Dear Shareholders,



Your Directors are pleased to present the 23rdAnnual Report and the audited accounts

for the financial year ended 31st March, 2017.





1. FINANCIAL RESULTS:



The financial performance of the Company for the financial Year ended 31 st March, 2017

is summarized below:





  


    


    


    


    
(Rs. In Lacs)

  

  


    
Sr. No.

    
Particulars

    
For the year ended

    
For the year ended

  

  


    


    


    
31st March, 2017

    
31st March, 2016

  

  


    
1

    
Revenue from Operations (Net)

    
705.63

    
4698.73

  

  


    
2

    
Provision for Depreciation

    
10.34

    
10.34

  

  


    
3

    
Profit before taxation

    
7.65

    
(34.54)

  

  


    
4

    
Provision for taxation

    
1.62

    
-

  

  


    
5

    
Provision for deferred tax

    
7.62

    
(30.41)

  

  


    
6

    
Earlier Year Income Tax

    
-

    
-

  

  


    


    
Profit (Loss) for the period from continuing

    
0.03

    
(4.13)

  

  


    
7

    
operations

    


    


  

  


    
8

    
Net Profit/Loss

    
0.03

    
(4.13)

  







2. STATUS OF MERGER :



Subsequent to the approval of the shareholders at the Court Convened Meeting held on

August 16, 2016, for approval of Scheme of Amalgamation of Dollex Industries Limited into

Parvati Sweetners and Power Limited, and their respective shareholders under section 391

to 394 read with section 100 to 103 and other applicable provisions of Companies Act, 1956

and/or Companies Act. 2013. Your Company had filed the petition for sanction of the Scheme

of Amalgamation with the Hon'ble High Court of Mumbai. Consequent to the notification of

certain pending sections of Companies Act, 2013 including sections related to the

Compromise and Arrangements, the jurisdiction for sanctioning the Scheme of Amalgamation

has been transferred to the NCLT from High Court of Mumbai. The Scheme is currently

pending with NCLT for sanction.





3. RESULTS OF OPERATIONS :



During the Year under review, the company registered an income of Rs.7,05,63,366/-

(Rupees Seven Crores Five Lacs Sixty-Three Thousand Three Hundred Sixty-Six Only) as

against previous year of Rs.46,98,72,618/- (Rupees Forty-Six Crores Ninety-Eight Lacs

Seventy-Two Thousand Six Hundred Eighteen Only) Net profit is Rs. 3,837/- (Rupees Three

Thousand Eight Hundred Thirty Seven Only). Further your directors are looking forward to

increase the profitability of Company.





4. DIVIDEND:



During the period, your Directors do not recommend any dividend for the year.





5. TRANSFER TO RESERVES:



During the financial year 2016-17 the Company has not transferred amount to any

reserve.





6. SUBSIDIARIES:



Since the Company has no subsidiaries, provisions of Section 129 of the Companies Act,

2013 is not applicable.





7. EXTRACT OF ANNUAL RETURN:



The extracts of Annual Return pursuant to the provisions of Section 92 read with Rule

12 of the Companies (Management and administration) Rules, 2014 is furnished in Annexure

A and is attached to this Report.





8. NUMBER OF MEETINGS OF THE BOARD AND ITS COMMITTEES:



The details of the meetings of the Board of Directors and its Committees, convened

during the Financial year 2016-2017 are given in the Corporate Governance Report which

forms a part of this report.





9. AUDIT COMMITTEE:



The details pertaining to composition of audit committee are included in the Corporate

Governance Report which forms part of this report.





