| Dear Members,
The Directors have pleasure in presenting the 27th Annual Report
together with the Audited Accounts for the year ended 31 st March,
2014.
FINANCIAL RESULTS:
31st March 2014 31st March 2013
Rs. Rs.
Profit/(Loss) Before Taxation 3,246.06 (17,347.58)
Less /(Add):Current Tax - -
Less/(Add): Deferred Tax (Provision) 46.95 121.89
Add/(Less): Prior Period Tax
Adjustments - -
Profit/(Loss) After Taxation 3,199.11 (17,469.46)
Profit/ (Loss) carried to
Balance sheet 3,199.11 (17,469.46)
PERFORMANCE REVIEW
The Company's turnover for the year 2013-2014 has been Rs. 61718.63
lakhs as compared to last year figure of Rs. 55484.75 lakhs. The
company has made a profit after taxation of Rs. 3,199.11 lakhs against
loss of Rs.17,469.99 lakhs last year.
DIVIDEND
In view of the accumulated losses your Directors do not recommend
dividend for the year under review.
PUBLIC DEPOSITS:
The Company had not accepted the deposits from the public as per
Section 58A of the Companies Act, 1956 and the Companies (Acceptance of
Deposits) Rules, 1975.
DIRECTORS:
In accordance with the provisions of the Companies Act, 2013 and the
Company's Articles of Association Mr. Inderpal Ushpalsingh Sabharwal
(DIN 00359315), Director of the Company, retires by rotation and being
eligible, offers himself for re- appointment.
AUDITORS
The Company's Auditors M/s. Chokshi & Chokshi, Chartered Accountants
retire on the conclusion of the forthcoming Annual General Meeting and
are eligible for reappointment. Shareholders are requested to
re-appoint them as Statutory Auditors to hold office upto the three
years and to fix their remuneration.
DIRECTORS' RESPONSIBILITY STATEMENT
Pursuant to Section 217(2AA) of the Companies Act, 1956, the Directors,
based on the representation received from the operating management,
confirm that
i) In preparation of the Annual Accounts for the year ended 31st
March,2014 the applicable accounting standards had been followed along
with proper explanation relating to material departures, if any;
ii) The Directors had selected such accounting policies and applied
consistently and made judgments and estimates that were reasonable and
prudent so as to give true and fair view of the state of affairs of the
Company at the end of the financial year ended 31st March,2014 and the
profit of the Company for the year under review;
iii) Proper and sufficient care has been taken 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) The annual accounts for the year ended 31st March, 2014 have been
prepared on a 'going concern basis'.
CORPORATE GOVERNANCE
Pursuant to Clause 49 of the listing agreements with Stock Exchanges, a
Management Discussion & Analysis, Corporate Governance Report and
Auditors Certificate regarding compliance of conditions of Corporate
Governance are made part of the Annual Report.
3) Export Initiatives
The Company is trying to take initiatives for Export.
PARTICULARS OF EMPLOYEES
No employees of the Company was in receipt of remuneration during the
financial year 2013-2014 in excess of the sum prescribed under Section
217(2A) of the Companies Act,1956 read with Companies (Particulars of
Employees) Rules, 1975.
DISCLOSURE UNDER SECTION 274(1)(g)
None of the Directors of the Company are disqualified for being
appointed as Directors as specified under section 274(1) (g) of the
Companies Act, 1956, as amended by the Companies (Amendment) Act, 2000.
CODE OF BUSINESS CONDUCT
As per the Listing Agreement, the Board has a 'Code of Conduct' in
place whereby all Board Members and Senior Management have declared and
complied with the Said Code.
LISTING
The Company's equity shares are listed on the Bombay Stock Exchange.
ACKNOWLEDGEMENTS
Your Directors wish to thank Shareholders, Suppliers, Customers, Banks
and Employees for their co-operation and support. Your Directors also
wish to place on record the support of the Financial Institutions.
By Order Of The Board Of Directors
Sd/-
Mr. INDERPAL SINGH SABHARWAL
Chairman
REGISTERED OFFICE:
E- 29/30, MIDC Industrial Area
Taloja, Dist. Raigad 410208
Maharashtra
Place: Mumbai
Date: 14th August, 2014
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