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Smilax Industries Directors Report, Smilax Ind Reports by Directors
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Smilax Industries
BSE: 519586|ISIN: INE393M01016|SECTOR: Aquaculture
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Download Annual Report PDF Format 2014 | 2013 | 2010
Directors Report Year End : Mar '14    « Mar 13
Dear Shareholders,
 
 The Directors have pleasure in presenting herewith the 20th Annual
 Report on the business of your Company together with the Audited
 Accounts for the financial year ended 31st March 2014.
 
 FINANCIAL PERFORMANCE:
 
 During the year under review the Company could not take-up any of its
 activities due to economic recession particularly in the construction
 industry. As far as the expenditure is concerned we have spent only the
 minimum amount required for safeguarding the interest/assets of the
 Company.
 
 PARTICULARS OF EMPLOYEES:
 
 In pursuance of the provisions of Section 217(2A) of the Companies Act,
 1956 read with the Companies (Particulars of Employee), Rules 1975, no
 employees was in receipt of remuneration of Rs. 60,00,000/- or more per
 annum or Rs. 5,00,000/- or more per month or employed for a part of the
 year.
 
 DIRECTORS:
 
 During the year under review Mr. A. Vijaya Vardhan Reddy ceased to be
 the Director(s) of the Company. Pursuant to provisions of Section 149
 and other applicable provisions of the Companies Act, 2013 read with
 Rules thereon, Mr. D. Sai Satish Kumar, Mr. Penugonda T.V.M Suresh and
 Mr. Chandaluru Bapanaiah, Independent Directors of the Company are
 seeking fresh appointment for five consecutive years commencing from
 the ensuing Annual General Meeting.
 
 AUDITORS:
 
 The Statutory Auditors of the Company, M/s. P. Murali & Associates,
 Chartered Accountants, retire at the conclusion of the ensuing Annual
 General Meeting and being eligible offer themselves for re-appointment.
 The Audit Committee and the Board recommend the re-appointment of M/s
 P. Murali & Associates, Chartered Accountants, as Statutory Auditors of
 your Company.
 
 DEPOSITS:
 
 The Company has not accepted any deposits during the year under review.
 
 DIRECTORS'' RESPONSIBILITY STATEMENT:
 
 Pursuant to Section 217(2AA) of the Companies Act, 1956, your Directors
 confirm that:
 
 i. In preparation of annual accounts for the financial year ended 31st
 March, 2014 the applicable Accounting Standards have been followed;
 
 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 true and fair view of the state of affairs of
 the Company at the end of the financial year ended 31st March, 2014 and
 of the profit and loss of the Company for the year;
 
 iii. The Directors have taken proper and sufficient care for the
 maintenance of adequate accounting records in accordance with the
 provisions of the Companies Act, 1956 for safeguarding the assets of
 the Company and for preventing and detecting fraud and other
 irregularities; and
 
 iv. The Directors have prepared the annual accounts on a going
 concern basis.
 
 CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE
 EARNINGS AND OUTGO:
 
 During the period under review there are no operations which require to
 be disclosed under this head as per the provisions of the Companies
 Act, 1956.
 
 CORPORATE GOVERNANCE:
 
 Your Company has complied with the requirements of Clause 49 of the
 Listing Agreement entered with the Stock Exchanges. Report on Corporate
 Governance including Auditor''s Certificate on compliance with the code
 of Corporate Governance under Clause 49 of the listing agreement is
 enclosed as Annexure to this report.
 
 MANAGEMENT DISCUSSION & ANALYSIS:
 
 A report on the Management Discussion and Analysis for the year under
 review is annexed hereto and forms part of the Annual Report.
 
                                         For and on behalf of the Board
 
 Place: Nellore                               Sd/-                 Sd/-
 Date: 14.08.2014                         DIRECTOR             DIRECTOR
Source : Dion Global Solutions Limited
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