DIRECTORS' REPORT To, The Members M/s. ALNA TRADING AND EXPORTS LIMITED Mumbai. Your Directors have pleasure, in submitting their 32nd Annual Report together with the Audited Statements of Accounts for the year ended 31s1 March. 2014. REVIEW OF OPERATIONS: During the year under Report, the turnover of the Company amounted to Rs.2,30,72,934/- as compared to the previous year turnover of Rs.1,26,72,300/-. Other income amounted to Rs.96,789/-as against Rs.95,673/- in the previous year. Net Profit for the year is Rs.1.S1 lacs as compared to Rs.1.67 lacs in the previous year. DIVIDEND: With a view to strengthen the financial position of the Company and to retain funds required for the operations of the Company the Directors have not recommended any dividend out of the current year's profit FLXED DEPOSITS: The Company does not have any deposits remaining unclaimed and/or claimed but not paid for which information is required to be given in this Report. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS AND OUTGO: Information pursuant to section 217(l)(e) of the Companies Act, 1956 read with the Companies Act, 1956 (Disclosure of Particulars in the Report of Board of Directors) Rules, 1988, relating to Conservation of Energy and Technology Absorption is not applicable to your Company, hence no information is disclosed in this regard. The Company has however earned Foreign Exchange of Rs.2,25,82,345/- (Previous Year Rs. 1,24,19,778/-) and did not incurred any Foreign Exchange outgo during the current year as given in Note 20 of notes forming part of accounts. PARTICULARS OF EMPLOYEES: The Company has not paid any Salary above the prescribed limit to any of its employees, for which the statement is required to be appended to this Report. DIRECTORATE: The Board of Directors, at its meeting held on 01s1 November, 2013, has appointed Mr. Sunil Hemchand Patel as a Director of the Company in the casual vacancy caused by the resignation of Mr. M.J. Parekh. Mr. Sunil Hemchand Patel, holds office upto the date of this meeting and is eligible for appointment (and in respect of whom Notice in writing under section 160 of the Companies Act, 2013 has been received from a member by the Company) as a Director of the Company and is liable to retire by rotation. The Board of Directors, at its meeting held on 01s1 November, 2013, has appointed Mr. Prasad Bhalchandra Kanekar as a Director of the Company in the casual vacancy caused by the resignation of Mr. K.C. Mehta. Mr. Prasad Bhalchandra Kanekar, holds office upto the date of this meeting and is eligible for appointment (and in respect of whom Notice in writing under sectionl60 of the Companies Act, 2013 has been received from a member by the Company) as a Director of the Company and is liable to retire by rotation. The Board of Directors, at its meeting held on 01sl November, 2013, has appointed Mr. Anwar Chauhan as a Director of the Company, in the casual vacancy caused by the resignation of Mr. K.C. Mehta. Mr. Anwar Chauhan, holds office upto the date of this meeting and is eligible for appointment (and in respect of whom Notice in writing under section 160 of the Companies Act, 2013 has been received from a member by the Company) as a Director of the Company and is liable to retire by rotation. Mr. K.C. Mehta and Mr. M.J. Parekh have tendered their resignations vide dated 1 November, 2013 from Directorship and Mr. T.K. Gowrishankar has tendered his resignation vide letter dated 31SI March, 2014 from Directorship. The Board would like to place on record their appreciations for the valuable contributions made by Mr. K.C. Mehta, Mr. M.J. Parekh and Mr. T.K. Gowrishankar during their tenure as Directors of the Board. Pursuant to section 255 of the Companies Act, 1956, Mr. Anwar Chauhan is liable to retires by rotation and being eligible offer himself for re-appointment. DIRECTORS' RESPONSIBILITY STATEMENT: The Directors confirm:- a. that in the preparation of the annual accounts, the applicable accounting standards have been followed and that no material departures have been made from the same;. b. that they 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 period; c. that they 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; d. that they have prepared the annual accounts on a going concern basis. COMPLIANCE CERTIFICATE: In accordance with section 3 83A of the Companies Act, 1956, and Companies (Compliance Certificate) Rules, 2001, the Company has obtained a certificate from a Company Secretary in whole time practice confirming that the Company has complied with all the provisions of the Companies Act, 1956 and a copy of such certificate is annexed to this Report. AUDITORS' REPORT REMARK: Report of Auditors' is self explanatory and does not require further elucidation. AUDITORS : M/s. Ra.jendra & Company, Chartered Accountants, Mumbai, the Auditors of the Company hold office, upto the date of the conclusion of ensuing Annual General Meeting and are eligible for reappointment. The Company has received the confirmation from the retiring Auditors that their appointment, if made at the Annual General Meeting would be within the limit stipulated under section 141(3)(9) of the Companies Act, 2013. ACKNOWLEDGEMENTS: The Directors take this opportunity to thank the Bankers for their continued help and co-operation. The Directors would also like to place on record the appreciation of the services rendered by the employees at all levels. BY ORDER OF THE BOARD OF DIRECTORS For ALNA TRADING AND EXPORTSJLIMITED S.H. PATEL (CHAIRMAN) DIN:02614134 REGISTERED OFFICE : Allana House, Allana Road, Colaba. Mumbai-400 001. PLACE : MUMBAI DATED : 30th MAY, 2014 |