| Dear Members,
The Directors' hereby present their Twenty Seventh Annual Report and
the Audited Statements of Accounts for the year ended March 31, 2014.
2. Financial Results
For the year For the year
Ended 31.03.14 Ended 31.03.13
(Rupees) (Rupees)
Gross Loss before interest,
depreciation and tax (2,85,536) (10,29,004)
Deducting therefrom:
Interest (20) (3,162)
Net Profit/(Loss) before tax (2,85,556) (10,32,166)
Deducting provision for taxation NIL NIL
Net Profit/(Loss) after tax (2,85,556) (10,32,166)
3. Dividend
In view of the loss incurred during the year, the directors do not
recommend the payment of dividend.
4. Projects
Ahura Ashish Complex at Bordi
The Company could not make any progress on this project due to dispute
between the Company and the Vendor. The matter is pending in the Court.
In this regard, your attention is drawn to Note 9 (A) (2) Notes forming
part of the Financial Statements - Sr. No.9 (A) (2) to 9 (A) (2.4).
Your Directors are taking every possible necessary step to protect the
interest of the Company. Considering the facts and circumstances of the
case, your Directors are confident of getting the appropriate orders
and/or reliefs in the Company's favour from the Court.
5. Directorate
In accordance with the provision of the Companies Act, 1956 and the
Company's Articles of Association, Mr. Dara.K. Deboo, retires by
rotation and being eligible, offers himself for reappointment.
6. Administrative Office Premises
The company has filed R.A.D. Suit in the Court of Small Causes at
Mumbai against Vitta Mazda Ltd. and Trustees of the Elphinstone Cricket
Club and Official Liquidator of Vitta Mazda Ltd. - In Liquidation
(joined as party defendant as per the judgement and order dtd.
30-07-2004 of the Hon'ble High Court of Gujarat) for a declaration that
the company is in quiet and peaceful use, occupation and enjoyment of
part of the premises viz. 203, Elphinstone House, 2nd Floor, 17,
Marzban Road, Mumbai - 400 001. The company has obtained a permanent
injunction order in the said suit whereby the Defendants are restrained
from dispossessing the company from the said premises till disposal of
the suit and the same is still valid and holds good.
7. Director's Responsibility Statement
As stipulated under Section 217(2AA) of the Companies Act, 1956 your
Directors' confirm as under:-
i. In the preparation of the annual accounts, the applicable
accounting standards have been followed along with proper explanations
relating to material departures.
ii. The Directors had 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 as on 31st March, 2014 and of the loss of the Company
for the year ended 31st March, 2014.
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.
8. Compliance Certificate
Pursuant to the requirement of proviso to Section 383A(1) of the
Companies Act, 1956 a Compliance Certificate obtained from a practicing
Company Secretary is enclosed.
9. Listing Agreement Requirements
The securities of your company are listed at Bombay Stock Exchange,
Mumbai. Trading in company's securities remain suspended at Stock
Exchange for various reasons including non-submission of documents and
all possible steps are being taken by the management to get shares
traded at the floor of the Exchange.
10. Auditors' Report
The observations made by the Auditors in their report are
self-contained and self-explanatory and also have been properly dealt
in the specific notes forming part of the accounts and therefore do not
call for any further explanation under Section 217(3) of the Companies
Act, 1956.
11. Auditors
You are requested to reappoint M/s. P.V. Dalal & Co., Chartered
Accountants (Membership No. 033355, Firm Registration No. 102049W),
Auditors of the Company, for a period of three years commencing from
the conclusion of this Annual General Meeting up to the conclusion of
the 30th Annual General Meeting, subject to ratification of the Members
at every meeting and authorize the Board of Directors to fix their
remuneration. They have given a certificate to the effect that their
appointment, if made, will be within the prescribed limits specified in
Section 141(3)(g) of the Companies Act, 2013.
12. Internal Auditors
The Company has appointed M/s.Hitesh H. Damania & Co., Chartered
Accountant viz., 402, Shree Sai Saharan CHS Ltd., Kantilal Compound,
Pump House, Andheri (East), Mumbai- 400 093 as an Internal Auditor of
the Company.
13. Conservation of Energy, Technology absorption, foreign earnings
and outgo
The Company is not engaged in manufacturing activities during the year
under review. Therefore, there is no information to submit in respect
of conservation of energy and absorption of technology.
The Company has no foreign exchange earning and outgoings during the
year under review.
14. Particulars of employees
During the year, the Company had no employee drawing remuneration
exceeding the limit prescribed under Section 217(2A) of the Companies
Act, 1956.
15. Acknowledgement
Your Directors wish to place on record their appreciation of the
wholehearted co-operation received by the Company from their bankers,
employees and members during the year under review.
16. General
The notes forming part of the Financial Statements are self-explanatory
or to the extent necessary, have been dealt within the preceding
paragraphs of this report.
For and On Behalf of the Board of
Directors
F.E.D. MEHTA S.H. SHAH
DIRECTOR DIRECTOR
Place : Mumbai DIN: 00213838 DIN: 00082116
Date : 4th September, 2014
Registered Office:
Park View,
Lunsi Kui,
NAVSARI - 396 445.
(Gujarat State)
www.mazdaproperties.com
CIN : L65910GJ1986PLC009088
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