Annual report-2015 Regent (Spine)

ANNUAL REPORT

2014-15

REGENT ENTERPRISES LIMITED

(Formerly known as Spine Traders Limited)

REGENT ENTERPRISES LIMITED (Formerly Known As Spine Traders Limited)

Annual Report 2014-15

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Board of Directors Registered Office

Mr. Mahendra Atamarambhai Solanki E-205 (LGF), Greater Kailash-II New Delhi-110048.

Mr. Vikas Kumar

Mrs. Veenu Jain

Auditor

M/s. Y. D. & Co., Chartered Accountants

Registrar & Transfer Agents

RCMC Share Registry (P.) Ltd., B-25/1, Okhla Industrial Area, Phase-2, Near Rana Motors, New Delhi-110020.

Contents

Notice of AGM 03

Report of the Board of Directors 11

Management Discussion & Analysis Report 19

Report on Corporate Governance 20

Auditor’s Report 55

Balance Sheet 60

Statement of Profit & Loss Account 61

Cash Flow Statement 62

Notes 63



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NOTICE OF ANNUAL GENERAL MEETING

NOTICE is hereby given that the Annual General Meeting of the member of the Regent

Enterprises Limited (formerly known as Spine Traders Limited) will be held at Arya Samaj, M-

Block, Road No.1, Greater Kailash-II, New Delhi-110048 on 30th day of September, 2015 at 11.00

A.M. to transact following businesses:-

Ordinary Business

(1) To receive, consider and adopt the Audited Financial Statements of the Company for the financial year ended 31st March, 2015 together with the report of the Board of Directors and Auditors thereon.

(2) To appoint a Director in place of Mr. Mahendra Atamarambhai Solanki (DIN: 00059589), who retires by rotation and being eligible offers himself for re-appointment.

(3) To consider and if thought fit, to pass with or without modification(s), the following

Resolution as an ORDINARY RESOLUTION:

“RESOLVED THAT in accordance section 139 and 141 with applicable provisions of the Companies Act, 2013, and the Rules made there under (including any statutory modification(s) or re-enactment thereof), M/s Rajan K. Gupta & Co., Chartered Accountants (Firm Registration No. 005945C), be and are hereby appointed as Auditors of the Company to hold office from the conclusion of this Annual General Meeting until the conclusion of the next Annual General Meeting to be held in the year 2016 on remuneration as may be mutually agreed between the Board of Directors of the Company and Auditors.”

Special Business

(4) Appointment of Mrs. Veenu Jain as Women cum Independent Director

To consider and if, thought fit to pass with or without modification(s), the following resolution as an Ordinary Resolution:-

"RESOLVED that pursuant to the provisions of section 149, 150, 152 read with Schedule IV and all other applicable provisions of the Companies Act, 2013 and the Companies (Appointment and Qualification of Directors) Rules, 2014 (including any statutory modification(s) or re-enactment thereof for the time being in force) and Clause 49 of the Listing Agreement, Mrs. Veenu Jain (DIN : 06936574), who was appointed as an Additional Director pursuant to the provisions of Section 161 of the Companies Act, 2013 and the Articles of Association of the Company and who holds office up to the date of this Annual General Meeting and in respect of whom the Company has received a notice in writing under Section 160 of the Companies Act, 2013 from a member proposing her candidature for the office of Director, be and is hereby appointed as



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Women Cum Independent Director of the Company up to 31st March, 2019, not liable to retire by rotation."

(5) Appointment of Mr. Vikas Kumar as an Independent Director

To consider and if thought fit to pass with or without modification(s) the following resolution as an Ordinary Resolution:-

“RESOLVED that pursuant to the provisions of sections 149, 152 and other applicable provisions, if any, of the Companies Act, 2013 (Act) and the Rules framed thereunder, read with Schedule IV to the Act, as amended from time to time, Mr. Vikas Kumar (DIN: 05308192), who was appointed as an Additional Director pursuant to the provisions of Section 161 of the Companies Act, 2013 and the Articles of Association of the Company and who holds office up to the date of this Annual General Meeting and in respect of whom the Company has received a notice in writing under Section 160 of the Companies Act, 2013 from a member proposing his candidature for the office of Director, be and is hereby appointed as an Independent Director of the Company up to 31st March, 2019, not liable to retire by rotation."

By order of the Board For Regent Enterprises Limited

Place: New Delhi Mahendra Atamarambhai Solanki Date: 02nd September, 2015 Director (DIN-00059589) Registered Office: E-205 (LGF), Greater Kailash-II, New Delhi-110048 NOTES:- 1. A Member Entitled To Attend And Vote At This Annual General Meeting Is Entitled

To Appoint A Proxy To Attend And Vote On A Poll Instead Of Himself And A Proxy Need Not To Be A Member Of The Company. The Instrument Appointing A Proxy Should However Be Deposited At The Registered Office Of The Company Duly Completed, Not Less Than 48 Hours Before The Commencement Of The Meeting. A Person Can Act As A Proxy On Behalf Of Members Not Exceeding Fifty And Holding In The Aggregate Not More Than Ten Percent Of The Total Share Capital Of The Company Carrying Voting Rights. A Member Holding More Than Ten Percent Of The Total Share Capital Of The Company Carrying Voting Rights May Appoint A Single



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Person As A Proxy And Such Person Shall Not Act As A Proxy For Any Other Person Or Shareholder.

2. Pursuant to provisions of section 91 of the Companies Act, 2013 register of members and share transfer books of the Company will remain closed on all days from 24th September 2015 to 30th September 2015 (both days inclusive).

3. The members are requested to notify immediately any change in their address, exclusively on separate letter without clubbing it with any other request, for quicker attention directly to the Company's Share Transfer Agent.

4. A statement pursuant to section 102 of the Companies Act, 2013, relating to the Special Business to be transacted at the Meeting is annexed hereto.

5. The Shareholders are requested to update their Contact address and e mail address. 6. The members/proxies are requested to bring their copy of Annual Report while attending

the Annual General Meeting of the Company. 7. Members desirous of asking any question at the Annual General Meeting are requested to

send in their question so as to reach the Company at least 10 days before the Annual General Meeting so that the same can be suitably addressed.

8. Corporate members intending to send their authorized representatives to attend the

meeting are requested to send to the Company a certified copy of the Board Resolution / power of attorney (POA) authorizing their representative to attend and vote on their behalf at the meeting.

9. In case of joint holders attending the meeting, only such joint holder who is higher in the

order of names will be entitled to vote.

10. Mr. Abhimanyu Upadhyaya of M/s. A. Upadhyaya & Associates, Practicing Company Secretaries (Membership No. FCS 5921), has been appointed as the Scrutinizer to scrutinize the voting and remote e-voting process (including the Ballot Form received from the Members who do not have access to the e-voting process) in a fair and transparent manner..

11. As a part of "Green Initiative in the Corporate Governance", the Ministry of Corporate

Affairs vide its circular no. 's 17/2011 and 18/2011 dated 21.01.2011 and 29.04.2011 respectively, has permitted the companies to serve the documents, namely, Notice of general Meeting, Balance Sheet, profit & Loss Account, Auditors' Report, Directors' Report, etc. to the members through e-mail. The shareholders holding shares in physical form are requested to register their email address with the Registrar & Share Transfer Agent by sending duly signed request letter quoting their Folio no. name and address. In case of shares held in demat form, the shareholders may register their e-mail addresses with their DPs (Depository Participants).



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Voting through electronic means (e-voting)

The instructions for shareholders for e-voting are as under: (a) In case shareholder receives e-mail from NSDL:

i) Open e-mail and open PDF file viz. ―Regent Enterprises e-voting‖ with your

Client ID or Folio No. as password. The said PDF file contains your user ID and password for e-voting. Please note that the password is an initial password.

ii) Launch internet browser by typing the following URL:

https://www.evoting.nsdl.com/

iii) Click on Shareholder - Login.

iv) Insert user ID and password as initial password noted in step (i) above. Click

Login

v) Password change menu appears. Change the password with new password of

your choice with minimum 8 digits/characters or combination thereof. Note new password. It is strongly recommended not to share your password with any other person and take utmost care to keep your password confidential.

vi) Home page of e-Voting opens. Click on e-Voting: Active E-voting Cycles.

vii) Select ―EVEN‖ of Regent Enterprises Limited.

viii) Now you are ready for e-Voting as Cast Vote page opens.

ix) Cast your vote by selecting appropriate option and click on ―Submit‖ and also

―Confirm‖ when prompted.

x) Upon confirmation, the message ―Vote cast successfully‖ will be displayed.

xi) Once you have voted on the resolution, you will not be allowed to modify your

vote.

xii) For the votes to be considered valid, the institutional shareholders (i.e. other

than individuals, HUF, NRI etc) are required to send scanned copy (PDF/JPG Format) of the relevant Board Resolution/ Authority Letter etc. together with attested specimen signature of the duly authorized signatory/ies who are authorized to vote, to the Scrutinizer through e-mail at [email protected] with a copy marked to [email protected].

(b) In case of Shareholders‘ receiving Postal Ballot Form by Post:

i) Initial User id & Password is provided in Postal Ballot Form.

https://www.evoting.nsdl.com/

mailto:[email protected]



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ii) Please follow all steps from Sl. No. ii) to Sl. No. xii) above, to cast vote.

(b) In case of any queries, you may refer the Frequently Asked Questions (FAQs) for

Shareholders and e-voting user manual for Shareholders available at the Downloads section of www.evoting.nsdl.com

(c) If you are already registered with NSDL for e-voting then you can use your existing

user ID and password for casting your vote.

(e) You can also update your mobile number and e-mail id in the user profile details of the

folio which may be used for sending future communication.


Place: New Delhi Mahendra Atamarambhai Solanki Date: 02nd September, 2015 Director (DIN-00059589) Registered Office: E-205 (LGF), Greater Kailash-II, New Delhi-110048

http://www.evoting.nsdl.com/



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Explanatory Statements

Pursuant To Section 102 of the Companies Act, 2013 Item No. 4 The Board of Directors has received a notice from the shareholder proposing the candidature of Mrs.Veenu Jain (DIN: 06936574) as a Women cum Independent Director to be appointed under the provisions of Section 149 and 152 of the Companies Act, 2013. The Company has received from Mrs. Veenu Jain (i) consent in writing to act as Women cum Independent Director in Form DIR-2 pursuant to Rule 8 of the Companies (Appointment & Qualification of Directors) Rules 2014 (ii) intimation in Form DIR- 8 in terms of Companies (Appointment & Qualification of Directors) Rules, 2014 to the effect that she is not disqualified under sub-section (2) of Section 164 of the Companies Act, 2013 and (iii) a declaration to the effect that she meets the criteria of independence as provided in sub-section (6) of Section 149 of the companies Act, 2013. The Resolution seeks the approval of members for the appointment of Mrs. Veenu Jain as Women cum Independent Director of the Company upto March 31, 2019 pursuant to Section 149 and other applicable provisions of the Companies Act, 2013 and the Rules made hereunder. She is not liable to retire by rotation. In the opinion of the Board of Directors, Mrs. Veenu Jain proposed to be appointed, as a Women cum Independent Director, fulfill the conditions specified in the Companies Act, 2013 and the Rules made hereunder and she is independent. A copy of the draft letter for the appointment of Mrs. Veenu Jain as Women cum Independent Director setting out the terms and conditions is available for inspection without any fee by the members at the Company's Registered Office during normal business hours on working days up to the date of the Annual General Meeting. None of the Directors, Key Managerial Personnel or their relatives, except Mrs. Veenu Jain for whom the Resolution relates, are interested or concerned in the Resolution. The Board seeks approval of the members for the appointment of Mrs. Veenu Jain as Women cum Independent Director of the Company upto March 31, 2019 pursuant to section 149 and other applicable provisions of the Act, Rules made there under and that she shall not be liable to retire by rotation. Item no. 5 The Board of Directors has received a notice from the shareholder proposing the candidature of Mr. Vikas Kumar (DIN: 05308192) as an Independent Director to be appointed under the provisions of Section 149 and 152 of the Companies Act, 2013. The Company has received from Mr. Vikas Kumar (i) consent in writing to act as Independent Director in Form DIR-2 pursuant to Rule 8 of the Companies (Appointment & Qualification of



