| Dear Members,
The Directors have pleasure in presenting the 41th Annual Report of
the Company together with the audited statement of accounts of the
Company for the year ended 31st March 2014.
FINANCIAL RESULTS:
31/03/2014 31/03/2013
Revenue from operations
Other income 43,46,980 38,84,469
Total revenue 43,46,980 38,84,469
(Loss) before finance cost /
depreciation and extra ordinary (1,40,43,473) (18,66,096)
items
Add - Finance Cost 2,411 1,17,571
Add - Depreciation and amortization 1,86,737 1,97,278
Expenses
Profit (Loss) before extraordinary (1,42,32,621) (21,80,945)
items and tax
Extraordinary items 7,29,75,319 3,11,69,140
(Loss )before tax (8,72,07,940) (3,33,50,085)
Tax Expenses :- Deferred Tax 10,644 ---
(Loss) for the year (8,71,218,584) (3,33,50,085)
Dividend:
In view of the loss for the year, the Directors regret their inability
to recommend any dividend to the shareholders for the year.
Fixed Deposits:
The Company has not invited or accepted any fixed deposit from the
public pursuant to section 58A and 58 AA of the Companies Act, 1956
during the year under review.
Directors:
In accordance with the provisions of Sections 255/256 of the Companies
Act, 1956 Mr. Kishore Rasiklal Dalal (DIN: 00020913) and Ms. Mamta
Aditya Mangaldas (DIN: 00021078), Directors retire at the ensuing
annual general meeting, they are eligible for re-appointment. The
shareholders may consider their re-appointment.
Compliance Certificate:
A Compliance Certificate as required under the proviso to sub-section
(1) of section 383A of the Companies Act, 1956 read with the Companies
(Compliance Certificate) Rules, 2001 is attached to this report.
Other Information:
Information in accordance with provisions of Section 217(1) (e) of the
Companies Act, 1956 read with Companies (Disclosure of Particulars in
the report of Board of Directors) Rules, 1988:
a) Conservation of Energy and Technology absorption: The operations of
your Company are not energy-intensive. Adequate measures, however, been
taken to reduce energy consumption by using energy efficient computer
terminals and by the purchase of energy efficient equipment with latest
technology. The Company constantly evaluates new technologies and makes
use of the same to make the infrastructure more energy-efficient. The
research and development of new services, designs, processes, and
methodologies are of prime concern to the Company, but the cost
incurred is not material.
b) Foreign Exchange: There was no earning in foreign exchange and the
foreign exchange out go was of Rs. 2,41,947/- during the financial
year.
c) Particulars of Employees:
There was no employee who was in receipt of remuneration over & above
the limits prescribed under section 217(2AA) of the Companies Act, 1956
as such no statement is furnished under the said section.
Directors' Responsibility Statement as per Section 217 (2AA) of the
Companies Act, 1956
a) The Directors state that the financial statements for the year ended
are in full conformity with the requirements of the Generally Accepted
Accounting Principles (GAAP) and the accounting standards issued by the
Institute of Chartered Accountants of India till date.
b) The Directors accept the responsibility for the integrity and
objectivity of these financial statements as reflected through the
consistent applicability of the accounting policies as well as for the
estimates made and the judgment exercised relating to matters not
concluded to by the year-end. The Director believe that the financial
statements reflect fairly the form and substance of the transactions
concluded and reasonably present the Company's financial condition and
true and fair view of the results of the operations for the year and
the state of affairs of the business as at the end of the financial
year.
c) The Company has installed a computerized accounting system for
maintenance of adequate accounting records. The periodic internal
checks and controls are observed to provide reasonable assurance that
the established policies and the procedures of the Company have been
followed for safeguarding the assets of the Company and for preventing
any form of fraud and other irregularities thereto and subject to the
inherent limitations in any system, procedure and coverage thereof the
same should be recognized as proper and sufficient in weighing the
assurance provided by any system of internal controls.
d) The accounts have been prepared on going concern basis.
Auditors:
M/s Vasani & Thakkar, Chartered Accountants, Mumbai statutory auditors
retire at the ensuing annual and they being eligible for
re-appointment, have accorded their consent to act as auditors, if
re-appointed by the shareholders.
Appreciation:
The Directors take the opportunity to express their gratitude for the
support and cooperation your company has received from the various
departments of Central and State Government, Bankers, Customers,
Suppliers and Contractors of the company during the year under review.
In concluding this report, the Board acknowledges their deep sense of
gratitude to the shareholders for the confidence they have reposed in
the Directors.
On behalf of the Board of Directors
Sd/ Sd/-
SUNIL DALAL V H SHANBHAG
Director Director
Place : Mumbai
Dated : 25-Aug-2014
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