Stratmont Industries Limited
Your Directors have pleasure in presenting the 36TH Annual Report with the AuditedAccounts of the Company for the year ended March 312020.
Financial Performance Summary
1. The summarized financial highlight is depicted below:
| ||31 -Mar-20 ||3 1 -Mar-19 |
|Revenue from operations ||4435397 ||778112699 |
|Other income ||4282813 ||100000 |
|Total income ||87 1 8210 ||77821 2699 |
|Expenses || || |
|Purchases of stock in trade Changes of inventory - stock in trade ||3785634 ||77280641 5 |
|Employee benefits expense ||17 1 7 11 4 ||1 662027 |
|Finance costs ||- ||- |
|Depreciation and amortization expense ||- ||- |
|Other expenses ||2798782 ||2719175 |
|Total expenses ||8301531 ||777 1 87617 |
|Profit before exceptional items and tax ||4 1 6679 ||1 025082 |
|Exceptional items ||- ||- |
|Profit before tax ||416679 ||1025082 |
|Tax expense || || |
|Current tax ||108336 ||266521 |
|Deferred tax (benefit)/charge ||- ||- |
|Total tax expense ||1 08336 ||2 66 5 21 |
|Profit for the year ||308342 ||7 58 5 61 |
|Other comprehensive income || || |
|Items that will not be reclassified to profit or loss ||- ||- |
|Income tax on items that will not be reclassified to profit or loss ||- ||- |
|Items that will be reclassified to profit or loss || |
|Income tax on items that will be reclassified to profit or loss ||- ||- |
|Total other comprehensive income ||- ||- |
|Total comprehensive income for the year ||308342 ||758561 |
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
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 Related Party Transaction as follows:
List of Key Management Personnel
| ||Mrs. Gayatri Devi Goyal ||Chairman & Independent Director |
| ||Mr. Jagdish Savaji Bhai ||Managing |
| ||Chhanga ||Director |
| ||Mr. Harish Kisa n Kuchekar ||Director |
| ||Mr. Kamal Kant Thakur ||Company Secretary |
As per information and explanation given to us and on the basis of our examination ofthe records of the Company all the transaction if any with related parties are incompliance with Section177 and 188 of Companies Act 2013 and all the details have beendisclosed in Standalone Ind AS Financial Statements as required by the applicableAccounting Standards.
Other related Parties with whom transactions have taken place Simplex Coke andRefractory Pvt. Ltd.
|Nature of Transaction ||FY 2019-20 (Rs.) |
|Sales : Traded Goods Purchases : Machine Hire Charges ||2790747 1036130 |
|Total ||3826877 |
5. RISK MANAGEMENT
Risk management comprises all the organizational rules and actions for e a r l yidentification o f 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 135 of the Act.
6. Information under Section 196-202 of Companies Act 2013 and Rule 3-10 of theCompanies (Appointment and Remuneration of Managerial Personnel) Rules 2014
None of the employees was in receipt of remuneration exceeding the limit specifiedunder section 196202 of Companies Act 2013.
7. INFORMATION UNDER SECTION 196 - 202 OF THE COMPANIES ACT 2013 AND RULE 3-10 OF THECOMPANIES (APPOINTMENT AND REMUNERATION OF MANAGERIAL PERSONNEL) RULE 2014
None of the employees was in receipt of remuneration exceeding the limit specifiedunder section 196202 of Companies Act 2013 Annexure - VI
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 Smt.GAYATARI DEVI GOYAL (DIN07193505) has been appointed as an Independent director of the company with effect from13/07/2015. Accordingly the current term of Smt. Gayatri Devi Goyal on 12th July2020. Interms of Section 149 of the Companies Act 2013 Smt. Gayatri Devi Goyal is eligible forbeing Re-appointed as an Independent Director for another term of 5 consecutive yearseffective 13Th July2020.
Mr. Harish Kisan Kuchekar (DIN 07619457) has been appoint as an executive Director ofthe company with effect from 01/11/2016 who retires by rotation and being eligibleoffers himself for reappointment as a Director of the Company.
Mr. Jagdish Savajibhai Chhanga (DIN 08004894) has been appointed as a Managing Directorof the Company with effect from 28Th November2017 with the terms agreed between Board ofDirectors and Mr.Jagdish Savajibhai Chhanga
Mr.Vatsal Agarwaal (DIN 07252960) has been appointed as an Non Executive NonIndependent Director of the company with effect from 11/06/2020.
Mr. Ashok Kumar Tyagi (DIN 08473107) has been appointed as an Non Executive IndependentDirector of the company with effect from 18/06/2020
Mr. Chinmoy Kumar Guha (DIN 07706047) has been appointed as an Non ExecutiveIndependent Director of the company with effect from 27/06/2020
DIRECTORS' RESPONSIBILITY STATEMENT:
Pursuant to in terms of clause (c) of Sub Section 3 of Section 135 of the CompaniesAct 2013 the Directors based on the representations received from the managementconfirm:
That in the preparation of the Annual Accounts the applicable accounting standardshave been followed
That we 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 March 2020 and of the Profits /Lossof the Company for that period
That we have taken proper and sufficient care for the maintenances 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
That we have prepared the Annual accounts on a going concern basis.
(1) Statutory Auditors:
The Board has proposed to re-appointed of M/s SARP & ASSOCIATES.Chartered(FRN:007375C) as a Statutory Auditors of the Company until the conclusion of nextAnnual 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 Mr. Ritul Bharat Parmar
Practicing Company Secretary in practice (Memb No:31583) to undertake the SecretarialAudit of the Company for the year ended 31st March 2020. The Secretarial Audit Report isannexed Practicing Company Secretary in practice
10. CONVERSATION OF ENERGY RESERCH AND DEVELOPMENT TECHNOLOGY ABSORPTION AND FOREIGNEXCHANGE 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 135 of the Companies Act 2013 (the 'Act') read with the Companies (Particulars ofEmployees) rule 1975 forms part of this Report. As per the provisions of the Section136(1) of the Act the Report and Accounts are being sent to the shareholders of theCompany excluding the statement on particulars of employees under Section 135 of the Act.Any shareholder interested in obtaining a copy of the said statement may write to theSecretarial 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 and forwardingagents and all others associated with it. Your Company will continue to build and maintainstrong 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 Listing Agreement entered into with the Stock Exchanges aBusiness Responsibility Report is attached 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 135 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 The Order of The Board |
| ||Sd/- |
| ||Mr. Jagadish Savajibhai Chhanga |
| ||Managing Director |
|Mumbai || |
|May 30 2020 || |