SC AGROTECH LIMITED
(Formerly known as Sheet international Ltd)
Your Directors have Pleasure in Presenting the 27th Annual Report togetherwith audited statement of accounts for the year ended 31st March 2017.
| || ||(Amount in Rs.) |
|Particulars ||As on 31.03.2017 ||As on 31.03.2016 |
|Income || || |
|Revenue from operations (gross) ||5734500 ||10899500 |
|Other Income ||6775975 ||5443463 |
|Total Revenue ||12510475 ||16342963 |
|Expenses || || |
|Purchase ||6198016 ||11492800 |
|Employee benefits expense ||3251782 ||2492500 |
|Finance Cost ||3500 ||2086 |
|Depreciation and amortization expenses ||141068 ||144995 |
|Other expenses ||2525365 ||1828140 |
|Total Expenses ||12120433 ||15960521 |
|Profit (loss) before exceptional and extraordinary items and tax ||390744 ||382442 |
|Less: Exceptional Items & Current Tax || || |
|1 Prior Period Tax Credit ||74460 ||(84030) |
|2. Current year tax Exp ||(74460) ||(138756) |
|EARLIER YEARS ||(76) ||(84030) |
|DEFFERED TAX ||241 ||(138756) |
|Total Exceptional Items & Current year Tax || ||(222786) |
|Profit/ (loss) after Tax and exceptional Items ||389877 ||605227 |
OPERATIONS AND FUTURE PLANS:
The operations for the year under review show Profit before tax of Rs. 390042
The Operation of plant site of the company has been stopped since 1998 due to scarcityof fund. At present the scope in agriculture sector for trading as well as supply of liveplants and planting material give better opportunity in terms of returns hence managementdecided to take appropriate resources and steps in this regards with new name ie SCAgrotech Ltd.
Since the Production of the company has been stopped in the year 1998 BILONA is themost popular brand which is still holding more demand in market Management has decided tolease out this Trade mark to Shree Anu Milk Products Limited. who is major supplier ofthe Dairy product like Pure Ghee and skimmed Milk and other dairy product in the markethence approached to the company to use this popular brand therefore this brand has beenleased out to Shree Anu Milk Products Limited under the agreed term and condition
In view of the past track of the financial position of the company not to earn muchmore profits and its occured huge loss since last several year company is not in theposition is to distribute Dividend to its shareholders.
There is no change in the Authorised Share Capital and paid up Share Capital of theCompany during the previous year.
> In pursuant to Article 89 (2) of the Article of Association of the Company readwith Section 152 of the Companies Act 2013 Mr. Nitin Maheshwari retires by rotation atthe ensuing Annual General Meeting and being eligible offer himself for reappointment. Theboard recommended their re-appointment.
> Sh. Rahul Kumar retired from the Position of Directorship of the Company W.e.f 01stMarch 2017..
DIRECTORS' RESPONSIBILITY STATEMENT:
The Directors responsibility statement pursuant to section 134 (5) of the CompaniesAct 2013 is annexed there to Your Directors have pleasure to State:
i) That in the preparation of the annual accounts for the financial year ended 31stMarch 2017 the applicable accounting standards has been followed along with properexplanations if any relating to material departures.
ii) That the Directors have selected such accounting policies and applied themconsistently and made judgments and estimates that are reasonable and prudent so as togive a true and fair view of the state of affairs of the Company at the end of thefinancial year and the Profit/ Loss of the Company for the year under review.
iii) That 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) That the Directors have prepared the annual accounts ongoing concern basis.
v) That the Directors have laid down the Internal Financial control to be followed bythe Company and that such internal Financial Controls are adequate and were operatingeffectively.
vi) That the Director have devised proper system to ensure compliance with theprovision of all applicable law that such system was adequate and operating effectively.
