You are here » Home » Companies » Company Overview » Sun Source (India) Ltd

Sun Source (India) Ltd.

BSE: 517403 Sector: Infrastructure
NSE: N.A. ISIN Code: INE320F01013
BSE LIVE 18:22 | 19 Oct Stock Is Not Traded.
NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 4.45
PREVIOUS CLOSE 4.37
VOLUME 50
52-Week high 5.04
52-Week low 1.84
P/E
Mkt Cap.(Rs cr) 6
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 4.45
CLOSE 4.37
VOLUME 50
52-Week high 5.04
52-Week low 1.84
P/E
Mkt Cap.(Rs cr) 6
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Sun Source (India) Ltd. (SUNSOURCEI) - Director Report

Company director report

To The Members SUN SOURCE (INDIA) LIMITED

Your Directors have presenting the 25th Annual Report together with theAudited Accounts of the Company for the financial year ended March 31 2017.

1. FINANCIAL RESULTS:

Particulars for Year ended

(Amount in )
Current Year 31st March 2017 Previous Year 31st March 2016
Net Sales /Income from Business Operations
Other Income 4228 3910
Total Income 4228 3910
Less: Depreciation 1692207 1777002
Profit after depreciation -2485572 -4515273
Less: Current Income Tax
Less: Previous year adjustment of Income Tax
Less: Deferred Tax
Net Profit after Tax -2485572 -4515273
Dividend (including Interim if any and final )
Net Profit after dividend and Tax -2485572 -4515273
Balance carried to Balance Sheet -2485572 -4515273

2. TRANSFER TO RESERVES:

During the financial year the Company did not transfer any amount to reserve.

3. DIVIDEND:

In view of the accumulated losses your Directors are not in a position to recommendany dividend for the year and regret the same.

4. CHANGE IN THE NATURE OF BUSINESS:

There was no change in the nature of business of the Company during the financial year.

5. PUBLIC DEPOSITS:

SUN SOURCE (INDIA) LIMITED

1SONAL INDUSTRIAL ESTATE KHODA SANAND VIRAMGAM HIGHWAY DIST AHMEDABAD-382170

During the financial year 2016-17 your Company has not accepted any deposit within themeaning of Sections 73 and 74 of the Companies Act 2013 read together with the Companies(Acceptance of Deposits) Rules 2014.

6. THE STATE OF COMPANY'S AFFAIRS AND OUTLOOK

The Company continues to explore various opportunities to expand the business lines ofthe company. While some new avenues were explored given the subdued overall economicactivity in the country and the tough financing environment caused the company to slowdown this year considering the environment. Even during the year company has generatedrevenue of Rs. 4228/- as compared to Rs. 3910/- of previous year. The Company is nowevaluating other business avenues that will help diversify the business and grow theCompany.

7. BOARD MEETINGS / COMMITTEE MEETINGS:

During the financial year 5 (Five) Board Meetings 5 (Five) Audit Committee 5 (Five)Nomination and Remuneration Committee and 5 (Five) Stakeholder Relationship CommitteeMeetings were held the details of which are given in the Corporate Governance Reportforming part of the Annual Report.

8. COMPOSITION OF AUDIT COMMITTEE:

The Audit Committee Comprises of Three Directors. Composition of the Audit Committeeduring the financial year 2016-2017 is as follows:

Name of the Committee Members Designation
1 Mr. Ikshit Amin Chairman
2 Mr. Dinesh Patel Member
3 Mr. Ashok Gajjar Member

There were no matters during the financial year 2016-2017 wherein the Board did notaccept recommendations given by the Audit Committee.

9. DIRECTORS' RESPONSIBILITY STATEMENT:

Pursuant to the requirement of Section 134(3) (c) of the Companies Act 2013 withrespect to the Directors' Responsibility Statement it is hereby confirmed:

(i) in the preparation of the annual accounts the applicable accounting standards readwith the requirements set out under Schedule III to the Act have been followed and thereare no material departures from the same;

(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 of the company for the year ended on that date;

(iii) the Directors have taken proper and sufficient care for the maintenance ofadequate accounting records in accordance with the provisions of the Act for safeguardingthe assets of the Company and for preventing and detecting fraud and other irregularities;

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

(v) the Directors have laid down internal financial controls to be followed by theCompany and that such internal financial controls are adequate and are operatingeffectively; and

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

10. STATEMENT ON INDEPENDENT DIRECTORS:

The Company has received necessary declaration from each Independent Director underSection 149 (7) of the Companies Act 2013 that he meets the criteria of independence laiddown in Section 149(6) of the Companies Act 2013 and regulation 16(1)(b) of SEBI (ListingObligations and Disclosure Requirements) Regulations 2015).

