Stratmont Industries Limited
(Formerly known as Chhattisgarh Industries Limited)
Your Directors have pleasure in presenting the 33Rd Annual Report with the AuditedAccounts of the Company for the year ended March 31 2017.
1. FINANCIAL RESULTS:
|Current Period (In Rs.) ||Previous Year (In Rs.) |
|207000 ||- |
During the financial year 2016-17 the turnover of the Company is lesser as compare tothe previous year. The financials for the financial year 2016-17 is as follows:
|PARTICULARS ||YEAR ENDED |
| ||31ST March 2017 ||31ST March 2016 |
| ||(Rs.) ||(Rs.) |
|Sales and other Income ||207000 ||0 |
|Total Expenditure ||2623812 ||2296937 |
|Profit before tax ||(2416812) ||(2296937) |
|Profit/(Loss) for the period ||(1801027) ||(2296937) |
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
There are No Related Party Transactions that were entered into during the financialyear were on an arm's length basis in the ordinary course of business and were incompliance with the applicable provisions of the Act and the Listing Regulations. Therewere no materially significant Related Party Transactions made by the Company during theyear that would have required Shareholder approval under the Listing Regulations.
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 transactions during the year. which would not 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 ofthe Companies (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. INFORMATION UNDER SECTION 196 202 OF THE COMPANIES ACT 2013 AND RULE3-10 OF THE COMPANIES (APPOINTMENT AND REMUNERATION OF MANAGERIAL PERSONNEL) RULE 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. Keshav Goyal whoretires by rotation and being eligible offers himself for re-appointment is reappointedas a Director of the Company.
Mr. Harish Kisan Kuchekar has been appointed as an Executive Director of the Companywith effect from 4th November2016 with the terms agreed between Board ofDirectors and Mr. Harish Kisan Kuchekar Mr.Manoj Harishchandra Tiwari Director of theCompany has resigned From the Directorship of the company with effect from 1stNovember2016.
Mr. Arun Kumar Goyal Director of the Company has resigned From the Directorship of thecompany with effect from 1st November2016.
Mr. Prem Nath sharma Director of the Company has resigned From the Directorship of thecompany with effect from 20th October 2016
DIRECTORS' 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 accountingstandards have been followed That we have selected such accounting policies and appliedthem consistently and 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 at the end of March2017 and of the Profits /Loss of the Company for that period That we have taken properand sufficient care for the maintenances of adequate accounting records in accordance withthe provisions of the Companies Act 2013 for safeguarding the assets of the Company andfor preventing and detecting fraud and other irregularities That we have prepared theAnnual accounts on a going concern basis.
(1) Statutory Auditors:
The Board has proposed the appointment of M/s SARP & ASSOCIATES.Chartered(FRN:007375C) as a New Statutory Auditors of the Company until the conclusion ofnext Annual General Meeting of the company at 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 Modi Practicing 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 Practicing Company Secretary in practice
10. CONVERSATION OF ENERGY RESERCH AND DEVELOPMENT TECHNOLOGY
ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO:
The information required under the companies Act 2013 with respect to conversation ofenergy technology absorption and foreign exchange earnings / outgo is appended hereto itforms 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 of Employees) rule 1975 forms part of this Report. As per the provisions ofthe Section 136(1) of the Act the Report and Accounts are being sent to the shareholdersof the Company excluding the statement on particulars of employees under Section 134 ofthe Act. Any shareholder interested in obtaining a copy of the said statement may write tothe Secretarial Department at the Registered Office of the Company.
12. TRADE RELATIONS:
Your Directors wish to record appreciation of the continued unstinted support and co operation from its Customers suppliers of goods / services clearing andforwarding agents and all others associated with it. Your Company will continue to buildand maintain strong association with its business partners.
Your Company also has 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:
As per clause 49 of the Listing Agreement entered into with the Stock ExchangesCorporate Governance Report with auditors' certificate thereon and management Discussionand Analysis are attached and form part of this report. As per clause 55 of the ListingAgreement entered into with the Stock Exchanges a Business Responsibility Report isattached and form part of 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 "Stratmont" family across the country.
15. PARTICULARS OF EMPLOYEES
There was no employee in respect of whom information is required to be given pursuantto Section 134 of the Companies Act 2013 read with the Companies (Particulars ofEmployees) Amendment Rules 1999 as amended up-to-date.
16. AUDITOR REPORT
The Auditors' Report to the shareholders did not contain any adverse or qualificationremarks.
17. INDUSTRIAL RELATIONS
During the year under review your company has cordial and harmonious industrialrelations at all levels of the Organization.
18. PUBLIC DEPOSITS
During the year under review your Company has not accepted any Fixed Deposits frompublic within the meaning of the provisions of the Section 73 & 76 of the CompaniesAct 2013 and the Rules made there under.
Your Directors place on record their appreciation of the dedication and commitment ofyour Company's employees and look forward to their support in the future as well.
| ||By Order of the Board |
| ||Sd/- |
|Mumbai ||Mr.Harish Kisan Kuchekar |
|August 23 2017 ||Director |