| Dear Members,
The Directors are presenting their 26th Annual Report on the business
and operations of your Company for The year ended 31st October, 2013.
1. FINANCIAL RESULTS
Year ended Year ended
Oct. 31, 2013 Oct. 31, 2012
Total Income 4,05,000 9,26,340
Profit/Loss Before Tax 16,000 1,00,993
2. PERFORMANCE REVIEW
During the year under review the sales of the Company remained the same
at Rs. 3,44,000/- (previous year Rs. 16,1001). The Company has
generated Rs. 61,0001-from other income (previous year Rs.Nil). The
Company has earned profit of Rs. 16,000/- against loss of Rs.
(1,00,993/-) in previous year.
A detailed review of the Company's operations has been provided in the
Management Discussion and Analysis Report, which forms part of this
document.
3. DIVIDEND
In view of business loss your Directors do not recommends any dividend.
4. CORPORATE GOVERNANCE
The Report on Corporate Governance as per the requirements of Clause 49
of the Listing Agreement forms part of the Annual Report.
The requisite Certificate from the Auditors, Ws. S. M. Bhat &
Associates., confirming the compliance with The conditions of Corporate
Governance as per the requirements of Clause 49 is annexed to this
Report.
5. DIRECTORS' RESPONSIBILITY STATEMENT
In terms of the provisions of Section 217(2AA) of the Act, your
Directors confirm that
i) in the preparation of the annual accounts, the applicable accounting
standards had been followed along with proper explanation relating to
material departures;
ii) the Directors had selected such accounting policies and applied
them consistently and made judgments and estimates that are reasonable
and prudent, so as to give a true and fair view of the state of affairs
of your Company at the end of the financial year and of the loss of
your Company for that year;
iii) the Directors had 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 your Company and
for preventing and detecting fraud and other irregularities; and
iv) the Directors had prepared The annual accounts on a 'going concern'
basis.
6. DIRECTORS
Mr. Solomon Nader retires by rotation and is eligible for
reappointment.
7. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNING AND OUTGO
(a) Although the operations of the Company are not energy intensive
operations, it continues to adopt energy conservation measures at all
operational levels. The requirements of disclosure of particulars in
the prescribed format with respect to conversation of energy as
prescribed in Section 217(1)(e) of the Companies Act, 1956, read with
the Companies (Disclosure of Particulars in the Report of Board of
Directors) Rules, 1988, is not applicable to the Company and hence not
provided.
(b) There is no foreign exchange earnings and outgo during the year
under review.
8. FIXED DEPOSITS
The Company has not accepted fixed deposits.
9. AUDITORS
M/s. S. M. Bhat & Associates, Chartered Accountants, Statutory
Auditors, retire at the conclusion of the forthcoming Annual General
Meeting and are eligible for reappointment.
10. PARTICULARS OF EMPLOYEES
During the year under review, none of the employees of the Company,
whether employed for the whole year or part thereof, were in receipt of
remuneration aggregating to or in excess of the limits specified under
Section 217(2A) of the Companies Act, 1956, read with the Companies
(Particulars of Employees) Rules, 1975 as amended, and hence, no
particulars are required to be furnished in connection with the same.
11. ACKNOWLEDGEMENTS
Your Directors would like to express their appreciation of the
assistance and co-operation received from the banks, financial
institutions, Government authorities, customers, vendors and investors
during the year under review. Your Directors also whisk to place on
record their appreciation for the committed services of the executives,
staff and workers of the Company.
For and on behalf of the Board of Directors
Sd/-
Samadhan Ogale
Chairman & Whole-time Director
Mumbai, 5th January, 2014
Registered Office
Vatsa House, Fort,
Mumbai-400 001. INDIA
E-mail : vatsa.corpo@gmail.com
Website : www.vatsa.info
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