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Spectra Industries Directors Report, Spectra Ind Reports by Directors
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Spectra Industries
BSE: 513687|ISIN: INE848B01012|SECTOR: Auto Ancillaries
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Directors Report Year End : Mar '14    « Mar 13
TO THE MEMBERS
 
 The directors are pleased to present before you the twenty Second
 Annual Report together with the Audited Statement of Accounts of the
 Company for the year ended on 31st March, 2014.
 
 FINANCIAL RESULTS:
 
                                                 (Rs. in lacs)
 
 Particulars                      Year ended             Year ended
                              March 31, 2014         March 31, 2013
 
 Sales & operational 
 Income                               6948.64                7722.12
 
 Profit before Interest, 
 Depreciation and Tax                   84.12                 255.27
 
 Less : Interest             139.05               123.51
 
 Depreciation/Amortisation    52.49                60.67
 
 Tax                           -       191.54      26.56      210.74
 
                                      (107.42)                 44.53
 
 Deferred tax                           (1.02)                  1.01
 
 Net Profit/(Loss) for 
 the year                             (108.44)                 45.54
 
 DEPOSITS
 
 Your Company has not accepted any deposits from the public during the
 year under review.
 
 INSURANCE
 
 All assets of the company are adequately insured.
 
 LISTING
 
 The equity Shares of the Company are listed on the BSe ltd. the Company
 has paid the annual listing fees for the F.Y. 2014-15.
 
 DIRECTORS
 
 Mr. Jaidev Gupta, director of the Company, retires at the ensuing
 Annual General Meeting and is eligible for re-appointment.
 
 As per Section 149(4) of the Companies Act, 2013 (''Act''), which came
 into force with effect from April 1, 2014, every listed public company
 is required to have at least one-third of the total number of directors
 as Independent directors.
 
 In compliance with the provisions of Section 149 of the Act, read with
 Schedule IV of the Act, the necessary resolutions for the appointment
 of Mr. p. S. Chandok, Mr. A. M. Arondekar, Mr. Sanjeev Chirania and Mr.
 C. J. Kotcher as Independent directors of the Company are being placed
 before the Members at the ensuing Annual General Meeting for their
 approval.
 
 In accordance with the provisions of Section 149 of the Act, these
 directors are being appointed as Independent directors to hold office as
 per their tenure of appointment mentioned in the Notice of the
 forthcoming Annual General Meeting (AGM) of the Company.
 
 CORPORATE GOVERNANCE
 
 A separate section on Corporate Governance and a certifcate from the
 Auditors of the Company regarding compliance of conditions of Corporate
 Governance as stipulated under clause 49 of the listing Agreement with
 the Stock exchange are attached to this Report and forms part of this
 Report.
 
 DIRECTORS'' RESPONSIBILITY STATEMENT
 
 Pursuant to Section 217(2AA) of the Companies Act, 1956, the Directors
 confirm the following:
 
 i. that in the preparation of the annual accounts, the applicable
 accounting standards have been followed along with proper explanation
 relating to material departures;
 
 ii. that 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
 loss of the Company for the period under review.
 
 iii. That the directors have taken proper and suffcient 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;
 
 iv. That the Directors have prepared the annual accounts for the
 financial year ended 31st March, 2014 on a going concern basis.
 
 CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
 EARNING AND OUTGO
 
 1.  Steps are taken to conserve energy at all levels. lights and power
 were switched off whenever not required.
 
 2.  There was no technology import during the year under review.
 
 3.  Earnings in foreign currency Rs. nil
 
 4.  Expenditure in foreign currency Rs. 60,86,664/- Import purchases
 (on CIF Value)
 
 PARTICULARS OF EMPLOYEES
 
 The Company does not have any employee whose particulars are required
 to be given pursuant to the provisions of Section 217(2A) of the
 Companies Act, 1956 read with the Companies (particulars of employees)
 Rules, 1975.
 
 AUDITORS
 
 M/s. d. K. Roongta & Co., Chartered Accountants (Firm Reg. no.108871W),
 the Auditors of the Company would retire at the forthcoming Annual
 General Meeting. pursuant to the provisions of Section 139 of the
 Companies Act, 2013 and the Rules framed thereunder, it is proposed to
 appoint M/s. d. K. Roongta & Co as statutory auditors of the Company
 from the conclusion of the forthcoming AGM till the conclusion of the
 next AGM.
 
 INDUSTRIAL RELATIONS
 
 The industrial relations at Company''s plants at Murbad and Mira Road
 remained peaceful during the year.
 
 ACKNOWLEDGEMENT
 
 The directors place on record their sincere appreciation for the
 co-operation and support extended by Shareholders, Customers, Bankers,
 Vendors and employees at all levels.
 
                                    For and on behalf of the Board
 
                                              BHARAT BHUSHAN GUPTA
 
                                                          Chairman
 
 Place: Mumbai
 Dated: 23.07.2014
 
 
Source : Dion Global Solutions Limited
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