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Saheli Leasing and Industries Ltd.

BSE: 511169 | NSE: | Series: NA | ISIN: INE552N01015 | SECTOR: Finance - Investments

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Saheli Leasing and Industries is not listed on NSE

Annual Report

For Year :
2014 2013 2012 2011

Director’s Report

The Members Himalchuli Food Product Limited Surat The Directors hereby present the Twenty Eighth Annual Report together with the Audited Statement of Accounts for the aforesaid year. FINANCIAL RESULTS: (Figure in Rs.) Year ended Year ended 31/03/2014 31/03/2013 Income from Operations 64,60,000 9,82,929 Other Income 0 13,127 Expenditure 64,35,662 9,80,719 Profit for the year before Tax 24,338 15,337 DIVIDEND Due to the requirement of Fund for further expansion, the Directors do not recommend any dividend. DIRECTORS In accordance with the provisions of the Companies Act, 2013, Mr. Omprakash Rambilash Agarwal, retires by rotation at the ensuring Annual General Meeting and being eligible offers himself for re- appointment. Directors'' Responsibility Statement Pursuant to section 217 (2AA) of the Companies Act, 1956, the Directors to the best of their knowledge and belief confirm that (i) In the preparation of the annual accounts for the financial year ended March 31, 2014, all the applicable accounting standards have been followed along with proper explanations relating to material departures. (ii) Appropriate accounting policies have been selected and applied 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 as at March 31, 2014 and of the Profit of the Company for the said year; (iii) Proper and sufficient care has been taken 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 annual accounts have been prepared on a ''going concern'' basis. PARTICULARS OF EMPLOYEES The provision of section 217(2A) of the Companies Act, 1956, read with Companies (Particulars of Employees) Rules, 1975 are not applicable to your company since none of the employee is employed on a remuneration of Rs. 2,00,000/- P.M or Rs. 24,00,000/- P.A. Conservation of Energy, Research & Development, Technology Absorption, Foreign Exchange Earning and Outgo In pursuance of the provisions of section 217(2)(e) of the Companies Act, 1956 read with Rule 2 of the Companies (Disclosure of particulars in the Report of Board of Directors) Rules 1988, the particulars relating to conservation of energy, technology absorption and foreign exchange earning and outgo is given below: A. Conservation of Energy The requirement of power during the period was not large and the position does not warrant any special conservative measures. B. Technology absorption, adaptation and innovation: The applicable Disclosures has been made as per Form B of Companies (Disclosure of Particulars in the Report of Board of Directors) Rules, 1988 as follows: Form B Specific areas in which R & D carried out by the company The Company does not have separate R & D Lab. However, with the existing testing lab the company''s chemists and engineers have been continuously involved in upgradation of the quality of the product. Benefits derived as a result of the above R & D. Future plan of action. Efforts to continue further improvement in the existing products and bring in new range of products. Expenditure on R & D: Nil Efforts, in brief, made towards technology absorption, adaptation and innovation. The Company has installed imported machinery from Germany in its polymer bags division. Benefits derived as a result of the above efforts, e.g., product improvement, cost reduction, product development, import substitution, etc. Not Applicable In case of imported technology (imported during the last 5 years reckoned from the beginning of the financial year), following information may be furnished: Not Applicable Technology Imported Not Applicable Year of import. Not Applicable Has technology been fully absorbed- Not Applicable If not fully absorbed, areas where this has not taken place, reasons therefor and future plans of action Not Applicable COMPLIANCE CERTIFICATE Compliance Certificate to be obtained under Section 383A of the Companies Act, 1956 read with Companies (Issue of Compliance Certificate) Rules, 2001 has been obtained from M/s. M.BUHA & CO., Practicing Company Secretaries and the same has been attached to this Report. PUBLIC DEPOSITS The company has neither invited nor accepted any public deposits during the period under review. AUDITORS M/s. C. S. Jariwala and Co., Chartered Accountants retire at the ensuring Annual General Meeting and being eligible offer themselves for re-appointment. The Company has received letters from Auditor to the effect that their reappointment, if made, would be within the prescribed limits under Section 141(3)(g) of the Companies Act, 2013 and that they are not disqualified for reappointment. AUDITOR''S REPORT The directors are of opinion that the comments in the Auditors report are self explanatory and do not call for any further explanation. ACKNOWLEDGEMENTS The Directors take pleasure in thanking the Company''s business associates/ customers, vendors and bankers for their continued support. The Directors also acknowledge the appreciation of the sincere efforts, contribution and cooperation of the employees. For and on behalf of the Board of Directors Place: Surat (Omprakash Agarwal) (Vivek Goel) Date:28th May 2014 Managing Director Director

Director’s Report