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Hind Industries Ltd. Directors Report
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Year End :2015-03 
Dear Members,

The Directors have pleasure in presenting the Forty Second Annual Report on the business and operations of your Company and the Audited Annual Accounts of the Company for the financial year ended on 31st March, 2015.

Financial Results:

The Financial Highlights of the Company for the financial year ended on March 31, 2015 are as under:

                                                   (Amount in Lac Rs.)

Particulars                                 2014-15            2013-14

Revenue from Operations                     5977.12           15607.24

Other Income                                  84.58             153.61

Profit before Depreciation,                 (652.92)            462.75
Extra Ordinary Items and Taxes

.{PBDEIT}

Extra Ordinary Items Written Off                  0                  0
Profit/(Loss) before Depreciation

and Taxes {PBDT}                            (652.92)            462.75

Depreciation and Amortisation                640.18             271.66
Expense

Profit/(Loss) before Tax                   (1293.10)            191.09

Less: Tax for current year                     0.00             111.95

Add: Deferred tax Written Back               190.69              57.64

Profit/(Loss) after Taxes {PAT}            (1102.41)            136.78

Surplus/(Loss) Carried to                   4346.95             5494.8
Balance Sheet

Performance:

During the year the Company's production has reduced to 3377.884 MT of Frozen Buffalo Meat in comparison to 8289.486 MT during the year 2013-14. During the financial year 2014-15, your Company achieved the turnover of Rs. 5977.12Lacs as against Rs.15607.24 Lacs in the previous year 2013-14, thereby showing a decrease of 61.70%. The Profit/(Loss) before Depreciation, Extra Ordinary Items and Taxes (PBDEIT) of the Company during the financial year 2014-15 stood at Rs.(592.92) Lacs as against Rs.462.75 Lacs in the previous financial year 2013-14, mainly due to the decrease in Production and Turnover. The company suffered a Net Loss after Tax of Rs.1102.41 Lacs during the financial year 2014-15 against the Net Profit after Tax (PAT) of Rs.136.78 Lacs in the previous year.

Profitability:

During the year under review the company had suffered Loss amounting to Rs.1102.41 Lacs due to decrease in Production and Turnover.

Financial Conditions and Results of Operation:

'Management Discussion and Analysis of Financial

Condition and Results of Operation of the Company for the year under review', as stipulated in Clause 49 of the Listing Agreement with the Stock Exchange, are given as separate Statement in this Annual Report.

Subsidiary Company: HIND AGRO INDUSTRIES LIMITED

The Subsidiary Company, i.e. M/s Hind Agro Industries Limited, which has a modern, integrated abattoir-cum-meat processing plant at Aligarh (U.P.), achieved Total Sales Turnover Rs.72332.67 Lacs and Profit before taxes (PBT) of Rs.64.42 Lacs for the year ended 31st March, 2015, as compared to the Total Sales Turnover of Rs.73653.66 Lacs and the Profit before taxes (PBT] of Rs.957.02 Lacs in the previous year ended on 31st March, 2014.

Pursuant to the provisions under Section 129(3) of the Companies Act, 2013 read with the Notification No.51/12/2007-CL-III, the Central Government has granted general exemption for not attaching the annual accounts of Subsidiary Company, hence the Board of Directors of the company has by resolution given consent for not attaching the balance sheet of the subsidiary company.

The company undertakes that annual accounts of the subsidiary company and the related detailed information shall be made available to shareholders of the holding and subsidiary company seeking such information at any point of time. The annual accounts of the subsidiary company shall also be kept for inspection by any shareholders in the head office of the holding company and of the subsidiary company. The holding company shall furnish a hard copy of details of accounts of subsidiary company to any shareholder on demand.

Dividend:

In view of the loss during the year, the Board has not recommended any Dividend for the financial year (2014- 15). The Amount of Dividend Payment due for the year 2013-14 could not be transferred to Dividend/Unpaid Dividend Account in absence of the Financial Resources.

Transfer of Unclaimed Dividend to Investor Education and Protection Fund:

Further, the company has uploaded the details of unclaimed and unpaid dividend pertaining to the financial years 2008- 09 to 2011-12 on the website of the Ministry of Corporate Affairs for the necessary compliance.

