| Disclosure in board of directors report explanatory
BOARD’S REPORT
The Members,
Your Directors have pleasure in submitting 21st (Twenty First) Annual Report of the Company together with the Audited Statements of Accounts for the year ended 31st March, 2016.
FINANCIAL RESULTS
The Company’s financial performance, for the year ended 31st March, 2016 and the corresponding Figures for the last year are summarized below:-
(Amount in Rupees) Particulars | 2015-2016 | 2014-2015 | Net Sales /Income from Business Operations | 93,32,59,470 | 81,10,90,618 | Other Income | 1,63,47,999 | 80,26,954 | Total Income | 94,96,07,468 | 81,91,17,572 | Gross Expenditure | 92,08,33,540 | 79,57,17,153 | Less Interest | 1,86,82,172 | 1,56,45,430 | Profit before Depreciation | 1,00,91,756 | 77,54,989 | Less Depreciation | 16,16,093 | 24,99,790 | Profit after depreciation and Interest/Net Profit Before Tax | 84,75,663 | 52,55,199 | Less Exceptional items | 21,242 | 3,61,057 | Profit before extraordinary items and tax | 84,54,421 | 48,94,142 | Less Current Tax | 13,00,000 | 11,50,000 | Less Previous year adjustment of Income Tax | (1,19,123) | (58,535) | Less Deferred Tax | (5,201) | (3,93,512) | Net Profit after Tax | 70,40,499 | 41,96,189 | Add Dividend | - | - | Net Profit after dividend and Tax | 70,40,499 | 41,96,189 | Earning per Share (Basic) | 0.26 | 0.15 | Earning per Share (Diluted) | 0.26 | 0.15 |
STATE OF AFFAIRS OF COMPANY
During the year under review the Company has achieved Net Sales of Rs. 9,332.59 Lac and a net profit before tax of Rs. 84.54 Lac as against net sales of Rs. 8,110.90 Lac and Profit before tax of Rs. 48.94 Lac in the previous financial year 2014-15 respectively.
Reserves and Surplus of the Company stands at Rs. 19,61,63,345 /- (Rupees Nineteen Crores Sixty One Lac Sixty Three Thousand Three Hundred and Fourty Five only) as on 31st March, 2016.
No material changes and commitments affecting the financial position of the Company occurred between the end of the financial year to which these financial statements relate on the date of this report.
DIVIDEND
Your directors do not recommend payment of dividend for the financial year 2015-16.
SHARE CAPITAL
Authorized Capital: As on 31st March, 2016 the Authorized Share Capital of the Company stands at Rs. 28,00,00,000/- (Twenty Eight Crore) divided into 2,80,00,000 (Two Crore Eighty Lac) Equity Shares of Rs. 10/- each. The Issued, Subscribed and Paid up Capital stands at 2,75,90,140 (Two Crore Seventy Five Lac Ninety Thousand and One Hundred Forty Only) Equity Shares of Rs.10/- each aggregating to Rs. 27,59,01,400 /- (Twenty Seven Crore Fifty Nine Lac One Thousand and Four Hundred Only).
DIRECTORS
During the year under review, Mr. Hari Bhagwan Sharma was appointed as Whole-Time Director of the Company w.e.f. 01.09.2015.
Mr. Narender Kumar Garg resigned from directorship of the Company w.e.f. 29.04.2015 and Mr. Parmod Gupta resigned from directorship of the Company w.e.f. 06.04.2015.
NUMBER OF BOARD MEETINGS CONDUCTED DURING THE YEAR UNDER REVIEW
The Company had 14 (Fourteen) Board Meetings during the financial year under review.
STATUTORY AUDITORS
The appointment of M/s KSMC & Associates, Chartered Accountants (Firm Registration no. 003565N) shall be ratified at the ensuing general meeting who were appointed as auditors of the Company at the 20th Annual General Meeting of the Company to hold office till the conclusion of the 25th Annual General Meeting of the Company. The report of the Auditors together with their notes to accounts are forming part of the Balance Sheet and the Cash Flow Statement as at 31st March, 2016 and the Statement of Profit & Loss for the year ended on that date are self explanatory and do not call for any further explanation from the Directors.
ANNUAL RETURN
The extracts of Annual Return pursuant to the provisions of Section 92 read with Rule 12 of the Companies (Management and Administration) Rules, 2014 is furnished in Annexure I and is attached to this Report.
DEPOSITS
The Company has neither accepted nor renewed any deposits during the year under review.
INTERNAL CONTROL SYSTEMS
The Board is of the opinion that adequate internal controls exists in the Company commensurate with the size and operations of the Company. The Management continuously reviews the internal control systems and procedures for the efficient conduct of the Company’s business and Financial Statements. The Company adheres to the prescribed guidelines with respect to the transactions, financial reporting and ensures that all its assets are safeguarded and protected against losses.
