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Transformers and Rectifiers India Directors Report, Transformers Reports by Directors
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Transformers and Rectifiers India

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Directors Report Year End : Mar '18    Mar 16

Dear Members,

The Directors have pleasure in presenting the 24th Annual Report on the business and operations together with the Audited accounts for the financial year ended 31st March, 2018. The performance of the Company for the financial year ended on 31st March, 2018 is summarised below:

Financial Highlight (Rs. in Lakhs)

Particulars

Standalone

2017-2018

2016-2017

Net Revenue from Operations

69,321.92

86,985.78

Other Income

695.26

781.20

Total Revenue

70,017.18

87,766.98

Cost of Raw Materials Consumed

57,391.61

61,807.24

(Increase)/Decrease in Stock of Finished Goods and Process Stock

(4,710.85)

(72.43)

Excise Duty

815.57

6,761.52

Employee Benefits Expenses

3,023.34

2655.54

Finance Costs

3,787.11

3,640.70

Depreciation and Amortization

1,470.05

1,344.68

Other Expenses

7,552.94

8,314.46

Total Expenses

69,329.77

84,451.71

Profit/ (Loss) before exceptional items & tax

687.41

3,315.27

Exceptional Item

-

-

Profit/ (Loss) before tax

687.41

3,315.27

Tax Expense

251.01

1,121.55

Net Profit/(Loss) after tax

436.40

2,193.72

Other Comprehensive Income/ (Expenses)

(0.46)

(21.39)

Total Comprehensive Income for the year

435.94

2,172.33

Dividend

Your Directors do not recommend any dividend on Share Capital (Previous year - NIL).

Review of Operations

For the financial year ended 31st March, 2018, your Company has reported standalone total revenue of Rs.70,017.18 Lakhs and net Profit of Rs.435.94 Lakhs as compared to previous year’s total revenue of Rs.87,766.98 Lakhs and net profit of Rs.2,172.33 Lakhs. Share Capital

The Paid up Equity Share Capital as at 31st March, 2018 stood at Rs.1325.64 Lakhs. During the financial year under review, the Company had subdivided its Equity Share from the face value of Rs.10/- per share to Rs.1/- per share.

MVA Production

During the financial year 2017-18, Your Company has manufactured 22,740 MVA, out of which Changodar unit produced 4,242 MVA, Moraiya unit produced 17,098 MVA & Odhav unit produced 1400 MVA, against the last year’s total production of 24,428 MVA.

Consolidated Financial Statements

The Consolidated Financial Statements of the Company pursuant to Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and prepared in accordance with the Accounting Standards prescribed by the Institute of Chartered Accountants of India are attached herewith this Annual Report.

Order Book

As on 30th April, 2018, the Company has Order Book position of Rs. 89411 Lakhs. The table below indicates the division of our order book between our business segments:

(Rs. in Lakhs)

Type of Transformers

Order Book

%

Power transformer

71241

80

Reactor Transformer

8226

9

Distribution Transformer

1483

2

Furnace/Rectifier transformer

3549

4

Export

4912

5

Total

89411

100

Exports

During the financial year, the Company has achieved export sales of Rs.3281.50 Lakhs.

Fixed Deposit

The Company has neither accepted nor invited any deposit from public, falling within the ambit of Section 73 of the Companies Act, 2013 and The Companies (Acceptance of Deposits) Rules, 2014.

Particulars of Loans, Guarantees and Investments

Details of Loans, Guarantees and Investments covered under the provisions of Section 186 of the Companies Act, 2013 are given in the notes to the Financial Statement.

Achieve me nts:

- Export to Russia

During the financial year, your Company has received prestigious order from Russia to supply 150 MVA Furnace transformer and 160 MVA Power Transformer.

- Export to Australia

During the financial year, your Company has received prestigious order from Australian Transmission Utility to supply multiple numbers of 65 MVA, 125 MVA and 220 MVA Low Noise Eco friendly transformers. From this order 65 MVA and 125 MVA transformers successfully manufactured, tested and rolled out. First 65 MVA transformers are successfully commissioned at Hamilton substation in March 201 8.

