FOR THE FINANCIAL YEAR 2016-2017
Your directors have pleasure in presenting their Twenty Ninth Annua! Report on thebusiness and operations of the company together with the Audited Statement of Accounts forthe year ended 31st March 2017.
During the year under review performance of your company as under:
(Rupees in Lakhs)
|Particulars ||Year ended 31st March 2017 ||Year ended 31st March 2016 |
|Turnover ||408134778.00 ||334760629.00 |
|Profit/(Loss) before taxation ||(8757544.00) ||7537495.00 |
|Less: Current Tax ||- ||1441656.00 |
|Less :Deferred Tax ||(5291695.00) ||2329906.00 |
|Less : Tax for earlier year ||179900.00 || |
|Profit/(Loss) after tax ||(3645748.00) ||3765933.00 |
|Add: Balance B/F from the previous year ||(14477088.00) ||(18243021.00) |
|Balance Profit / (Loss) C/F to the next year ||(18122836.00) ||(14477088.00) |
State of Company's Affairs and Future Outlook
Under this heading a brief description of the nature of business of the companyspecifying growth in terms of volume of the key products/services of the company whichcovers the bulk of the operating profit.
It may also specify details of the operational highlights indicating the overall growthof the company and state any diversification if any made during the year. Company's planto venture in other segments may also be added.
Change in nature of business if any
The Board may provide details relating to change in the business carried on by thecompany or its subsidiaries. This shall also contain details pertaining to classes ofbusiness in which the company has an interest.
However with the view to conserve the resources of company the directors are notrecommending any dividend.
Changes in Share Capital if any
During the Financial Year 2016-17 the share capital of the Company remained unchanged.
Extract of Annual Return
The extract of Annual Return in format MGT -9 for the Financial Year 2016-17 has beenenclosed with this report.
NUMBER OF BOARD MEETINGS
Detail showing the Number of Board Meeting held in the financial year 2016-17 alongwith the detail of Directors attending the Board Meeting
|Name of Directors ||30.05.16 ||01.08.16 ||05.09.16 ||26.09.16 ||14.11.16 ||13.02.17 ||22.03.17 |
|Ashok Kumar Bajoria || ||? ||? ||? ||X ||? ||? |
|Anand Kumar Bajoria ||X ||/ ||? || ||? ||? ||? |
|ShyamSundra Bajoria ||? ||V ||X ||/ ||? ||? ||? |
|Ashok Kumar Yadav ||? ||V ||? || ||? ||? || |
|AjendraKuamr Agrawal ||V ||S . ||? ||V ||? ||V ||' ! |
|Lakshmi Agrawal ||V ||V ||? ||V ||? ||/ ||? |
Conservation of Energy Technology Absorption Foreign Exchange Earnings and Outgo
The Company's steady move towards improving the methods for Energy Conservation andutilization by
1. Installing the upgraded Technology
2. Intensified vigil on wastage
a) Conservation of Energy:
|Steps taken for conservation ||Power Factors improved to almost 99.99 % |
|Steps taken for utilizing alternate sources of energy ||- |
|Capital investment on energy conservation equipments ||Installation of Power Factors neutralization passe). |
|b) Technology Absorption: || |
|Efforts made for technology absorption ||No |
|Benefits derived ||No |
|Expenditure on Research &Deve!opment if any ||No |
|Details of technology imported if any ||No |
|Year of import ||No |
|Whether imported technology fully absorbed ||Under Process of Absorbed |
|Areas where absorption of imported technology has not taken place if any ||No |
|c) Foreign Exchange Earnings/ Outgo: || |
|Earnings || |
|Outgo ||NIL |
Risk Management Policy
A statement indicating the development and implementation of the risk management policyof the company identifying the elements of risks if any which in the opinion of theboard may threaten the existence of the company.
Moreover in case the Company has constituted a risk management committee then theconstitution and the terms of reference of the same to be disclosed.
Directors and Key Managerial Personnel
During the period there was no changes in the position of Directors & keyManagerial Personnel. Secretarial Audit Report
Secretarial Audit Report as per Section 204 of the Companies Act 2013 is placed asannexure to the report .No Adverse Comments have been made in the said report by thePracticing Company Secretary.
Dava & Associates Chartered Accountants Statutory Auditor of the Company willretire at the forthcoming Annual General Meeting.
In accordance with the Companies Act 2013 it is proposed to re- appoint M/s D A V A& ASSOCIATES Chartered Accountants as Auditor for the financial year 2017-18 from theconclusion of this Annual General Meeting till the conclusion of the next Annual GeneralMeeting subject to the approval of the Shareholders.
Pursuant to Section 209 (1) (d) of the Companies Act 1956 Cost Audit Report for theFinancial Year ended on 31st March 2016 was submitted to the Central Governmenton 25/10/2016.
Directors Responsibility Statement
In accordance with the provisions of Section 134(5) of the Companies Act 2013 yourdirectors confirm that:
a) in the preparation of the annual accounts for the financial year ended 31st March2015 the applicable accounting standards had been followed along with proper explanationrelating to material departures;
b) the directors had 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 as at 31st March 2017 and of the profit/loss of the Company for that period;
c) the directors had taken proper and sufficient care for the maintenance of adequateaccounting records in accordance with the provisions of the Companies Act 2013 forsafeguarding the assets of the company and for preventing and detecting fraud and otherirregularities;
d) the directors had prepared the annual accounts on a going concern basis;
e) the directors had devised proper systems to ensure compliance with the provisions ofall applicable laws and that such systems were adequate and operating effectively.
f) the directors had laid down internal financial controls to be followed by thecompany and that such internal financial controls are adequate and were operatingeffectively.
The Directors express their sincere appreciation to the valued shareholders bankersand clients for their support.
For and on behalf of the Board of Directors
Ganesh Foundry & Castings Ltd.