| Dear members,
The Directors have pleasure in presenting the Twentieth Annual Report
of the Company together with the Audited Accounts of the Company for
the year ended March 31, 2014.
FINANCIAL RESULTS
The highlights of the Financial Results are as under:
(Rupees in Lakhs)
PARTICULARS Year ended Year ended
2013-14 2012-13
Sales and Other Income (Gross) 110.34 92.60
Profit/(Loss) before Interest and Depreciation 11.66 (1.89)
Less: Finance Charges (08.30) (8.93)
Less: Depreciation (05.91) (06.38)
Profit/(Loss) for the Year (02.55) (17.20)
Add/(Less): Extraordinary Items 01.32 3.71
Less: Fringe Benefit Tax Nil Nil
Add/Less: Provision for Income Tax Nil (06.43)
Less: Provision for Wealth Tax Nil (0.04)
Add/(Less): Deferred Tax Assets/ (Liability) 03.02 06.63
Net Profit/(Loss) for the Year 01.79 (13.33)
Add: Balance brought forward 110.38 123.71
Amount available for appropriation 112.17 110.38
Appropriation:
Transfer to General Reserves Nil Nil
Surplus carried to the Balance Sheet 112.17 110.38
OPERATIONS
During the year under review, the Sales and Other Income of the Company
inclined to Rs. 110.34 Lacs as compared to 92.60 Lacs in the previous
year. The Company has posted a Profit of Rs. 01.79 Lacs as against loss
of Rs. (13.33) Lacs in the previous year. The Company will focus on
real estate and allied business and will formulate its strategies
accordingly.
DIVIDEND
Since your Company has not made any profit, your Directors have not
recommended any dividend.
DIRECTORS
In accordance with the requirements of the Companies Act, 2013 and
other applicable provisions, Mr. Samar Bahadur Singh (DIN No. 00033510)
is liable to retire by rotation and is eligible for re-appointment.
Mr. Shiv Prakash , Director (DIN No. 00710843) of the Company, was
appointed as Independent Non-Executive Director of the company. In
accordance with section 149 (10) of the Companies Act, 2013, he will
continue to be an Independent Director of the Company.
Mr. Manish Bhatia, Director (DIN No. 02181290) of the Company, was
appointed an Independent, Non-Executive Director of the Company. In
accordance with Section 149 (10) of the Companies Act, 2013, he will
continue to be an Independent Director of the Company.
DIRECTORS' RESPONSIBILITY STATEMENT
Pursuant to the requirements under Section of the Companies Act, with
respect to the Directors' Responsibility Statement, it is hereby
confirmed:
(i) That in the preparation of the annual accounts for the financial
year ended 31st March, 2014, the applicable accounting standards had
been followed and no material departure have been made from the same;
(ii) That the Directors had selected such accounting policies and
applied them consistently and made judgments and estimates that are
reasonable and prudent so as to give a true and fair view of the state
of affairs of the Company at the end of the financial year and of the
profit of the Company for the year under review;
(iii) That Directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of the Companies Act, for safeguarding the assets of the
Company and for preventing and detecting fraud and other
irregularities;
(iv) That Director has prepared the annual accounts for the financial
year ended 31st March, 2014, on 'going concern' basis.
DEMATERIALIZATION OF EQUITY SHARES
The Company's equity shares are available for trading in the Depository
systems of both the National Securities Depository Limited (NSDL) and
the Central Depository Services (India) Limited (CDSL). The
International Security Identification Number (ISIN) allotted by NSDL
and CDSL to the Company is INE753B01014. The Dematerialization status
of the Company as on March 31st, 2014 is as under:-
Particulars Nos. of Shares Percentage
Electronic Mode
NSDL 26,83,080 53.66%
CDSL 4,37,940 08.76%
3121020 62.42%
Physical Mode 18,79,180 37.58%
Total: 50,00,200 100.00
CORPORATE GOVERNANCE
Your Company has successfully implemented the mandatory provisions of
Corporate Governance in accordance with the provisions of Clause 49 of
the Listing Agreement of the Stock Exchanges. Separate Reports on
Corporate Governance and Management Discussion & Analysis are included
in the Annual Report and Certificate dated 1st September, 2014 of the
Auditors of your Company confirming the compliance of conditions of
Corporate Governance is also annexed thereto.
VIGIL MECHANISM
In pursuant to the provisions of section 177(9) & (10) of the Companies
Act, 2013, a vigil mechanism for directors and employees to report
genuine concerns has been established.
PARTICULARS OF EMPLOYEES
There was no employee in respect of whom information is required to be
given pursuant to applicable Section of the Companies Act, read with
the Companies (Particulars of Employees) Rules, 1975 as amended
up-to-date.
AUDITORS
M/s. Kumar Piyush & Co. (Firm Registration No.: 005120N) Chartered
Accountants, the Statutory Auditors, will retire at the conclusion of
ensuing Annual General Meeting and being eligible, offer themselves for
re-appointment.
AUDITOR'S REPORT
In respect of observation made by the Auditors in their Report, your
Directors wish to state that the respective notes to the accounts are
self-explanatory, and do not call for any further comments.
INDUSTRIAL RELATIONS
During the year under review, your Company had cordial and harmonious
relations at all levels of the Organization.
PUBLIC DEPOSITS
During the year under review, your Company has not accepted any fixed
deposits from the public as per the relevant provision of the Companies
Act, 2013 and the Rules made there under.
SUBSIDIARY COMPANY
There is no Subsidiary Company during the year under review.
CORPORATE SOCIAL RESPONSIBILITY
The responsibility of the Company is to make a positive impact on the
communities in which the company does business through its support of
select programs, outreach efforts and initiatives that improve and
enhance the quality of life. Our goal is to make things better for the
planet, better for people, better for business, better now, better for
the future. Your company believes in the principle of symbiotic
relationship with the local communities, recognizing that business
ultimately has a purpose - to serve human needs. Close and continuous
interaction with the people and communities in and around the
manufacturing divisions has been the key focus while striving to bring
around qualitative changes and supporting the under privileged. The
Company has constituted a Corporate Social Responsibility Committee as
required under Section 135 of the Companies Act, 2013.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS & OUTGO:
The information required under conservation of energy, technology
absorption and foreign exchange earnings & outgo is attached hereto as
Annexure-'A' and forms part of the Directors' Report.
ACKNOWLEDGEMENTS
The Directors acknowledge with gratitude, the co-operation and
assistance received from the Government, Banks, Authorities and other
Business Constituents. The Directors would also like to thank the
employees, shareholders, customers and suppliers for their continuous
support given by them to the Company and their confidence in the
Management.
For and on behalf of the Board
Sd/- Sd/-
Place: Delhi (G. N. Choudhary) (Samar Bahadur Singh)
Date: 01st September, 2014 Director Director
DIN NO.00012883 DIN NO. 00033510 |