- Large rating transformers

During the financial year, your Company has received multibillion single order to supply 15 Nos. of large rating transformers from Central Utitlity.

- 500 MVA rating transformers

During the financial year, your Company has manufactured and rolled out 27 numbers of 500 MVA rating transformers, highest so far in single financial year.

- Solar transformers

During the financial year, your Company has manufactured and rolled out around 150 Nos. of solar transformers for pan India projects.

Subsidiary Companies

As on 31st March, 2018, your Company has Four (4) Subsidiaries namely Transpares Limited (51% holding), Transweld Mechanical Engineering Works Limited (Wholly Owned Subsidiary), TARIL Infrastructure Limited (Wholly Owned Subsidiary), Savas Engineering Company Private Limited (Wholly Owned Subsidiary) and Two (2) Joint Venture Companies namely T&R Jingke Electrical Equipments Private Limited (60% holding) and Vortech Private Limited (76% holding). Further there has been no material change in the nature of business of the subsidiaries.

Shareholders interested in obtaining a copy of the audited annual accounts of the Subsidiary Companies may write to the Company Secretary.

In terms of proviso to sub-section (3) of Section 129 of the Companies Act, 2013 the salient features of the financial statement of the subsidiaries is set out in the prescribed form AOC-1, which forms part of this Board of Director’s Report as Annexure - 1

The Performance of Subsidiary Companies are as under:

Transpares Limited

Transpares Limited (Transpares) is the Subsidiary of the Company. For the financial year 2017-18 achieved sales of Rs.2657.85 Lakhs against Rs.2571.51 Lakhs during the previous financial year 2016-17. Total Profit before tax for the financial year 2017-18 is Rs.235.81 Lakhs as against the total profit before tax of Rs.195.81 Lakhs for the previous financial year 2016-17.

Profit after Tax (PAT) was Rs.184.37 Lakhs during the financial year as against Rs.130.29 Lakhs for the previous financial year 2016-17.

Transweld Mechanical Engineering Works Limited

Transweld Mechanical Engineering Works Limited (“Transweld”) is the wholly owned subsidiary of the Company. For the financial year 2017-18 achieved sales of Rs.1077.69 Lakhs against Rs.2376.00 Lakhs during the previous financial year 2016-17. Total profit before tax for the financial year 2017-18 is Rs.8.63 Lakhs as against the total profit before tax of Rs.133.94 Lakhs for the previous financial year 2016-17.

Profit after Tax (PAT) was Rs.3.32 Lakhs during the financial year as against Rs.94.67 Lakhs for the previous financial year 2016-17.

TARIL Infrastructure Limited

TARIL Infrastructure Limited (“TARIL”) is the wholly owned subsidiary of the Company. For the financial year 2017-18 achieved sales of Rs.358.92 Lakhs against Rs.558.86 Lakhs during the previous financial year 2016-17. Total profit before tax for the financial year 2017-18 is Rs.3.30 Lakhs as against the total profit before tax of '' 30.79 Lakhs for the previous financial year 2016-17.

Profit after Tax (PAT) was Rs.2.02 Lakhs during the financial year as against Rs.21.75 Lakhs for the previous financial year 2016-17.

Savas Engineering Company Private Limited

Savas Engineering Company Private Limited (“Savas”) is the wholly owned subsidiary of the Company. For the financial year 2017-18 achieved sales of Rs.2467.33 Lakhs against Rs.1799.81 Lakhs during the previous financial year 2016-17. Total profit before tax for the financial year 2017-18 is Rs.16.17 Lakhs as against the total Loss before tax of Rs.39.72 Lakhs for the previous financial year 2016-17.

Profit after Tax (PAT) was Rs.48.43 Lakhs during the financial year as against loss of Rs.31.07 Lakhs for the previous financial year 2016-17.

T&R Jingke Electrical Equipments Private Limited

T&R Jingke Electrical Equipments Private Limited (formerly known as JingkeParth Electrical Equipments Private Limited) (“T&R Jingke”) is the joint venture Company. For the financial year 2017-18 achieved sales of Rs.3.47 Lakhs against Rs.11.00 Lakhs during the previous financial year 2016-17. Total loss before tax for the financial year 2017-18 is Rs.47.24 Lakhs as against the total Loss of Rs.119.82 Lakhs for the previous financial year 2016-17.

