| Dear Members,
The Directors present the Twenty Ninth Annual Report together with
Audited Accounts for the year ended 31st March 2014.
1. FINANCIAL RESULT:
(Amount in Rs.)
Year ended Year ended
31st March 2014 31st March 2013
Total Income 11,09,293 10,07,229
Profit / (Loss) before tax 8,44,208 7,66,423
Prior Year Adjustment - -
Provision for Taxation 2,06,884 1,57,547
Profit / (Loss) after tax 6,37,324 6,08,876
Profit / (Loss) brought forward (3,11,40,410) (3,17,49,287)
Profit / (Loss) Carried to
Balance Sheet (3,05,03,086) (3,11,40,410)
2. DIVIDEND :
In view of inadequate profits, your directors do not recommend any
dividend for the year ended 31st March 2014.
3. OPERATIONAL REVIEW :
The Company registered a total income of Rs.11,09,293 as compared to
Rs.10,07,229/- in the previous year. The Company registered a profit
after tax of Rs.6,37,324/- as compared to Rs.6,08,876/- in the previous
year.
4. CORPORATE GOVERNANCE :
Since the listed paid up equity share capital of the Company is less
than Rs.3.00crores, the norms setup by the stock exchange for corporate
governance is not applicable to the Company.
5. DIRECTORS :
Shri Subhrangshu Chakrabarti resigned as director of the company w.e.f.
29/01/2014. The board places on record its appreciation for the
services rendered by Shri Subhrangshu Chakrabarti during his tenure as
Director.
Shri Harish Toshniwal resigned as director of the company w.e.f.
29/01/2014. The board places on record its appreciation for the
services rendered by Shri Harish Toshniwal during his tenure as
Director.
Shri Hemant Sajjankumar Goenka was appointed as a Director of the
company w.e.f. 29/01/2014 on casual vacancy created on resignation of
Shri Subhrangshu Chakrabarti as director whose period of office was
liable to determination by retirement of directors by rotation. Shri
Hemant Sajjankumar Goenka holds office only up to the date of the
ensuing Annual General Meeting. The company has received requisite
notice in writing from a member proposing his name for the office of
Director.
Shri Lalit Kumar Chandalia was appointed as an Additional Director of
the company w.e.f. 29/01/2014. In terms of section 161of the Companies
Act, 2013, Shri Lalit Kumar Chandalia holds office only up to the date
of the ensuing Annual General Meeting. The company has received
requisite notice in writing from a member proposing his name for the
office of Director.
6. DIRECTORS' RESPONSIBILITY STATEMENT:
Your Directors confirm:-
i) that in the preparation of the Annual Accounts the applicable
accounting standards have 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 judgment and estimates that are
reasonable and prudent so as to give a true and fair view of the state
of affairs of the Company for the financial year ended March,31 2014
and of the Profit of the Company for that year;
iii) that Directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of Companies Act, 1956 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.
7 AUDITORS:
M/s. U. B. Sura & Co., Chartered Accountants of the Company retire at
the ensuing Annual General Meeting and have given their consent for re-
appointment for 3 years from the date of this Annual General Meeting.
The members will be required to appoint auditors for the next three
years and fix their remuneration.
As required under the provisions of section 224 of the Companies act,
1956 the company has obtained a written confirmation from the above
Auditors proposed to be re- appointed to th effect that their re-
appointment, if made at the ensuing Annual General Meeting will be
within the limits specified in section 224(1B) of the Companies Act,
1956
8 CONSERVATION OF ENERGY, RESEARCH AND DEVELOPMENT AND
TECHNOLOGY ABSORPTION:
Since the Company is not a manufacturing Company, the Companies
(Disclosure of Particulars in the Report of Board of Directors) Rules,
1988 relating to conservation of energy, research and development and
technology absorption are not applicable. There were no foreign
exchange earnings or outgo during the year under review.
9. PARTICULARS OF EMPLOYEES:
The Company does not have any employee whose particulars are required
to be given under the provisions of Section 217(2A) of the Companies
Act, 1956 read with Companies (particulars of Employees) Rules, 1975,
as amended up to date.
10. ACKNOWLEDGEMENT:
Your Directors place on record their appreciation of the support
received from banks, shareholders and employees for their continued
support.
For and on behalf of the Board
Sd/-
Place : Mumbai
Date : 28th May, 2014 Director |