SECRETARIAL AUDIT REPORT
Pursuant to the provisions of section 204 of the Companies Act 2013 and the Companies(Appointment and remuneration of managerail persons ) rules 2014 the Company hasappointed Mr.Sanjiv Nigam ( CP No. 8458) M/s Sanjiv Nigam & Associates companySecretaries to undertake the Secretarial Audit of the Company for the financial period2016-17
The Secretarial Audit report for the financial period ended 31st march 2017is attached as Annexure I of this Board's report. The Secretarial Audit report doesnot contain any qualification reservation or adverse remark.
During the year under review neither any fixed deposit has been invited nor any fixeddeposit have been renewed by the Company under the provisions of section 73 of theCompanies Act 2013 read with Companies (Acceptance of Deposits) Rules 1975 from thepublic.
CONSERVATION OF ENERGY TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNING AND OUT GO.
Statement pursuant of Section 134 (3) (m) of the Company Act 2013 are annexed heretoand forming part of the report.
CORPORATE GOVERNANCE AND COMPLIANCE CERTIFICATE:
Your Company has taken adequate steps to ensure compliance with the provision ofCorporate Governance as prescribed under the Listing Agreement with the Appropriate StockExchange and the same is being submitted with the stock exchange on quarterly basis. ASeparate notes on Annual Corporate Governance and Management Discussion and AnalysisReport are set out as Annexure "A " and "B " respectively. ACertificate from the Auditor of the company & Company Secretary in practice certifyingcompliance conditions of Corporate Governance as stipulated under Clause 49 of the ListingAgreement is attached to this report.
LISTING AGREEMENTS REQUIREMENTS:
Your company is listed with the BSE and the Compliance under the Listing Agreement isbeing done on time. The Trading of the Equity are available at BSE and our shareholder arerequested to demat their equity and use normal trading at Bombay Stock Exchange thoughNSDL/CDSL. You company ISIN No INE895E01017
STATUTORY DISCLOSURE AND PARTICULARS OF THE EMPLOYEES:
None of the Director of your Company is disqualified as per provision of Section 164(1)of the Companies Act 2013. Your Director has made necessary disclosure as required undervarious provision of the company Act 2013 and Regulation 27 of the SEBILODR 2015.
M/S Manoj Sangeeta & Associates Chartered Accountant (FRN: 021873N) New DelhiAuditors of the Company retire at the ensuing Annual General Meeting. They have expressedtheir willingness for reappointment. The Board recommends their reappointment.
The Board expresses its gratitude to the Government Authorities Financial Institutionsand Bankers for their continued and valuable support and co-operation extended to theCompany. The Board also gratefully acknowledged the support extended by the suppliersInvestors dealers Shareholders of Company. The Board also wish to place on records theirsincere appreciation of the wholehearted co-operation extended and the valuablecontribution made by the employees of all levels. Your directors sincerely thank allmembers for supporting us during the difficult days. We look forward to your continuedsupport and reiterate that we are determined to ensure that the plans are successfullyimplemented.
| || |
FOR AND ON BEHALF OF THE BOARD
| || |
For SC AGROTECH LIMITED
| || |
(Formerly Known as Sheel International Limited)
|Date:29.05.2017 || || |
|Place: New Delhi ||sd/- ||sd/- |
| ||Nitin Maheshwari ||Anil Kumar |
| ||Executive Director ||Director |
ANNEXURE TO THE DIRECTOR'S REPORT
Information Under Section 134 (3) (m) of the Company Act 2013 read with Company(Disclosure of Particulars in the Report of the Directors) Rule 1988 and forming part ofthe Directors Report for the year ended 31st March 2017.
1. CONSERVATION OF ENERGY:
Your Company has not consumed any kind of energy during the year as the operation ofthe Plant has been suspended since 1998.
2. RESEARCH AND DEVELOPMENT AND TECHNOLOGY ABSORPTION
The operation of the Company has been suspended since 1998 there for the company hasnot import any technologies.
3. FOREIGN EXCHANGE EARNING AND OUTGO.
Foreign Exchange Earning and outgo during the year is NIL.