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Smilax Industries Ltd. Directors Report
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Year End :2014-03 
Dear Shareholders,

The Directors have pleasure in presenting herewith the 20th Annual Report on the business of your Company together with the Audited Accounts for the financial year ended 31st March 2014.

FINANCIAL PERFORMANCE:

During the year under review the Company could not take-up any of its activities due to economic recession particularly in the construction industry. As far as the expenditure is concerned we have spent only the minimum amount required for safeguarding the interest/assets of the Company.

PARTICULARS OF EMPLOYEES:

In pursuance of the provisions of Section 217(2A) of the Companies Act, 1956 read with the Companies (Particulars of Employee), Rules 1975, no employees was in receipt of remuneration of Rs. 60,00,000/- or more per annum or Rs. 5,00,000/- or more per month or employed for a part of the year.

DIRECTORS:

During the year under review Mr. A. Vijaya Vardhan Reddy ceased to be the Director(s) of the Company. Pursuant to provisions of Section 149 and other applicable provisions of the Companies Act, 2013 read with Rules thereon, Mr. D. Sai Satish Kumar, Mr. Penugonda T.V.M Suresh and Mr. Chandaluru Bapanaiah, Independent Directors of the Company are seeking fresh appointment for five consecutive years commencing from the ensuing Annual General Meeting.

AUDITORS:

The Statutory Auditors of the Company, M/s. P. Murali & Associates, Chartered Accountants, retire at the conclusion of the ensuing Annual General Meeting and being eligible offer themselves for re-appointment. The Audit Committee and the Board recommend the re-appointment of M/s P. Murali & Associates, Chartered Accountants, as Statutory Auditors of your Company.

DEPOSITS:

The Company has not accepted any deposits during the year under review.

DIRECTORS' RESPONSIBILITY STATEMENT:

Pursuant to Section 217(2AA) of the Companies Act, 1956, your Directors confirm that:

i. In preparation of annual accounts for the financial year ended 31st March, 2014 the applicable Accounting Standards have been followed;

ii. The Directors have selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give true and fair view of the state of affairs of the Company at the end of the financial year ended 31st March, 2014 and of the profit and loss of the Company for the year;

iii. The Directors 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; and

iv. The Directors have prepared the annual accounts on a "going concern" basis.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS AND OUTGO:

During the period under review there are no operations which require to be disclosed under this head as per the provisions of the Companies Act, 1956.

CORPORATE GOVERNANCE:

Your Company has complied with the requirements of Clause 49 of the Listing Agreement entered with the Stock Exchanges. Report on Corporate Governance including Auditor's Certificate on compliance with the code of Corporate Governance under Clause 49 of the listing agreement is enclosed as Annexure to this report.

MANAGEMENT DISCUSSION & ANALYSIS:

A report on the Management Discussion and Analysis for the year under review is annexed hereto and forms part of the Annual Report.

                                        For and on behalf of the Board

Place: Nellore                               Sd/-                 Sd/-
Date: 14.08.2014                         DIRECTOR             DIRECTOR

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