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Wellwin Industry Ltd.

BSE: 531369 Sector: Engineering
NSE: WELLWININD ISIN Code: INE752A01018
BSE 05:30 | 01 Jan Wellwin Industry Ltd
NSE 05:30 | 01 Jan Wellwin Industry Ltd

Wellwin Industry Ltd. (WELLWININD) - Director Report

Company director report

The board of Directors of Wellwin Industry Ltd. Have pleasure in presenting the TwentyFirst Annual Report of your company for 12 months period ending 31st of March20167together with Audited statement of Accounts.

Performance at a Glance

Particulars Iin Lacs 12 months period ending

31" of March 2017

Rs in Lacs 12 months period ending

31" of March 2016

Profit before Depreciation and Tax (1-32) (4.53)
Less: Depreciation (4.53)
Profit After Depreciation (1.32) (4.53)
Provision for Taxation NIL
Amount available for appropriation (1.32) (4.52)
Profit brought forward from previous year (3103.51) (3098.98)
Total amount available for appropriation (3104.83) (3103.51)
APPROPRIATION
Transfer to General Reserve NIL Nil
Provision for equity dividend NIL Nil
Surplus carried to Balance Sheet (3104.83) (3103.51)
Total amount appropriated NIL Nil

DIVIDEND:

In view of the Carry Forward losses suffered by the Company your Directors have notrecommended dividend for this year.

BUSINESS OPERATIONS:

During the year under review there were no operations in the Company. All theexpenditure incurred have been duly accounted for and the Company on the whole hasincurred a loss of Rs. 1.32 Lacs as of 31.03.2017

CORPORATE GOVERNANCE: .

Your company is always committed to transparency in governing the compahy. A detailedreport on corporate governance is enclosed with this annual report for your information. Acertificate issued by M/s.A.K.Rajagopalan & Co. Chartered Accountants with regard tocompliance of clause 49 of the listing agreement entered with the stock exchanges alsoforms part of the annual report.

DIRECTORS

Shrimathi. V.N. Parvathy appointed as women director to comply with notification of'Registrar of Companies'.

DIRECTORS REPONSIBILTTY STATEMENT:

(Pursuant to Section 217 (2AA) of the Companies Act 1956)

• That in the preparation of the annual accounts the applicable accountingstandards have been followed and that there are no material deviation there from.

• Reasonable and Prudent accounting policies have been applied in the preparationof financial statements that they have been consistently applied and that reasonable andprudent judgement and estimates have been made in respect of items not concluded by theyear end so as to give a true and fair view of the state of affairs of the company as on31st of March 2017 and of the Profit for the 12 months period ended on thatdate.

• Proper and sufficient care has been taken for the maintenance of adequateaccounting records in accordance with the provisions of the Companies Act 1956 forsafeguarding the assets of the company and for preventing and detecting fraud and otherirregularities.

• The financial statements have been prepared on a going concern basis.

PUBLIC DEPOSITS

Vour company has not accepted deposits from the public during the year.

HEALTH SAFETY AND ENVIRONMENTAL PROTECTION:

Your Company has substantially complied with applicable Environmental laws and LabourLaws. It has expended substantial resources both financial and managerial in complyingwith the relevant laws and has taken all reasonable measures to protect the environmentto ensure safety and health of the workers.

PERSONNEL:

The Company as you are aware was facing an extra ordinary situation whereby all theemployees of the company were given notice and terminated by settling all their statutorydues. The Company had promised to reabsorb them if necessary at a later date once thematter regarding settlement of dues to secured creditors has been resolved.

AUDITORS

M/s.A.K.Rajagopalan & Co. Chartered Accountants No. 41 Sundareswarar streetMylapore Chennai 600 004the Auditors of the company retire at the ensuing Annual GeneralMeeting and in their place Sri. S.M. Manish Bhurat C.A. Melpadi Muthu Naicken StreetNungambakkam Chennai - 600 034 is appointed as auditor.

CONSERVATION OF ENERGY TECHNOLOGY AND FOREIGN EXCHANGE:

Particulars required to be disclosed under the Companies (Disclosure of particulars inthe Report of the Board of Directors) Rules 1988 are annexed hereto and the same formspart of this report. (Annexure I)

INFORMATION UNDER SECTION 217 (2A) OF THE COMPANIES ACT 1956 READ WITH COMPANIES(PARTICULARS OF EMPLOYEES) AMENDMENT RULES 2002.

The Provisions of Section 217 (2A) of the Companies Act 1956 and rules thereof are notapplicable as not employees was in receipt of the remuneration to the extent laid downtherein.

ACKNOWLEDGEMENTS:

We are thankful to our Bankers for the co-operation and assistance rendered by them.The Board places on record their thanks to the stakeholders shareholders and customersfor the confidence reposed by them in the Company and their appreciation for the servicesand untiring efforts of the employees at all levels which has helped the company toachieve the results.

By Order of the Board
For WELLWIN INDUSTRY LTD.
Sd/-
Place: Chennai R.RAJAGOPALAN
Date: 29.08.2017 MANAGING DIRECTOR

ANNEXURE -A

TO THE DIRECTOR'S REPORT

Statement of particulars of Conservation of energy technology absorption foreignexchange earnings and outgo pursuant to sec 217 (1) (e) read with Companies (Disclosure ofparticulars in the report of board of directors) Rules 1988

A. CONSERVATION OF ENERGY:

Energy conservation measures are taken by constant monitoring measures optimization ofenergy consumption.

B. TECHNOLOGY ABSORPTION ADAPTATION AND INNOVATION:

The company has no understanding with M/s.Londhian Electronics of Schenzehn China forthe manufacture of Energy Meters. The Company has successfully absorbed the technology andadopted suitably to manufacture Electronic Energy Meters complying to Indian Standards.

c. FOREIGN EXCHANGE AND OUTGO:

Particulars 31.03.2017
(Rs. In Lacs)
Earnings in foreign exchange Nil
Value of imports on CIF basis Nil ‘
Raw Materials Components Stores and Spares Nil
Travel and other related expenditure Nil