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Directors) Rules 2014 (ii) intimation in Form DIR- 8 in terms of Companies (Appointment & Qualification of Directors) Rules, 2014 to the effect that he is not disqualified under sub-section (2) of Section 164 of the Companies Act, 2013 and (iii) a declaration to the effect that he meets the criteria of independence as provided in sub-section (6) of Section 149 of the companies Act, 2013. The Resolution seeks the approval of members for the appointment of Mr. Vikas Kumar as an Independent Director of the Company upto March 31, 2019 pursuant to Section 149 and other applicable provisions of the Companies Act, 2013 and the Rules made hereunder. He is not liable to retire by rotation. In the opinion of the Board of Directors, Mr. Vikas Kumar proposed to be appointed, as an Independent Director, fulfill the conditions specified in the Companies Act, 2013 and the Rules made hereunder and he is independent. A copy of the draft letter for the appointment of Mr. Vikas Kumar as an Independent Director setting out the terms and conditions is available for inspection without any fee by the members at the Company's Registered Office during normal business hours on working days up to the date of the Annual General Meeting. None of the Directors, Key Managerial Personnel or their relatives, except Mr. Vikas Kumar for whom the Resolution relates, are interested or concerned in the Resolution. The Board seeks approval of the members for the appointment of Mrs. Vikas Kumar as an Independent Director of the Company upto March 31, 2019 pursuant to section 149 and other applicable provisions of the Act, Rules made there under and that he shall not be liable to retire by rotation. In compliance with the provisions of section 149 read with Schedule IV of the Act, the appointment of these directors as Independent Directors is now being placed before the Members for their approval. The terms and conditions of appointment of the above Directors shall be open for inspection by the Members at the Registered Office of the Company during normal business hours on any working day, excluding Saturday and Sunday.


Place: New Delhi Mahendra Atamarambhai Solanki Date: 02nd September, 2015 Director (DIN-00059589) Registered Office: E-205 (LGF), Greater Kailash-II, New Delhi-110048



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Details of Director Seeking Appointment and Re-appointment at the Annual General

Meeting

Particulars Mr. Mahendra Atamarambhai Solanki

Mr. Vikas Kumar Mrs. Veenu Jain

Date of Birth October 30, 1979 June 25, 1974 September 22, 1975

Date of Appointment February 23, 2012 February 10, 2015 August 13, 2015

Qualification Graduation in Commerce

Graduation in Science

Post Graduation in Commerce

Expertise in Specific Functional Areas

Financial Accounting

Financial Accounts and Commercial

Expert in Import and trading Edible oils

Directorship Held in Other Public Companies (excluding foreign Companies and section 8 Company)

Sterling Webnet Limited

Rudra Securities & Capital Limited

NIL NIL

Memberships / Chairmanships of committees of other public companies (includes only Audit Committee and Stakeholders‟ Relationship Committee.

NIL NIL NIL

Number of Shares held in Company

NIL NIL NIL



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Directors‟ Report

To the members,

The Directors submit annual report of Regent Enterprises Limited (formerly known as

Spine Traders Limited) along with the audited financial statements for the financial

year ended March 31, 2015.

1. Financial Result

Sr. No

Particulars Year Ended

March 31, 2015 Year Ended

March 31, 2014

I Revenue from operations 28,262,231 -

II Other Income 293,169 -

III Total Revenue (I +II) 28,555,400 -

IV Expenses: Cost of materials consumed - -

Purchase of Stock-in-Trade 27,565,834 Changes in inventories of finished goods, work-

in-progress and Stock-in-Trade 0 0

Employee Benefit Expense 120,000 -

Financial Costs 5,191 670

Depreciation and Amortization Expense 1,127,080 1,307,438

Other Expenses 464,574 208,134

Total Expenses (IV) 29,282,679 1,516,242

V Profit before tax (III - VI) (727,280) (1,516,242)

VI Tax expense: (1) Current tax (2) Deferred tax - 212,553

VII Profit(Loss) after Tax (V-VI) (727,280) (1,728,795)



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2. Dividend

Based on the Company‘s performance, the directors place on record their deep sense

of concern that due to loss incurred director unable to declare any dividend to its

shareholders.

3. Company‟s Performance

Revenue from operation for the financial year 2014-15 was Rs. 28,262,231. Earnings

before interest, tax and depreciation was amounted to (Rs. 727,280). Profit After Tax

(PAT) for the year was (RS. 727,280).

4. Fixed Deposit

Company has not accepted any deposits from the open public and members as per

the prohibition under section 73 of the Companies Act, 2013

5. Transfer to Reserve

The Company does not transfer any amount to the reserve during the year under

review.

6. Material changes and commitment, if any, affecting the financial position of the

Company occurred between the end of financial year to which this financial

statements relate and the date of the report

No material changes and commitments affecting position of the Company occurred during the financial year to which this financial statement relates on the date of the report.

7. Change in Nature of Business, If any The Board of Directors of company decided to diversify its business in the field of purchase, sell, import, export, process and otherwise sell on commission basis raw materials and finished products of edible and non-edible oils, solvents, oil cakes, de-oiled cakes etc., consumables and non consumable products and other related activities so all necessary approvals have been taken and amendments have been made in object clause of Memorandum of Association of the Company. The name of the Company is also changed from Spine Traders Limited to Regent Enterprises



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Limited through postal ballot and e-voting and approval of Registrar of Companies, NCT of Delhi & Haryana is received on 22nd June, 2015.

8. Details of significant and material orders passed by the regulators or courts or tribunals impacting the going concern status and company‟s operation in Future There are no significant and material orders passed by the Regulators/Courts that would impact the going concern status of the company and its future operations.

9. Details of Subsidiary/Joint Ventures/Associates Companies Company has no subsidiary/Joint Ventures/Associates Companies.

10. The state of the Company‟s Affairs i) Further Issue of Capital

There is no change in the authorised, issued and paid-up capital of the company during the financial year 2014-15.

ii) Change in accounting year There is no change in the accounting year.

iii) Manpower training and executive development programs There were no such activities taken place during the year 2014-15.

11. Auditor and Auditors‟ Report

M/s. Y. D. & Co., Chartered Accountants, holds office until the conclusion of

ensuing Annual General Meeting (AGM) and has expressed their unwillingness to

be reappointed as the Statutory Auditors of the Company.

Further, your Company has received a written consent and a certificate from M/s

Rajan K. Gupta & Co., Chartered Accountants (Registration No. 005945C) to the

effect that their appointment, if made, would satisfy the criteria provided in sections

139 and 141 of the Companies Act, 2013 read with Companies (Audit & Auditors)

Rules 2014.

Hence, the Board hereby recommends the appointment of M/s Rajan K. Gupta &

Co., Chartered Accountants (Registration No. 005945C) as Statutory Auditors of the



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Company from the conclusion of this Annual General Meeting until the conclusion of the

next Annual General Meeting to be held in the year 2016.

12. Directors‟ Responsibility Statement

Pursuant to Section 134(5) of the Companies Act, 2013, the board of directors, to the

best of their knowledge and ability, confirm that:

in the preparation of the annual accounts, the applicable accounting standards have been followed and there are no material departures;

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;

they have taken proper and sufficient care for the maintenance of adequate

accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;

they have prepared the annual accounts on a going concern basis; they have laid down internal financial controls to be followed by the Company and

such internal financial controls are adequate and operating effectively; They have devised proper systems to ensure compliance with the provisions of all

applicable laws and that such systems were adequate and operating effectively.

Based on the framework of internal financial controls and compliance systems established and maintained by the Company, work performed by the internal, statutory and secretarial auditors and external consultants and the reviews performed by management and the relevant board committees, including the audit committee, the board is of the opinion that the Company‘s internal financial controls were adequate and effective during the financial year 2014-15.

13. Directors and Key Managerial Personnel

Mr. Pargat Singh and Mr. Harleen Singh Kathuria director of the company stepped down from the Board of the Company on February 10 and February 20, 2015 respectively due to resignation under section 168 of the Companies Act, 2013. They



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were associated with the company for around 2 years as director of the company. Under their leadership Spine Traders transformed to modern day company. The Board places on records its appreciation of the invaluable contribution and guidance provided by them. Mr. Ramanlal Trivedi, Director of the company stepped down from the Board of the Company on 13th August 2015 under section 168 of the Company Act, 2013. The Board places on records its appreciation of the invaluable contribution and guidance provided by him. Pursuant to the provisions of section 161 of the Companies Act, 2013 Mr. Vikas Kumar and Mrs. Veenu Jain were appointed as additional directors of the company on February 10, 2015 and on 13th August, 2015 respectively. Both Mr. Vikas Kumar and Mrs. Veenu Jain have submitted a declaration that each of them meets the criteria of independence as provided in Section 149(6) of the Act.

14. Number of Board Meetings 8 meetings of the board were held during the year. For details of the meetings of the board, please refer to the corporate governance report (Annexure-II), which forms part of the report.

15. Board Evaluation The board of directors has carried out an annual evaluation of its own performance, Board committees and individual directors pursuant to the provisions of the Act and the corporate governance requirements as prescribed by Securities and Exchange Board of India (―SEBI‖) under Clause 49 of the Listing Agreements (―Clause 49‖).

The performance of the Board was evaluated by the Board after seeking inputs from all the directors on the basis of the criteria such as the Board composition and structure, effectiveness of board processes, information and functioning, etc.

The performance of the committees was evaluated by the board after seeking inputs from the committee members on the basis of the criteria such as the composition of committees, 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 the criteria such as the contribution of the individual director to the Board and committee meetings like preparedness on the issues to be discussed, meaningful and constructive



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contribution and inputs in meetings, etc. In addition, the Chairman was also evaluated on the key aspects of his role.

In a separate meeting of independent Directors, performance of non-independent directors, performance of the board as a whole and performance of the Chairman was evaluated, taking into account the views of executive directors and non-executive directors. The same was discussed in the board meeting that followed the meeting of the independent Directors, at which the performance of the Board, its committees and individual directors was also discussed.

16. Particulars of Employees

The statement showing particulars of employees under section 197 of the Companies Act, 2013, read with rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 as amended, is not required to be given as there were no employees coming within the purview of this section.

17. Internal financial control system and their adequacy The details in respect of internal financial control and their adequacy are included in the Management Discussion & Analysis (Annexure-I), which forms part of this report.

18. Auditors‟ report and Secretarial Auditors‟ report The Auditors‘ report and secretarial auditors‘ report does not contain any qualification, reservation or adverse remarks. Report of the secretarial auditor is given as an annexure (IV) which forms part of this report.

19. Risk Management The Board of the Company has formed a risk management committee to frame, implement and monitor the risk management plan for the Company. The committee is responsible for reviewing the risk management plan and ensuring its effectiveness. The audit committee has additional oversight in the area of financial risks and controls. Major risks identified by the businesses and functions are systematically addressed through mitigation actions on a continuing basis. The development and implementation of risk management policy has been covered in the management discussion and analysis (Annexure-I), which forms part of this report.



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20. Extract of Annual Return As provided under section 92(3) of the Act, the extract of annual return is given in Annexure-III in the prescribed form MGT-9, which forms part of this report.

21. Particulars of loan, guarantee and investments

The particular of loans, guarantees and investments have been disclosed in the financial statements.

22. Transactions with related parties

None of the transactions pursuant to section 188 of the Companies Act, 2013 was taken place during the financial year ended on March 31, 2015.

23. Conservation Of Energy, Technology Absorption and Foreign Exchange Earnings and Outgo:

The details of conservation of energy, technology absorption etc. as required to be given under Section 134(3) (m) of the Companies Act, 2013 are not applicable to our Company, as our Company has not carried out in the manufacturing activities. The foreign exchange earnings on account of the operation of the Company during the year were Rs. Nil.

