| Dear Members,
The Directors have pleasure in presenting the 23rd Annual Report on
the business of your Company together with the Audited Accounts for the
financial year 2013-14 comprising of twelve months from 01.04.2013 to
31.03.2014.
Company's Performance:
(Rupees in Lakhs)
Particulars (2013-14) (2012-13)
12 Months 12 Months
Gross Income 1391.51 2348.46
Expenditure 1398.23 2323.90
Gross Profit before Depreciation 11.25 42.50
Depreciation 17.97 17.93
Provision for Bad Debts ------ -
Provision for Taxes ------ 7.78
Prior Period Adjustment ------ 8.29
Profit/Loss after Tax (7.03) 8.48
Add: Profit/Loss brought forward from last year 58.62 50.14
Balance carried forward to Balance Sheet
51.59 58.62
Operational Review:
During the year under review, your Company has achieved a turnover of
Rs.1391.51 Lakhs as compared to last year turnover of Rs. 2348.46 Lakhs
and incurred an Expenditure of Rs. 1398.23 Lakhs as compared to the
last year Expenditure of Rs.2323.90.
Industrial Relations:
Your Directors are happy to report that the Industrial Relations have
been extremely cordial at all levels throughout the year.
Directors:
During the year under review, Mr. Ajay Chauhan, Director of the Company
is liable to retire by rotation in this Annual General Meeting of the
members of the Company and offers himself for re-appointment.
During the year under review, Mr. I Raja Babu, Managing Director of the
Company has resigned from the Board with effect from 30th July, 2014.
Mr. B Srinivas has been appointed as the managing Director of the
Company w.e.f 30th July, 2014 in place of Mr. I Raja Babu.
During the year under review, Mr. C Jagan Mohan Reddy, Mr. KBS Raja
Reddy, Mrs. Ranganathan Vatsala, Mr. Venkataraman Kaiman, and M.G.G.
Naidu being Independent Directors being eligible offer themselves for
reappointment.
Directors' Responsibility Statement:
Pursuant to Section 134(5) of the Companies Act, 2013, 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 no material departures
have been made from the same;
b. that they have selected such accounting policies and applied them
consistently and made judgment and estimates that are reasonable and
prudent so as 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 for the maintenance
of adequate 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.
d. that they have prepared the annual accounts on a Going concern
basis.
e. that the directors have devised proper systems to ensure compliance
with the provisions of all applicable laws and that such systems were
adequate and operating effectively
Auditor:
M/s. P. Murali & Co., Chartered Accountants, (frm-007257S) Hyderabad
retires as Auditors at this Annual General Meeting and being eligible
have expressed their willingness to be reappointed.
Particulars of Employee's Remuneration:
There are no employees whose particulars, pursuant to Section 217(2A)
of the Companies Act 1956, read with Companies (Particulars of
Employees) Rules, 1975, are to be disclosed.
Human Resource Management:
The Board of Directors would like to place on record its deep
appreciation to all the employees for their dedicated services to the
Company. Your Company has been able to create a favorable work
environment that encourages innovation and meritocracy. The Company has
put in place scalable recruitment and human resource management.
Listing of Securities at Stock Exchanges:
Your Company's shares are currently listed on Bombay, Madras, Pune and
Ahmedabad Stock Exchanges.
The management of your Company has been pursuing very hard to revoke
the suspension of trading of equity shares of the Company at Bombay
Stock Exchange Limited (BSE), Mumbai.
Dematerialization of Shares:
Your Company shares have been made available for dematerialization
through the National Securities Depositories Limited (NSDL) and Central
Depository Services (India) Limited (CDSL).
Fixed Deposits:
Your Company has not accepted any deposits from the public during the
year under review and there are no outstanding deposits as on 31st
March' 2014.
Corporate Governance:
Pursuant to Clause 49 of the Listing Agreement executed with the stock
exchange(s), the Company has complied with all the provisions of
Corporate Governance. A detailed report on Corporate Governance along
with Auditors Certificate on Compliance with Corporate Governance forms
part of this Annual Report
Explanations to any qualifications in Auditors' Report:
There are no adverse remarks in the Auditors' Report dated: 30th May,
2014.
Management Discussion and Analysis Report:
Current year outlook was explained in details in the Management
Discussion and Analysis Report, which forms part of the Annual Report
Conservation of Energy, Research and Development, Technology Absorption
and Foreign Exchange Earnings and Outgo:
The details regarding energy conservation, technology absorption,
Foreign Exchange Earnings and Outgo as required by Company is by
Section 217(l)(e) of the Companies Act, 1956, read with Company's
(Disclosure of the particulars in the report of the Board of Directors)
Rules, 1988 are Not Applicable.
Acknowledgements:
Your Directors take this opportunity to express their thanks to various
departments of central and State Governments, financial institutions,
Banks, the Suppliers, Customers and Shareholders of the Company for
their continued assistance, support and guidance.
By Order of the Board of Directors
Place: Secunderabad
Date: 01.09.2014
B SRINIVAS AJAY CHAUHAN
Managing Director Director
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