Loss after Tax was Rs.47.24 Lakhs during the financial year as against loss of Rs.119.82 Lakhs for the previous financial year 2016-17.

Vortech Private Limited

Vortech Private Limited (“Vortech”) is the joint venture Company (The JV partner has agreed to transfer his share to the Company vide MOU dated 22nd March, 2018 in view of which it is considered as Subsidiary for preparation of Standalone and Consolidated Financial Statements). Financial year 2017-18 was first year of Incorporation of the Company. Total Loss for the financial year 2017-18 is Rs.22.33 Lakhs.

Directors

The Board of Directors of your Company comprises of Eight (8) Directors of which Four (4) are Executive Directors and Four (4) are Non-Executive and Independent Directors as on 31st March, 201 8.

In terms of the provision of Section 149 of the Companies Act, 2013 and Regulation 17(1) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, a Company shall have atleast one Woman Director on the Board of the Company. Your Company has Mrs. Karuna Mamtora as Director on the Board of the Company since its inception, who is presently the Executive Director of your Company.

As per the provisions of Section 152 of the Companies Act, 2013 and Articles of Association of the Company, Mr. Karuna Mamtora being longest in the office shall retire at the ensuing Annual General Meeting and being eligible for re-appointment, offers herself for re-appointment.

Details of Director seeking re-appointment as required under the Listing Regulations are provided in the Notice forming part of this Annual Report. Their re-appointments are appropriate and in the best interest of the Company.

All Independent Directors have given declarations that they meet the criteria of Independence as laid down under Section 149(6) of the Companies Act, 2013 and Regulation 25 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 201 5. The terms and conditions of the Independent Directors are incorporated on the website of the Company www.transformerindia.com

To familiarize the Independent Directors with the strategy, operations and functions of our Company, the Executive Directors/ Senior Managerial Personnel make presentations to the Independent Directors about the Company’s strategy, business model, operations, service and product offerings, markets, organization structure, finance, human resources, technology, quality, facilities and risk management. Further, the Company has devised a Familiarization Programme for Independent Director and same been placed on the web site of the Company at the Link: http://www.transformerindia.com/download/Details-of-Familiarization-programme%20-%202017-18.pdf

None of the Directors of the Company is disqualified for being appointed as Director as specified in Section 164 (2) of the Companies Act, 201 3.

Appointments and Resignations of the Key Managerial Personnel

Mr. Jitendra Mamtora, Chairman and Whole-time Director, Mr. Satyen Mamtora, Managing Director, Mr. Devendra Kumar Gupta, Chief Financial Officer and Mr. Rakesh Kiri, Company Secretary of the Company are the Key Managerial Personnel as per the provisions of the Companies Act, 2013

Number of the Meetings of the Board of Directors

Regular Board Meetings are held once in a quarter, inter-alia, to review the quarterly results of the Company.

During the financial year 2017-18, the Board of Directors met Five (5) times i.e. 5th May, 2017, 3rd August, 2017, 13th September, 2017, 25th November, 2017 and 12th February, 2018. Detailed information on the Board Meetings is included in the Corporate Governance Report, which forms part of this Annual Report.

The details of number of meetings of Committees held during the financial year 2017-18 forms part of Corporate Governance Report.

Committees of the Board of Directors

Your Company has several Committees which have been established as part of the best Corporate Governance practices and are in compliance with the requirements of the relevant provisions of applicable laws and statutes.

The Company has following Committees of the Board of Directors:

- Audit Committee

- Stakeholder’s Grievances and Relationship Committee

- Nomination and Remuneration Committee

- Corporate Social Responsibility Committee

- Management Committee

- Transfer Committee

The details with respect to the compositions, powers, terms of reference and other information of relevant committees are given in details in the Corporate Governance Report which forms part of this Annual Report.

Corporate Social Responsibility Committee

In Compliance with Section 135 of the Companies Act, 2013 read with the Companies (Corporate Social Responsibility Policy) Rules, 2014, the Company has established Corporate Social Responsibility (CSR) Committee and statutory disclosures with respect to CSR Committee and an Annual Report on CSR Activities forms part of this Board of Director’s Report as Annexure-2.