24. Corporate Governance Report Your Company has been complying with the conditions of Corporate Governance as stipulated in Clause 49 of the Listing Agreement. A separate report on Corporate Governance along with Auditors‘ Certificate on compliance with the Corporate Governance norms and stipulated in Clause 49 of the Listing Agreement, forming part of this report is annexed herewith (Annexure-II).

25. Corporate Social Responsibility The Company is not covered by the section 135 of the Companies Act, 2013 as the company has not prescribed income as mentioned in the above pursuant law of the Companies Act, 2013.

26. Declaration of Independent Directors

The Independent Directors have submitted their disclosures to the board that they fulfill the entire requirement as stipulated in section 149 (6) of the Companies Act,



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2013. During the current year Independent directors are yet to be appointed after the approval of the members in annual general meeting of the company.

27. Company‟s Policy relating to Directors appointment, payment of remuneration

and discharge of their duties

The Company‘s policy relating to appointment of Directors, payment of Managerial

Remuneration, Directors qualification, positive attributes, independence of directors

and other related matters as provided under Section 178(3) of the Act is furnished in

the Annexure, which forms part of this report Annexure-V(A). Policy for selection of

Directors, determining Directors‘ Independence, Remuneration Policy for Directors

and Key Managerial Personnel is annexed as Annexure-V (B).

28. Acknowledgement The Directors would like to express their sincere appreciation for the assistance and co-operation received from the Banks, Government Authorities, Customers, and Shareholders during the year. The directors also wish to take on record their deep sense of appreciation for the committed services of the employees at all levels, which has made our Company successful in the business.


Place: New Delhi Mahendra Atamarambhai Solanki Vikas Kumar Date: 02nd September, 2015 Director (DIN-00059589) Director (DIN-005308192) Registered Office: E-205 (LGF), Greater Kailash-II, New Delhi-110048



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Annexure to Directors‟ Report

Annexure- (I)

MANAGEMENT DISCUSSION AND ANALYSIS REPORT

Outlook:

The company is confident in spite of the possible recessionary conditions in the industry it will perform better in view of the strong fundamentals of the Indian companies and hope to improve its Turnover. Internal Controls Systems and their adequacy: The company has adequate internal control systems to ensure operational efficiency, protection and conservation of resources, accuracy and promptness in financial reporting and compliance of law and regulations. The internal control system is supported by the internal audit process. The Internal Auditor reviews and ensures that the audit observations are acted upon. The Audit Committee of the Board reviews the Internal Audit reports and the adequacy and effectiveness of internal controls. Human Resources: The relationship with the employees continues to be cordial. The Company recognizes the importance and contribution of its employees for its growth and development and constantly endeavors to train nurture and groom its people The Company puts emphasis on attracting and retaining the right talent. The company places emphasis on training and development of employees at all levels and has introduced methods and practices for Human Resource Development. Cautionary Statement:

Statements in this Management Discussion and Analysis describing the company‘s

objectives, projections, estimates and expectations may be forward looking statement

within the meaning of applicable laws and regulations. Actual results might differ

materially from those either expressed or implied.



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Annexure- (II) to Directors‟ Report

REPORT ON CORPORATE GOVERNANCE FOR THE YEAR 2014-15

1. COMPANY‟S PHILOSOPHY ON CODE OF GOVERNANCE

The Company firmly believes in effective Corporate Governance practices and follows all the

applicable laws in true and letter sprit. Corporate Governance is an ethically driven process

that constitutes the strong foundation on which successful commercial enterprises are built

and enhance the organization wealth generating capacity. The Company also believes in fair,

transparent and ethical governance practices. The imperative for Corporate Governance lies

not merely in drafting a code of Corporate Governance, but in practicing it to achieve desired

results.

2. BOARD OF DIRECTORS

The Board of Directors is having non-executive and independent directors. The Board

of Directors is consisting of three Directors. The Directors manages the day to day

affairs of the Company. Non-executive and independent directors did not have any

pecuniary relationship of transactions with the company during the period under

review. There are no material transactions where they have had personal interests

that conflict with that of the Company.

Attendance at the Board meetings and Annual General Meetings of each director during the year

Name of the Director

Designation/ Category No. of Board Meetings Last AGM

attended

Held Attended

MR. HARLEEN SINGH

KATHURIA*

Non Executive & Independent 9 6 Yes

MR. PARGAT SINGH* Non Executive & Independent 9 5 Yes

MR. MAHENDRA

ATAMARAMBHAI SOLANKI

Executive & Non Independent 9 9 Yes

Mr. VIKAS KUMAR** Non Executive & Additional 9 3 No

Mrs. VEENU JAIN** Non Executive & Additional 9 0 No

None of the Director is a member in more than 10 Companies and Act as Chairman in more than 5 Companies



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across all Companies in which he/she is a Director.

*Mr. Harleen Singh Kathuria and Mr. Pargat Singh retired from post of independent director on 10th February and 20th February, respectively this year.

**Mr. Vikas Kumar and Mrs. Veenu Jain were appointed as additional director on 10th

February and 13th August of this year respectively and seeking for reappointment.

8 Board Meetings were held during the year and the gap between two meeting did not

exceed on hundred twenty days. The dates on which the said meetings were held:

May 21, 2014; July 30, 2014; August 26, 2014; November 7, 2014; February 10, 2015;

February 13, 2015; February 20, 2015; and March 30, 2015.

3. AUDIT COMMITTEE

The Audit Committee of the Company comprises of three directors being Mr.

Mahendra Atamarambhai Solanki, Mr. Harleen Singh Kathuria and Mr. Pargat

Singh. Mr. Harleen Singh Kathuria is Chairman of the Committee. The audit

Committee members for current year are yet to be appointed in the upcoming AGM

of the Company.

The role, terms of reference, authority and powers of the audit committee are in

conformity with the requirement of Companies Act, 1956, and Listing Agreement.

Role/ Functions of the Committee:

o Reviewing with management the annual financial statements before submission to the Board.

o Recommending the appointment and removal of external auditors, fixation of audit fee and also approval for payment for any other services.

o Review of policies relating to risk management – operational and financial. o Reviewing with the management, external auditors and the adequacy of the

internal control system. Powers of the Committee: To investigate any activity within its terms of reference; To secure attendance of and seek any information from any employee including

representative of the prime shareholders (subject to their internal approvals); Compliance with accounting standards; To obtain outside legal or other professional advice, if necessary;



22 | P a g e

To secure attendance of outsiders with relevant expertise, if it considers necessary;

Compliance with Stock Exchange and legal requirements concerning financial statements.

Attendance at the Audit Committee Meetings

During the year the Audit Committee met 4 times on 15th April, 2014, 30th July, 2014,

19th November, 2014 and 5th February, 2015. Attendance of the members is as under:

Director DIN Name No. of Meeting attended

Held Attended

02278750 Mr. HARLEEN SINGH KATHURIA 4 4

02700550 Mr. PARGAT SINGH 4 4

00059589 Mr.MAHENDRA ATAMARAMBHAI

SOLANKI

4 4

4. REMUNERATION COMMITTEE

Remuneration committee shall be set up after AGM.

5. SHAREHOLDERS TRANSFER AND GRIEVANCES COMMITTEE

This committee consisted of three directors namely, Mr. Mahendra Atamarambhai

Solanki, Mr. Harleen Singh Kathuria and Mr. Pargat Singh.

Mr. Mahendra Atamarambhai Solanki is Chairman of the Committee. The committee

was constituted to redress shareholders‘/ investors‘ complaints etc. relating to delay

in transfer of shares, non-receipt of annual accounts, delay in balance sheet, split-up

share certificate, issue duplicate certificate, transmission of shares, dematerialization

of shares etc. relating to the shares issued by the Company. Mr. Mahendra

Atamarambhai Solanki, Director of the Company has been authorized by the Board

to approve such transfers within the time stipulated under the Listing Agreement.

Further the complaints of the above nature are promptly attended by the Compliance

Officer.



23 | P a g e

But after resignation of Mr. Harleen Singh Kathuria and Mr. Pargat Singh the

members of the committee are yet to be appointed for the current year to continue the

smooth working of the company.

There is no pending, unsolved complaint of Shareholders of the Company and no

pending Share Transfer.

6. GENERAL BODY MEETINGS

Location and time for last 3 years Annual General Meetings as given below:

Financial

Year Location Date Time

A.M./

P.M.

Particulars

of the

Special

Resolution

2013-14 A-308, LGF, Defense Colony, New Delhi-

110024

29.09.2014 11.00

A.M.

To wholly

replace the

existing

AOA by a

new set of

Articles.

2012-13 A‐308, LGF , Defence Colony, New

Delhi‐110024

30.09.2013 12.00

P.M.

Nil

2011-12 B-612, Vasant Kunj Enclave, New Delhi-

110 070

15.12.2012 10.00

A.M.

Nil

No resolution is proposed by postal ballot at the ensuing Annual General Meeting.

7. DISCLOSURES There are no materially significant related partly transactions i.e. transactions of

the Company of material natures, with its promoters, the directors or the managements, their subsidiaries or relatives etc., that may have potential conflict with interest of the Company at large.

No penalties or strictures were imposed on the Company by the Stock Exchange or SEBI or any statutory authority, on any matter related to capital markers, during the last three years.



24 | P a g e

The Company has complied with various rules and regulations prescribed by the Stock Exchange and SEBI during the last three years. No penalties or strictures have been imposed by them on the Company.

8. CEO / CFO Certification

Under clause 41 and clause 49 of the Listing Agreement with Stock Exchanges have

been submitted to the Board by the CEO and CFO.

9. MEANS OF COMMUNICATION

The Company has submitted its quarterly, half yearly and yearly financial results to

the Stock Exchanges immediately after its approval by the Board. The Company did

not send the half yearly report to the Shareholders of the Company. The website of

Company is under construction & will be operational shortly.

10. GENERAL SHAREHOLDERS INFORMATION

Financial Year : 1st April to 31st March

Date and time of Annual General

Meeting

: Wednesday, 30th September, 2015 at 11:00 A.M.

Venue of Annual General Meeting : Arya Samaj, Greater Kailash-II, M- Block, Road

No. 1, New Delhi-110048

Dates of Book Closure : 24/09/2015 to 30/09/2015

Listing on Stock Exchange : BSE Limited, Mumbai

Delhi Stock Exchange Association Limited,

Delhi

Stock Code and Scrip ID : 512624 (BSE) and SPINETR (BSE) 03164 (DSE)

Demat ISIN No. : INE769D01016

Financial for Reporting 2015-2016 (tentative schedule) Quarterly Financial Results : Date of Board Meeting

First Quarter Results : On or Before 14.08.2015



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Second Quarter Results : On or Before 14.11.2015

Third Quarter Results : On or Before 14.02.2016

Fourth Quarter Results : On or Before 15.05.2016

11. CATEGORIES OF SHAREOWNERS AS ON 31.03.2015

Category No. of Shares Held Voting Strength (%)

Promoters

Individuals / Hindu Undivided

Family

2917853 8.72

Bodies Corporate 1287264 3.85

Total shareholding of Promoter and

Promoter Group (A)

4205117 12.57

Bodies Corporate 23451290 70.10

Resident Individuals:

Individuals holding capital upto Rs.

