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Alna Trading & Exports Ltd.

BSE: 506120 Sector: Others
NSE: N.A. ISIN Code: INE07I701011
BSE 05:30 | 01 Jan Alna Trading & Exports Ltd
NSE 05:30 | 01 Jan Alna Trading & Exports Ltd

Alna Trading & Exports Ltd. (ALNATRADING) - Director Report

Company director report

To

The Members

M/s. ALNA TRADING AND EXPORTS LIMITED

Mumbai.

Your Directors have pleasure in presenting to you the 35th Annual Report ofthe Company and the Audited Financial Statements for the year ended 31st March2017.

FINANCIAL RESULTS:

Particulars For the current year ended 31.03.2017 For the previous year ended 31.03.2016
(Amount in Rs) (Amount in Rs)
Gross Revenue 16778988 15639435
Profit for the period before Depreciation and Taxation 472329 595261
Less : Depreciation 28700 30182
Profit before tax 443629 565079
Provision for Taxation
Current Tax 82500 140000
Deferred Tax 318 276
(Excess)/Short tax provision for earlier years (303) (5490)
82515 134786
Profit after Tax 361114 430293
Add/(Less) : Brought forward profit of earlier year 14739718 14309425
Balance carried forward to Balance Sheet 15100832 14739718

REVIEW OF OPERATIONS:

During the year under Report the Company registered turnover amounted to Rs 1.68crores as compared to the previous year turnover of Rs1.56 crores.

Net Profit for the year is Rs 3.61 lakhs as compared to Rs 4.30 lakhs in the previousyear.

TRANSFER TO RESERVES:

The Company did not transfer any amounts to the general reserve during the year.

DIVIDEND:

With a view to strengthen the financial position of the Company and to retain fundsrequired for the operations of the Company the Directors have not recommended any dividendout of the current year's profit.

FIXED DEPOSITS:

The Company does not have any deposits remaining unclaimed and/or claimed but not paidfor which information is required to be given in this Report.

CONSERVATION OF ENERGY. TECHNOLOGY ABSORPTION. FOREIGN EXCHANGE EARNINGS AND OUTGO:

Information pursuant to section 134(3)(m) of the Companies Act 2013 read with Rule 8of the Companies (Accounts) Rules 2014 is not applicable to your Company hence noinformation is disclosed.

The Company has however earned Foreign Exchange of Rs16427948/- (Previous YearRs15328179 /-) and did not incurred any Foreign Exchange outgo during the current yearas given in Note 20 of notes forming part of accounts.

CORPORATE SOCIAL RESPONSIBILITY (CSR):

The Company has not developed and implemented any Corporate Social Responsibilityinitiatives as the said provisions are not applicable.

RISK MANAGEMENT:

The Company follows well-established and detailed risk assessment and minimizationprocedures which are periodically reviewed by the Board. The Company has in place abusiness risk management framework for identifying risks and opportunities that may have abearing on the organization's objectives assessing them in terms of likelihood andmagnitude of impact and determining a response strategy.

The Senior Management assists the Board in its oversight of the Company's management ofkey risks including strategic and operational risks as well as the guidelines policiesand processes for monitoring and mitigating such risks under the aegis of the overallbusiness risk management framework

RELATED PARTY TRANSACTIONS:

There were no transactions with related parties during the year under review as definedunder section 188 of the Companies Act 2013. Thus disclosure in Form AOC-2 is notrequired. Further there were no material related party transactions during the year underreview with the Promoters Directors or Key Managerial Personnel.

DIRECTORATE AND KEY MANGERIAL PERSONNEL:

The Board of Directors at its meeting held on 01st February 2017 has appointed Mr.Aftab Alam as an Additional Director of the Company. Mr. Aftab Alam holds office upto tillthe ensuing Annual General Meeting is eligible for appointment (and in respect of whomNotice in writing under section 160 of the Companies Act 2013 has been received from amember by the Company) is to be appointed as a Director of the Company. It is proposed toregularize his appointment in the 35th Annual General Meeting.

Mr. Aftab Alam was appointed as an Independent Director w.e.f. 01st February 2017 Theresolutions for his appointment as an Independent Director for a term upto 31st January2022 is placed for approval of the members of the Company at the ensuing Annual GeneralMeeting. A declaration of independence stating that he meet the criteria of independenceas provided under section 149(6) of the Companies Act. 2013 has been furnished by him.

Mr. Sundaresh Bhat vide letter dated 01st February 2017 has tendered hisresignation from Directorship. The Board would like to place on record their appreciationfor the valuable contributions made by him during his tenure as the Director of the Board.

Pursuant to section 152 of the Companies Act 2013 and in terms of the Articles ofAssociation of the Company Mrs. Merle Dsa Director retires by rotation at the ensuingAnnual General Meeting and being eligible offers herself for re-appointment. Your Boardhas recommended her re-appointment.

DIRECTORS RESPONSIBILITY STATEMENT:

Pursuant to Section 134(5) of the Companies Act. 2013 Directors of your Company herebystate and confirm that:

a) in the preparation of the annual accounts for the year ended 31st March 2017 theapplicable accounting standards have been followed along with proper explanation relatingto material departures;

b) they have selected such accounting policies and applied them consistently and madejudgments and estimates that are reasonable and prudent so as to give a true and fair viewof the state of affairs of the company at the end of the financial year and of the profitof the company for the same period;

c) the directors have taken proper and sufficient care for the maintenance of adequateaccounting records in accordance with the provisions of the Companies Act 2013 lorsafeguarding the assets of the company and for preventing and detecting fraud and otherirregularities;

d) they have prepared the annual accounts on a going concern basis;

e) they have laid down internal financial controls in the company that are adequate andare operating effectively.

f) they have devised proper systems to ensure compliance with the provisions of allapplicable laws and these are adequate and are operating effectively.