10. DIRECTORS RESPONSIBILITY STATEMENT:



Pursuant to the requirement under Section 134 (3) (c) of Companies Act,2013, with

respect to Directors' Responsibility Statement, it is hereby confirmed that: i. That

in the preparation of the annual accounts, the applicable accounting standard had been

followed along with proper explanation relating to material departures ii. That the

Directors have selected such accounting policies and applied them consistently and made

judgments and estimates that are reasonable and prudent so as to give a true and fair view

of the state of affairs of the companyat Profitor Loss of the Company for

that end thefinancial yearand the period. iii. That the Directors have taken proper

and sufficient care for the maintenances of adequate accounting records in accordance with

the provision of this Act for safeguarding the assets of the Company and for preventing

and detecting fraud and other irregularities. iv. That the Directors have prepared

the Annual accounts on a going concern basis. v. That the directors had laid down

internal financial controls to be followed by the company and that such internal financial

controls are adequate and were operating effectively. vi. That the directors had

devised proper systems to ensure compliance with the provisions of all applicable laws and

that such systems were adequate and operating





11. DECLARATION OF INDEPENDENT DIRECTORS :



The Independent Directors have submitted their disclosures to the Board that they

fulfill all the requirements as stipulated in Section 149(7) of the Companies Act, 2013 so

as to qualify themselves to be appointed as Independent Directors under the provisions of

the Companies Act, 2013 and the relevant rules.





12. AUDITORS :



M/s. P.K. Shishodiya & Co., Chartered Accountants, Indore (Firm Registration

No.03233C) was appointed as Statutory Auditors at the Annual General Meeting held on 25th

September, 2014 for the period of four (4) years. i.e for the Annual General Meeting to be

held in year 2018 subject to ratification at each Annual General Meeting. The Company has

received letter from them to the effect that their appointment, if made, would be within

the prescribed limits under Section 141(3) (g) of the Companies Act, 2013 and that they

are not disqualified from appointment.





13. COMMENTS ON AUDITORS REPORT :



The auditor's report does not contain any qualifications, reservation or adverse

remark.





14. SECRETARIAL AUDITOR & REPORT :



The Board of Directors of the Company has appointed M/s. HS Associates, Practicing

Company Secretary to conduct the Secretarial Audit for the financial year 2016-2017. The

Secretarial audit report for the financial year ended 31st March, 2017 is Annexure

B. to this Report.



The Company being a "Transferor" Company is getting merged with an unlisted

company. After merging, the new company will be listed with BSE. The company will appoint

Company Secretary Pursuant to provisions of Section 203 and other applicable provisions of

the Companies Act, 2013 and Companies (appointment and Remuneration of Managerial

Personnel) Rules, 2014 after merger.





15. PUBLIC DEPOSITS :



During the year under review, your Company has not accepted any deposit within the

meaning of Sections 73 and 74 of the Companies Act, 2013 read with the Companies

(Acceptance of Deposits) Rules, 2014 (including any statutory modification(s) or

re-enactment(s) for the time being in force).





16. PARTICULARS OF EMPLOYEES :



During the financial year there were no Five Lacs only) The information pursuant to 197

of the Act read with Rule 5 of the Companies (Appointment and Remuneration of Managerial

personnel) Rules 2014 relating to median employee's remuneration is made available at the

registered officeof the Company during working hours for a period of twenty-one (21) days

before the date of the Annual General Meeting, i.e. Saturday the 2nd September'2017 .





17. PARTICULARS OF CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE

EARNING AND OUTGO AS PER SECTION 217(1) COMPANIES (DISCLOSURE OF PARTICULARS IN THE REPORT

OF BOARD OF DIRECTORS) RULES, 1988.



(A) Conservation of energy: -i. The steps taken or impact on conservation of

energy : N.A. ii. The steps taken by the Company for utilizing alternate sources of energy

: N.A. iii. The capital investment on energy conversation equipment's : N.A.



(B) Technology absorption: i. The efforts made towards technology absorption :

N.A ii. The benefits derived like product improvement, cost reduction product development

or import substitution : N.A iii. In case of imported technology (imported during the last

three years reckoned from the beginning of the financial year)





  


    
a. The details of technology imported

    
: N.A

  

  


    
b. The year of import

    
: N.A

  

  


    
c. Whether the technology been fully absorbed

    
: N.A.

  

  


    
d. If not fully absorbed, areas where absorption has not

    


  

  


    
taken place and the reasons thereof

    
: N.A.

  

  


    
iv. The expenditure incurred on Research and Development.

    
: N.A.