11. EXTRACT OF ANNUAL RETURN:

The extract of annual return in Form MGT 9 as required under Section 92(3) and Rule 12of the Companies (Management and Administration) Rules 2014 is appended as an Annexure‘A' to this Report.

12. COMPANY'S POLICY RELATING TO DIRECTORS:

The Company's policy relating to appointment of Directors payment of managerialremuneration directors qualifications positive attributes independence of directors andother related matters as provided under section 178(3) of The Companies Act 2013 isavailable on Company's website www.sunsource.in.

13. COMMENTS ON QUALIFICATION RESERVATION OR ADVERSE REMARK:

Statutory Auditor:

There is no qualification or adverse remarks or disclaimers made by the auditors intheir report on the financial statement of the company for the financial year ended 31stMarch 2017.

Secretarial Auditor:

There is no qualification or adverse remarks or disclaimers made by the SecretarialAuditor in his report of the Company for the financial year ended 31st March2017.

14. PARTICULARS OF LOANS GUARANTEES OR INVESTMENTS:

There were no loans guarantees or investments made by the Company under Section 186 ofthe Companies Act 2013 and rules made there under during the year under review and hencethe said provision is not applicable.

15. RELATED PARTY TRANSACTIONS:

There was no contract or arrangements made with related parties as defined underSection 188 of the Companies Act 2013 and rules made there under during the year underreview.

16. MATERIAL CHANGES:

No material changes and commitments affecting the financial position of the companyoccurred between the end of the financial year to which this financial statement relateand the date of the report.

17. CONSERVATION OF ENERGY TECHNOLOGY ABSORPTION FOREIGN EXCHANGE

EARNING AND OUTGO:

Conservation of Energy: a. Steps taken or impact on conservation of energy: Takingin to consideration of stumpy/null business activities of the Company the Company has notspent any substantial amount on Conservation of Energy to be disclosed here.

b. Technology Absorption:

Efforts made towards technology Considering the stumpy/null business absorptionactivities of the Company there is no requirement with regard to technology Benefitsderived like product absorption. improvement cost reduction product development orimport substitution

In case of imported technology (imported during the last three years reckoned from thebeginning of the financial year):

Details of technology imported Nil
Year of import Not Applicable
Whether the technology has been fully absorbed Not Applicable
If not fully absorbed areas where absorption has not taken place and the reasons thereof Not Applicable
Expenditure incurred on Research and Development Nil

c. Foreign exchange earnings and outgo: There was no foreign exchange inflow orOutflow during the year under review.

18. RISK MANAGEMENT:

Given the nature of the Company and stumpy/null scale of operations the currentmanagement is capable of managing the risks in the business and does not foresee any majorrisk areas that have been left unattended.

19. CORPORATE SOCIAL RESPONSIBILITY:

The Company is not falling in any criteria as mentioned in Section 135 of the Act readwith Companies (Corporate Social Responsibility Policy) Rules 2014 the Act. Henceprovision of CSR is not applicable to the Company.

20. PERFORMANCE EVALUAITON:

Pursuant to the provisions of the Companies Act 2013the Board has carried out anevaluation of its own performance the directors individually as well as the evaluation ofthe working of its Audit Appointment & Remuneration Committees. A structuredquestionnaire was prepared after taking into consideration inputs received from theDirectors covering various aspects of the Board' functioning such as adequacy of thecomposition of the Board and its Committees Board culture execution and performance ofspecific duties obligations and governance. A separate exercise was carried out toevaluate the performance of individual Directors including the Chairman of the Board whowere evaluated on parameters such as level of engagement and contribution independence ofjudgement safeguarding the interest of the Company and its minority shareholders etc. Theperformance evaluation of the Independent Directors was carried out by the entire Board.The performance evaluation of the Chairman and the Non Independent Directors was carriedout by the Independent Directors who also reviewed the performance of the SecretarialDepartment. The Directors expressed their satisfaction with the evaluation process

21. SUBSIDIARY JOINT VENTURES OR ASSOCIATE COMPANY:

There are no subsidiary associate company or joint ventures of our Company during theyear under review.