Internal Control Systems are implemented to safeguard the Company’s assets from loss or damage, to keep constant check on the cost structure, to prevent revenue leakage, to provide adequate financial and accounting controls and implement accounting standards.
LEGAL & CORPORATE MATTERS
The legal cases filed by and against the Company, pending adjudication are not material in nature and are by and large are commercial. A plaint has been filed by the Company against National Insurance Co. Ltd. for the recovery of its insurance claim. The matter is pending before Hon’ble Delhi High Court.
There are no significant or material orders passed by the regulators /court affecting going concern status or Company’s operations in near future.
PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS MADE UNDER SECTION 186 OF THE COMPANIES ACT, 2013
There were no loans, guarantees or investments made by the Company under Section 186 of the Companies Act, 2013 during the year under review and hence the said provision is not applicable.
PARTICULARS OF CONTRACTS OR ARRANGEMENTS MADE WITH RELATED PARTIES
All contracts / arrangements / transactions entered by the Company during the financial year with related parties were in the ordinary course of business and on an arm's length basis. During the year, the Company had not entered into any contract / arrangement / transaction with related parties which could be considered material and fall under the purview of the provisions of section 188 of the Companies Act, 2013.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS AND OUTGO
The provisions of Section 134(m) of the Companies Act, 2013 read with Rule 8(3) of the Companies (Accounts) Rules, 2014 regarding conservation of energy, technology absorption, adoption and innovations do not apply to our Company being a Trading Undertaking. The Company’s foreign exchange earnings and outgo during the year under review are as follows:
Foreign Earning: Rs. 34,98,438.19/-
Foreign Outgo: Rs. 21,03,283.38/-
DIRECTORS’ RESPONSIBILITY STATEMENT
In accordance with the provisions of Section 134(5) of the Companies Act, 2013 the Board hereby submits its responsibility Statement:
That in the preparation of the annual accounts, the applicable accounting standards had been followed along with proper explanation relating to material departures;
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 and loss of the Company for that period;
the directors had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of this Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;
the directors had prepared the annual accounts on a going concern basis; and
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.
ACKNOWLEDGEMENTS
Your directors place on the record their sincere appreciation for the valuable assistance and continued support received from our esteemed customers, government authorities, financial institutions, banks and shareholders of the Company. We further express our gratitude to all our employees for their committed services to the Company.
FOR AND ON BEHALF OF THE BOARD OF DIRECTORS
Moonlite Technochem Private Limited
(Vishesh Gupta) (Hari Bhagwan Sharma)
Place: New Delhi Managing Director Whole-Time Director
Date: 17.09.2016 DIN: 00255689 DIN: 02542653Description of state of companies affairSTATE OF AFFAIRS OF COMPANY During the year under review the Company has achieved Net Sales of Rs. 9,332.59 Lac and a net profit before tax of Rs. 84.54 Lac as against net sales of Rs. 8,110.90 Lac and Profit before tax of Rs. 48.94 Lac in the previous financial year 2014-15 respectively. Reserves and Surplus of the Company stands at Rs. 19,61,63,345 /- (Rupees Nineteen Crores Sixty One Lac Sixty Three Thousand Three Hundred and Fourty Five only) as on 31st March, 2016. Details regarding energy conservationThe provisions of Section 134(m) of the Companies Act, 2013 read with Rule 8(3) of the Companies (Accounts) Rules, 2014 regarding conservation of energy, technology absorption, adoption and innovations do not apply to our Company being a Trading Undertaking. The Company’s foreign exchange earnings and outgo during the year under review are as follows: Foreign Earning: Rs. 34,98,438.19/- Foreign Outgo: Rs. 21,03,283.38/- Details regarding technology absorptionCONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS AND OUTGO The provisions of Section 134(m) of the Companies Act, 2013 read with Rule 8(3) of the Companies (Accounts) Rules, 2014 regarding conservation of energy, technology absorption, adoption and innovations do not apply to our Company being a Trading Undertaking. The Company’s foreign exchange earnings and outgo during the year under review are as follows: Foreign Earning: Rs. 34,98,438.19/- Foreign Outgo: Rs. 21,03,283.38/- Details regarding foreign exchange earnings and outgoThe provisions of Section 134(m) of the Companies Act, 2013 read with Rule 8(3) of the Companies (Accounts) Rules, 2014 regarding conservation of energy, technology absorption, adoption and innovations do not apply to our Company being a Trading Undertaking. The Company’s foreign exchange earnings and outgo during the year under review are as follows: Foreign Earning: Rs. 34,98,438.19/- Foreign Outgo: Rs. 21,03,283.38/- Disclosures in director’s responsibility statementDIRECTORS’ RESPONSIBILITY STATEMENT In accordance with the provisions of Section 134(5) of the Companies Act, 2013 the Board hereby submits its responsibility Statement: 1. That in the preparation of the annual accounts, 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 and of the profit and 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 this 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; and 5. 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.
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