| TO THE MEMBERS,
The Directors present to you the Thirty Second Annual Report of the
Company with the Audited Statement of Accounts for the year ended on 31
st March, 2014.
FINANCIAL RESULTS
(RS. IN LACS)
PARTICULARS 2013-2014 2012-2013
Sales and other Income 3338.79 3239.07
Profit before Tax 33.38 42.36
Profit after Tax 22.86 28.27
Profit brought forward 165.11 136.84
Balance available for appropriation 187.97 165.11
Total Balance carried forward to
balance Sheet after all adjustments 187.97 165.11
DIVIDEND
Due to insufficient profits, your directors express their inability to
recommend payment of dividend for the year under review.
DIRECTORS
Shri Radhaballabh Tibrewal (DIN: 00323570) and Shri Asharam S Rungta
(DIN: 00320409), Directors of the Company, retire by rotation and being
eligible offer themselves for re-appointment. The Board recommends
their re-appointment.
AUDITORS
Your company's auditors M/s Bhuwania & Agrawal Associates retire and
are eligible for reappointment. You are requested to re-appoint
auditors and fix their remuneration.
CORPORATE GOVERNANCE
A separate section on Corporate Governance is included in the Annual
Report and the Certificate from the Company's auditors confirming the
compliance of conditions on Corporate Governance as stipulated in the
said clause 49 of the Listing Agreement is annexed thereto.
COMPLIANCE CERTIFICATE
The Ministry of Corporate Affairs, vide notification dated 5th January,
2009 extended the exemption for appointment of Company Secretary in the
whole time employment of the Company from a paid up capital of Rs. 2
crores to Rs. 5 crores. However, the Companies in question are required
to furnish a Compliance Certificate from a Company Secretary in whole
time practice. The Compliance Certificate obtained from Mrs. Lalita
Lath, a Practicing Company Secretary' is annexed.
PERSONNEL
During the year under review no employee has drawn salary exceeding the
limits stated in Section 217 (2A) of the Companies Act, 1956 read with
the Companies (Particulars of Employees) Rules, 1975.
CONSERVATION OF ENERGY, TECHNOLOGY, ABSORPTION AND FOREIGN EXCHANGE
EARiNING AND OUTGO
Information pursuant to section 217(l)(e) of the Companies Act, 1956
read with the Companies (Disclosure of Particulars in the report of
Directors) Rules, 1988 are set out in the annexure "A" forming part of
this report.
COSTAUDIT
In pursuance to the directives issued by the Government of India, the
Board of directors of the Company has appointed Mr. V.C. Kothari, Cost
Accountant, as the Cost Auditor to audit the cost accounts relating to
"Textiles" for the year ended 31st March, 2014.
INDUSTRIAL RELATION
The relations between the employees and the Management have remained
cordial throughout the year.
DIRECTORS' RESPONSIBILITY STATEMENT
The Directors confirm:
(a) that in the preparation of the annual accounts, the applicable
accounting standards have been followed and that no material departures
have been made from the same;
(b) that they have 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 for that period;
(c) that they 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;
(d) that they have prepared the annual accounts on a going concern
basis.
ACKNOWLEDGMENT
We owe all our employees, customers, bankers and suppliers, our
gratitude for their cooperation and continued support.
FOR AND ON BEHALF OF THE BOARD
(SANTOSH R.TULSIYAN)
MANAGING DIRECTOR
Place: Mumbai.
Dated: 29.05.2014
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