| The Members
Sancia Global Infraprojects Limited
The Directors have presenting their Report and Audited Accounts of the
Company for the year ended March 31,2015.
1. Financial Results:
Turnover:
Current Period Previ ous Year
(In Rs.) (In Rs.)
The financials for the 0,582,920 4,24,75,512
financial year 2013-14
is as follows:-
PartlGulars Year ended Year ended
31.03.2015 31.03.2014
Income
Revenue from Operations 20,582,920 42,475,512
Other Income - 12,500
Tota Revenue 20,582,920 42,488,012
Expenses
Cost of Sales 16,939,954 28,185,670
Employees benefits expense 3,727,098 2,735,013
Finance costs 10,516 8,927
Depreciation and amortization
expenses 37,336,896 220,713,663
Other expenses 4,014,929 1,309,710,188
Tota expenses 62,029,394 1,561,353,461
Profit before tax -
(41,446,474) (1,518,865,448)
Tax Expenses
Current tax expense
Mat Credit Entitlement
Deferred tax expense
Short/(excess) provision
for taxes -
Profit for the year (41,446,474) (1,518,865,448)
Less: Prior Period Ite ms
(Loss on Sale of Land) 240,806 -
Profit Transferred to Reserve
& Surplus (41,687,280) (1,518,865,448)
2. Financial Restructuring:
During the year under review, Revenue and net loss for the year was Rs.
205.83 Lacs and Rs. 416.87 Lacs as compared to the previous year Rs.
424.75 and Rs. 15188.65 Lacs.
The accumulated loss of the company as on 31st March, 2014 is more than
100% of its net worth during the year and immediately preceding the
financial year and as such falls within the definition of "Sick
industrial company" under section 46 (AA) (i) of the companies
(Second Amendment ) Act, 2002. The net worth of the company had also
been eroded during the financial year financial year 2011-12 itself
resulting, the company had become a sick industrial company within the
meaning of section 3(s) (o) of the sick industrial companies (Specials
Provisions) Act, 1985.
The company has made a reference during the financial year 2012-13 to
the "Board for industrial & financial reconstruction" under section
15(1) of the Sick Industrial companies (Special Provisions) Act 1985
however the same reference has been declined by BIFR.
Presently the management is taking all possible steps for
revival/restructuring of the company.
3. Dividend:
In view of losses the directors of company has not recommended any
dividend for the current Period.
4. Term Deposits:
During the Period under review, your Company has not accepted any
deposit under Section 58A of the Companies Act, 1956 read with
Companies (Acceptance of Deposits) Rules, 1975.
5. Information under Section 196-202 of Companies Act, 2013 and Rule
3-10 of the Companies (Appointment and Remuneration of Managerial
Personnel) Rules, 2014
None of the employees was in receipt of remuneration exceeding the
limit specified under section 196- 202 of Companies Act, 2013.
6. Directors
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, Mr. Arun Kumar Ray & Mr. Pradeep kumar Sutodiya retires by
rotation at the ensuing 24th Annual General Meeting and, being
eligible, offers himself for re- appointment.
Pursuant to provision of Sections 196,197,198 & 203 and read with
Schedule V of the companies Act, 2013 all other applicable provisions,
if any including any statutory modification or re-enactment thereof Mr.
Yashwant Tulsiram Shukla has been appointed as a Managing Director of
the Company, for a period of Five years with effect from 14th November,
2014.
During the year:
Mr. Rabi Kumar Gupta the Director of the Company has been resigned from
the Directorship of the company with effect from 4th March,2015.
7. Director's Responsibility Statement:
Pursuant to in terms of clause (c) of sub-section 3 of Section 134 of
the Companies Act,2013, the directors, based on the representations
received from the Management, confirm:
That in the preparation of the annual accounts, the applicable
accounting standards have been followed That we 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 March
2015 and the profit / Loss of the Company for that period.
That we have taken proper and sufficient care for the maintenance of
adequate accounting records in accordance with the provisions of the
Companies Act, 2013 for safeguarding the assets of the Company and for
preventing and detecting fraud and other irregularities
That we have prepared the annual accounts on a going concern basis.
8. Auditors
The Board has proposed the appointment of M/S Arup & Associates,
Chartered as a Statutory Auditor of the Company until the conclusion of
Next Annual General Meeting of the company at a remuneration as the
Board of Directors may determine. "subject to the approval of the
shareholders in the Annual General Meeting of the company;
9. Conservation of Energy, Research and Development, Technology,
Absorption and Foreign Exchange Earning & Outgoing
The information required under the Companies Act, 2013 with respect to
conservation of energy, technology absorption and foreign exchange
earnings/outgo is appended hereto as Annexure : "A" and it forms
part of this Report.
10. Employee Relations
The employee relations in the Company continued to be positive.
Information as per Section 217(2A) of the Companies Act, 1956 (the
'Act') read with the Companies (Particulars of Employees) Rules, 1975
forms part of this Report. As per the provisions of Section
219(1)(b)(iv) of the Act, the Report and Accounts are being sent to the
shareholders of the Company excluding the statement on particulars of
employees under Section 217(2A) of the Act. Any shareholder interested
in obtaining a copy of the said statement may write to the Secretarial
Department at the Registered Office of the Company.
11. Subsidiaries
To Closure of the Subsidiaries companies an application is to be made
to Registrar of Companies, to strike off the name of the Subsidiary
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 forwarding agents and all others
associated with it. Your Company will continue to build and maintain
strong association with its business partners.
Your Company also has a Policy on Prevention of Sexual Harassment which
is reviewed by the Internal Complaints Committee at regular intervals.
Your Company recognizes its responsibility and continues to provide a
safe working environment for women, free from sexual harassment and
discrimination and to boost their confidence, morale and performance.
13. Corporate Governance
A report on Corporate Governance, along with a certificate from the
Statutory Auditors and a certificate from the Managing Director has
been included in the Annual Report, detailing the compliances of
corporate governance norms as enumerated in Clause 49 of the Listing
Agreement with the stock exchange.
14. Acknowledgements
The Directors thank the Company's customers, vendors, investors,
business associates, bankers for their support to the company. The
Directors appreciate and value the contributions made by every member
of the "Sancia" family across the country.
For and On Behalf of the Board of Directors
SD/-
Yaswant T. Shukla
Managing Director
Place: Mumbai
Date: May 30, 2015
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