| The Members
Bluechip Stockspin Limited.
The Directors have pleasure in presenting the Annual Report together
with the audited statement of accounts for the period ended on 31st
March, 2014.
FINANCIAL RESULTS:
Particulars 2013-2014 2012-2013
1. Total Income 6,03,630 11,50,120
2. Total Expenditure 20,41,136 21,90,518
3. Profit before Tax (14,37,506) (10,40,398)
4. Provision for Tax NIL NIL
5. Profit after Tax (14,37,506) (10,40,398)
DIVIDEND:
Due to losses, your Directors do not recommend the dividend for the
financial year ended 31.03.2014.
DIRECTORS:
In accordance with the provisions of Articles of Association of the
Company and the provisions of the Companies Act, 1956, Mr. Jignesh Shah
and Mr. Ashit Vora, directors are liable to retire by rotation at the
ensuing AGM and is eligible for reappointment. Mr. Jitendra N. Shah &
Mr. Maulik A. Shah, Directors of the Company, are being proposed to be
appointed as independent directors for five consecutive years for a
term upto March 31, 2019 as per provisions of Section 149 and other
applicable provisions of the Companies Act 2013.
Necessary resolutions for the appointment /re-appointment of the
aforesaid directors be included in the notice convening the ensuing AGM
and details of the proposal for appointment / re- appointment be
mentioned in the explanatory statement of the notice.
Your directors commend their appointment / re-appointment. All the
directors of the Company have confirmed that they are not disqualified
from being appointed as directors in terms of Section 274(1)(g) of the
Companies Act, 1956. The Company has received declarations from all the
independent directors confirming that they meet with the criteria of
independence as prescribed both under sub-section (6) of section 149 of
Companies Act, 2013 and under Clause 49 of the Listing Agreement with
the Stock Exchanges.
PUBLIC DEPOSITS:
The Company has not accepted any deposits from the public within the
meaning of Section 58 A of the Companies Act, 1956 and Rules made there
under.
AUDITORS:
M/s. Vishves A. Shah & Co., Chartered Accountants, statutory auditors
of the Company having Firm Registration Number 121356W retire at the
ensuing AGM and are eligible for re- appointment. The Company has
received a certificate from the statutory auditors to the effect that
their re-appointment, if made, would be within the limits under Section
141(3)(g) of the Companies Act, 2013 and that they are not disqualified
for re-appointment.
AUDITORS REPORTS:
The observations of the Auditors in their Report and Notes Attached to
the Accounts to the Accounts are Self-Explanatory and do not require
any Further Clarifications.
DIRECTORS RESPONSIBILITY STATEMENT:
Pursuant to the requirement under section 217 (2AA) of the Companies
Amendment Act, 2000 with respect to Director Responsibility Statement
it is hereby confirmed:
1. That in the preparation of the Annual Accounts for the financial
year ended 31st March, 2014 the applicable accounting standards had
been followed along with proper explanation relating to material
departures.
2. That the Directors had selected such accounting policies and
applied them consistently and made judgments 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 of Loss of the Company for the year under review.
3. That the Directors had taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provision of the Companies Act, 1956 for safeguarding the assets of the
Company and for preventing and detecting fraud and other
irregularities.
4. That the Directors had prepared the accounts for the financial year
ended 31st March, 2014 on a going concern basis.
CORPORATE GOVERNANCE:
A separate section on Corporate Governance and a Certificate from
Auditors of the company regarding compliance of conditions of Corporate
Governance as stipulated under clause 49 of the Listing Agreement
together with the Management Discussion and Analysis of the financial
position of the company forms part of the Annual Report.
LISTING:
Equity Shares of the company are listed on the Bombay Stock Exchange
Limited (BSE), Vadodara Stock Exchange and Ahmedabad Stock Exchange
(ASE).
MANAGEMENT DISCUSSION AND ANALYSIS:
The Management Discussion and Analysis Report are attached herewith and
forms part of the Director Report.
PARTICULARS OF THE EMPLOYEES:
Company has no employee to whom the provision of Section 217(2A) of the
Companies Act, 1956 read with the Companies (particulars of employees)
Rules, 1975 apply and so, forming part of the report is nil.
CONSERVATION OF ENERGY, RESEARCH & DEVELOPMENT, TECHNOLOGY ABSORPTION
AND FOREIGN EXCHANGE EARNINGS AND OUT GO:
The Additional information required under Section 217(1)(e) of the
Companies Act,1956 relating to Conservation of energy, Research &
Development, Technology absorption are not applicable to the Company,
as the company is not engaged in the manufacturing activities. The
Company has no any Foreign exchange earnings or outgoes during the
financial year.
ACKNOWLEDGMENT:
Your company & Directors wish to place on record their appreciation of
the assistance and co- operation extended by Investors, Bankers,
Customers, Business Associates and Government. We are deeply grateful
to shareholders for their continued faith, confidence and support to
the company. The Directors wishes to place on record its appreciation
of sincere and dedicated work of employees of the company which has
contributed to the growth of the Company.
Place: Ahmedabad For and on behalf of the Board
Date: 30.05.2014
Jignesh Shah
Chairman
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