REMUNERATION OF THE DIRECTORS / KEY MANAGERIAL PERSONNEL (KMP) / EMPLOYEES:

No remuneration is paid to Director/Key Managerial Personnel since all areNon-executive and Non- independent Directors.

NUMBER OF MEETINGS OF THE BOARD OF DIRECTORS:

The Board of Directors of the Company met 06 times during the year 2016-17 i.e. on20/05/2016 30/07/2016 10/10/2016 28/10/2016 30/12/2016 and 01/02/2017.

The gap between two consecutive meetings did not exceed one hundred twenty days.

AUDIT COMMITTEE:

The Audit Committee of the Company comprises of Mr. Anwar Chauhan Ms. Merle Dsa andMr. Aftab Alam as its members. During the financial year 2016-17. the Committee met on20/05/2016. 30/07/2016 10/10/2016. 28/10/2016 30/12/2016 and 01/02/2017 the same wereattended by all Committee Members. The recommendations made by the Audit Committee wereaccepted by the Board of Directors of the Company.

REMUNERATION COMMITTEE:

The Remuneration Committee of the Company comprises of Mr. Anwar Chauhan Ms. Merle Dsaand Mr. Aftab Alam as its members. During the financial year 2016-17 the Committee met on10/10/2016 the same were attended by all Committee Members.

VIGIL MECHANISM:

Pursuant to requirement laid down in the Companies Act 2013. the Company hasestablished Vigil Mechanism The Vigil Mechanism/Whistle Blower Policy provides foradequate safeguards against victimization of persons who use such mechanism and makeprovision for direct access to the Chairperson (Mr. Aftab Alam) of the Audit Committee inappropriate cases. It is affirmed that no person has been denied access to the AuditCommittee. The Whistle Blower Policy has been placed on the website of the Company.

PARTICULARS OF EMPLOYEES AND RELATED DISCLOSURES:

In terms of the provisions of section 197( 12) of the Companies Act 2013 read withRule 5(2) and 5(3) of the Companies (Appointment & Remuneration of ManagerialPersonnel) Rules 2014 no employee of the Company is drawing remuneration in excess ofthe limits set out in the said rules

The net worth of the Company as on 31st March 2017 was Rs 17651042/- againstRs17289929/- as on 31st March 2016.

PARTICULARS OF LOANS. GUARANTEES OR INVESTMENTS:

The information of Loans Guarantees and Investments covered under the provisions ofSection 186 of the Companies Act 2013 is given under Note No.5 forming part of theaccounts.

AUDITORS REPORT REMARK:

Report of Auditors" is self-explanatory and does not require further elucidation.

AUDITORS:

Statutory Auditors:

M/s. Rajendra & Co. Chartered Accountants Statutory Auditors of the Company holdoffice till the conclusion of the ensuing Annual General Meeting and their term(transition period) of 03 years is expiring at the ensuing Annual General Meeting.

Accordingly as per the requirement of Section 130(2) of the Companies Act 2013 (theAct) M/s. D K P & Associates Chartered Accountants (Registration No. 126305W) areproposed to he appointed as auditors for a period of 05 years commencing from theconclusion of 35th Annual General Meeting till the conclusion of the 40th Annual GeneralMeeting subject to ratification by shareholders every year as may be applicable inplace of M/s. Rajendra & Co. Chartered Accountants. M/s. D K P & AssociatesChartered Accountants have consented to the said appointment and confirmed that theirappointment if made would be within the limits specified under Section 141(3)(g) of theAct. They have further confirmed that they are not disqualified to he appointed asstatutory auditor.

M/s. DKP & Associates Chartered Accountants new statutory auditors to heappointed in place of retired auditors M/s. Rajendra & Co. Chartered Accountants fora period of five years from the conclusion of the ensuing Annual Genera! Meeting until theconclusion of Annual General Meeting of the company to be held on in the year 2022 subjectto ratification by the shareholders at every Annual General Meeting. Members are requestedto appoint the statutory auditors and fix their remuneration.

Secretarial Auditors:

According to the provision of section 204 of the Companies Act 2013 read with Rule 9of the Companies (Appointment and Remuneration of Managerial Personnel) Rules 2014 theSecretarial Audit Report submitted by Company Secretary in Practice is given in theAnnexure-A to this report.

The Company has appointed Secretarial Auditor for the Financial Year 2016-17 and hasfiled Form MGT-14.

Qualification of Secretarial Auditors:

The secretarial auditor has qualified the report as regards to non-appointment ofcompany secretary under section 203 of the Companies Act 2013 and rules made thereunder.As regards to the said qualification the Board hereby explained that the Company is smallcompany with paid-up capital of Rs.2000000/- (Rupees Twenty Lakhs Only) and thereforemost of the provisions of sections of the Companies Act 2013 are not applicable. Being asmall company it cannot afford to appoint a company secretary.

SEXUAL HARRASMENT AT WORK PLACE:

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

EXTRACT OF ANNUAL RETURN:

The details forming part of the extract of the Annual Return in Form No.MGT-9 is givenin the Annexure to this report.

APPRECIATION AND ACKNOWLEDGEMENT:

Your Directors would like to express their appreciation for the assistance andco-operation received from the Government authorities banks customers businessassociates and members during the year under review. Your Directors also wish to place onrecord their deep sense of appreciation for the committed services by the executivesstaff and workers of the Company.

BY ORDER OF THE BOARD OF DIRECTORS For ALNA TRADING AND EXPORTS LIMITED

(ANWAR CHALHAN)
PLACE : MUMBAI CHAIRMAN
DATED : 30th MAY 2017 DIN:00322114
REGISTERED OFFICE :
Allana House 4 J.A. Allana Road
Colaba Mumbai-400 001.

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