| Dear Members,
The Directors present their Twenty Ninth Annual Report and Audited
Statement of Accounts for the year ended 31st March 2014.
FINANCIAL RESULTS:
The accounts for the year under review reflect a profit of Rs.
48,74,664/- The Directors propose to appropriate the same as under:
Profit / (Loss) Before Tax Rs. 48,74,664
Less: - Appropriations
Provision for Taxation
Current Tax Rs. 14,18,000
Deferred Tax Rs. 30,238 Rs. 14,48,238
Profit / (Loss) After Tax Rs. 34,26,426
ADD:- Balance Brought Forward Rs. 2,49,68,524 Rs. 2,49,68,524
Rs. 2,83,94,950
Transfer to Reserve Fund Rs. (6,71,000)
Contingent Provision Rs. 1,000 Rs. 6,72,000
BALANCE CARRIED FORWARD Rs. 2,77,22,950
DIVIDEND:
The Directors regret their inability to recommend any dividend for the
year under review.
WORKING & PERFORMANCE:
The performance of the Company was satisfactory during the year under
review. Your Company plans to take the performance to the next level
by adopting modern ways and hence your Directors are confident of
achieving better working results in the coming years.
PARTICULARS OF EMPLOYEES:
There is no employee in respect of whom particulars pursuant to Section
217 (2A) of the Companies Act, 1956 read with the Companies
(Particulars of Employees) Rules, 1975; are required to be given.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, RESEARCH AND
DEVELOPMENT:
Your Directors are of the opinion that with respect to conservation of
energy and technology absorption as per the Companies (Disclosure
Particulars in the Report of Board of Directors) Rules, 1988 are not
relevant in view of the nature of business activities of the Company
and hence, are not required to be given.
FOREIGN EXCHANGE EARNINGS AND OUTGO:
During the year under review, there is no foreign exchange earning,
outgo and expenditure.
DIRECTORS RESPONSIBILITY STATEMENT:
The Directors report that:
i) In the preparation of the annual accounts, the applicable accounting
standards have been followed.
ii) The Directors 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 and
loss account of the company for that period.
iii) The Directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of this Act for safeguarding the assets of the company and
for preventing and detecting fraud and other irregularities.
iv) The Directors have prepared the annual accounts on a going concern
basis.
v) The Directors had laid down internal financial controls to be
followed by the company and that such internal financial controls are
adequate and were operating effectively.
vi) The Directors had devised proper systems to ensure compliance with
the provisions of all applicable laws and that such systems were
adequate and operating effectively.
SECRETARIAL COMPLIANCE CERTIFICATE:
T. S. PAHADE & ASSOCIATES, Company Secretaries, Nagpur has issued a
Secretarial Compliance Certificate for the FY 2013-14 in terms of
Proviso of Sub- Section (1) of Section 383(A) of the Companies Act
1956. The same has been received and attached to the Board Report.
DIRECTORS:
Shri M.K. Sharma, Director retires by rotation and being eligible,
offers himself for re-appointment.
Apart from the above, there is no change as regard to the Directorship
of the Company.
LISTING OF SHARES:
The Shares of the Company continued to be listed on the Stock Exchange,
Mumbai and Madhya Pradesh. The Company has paid the annual listing fee
for the financial year 2014-2015.
The Equity Shares of the Company has the Electronic connectivity under
ISIN No. INE553H01015. To provide service to the Shareholders, the
Company has appointed M/ s. Adroit Corporate Services Private Limited,
1st Floor, 19, Jaferbhoy Industrial Estate, Makwana Road, Marol Naka,
Mumbai-400 059 as Registrar and Transfer Agent of the Company for
existing physical based and allied Secretarial Services for its Members
/ Investors and for Electronic Connectivity with NSDL and CDSL.
AUDITORS:
M/s. B. Chhawchharia & Co., Chartered Accountants, Nagpur Statutory
Auditors of the company retires at the conclusion of the ensuing Annual
General Meeting and are eligible for re-appointment.
In accordance with the Companies Act, 2013, it is proposed to
re-appoint them from the conclusion of this Annual General Meeting till
the conclusion of the next Annual General Meeting, subject to the
approval of the shareholders.
AUDITOR'S REPORT:
The observations made by the Auditors are self-explanatory and does not
require any clarification.
ACKNOWLEDGEMENT:
Your Directors are grateful to Bankers for their continued support,
co-operation and assistance during the year. Your Directors express
their thanks for the sincere and dedicated efforts put in by the
workers, staff and officers during the year.
For and on behalf of the Board
Registered Office:
254, Pandit Ravi Shankar Shukla
Marg, Civil Lines, Nagpur-440 001
Akshay R. Ranka M. K. Sharma
PLACE: NAGPUR. DIRECTOR DIRECTOR
DATED: 11th August, 2014 (DIN : 00235788) (DIN : 00519575) |