Current year's outlook:

Your Company is expected to improve and consolidate its operations in the ongoing financial year i.e. 2015-16, by making increase in volumes, reduce financial and other costs, monitoring and controlling a better mix of its products and markets towards achieving the better top and bottom lines in the years to come.

The Company has set-up a Plant to manufacture High Security Registration Number Plates (HSRNP). The said project at Baddi, in the State of Himachal Pradesh is now commissioned and the company is applying for tenders in various states. Since the issue of contempt notices to the transport secretaries of Delhi, Punjab and Uttar Pradesh by the Hobble' Supreme Court for not implementing the HSRNP system, tenders have been floated by certain States. In view of this development the company is hopeful of getting the tenders from various State Governments where the company has submitted its bids.

The Company has initiated its activities into the power generation sector. The company is applying for tenders. In view of the increasing demand of the power the company is hopeful of getting the tenders from State Government.

Material changes and commitment if any affecting the Financial position of the Company occurred between the end of the Financial Year to which this Financial Statement relates and to date of the Report:

As the Company is facing funds constraints and feeling difficult to run the business due to paucity of funds on account of delayed realization of export bills, the bankers were requested to restructure the outstanding export bills and grant additional post-shipment/bills discounting facility of Rs.20.00 Crores to enable the Company to continue with the export business. The Bankers have agreed in principal to accede to company's requests for restructuring for our below mentioned reasons:

a) Some non realized export bills led to additional liability due to delinking at comparatively much higher currency rate than that of lodged initially which were addressed out of regular export proceeds.

b) At present the production delivered is almost nil due to working capital crunch despite the Company having all required facilities in its plant.

c) Overseas buyers are also delaying payment due to late execution of their orders.

Consolidated Financial Statements:

As stipulated in the Listing Agreement with the Stock Exchange, the Consolidated Financial Statements have been prepared by the Company in accordance with the relevant accounting standards issued by the Institute of Chartered Accountants of India. The Audited consolidated financial statements together with Auditors' Report thereon forms part of this Annual Report.

Internal Control Policies:

As an intrinsic part of the overall Governance process, the Company has in place a well-established Internal Audit which covers all aspects of financial and operational controls.

The Company adheres to and abides by the strict Internal Control and Management Information System. The Company has maintained an inbuilt Internal Audit System looked after by a highly experienced and qualified professional. It is also pertinent to note that a summary of audit observations and action taken by the management are

placed before and discussed at the Audit Committee Meetings. The suggestions and directions of Audit Committee are recorded and action taken accordingly.

Statement concerning development and implementation of Risk management Policy of the Company:

The Company has adopted the following measures concerning the development and implementation of a Risk Management Policy after identifying the following elements of risks which in the opinion of the Board may threaten the very existence of the Company itself.

a. Timely review of Foreign Exchange Fluctuations.

b. Timely review of export markets and customer profiles.

c. Expand the market base by visiting countries where presently there is no export.

Deposits:

Your Company has not invited/accepted any deposits from Public during the year pursuant to the provisions of Section 73 of the Companies Act, 2013 and the Rules made there under.

Capital Structure:

During the year under review, there is no change in the capital structure of the company.

Listing Agreement Compliance:

The Equity Shares of the Company are listed with the BSE Ltd. (Bombay Stock Exchange), Mumbai. The Company has been complying with the provisions of Listing Agreement and has already made the payment of listing fees upto the Financial Year 2014-15, to the BSE Ltd., Mumbai. Listing Fees for the year 2015-16 is due for Payment.

Corporate Governance:

Your Company is committed to maintain the highest standards of Corporate Governance. Your directors are also committed to adhere to the requirements set out by the Securities and Exchange Board of India's (SEBI) Corporate Governance practices and have implemented all the major stipulations prescribed. A separate section on Corporate Governance and the Certificate from the Auditors of the Company regarding compliance of the conditions of Corporate Governance forms part of this Annual Report.

Insurance:

The Company has made necessary arrangements for adequate insurance of its insurable interests.

Directors & Key Managerial Personnel:

As per Section 149(4) of the Companies Act, 2013, Mr. B. B. Gupta, Mr. B. B. Huria and Dr. S. K. Ranjhan, the independent directors of the Company were appointed to hold office as independent directors for a period of five years with effect from 26th September, 2014. Brief particulars and expertise of these directors and their other directorships and committee memberships have been given in the annexure to the Notice of the Annual General Meeting in accordance with the requirements of listing agreement with Stock Exchange.

