| Dear Members,
The Directors hereby present their Twenty Ninth Annual Report to the
members with the Audited Statement of Accounts for the year ended 31st
March, 2014
OPERATION
The year under review saw world wide depression, threatening to very
survival of many economies, However Indian economy, because of
conservative polices and timely decisions taken by Government could
maintain the growth rate though less than achieved in earlier years.
The stock market continued with extreme volatility and quitting at very
low levels again pushing many corporate to shelf their plans for
mobilization of funds for capital market through new issues.
However, your company's turnover for the year had been substantially
lower by 16.23 lacks than that of the previous year. However the
company has earned the nominal profit of Rs. 7.86 during the year.
With the government having taken over and the high expectations of
reform measures to boost the depressing economy and the measures
announce by the government to bring about turnaround in business and
industrial environment, your company expects good news for the Stock
Market making way for hitherto shelved corpo- rate projects and plants
to approach market for funds to come alive once again and thus steer
your company to expand its activities in the current year.
FINANCIAL RESULTS
The highlights of financial results of the company for the Financial
Year ended 31st March, 2014.
(Rs. in Lakh)
Particulars For the year For the year
Ended 31.03.14 Ended 31.03.13
Professional Service Charges (Net) 513.95 530.18
Other Income 4.14 3.92
Total 518.09 534.10
Profit/Loss before Depreciation
and Tax 47.49 43.17
Depreciation 28.04 41.90
Profit (Loss) before Tax 19.45 1.27
Prior period Adjustment (Net) - -
Extra Ordinary Item - -
Profit after adjustment 19.45 (1.27)
Provision for Taxation - -
Current Tax 10.74 0.80
Fringe Benefit Tax - -
Taxation for earlier year 3.01 18.67
Deferred Tax Assets (2.16) (5.84)
Profit after Tax 7.86 (12.36)
Add : Balance of Profit brought
forward from previous year 616.62 628.98
Balance of Profit Carried Forward 624.48 616.62
DIVIDEND:
In view of requirement of funds for working capital and upcoming
proposals the directors are constrained not to recommend payment of
dividend for the year ended 31st March, 2014
DIRECTORS:
In terms of the provisions of Section 152 of the Companies Act, 2013
Mr. Priya Darshan Waila shall retired at the 29th Annual General
Meeting (AGM) and shall offer him self for reappointment. Resolution
for his reap- pointment shall be moved at the AGM for approval of the
members.
DIRECTORS RESPONSIBILITY STATEMENTS:
Pursuant to Section 217 (2AAA) of The Companies Act, 1956, your
Directors confirm that;
1. In the preparation of the annual accounts the applicable accounting
standards have been followed along with proper explanation relating to
material departures.
2. The directors have selected such accounting policies and applied
them consistently and made judg- ments estimates that are 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 profit of
the company for the year.
3. The directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of the Act for safeguarding the assets of the company and
for prevent- ing and detecting fraud and other irregularities.
4. The directors have prepared the accounts on a going concern basis.
FIXED DEPOSITS:
During the year under review your company had not accepted/taken any
Fixed Deposit from the public.
TRANSFER TO THE INVESTOR EDUCATION FUND
The liabilities regarding unclaimed dividend have been transferred on
completion of prescribed period to the Investor Education and
Protection Fund formed by the Central Government. The company does not
have any liability towards unclaimed Fixed Deposits, Debentures and
other liabilities.
AUDITORS:
The statutory auditors M/s. Amod Agrawal & Associates, Chartered
Accounts retire at the conclusion of the 29th Annual General Meeting
and are eligible for reappointment. The Audit committee has recommended
the reappointment of M/s. Amod Agarwal & Associates as the auditor of
the company for the year 2014-15.
CORPORATE GOVERANCE
Report on Corporate Governance an auditors certificate confirming
compliance of the conditions of the same as stipulated under clause 49
of the Listing Agreement with the stock exchange is annexed and forms
part of this report.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNING AND OUTGO
The company has no activities relating to conservation of energy or
technology absorption during the year under review.
During the year under review your Directors have been negotiating with
various parties in foreign countries to boost the export performance.
Information related to foreign exchange earnings and outgo have been
given in schedule 'M' being forming part of the accounts for the year
ended 31st March 2014
EMPLOYEES
Provisions of Section 217(2A) of the Companies Act, 1956 are not
applicable since none of the employees have been paid remuneration in
excess of the limits prescribed by the Act.
ACKNOWLEDGEMENT
Your Directors acknowledgement and thank the Customers, Banks,
Statutory authorities, suppliers, Sharehold- ers for the support and co
operation extend to the company. Your directors also record their
appreciation for the services rendered by employees at all levels.
For and on behalf of the Board
For MCS LIMITED
PRIYA DARSHAN PARSHURAM V MADHUKAR M
WAILA BHUWAD PARASE
Director Whole time Director Director
PLACE: MUMBAI
DATE: 30th May, 2014
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