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Sungold Capital Directors Report, Sungold Capital Reports by Directors
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Sungold Capital
BSE: 531433|ISIN: INE271D01013|SECTOR: Finance - Leasing & Hire Purchase
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Download Annual Report PDF Format 2013 | 2012 | 2011 | 2010
Directors Report Year End : Mar '13    Mar 12
The Directors have pleasure in submitting their 21st Annual Report and
 Accounts for the year ended on 31st March, 2013.
 
 FINANCIAL RESULTS:
 
                                               (Rs. in Lacs)_ 
 Particulars                       Year ended 31st  Year ended 31st
                                   March, 2013      March, 2012
 
 Sales & Other Income 
 from Operation                         72.48        113.13
 
 Other Income                            1.00          1.21
  
 Total Expenditure                      64.22        110.72
 
 Profit before Depreciation              9.26          3.62
 
 Depreciation                            1.05          1.10
 
 Profit before Tax                       8.21          2.52
 
 Provision for Taxation                  2.77          0.69
 
 Net Profit after Tax                    5.44          1.83
 
 PERFORMANCE:
 
 During the year under review, the company has earned a Net Profit after
 Tax Rs. 5.44 Lacs.
 
 DIVIDEND:
 
 With a view to conserve the financial resources for the future
 operation and proposed expansion activities of the company, the
 directors have thought if prudent not to recommend any dividend for the
 year ended 31st March, 2013.
 
 EMPLOYEES:
 
 The Company does not have any employee in the category as specified
 under Section 217(2A) of the Companies Act, 1956.
 
 DIRECTORS:
 
 Mr. Ashok Modi is eligible to retire by rotation and being eligible
 offered himself for re-appointment.
 
 Mr. Anand Ashokkumar Kapatel, additional director has given notice to
 the company as to his willingness to be appointed as Director of the
 Company.
 
 DIRECTORS'' RESPONSIBILITY STATEMENT:
 
 Pursuant to the requirement under section 217 (2AA) of the Companies
 Act, 1956, the Directors report that:
 
 i) In the preparation of the annual accounts, the applicable accounting
 standards have been followed along with proper explanation relating to
 material departures;
 
 ii) 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 of
 the company for that year;
 
 iii) 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;
 
 iv) The Directors have prepared the annual accounts on a going concern
 basis.
 
 FIXED DEPOSITS:
 
 The company has not accepted any fixed deposits from general public
 within the purview of Section 58A, of the Companies Act, 1956, during
 the year under review.
 
 AUDITORS:
 
 M/s R. K. Somani & Associates ; Chartered Accountants, Mumbai retires
 as Auditors of the Company at the conclusion of the ensuing Annual
 General and being, eligible, offer themselves for re- appointment.
 
 LISTING OF EQUITY SHARES:
 
 The equity shares of your Company are listed on the Bombay Stock
 Exchange Limited, Mumbai (BSE) and Ahmedabad Stock Exchange Limited
 (ASE).
 
 CONSERVATION OF ENERGY, TECHNOLOGY ABORPTION & FOREIGN EXCHANGE EARNING
 & OUTGOING:
 
 Information pursuant to Section 217 (1)(e) of the Companies Act, 1956
 read with the Companies (Disclosure of Particulars in the Report of
 Board of Directors) Rules, 1988 relating to the foregoing matters is
 given hereunder.
 
 a) Conservation of energy Nil
 
 b) Technology absorption, research & development Nil
 
 c) Foreign Exchange earning & outgoings Nil
 
 NEW INITIATIVE:
 
 Your Company, as mentioned in Management Discussion and Analysis Report
 has completed the dubbing of Gujarati Feature Film under the production
 of its Division Sungold Entertainment into Hindi. Besides this company
 is also planning to work on new unnamed Film projects in Gujarati,
 Hindi & Telugu Languages. The Entertainment division has entered into
 association with GTPL. Also it has completed the Fashion Calendar Shoot
 for 2013-2014.
 
 DETAILS OF SUBSIDIARIES:
 
 In accordance with the general circular issued by the Ministry of
 Corporate Affairs, Government of India, the Balance Sheet, Profit and
 Loss Account and other documents of the subsidiary companies are not
 being attached with the Balance Sheet of the Company. However the
 financial information of the subsidiary companies is disclosed in the
 Annual Report in compliance with the said circular. The Company will
 make available the Annual Accounts of the subsidiary companies and the
 related detailed information to any member of the Company who may be
 interested in obtaining the same. The annual accounts of the subsidiary
 companies will also be kept open for inspection at the Registered
 Office of the Company and that of the respective subsidiary companies.
 The Consolidated Financial Statements presented by the Company include
 the financial results of its subsidiary companies.
 
 Details of major subsidiaries of the Company are covered in
 Management''s Discussion and Analysis Report forming part of the Annual
 Report.
 
 DEMERGER:
 
 Your company is proposing for approval of Demerger of its division
 Sungold Entertainment into Sungold Entertainment Limited. Company has
 taken this step to improvise the business and functions of
 Entertainment Division. As the Division has so many new projects and
 various upcoming events in a pipeline so as to seeing the expansion and
 growth of the business it was felt necessary by the directors of the
 company to demerge it and make it a separate entity to make the full
 utilization of resources. The business of entertainment division needs
 a large space and manpower that''s why your directors propose to demerge
 the division of the company.
 
 RBI GUIDELINES:
 
 Your Company has complied with all the RBI guidelines and norms, as
 applicable.
 
 CORPORATE GOVERNANCE
 
 The Company is committed to maintain the highest standards of Corporate
 Governance and adhere to the Corporate Governance requirements set out
 by SEBI. The Company has also implemented several best Corporate
 Governance practices as prevalent globally. The Report on Corporate
 Governance as stipulated under Clause 49 of the Listing Agreement forms
 part of the Annual Report. The requisite Certificate from the Auditors
 of the Company confirming compliance with the conditions of Corporate
 Governance as stipulated under the aforesaid Clause 49, is attached to
 this Report.
 
 ACKNOWLEDGEMENT
 
 Your Directors would like to express their appreciation for the
 assistance and co-operation received from the subsidiaries, Shree
 Krishna Infrastructure Limited & Shree Krishna Holiday Home & farms
 Limited, banks, Government authorities, customers, vendors and members
 during the year under review. Your Directors also wish to place on
 record their deep sense of appreciation for the committed services by
 the executives, staff and workers of the Company.
 
                        For and on behalf of the Board of Directors
 
 Place: Ahmedabad
 
 Date: 28/05/ 2013      Mr. Rajiv Kotia
 
                        Chairman & Managing Director
Source : Dion Global Solutions Limited
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