1 Lakh

Individuals holding capital more

than Rs. 1 Lakh

2152958

3572082

6.44

10.68

Any Others (Specify)

NRIs/ OCBs 3488 0.01

Others (Clearing Members) 71413 0.21

Total 33456348 100.00

12. DISTRIBUTION OF SHAREHOLDING AS ON 31.03.2015



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Share Balance Holders % of Total Total Shares Amount % of Total

Up to- 5000 3387 76.73 540768 5407680.00 1.62

5001-10000 429 9.72 325502 3255020.00 0.97

10001-20000 239 5.41 362549 3625490.00 1.08

20001-30000 70 1.59 182144 1821440.00 0.54

30001-40000 43 0.97 147991 1479910.00 0.44

40001-50000 36 0.82 173550 1735500.00 0.52

50001-100000 91 2.06 663152 6631520.00 1.98

100001 and above

119 2.70 31060692 310606920.00 92.84

Total 4414 100.00 33456348 334563480.00 100

13. STOCK MARKET DATA

The monthly movement of Equity Share prices on BSE during the year is

summarized below:

Month Highest (Rs) Lowest (Rs)

Apr-14 3.0 2.6

May-14 3.17 3.0

Jun-14 3.44 3.15

Jul-14 3.18 3.0

Aug-14 3.05 2.76

Sep-14 2.8 2.52

Oct-14 3.15 2.8

Nov-14 3.15 2.6

Dec-14 2.45 3.23

Jan-15 3.71 3.10



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Feb-15 2.98 3.56

Mar-15 4.07 3.56

14. REGISTRAR AND SHARE TRANSFER AGENT

RCMC Share Registry (P) Ltd. having its registered office at B-25/1, Okhla Industrial

Area, Phase-2, Near Rana Motors, New Delhi-110020 is the Registrar & Share

Transfer Agent for processing the transfer of securities issued by the Company.

15. SHARE TRANSFER SYSTEM

Transfer of Shares in Physical form are registered and dispatched within 3 weeks

from the date of their receipts, subject to the documents being valid and complete in

all respects. Transfer of shares are processed by the Share Transfer Agents and

approved by the Share Transfer Committee called as ―Investor / Shareholders

Grievance Committee‖, which meets at frequent intervals. Share transfers are

registered and returned within 15 days from the date of receipt, if the relevant

documents are complete in all respect.

16. DEMATERIALIZATION OF SHARES AND LIQUIDITY

The Equity Shares of your company are traded in compulsory dematerialization

form by all investors. The company has entered into agreements with existing

Depository, Central Depository System Limited (CDSL) and National Securities

Depository Limited (NSDL) enabling the investors to hold shares of the company in

electronic form through the depository of their choice.

17. ADDRESS FOR CORRESPONDENCE

E-205 (LGF), Greater Kailash-II, New Delhi-110048

Investors Correspondence/ Complaints to be address to:

Mr. Mahendra Atamarambhai Solanki Director (DIN-00059589) and Compliance

Officer E-mail: [email protected]

mailto:[email protected]



28 | P a g e

CERTIFICATE OF COMPLIANCE WITH THE CODE OF CONDUCT FOR BOARD

OF DIRECTORS

To

The Members of Regent Enterprises Limited

This is to confirm that the Board has laid down a Code of Conduct for all Board

members and Senior Management of the Company.

The Code of Conduct has also been posted on the website of the Company. It is further

confirmed that all Directors and Senior Management Personnel of the Company have

affirmed compliance with the Code of Conduct of the Company for the year ended 31st

March, 2015 as envisaged in Clause 49 of the Listing agreement with Stock Exchanges.


New Delhi 02nd September, 2015 Mahendra Atamarambhai Solanki Vikas Kumar

Director (DIN-00059589) Director (DIN- 05308192)



29 | P a g e

CERTIFICATION ON CORPORATE GOVERNANCE

To the members of Spine Traders Limited:

We have examined the compliance of conditions of Corporate Governance by Spine Traders Limited for the year ended 31st March, 2015 as stipulated in Clause 49 of the Listing Agreement of the Company with the Stock Exchanges.

The compliance of condition of Corporate Governance is the responsibility of the management. Our examination was limited to procedures and implementation thereof, adopted by the Company for ensuring the compliance conditions of Corporate Governance. It is neither an audit nor an expression of opinion on the financial statements of the Company.

In our opinion and to the best of our information and according to the explanation given to us, we certify that the Company has complied with the conditions of Corporate Governance as stipulated in the above mentioned Listing Agreement.

We have been explained that no investor grievances are pending for a period exceeding one month against the Company as per the records maintained by the Company.

We further state that such compliances are neither an assurance as to the future viability of the Company nor the efficiency or effectiveness with which the management has conducted the affairs of the Company.

For, Y. D. & Co. Chartered Accountants Sd/- (Rakesh Puri) Partner M. No. 092728 Date: 30th May, 2015 Place: Ludhiana



30 | P a g e

Annexure-III to Directors‟ Report

FORM NO. MGT 9 EXTRACT OF ANNUAL RETURN

as on financial year ended on 31.03.2015 Pursuant to Section 92 (3) of the Companies Act, 2013 and rule 12(1) of the

Company (Management & Administration) Rules, 2014.

I REGISTRATION & OTHER DETAILS:

i CIN : L15500DL1994PLC153183

ii Registration Date : 13.07.1994

iii Name of the Company : Regent Enterprises Limited

iv Category/Sub-category of the Company :

Company Limited by Shares/Indian Non Government Company

v Address of the Registered office & contact details

: E-205 (LGF), Greater Kailash-II, New Delhi-110048

vi Whether listed company : Yes

vii Name, Address & contact details of the Registrar & Transfer Agent, if any.

:

RCMC Share Registry (P) Ltd.,B-25/1, Okhla Industrial Area, Phase-2, Near Rana Motors, New Delhi-110020

II PRINCIPAL BUSINESS ACTIVITIES OF THE COMPANY

All the business activities contributing 10% or more of the total turnover of the company shall be stated

SL No

Name & Description of main products/services

NIC Code of the Product /service

% to total turnover of the company

1 Trading of Edible Oils 51225 100



31 | P a g e

IV SHAREHOLDING PATTERN (Equity Share capital Break up as % to total Equity)

Category of Shareholders

No. of Shares held at the beginning of the year

No. of Shares held at the end of the year % change during the year

Demat Physical Total % of Total

Shares

Demat Physical Total % of Total

Shares

A. Promoters

(1) Indian

a) Individual/HUF 1262157 3971299 5233456 15.64 0 2917853 2917853 8.72 -44.25

b) Central Govt. or State Govt. 0 0 0 0 0 0 0 0 0

c) Bodies Corporate 0 1397664 1397664 4.18 0 1287264 1287264 3.85 -7.9

d) Bank/FI 0 0 0 0 0 0 0 0 0

e) Any other 0 0 0 0 0 0 0 0 0

SUB TOTAL:(A) (1) 1262157 5368963 6631120 19.82 0 4205117 4205117 12.57 -36.6

(2) Foreign

a) NRI- Individuals 0 0 0 0 0 0 0 0 0

b) Other Individuals 0 0 0 0 0 0 0 0 0

c) Bodies Corp. 0 0 0 0 0 0 0 0 0

d) Banks/FI 0 0 0 0 0 0 0 0 0

III PARTICULARS OF THE HOLDING/SUBSDIARY AND ASSOCIATE COMPANIES

Sr. No Name & Address of the Company CIN/GLN HOLDING/ SUBSIDIARY/ ASSOCIATE

% OF SHARES HELD

APPLICABLE SECTION

1 NIL NIL NIL NIL NIL





32 | P a g e

e) Any other… 0 0 0 0 0 0 0 0 0

SUB TOTAL (A) (2) 0 0 0 0 0 0 0 0 0

Total Shareholding of Promoter (A)= (A)(1)+(A)(2) 1262157 5368963 6631120 19.82 0 4205117 4205117 12.57 -36.6

B. PUBLIC SHAREHOLDING

(1) Institutions

a) Mutual Funds 0 0 0 0 0 0 0 0 0

b) Banks/FI 0 0 0 0 0 0 0 0 0

C) Central Govt. 0 0 0 0 0 0 0 0 0

d) State Govt. 0 0 0 0 0 0 0 0 0

e) Venture Capital Fund 0 0 0 0 0 0 0 0 0

f) Insurance Companies 0 0 0 0 0 0 0 0 0

g) FIIS 0 0 0 0 0 0 0 0 0

h) Foreign Venture Capital Funds 0 0 0 0 0 0 0 0 0

i) Others (specify) 0 0 0 0 0 0 0 0 0

0 0 0 0 0 0 0 0 0

SUB TOTAL (B)(1): 0 0 0 0 0 0 0 0 0

(2) Non Institutions

a) Bodies corporate 2312074 20053857 22365931 66.85 3397433 20053857 23451290 70.1 4.86

i) Indian 0 0 0 0 0 0 0 0 0

ii) Overseas 0 0 0 0 0 0 0 0 0

b) Individuals



33 | P a g e

i) Individual shareholders holding nominal share capital upto Rs.1 lakhs 1184840 927920 2112760 6.31 1225038 927920 2152958 6.44 1.9

ii) Individuals shareholders holding nominal share capital in excess of Rs. 1 lakhs 1867451 414962 2282413 6.82 2303364 1268718 3572082 10.68 56.5

c) Others (specify)

1) Clearing Members 61878 0 61878 0.18 71413 0 71413 0.21 15.4

2) Non-Resident 2246 0 2246 0.01 3488 0 3488 0.01 55.3

SUB TOTAL (B)(2): 5428489 21396739 26825228 80.17 7000736 22250495 29251231 87.44 9.04

Total Public Shareholding (B)= (B)(1)+(B)(2) 5428489 21396739 26825228 80.17 7000736 22250495 29251231 87.44 9.04

C. Shares held by Custodian for GDRs & ADRs 0 0 0 0 0 0 0 0 0

Grand Total (A+B+C) 6690646 26765702 33456348 100 7000736 26455612 33456348 100 0



34 | P a g e

(ii) SHARE HOLDING OF PROMOTERS

Sr. N0.

Shareholders Name

Shareholding at the beginning of the year

Shareholding at the end of the year

% change in share holding during

the year

NO of shares

% of total

shares of the compa

ny

% of shares

pledged encumbered to total

shares

NO of shares

% of total

shares of the compa

ny

% of shares pledged

encumbered to total shares

1 Ahaar International Ltd. 11040 0.03 0 11040 0.03

0 0

2 Ajai Kumar 1178715 3.52 0 0 0 0 0

3 Alok Rastogi 232718 0.7 0 0 0 0 0

4 Ambrisha Rastogi 250793 0.75 0 250793 0.75 0 0

5 Amod M. Rastogi 28242 0.08 0 0 0 0 0

6 Avnesh Rastogi 188885 0.56 0 188885 0.56 0 0

7 Cure Well Research Centre Pvt. Ltd. 215280 0.64 0 215280 0.64

0 0

8 Dinesh Pareekh 6624 0.02 0 6624 0.02 0 0

9 Irahad Ahmed Ali 169455 0.51 0 0 0 0 0

10 Kamlesh Kumari 83442 0.25 0 0 0 0 0

11 Khulbhushan Sharma 55200 0.16 0 55200 0.16

0 0

12 Manoj Kumar 8924 0.03 0 0 0 0 0

13 Manoj Kumar 51336 0.15 0 0 0 0 0

14 Nathu 169455 0.51 0 169455 0.51 0 0

15 Nishi Rastogi 28242 0.08 0 0 0 0 0

16 Om Prakash Sharma 228528 0.68 0 228528 0.68

0 0



35 | P a g e

17 P. N. Rastogi 202894 0.61 0 202894 0.61 0 0

18 Pradeep Kumar Sharma 66240 0.2 0 0 0

0 0

19 Pramod Kumar 44160 0.13 0 0 0 0 0

20 Parveen Kumar Sharma 66240 0.2 0 66240 0.2

0 0

21 Pramod Grover 18075 0.05 0 18075 0.05 0 0

22 R.G.M. Techno Plast Pvt. Ltd. 215280 0.64 0 215280 0.64

0 0

23 Raj Rani Rastogi 13248 0.04 0 0 0 0 0

24 Raj Tilak 55200 0.16 0 0 0 0 0

25 Ram Gopal Sharma 66240 0.2 0 0 0 0 0

26 Ram Kumar 183350 0.55 0 183350 0.55 0 0

27 Ram Kumar Sharma 44160 0.13 0 0 0

0 0

28 Ravish Gupta 173521 0.52 0 0 0 0 0

29 Sahas Foundation 717600 2.14 0 717600 2.14 0 0

30 Sanjay Sharma 55200 0.16 0 55200 0.16 0 0

31 Securocrop Securities Pvt. Ltd. 845664 2.53 0 845664 2.53

0 0

32 Shivi Mohan Agarwal 12144 0.04 0 12144 0.04

0 0

33 Shweta Agarwal 71760 0.21 0 0 0 0 0

34 Sudhir Rastogi 169455 0.51 0 169455 0.51 0 0

35 Sunil Rastogi 169455 0.51 0 169455 0.51 0 0

36 Surendra Sharma 248400 0.74 0 248400 0.74 0 0

37 Suresh Gupta 175555 0.52 0 175555 0.52 0 0

38 Vipul Finvest Ltd. 110400 0.33 0 0 0 0

Total 6631120 19.82 0 4205117 12.57 0 0



36 | P a g e

(iii)

CHANGE IN PROMOTERS' SHAREHOLDING ( SPECIFY IF THERE IS NO CHANGE)

Sl. No.