  







18. CORPORATE GOVERNANCE :



The Company is committed to maintain the Corporate Governance and adhere to the

corporate governance requirements set out by SEBI. The report on Corporate Governance as

stipulated under the listing agreement forms

anintegralpartofthisReport.Therequisitecertificatefrom the Auditors of the Company

confirming compliance with the conditions of corporate governance is attached to the

report on Corporate Governance.





19. DIRECTORS AND KEY MANAGERIAL PERSONNEL :



During the year Mr. Mehmood Khan (DIN: 00069224) Director of the Company is retiring by

rotation & being eligible offers himself for re-appointment.



The first term of office of Mr. Vijay Singh Bharkatiya, Mr. Radhakrishna Deshraju, Mr.

Sanjay Tiwari and Mrs. Ruchi Sogani as Independent Directors, expires at the ensuing

Annual General Meeting. The Board has recommended re-appointment of Mr. Vijay Singh

Bharkatiya, Mr. Radhakrishna Deshraju, Mr. Sanjay Tiwari and Mrs. Ruchi Sogani Independent

Directors of the Company for a second term of 3 (Three) consecutive years.



The Company has received declarations from all the Independent Directors of the Company

confirming that they meet the criteria of independence prescribed under the Act and the

Listing Regulations





20. PARTICULARS OF CONTRACTS OR ARRANGEMENTS MADE WITH RELATED PARTIES. :



The particulars of contracts or arrangements with related parties referred to in

Section 188(1), as prescribed in Form AOC - 2 of the rules prescribed under Chapter IX

relating to Accounts of Companies under the Companies Act, 2013, is appended as Annexure

C.




21 . PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS MADE UNDER SECTION 186 OF THE

COMPANIES ACT, 2013 :



The particulars of loans, guarantees and investments have been disclosed in the

financial Statement.





22. MATERIAL CHANGES AND COMMITMENTS AFFECTING THE FINANCIAL POSITION OF THE COMPANY:



There were no material changes andcommitmentsaffectingthefinancialposition of the

Company between the end of the financial year of theCompanytowhichfinancialstatements

relate and the date of the report.





23. POLICY ON DIRECTORS APPOINTMENT, REMUNERATION & BOARDS PERFORMANCE :



During the year, the Board adopted a formal mechanism for evaluating its performance

and as well as that of its Committees and individual Directors, including the Chairman of

the Board. The exercise was carried out through a structured evaluation process covering

various aspects of the Boards functioning such as composition of the 



Board & committees, experience & competencies, performance of specific duties

& obligations, governance issues etc. Separate exercise was carried out to evaluate

the performance of individual Directors including the Board Chairman who were evaluated on

parameters such as attendance, contribution at the meetings and otherwise, independent

judgment, safeguarding of minority shareholders interest etc.



The evaluation of the Independent Directors was carried out by the entire Board and

that of the Chairman and the Non-Independent Directors were carried out by the Independent

Directors. The Directors were satisfied with the evaluation results, which reflected the

overall engagement of the Board and its Committees with the Company.





24. MANAGEMENT'S DISCUSSION AND ANALYSIS REPORT :



The Management's Discussion and Analysis Report for the year under review, as

stipulated under Regulation 34 (e) of the SEBI (Listing Obligation and Disclosure

Requirements) Regulation, 2015 is Annexure D to this report





25. PERFORMANCE EVALUATION OF THE BOARD :



Pursuant of the provisions of the Companies Act, 2013 and as per regulation 17(10) of

the SEBI (LODR) Regulation, 2015, the Company has devised a policy containing criteria for

evaluating the performance of the independent. Non-Executive and Executive Directors,

Board and committees. Feedback was sought by way of structured questionnaire covering

various aspects of the Boards functioning, such as adequacy of the composition of the

Board and its committee, specificduties, Board culture, execution and performance of

obligations and governance. The manner in which evolution has been carried out in the

Corporate Governance report, forming part of this Annual Report.





26. ACKNOWLEDGEMENTS :



Your Directors would like to express their appreciation for assistance and co-operation

received from the financial institutions, banks, Government authorities, customers,

vendors and members during the year under review. Your Directors also wish to place on

record their deep sense of appreciation for the committed services by the executives,

staff and workers of the Company.