| Dear Members,
The Directors have pleasure in presenting herewith the Twenty Ninth
Annual Report along with Audited Accounts of the Company for the year
ended 31st March, 2014.
FINANCIAL RESULTS
The summarized financial position of the Company for the financial year
ended 31st March, 2014 as compared to previous year is as under:
Amount
(Rs. in Lacs)
2013-2014 2012-2013
Total Income 49.83 147.62
Profit before Depreciation & Financial Charges 21.82 13.22
Less: Depreciation 1.30 0.77
Less: Financial Charges - -
Profit before Exceptional and Extraordinary
Items and Tax 20.52 12.45
Add: Extraordinary Items 5.00 -Profit before Tax 15.52 12.45
Less: Tax Expenses
Current Tax
Provision for Taxation 1.04 3.00
Deferred Tax 0.06 0.03
Profit after Tax 14.42 9.42
Add: Balance brought forward from previous year 65.73 56.31
Surplus/(Deficit) carried to Balance Sheet 80.15 65.73
DIVIDEND
With a view to conserve resources for general corporate purposes, your
Directors considered it prudent not to recommend any dividend for the
year under review.
OPERATIONS
During the year under review, the Total Income of the Company declined
from Rs. 147.62 in the preceding to Rs. 49.83 Lacs in the current year.
Net Profit stood at Rs. 14.42 Lacs in the current year as against Rs.
9.42 Lacs in the preceding year. Your Directors are making constant
efforts to improve the performance of the Company.
AUDITORS
The term of the present Auditors of the Company, M/s Om P. Agarwal &
Associates, Chartered Accountants, expires at the conclusion of the
ensuing Annual General Meeting and being eligible they have offered
themselves for re-appointment.
The Auditors observations read with notes to the accounts are self
explanatory and do not call for any further clarification or
explanation.
DIRECTORS
In accordance with the provisions of the Companies Act, 1956 read with
the Articles of Association of the Company Shri Sudhir Kumar
Parasrampuria, Director of the Company, retires by rotation at the
ensuing Annual General Meeting and is eligible for re-appointment.
In compliance with the provisions of Section 149 of the Companies Act,
2013, your Company is seeking to appoint Shri Gautam Lhila and Shri
Pradeep Kumar Dada as Independent Directors of the Company.
The Board has re-appointed Smt. Parwati Parasrampuria as Managing
Director of the Company for a further period of five years with effect
from 1st April, 2014 and the matter is placed for approval of Members
at the ensuing Annual General Meeting.
STATUTORY INFORMATION
A. PARTICULARS OF EMPLOYEES
As none of the Employees of the Company was in receipt of remuneration
in excess of the limits prescribed, the Particulars of Employees under
Section 217 (2A) of the Companies Act, 1956 read with Companies
(Particulars of Employees) Rules, 1975 as amended are not required to
be given.
B. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS AND OUTGO
As the Company is not engaged in any manufacturing activity, the
details relating Conservation of Energy, Technology Absorption being
inapplicable are not required to be given. There have been no earnings
and expenditure in foreign currency during the year under review.
C. DIRECTORS' RESPONSIBILITY STATEMENT
In terms of Section 217(2AA) of the Companies Act, 1956, the Directors
of the Company state in respect of the year ended 31st M arch, 2014
that: -
a) In preparation of Annual Accounts, the applicable Accounting
Standards have been followed along with proper explanation relating to
material departures.
b) 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 at the end of the Financial year and of the Profit of the
Company for that year.
c) 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) They have prepared Annual Accounts on a going concern basis.
LISTING INFORMATION
The Equity Shares of the Company are presently listed at BSE Limited,
Mumbai and the Annual Listing Fee is paid up to date.
ACKNOWLEDGEMENTS
The Directors wish to place on record their sincere appreciation of the
co-operation received by the Company from the Company's Bankers and
other Authorities. The Directors are also thankful to the shareholders
for abiding faith in the Company. Deep appreciation is also
acknowledged for the support and hard work put in by the employees of
the Company.
For and on behalf of the Board
Place: Kanpur (SUDHIR KUMAR PARASRAMPURIA)
Dated:12th August2014 CHAIRMAN
DIN-00358982 |