Share holding at the beginning of the Year

Cumulative Share holding during the year

No. of Shares

% of total shares of the

company

No of shares


company

At the beginning

of the year

Change in promotor‘s shareholding is mentioned in IV (ii) above.

Date wise increase/decrease in Promoters Share holding during the year specifying the reasons for increase/decrease (e.g. allotment/transfer/bonus/sweat equity etc)

At the end of the year



37 | P a g e

(iv) Shareholding Pattern of top ten Shareholders (other than Directors, Promoters and Holders of GDRs and ADRs):

Sr. No

.

Shareholder‘s Name Shareholding at the end of the year 31/03/2015

No. of Shares % of total shares of the company

% of total Shares Pledged/encumbered to total shares

% change in shareholding during the year

1 Devi Bagh Resorts Pvt Ltd 4000000 11.956 0 0

2 D & D Cements Pvt Ltd 4000000 11.956 0 0

3 Vardhaman Tradex Pvt Ltd 4000000 11.956 0 0

4 Compass Technologies Pvt Ltd

4000000 11.956 0 0

5 Pankhuri Technowave Pvt Ltd

4000000 11.956 0 0

6 Girish Metals (P) Ltd 743356 2.222 0 2.222

7 Littlestar Tradecom Private Limited

668538 1.998 0 1.998

8 Ashi Rastogi 393532 1.176 0 1.176

9 Securocrop Securities ( I ) Pvt. Ltd

330308 0.987 0 0

10 Goodview Projects Private Limited

324423 0.97 0 0.97

Total 2,24,60,157 67.133 0 6.366



38 | P a g e

(v) Shareholding of Directors & KMP

Sl. No

Shareholding at the end of the year

Cumulative Shareholding during the year

For Each of the Directors & KMP

No.of shares


company

No of shares


company

At the beginning of the year NIL NIL NIL NIL

Date wise increase/decrease in Promoters Share holding during the year specifying the reasons for increase/decrease (e.g. allotment/transfer/bonus/sweat equity etc) NIL NIL NIL NIL

At the end of the year NIL NIL NIL NIL



39 | P a g e

V INDEBTEDNESS

Indebtedness of the Company including interest outstanding/accrued but not due for payment

Secured Loans

excluding deposits

Unsecured Loans

Deposits Total Indebtedness

Indebtedness at the beginning of the financial year

i) Principal Amount NIL 850000 NIL 850000 ii) Interest due but not

paid NIL NIL NIL NIL

iii) Interest accrued but not due NIL NIL NIL NIL

Total (i+ii+iii) NIL 850000 NIL 850000

Change in Indebtedness

during the financial year

Additions NIL 850000 NIL 850000 Reduction NIL 680000 NIL 680000 Net Change NIL 170000 NIL 170000 Indebtedness at the end of

the financial year i) Principal Amount NIL 1020000 NIL 1020000

ii) Interest due but not paid NIL NIL NIL NIL

iii) Interest accrued but not due NIL NIL NIL NIL

Total (i+ii+iii) NIL 1020000 NIL 1020000



40 | P a g e

VI REMUNERATION OF DIRECTORS AND KEY MANAGERIAL PERSONNEL A. Remuneration to Managing Director, Whole time director and/or Manager:

Sr. No Particulars of Remuneration Name of the MD/WTD/Manager

Total Amount

1

Gross salary

(a) Salary as per provisions contained in section 17(1) of the Income Tax. 1961. NIL NIL NIL NIL NIL

(b) Value of perquisites u/s 17(2) of the Income tax Act, 1961 NIL NIL NIL NIL NIL

(c ) Profits in lieu of salary under section 17(3) of the Income Tax Act, 1961 NIL NIL NIL NIL NIL

2 Stock option NIL NIL NIL NIL NIL 3 Sweat Equity NIL NIL NIL NIL NIL

4

Commission NIL NIL NIL NIL NIL as % of profit NIL NIL NIL NIL NIL others

(specify) NIL NIL NIL NIL NIL

5

Others, please specify NIL NIL NIL NIL NIL

Total (A) NIL NIL NIL NIL NIL

Ceiling as per the Act NIL NIL NIL NIL NIL



41 | P a g e

B. Remuneration to other directors:

Sr. No Particulars of Remuneration Name of the Directors

Total Amount

1

Independent Directors NIL NIL NIL NIL

(a) Fee for attending board committee meetings NIL NIL NIL NIL

(b) Commission NIL NIL NIL NIL

(c ) Others, please specify NIL NIL NIL NIL

Total (1) NIL NIL NIL NIL

2

Other Non Executive Directors NIL NIL NIL NIL

(a) Fee for attending board committee meetings NIL NIL NIL NIL

(b) Commission NIL NIL NIL NIL

(c ) Others, please specify. NIL NIL NIL NIL

Total (2) NIL NIL NIL NIL

Total (B)=(1+2) NIL NIL NIL NIL

Total Managerial Remuneration NIL NIL NIL NIL

Overall Ceiling as per the Act. NIL NIL NIL NIL



42 | P a g e

C. REMUNERATION TO KEY MANAGERIAL PERSONNEL OTHER THAN MD/MANAGER/WTD

Sl. No.

Particulars of Remuneration Key Managerial Personnel

1 Gross Salary

CEO Company

Secretary

CFO Total

(a) Salary as per provisions contained in section 17(1) of the Income Tax Act, 1961.

NIL NIL NIL NIL NIL

(b) Value of perquisites u/s 17(2) of the Income Tax Act, 1961

NIL NIL NIL NIL NIL

(c ) Profits in lieu of salary under section 17(3) of the Income Tax Act, 1961

NIL NIL NIL NIL NIL

2 Stock Option NIL NIL NIL NIL NIL

3 Sweat Equity NIL NIL NIL NIL NIL

4

Commission as % of profit NIL NIL NIL NIL NIL



43 | P a g e

others, specify

5

Others, please specify NIL NIL NIL NIL NIL

Total NIL NIL NIL NIL NIL

VII PENALTIES/PUNISHMENT/COMPPOUNDING OF OFFENCES

Type Section of the Companies Act, 2013

Brief Description

Details of Penalty/Punishment/Compounding fees imposed

Authority (RD/NCLT/Court)

Appeal made if any (give details)

A. COMPANY

Penalty NIL NIL NIL NIL NIL

Punishment NIL NIL NIL NIL NIL

Compounding NIL NIL NIL NIL NIL

B. DIRECTORS




C. OTHER OFFICERS IN DEFAULT






44 | P a g e

Annexure-IV to Directors‟ Report

SECRETARIAL AUDIT REPORT

FOR THE FINANCIAL YEAR ENDED 31ST MARCH, 2015 [Pursuant to section 204(1) of the Companies Act, 2013 and rule No.9 of the

Companies (Appointment and Remuneration Personnel) Rules, 2014]

To,

The Members,

Spine Traders Limited

We have conducted Secretarial Audit pursuant to Section 204 of the Companies Act

2013, for the compliance of the applicable Statutory Provisions and the adherence to

good corporate practices by Spine Traders Limited (hereinafter called as ―the

Company‖) a company duly incorporated under the provisions of Companies Act, 1956

and bearing CIN L51900DL1994PLC153183. The Secretarial Audit was conducted in a

manner that provided us a reasonable basis for evaluating the corporate conducts /

statutory compliances and expressing our opinion thereon.

1. Based on our verification of the books, papers, minutes books, forms, returns filed and other records maintained by the Company and also the information provided by the management and according to the examinations carried out by us and explanations furnished and representations made to us by the Company, its officers, agents and authorized representatives during the conduct of Secretarial Audit, we hereby report that in our opinion, the Company has during the Audit Period covering the Financial Year ended on 31st March, 2015 complied with the statutory provisions listed hereunder and also that the Company has proper Board-processes and compliance-mechanism in place to the extent, in the manner and subject to the reporting made hereinafter.

2. We have examined the books, papers, minute books, forms and returns filed and other records maintained by Spine Traders Limited (hereinafter called as ―the Company‖) for the financial year commencing from 1st April, 2014 and ended on 31st March, 2015 (―Audit Period‖) according to the provisions of:

i. The Companies Act, 1956 (to the extent applicable) and the Companies Act, 2013 (the Act) and the Rules made there under;

ii. The Securities Contracts (Regulation) Act, 1956 (‗SCRA‘) and the Rules made there under;



45 | P a g e

iii. The Depositories Act, 1996 and the Regulations and Bye-laws framed there under;

iv. Foreign exchange Management Act, 1999 and the rules and regulations made thereunder to the extent of Foreign Direct Investment and External Commercial Borrowings. (Provisions not Applicable, as there being no transactions involving foreign exchange).

v. The following Regulations and Guidelines prescribed under the Securities and Exchange Board of India Act, 1992 (‗SEBI Act‘):- a. The Securities and Exchange Board of India (Substantial Acquisition of

Shares and Takeovers) Regulations, 2011; b. The Securities and Exchange Board of India (Prohibition of Insider

Trading) Regulations, 1992; c. The Securities and Exchange Board of India (Issue of Capital and

Disclosure Requirements) Regulations, 2009. (Not Applicable, as the company had not issued any security during the financial year under review).

d. The Securities and Exchange Board of India (Employee Stock Option Scheme and Employee Stock Purchase Scheme) Guidelines, 1999. (Not Applicable, as the company had not granted any options to its employees during the financial year under review).

e. The Securities and Exchange Board of India (Issue and Listing of Debt Securities) Regulations, 2008 (Not Applicable, as there being no debt securities, which are listed on any of the recognized Stock Exchanges).

f. The Securities and Exchange Board of India (Registrars to an Issue and Share Transfer Agents) Regulations, 1993 regarding the Companies Act and dealing with client; (Not Applicable, as the company is not registered as Registrars to an Issue and Share Transfer Agent during the financial year under review).

g. The Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2009; (not applicable, as there being no instances of delisting of Equity Shares during the financial year under review).

h. The Securities and Exchange Board of India (Buyback of Securities) Regulations, 1998; (not applicable, as there being no instances of buy-back of shares during the financial year under review).

We have also examined compliance with the applicable clauses of the following:

i. The Listing Agreements entered into by the Company with Stock Exchanges. During the period under review the Company has complied with the provisions of the Act, Rules, Regulations, Guidelines, Standards, etc. mentioned above.



46 | P a g e

Based on information received & records maintained we further report that:-

The Board of Directors of the Company is duly constituted with proper balance of

Executive Directors, Non-Executive Directors and Independent Directors. The

changes in the composition of the Board of Directors that took place during the

period under review were carried out in compliance with the provisions of the Act.

Adequate notice is given to all directors to schedule the Board Meetings, agenda

and detailed notes on agenda were generally sent at least seven days in advance,

and a system exists for seeking and obtaining further information and

clarifications on the agenda items before the meeting and for meaningful

participation at the meeting.

All decisions at Board Meetings and Committee Meetings are carried out

unanimously as recorded in the minutes of the meetings of the Board of Directors

or Committee of the Board, as the case may be.

We further report that there are adequate systems and processes in the Company

commensurate with the size and operations of the company to monitor and ensure

compliance with applicable laws, rules, regulations and guidelines.

