| Dear Members,
The Directors have pleasure in presenting their 32nd Annual Report
together with the Audited Accounts for the year ended on 31st March
2014
FINANCIAL HIGHLIGHTS
The financial results for the year ended 31st March, 2014 are as
summarised below:
Current Year Previous Year
(Rs.in '000) (Rs.in '000)
Sales (Share Trading) 17 0
Gross Profit/(Loss) 928 14
Depreciation 17 30
Profit/(Loss) after tax 820 (16)
Add : Balance in Profit & Loss A/c. 1317 1330
Loss/Profit available 2136 1317
Balance carried to Balance Sheet 2136 1317
DIVIDEND
In view of Loss during the year, your Directors do not recommend any
dividend for the current year.
BUSINESS
Due to unfavourable conditions of market, your Company has not
performed well during the year.
FIXED DEPOSITS;
The Company has not accepted any deposit from the public within the
meaning of Section 58A of the Companies Act, 1956.
DIRECTORS
Mrs. Ophelia Rodrigues and Mr. Rajkumarar Thard, Directors, retire by
rotation and being eligible offer themselves for re-appointment.
DIRECTORS' RESPONSIBILITY STATEMENT
In accordance with the requirements of Section 217(2AA) of The
Companies Act, 1956, the Board of Directors confirm:
1. That in the preparation of the annual accounts, the applicable
accounting standards have been followed along with proper explanation
relating to material departures.
2. That the directors had selected such accounting policies and
applied them consistently and made judgement 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..
3. That the directors had taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of The Companies Act, 1956 for safeguarding the assets of
the Company and for preventing and detecting fraud and other
irregularities.
4. That the directors had prepared the annual accounts on a going
concern basis.
COMPLIANCE CERTIFICATE
A Compliance Certificate u/s Section 383 A of The Companies Act, 1956,
in respect of the financial year ended 31st March, 2014 is attached
herewith.
LISTING FEE PAYMENT
The Company's shares are listed at the Bombay Stock Exchange Limited
and the Company has paid Annual Listing fees for the financial year
2014-15.
PARTICULARS OF EMPLOYEES
There were no employees drawing remuneration in excess of the limit
prescribed under Section 217 (2 A) of The Companies Act, 1956 during
the year under review.
CONSERVATION OF ENERGY. TECHNOLOGY ABSORPTION ETC.
During the year the operation of the mining division is completely
closed and the Company is doing Trading activity during the year hence
no particulars are given under Section 217(1 )(e) of The Companies Act,
1956 read with the Companies (Disclosure of particulars in the Report
of Board of Directors) Rules, 1988. There is no foreign exchange
earning or outgo during the year.
AUDITORS:
M/s. K.N. Gandhi & Co., Chartered Accountants, retire as statutory
Auditors of the Company at the conclusion of the Annual General Meeting
and being eligible offer themselves for re-appointment.
ACKNOWLEDGEMENT:
Your Directors acknowledge the contribution made by the Company's
personnel at all levels.
By Order of the Board of Directors
Sd/-
(RAJKUMAR THARD)
Chairman & Managing Director
Place: Mumbai
Date: 31st July, 2014 |