| Dear Members,
The Directors have pleasure in presenting to you the Twenty Sixth
Annual Report together with the Audited Accounts of the Company for the
year ended 31st March, 2014. :
FINANCIAL RESULTS
Particulars 2013-14 2012-13
Rs. Rs.
Income 1,22,91,006 1,10,63,580
Expenses 68,01,995 2,50,222
Profit / (Loss) before Tax 54,89,011 1,08,13,358
Tax expenses:
Current Tax (38,80,000) (35,00,000)
Deferred Tax Nil Nil
Tax adjustments for earlier years (10,408) Nil
Profit / (Loss) for the year 15,98,603 73,13,358
Your Directors are hopeful of better performance by the Company in the
current year.
DIVIDEND
With a view to conserve resources of the Company, your Directors are
unable to recommend any dividend for the year under review.
DIRECTORS
Mr. Naveen Bhatter (DIN:00503756), Director retires by rotation from
the Board and being eligible offers himself for reappointment.
DIRECTOR RESPONSIBILITY STATEMENT
Your Directors confirm that:
i in the preparation of the Annual Accounts, the applicable accounting
standards have been followed alongwith proper explanation relating to
material departures, if any;
ii. the Directors have selected such accounting policies and applied
them consistently and made judgements 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 financial year ended on 31st March, 2014
and of the profit of the Company for that year;
iii. 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;
iv. the Directors have prepared the annual accounts on a going concern
basis.
PUBLIC DEPOSITS
The Company has not accepted any deposits from the public during the
year under review.
EMPLOYEES
The Company had no employees of the category specified in Section
217(2A) of the Companies Act, 1956.
AUDITORS
M/s S S Rathi & Co., Chartered Accountants, the Statutory Auditors of
the Company retire and being eligible offer themselves for re-
appointment.
AUDITORS REPORT
The observations made in the Auditors Report are self explanatory and
therefore, do not call for any further comments on the Auditors Report
under Section 217 of the Companies Act, 1956.
COMPLIANCE CERTIFICATE
Pursuant to the proviso to Section 383A ( 1 ) of the Companies Act,
1956 read with the Companies ( Compliance Certificates ) Rules, 2001
framed thereunder, your Company has obtained a Compliance Certificate
from Girish Murarka and Company, Company Secretaries, Mumbai for the
financial year ended 31st March, 2014 confirming that the Company has
complied with all the provisions of the Companies Act, 1956. A copy of
such certificate is attached with this Report and forms an integral
part. The observations made in the Compliance Certificate are self
explanatory and therefore do not call for any comments.
REPORT ABOUT CONSERVATION OF ENERGY
Since the Company is not having any manufacturing activity, Directors
have nothing to report on conservation of energy, research and
development and technology absorption.
FOREIGN EXCHANGE EARNINGS AND OUTGO
Foreign Exchange earned during the year under review - Rs. Nil Foreign
Exchange spent during the year under review - Rs. Nil
APPRECIATION
Your Directors place on record their deep appreciation of the
assistance, contribution and support received from their bankers,
shareholders, etc.
For and on behalf of Board of Directors
Director
Place: Mumbai
Date: 02.09.2014 |