I further report that:-

i) the company is in the process of appointing CFO and Company Secretary.

ii) the company has issued postal ballot notice for change of name from Spine

Traders Limited to Regent Enterprises Limited and change in object clause of

the company.

For Abhishek Sethiya & Associates

(Company Secretaries)

Place:- New Delhi

Date:- 30.05.2015 CS Abhishek Sethiya

(Proprietor)

FCS No. 7856, CP No. 14237



47 | P a g e

Annexure to Secretarial Audit Report

This Report is to be read with our letter of even date which is annexed as Annexure A and forms an integral part of this report. „Annexure A‟ To, The Members, Spine Traders Limited Our report of even date is to be read along with this letter.

1. Maintenance of Secretarial record is the responsibility of the management of the Company. Our responsibility is to express an opinion on these secretarial records based on our audit.

2. We have followed the audit practices and process as were appropriate to obtain reasonable assurance about the correctness of the contents of the Secretarial records. The verification was done on test basis to ensure that correct facts are reflected in Secretarial records. We believe that the process and practices, we followed provide a reasonable basis for our opinion.

3. We have not verified the correctness and appropriateness of financial records and Books of Accounts of the Company.

4. Where ever required, we have obtained the Management representation about the Compliance of laws, rules and regulations and happening of events etc.

5. The Compliance of the provisions of Corporate and other applicable laws, rules, regulations, standards is the responsibility of management. Our examination was limited to the verification of procedure on test basis.

6. The Secretarial Audit report is neither an assurance as to the future viability of the company nor of the efficacy or effectiveness with which the management has conducted the affairs of the Company.

For Abhishek Sethiya & Associates

(Company Secretaries)

Place: - New Delhi

Date: - 30.05.2015 CS Abhishek Sethiya

(Proprietor)

FCS No. 7856, CP No. 14237



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Annexure-V (A) to Directors‟ Report

Policy for selection of Directors and determining Directors‟ Independence

1. Introduction

1.1 Regent Enterprises Limited (Formerly Known As Spine Traders Limited)

believes that an enlightened Board consciously creates a culture of leadership

to provide a long-term vision and policy approaches to improve the quality of

governance. Towards this, we ensures constitution of a Board of Directors

with an appropriate composition, size, diversified expertise and experience

and commitment to discharge their responsibilities and duties effectively.

1.2 We recognize the importance of Independence Directors in achieving the

effectiveness of the Board. We aim to have an optimum combination of

Executive, Non-Executive and Independent Directors.

2. Scope and Exclusion:

2.1 This Policy sets out guiding principles for the Nomination and Remuneration

committee for identifying persons who are qualified to become Directors and

to determine the independence of Directors, in case of their appointment as

independent directors of the Company.

3. Terms and References:

In this Policy, the following terms shall have the following meanings:

3.1 “Director” means a director appointed to the Board of a Company.

3.2 “Nomination and Remuneration Committee” means the committee

constituted by IIL‘s board in accordance with the provisions of Section 178 of

the Companies Act, 2013.

3.3 “Independent Director” means a director referred to in sub-section (6) of

Section 149 of the Companies Act, 2013.

4. Policy:

4.1. Qualification and criteria

4.1.1 The Nomination and Remuneration Committee and the Board, shall

review on an annual basis, appropriate skills, knowledge and

experience required of the Board as a whole and its individual



49 | P a g e

members. The objective is to have a Board with diverse background

and experience that are relevant for the Company‘s global operations.

4.1.2 In evaluating the suitability of individual Board members, the

Nomination and Remuneration Committee may take into account

factors, such as:

General understanding of the Company‘s business dynamics,

global business and social perspective;

Education and Professional background

Standing in the profession;

Personal and professional ethics, integrity and values;

Willingness to devote sufficient time and energy in carrying out

their duties and responsibilities effectively.

4.1.3 The proposed appointee shall also fulfill the following requirements:

Shall possess a Director Identification Number (DIN).

Shall not be disqualified under the Companies Act, 2013

Shall give his written consent to act as a Director;

Shall endeavor to attend all Board Meetings and wherever he

is appointed as a Committee Member, the Committee

Meetings;

Shall abide by the Code of Conduct established by the

Company for Directors and Senior Management Personnel;

Shall disclose his concern or interest in any company or

companies or bodies corporate, firms, or other association of

individuals his shareholdings at the first meeting of the Board

in every financial year and thereafter whenever there is a

change in the disclosures already made:

Such other requirements as may be prescribed, from time to

time, under the Companies Act, 2013 and other relevant laws.

4.1.4 The Nomination and Remuneration Committee shall evaluate each

individual with the objective of having a group that best enables the

success of the Company‘s business.

4.2 Criteria of Independence

4.2.1 The Nomination and Remuneration Committee shall assess the

independence of Directors at the time of appointment/re-appointment



50 | P a g e

and the Board shall assess the same annually. The Board shall re-assess

determinations of independence when any new interests or

relationships are disclosed by a Director.

4.2.2 The criteria of independence, as laid down in Companies Act, 2013 is

as below:

An independent director in relation to a company, means a director

other than a managing director or a whole-time director-

a. who, in the opinion of the Board, is a person of integrity and

possesses relevant expertise and experience;

b. (i) who is or was not a promoter of the company or its holding,

subsidiary or associate company;

(ii) who is not related to promoters or directors in the company, its

holding, subsidiary or associate company;

c. who has or had no pecuniary relationship with the company, its

holding, subsidiary or associate company, or their promoters, or

directors, during the two immediately preceding financial years or

during the current financial year;

d. None of whose relatives has or had pecuniary relationship or

transaction with the company, its holding, subsidiary or associate

company, or their promoters, or directors, amounting to two

percent. or more of its gross turnover or total income or fifty lakhs

rupees or such higher amount as may be prescribed, whichever is

lower, during the two immediately preceding financial years or

during the current financial year;

e. who, neither himself nor any of his relatives—

(i) holds or has held the position of a key managerial personnel or

is or has been employee of the company or its holding,

subsidiary or associate company in any of the three financial

years immediately preceding the financial year in which he is

proposed to be appointed;

(ii) is or has been an employee or proprietor or a partner, in any of

the three financial years immediately preceding the financial

year in which he is proposed to be appointed, of—



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(A) a firm of auditors or company secretaries in practice or cost

auditors of the company or its holding, subsidiary or

associate company; or

(B) Any legal or a consulting firm that has or had any

transaction with the company, its holding, subsidiary or

associate company amounting to ten per cent. or more of

the gross turnover of such firm;

(iii) Holds together with his relatives two per cent. or more of the

total voting power of the company; or

(iv) is a Chief Executive or director, by whatever name called, of

any nonprofit organization that receives twenty-five per cent or

more of its receipts from the company, any of its promoters,

directors or its holding, subsidiary or associate company or

that holds two per cent. or more of the total voting power of

the company; or

f. shall possesses such other qualifications as prescribed below: An

independent director shall possess appropriate balance of skills,

experience and knowledge in one or more fields of finance, law,

management, sales, marketing, administration, research, corporate

governance, technical operations or other disciplines related to the

company‘s business.

g. shall possess such other qualifications as may be prescribed, from

time to time, under the Companies Act, 2013

h. who is not less than 21 years of age.

4.2.3 The Independent Directors shall abide by the ―Code of Independent

Directors‖ as specified in Schedule IV to the Companies Act, 2013.

4.3 Other directorship/committee memberships

4.3.1 The members are expected to have adequate time and expertise and

experience to contribute to effective Board performance. Accordingly,

members should voluntarily limit their directorships in other public

companies in such a way that it does not interfere with their role as

directors of the Company. The Nomination and Remuneration



52 | P a g e

Committee take into account f , and the time involved in a Directors‘

service on other Boards, in evaluating the suitability of the individual

Director and making its recommendations to the Board.

4.3.2 A Director shall not serve as Director in more than 20 companies of

which not more than 10 shall be Public Limited Companies.

4.3.3 A Director shall not serve as an Independent Director in more than 7

Listed Companies and not more than 3 Listed Companies in case he is

serving as a Whole-time-Director in any Listed Company.

4.3.4 A Director shall not be a member in more than 10 committees or act as

Chairman of more than Committees across all companies in which he

holds directorships.

For the purpose of considering the limit of the Committees, Audit

Committee and Stakeholders‘ Relationship Committee of all Pubic

Companies, whether listed or not, shall be included and all other

companies including Private Companies, Foreign Companies under

Section 8 of the Companies Act, 2013 shall be excluded.



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Annexure V (B) to Directors‟ Report

Remuneration Policy for Directors, Key Managerial Personnel

1. Introduction

1.1 Regent Enterprises Limited recognizes the importance of aligning the

business objectives with specific and measurable individual objectives and

targets. The Company has therefore formulated the remuneration policy for

its directors, key managerial personnel and other employees keeping in view

the following objectives:

1.1.1 Ensuring that the level and composition of remuneration is reasonable

and sufficient to attract, retain and motivate, to run the company

successfully.

1.1.2 Ensuring the relationship of remuneration to performance is clear and

meets the performance benchmarks.

1.1.3 Ensuring that remuneration involves a balance between fixed ad

incentive pay reflecting short and long term performance objectives

appropriate to the working of the company and its goals.

2. Scope and Exclusion:

2.1 This Policy sets out the guiding principles for the Nomination and

Remuneration Committee for recommending to the Board the remuneration

of the directors, key managerial personnel and other employees of the

Company.

3. Terms and References:

In this Policy, the following terms shall have the following meanings:

3.1 “Directors” means a director appointed to the Board of the Company.

3.2 “Key Managerial Personnel” means

(i) the Chief Executive Officer or the Managing Director or the Manager;

(ii) the Company Secretary;

(iii) the whole-time director;

(iv) the Chief Financial Officer; and

(v) such other officer as may be prescribed under the Companies Act,

2013.

3.3 “Nomination and Remuneration Committee” means the committee

constituted by IIL‘s Board in accordance with the provisions of Section 178 of

the Companies Act, 2013.

4. Policy:



54 | P a g e

4.1 Remuneration to Executive Directors and Key Managerial Personnel

4.1.1 The Board, on the recommendation of the nomination and

remuneration committee, shall review and approve the remuneration

payable to the Executive Directors of the Company within the overall

limits approved by the shareholders.

4.1.2 The Board, on the recommendation of the nomination and

remuneration committee, shall review and approve the remuneration

payable to the Key Managerial Personnel of the Company.

4.1.3 The remuneration structure to the Executive Directors and Key

Managerial Personnel shall include the following components:

(i) Basic Pay

(ii) Perquisites and Allowances

(iii) Stock Options

(iv) Commission (Applicable in case of Executive Directors)

(v) Retiral benefits

(vi) Annual Performance Bonus

4.1.4 The annual plan and objectives for Executive directors and Senior

Executives (Executive Committee) shall be reviewed by the

Nomination and Remuneration Committee and Annual Performance

Bonus will be approved by the Committee based on the achievement

against the Annual Plan and Objectives.

4.2 Remuneration to Non-Executive Directors

4.2.1 The Board, on the recommendation of the Nomination and

Remuneration Committee, shall review and approve the remuneration

payable to the Non-Executive Directors of the Company within the

overall limits approved by the shareholders.

Non-Executive Directors shall be entitled to sitting fees for attending the meeting of the

Board and the Committees thereof. The Non-executive Directors shall also be entitled to

profit related commission in addition to the sitting fees.



55 | P a g e

Independent Auditors‟ Report To, THE MEMBERS OF SPINE TRADERS LIMITED

REPORT ON THE FINANCIAL STATEMENTS

We have audited the accompanying financial statements of SPINE TRADERS LIMITED,

which comprise the Balance Sheet as at 31 March 2015, the Statement of Profit and Loss, the

Cash Flow Statement for the year then ended, and a summary of significant accounting policies

and other explanatory information.