In accordance with the provisions of Section 152(6) of the Companies Act, 2013 and Article No.147 of the Articles of Association of the Company, Mrs. Kiran Qureshi, Director of the Company is liable to retire by rotation at the forthcoming Annual General Meeting of the company and being eligible, offers herself for the re-appointment.

In addition to this Mr. Sirajuddin Qureshi - Managing Director of the Company, was re-appointed in the last Annual General Meeting held on 26th September, 2014 for a period of three years i.e. from 06th August, 2014 to 05th August, 2017 along with payment of remuneration as approved by the Shareholders in the Meeting.

During the year there is no change in the Key Managerial Personnel of the Company.

Declaration of Independent Directors

The Independent Directors have submitted their disclosures to the Board that they fulfill all the requirements as stipulated in Section 149(6) of the Companies Act, 2013 so as to qualify themselves to be appointed as Independent Directors under the provisions of the Companies Act, 2013 and the relevant rules.

Compliances of Clause 49 of the Listing Agreement:

A certificate received from the Statutory Auditors of the Company confirming the compliance of Clause 49 of the Listing Agreement, has been obtained and has been attached to the Corporate Governance Report forming part of Annual Report.

Formal Annual Evaluation

The Board of directors had carried out an annual evaluation of its own performance, board committees and individual directors as required under the Companies Act, 2013. The performance of the board was evaluated by the board after seeking inputs from all the directors on the basis of criteria such as board composition, structure, board processes and their effectiveness, information given to the board etc. The performance of the board committees was evaluated by the board after seeking inputs from the committee members on the basis of criteria such as committee composition, structure, effectiveness of committee meetings etc.

The Board and the Nomination and Remuneration Committee (NRC) reviewed the performance of the individual directors on the basis of criteria such as contribution at meetings, their preparedness on the issues to be discussed etc. Additionally the Chairman was also evaluated on key aspects of his role.

Auditors:

The Statutory Auditors M/s M. K. Aggarwal & Co., Chartered Accountants, were appointed as Statutory Auditors of the Company by the approval of Shareholders on 26th September, 2014, for a period of three years that is upto the conclusion of the Forty fourth AGM of the Company to be held in the year 2017 (subject to ratification of their appointment at every AGM). The Statutory Auditors M/s M. K. Aggarwal & Co., hold office until the conclusion of the ensuing Annual General Meeting and are eligible for re- appointment. The Company has received a letter from them to the effect that their re-appointment, if made, would be within the limits prescribed under section 141(3)(g) of the Companies Act, 2013 and they are not disqualified for such re-appointment within the meaning of section 141 of the said Act.

The Board recommends their re-appointment at the ensuing Annual General Meeting by ratification from the Members of the company.

Auditor's Report:

The Auditor's Report is self-explanatory hence required no clarification by the Board.

Disclosure of Composition of Audit Committee and providing vigil mechanism- whistle blower:

The Vigil Mechanism of the Company, which also incorporates a whistle blower policy in terms of the Listing Agreement, includes an Ethics & Compliance Task Force comprising senior executives of the Company. Protected disclosures can be made by a whistle blower through an e- mail, or dedicated telephone line or a letter to the Task Force or to the Chairman of the Audit Committee.

The Audit Committee consists of the following members:

1. Dr. S. K. Ranjhan

2. Mr. B. B. Huria and

3. Mr. B. B. Gupta, being Chairman of the Committee

The above composition of the Audit Committee consists of 3 Independent Directors who form the majority.

During the year the Audit Committee had four Meetings held on 30th May, 2014, 14th August, 2014, 14th November, 2014 and 14th February, 2015. The attendance details are as follows:

Name                  No. of Meetings during the year (2014-15)

                                    Held    Attended

Mr. B. B. Gupta                      4         4

Mr. B. B. Huria                      4         4

Dr. S. K. Ranjhan                    4         3

The Company has established a vigil mechanism and overseas through the committee, the genuine concerns expressed by the employees and other Directors. The Company has also provided adequate safeguards against victimization of employees and Directors who express their concerns. The Company has also provided direct access to the chairman of the Audit Committee on reporting issues concerning the interests of co-employees and the Company.

