Moneycontrol
Get App
SENSEX NIFTY
you are here:

Sri Lakshmi Saraswathi Textiles (Arni) Ltd.

BSE Live

Dec 23, 16:00
11.30 0.00 (0.00%)
Volume
AVERAGE VOLUME
5-Day
45
10-Day
57
30-Day
538
1
  • Prev. Close

    11.30

  • Open Price

    11.30

  • Bid Price (Qty.)

    0.00 (0)

  • Offer Price (Qty.)

    0.00 (0)

NSE Live

(%)
Volume
No Data Available
  • Prev. Close

  • Open Price

  • Bid Price (Qty.)

    ()

  • Offer Price (Qty.)

    ()

Sri Lakshmi Saraswathi Textiles (Arni) is not listed on NSE

Annual Report

For Year :
2015 2014 2013 2012 2011 2010 2009 2008 2007

Director’s Report

Dear members, The Directors present the Fifty First Annual Report of the Company alongwith the audited statement of accounts for the year ended 31st March 2015. WORKING RESULTS Details Rs. Rs. Profit from business operation before 1,08,75,964 Financial Expenses and Depreciation Less:- 1) Financial Expenses 1,18,11,213 2) Depreciation 2,24,46,290 3,42,57,503 Profit/Loss before Tax -2,33,81,539 Less: Provision for Tax * For Current Tax 0 * Deferred Tax Liability Written off 62,33,792 * Provision for tax for earlier years -50,25,760 Current year Profit/Loss After Tax -2,21,73,507 0 Loss carried forward from previous year -88,77,915 Loss carried forward -3,10,51,422 2. PRODUCTION AND SALES Production of yarn during the year was 58.90 lakhs kgs as against 57.62 lakhs kgs in the previous year. The sale value during the year was Rs.115.08 crores as against Rs. 125.70 crores of previous year. 3. DIVIDEND Due to loss, your Directors do not recommend Dividend. 4. TRADE PROSPECT AND OUTLOOK The performance of the company during the year under review was not upto the expected level. The raw material cost remained constant. There were constraints in getting sufficient power and the average cost of power was high. The profitability of your company was affected by reduction in capacity utilization due to non availability of sufficient manpower and reduction in selling price of yarn. 5. CURRENT YEAR The demand for the yarn and price realization at the beginning of the current year are good. Your Directors are doing their best to improve the performance. 6. DIRECTORS Sri Balakrishna S and Sri R. Padmanaban retire by rotation and are eligible for reappointment. 7. Extract of Annual Return An extract of Annual Return in Form MGT 9 is given in ANNEXURE 1. 8. Details of Board Meetings held during 2014-15. There were five Board meetings held during the year 2014-15. The details and attendance record of Directors at the Board Meetings are as under. Date of Meeting Board Strength No.of Directors (on the date of meeting) Present 29.05.14 4 4 31.07.14 4 4 31.10.14 4 4 11.02.15 4 4 09.03.15 4 4 9. DIRECTORS'' RESPONSIBILITY STATEMENT In terms of Section 134(5) of the Companies Act, 2013, the Directors state that - 1. In the preparation of Annual Accounts for the year ended 31st March 2015, the applicable accounting standards had been followed along with proper explanation relating to material departures. 2. The Directors had 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 ended 31st March 2015, and of the profit/ loss of the company for that period. 3. The Directors had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act for safeguarding the assets of the company and for preventing and detecting fraud and other irregularities. 4. The Directors had prepared the annual accounts on a going concern basis. 5. The Directors had laid down Internal Financial Controls to be followed by the company and that such internal financial controls are adequate and were operating effectively. 6. The Directors had devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively. 10. Independent Directors a) The Board of Directors state that declarations were given by Sri J M Grover and Sri R. Sambasivan, Independent Directors under sub section (6) of 149 of Companies Act, 2013. b) Terms and conditions of appointment of Independent Directors can be viewed at the company Website: www.slstindia.com 11. Remuneration Policy The Remuneration Policy was recommended by Nomination and Remuneration Committee at its meeting held on February 11, 2015 and adopted by the Board of Directors at its meeting held on the same day and the policy is given in ANNEXURE 2 12. Explanation to observations of Secretarial Auditor. The Board of Directors wish to state that: a) Chief Executive Officer has been appointed by the Board of Directors at its meeting held on April 01, 2015 b) Regarding three other matters of non-compliances reported by the Secretarial Auditor, Directors are taking all earnest steps to comply with the requirements of Companies Act 2013. 13. PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS UNDER SECTION 186 The Company has not given any Loans, guarantees or Investments covered under Sec 186 of Companies Act 2013. 14. PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES UNDER SEC 188(1) COMPANIES ACT 2013 Related Parties Name of Director Nature of Salary to whom related relation Allowance ship and Bonus Rs. Mr. R. Thirumalai R. Padmanaban Brother 9,15,990 Mr.R. Rajagopal R.Padmanaban Brother 3,00,000 (employed for 10 months from 01.06.2014) Mr. Srish Jayender Balakrishna Balakrishna S Son 3,00,000 (employed for 10 months from 01.06.2014) Total 15,15,990 Related Parties PF Medical Total Rs. Benefit Rs. Rs. Mr. R. Thirumalai 64,800 18,000 9,98,790 Mr.R. Rajagopal 21,600 0 3,21,600 Mr. Srish Jayender Balakrishna 21,600 0 3,21,600 Total 1,08,000 18,000 16,41,990 Disclosure of particulars of contracts/arrangements entered into by the company with related parties referred to in sub-section (1) of section 188 of the Companies Act, 2013 in Form No. AOC 2 is provided in Annexure - 3. 15. Material Changes There are no material changes affecting the financial position of the company which occurred between the end of the financial year of the company to which the financial statements relate and the date of this report. 16. DETAILS TO BE DISCLOSED UNDER RULE 8(3) OF COMPANIES (ACCOUNTS) RULES 2014. The information to be disclosed under RULE 8(3) OF COMPANIES (ACCOUNTS) RULES 2014 is given in ANNEXURE - 4. 17. Risk Management Policy At present, risk management is handled by the Wholetime Directors and the risk management policy is yet to be framed. 18. Corporate Social Responsibility As the company''s networth, turnover and net profit are below the threshold limit prescribed under the Companies Act, 2013, the company is yet to form a Corporate Social Responsibility Committee. 19. Evaluation of Board The performance of Board, its Committee and individual directors are evaluated by No.of meetings held, time spent in each meeting deliberating the issues, quality of information / data provided to the member, the time given to them to study the details before each meeting, quality of the deliberation in each meeting, contribution of each director, the details of decision taken and measures adopted in implementing the decision and monitoring the continuous implementation of the decision and feed back to the Board. 20. DETAILS TO BE DISCLOSED UNDER RULE 8(5) OF COMPANIES (ACCOUNTS) RULES 2014. The information to be disclosed under RULE 8(5) OF COMPANIES (ACCOUNTS) RULES 2014 is given in ANNEXURE - 5. 21. DISCLOSURE ON AUDIT COMMITTEE a) The composition of the Audit Committee is as below: Member & Chairman Sri J M Grover Member Sri R. Sambasivan All the members have wide exposure in the relevant areas. b) The Board of Directors has accepted all recommendations of Audit Committee. 22. Establishment of Whistle Blower Policy and Vigil Mechanism A Whistle Blower Policy and Vigil Mechanism was adopted by the Board of Directors at its meeting held on March 9, 2015. The policy can be viewed at the company website www.slstindia.com. 23. Secretarial Audit Report The Secretarial Audit Report for the year 2014-15 is provided in ANNEXURE - 6. 24. DETAILS TO BE DISCLOSED UNDER RULE 5(1) OF THE COMPANIES (APPOINTMENT AND REMUNERATION OF MANAGERIAL PERSONNEL) RULES, 2014 The required disclosures are provided in ANNEXURE - 7. 25. DETAILS TO BE DISCLOSED UNDER RULE 5(2) OF THE COMPANIES (APPOINTMENT AND REMUNERATION OF MANAGERIAL PERSONNEL) RULES, 2014. As none of the employees was in receipt of remuneration in excess of the prescribed limit, there is no report under Rule 5(2) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014. 26. INFORMATION REQUIRED UNDER THE SEXUAL HARASSMENT OF WOMEN AT THE WORKPLACE (PREVENTION, PROHIBITION & REDRESSAL) ACT, 2014. The company has in place a system to redress complaints received regarding sexual harassment in line with the requirements of the Sexual Harassment of women at the workplace (Prevention, Prohibition & Redressal) Act, 2013 All employees (permanent, contractual, temporary, apprentices and trainees) are covered under this policy. The following is a summary of sexual harassment complaints received and disposed off during the year 2014-15. * No of complaints received - Nil * No of complaints disposed off. - NA 27. FINANCE The Board of Directors thanks Indian Overseas Bank and State Bank of India for their continued assistance and co-operation. 28. LABOUR The relationship with labour continues to be cordial. Your Directors place on record their appreciation of the devoted services of the Officers, Members of the Staff and Workers during the year. 29. COST AUDIT As per Statutory requirement, there is no cost audit for the Textile Industry for the year 2014-15. 30. CORPORATE GOVERNANCE Clause 49 is not, for the time being, applicable to your company, as your company''s equity share capital and net worth is below the threshold limit prescribed under this Clause of the Listing Agreement and hence the Report on Corporate Governance is not provided. 31. AUDITORS The Auditors of the Company M/s. S. Viswanathan retire and are eligible for reappointment. The Audit Committee of the Board of Directors has recommended their re-appointment. A Certificate under Section 139(1) of the Companies Act 2013 has been obtained from them. By Order of the Board Place : Chennai (BALAKRISHNA S) Date : May 26, 2015 Chairman & Managing Director

Director’s Report