MANAGEMENT‟S RESPONSIBILITY FOR THE FINANCIAL STATEMENTS

The Company‘s Board of Directors is responsible for the matters in section 134(5) of the

Companies Act, 2013 (―the Act‖) with respect to the preparation of these financial statements

that give a true and fair view of the financial position, financial performance and cash flows of

the Company in accordance with the accounting principles generally accepted in India,

including the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of

the Companies (Accounts) Rules, 2014. This responsibility also includes the maintenance of

adequate accounting records in accordance with the provision of the Act for safeguarding of the

assets of the Company and for preventing and detecting the frauds and other irregularities;

selection and application of appropriate accounting policies; making judgments and estimates

that are reasonable and prudent; and design, implementation and maintenance of internal

financial control, that were operating effectively for ensuring the accuracy and completeness of

the accounting records, relevant to the preparation and presentation of the financial statements

that give a true and fair view and are free from material misstatement, whether due to fraud or

error.

AUDITOR‟S RESPONSIBILITY

Our responsibility is to express an opinion on these financial statements based on our audit. We

have taken into account the provisions of the Act, the accounting and auditing standards and

matters which are required to be included in the audit report under the provisions of the Act

and the Rules made there under.

We conducted our audit in accordance with the Standards on Auditing specified under section



56 | P a g e

143(10) of the Act. Those Standards require that we comply with ethical requirements and plan

and perform the audit to obtain reasonable assurance about whether the financial statements

are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and

disclosures in the financial statements. The procedures selected depend on the auditor‘s

judgment, including the assessment of the risks of material misstatement of the financial

statements, whether due to fraud or error. In making those risk assessments, the auditor

considers internal financial control relevant to the Company‘s preparation of the financial

statements that give true and fair view in order to design audit procedures that are appropriate

in the circumstances. An audit also includes evaluating the appropriateness of accounting

policies used and the reasonableness of the accounting estimates made by Company‘s

Directors, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a

basis for our audit opinion on the financial statements.

OPINION

In our opinion and to the best of our information and according to the explanations given to us,

the aforesaid financial statements, give the information required by the Act in the manner so

required and give a true and fair view in conformity with the accounting principles generally

accepted in India;

a) in the case of the Balance Sheet, of the state of affairs of the Company as at March 31, 2015; b) in the case of the Statement of Profit and Loss, of the loss for the year ended on that date; and c) in the case of the Cash Flow Statement, of the cash flows for the year ended on that date.

Report on other Legal and Regulatory Requirements

1. As required by the Companies (Auditor‘s Report) Order, 2015, issued by the Central

Government of India in term of sub-section (11) of section 143 of the Companies Act,

2013, we give in the Annexure a statement on the matters specified in the paragraphs 3

and 4 of the Order, to the extent applicable.



57 | P a g e

2. As required by section 143(3) of the Act, we report that:

a) We have sought and obtained all the information and explanations which to the best of

our knowledge and belief were necessary for the purposes of our audit.

b) In our opinion proper books of account as required by law have been kept by the

company so far as appears from our examination of those books

c) The Balance Sheet, the Statement of Profit and Loss, and Cash Flow Statement dealt with

by this Report are in agreement with the books of account.

d) In our opinion, the aforesaid financial statements comply with the Accounting

Standards specified under Section 133 of the Act, read with Rule 7 of the Companies

(Accounts) Rules, 2014.

e) On the basis of written representations received from the directors as on 31 March, 2015,

taken on record by the Board of Directors, none of the directors is disqualified as on 31

March, 2015, from being appointed as a director in terms of Section 164(2) of the Act.

f) With respect to the other matters included in the Auditor‘s Report and to our best of our

information and according to the explanations given to us :

i.) The Company does not have any pending litigations which would impact its financial

position.

ii.) The Company did not have any long-term contracts including derivatives contracts for

which there were any material foreseeable losses

iii.) There were no amounts which required to be transferred to the Investor Education and

Protection Fund by the company.

For, Y. D. & Co.

Chartered Accountants

(Rakesh Puri)

Partner

M. No. 092728

Date: 30th May, 2015

Place: Ludhiana



58 | P a g e

Annexure to Auditors‟ Report

The Annexure referred to in paragraph 1 of the Our Report of even date to the members of M/s SPINE TRADERS LIMITED on the accounts of the company for the year ended 31st March, 2015.

On the basis of such checks as we considered appropriate and according to the information and explanation given to us during the course of our audit, we report that:

1. In respect of its fixed assets:

a) The Company has maintained proper records to show full particulars including quantitative details and situation of fixed assets.

b) All tangible fixed assets of the company have been physically verified by the Management at reasonable intervals and no material discrepancies were noticed on such physical verification.

2. In respect of its inventories:

The company does not have any inventory. Hence, clause (ii) (a), (b) & (c) are not applicable to the company.

3. In respect of the loans, secured or unsecured, granted by the Company to companies, firms or other parties covered in the register maintained under Section 189 of the Companies Act, 2013:

As per information and explanation given to us, the company has not granted loans to parties covered in the register maintained under section 189 of the Companies Act hence clause (iii) (a) & (b) are not applicable to the company

4. In our opinion and according to the information and explanations given to us there are adequate internal control procedures commensurate with the size of the company and the nature of its business for the purchase of inventory and fixed assets and also for the sale of goods and services. During the course of our audit we have not observed any continuing failure to correct major weakness in internal controls.

5. According to the information and explanations given to us, the Company has not accepted any deposits from the public. Therefore, the directives issued by the Reserve Bank of India and the provisions of sections 73 to 76 or any other relevant provisions of the Companies Act, 2013 and the rules framed there under are not applicable to the Company.

6. As informed to us, Central government has not prescribed maintenance of cost records under sub-section (1) of section 148 of the Companies Act, in respect of products of the company.

7. In respect of Statutory dues:



59 | P a g e

a) As per information & according to explanation given to us, the company is generally regular in depositing statutory dues with the appropriate authorities during the year.

b) As per information & according to explanation given to us, there are no cases of non deposit with the appropriate authorities of disputed dues of Income-tax, and any other statutory dues with the appropriate authorities during the year.

c) There were no amounts which required to be transferred to the Investor Education and Protection Fund by the Company

8. The company has accumulated losses of Rs. 66,66,487/- at the end of the financial year. The company has not incurred any cash loss during the financial year covered by the audit and however company has incurred cash losses of Rs. 2,08,804/- in the immediately preceding financial year.

9. Based on our audit procedures and according to the information and explanations given to us, there are no loans taken from financial institution, banks or debenture-holders therefore the question of payments does not arise.

10. According to the information and explanations given to us, the company has not given any guarantee for loans taken by others from Banks or financial institutions.

11. The company has not raised any term loans during the year.

12. In our opinion and according to the information and explanations given to us, no material fraud on or by the company, has been noticed or reported, during the course of our audit.

For, Y. D. & Co. Chartered Accountants (Rakesh Puri) Partner M. No. 092728 Date: 30th May, 2015 Place: Ludhiana



60 | P a g e

Balance Sheet as at March 31, 2015

Particulars Note. No. As at March 31, 2015 As at March 31, 2014

I. EQUITY AND LIABILITIES

(1) Shareholder's Funds

(a) Share Capital 2 334,563,480 334,563,480

(b) Reserves and Surplus 3 46,466,257 47,193,537 (c) Money received against share warrants - -

(2) Share Application money pending allotment - -

(3) Non-Current Liabilities

(a) Long-Term Borrowings 4 850,000 -

(b) Deferred Tax Liabilities (Net) - - (c) Other Long Term Liabilities - - (d) Long Term Provisions - -

(4) Current Liabilities

(a) Short-Term Borrowings 5 170,000 850,000 (b) Trade Payables 6 30,459,293 - (c) Other Current Liabilities - - (d) Short-Term Provisions 7 175,000 175,000

Total Equity & Liabilities 412,684,031 382,782,017

II.ASSETS ` `

(1) Non-Current Assets

(a) Fixed Assets 8

(i) Gross Block 19,751,453 27,872,409 (ii) Depreciation 8,372,259 13,638,659

(iii) Net Block 11,379,194 14,233,750 (b) Non-current investments 9 137,528,345 137,528,345 (c) Deferred tax assets (net) 133,305 133,305 (d) Long term loans and advances 10 164,632,151 209,678,019 (e) Other non-current assets 11 - 779,836

(2) Current Assets

(a) Current investments 12 44,630,125 - (b) Inventories - - (c) Trade receivables 13 49,414,367 - (d) Cash and cash equivalents 14 3,764,839 1,053,212 (e) Short-term loans and advances 15 1,201,705 19,375,550 (f) Other current assets

Total Assets 412,684,031 382,782,017

NOTES TO ACCOUNTS 1 to 29 0 0 Note s referred to above and attached there to form part of Balance Sheet

This is the Balance Sheet referred to in our Report of even date. For and on behalf of the Board For Y.D & Co.

Chartered Accountant

CA Rakesh Puri Mahendra Atamarambhai Solanki Vikas Kumar

Partner Director DIN: 00059589

Director DIN:05308192

M. No. 092728

Place: Ludhiana Place: New Delhi

Date: 30th May, 2015 Date: 30th May, 2015



61 | P a g e

Statement of Profit & Loss Account as on March 31, 2015

Sr. No

Particulars Note. No. As at March 31,

2015 As at March 31,

2014

I Revenue from operations 28,262,231 - II Other Income 16 293,169 -

III III. Total Revenue (I +II) 28,555,400 -

IV Expenses:

Cost of materials consumed - -

Purchase of Stock-in-Trade 27,565,834

Changes in inventories of finished goods, work-in-progress and Stock-in-Trade 0 0

Employee Benefit Expense 17 120,000 -

Financial Costs 18 5,191 670

Depreciation and Amortization Expense 19 1,127,080 1,307,438

Other Expenses 20 464,574 208,134

Total Expenses (IV) 29,282,679 1,516,242

V Profit before exceptional and extraordinary items and tax (III - IV) (727,280) (1,516,242)

VI Exceptional Items VII Profit before extraordinary items and tax (V - VI) (727,280) ( 1,516,242)

VIII Extraordinary Items IX Profit before tax (VII - VIII) (727,280) (1,516,242)

X Tax expense:

(1) Current tax

(2) Deferred tax - 212,553

XI Profit(Loss) from the period from continuing operations (IX-X) (727,280) (1,728,795)

XII Earning per equity share:

(1) Basic (0.02) ( 0.05)

(2) Diluted (0.02) (0.05)

NOTES TO ACCOUNTS 1 to 29 Notes referred to above and attached there to form an integral part of Profit & Loss

Statement This is the Profit & Loss Statement referred to in our Report of even date. For Y.D & Co. For and on behalf of the Board

Chartered Accountant CA Rakesh Puri

Partner Mahendra Atamarambhai Solanki

Vikas Kumar

M. No. 092728

Director DIN: 0059589

Director DIN:05308192

Place: Ludhiana Place : New Delhi Date: 30th May 2015 Date: 30th May 2015



62 | P a g e

2014-15 2013-14

A

-7.27 -15.16

3.47 5.28

0 0

7.8 7.8

-2.93 0

1.07 -2.09

-494.14 0

632.2 1.81

304.59 0

442.65 1.81

0 0

443.71 -0.28

0 0

0 0

443.71 -0.28

B

28 0

0 0

-446.3 0

0 0

0 0

0 0

-418.3 0

C.

0 0

0 0

0 0

0 0

0 0

0 0

1.7 0

1.7 0

27.12 -0.28

10.53 10.8

37.65 10.53

Mahendra Atamarambhai Solanki Vikas Kumar

Date: 30th May, 2015 Date: 30th May 2015

Director

(DIN: 00059589)

Director

(DIN: 05308192)

Place: Ludhiana Place : New Delhi

Chartered Accountants

Firm Reg. No. 018846 N

CA Rakesh Puri

Partner

M. No. 092728

Net cash flow from Financing Activities

Net Increase/(Decrease) in Cash & Cash Equivalent

Cash & Cash Equivalents at the beginning of the year

Cash & Cash Equivalents at the end of the year

Note: Previous Year figures have been regrouped/rearranged, wherever necessary.