Board Diversity

Your Company has over the years been fortunate to have eminent persons from diverse fields as Directors on its Board. The Nomination and Remuneration Committee has formalized a policy on Board Diversity to ensure diversity of experience, knowledge, perspective, background, gender, age and culture.

Board Evaluation

Pursuant to the provisions of the Companies Act, 2013 and Regulation 17 and Regulation 25 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, a structured questionnaire was prepared after taking into consideration of the various aspects of the Board’s functioning, Composition of the Board and Committees, culture, execution and performance of specific duties, obligation and governance. The performance evaluation of the Independent Directors was completed.

During the financial year under review, the Independent Directors met on 12th February, 2018 interalia, to discuss:

- Performance evaluation of Non-Independent Directors and Board of Directors as a whole;

- Performance evaluation of the Chairman of the Company;

- Evaluation of the quality of flow of information between the Management and Board for effective performance by the Board. The Board of Directors expressed their satisfaction with the evaluation process.

Policy on Director’s Appointment and Remuneration

The Company has a Nomination and Remuneration Committee. The Committee reviews and recommend to the Board of Directors about remuneration for Directors and Key Managerial Personnel and other employee up to one level below of Key Managerial Personnel. The Company does not pay any remuneration to the Non-Executive Directors of the Company other than sitting fee for attending the Meetings of the Board of Directors and Committees of the Board. Remuneration to Executive Directors is governed under the relevant provisions of the Act and approvals.

The Company has devised the Nomination and Remuneration Policy for the appointment, re-appointment and remuneration of Directors, Key Managerial Personnel and Senior Management Personnel. All the appointment, re-appointment and remuneration of Directors, Key Managerial Personnel and Senior Management Personnel are as per the Nomination and Remuneration Policy of the company.

Vigil Mechanism

The Company has established a vigil mechanism and accordingly framed a Whistle Blower Policy. The policy enables the employees to report to the management instances of unethical behavior, actual or suspected fraud or violation of Company’s Code of Conduct. Further the mechanism adopted by the Company encourages the Whistle Blower to report genuine concerns or grievances and provide for adequate safe guards against victimization of Whistle Blower who avails of such mechanism and also provides for direct access to the Chairman of the Audit Committee, in exceptional cases. The functioning of vigil mechanism is reviewed by the Audit Committee from time to time. None of the Whistle blowers has been denied access to the Audit Committee of the Board. The Whistle Blower Policy of the Company is available on the website of the Company www.transformerindia.com.

Risk Management Policy

The Company is aware of the risks associated with the business. It regularly analyses and takes corrective actions for managing/ mitigating the same.

The Company has framed a formal Risk Management Framework for risk assessment and risk minimization which is periodically reviewed to ensure smooth operation and effective management control. The Audit Committee also reviews the adequacy of the risk management framework of the Company, the key risks associated with the business and measure and steps in place to minimize the same.

Sexual Harassment at Workplace

The Company has constituted Internal Complaints Committee under the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 201 3 and the company has complied with provisions of the same.

There were no incidences of sexual harassment reported during the year under review, in terms of the provisions of the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013.

Directors’ Responsibility Statement

As stipulated in Section 134(3)(c) read with sub section 5 of the Companies Act, 2013, Directors subscribe to the “Directors’ Responsibility Statement”, and confirm that:

a) In preparation of annual accounts for the year ended 31st March, 2018, the applicable accounting standards have been followed and that no material departures have been made from the same;

b) 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 and of the profit or loss of the Company for that year;

c) The Directors had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 201 3, for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;

d) The Directors had prepared the annual accounts for the year ended 31st March, 2018 on going concern basis.

e) The Directors had laid down the internal financial controls to be followed by the Company and that such Internal Financial Controls are adequate and were operating effectively; and

f) 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.

Insurance

Assets of your Company are adequately insured against various perils.

Corporate Governance

The Company endeavours to maximize the wealth of the Shareholders by managing the affairs of the Company with pre-eminent level of accountability, transparency and integrity.

