| Dear Shareholders
The Directors have pleasure in presenting the Twenty- Ninth Annual
Report of the Company together with the Audited Accounts for the year
ended 31st March, 2014.
1. FINANCIAL HIGHLIGHTS
The working results of the Company for the year under review are given
below:
Particulars Year ended Year ended
31.03.2014 31.03.2013
(RS.) (RS.)
Profit/fLoss) Before Tax 1,422,562.91 1,489,490.49
Tax Expense
-Current Tax 100,000.00 220,000.00
- Deferred Tax - -
Profit/(Loss) After Tax 1,322,562.91 1,269,490.49
Add:Previous Year Adjustment 296,263.00 246,110.75
Profit/(Loss) for the Year 1,026,299.91 1,515,601.24
2. DIVIDEND
To conserve the resources ofthe Companyforfuture expansion, the Board
have decided not to recommend any dividend for the year under review.
3. PERFORMANCE REVIEW
The performance of the Company during the current year has not been up
to the expectation due to high volatility in the market. Your Directors
are making all efforts to improve the performance of the Company
further in future.
4. FIXEDDEPOSITS
During the year under review, your Company has not accepted any
deposits within the meaning of Section 58A of the Companies Act, 1956
and the Rules made there under.
5. DIRECTORS
As perthe provisions ofthe Article of Association ofthe Company, Shri
Pranab Chakraborty (DIN No. 03568360), retires by rotation at the
ensuing Annual General Meeting. Shri Subhabrata Talukdar (DIN No.
00278821), Shri Amiya Kumar Basu (DIN No. 00277676) and Shri Pranab
Chakraborty, Directors ofthe Company, tare being appointed as an
Independent Directors forfive consecutive years for a term up to 31st
March, 2019 as per the provisions of Section 149 and other applicable
provisions of Companies Act, 2013. The Company has received a requisite
notices in writing from members proposing their appointment as
Directors. The Board recommends their appointment as Independent
Directors.
Brief resume of the Directors seeking appointment/re-appointment,
nature of their expertise in specific functional areas and details of
their directorship and membership/chairmanship of Board Committees, as
stipulated under Clause 49 ofthe Listing Agreement, are provided in the
Report on Corporate Governance forming part of the Annual Report.
6. DIRECTOR'S 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:
a. That in the preparation of the accounts for the financial year ended
31st March, 2014, the applicable accounting standards have been
followed along with the proper explanation relating to material
departures;
b. That the Directors have selected such accounting policies and
applied them consistently and madejudgments 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 the Company for the year under review;
c. That 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;
d. That the Directors have prepared the annual accounts for the
financial year ended 31st March, 2014 on a going concern basis.
7. AUDITORS' REPORT
There are no items on which Auditors have commented which need further
explanation form the Board of Directors.
8. AUDITORS
M/s. Agrawal S. Kumar& Associates, Chartered Accountants, Statutory
Auditors ofthe Company, holds office till the conclusion of the ensuing
Annual General Meeting and are eligible for the re- appointment.
The Company has received letter from the Auditors to the effect that
their re-appointment, if made, would be within the prescribed limits
under the Companies Act, 2013 and they are not disqualified for
re-appointment. The Board recommends the appointment of the auditors
from conclusion ofensuing Annual General Meeting till the conclusion
ofnext Annual General Meeting.
9. EMPLOYEES
None of the employees were in receipt of remuneration in excess of the
limits specified under Section 217(2A) ofthe Companies Act, 1956 read
along with Companies (Particulars of Employees) Rules, 1975.
10. STATUTORY INFORMATION
The Company being basically in the financial sector, requirement
regarding the disclosure of particulars of conservation of energy and
technology absorption prescribed by the rules is not applicable.
11. FOREIGNEXCHANGE
The Company had no foreign exchange inflow or outflow during the year
under review.
12. CORPORATE GOVERNANCE
As per the Listing Agreement with the Stock Exchanges, the Company has
implemented the Code on Corporate Governance. The Corporate Governance
compliance certificate obtained from the Auditors of the Company is
attached to Report on Corporate Governance.
The Management Discussion and Analysis Report and the Report on
Corporate Governance are given in the annexure attached to this report.
The Board members and senior management personnel have confirmed
compliance with the Code of Conduct.
13. EMPLOYER EMPLOYEE RELATIONSHIP
The Company has maintained a cordial relationship with its employees,
which resulted in smooth flow of business operations during the year
under review.
14. ACKNOWLEDGEMENTS
Your Directors acknowledge the support and owe a debt of gratitude to
the Shareholders, Investors & Bankers. Your Directors are also thankful
to its clients for their continued faith and support reposed in them.
Last but not the least, your Directors' place on record their sense
of appreciation for the valuable contribution made by the employees of
the Company.
On behalf of the Board of Directors
For Blue Chip India Limited
Registered office:
10rprincep Street,
2nd Floor, Arihant Jain Pranab Chakraborty
Kolkata -700 072 Managing Director Director
Dated : 30th May, 2014 DINNo.00174557 DINNo.03568360
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