| DEAR MEMBERS,
The Directors present herewith the 26th Annual Report of your Company
together with the Audited Accounts for the year ended 31st March 2014.
Management Discussion and Analysis:
The financial highlights for the year under review are as follows:
(Rupees in lacs)
Year Ended Year Ended
Particulars 31st March 31st March
2014 2013
Profit / Loss before Int.,
Depreciation and Tax (43.60) (42.93)
Less: : Depreciation 0.23 0.30
Profit / Loss before Tax (43.37) (42.63)
Add : Provision for
Non Performing assets NIL Nil
Less : Fringe Benefit Tax NIL Nil
Profit / Loss after Int.,
Depreciation and Tax (43.37) (42.63)
Balance in Profit & Loss
Account b/f (Loss) (29755.65) (29713.02)
Balance in Profit & Loss
Account c/f (Loss) (29799.02) (29755.65)
There were no disbursements during the year under review. The Company
has continued its efforts for recovery of overdues.
On account of accumulated loss, your Directors are not in a position to
recommend any Dividend.
DIRECTORS
Mr. JS Narayana , who retires by rotation and being eligible offers
himself for re-election. A brief resume of the director retiring by
rotation at the ensuing AGM, nature of his expertise in specific
functional areas and the name of companies in which he holds
directorship and/or membership /chairmanship of committees of the board
as stipulated under clause 49 of the listing agreement ,is given in the
section on Corporate governance elsewhere in the Annual report.
DIRECTORS' RESPONSIBILITY STATEMENT
Pursuant to Section 217(2AA) of the Companies (Amendment) Act, 2000 the
Directors confirm that :
1. In the preparation of the annual accounts, the applicable
accounting standards have been followed;
2. Appropriate accounting policies have been selected and applied
consistently and have 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 31st March 2014 and of the Profit/Loss of the
Company for the year ended 31st March 2014.
3. Proper and sufficient care has been taken for the maintenance of
adequate accounting records in accordance with the provisions of the
Companies Act for safeguarding the assets of the Company and for
preventing and detecting fraud and other irregularities;
4. The annual accounts have been prepared for the year ended 31st
March 2014 on a going concern basis.
CORPORATE GOVERNANCE
A separate Report on Corporate Governance is produced as a part of this
Annual Report along with the Auditors Statement on its compliance.
DEPOSITORIES
As the Members are aware, your Company's shares tradable compulsorily
in electronic form and your Company has established connectivity with
both the Depositories i.e. National Securities Depository Limited and
Central Depository Services(India) Limited.
In view of the numerous advantages offered by the Depository system,
Members are requested to avail of the facility of dematerialisation of
the Company's shares on either of the Depositories aforesaid.
At present over 64.90% of the paid-up equity capital of the Company is
held in dematerialised form.
FIXED DEPOSITS
Your Company has no outstanding Deposits as all Unclaimed Deposits in
the Company have been transferred to Government A/c as per Companies
Act 1956.The Company ,during the year under review, has not accepted
any deposits from public.
AUDITORS
The Company's Auditors M/s Brahmayya & Co, Chartered Accountants,
Chennai will retire at the ensuing Annual General meeting and being
eligible have offered themselves for re-appointment and the requisite
certificate u/s 224 (1) (b) of the Companies Act, 1956 has been
obtained from them for this purpose.
AUDITORS' REPORT
As regards observations of the Auditors under the head "Opinion" in the
Independent Auditors' Report, attention of the members is invited to
Note no. 19. to the Annual accounts, which is self explanatory.
PARTICULARS OF PERSONNEL
The particulars of employees as required u/s 217 (2A) of the Companies
Act, 1956 read with the Companies (Particulars of Employees) Rules 1975
is not applicable to the Company as there were no employees drawing
remuneration in excess of the limits specified under the said rules.
Conservation of Energy, Technology, Absorption and Foreign Exchange
Your Company has no activity relating to these areas during the period
under review.
ACKNOWLEDGEMENTS
The Directors wish to express their gratitude to the Shareholders ,
Bankers and employees for their support.
For and on behalf the Board
Jayanty Ramakrishna Sarma K Elangovan
Director Director
JS Narayana
Director
Place : Chennai
Date : 29th May 2014
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