Nomination and Remuneration Committee:

The Remuneration Committee of Directors of the Company is duly constituted with three Non-executive Independent Directors. The following Directors are the present members of the Committee.

1] Mr. B. B. Gupta

2] Mr. B. B. Huria

3] Dr. S. K. Ranjhan

Mr. B. B. Gupta is the Chairman of the committee and Mr. B. B. Huria and Dr. S. K. Ranjhan are the members of the committee.

Meetings and Attendance during the year

During the year 2014-15, the committee met once on 14th August, 2014 to approve and advise/recommend the reappointment of Mr. Sirajuddin Qureshi - Managing Director.

Terms of Reference

The Terms of reference of the remuneration committee, inter

alia, include determination of compensation package of Executive Director and Non-Executive Directors of the company.

Remuneration Policy

The remuneration policy of the company is directed towards rewarding performance, based on review of the achievements. The remuneration policy of the company is in consonance with the existing industry practice, which is broadly based on the following criteria:

1] Job responsibilities

2] Key performance areas

3] Industry trend

Shares

a. Buy Back of Securities

The Company has not bought back any of its securities during the year under review.

b. Sweat Equity

The Company has not issued any Sweat Equity Shares during the year under review.

c. Bonus Shares

No Bonus Shares were issued during the year under review.

d. Employees Stock Option Plan

The Company has not provided any Stock Option Scheme to the employees.

Particulars of Employees:

A statement showing the particulars of employees pursuant to section 197 of the Companies Act, 2013, read with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel)Rules, 2014 is mentioned below:-

Name of the      Designation     Qualification Age       Remuneration
Employee                                                 (Amt in 
                                                         Lacs Rs.)

Mr. Sirajuddin   Chairman &      BA, LLB        67         57.60
Qureshi          Managing 
                 Director                       years

Name of the      Experience       Date of      Previous
Employee                          employment   employ
                                               ment

 
Mr.Sirajuddin    38 years         06.08.1993   Not
Qureshi                                        Appli-
                                               cable
Particulars of Conservation of Energy, Technology Absorption and Foreign Exchange Earnings and Outgo:

The statement pursuant to Section 134(3)(m) of the Companies Act, 2013, read with the Companies (Disclosure of Particulars in the Report of Board of Directors), Rule 8(3), of the Companies (Account) Rules, 2014 is furnished in the Annexure forming part of the Report.

Particulars of Loans, Guarantees or Investments made under Section 186 of the Companies Act, 2013:

The particulars of Loans, guarantees or investments made under Section 186 is furnished below:

Status of Corporate Guarantees issued by the Company (Rs. In Lacs)

Details/Particulars                     Current Year      Previous Year
                                               As at              As at
                                          31-03-2015         31-03-2014

1.  Hind Agro Industries Limited for 
    Credit facilities from Consortium
    of Banks                             Rs.30684.00        Rs.29605.00

2.  Integrated Livestock Village Farm 
    Private Limited for Corporate
    Loan from J & K Bank                  Rs.1050.00         Rs.1050.00

3.  Others                                  Rs.75.25           Rs.75.25

Related Parties and related party relationships are identified by the company and relied upon by the Auditors

B. KEY MANAGERIAL PERSONNEL

S.   NAME OF THE       NATURE OF     NATURE OF              AMOUNT
No.  PERSONS           RELATION      TRANSACTION     (Rs. in Lacs)

1.   Shri Sirajuddin   Managing      Remuneration            57.60 
     Qureshi           Director

2.   Smt. Kiran 
     Qureshi           Director      Rent                    12.00

3.   Dr. Naseem 
     Qureshi           Director        -                        -
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 in accordance with the policy of the Company on materiality of related party transactions.

Your Directors draw attention of the members to Note 29 to the financial statement which sets out related party disclosures.

Explanation or comments on Qualifications, reservations or adverse remarks or disclaimers made by the Auditors and Practicing Company Secretary in their reports:

1. Statutory Auditors

The explanations/comments made by the Board relating to the qualifications, reservations or adverse remarks made by the Auditors are self-explanatory.

2. Secretarial Auditor

In the matter of adverse remark by the secretarial auditor in the secretarial Audit Report, we want to inform you that some compliance has been already made and some compliance has been in processes and we are committed to complete all the compliances as soon as possible.