A separate section on Corporate Governance standards followed by your Company, as stipulated under Regulation 27 and 34 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 is enclosed as an annexure to this Report.

A Certificate from Mr. Tapan Shah, Practicing Company Secretary, conforming compliance to the conditions of Corporate Governance as stipulated under Regulation 27 and 34 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, is annexed to this Report.

Secretarial Standards

Secretarial Standards for the Board of Directors and General Meetings (SS-1 & SS-2) are applicable to the Company. The Company has complied with the provisions of both Secretarial Standards.

Termination of Joint Venture Agreements

During the financial year under review, the Company has terminated a Joint Venture Agreement with Mr. Gopal Sanasy as on 23rd March, 2018 for the purpose of providing site services and maintenance of transformer and other oils. The Company will hold majority of share in the Joint venture.

Issue of Equity Shares by way of private placement to QIB

The Company has taken approval from the shareholders in 23rd Annual General Meeting held on 30th August, 2017 to the issue of Equity Shares by way of private placement to QIB up to an aggregate amount of Rs.250 Crores. However, the Company has not materialized the same. Hence, the Board of Directors seeks shareholders’s approval to the issue of Equity Shares by way of private placement to QIB up to an aggregate amount of Rs.250 Crores as per SEBI regulation.

Management Discussion and Analysis

The Management Discussion and Analysis Report for the financial year under review as stipulated under Regulation 34 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 is presented in the separate section forming part of this Annual Report.

Material Changes and Commitment affecting Financial Position of the Company

There are no material changes and commitments, affecting the financial position of the Company which has occurred between the end of financial year as on 31st March, 2018 and the date of Director’s Report i.e. 3rd August, 2018.

Particular of Employees

The information required pursuant to Section 197 of the Companies Act, 2013 read with Rule 5 of the Companies (Appointment and remuneration of Managerial Personnel) Rules, 2014 in respect of employees of the Company, will be provided upon request. In term of Section 136 of the Companies Act, 2013, the Report is being sent to all shareholders and others entitled thereto, excluding the aforesaid information and the said particulars are available for inspection by the Members at the Registered Office of the Company during the business hours on working days of the Company. The members interested in obtaining such particulars may write to the Company Secretary.

The ratio of remuneration of each Director to the median employee’s remuneration and other details in terms of sub-section 12 of Section 197 of the Companies Act, 2013 read with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 are forming part of this Board of Director’s Report as Annexure-3.

Extract of Annual Return

Pursuant to sub-section 3(a) of Section 134 and sub-section (3) of Section 92 of the Companies Act, 2013 read with Rule 12 of Companies (Management and Administration) Rules, 2014 the extract of the Annual Return as on 31st March, 2018 in Form MGT-9 forms part of this Board of Director’s Report as Annexure-4. Form MGT-9 is available in Annual Report on the website of the Company www.transformerindia.com

Conservation of Energy, Technology Absorption and Foreign Exchange Earnings and Outgo

Information relating to Conservation of Energy, Technology Absorption and Foreign Exchange Earning and Outgo, required under Section 134 (3) (m) of the Companies Act, 2013 forms part of this Board of Director’s Report as Annexure-5.

Contracts or Arrangements with Related Parties

All the related party transactions that were entered during the financial year were in the Ordinary course of business of the Company and were on arm’s length basis. There were no materially significant related party transactions entered by the Company with its Promoters, Directors, Key Managerial Personnel or other persons which may have potential conflict with the interest of the Company.

All Related Party transactions are placed before the Audit Committee for approval, wherever applicable. Prior omnibus approval for normal business transactions is also obtained from the Audit Committee for the related party transactions which are of repetitive nature and accordingly the required disclosures are made to the Committee on quarterly basis in terms of the approval of the Committee.

The policy on Related Party Transactions as approved by the Board of Directors is uploaded on the website of the Company www.transformerindia.com

The particulars of contracts or arrangements with related parties referred to in Section 188(1) of the Companies Act, 2013, as prescribed in Form AOC - 2 which forms part of this Board of Director’s Report as Annexure-6

Internal financial control systems and their adequacy

Your Company has laid down the set of standards, processes and structure which enables to implement internal financial control across the Organization and ensure that the same are adequate and operating effectively. To maintain the objectivity and independence of Internal Audit, the Internal Auditor reports to the Chairman of the Audit Committee of the Board.