For Y. D. & Co. For and on behalf of the Board

Proceeds from issue of Equity Shares

Premium on Issue of Equity Shares on Preferential Basis

Interest Received

Bank Borrowings (Net)

Dividend Received

Proceeds from Unsecured loans

Dividend Received

Loss on sales of Shares

Profit on sale of Mutual Fund Units

Net cash flow from Investing Activities

CASH FLOWS FROM FINANCING ACTIVITIES

Proceeds from Share Capital Calls , Interest & forfeiture

Direct Taxes paid

Net cash from Operating Activities

CASH FLOWS FROM INVESTING ACTIVITIES :

Purchase of Fixed Assets

Interest Received

Pur/Sale of Investment

(Increase)/ Decrease in Loans & Advances & Other assets

Increase/ (Decrease) in Current Liabilities

(Increase) / Decrease in Working Capital

Increase in Preliminary Exp.

Cash generated from Operations

Short/excess provision of earlier year

Interest

Preliminary Expenses written off

Profit on sale of shares

Operating Profit before Working Capital Changes

Adjustments for

(Increase) / Decrease in Sundry Debtors

CASH FLOW STATEMENT FOR THE YEAR ENDED 31ST MARCH, 2015

( Rupees in Lacs)

CASH FLOW FROM OPERATING ACTIVITIES

Net Profit/(Loss) before Tax and Extra Ordinary Items

Adjustments for

Depreciation



63 | P a g e

Notes forming part of the Financial Statements as at and for the year ended 31st

March 2015

Note:1 SIGNIFICANT ACCOUNTING POLICIES 1. ACCOUNTING CONVENTIONS:

The financial statements are prepared under the historical cost convention, in accordance with the generally accepted accounting principles and the provision of the Companies Act, 2013. The company generally follows mercantile system of accounting and recognizes significant items of income & expenditure on actual basis.

2. FIXED ASSETS AND DEPRECIATION: Fixed assets are recorded at their actual cost, freight and incidental expenses related thereto. Depreciation on fixed assets is charged from the date of installation in accordance with the rates specified under Schedule II to the Companies Act, 2013, on W.D.V. method.

3. INVESTMENTS: Investment in shares, securities are valued at cost. The market value of quoted investment is not ascertained.

4. DEFERRED REVENUE EXPENSES: Preliminary expenses are written off over a period of ten year from the year of payment.

5. INVENTORIES: Inventories are valued at cost or market price whichever is less.

6. STAFF BENEFITS: The payment of Gratuity Act is not applicable to the company as the number of persons employed or were employed is below the limit fixed under the Act. Provisions of Employees Provident Fund & Miscellaneous Act, 1952 and Provisions of ESI Act, 1948 are not applicable to the company.



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Note : 2 Share Capital ` `

Sr. No

Particulars As at 31st March,

2015 As at 31st March,

2014

1 AUTHORIZED CAPITAL 8,00,00,000 Equity Shares of Rs.10/- Each 800,000,000 800,000,000

800,000,000 800,000,000

2 ISSUED , SUBSCRIBED & PAID UP CAPITAL

33,456,348 Equity Shares of Rs. 10/- Each 334,563,480 334,563,480

Total in ` 334,563,480 334,563,480

Note : 3 Reserve & Surplus ` `

Sr. No



2014

1 Capital Reserve 10,924,100 10,924,100 2 Securities Premium reserve 24,300,000 24,300,000 3 Other Reserve (General Reserve) 17,908,644 17,908,644 4 Amalgamation Reserve

5 Surplus (Profit & Loss Account) (6,666,487) (5,939,207)

Balance brought forward from previous year (5,939,207) (4,210,412)

Less: Tax on Regular Assessment Paid Add: Profit for the period (727,280) (1,728,795)

Total in ` 46,466,257 47,193,537

Note : 4 Long Term Borrowings( Unsecured) ` `

Sr. No



2014

1 Deferred Payment Liabilities 2 Deposit 3 Loans & Advances From Related Parties 4 Loans From Directors 0 0

5 Other Loans & Advances 850,000 -

Total in ` 850,000 -

Note : 5 Short Term Borrowings( Unsecured) ` `

Sr. No



2014

1 - From Other Parties 170,000 850,000

Total in ` 170,000 850,000

Note : 6 Trades Payable ` `

Sr. No



2014

1 -Sundry Creditors for Materiel/Supplies: 30,444,124 -Sundry Creditors for Services:

2 Sundry Creditors 15,169 -

Total in ` 30,459,293 -



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Note : 7 Short Term Provisions ` `

Sr. No



2014

1 Provision for Taxation 160,000 160000

2 Audit Fees Payable 15,000 15000

Total in ` 175,000 175,000

Note : 8 Fixed Asset Fixed Asset

` `

Sr. No

Particulars Rate (%)

Gross Block Depreciation Net Block

Value at the beginning

Addition during

the year

Deduction

during the year

Value at the end

Value at the

beginning

Addition

during the year

Deduction

during the year

Value at the end

31.03.15 WDV as

on 31.03.2014

I Tangible Assets

Building 5.00 7,524,600 7,524,600

- 3,750,411

188,709

3,939,120

0

- 0

3,774,189

Car 25.89 2,096,356 -

2,096,356

- 1,611,798

62,726

1,674,524

- 0

0

484,558

Computer 40.00 6,855,973

-

6,855,973 6,640,722

86,100

-

6,726,822

129,151

215,251

II Intangible Assets

Software 40.00 1,660,000

-

1,660,000

1,635,728

9,709

-

1,645,437

14,563

24,272

Goodwill 9,735,480

9,735,480

-

-

-

-

9,735,480

9,735,480

Trade Mark -

1,500,000

-

1,500,000

-

-

-

-

1,500,000

-

SUB TOTAL

(A) 27,872,409

1,500,000

9,620,956 19,751,453

13,638,659

347,244

5,613,644

8,372,259

11,379,194

14,233,750

(Previous Year)

27,872,409

-

-

27,872,409

13,111,057

527,602

13,638,659

14,233,750

14,761,352



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Note : 9 Non Current Investment ` `

Particulars

As at 31st March, 2015


Investment in Equity Instrument( At Cost) - -

Quoted

145000 E.S. of OK Play Ltd. 14500000 14500000

100000 E.S. of GS Auto Ltd. 9500000 9500000

397002 E.S of Sahas Cement Ltd. 11909995 11909995

10000 E.S. of Hind.Dev.Cop.Ltd. 100000 100000

50 E. S ofDaurala Orgc Chem Ltd. 500 500

1000 E.S. of Kenzil Indian Samay Ltd. 10000 10000

3000 E.S of Sangi Ployesters Ltd. 30000 30000

10 E.S. of Lanesda Steel Ltd. 600 600

2000 E.S. of Oswal Agro mill Ltd. 20000 20000

59200 E.S. of NCML Industries Ltd. 7400000 7400000

43,471,095 43,471,095

Unquoted

Gala Finance & Investment (P.) Ltd. 26000000 26000000

Aahaar Finvest (P.) Ltd. 10497750 10497750

GS Auto Leasing Ltd. 30000000 30000000

Shakti Hotel (P) Ltd. 9059500 9059500

Securocrop Securities I (P) Ltd. 18500000 18500000

94,057,250 94,057,250

Total in ` 137,528,345 137,528,345

Note : 10 Long Term Loans and Advances ` `

Sr. No

Particulars As at 31st

March, 2015 As at 31st

March, 2014

1 Deposit 122,000 2 Loan To corporate 151,510,151 205,678,019

3 Other Loans & Advances 13,000,000 4,000,000

Total in ` 164,632,151 209,678,019

Note : 11 Other Non Current Assets ` `

Sr. No



March, 2014

1 Long Term Trade Receivables a) Secured, Considered Good : b) Unsecured, Considered Good : c) Doubtful 2 Others - 779,836

(It includes preliminary exp to the extent not written off) Total in ` - 779,836



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Note :12 Current Investment ` `

Particulars



Investment in Equity - -

Quoted

Devine Impex Ltd 6128125 0

Unquoted

Brijeshweri Textiles P.Ltd 10000000 0

MIDC Shares 1163200 0

Northpole Finance td 24660000 -

Pratik Minerals P.Ltd 2678800 -

Total in ` 44,630,125 -

Note : 13 Trade Receivables ` `

Sr. No



March, 2014

1 Outstanding for more than six months a) Secured, Considered Good : b) Unsecured, Considered Good : - -

c) Doubtful 2 Others

a) Secured, Considered Good : b) Unsecured, Considered Good : 49,414,367 -

c) Doubtful Total in ` 49,414,367 -

Note : 14 Cash & Cash Equivalent ` `

Sr. No



March, 2014

1 Cash-in-Hand Cash Balance 2,925,642 988,761

Sub Total (A) 2,925,642 988,761

2 Bank Balance 839,197 64,451

Sub Total (B) 839,197 64,451

Total [ A + B ] 3,764,839 1,053,212

Note :15 Short Terms Loans and Advances ` `

Sr. No



March, 2014

1 Others Advance Income Tax/Refund Due 375,550 375,550

Balance With Revenue Authorities ( Indirect Taxes) 826,155 -

Prepaid Expenses Other Loans & Advances - 19,000,000

Total in ` 1,201,705 19,375,550



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Note : 16 Other Income ` `

Sr. No



March, 2014

1 Profit/ (loss) os sale of Fixed Assets 293,169 Total in ` 293,169 -

Note : 17 Employment Benefit Expenses ` ` Sr. No



March, 2014

1 Salaries, Bonus, PF & ESIC 120,000 -

Total in ` 120,000 -

Note :18 Financial Cost ` ` Sr. No



March, 2014

1 Bank Charges 5,191 670

Total in ` 5,191 670

Note : 19 Depreciation & Amortized Cost ` ` Sr. No



March, 2014

1 Depreciation 347,244 527,602

2 Misc. Expenses W/O 779,836 779836

Total in ` 1,127,080 1,307,438

Note : 20 Other Expenses ` ` Sr. No



March, 2014

1 Annual Custody Fees 95,506 88,480

2 Listing Fees 112,360 81,461

3 Demat Charges 100 -

4 Auditors Remuneration 15000 15000

5 Printing And Stationery Exp. 14738 2650

6 Rent 86000 -

7 Misc.Expenses 68936 -

8 Roc Exp 17400 8500

9 RTA Exp 35434 10193

10 Rate & taxes 7100 -

11 Telephone Exp 12000 1850

Total in ` 464,574 208,134



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Note:21- Director Remuneration Year 31.03.2015 31.03.2014 Salary NIL NIL Note:22- Investments have been verified and certified by the management. Investments of the company in the form of shares and Govt. securities are either lodged or transferred or held with valid transfer forms as certified. Note:23- No provision has been made of interest on short term loans and advances given. Note:24- No deposit has been accepted from the public under Section 73 of the Companies Act 2013. Note:25- Previous year figures have been regrouped or rearranged wherever necessary. Note:26- Figures are rounded off to nearest rupee. Note:27- Accounting for Taxes on income – In accordance with the requirements under the Accounting Standard 22-―Accounting for taxes on income‖, there is no timing difference arises during the year hence the Company has not created any Deferred Tax asset/liability during the year. Note:28- The deferred tax assets arisen on account of unabsorbed depreciation and Carry Forward Losses have been recognized and carried forward only to the extent where there is reasonable extent & where there is reasonable certainty that sufficient future taxable income will be available against which such deferred tax assets can be adjusted. The deferred tax liability has arisen principally on account of the time difference between the depreciation admissible under the Income Tax Act and the depreciation adjusted in the accounts. Note:29- There was no due as at 31.03.2015 under Micro Small and Medium Enterprises Act. 2006.

In terms of our report of even date annexed hereto For Y.D .Company For and on behalf of the Board Chartered Accountants (CA Rakesh Puri) Mahendra Atamarambhai Solanki Vikas Kumar Membership No. – 092728 Director (DIN-00059589) Director (DIN-05308192) Place: Ludhiana New Delhi Date: 30th May 2015 Date: 30th May, 2015

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