| Dear Members,
The directors have pleasure in presenting the Twenty-Forth Annual
Report together with the Audited Accounts for the period ended on March
31, 2014.
Financial Performance Summary :
Following table gives the financial highlights of your Company on a
standalone basis according to the Indian Generally Accepted Accounting
Principles (GAAP).
Year Ended March 31, 2014 2014 2013
Turnover 6,361 20,915
Other Income 9 168
Excess Liability written back 0 0
Variation in Stock 0 0
Total Expenditure 20,970 31,875
Profit/(Loss) before Interest, Depreciation ,
Impairment of Fixed Assets,
Misc. expenses and prior period items -14,600 -10,792
Interest 0 0
Depreciation 33,939 33,772
Provision for doubtful debts & prior
period expenses 0 0
Net Profit/(Loss) Before Tax -48,539 -44,564
Fringe Benefit Tax 0 0
Net Profit /(Loss) after Tax -48,539 -44,564
Add: Balance brought forward from
previous year -1,975,320 -1,930,756
Balance Carried forward to Balance Sheet -2,023,859 -1,975,320
Corporate Governance
As per clause 49 of the Listing Agreement, a separate report on
Corporate Governance is furnished as a part of the Annual Report along
with the Auditors Certificate regarding the compliance of the
Conditions of Corporate Governance.
Corporate Social responsibility
Your Company recognized that its operations has a wide effect on the
society and therefore give appropriate attention to the fulfillment of
its corporate responsibilities.
Directors
In accordance with the Articles of Association of the Company and the
provisions of the Companies Act, 1956, Mr. Supratik Sen Barat retires
by rotation at the ensuing Annual General Meeting and being eligible,
offers himself for re-appointment. Your Directors recommend his
reappointment.
Director's Responsibility Statement
Pursuant to the requirement under Section 217 (2AA) of the Companies
Act, 1956 withrespect to Directors' Responsibility Statement, it is
hereby confirmed:
(i) that in the preparation of the Annual Accounts for the financial
year ended March 31, 2014, the applicable accounting standards except
AS15 read with requirements set out under schedule VI to Companies
Act,1956 have been followed along with proper explanation. The Company
had shut down the plantsince August, 2009.
(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
loss of the Company for the year under review.
(iii) that the Directors had taken proper and sufficient care to the
extent possible 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) that the Directors had prepared the accounts for the financial
year ended March 31, 2014 on a 'going concern' basis, subject to the
fact that there has been adverse market condition during the relevant
accounting year and the Company had to shut down the plant since
August, 2009.
Compliance of Sec. 274 (1) (g)of the Companies Act, 1956, as amended
The Companies (Amendment) Act, 2000 had introduced clause (f) to
subsection (3) ofSection227 in terms of whichthe auditors are required
to state in their Report whether any Director is disqualified from
being appointed as Director in terms of clause (g) to sub section (1)
of Section 274 of the Act.
The Board has the pleasure to inform that none of the Directors of your
Company is disqualified under section 274 (1) (g) of the Companies Act,
1956 and necessary declaration regarding this has been obtained from
all the Directors.
Conservation of Energy, Technology, Absorption, etc.
Information as required under section 271 (1) (e) of the Companies Act,
1956 read with the Companies (Disclosure of Particulars in the Report
of Board of Directors), Rules, 1988, regarding Conservation of Energy,
Technology, Absorption and Foreign Exchange Earning and Outgo is given
in Annexure-A forming Part of this report.
Human Resources:
The Company firmly believes that human resources and knowledge capital
are vital for business success and creating value for stakeholders.
The Industrial Relations during the year under review was cordial.
Employee Particulars
None of the employees of the company have received remuneration in
excess of the limit prescribed under section 217(2A) of the Companies
Act, 1956 read with Companies (Particulars of Employees) Rule 1975.
Auditors
The auditors of the company M/s. Basu Das & Basu, Chartered
Accountants, retire at the ensuing Annual General Meeting, and being
eligible offer themselves for re-ppointment. The Company has received
letters from all of them to the effect that their re-appointment, if
made, would be within the prescribed limits under Section 141(3)(g) of
the Companies Act, 2013 and that they are not disqualified for re-
appointment.The Board recommends their re-appointment.
Auditors' Observation
The observations made by the Auditors have been fully explained in the
Notes on Accounts.
Acknowledgment
Your directors wish to place on record their sincere appreciation to
all employees for their individual and collective contribution towards
the growth and development of the company. The directors also thank the
Shareholders, Bankers, Statutory Authorities and Business Associates
for the confidence reposed by them in the Company.
On Behalf of the Board of Directors
Place: Kolkata Umasankar Chattopadhyay
Date:May 28,2014 Director
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