| The Members
The directors have pleasure in presenting their annual report and the
audited statement of accounts for the year ended on 31st March, 2014
together with the auditor's report thereon.
FINANCIAL RESULTS
The summarized financial results for year end 31st March 2014 are as
under
Amount in Rupees
Particulars 2013-14
Sales (Income from Operations ) 78818150.00
Other Income 15.00
Profit form Prabhat Infotech Division 1480459.00
Total revenue 80298624.00
Profit ( )/loss (-) after interest but before
depreciation & taxation 398598.00
The company continued to carry on business of trading in fabrics. It
has also its proprietorship firm Prabhat Infotec which undertakes
business relating to education franchise. There is no material
development in business of company after the date of balance Sheet.
DIVIDEND
In view of inadequate profits directors do not recommend any dividend
for the year ended 31st March 2014.
COMPANY PERFORMANCE
The company continued concentration on the activity of sale of fabrics
. The turn over during the year increased form
Rs.28533811/- to Rs.78818150/-. The profits from Prabhat Infotech
Division has decreased for Rs.1775534/- to Rs.1480459/- . The net
profits has decreased form Rs.703622/- to Rs.398589/- due to increase
in expenses...
AUDITORS :
M/s. Adil Aibada and Associates, Chartered Accountants, retire at this
Annual General Meeting and being eligible offer themselves for
reappointment. Your Company has received a letter from them to the
effect that their reappointment, if made, will be in accordance with
the provisions of Section 224(1B) of the Companies Act, 1956. The Board
of directors commend their reappointment.
FIXED DEPOSITS :
Your Company has not accepted any deposits from public.
CORPORATE GOVERNANCE :
Certificate regarding compliance of the conditions of Corporate
Governance as stipulated in clause 49 of the Listing Agreement with
stock exchange, is enclosed..
STATUTORY INFORMATION :
(i) 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:-
A. CONSERVATION OF ENERGY
a) Energy conversation measures taken: None at present
b) Additional investment and proposals, if any, being implemented for
reduction of consumption of energy: There are no proposals.
c) Impact of measures at (a) & (b) above for reduction of energy
consumption and consequent impact on the cost of production of goods:
Does not arise.
d) Total energy consumption and energy consumption per unit of
production as per Form"A" to annexure in respect of industries
specified in the schedule thereto: Not Applicable.
B. TECHNOLOGY ABSORPTION
Form B
Research & Development (R & D)
1. Specific area in which R & D carried by the company: None at
Present
2. Benefits derived as a result of the above R & D: Does not arise.
3. Future plan of action: At present it is not under consideration
4. Expenditure on R & D: Nil
Technology absorption, adaptation and innovation:
1. Efforts being made towards technology absorption, adaptation and
innovation: None
2. Benefits derived as a result of the above efforts e.g. Product
improvement cost, reduction, product development, import substitution
etc. : None
3. Imported technology : Not applicable as technology has not been
imported.
C. FOREIGN EXCHANGE EARNING AND OUTGO:
Earning : Rs. Nil
Outgo : Rs. Nil
INFORMATION UNDER SECTION 217 (2A) OF THE COMPANIES ACT, 1956 READ WITH
THE COMPANIES (PARTICULARS OF EMPLOYEES) RULES 1975 AS AMENDED UP TO
DATE :
The company do not have any employee drawing salary in excess of limits
prescribed under section 217 (2a) of the companies act, 1956 read with
the companies (particulars of employees) rules 1975 the particulars
should be treated as nil
DIRECTORS' RESPONSIBILITY STATEMENT.
Your Directors confirm that:
(i) in the preparation of 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 financial year and of the loss of the
company for the year.
(iii) the Directors has 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, and
(iv) the Directors had prepared the accounts on going concern basis.
INDUSTRIAL RELATIONS:
The industrial relations continued to be cordial during the year under
review.
ACKNOWLEDGMENT:
The Directors express their sincere thanks to the employees, customers,
suppliers, company's bankers and members of the company for their
continued support.
By order of Board of Directors
Date : 25/08/2014 Shailesh Parekh
Place : Silvassa Managing Director
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