To,
The Members,
Oasis Trade link Limited
The Directors present the Annual Report of your Company together with the Audited Financial Statement for the financial year ended, 31st March, 2016.
FINANCIAL HIGHLIGHTS
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Particulars
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2015-16
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2014-2015
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Income for the year was
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1,890,391,880
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1,536,457,376
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Profit before Financial Charges, Depreciation and Taxation
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34,527,979
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18,520,178
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Out of which, Provisions have been made for :-
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Financial Charges
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17,081,208
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10,731,377
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Depreciation
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4,038,609
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2,580,991
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Provision for Taxation :
(i) Current Income Tax
(ii) Deferred Tax
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13,43,000
(3,59,701)
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1,000,000
(416)
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Profit after Income Tax
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12,415,197
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4,208,226
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DIVIDEND
In order to plough back the profits, Your Directors do not recommend any dividend for the year under review.
DIRECTORS
In accordance with the provisions of the Companies Act, 2013 Mr. Snehal B. Patel, Whole-Time Director of the company who is liable to retire by rotation, being eligible for reappointment, offers himself for reappointment.
The Independent Directors have submitted their disclosures to the Board that they fulfil all the requirements as stipulated in Section 149(6) of the Companies Act, 2013 so as to qualify themselves to be appointed as Independent Directors under the provisions of the Companies Act, 2013 and the relevant rules.
DEPOSITS
Your Company has neither invited nor accepted any fixed deposit from the public during the year.
EXTRACT OF ANNUAL RETURN
The extract of Annual Return as per section 92 of the Companies Act, 2013 read with Rule 12 of the Companies (Management and administration) Rules, 2014 is annexed herewith to this report.
NUMBER OF BOARD MEETINGS
Seven meetings of the Board were held during the year under review. The details of which are given in the Corporate Governance Report.
BOARD EVALUATION
Pursuant to the provisions of the Companies Act, 2013 and Clause 52 of the Listing Agreement, the Board has carried out an annual performance evaluation of its own performance, the directors individually as well as the evaluation of the working of its Audit, Nomination & Remuneration Committees. I II II
DIRECTORS' RESPONSIBILITY STATEMENT
Pursuant to the requirement under Section 134(5) of the Companies Act, 2013, with respect to Directors' Responsibility Statement, it is hereby confirmed that:
(a) In the preparation of the annual accounts, the applicable accounting standards have been followed along with explanation relating to material departures;
(b) The directors have selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the company at the end of the financial year and of the profit/loss of the company for that period;
(c) The directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of this Act for safeguarding the assets of the company and for preventing and detecting fraud and other irregularities;
(d) The directors have prepared the annual accounts on a going concern basis; and
(e) The directors have laid down internal financial controls to be followed by the company and that such internal financial controls are adequate and were operating effectively.
(f) The directors have devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.
OBSERVATIONS:
There were no qualifications, reservations or adverse remarks made by the Auditors or by the Practicing Company Secretary in their respective reports.
STATUTORY AUDITORS
M/s. Jignesh Satapara & Co., Chartered Accountants, having its office at Ahmadabad, will retire at the ensuing Annual General meeting of the Company and being eligible offer themselves for re-appointment. Your directors recommend their re-appointment as Statutory Auditors of the Company for the next financial year.
SECRETARIAL AUDITORS
In terms of Section 204 of the Act and Rules made there under, Mr. Manohar Chunara, Practicing Company Secretary have been appointed as Secretarial Auditor of the Company. The report of the Secretarial Auditor is enclosed to this report. The report is self-explanatory and do not call for any further comments.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO
The particulars as required under the provisions of Section 134(m) of the Companies Act, 2013 in respect of conservation of energy and technology absorption have not been furnished considering the nature of activities undertaken by the company during the year under review. Further during the year under review, the Company has neither earned nor used any foreign exchange.
ACKNOWLEDGEMENTS
Your Directors place on record their gratitude for the continuing support of Shareholders, bankers and Business associates at all levels.
By Order of the Board of Directors
Sd/-
Snehal B. Patel
Chairman
Date: 07/09/2016
Place: Ahmadabad
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