| Dear Members,
The Directors have pleasure in presenting the TWENTY ONE Annual Report
of the Company together with the Audited Accounts for the Financial
Year ended 31st March 2014.
FINANCIAL RESULTS
Financial results of the company during the year vis-a-vis previous
year are as follows: -
(Rs. In Lacs)
Year Ended Year Ended
31.03.2014 31.03.2013
Total Income 8.45 29.27
Profit / (loss) before Depreciation and Tax (26.02) (31.30)
Less: Depreciation 4.52 5.09
Profit / (loss) before Tax (30.54) (36.40)
Less: Provision for Income Tax & FBT 0.97 0.49
Profit / (loss) after Tax (29.57) (39.90)
Balance brought forward from previous years (864.91) (829.01)
Transfer to Statutory Reserve - -
Balance carried to Balance Sheet (894.48) (864.91)
DIVIDEND
In view of brought forward losses, the directors do not recommend any
dividend for the year ended 31st March, 2014.
PERFORMANCE
Year 2013-14 encompassed mixed fortunes for the Indian economy. In the
initial months it showed good prospects of growth hence the company can
do better comparing to the last year.
Persistently rising inflation started taking draconian shape that
prompted RBI to take stern steps to check its impact on the economic
growth of India. Interest rates started climbing upwards at almost
every RBI policy meet. This in turn dampened the financial market
sentiments. At the global scenario, US got into clutches of double-dip
depression fears and Euro zone never could get out of the sovereign
debt crisis as such. The uncertainty again started gripping the global
financial market.
PUBLIC DEPOSITS
The company has not accepted any deposits within the meaning of Section
58A of Companies Act, 1956 and/or rules framed there under.
DIRECTORS' RESPONSIBILITY STATEMENT
Pursuant to the requirement under Section 217(2AA) of the Companies
Act, 1956, with respect to Directors' Responsibility Statement, it is
hereby confirmed:
* That in the preparation of annual accounts for the financial year
ended 31st March, 2014, the applicable accounting standards have been
followed along with proper explanation relating to material departures;
* That the Directors have selected such accounting policies and applied
them consistently and made judgments and estimates that were 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;
* That the directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of the Companies Act, 1956 for safeguarding the assets of
the Company and for preventing and detecting fraud and other
irregularities;
* That the directors have prepared the accounts for the financial year
ended 31st March 2014 on a 'going concern' basis.
STATUTORY AUDITORS
M/s. Dinesh Bangar & Co, Chartered Accountants Auditors of the company,
retire from the office of the Auditors at the ensuing Annual General
Meeting and being eligible have given a certificate in accordance with
the provisions of section 224 (1-B) of the Companies Act, 1956. The
Board recommends the re-appointment of M/s. Dinesh Bangar & Co,
Chartered Accountants as the Auditors.
PARTICULARS OF EMPLOYEES
There is no employee covered pursuant to Section 217(2A) of the
companies Act, 1956 read with the Companies (Particulars of Employees)
Rules 1975 as amended.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE
EARNINGS AND OUTGO
In view of the nature of activities are being carried on by the
Company, Rules 2A and 2B of the Companies (Disclosures of Particulars
in the Report of Board of Directors) Rules, 1988, concerning
conservation of energy and research and development and technology
absorption respectively are not applicable to the Company
FOREIGN EXCHANGE EARNING AND OUTGO
Earnings : Nil Outgo : Nil
ACKNOWLEDGEMENT
The Directors takes this opportunity to thanks all its colleagues at
Explicit Finance Ltd. for their professionalism and dedication to the
task at hand. The board also wishes to place on record its appreciation
for valuable support given by the Bankers, Clients and Shareholders.
For and on behalf of the Board of Directors
Vadodara
2nd September, 2014.
J.K.Chaturvedi
Director |