| The Directors take pleasure in presenting the 20th Annual Report and
the audited accounts of the Company for the year ended 31st March 2014.
FINANCIAL RESULTS:
The performance of the Company for the financial year ended 31st March
2014 is summarized below:
(Rs. in Lacs)
PARTICULARS 2013 - 14 2012 - 13
Total Income 13.15 10.37
Less: Total Expenses 5.11 4.35
Profit before Tax 8.04 6.02
Less: Tax Expenses 2.46 1.72
Profit After Tax 5.58 4.30
RESULTS OF OPERATIONS:
Total revenue of the Company for the financial year is Rs.13,15,899/-
as compare to Rs.10,36,790/- in the corresponding previous year and the
Company has achieved a net profit of Rs. 5,57,787 /- as compared to
Rs.4,29,969/- in the corresponding previous year the same is due to
improved market conditions and better returns on the investments.
DIVIDEND:
In order to conserve the reserves to meet the needs of increased
operation of the Company, the Board of Directors has decided not to
declare dividend for the year.
FIXED DEPOSITS:
Your Company has not accepted any fixed deposits from the public and is
therefore not required to furnish information in respect of outstanding
deposits under Non-Banking Financial Companies (Reserve bank)
Directions, 1966 and Companies (Acceptance of Deposits) Rules, 1975.
BOARD OF DIRECTORS: Composition:
The Board of the Company comprises of three Directors.
Retirement by Rotation:
In accordance with the requirements of the Companies Act, 1956 and
provisions of the Articles of Association of the Company, Mr. Sanjay
Minda, retire by rotation and being eligible, offer himself for
reappointment.
In terms of the provisions of Section 149, 152 read with Schedule IV
and other applicable provisions, if any of the Companies Act, 2013 read
with Companies (Appointment and Qualification of Director) Rules, 2014,
the Independent Directors can hold office for a term up to five (5)
consecutive years as Directors of your company and will not be liable
to retire by rotation. Accordingly, it is proposed to appoint Mr.
Manjit Jajoo and Mr. Sawan Jajoo as Independent Directors of the
Company to hold the office for a term of 5 (five) consecutive years up
to 31st March, 2019.
The brief resume of the aforesaid Directors and other information have
been given in the notice of the Annual General Meeting.
CORPORATE GOVERNANCE
The Company has complied with the requirements of Corporate Governance
as stipulated under clause 49 of the Equity Listing Agreement of Stock
Exchanges and accordingly, the Report on Corporate Governance forms
part of the Annual Report.
The requisite Certificate from the Statutory Auditors of Company M/s.
Gupta Saharia & Co., regarding compliance with the conditions of
Corporate Governance as stipulated in Clause 49 of Equity Listing
Agreement is annexed to this Report.
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:
1. That in preparation of the annual accounts, the applicable
accounting standards had 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 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;
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 for the year
under review, on a 'going concern' basis.
STATUTORY AUDITORS
M/s. Gupta Saharia & Co., Chartered Accountants, the Auditors of the
Company, retire at the ensuing Annual General Meeting and being
eligible, offer themselves for reappointment.
Pursuant to the provisions of Section 139 of the Companies Act, 2013
and rules made there under and pursuant to the recommendation of the
audit committee of the Board of Directors of the Company M/s. Gupta
Saharia & Co., Chartered Accountants (Firm Reg. no. 103446W), are being
appointed as statutory auditors as per the resolution forming part of
notice of the Annual General Meeting. Certificate from the Auditors has
been received to the effect that their re-appointment, if made, would
be within the limits prescribed under Section 141(3)(g) of the
Companies Act, 2013.
COMPLIANCE CERTIFICATE
A Compliance certificate from Company Secretary in practice pursuant to
provisions of Section 383A of the Companies Act, 1956 is enclosed
herewith.
ENERGY CONSERVATION, TECHNOLOGY ABSORPTION:
Considering the nature of the Business of your Company there are no
particulars which are required to be furnished in this report relating
to conservation of energy and technology absorption.
FOREIGN EXCHANGE EARNINGS AND OUTGO
The Foreign Exchange earnings and outgo of the Company during the year
under review amounted to Rs. Nil.
PARTICULARS OF EMPLOYEES
There are no employees whose details are required to be given in
accordance with the provisions of Section 217(2A) of the Companies Act,
1956 (the Act), read with the Companies (Particulars of Employees)
Rules, 1975.
ACKNOWLEDGEMENTS
The Directors thank the Company's customers, vendors, investors,
business associates and bankers for the support to the Company. The
Directors also thank the Government, Statutory and Regulatory
authorities and appreciate and value the contributions made by every
employee of the Company.
For and on behalf of the Board of Directors
Sd/-
Place: Mumbai Sanjay Minda
Date: 28.05.2014 Director |