| Dear Members,
The Directors have pleasure in presenting the 20th Annual Report of
the Company together with the audited statement of accounts for the
year ending 31st March 2014.
FINANCIAL HIGHLIGHTS:
31.03.2014 31.03.2013
(Rs. in lakhs)
Profit/Loss before Depreciation & Interest (3.18) (38.63)
Depreciation 4.34 6.91
Interest 6.70 63.93
Provision for Tax - -
DeferredTaxAsset/Liability 1.40 1.11
Profit / (Loss) afterTax - (15.62) (116.58)
Balance carried forward (407.59) (391.97)
OPERATIONS:
THE FERNS - The case filed by the Company against the Landlord for
cancelling the Power of Attorney is in an advanced stage. In the
meantime, Company is trying for an amicable out of court settlement
with the landlord. In the absence of Power of Attorney, Company could
not sell any villas and hence there is no revenue from the project.
DIVIDEND:
No provision has been made for dividend as the Company has incurred
losses for the year ended 31st March 2014.
FIXED DEPOSITS:
Liability on account of Fixed Deposit held by the Company as on 31st
March 2014 is Rs. 48,10,000/-. The Company has not accepted any fresh
Fixed Deposits during the year under review.
LISTING:
The Equity shares of your Company are listed on the Bombay Stock
Exchange Ltd., Mumbai. Listing fees for the year 2013-14 has been paid
to the stock exchange. The Board would like to inform the shareholders
that the shares of the Company are also available in form and
shareholders are requested to make use of this opportunity.
Pursuant to Section 217(2AA) of the Companies Act, 1956, the Directors,
based on the representations received from the Operating Management,
confirm.
a. That in the preparation of the annual accounts, the applicable
accounting standards have been followed and that there are no material
departures.
b. That they 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 of the
Company for that period.
c. That they have taken proper and sufficient care to the best of
their knowledge and ability for the maintenance of adequate accounting
records in accordance with the provisions of the Act for safeguarding
the assets of the Company and for preventing and detecting fraud and
other irregularities.
d. That they have prepared the annual accounts on a going concern
basis.
AUDITORS:
The Auditors M/s. B.B. Naidu & Co., Chartered Accountants retire at the
forthcoming Annual General Meeting and are eligible for reappointment.
Your Directors recommend the re-appointment of M/s. B.B. Naidu & Co.,
Chartered Accountants, as statutory Auditors to hold office until the
conclusion of the next Annual General Meeting of the Company. The
members are requested to authorize the Board to fix their remuneration.
ENERGY CONSERVATION, TECHNOLOGY TRANSFER AND FOREIGN EXCHANGE EARNINGS
AND OUTGO:
The information required under Section 217(l)(e) of the Companies Act,
1956 read with Rule 2 of the Companies (Disclosure of Particulars in
the Report of Board of Directors) Rules, 1988 is furnished hereunder:
A. Details of Conservation of Energy: The Company tries to conserve
energy wherever possible. The activity of the Company is not covered
under the list of specified industries in the Schedule and rules as
stated above.
B. Research and Development: The Company has not undertaken any R&D
activity in any specific area during the year under review and hence no
cost has been incurred towards the same.
C. Technology Absorption: Nil
D. Foreign Exchange Earnings & Outgo:
SECRETARIAL COMPLIANCE CERTIFICATE:
The Company has obtained a Secretarial Compliance Certificate as
required under Section 383A of the Companies Act, 1956 from a
Practicing Company Secretary.
PARTICULARS OF EMPLOYEES:
The provisions under Section 217(2A) of the Companies Act, 1956 and the
rules framed there under are not applicable since none of the employees
were in receipt of remuneration in excess of the limits prescribed
therein.
CORPORATE GOVERNANCE:
As required by Clause 49 of the Listing Agreement with the Stock
Exchanges, the report on Management Discussion and Analysis, Corporate
Governance as well as the Auditor's Certificate on the compliance of
Corporate Governance, form part of the Annual Report.
ACKNOWLEDGMENTS:
Your Directors thank the Company's Customers, Vendors and Investors for
their continued support during the year. Your Directors place on record
their appreciation of the excellent contribution made by employees at
all levels.
For & on behalf of the Board of Directors
Place Chennai D.Sudhakara Reddy
Date 22-08-2014 Chairman & Managing Director | 