3. Internal Auditors

In compliance to Section138 of the Companies Act, 2013 the Company had appointed a competent employee of the Company as Internal Auditor, who has been taking care of all the financial controls along with working of the company and has been reporting to the Management for the observation/discrepancies noted and suitable steps are immediately taken accordingly.

Company's Policy relating to Directors Appointment, payment of Remuneration and Discharge of their duties:

Presently the Company has a Nomination and Remuneration committee comprising of 3 Independent Directors of the Company. The Committee had a meeting on 14th August, 2014, during the year to consider re- appointment of Mr. Sirajuddin Qureshi as Chairman and Managing Director of the Company for a period of three years effective from 6th August, 2014 to 5th August, 2017 and payment of suitable remuneration subject to its approval by the Board of Directors of the Company and subsequently by the Members at the ensuing Annual General Meeting of the Company.

As per requirements of the Companies Act, 2013, the Company has 3 Independent Directors on the Board. They are also the members to the Audit Committee and Shareholders/Investors Grievances Committee of the Company.

Number of Board Meetings conducted during the year under review:

The Company had 4 Board meetings held during the financial year (i.e. 2014-15) under review.

The meetings were held on 30th May, 2014, 14th August, 2014, 14th November, 2014 and 14th February, 2015.

Name                     No. of Meetings during the year (2014-15)

                                   Held          Attended

Mr. Sirajuddin Qureshi              4                1

Mrs. Kiran Qureshi                  4               LOA

Dr. Naseem Qureshi                  4               LOA

Mr. B. B. Gupta                     4                4

Mr. B. B. Huria                     4                4

Dr. S. K. Ranjhan                   4                3
Directors' Responsibility Statement:

Pursuant to the provisions of Section 134(5) of the Companies Act, 2013, with respect to the Directors' Responsibility Statement, it is hereby confirmed that:

(i) in the preparation of the Annual Accounts for the financial year ended March 31, 2015, the applicable Accounting Standards had been followed along with proper explanation relating to material departures;

(ii) the Directors had selected such Accounting Policies and applied them consistently and made judgments and estimates that were 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 loss of the company for the year under review;

(iii) the Directors had taken proper and sufficient care for the maintenance of adequate Accounting Records in accordance with the provisions of the Companies Act, 2013, for safeguarding the assets of the company and for preventing and detecting fraud and other irregularities;

(iv) the Directors had prepared the Accounts for the financial year ended March 31, 2015, on a going concern basis.

(v) 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.

(vi) devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.

Internal financial control means the policies and procedures adopted by the Company for ensuring the orderly and efficient conduct of its business including adherence to Company's policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records and the timely preparation of reliable financial information.

SUBSIDIARIES, JOINT VENTURES AND ASSOCIATE COMPANIES

The Company has one Subsidiary Company and no Joint Venture or Associate Companies.

Personnel:

The employer-employee relations throughout the year were very cordial. The Company enjoys a healthy working atmosphere that inspires the employees to put their best foot forward in achieving a high-sustainable growth. The Directors also wish to place on record the support and confidence reposed in the management by the employees. Total quality in every sphere of activities, employee training and development continues to be on the top priority of your management.

Corporate Social Responsibility

As per the provisions under new Companies Act, 2013 and the rules made there under the company is not required to comply with the CSR Policy, however, the Company voluntarily making its regular efforts in improving the socio-economic environment in and around the factory, especially towards maintaining clean and green pollution free surroundings, improving the quality of life of its suppliers, employees and all concerned, through its efficient functioning and by taking all precautions against all sorts of environmental hazards. Developing and improving the agricultural resources, especially livestock, is given an utmost priority by the Company. The Company is fully conscious of its social responsibilities and has been discharging them to the fullest extent.

Acknowledgements:

Your Directors would like to express their grateful appreciation for the co-operation and support extended by the Central Government, State Government, Financial Institutions, Bankers, Vendors and Shareholders of the company during the year under review. Your Directors also wish to place on record their deep sense of appreciation for the committed services and untiring efforts of the executives, staff and workers of the company at all the levels.

                  ON BEHALF OF THE BOARD FOR HIND INDUSTRIES LIMITED

                                                  SIRAJUDDIN QURESHI 

                                        CHAIRMAN & MANAGING DIRECTOR 
NEW DELHI

04TH SEPTEMBER, 2015


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