| Dear Members,
The Directors have pleasure in presenting the Annual Report together
with Audited Statement of Accounts for the year ended 31st March, 2014
WORKING RESULTS (Amount in Rs)
Particulars 31-03-2014 31-03-2013
Sales 32,400 6,984
Profit(Loss) before Tax (3,008,178) (4,104,204)
Provision for Tax 2,096,325 NIL
Profit (loss) after Tax (5,104,503) (4,104,204)
Balance brought forward (234,186,757) (230,082,553)
Balance carried to Balance Sheet (239,291,260) (234,186,757)
YEAR UNDER REVIEW AND FUTURE PLANS
The Company has commenced preliminary planning work related to the
water front project at Cochin. As mentioned in the previous year's
report it is expected that the physical work on the project will
commence by the end of the financial year 2014-15.
The Company is also considering entering into a Development arrangement
for developing a Apartment project near Whitefield in Bangalore.
DIVIDEND:
Since the Company could not generate any profits, your directors do not
propose any dividend for the year under review.
DIRECTORS
Mr. Santhosh Joseph Karimattom retire at the ensuing Annual General
Meeting and being eligible offers himself for reappointment.
Mr. Anup Kumar, Mr. Rajendra Patil and Mr. Kandumpully Rajesh are
independent directors who hold office till the date of AGM. They seek
reappointment as per new Companies Act,2013 as independent Directors
who are not liable to retire by rotation.
DIRECTORS' RESPONSIBILITY STATEMENT
Your Directors state:
i) that in the preparation of the Annual Accounts, the applicable
accounting standards had been followed along with proper explanations
relating to material departure;
ii) that 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 the loss
of the Company for the period.
iii) that the Directors had 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.
iv) that the Directors had prepared the annual accounts on a going
concern basis.
BUSINESS RESPONSIBILITY / SUSTAINABILITY REPORTING
Your Company is fundamentally committed to sustainable business and The
management fully stands for the principles of National Voluntary
Guidelines on Social, Environmental and Economic Responsibilities of
Business. But in view of the very low level of business / commercial
operations, the Company has not started the said reporting. We have not
yet formed any committee for the said purpose, which we will be doing
as and when it is required.
FIXED DEPOSITS
Your company has neither invited nor accepted any Fixed Deposits from
the public during the financial year under review.
CORPORATE GOVERNANCE AND COMPLIANCE CERTIFICATE:
Separate notes on Corporate Governance and Management Discussion and
Analysis Report are set out as Annexure "A" and "B" respectively. A
Certificate from the Auditor of the Company certifying compliance
conditions of Corporate Governance as stipulated under Clause 49 of the
Listing Agreement is attached to this report.
LISTING AGREEMENTS REQUIREMENTS:
The securities of your company are listed at Bombay, Bangalore, Madras
and Cochin Stock Exchanges. The Board is seeking approval from the
members during the ensuing AGM for voluntary de-listing of shares in
Bangalore, Madras and Cochin Stock Exchanges.
BUY-BACK OF SHARES
There was no buy-back of shares during the year under review.
PARTICULARS OF THE EMPLOYEES:
None of the employees employed during the year was in receipt of
remuneration in excess of the prescribed limit specified in section 217
(2A) of the Companies Act 1956 Hence , furnishing of particulars under
the Companies (Particulars of Employees) 1975 does not arise.
AUDITORS
M/s.Chandy & Zacheria, Chartered Accountants, Kottayam, Kerala Auditors
of the Company retire at the ensuing Annual General Meeting. They have
expressed their willingness for reappointment.
CONSERVATION OF ENERGY AND TECHNOLOGY ABSORPTION
During the year under review, there were no activities, which required
heavy consumption of energy. However adequate measures have been taken
to make sure that there is no wastage of energy .Since the requisite
information with regard to the conservation of energy, technology
absorption (Disclosures of Particulars in the report of Board of
Directors ) Rules are irrelevant/not applicable to the Company during
the year under review , the same are not reported.
FOREIGN EXCHANGE EARNINGS AND OUTGO: NIL
ACKNOWLEDGEMENTS
The Board of Directors wish to place on record their appreciation for
the co-operation and support received from all.
By Order of the Board
Place : Bangalore Santhosh Joseph Karimattom Anup Kumar
Date : 26-08-2014 Managing Director Director
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