| Dear Members
The Directors have pleasure in presenting their Thirtieth Annual
Report together with the Audited Balance Sheet as at 31st March, 2014
and the Profit & Loss Account of the Company for the year ended on that
date.
FINANCIAL RESULTS:
During the year under review, the Company has earned net profit of Rs.
24,917/- from which is deducted the provision for taxation for current
year Rs. 5,000/-, short provision for tax for earlier years Rs.
10,266/- and added the credit balance brought over from earlier years
amounting to Rs. 28,07,782/- resulting into a net credit balance of Rs.
28, 17,433/-, which your Directors proposed to carry over to next year.
DIVIDEND:
In view of the inadequacy of Profits and to strengthen the financial
position of the Company, your Directors do not recommend payment of any
dividend for the year.
DIRECTOR:
Mr. Sushil Kumar Luma retires by rotation at the forthcoming Annual
General Meeting and being eligible offer himself for re-appointment.
Pursuant to the provisions of Section 161(1) of the Companies Act,
2013, and the Articles of Association of the Company, Mr. Navneet
Dammani was appointed as an Additional Director designated as an
Independent Director with effect from 25th August, 2014, and he shall
hold office upto the date of the ensuing Annual General Meeting. The
Company has received requisite notice in writing from a Member
proposing Mr. Navneet Dammani for the appointment as an Independent
Director.
Pursuant to the provisions of Section 161(1) of the Companies Act,
2013, and the Articles of Association of the Company, Mrs. Krishna
Jaisingh Jain was appointed as an Additional Director designated as an
Independent Director with effect from 25th August, 2014, and she shall
hold office upto the date of the ensuing Annual General Meeting. The
Company has received requisite notice in writing from a Member
proposing Mrs. Krishna Jaisingh Jain for the appointment as an
Independent Director.
The Company has received declarations from all the independent
Directors of the Company confirming that they meet the criteria of
Independence as prescribed both under Subsection (6) of Section 149 of
the Companies Act, 2013, and under Clause 49 of the Listing Agreement
with the Stock Exchanges.
AUDITORS'S REPORT:
The Report of the Auditors' of the Company is self explanatory and does
not require any further clarification.
AUDITORS:
M/s. I.G. Naik & Co., Chartered Accountants, Auditors of the Company
retire at the ensuing Annual General Meeting and being eligible offer
themselves for re-appointment. We recommend their re-appointment.
The Company has received a Letter from M/s. I.G. Naik & Co., to the
effect that their reappointment, if made, would he within the
prescribed limits u/s 141 (3) (g) of the Companies Act, 2013, and that
they are not disqualified for reappointment.
DIRECTORS' RESPONSIBILITY STATEMENT:
Pursuant to the requirement under Section 217(2AA) of the Companies
Art, 1956 with respect to Directors' Responsibility Statement, it is
hereby confirmed;
i) 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;
ii) 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 or loss of the Company for the year under review;
iii) that the Directors had taken proper and sufficient care for the
maintenance of the 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) that the Directors had prepared the accounts for the financial year
ended 31st March, 2014 on a 'going concern' basis.
INVESTOR SERVICES CENTRE:
The securities of your Company are listed in Mumbai Stock Exchange. The
Investor Services Centre of the Company is with M/s. Sharex Dynamic
(India) Pvt. Ltd., Unit No. 1, Luthro Industrial Premises, Andheri
Kurla Road, Safed Pool, Andheri (East), Mumbai 400 072, who continue to
provide prompt Investor Services through Quick Resolution of investor
grievances.
Your Company's shares are tradable in electronic form and your Company
has established connectivity with both the depositories viz. National
Securities Depository Ltd. (NSDL) and Central Depository Services
(India) Ltd. (CDSL). Shareholders of the Company are requested to avail
this facility of keeping their holdings in electronic form in their
respective Demat Account in order to facilitate easy transfer of
shares.
PARTICULARS PRESCRIBED UNDER SECTION 217(1)(e) OF THE COMPANIES ACT:
Information pursuant to Section 217(1)(e) regarding conservation of
energy, technology absorption, foreign exchange earnings and outgo are
not applicable to the Company in absence of any manufacturing activity,
PARTICULARS OF EMPLOYEES:
The particulars of employees under section 217(2A) of the Companies
Act, 1956 are not given as no employee was in receipt of remuneration
exceeding the limit specified in Rule 1A of the Companies (Particulars
of Employees Rules, 1975) as amended from time to time whether employed
for the full year or lor part of the year.
Registered Office:
Warden House
340, J.J. Road, Byculla
Mumbai 400 008.
Suresh P. Upadhyay Sunil V. Surve
Dated: 25th August, 2014 Director Director |