The Internal Auditor monitors and evaluates the efficacy and adequacy of internal control system in the Company, its compliance with the operating systems, accounting procedures and policies of the Company. Based on the report of Internal Auditor, the process owners undertake the corrective action in their respective areas and thereby strengthen the Control. Significant audit observation and corrective actions thereon are presented to the Audit Committee of the Board.

Cost Record:

The provision of Cost Audit as per sub-section (1) of section 148 of the Companies Act, 2013 applicable to the Company and the Company has maintained proper records and account of the same as required under the Act.

AUDITORS

Statutory Auditors

The Statutory Auditors, K.C. Mehta & Co. (Firm Registration No. 106237W), Chartered Accountants has been appointed to hold the office from the conclusion of this 23rd Annual General Meeting till the conclusion of 28th Annual General Meeting of the Company. The Company has received the consent from the Auditors and confirmation to the effect that they are not disqualified to be appointed as the Auditors of the Company in the terms of the provisions of the Companies Act, 2013 and the Rules made thereunder.

Internal Auditor

Manubhai and Shah LLP, Chartered Accountants, Ahmedabad has been appointed as Internal Auditors of the Company. Internal Auditors are appointed by the Board of Directors of the Company on a yearly basis, based on the recommendation of the Audit Committee. The Internal Auditor reports their findings on the Internal Audit of the Company, to the Audit Committee on a quarterly basis. The scope of internal audit is approved by the Audit Committee.

Secretarial Auditor

Pursuant to the provisions of Section 204 of the Companies Act, 2013 and the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, your Company had appointed Mr. Tapan Shah, Practicing Company Secretary to undertake the Secretarial Audit of the Company for the financial year 2017-18. The Report of the Secretarial Audit Report for the financial year 2017-18 is annexed to this Board of Director’s Report as Annexure-7.

Cost Auditor

Your Company has appointed Kushal & Co., Cost Accountants, Ahmedabad, as Cost Auditor of your Company to audit the cost accounts for the financial year 2018-19.

As per Section 1 48 read with Companies (Audit & Auditors) Rules, 2014 and other applicable provisions, if any, of the Companies Act, 2013 the Board of Directors of your Company has appointed Kushal & Co., Cost Accountants as the Cost Auditor of your the Company for the financial year 2018-19 on the recommendations made by the Audit Committee subject to the approval of the Central Government. The remuneration proposed to be paid to the Cost Auditors, subject to the ratification by the members at the ensuing Annual General Meeting, would be Rs.35,000/- (Rupees Thirty Five Thousands only) excluding out of pocket expenses, if any.

The Cost Audit report for the financial year 2017-18 was filed within the due date. The due date for submission of the Cost Audit Report for the financial year 2017-18 is within 180 days from 31st March, 2018.

Statutory Auditor’s Report

The Statutory Auditors’ Report on the accounts of the Company for the accounting year ended 31st March, 2018 is self-explanatory and do not call for further explanations or comments that may be treated as adequate compliance of Section 134 of the Companies Act, 2013.

General

Your Directors state that no disclosure or reporting is required in respect of the following items as there were no transactions on these items during the year under review:

1 . Details relating to deposits covered under Chapter V of the Companies Act, 2013.

2. Issue of Equity Shares with differential rights as to dividend, voting or otherwise.

3. Issue of shares (including sweat equity shares) to employees of the Company under any scheme save and ESOS.

4. Neither the Managing Director nor the Whole-time Directors of the Company receive any remuneration or commission from any of its subsidiaries.

5. No significant or material orders were passed by the Regulators or Courts or Tribunals which impact the going concern status and Company’s operations in future.

Acknowledgment

Your Directors would like to express their appreciation for the assistance and co-operation received from the financial institutions, 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.

By Order of the Board of Directors

Jitendra Mamtora

Place : Ahmedabad Chairman and Whole-time Director

Date : 3rd August, 2018 (DIN : 00139911)

Source : Dion Global Solutions Limited
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