considering the nature of the business of your company there are no particulars whichare required to be furnished in this report relating to conservation of energy/

(B) Technology absorption:

As the Company is not engaged in Software Development activity provisions of section134(2) (m) of the Companies Act. 2013 relating to Conservation of technology absorption isnot applicable

(C) Foreign exchange earnings and Outgo:

Foreign Exchange earned in terms of actual inflows during the year Nil
Foreign Exchange outgo during the year in terms of actual outflows Nil

10. DIRECTORS:

A) Changes in Directors and Key Managerial Personnel

The Board of Director is duly constituted. Mrs. Ruksana Sheikh was appointed asDirector of the Company with effect from 05/10 '2015

B) Declaration by an Independent Director(s)

The Company has received declarations from all the Independent Directors of the Companyconfirming that they meet the criteria of independence as prescribed both under the Actand Clause 49 of the Listing Agreement with the Stock Exchanges.

C) Annual Evaluation of the Board Members

The Company has devised a Policy for performance evaluation of Independent Directors.Board. Committees and other individual Directors which include criteria for performanceevaluation of the non-executive directors and executive directors.

11. AUDIT COMMITTEE {Section 177 (8)}

The Audit Committee was formed during the year and met once. Mr. Madhu Sharma is theChairman of the Audit committee. The Composition of the Audit Committee is as under;

Mr. Madhu Sharma

Mr. Amad Riyaz Bliati

Mrs. Ruksana Sheikh

The broad terms and reference of Audit Committee are to review the financial statementsbefore submission to Board to review reports of the Auditors and Internal Auditdepartment and to review the weaknesses in internal controls if any reported by Internaland Statutory Auditors etc. In addition the powers and role of the Audit Committee are aslaid down under Clause 49 II C' & D of the Listing Agreement entered with the StockExchanges and Section 177 of Companies act. 2013.

The Audit Committee invites such of the executives as it considers appropriate (andparticularly the head of the finance function) to be present at its meetings. TheStatutory Auditors are also invited to the meetings.

12. NOMINATION ANT) REMUNERATION COMMITTEE AND COMPANY'S POLICY ON DIRECTORS'APPOINTMENT AND REMUNERATION :{ Section 178 (3) and 178 (4)}

The Remuneration Committee was constituted during the year. Mr. Amad Riyaz Bhati is theChairman of Remuneration Committee. I lie Constitution of the Committee is as given below:

Mr. Madhu Sharma Mr. Amad Riyaz Bhati Mr. Zeeshan Hanif Shaikh

The terms of reference of the •Remuneration Committee' are as follows:

1) To determine on behalf of the Board and on behalf of the Shareholders the Company'spolicy on specific remuneration packages for Executive Directors including pension rightsand any compensation payment.

2) Such other matters as may from time to time be required by any statutorycontractual or other regulatory requirements to be attended to by such committee.

The details of the remuneration paid to executive director are disclosed in the relatedparty transactions in the notes to accounts section of the report.

13. RISK MANAGEMENT POLICY:

The Management has put in place adequate and effective system and man power for thepurposes of risk management. In the opinion of the Board following there are no riskswhich would threaten the existence of the Company.

14. CORPORATE SOCIAL RESPONSIBILITY (CSR):

Since the Company's net worth does not exceed Rs. 500 crores or Company's turnover doesnot exceed Rs. 1000 crores or the Company's net profit does not exceed Rs. 5 crore for anyfinancial year the provisions of section 135 of the Companies Act 2013 are notapplicable.

15. PARTICULARS OK LOANS. GUARANTEES OR INVESTMENTS UNDER SECTION 186:

Particulars of Loan given. Investments made guarantees given and securities providedalong with the purpose for which the loan or guarantee or security is proposed to beutilized by the recipient are provided in standalone financial statement.

16. PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED

PARTIES:

The Company has not entered into any contracts or arrangements with related partiesreferred to in sub-section (1) of section 188 of the Companies Act. 2013 including certainarms length transactions under the proviso thereto.

17. REVISION OF FINANCIAL STATEMENTS OR BOARD'S REPORT (Section 13)

The company has not made any modification or alteration in its Financial Statement /Board Report in respect of last three financial years.

IS. DISCLOSURES PURSUANT TO SECTION I‘>7 (12) OF THE COMPANIES ACT. 2013 ANDTHE RULES MADE THEREUNDER:

The Company is not paying any remuneration to its directors except for the sitting asprescribed by the Articles of Association of the Company: no disclosures are to be made inthis regard.

19. DISCLOSURES PURSUANT TO SECTION 197 (15) OF THE COMPANIES ACT 2013:

The Company is not paying any remuneration to its directors except for the sitting asprescribed by the Articles of Association of the Company: no disclosures are to be made inthis regard.

20. PERFORMANCE AND FINANCIAL POSITION OF EACH OF THE SUBSIDIARIES ASSOCIATES ANDJOINT VENTURE COMPANIES: (Nol Applicable)

21. CORPORATE GOVERNANCE AND MANAGEMENT DISCUSSION & ANALYSIS REPORTS:

The Corporate Governance and Management Discussion & Analysis Report which forms apart of this Report are set out separately together with the Certificate from theAuditors of the Company regarding compliance with the requirements of Corporate Governanceas stipulated in Clause 49 of the Listing Agreement.

22. DETAILS OF SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS ORTRIBUNALS IMPACTING THE GOING CONCERN STATUS AND COMPANY'S OPERATIONS IN FUTURE:

There were no orders passed by the regulators or courts or tribunals impacting thegoing concern status and company's operations in future.

23. DISCLOSURE UNDER SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION PROHIBITIONAND REDRESSAL) ACT 2013

During the year under review there were no cases filed pursuant to the SexualHarassment of Women at Workplace (Prevention. Prohibition and Redressal) Act. 2013

24. ACKNOWLEDGEMENTS:

An acknowledgement with thanks is hereby conveyed to all with whose help cooperationand hard work the Company was able to achieve the results.

For and on Behalf of the Board
Shree Shaleen Textiles Limited
Sd/- Sd/-
Madhu Sharma Amad Riyaz Bhati
(Director DIN: 01833305) (Director DIN: 06834976)
Place: Mumbai
Date: 30/05/2016