Dear Shareholders,
The Directors have pleasure in presenting the Twenty Fourth Annual
Report together with the Audited Accounts for the year ended 31st
March, 2014.
FINANCIAL RESULTS
(Rs. in Lakh)
For the Year For the Year
ended 31-03-14 ended 31-03-13
1. Turnover 144.41 0.54
2. Total Expenditure 129.86 5.05
3. Interest - -
4. Gross Profit/(Loss) 14.55 (4.51)
5. Depreciation 8.03 8.17
6. Provision For Taxation - -
7. Net Profit/(Loss) (4-5-6) 6.52 (12.68)
PRODUCTION
There was no production during the year due to power cut and Labour
Problem.
DIVIDEND
Due to non availability of distributable profit, the Directors regret
their inability to recommend any dividend in respect of Equity Shares
for the year under review.
DIRECTORS
In accordance with the provision of the Companies Act, 1956 and the
Company's Articles of Association, Sri Naresh Kumar Agarwala and Sri
Sanjay Kumar Agarwala, Directors of the Company retire by rotation and
being eligible, offer themselves for re-appointment.
DIRECTORS' RESPONSIBILITY STATEMENT
Pursuant to Section 217(2AA) of the Companies (Amendment) Act, 2000,
the Directors confirm that:
(i) in the preparation of the annual accounts, the applicable
accounting standards had been followed along with proper explanation
relating to material departures;
(ii) 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 or
loss of the company for that period;
(iii) the directors had taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of this Act for safeguarding the assets of the company and
for preventing and detecting fraud and other irregularities;
(iv) the directors had prepared the annual accounts on a "going concern
basis".
THE CORPORATE GOVERNANCE CODE:
The Company has complied with the conditions of Corporate Governance as
stipulated under the Listing Agreement with the Stock Exchanges. A
separate section on Corporate Governance along with a certificate from
the Auditor's for the compliance is annexed and forms part of this
report.
SUBSIDIARIES:
The Company has no subsidiaries, within the meaning of Section 4 of the
Companies Act, 1956.
INFORMATION PURSUANT TO SECTION 217(1)(e) OF THE COMPANIES ACT, 1956:
Information Under Section 217(1)(e) of the Companies Act, 1956, read
with the companies (disclosure of particulars in the report of the
Board of Directors) Rules, 1988 regarding conservation of energy,
technology absorption, foreign exchange earning and outgo is not
applicable for your company during the year under review.
AUDITORS
M/s. R.K. BIHANI & ASSOCIATES, Chartered Accountants, Auditors of the
Company retire at the ensuing Annual General Meeting and being eligible
offer themselves for re-appointed. The company has received a
certificate from the Auditor's that they are qualified under Section
224(1B) of the Companies Act, 1956 to act as the Auditors of the
Company, if re-appointed.
PARTICULARS OF EMPLOYEES
None of the employee of the Company is drawing remuneration exceeding
the limits specified under Section 217(2A) of the Companies Act, 1956
read with the Companies (Particulars of the Employees) Rules, 1975.
PUBLIC DEPOSIT
The Company has not accepted any deposit(s) within the meaning of
Section 58A of the Companies Act, 1956 and the rules made thereof.
FOREIGN EXCHANGE EARNING & OUTGO ACTIVITIES
There is neither inflow nor outflow of Foreign Exchange.
INDUSTRIAL RELATIONS
The factory remained closed through out the year and the Industrial
relations continued to be strained.
On 09-05-1997 the Electricity Department disconnected the line. The
Electricity Department raised the differential bill from 01-04-1995 to
30-04-1997. The Company has disputed the demand and filed a petition
against the above demand to Kolkata High Court. The Honb'le High Court
referred the Case to the Chief Electrical Inspector, West Bengal and
the Case is under process. The Company has also disputed bill amounting
to Rs. 12,83,751/- raised during the Financial Year 1998-99. The Chief
Electrical Inspector awarded the same and directed W.B.S.E.B. to issue
revised Bill. Subsequently W.B.S.E.D.C.L. has issued revised bill for
Rs. 51,96,125/-.
AUDITOR'S REMARK
With reference to the observations made by the Auditors in their
report, the directors are to state that the notes submitted by the
Board as contemplated under section 217(3) of the Companies Act, 1956;
forming part of the Company's Accounts are self explanatory and
therefore do not call for any further clarification.
Registered Office: For and on behalf of the Board
"Mitruka House",
42-M.G. Road, Sanjay Kumar Agarwala
Siliguri - 734 005 Director
Dated:- The 30th day of May, 2014
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