22. CHANGE IN DIRECTORS / KEY MANAGERIAL PERSONNELS:

Mr. Ashokkumar Gajjar (DIN: 02137748) Director of the Company is liable to retire byrotation at the forthcoming Annual General Meeting and being eligible offer himself forre-appointment. Your Directors recommend his re-appointment. Mrs. Priti Gajjar (DIN:02165833) Whole Time Director of the Company whose term expired on March 20 2017 isproposed to be reappointed as Whole Time Director for a period of Three Years with effectfrom 21st March 2017 to 20th March 2020.

23. DISCLOSURE PURSUANT TO SECTION 197(12) READ WITH RULE 5 OF COMPANIES

(APPOINTMENTS AND REMUNERATION) RULES 2014:

During the financial year 2016-17 no remuneration /Commission was paid to any of thedirectors of the Company.

24. MANAGEMENT DISCUSSION AND ANALYSIS:

The Management Discussion and Analysis forms part of the Directors' Report is annexedherewith as Annexure ‘C '.

25. AUDITORS:

Statutory Auditor

M/s. Joshi Jain & Co.Chartered Accountants (FRN. 128820W) were re-appointed asthe Statutory Auditors of the Company in 24th Annual general meeting to holdoffice till the conclusion of 27th Annual General Meeting as per the provisionsof Section 139 of the Companies At 2013. They have confirmed their eligibility underSection 141 of the Companies Act 2013 and the rules framed there under for ratificationas Auditors of the Company.

Secretarial Auditor

Mr. Rakesh Kapur Practising Company Secretary (Membership No. FCS 3863 CP NO.12085)has been appointed as Secretarial Auditor for the financial year 2016-17. The SecretarialAudit Report is annexed herewith as Annexure ‘B'

26. SIGNIFICANT AND MATERIAL ORDER IMPACTING THE GOING CONCERN STATUS

AND COMPANY'S OPERATIONS IN FUTURE:

No Significant and Material order was passed by any authority during the year underreview impacting the going concern status and company's operation in future.

27. INTERNAL FINANCIAL CONTROLS:

The Company has in place adequate internal financial control system with reference tothe Financial Statements.

28. REPORT ON THE SEXUAL HARRESSMENT OF WOMEN AT WORKPLACE

(PREVENTION PROHIBITION AND REDRESSEL) ACT 2013:

In terms of section 22 of the Sexual Harassment of Women at Workplace (PreventionProhibition and Redressal) Act 2013 we report that during 2016-17 no case has beenfiled under the said act.

29. CORPORATE GOVERNANCE REPORT:

As required by Chapter IV read with Schedule V Part C of the SEBI (Listing Obligationsand Disclosure Requirements) Regulations 2015 a report on Corporate Governance form partof this Annual Report. (Annexure ‘D').

30. VIGIL MECHANISM:

The Company has established and adopted Vigil Mechanism and the policy (Whistle BlowerPolicy) thereof for directors and employees of the Company in accordance with theprovisions of Companies Act 2013 as well as regulation 22 of SEBI (Listing Obligationsand Disclosure Requirements) Regulations 2015). During the year under review nopersonnel of the Company approached the Audit Committee on any issue falling under thesaid policy. The vigil mechanism policy is available on the website of the company atlink: www.sunsource.in

31. SHARES:

a. Buy Back of Securities:

The Company has not bought back any of its shares during the year under review. b.Sweat Equity & differential voting rights shares:

The Company has not issue any Sweat Equity Shares and any Equity Shares havingdifferential voting rights during the year under review.

c. Bonus shares:

No Bonus shares were issued during the year under review.

d. Employee Stock Option Plan:

The Company has not provided any Stock Option Scheme to the Employee.

32. APPRECIATION:

The Board of Directors records its grateful thanks to all the stakeholders of theCompany for their continued support and co-operation.

Registered Office: One Sonal Industrial Estate (Khoda)

Sanand Viramgam Highway

Ahmedabad 382170.

On behalf of the Board of Directors For SUN SOURCE (INDIA) LIMITED

SD/-

Ashokkumar Kantilal Gajjar

Chairman & Director

DIN: 02137748

Add: 47 Sampatrao Colony Alkapuri

Vadodara-390005 Gujrat India.

Date: 24/08/2017

Place: Vadodara