The Directors of your company have pleasure in presenting the 25th Annual Report together with Audited Accounts of the company for the year ended 31st March 2014.

Financial Results

The financial results of the company are as under

Particulars                                               (Rs in Lac)
                                             2013-14          2012-13

Sales                                        1372.09          1183.23

Other income                                   11.03             0.00

Profit before Interest and Depreciation         5.54             4.99

Interest                                        0.21             0.00

Depreciation                                    2.27             2.24

Profit after Interest and Depreciation          3.06             2.75

Tax Expense                                     1.51             1.53

Profit after Tax                                1.55             1.22

Transfer to Reserve and Surplus                 1.55             1.22

During the period under report, your company has achieved Sales and Other income of Rs. 1383.12 Lac as compared to Rs. 1183.23 Lac during the previous year with net profit of Rs. 1.55 Lac as compared to Profit of Rs. 1.22 Lac in the previous year.

Material Changes

There are no material changes between the date of balance sheet and that of the date of report.

Dividend

Your directors do not recommend any dividend this year also.

Equity Capital

The Company has only one type of equity share capital.

Holding /Subsidiary

There is no holding and subsidiary company.

Public Deposits

The company has not accepted any deposits during the year and there are no unclaimed or overdue deposits.

Conservation of Energy and Technology Absorption and Foreign Exchange

The information under section 217 (1) e of The Companies Act, 1956 is nil.

Personnel

None of the employee of the company is in receipt of remuneration for whole / part of the year exceeding the limit prescribed under section 217(2 A) of the Companies Act 1956. The company has continued to follow the policy of creating healthy environment and work culture resulting into harmonious inter- personnel relations. The relations with employees remained cordial throughout the year.

Directors

Sh. Daya Nand Sahu (DIN=02216670) and Sh. Varinder Kumar Dhamija (DIN=03500822 ) are non executive Directors of the Company. It is proposed to appoint both of them as Independent Directors of the Company from September 30, 2014 up to September 29, 2019." Board recommends their appointment. Sh.Girish Kapoor (DIN=01870917) retires by rotation and being eligible, offers himself for reappointment.

Listing

The securities of the company are listed at Stock Exchange at Bombay, Delhi, Ludhiana and Vadodra. The Company has paid the Listing fees for the financial year 2014-2015 to BSE Limited only.

Auditors

M/s. Rajesh K Sharma and Associates, Chartered Accountants, Ludhiana are statutory auditors of the company for the financial year 2013-14 and hold office up to the conclusion of ensuing Annual General Meeting. It is proposed to reappoint them for a period of three years as per the provisions of Chapter X of The Companies Act, 2013 to hold office from the conclusion of this Annual General Meeting (AGM) till the conclusion of twenty eighth AGM of the Company to be held in the year 2017. They have given their consent to acts as Auditors of the Company and have further confirmed that their appointment would be in conformity of the provision of Section 139 of The Companies Act, 2013.The audit committee has also recommended their appointment.

The observation of the Auditors in their report read with relevant notes to accounts are self explanatory and therefore, do not require further explanation.

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 that:

1. In the preparation of the annual accounts for the financial year ended 31st March, 2014, the applicable accounting standards have been followed along with proper explanation relating to material departures;

2. The Directors have selected such accounting policies and applied them consistently and made judgment and estimates that were 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 the year under review;

3. The Directors 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 ;

4. The Directors have prepared the accounts for the financial year ended 31st March, 2014 on a 'going concern' basis.

Corporate Governance

The Company has complied with the provisions of Clause 49 of listing agreement on Corporate Governance. The report on corporate governance and auditor's certificate regarding compliance with corporate governance form part of the annual report.

Management Discussion and Analysis

Management Discussion and Analysis Report is attached herewith and it forms part of the Directors Report.

Acknowledgements

Your Directors are pleased to place on record their sincere thanks to the Banks for their co-operation and support to the company. Your directors also express their deep appreciation for the devoted and sincere services rendered by workers, staff and executive at all levels of the operations of the company during the year and we are confident that your company will continue to receive such co-operation from them in future also.

                                      By Order of the Board 
                                      For LWS Knitwear Limited

                                           Sd/- 
Date: 30.05.2014                        Girish Kapoor 
Place: Ludhiana                      (Managing Director)
                                         DIN-01870917