| Dear Shareholders,
We are privileged to place before you the 34th Annual Report of your
Company together with the Corporate Governance
RESULTS FROM OPERATIONS
(Rs. in Lacs)
Financial Results 2013-2014 2012-2013
Net Profit /loss before tax (0.82) (0.37)
Provision for taxation including FBT _ 0.09
Provision for deferred tax assets/(liabilities) (0.21) (0.17)
Taxation of earlier years _ 0.00
Net Profit /Loss after tax (0.62) (0.28)
FINANCIALS:
The Company's Turnover for the year ended March 31, 2014 is Rs.0.15
Lakhs as against Rs. 1.67 Lakhs for the previous year. The Company's
Profit before Tax is Rs.(0.82) Lakhs as against of Rs 0.37 Lakhs in the
previous year.
Dividend:
To conserve the resources, your Directors do not recommend payment of
any dividend on the equity shares for the year
No dividend is recommended due to losses for the year under review
Public Deposits:
The Company has not accepted any deposits from the public during the
financial year.
Directors' Responsibility Statement:
Pursuant to Section 217 (2AA) of the Companies Act, 1956, the Board of
Directors of the Company confirms that:-
i. in the preparation of the Annual Accounts, all the applicable
Accounting Standards have been followed;
ii. appropriate accounting policies have been selected and applied
consistently and made judgements 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 at the end of financial year and of the Profits or Loss
of the Company for that period.
iii. proper and sufficient care has been taken for maintenance of
adequate accounting records in accordance with the provisions of the
Companies Act, 1956, for safeguarding the assets of the Company and
other irregularities.
iv. the Annual Accounts have been prepared on a going-concern basis.
DIRECTORS :
Mr. Jignesh Rokadia , who retires by rotation and eligible for
re-appointment offers himself for reappointment.
STATUTORY AUDITORS:
The Company's Statutory Auditors, M/s.William Serrao , Chartered
Accountants, Mumbai retire at the ensuing Annual General Meeting and
being eligible for Re appointment ,offer themselves for reappointment.
A letter has been received from them that their reappointment if made
will be in conformity with the provisions of section 224(1B)of the
Companies Act,1956.
Auditor's Report
There are no qualifications contained in the Auditors' Report and
therefore there are no further explanations to be provided in this
report.
Energy conversation, Technology Absorption & Foreign Exchange earnings
& outgo:
In view of the nature of activities which are being carried out by the
Company, Rules 2A and 2B of the Companies (Disclosure of particulars in
the report of Board of Directors) Rules 1988 concerning Conservation of
Energy and technology absorption respectively are not applicable to the
Company.
There was no inflow and out flow of foreign exchange during the year
under review.
Management Discussion And Analysis:
Pursuant to Clause - 49 of the Listing Agreement with the BSE Limited,
the Management Discussion and Analysis (MDA) is required to be annexed
to this report. As such, there is no manufacturing activities in the
company. However, the company continued with trading activities.
Particulars Employees:
There were no employees drawing remuneration more than as prescribed
under section 217(2A) of the Companies Act, 1956.
Corporate Governance:
Pursuant to Clause-49 of the Listing Agreement, a report on Corporate
Governance is annexed to this report, as Annexure-1.
Compliance Certificates:
Pursuant to Clause 49 of the Listing Agreement and Section 383A of the
Companies Act, 1956, certificates issued by Practising Company
Secretary are annexed to this report, as Annexure-2 and 3 respectively.
CEO / CFO Certificate
Pursuant to Clause-49 of the Listing Agreement, CEO / CFO Certificate
is annexed to this report, as Annexure-4.
ACKNOWLEDGMENT:
Your Directors wish to place on record their sincere thanks to all
members and employees for their continued support and co-operation.
For and on behalf of the Board of Directors
Dipal Rokadia
Chairman & Managing Director
Place: Mumbai
Date :01-09-2014
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