| The Shareholders,
The Directors have pleasure in presenting before you the 20TH Annual
Report of the Company together with the Audited Statement of Accounts
for the year ended 31st March,2014.
FINANCIAL RESULTS (Amt . In Rupees. )
2013-14 2012-13
Income 1318662 1381800
Expenses 1310323 1360442
Profit (Loss) before Tax 8339 21358
Less : Provision for taxation NIL 7500
Profit (Loss) after Tax 8339 13858
BUSINESS
During the year 2013-14, your company has actively analyzed various
opportunities keeping in view its present strength and future scenario
of the Entertainment and media industry. To hedge against the growing
competition in film industry your company is planning to set up film
processing business. Digital post production of films has become an
important area in film processing.
Detailed discussions of the Company's business activities have been
carried in a separate section under the title "Management Discussion
and Analysis".
DIVIDEND
Year directors do not declare any dividend for 2013-14.
DIRECTORS
PRAHLAD PANCHAL retires by rotation and being eligible, offers himself
for re- appointment.MANISHA D BHATT resigned and in his place Smt.
Manisha D Bhatt was appointed as an additional director of the company.
As per the provisions of Co.Act,2013, Jitendra B Patel was appointed as
an Ind. Director for 5 years.
DIRECTORS' RESPONSIBILITY STATEMENT
In terms of provisions of section 217 (2AA) of the Companies Act, 1956,
the Directors confirm :
(a) that in the preparation of annual accounts, the applicable
accounting standards have been followed and that no material departure
have been made for the same.
(b) they have been selected such accounting policies and applied
consistently and made judgments and estimates made that are responsible
and prudent so as to give true and fair view of the state of affairs of
the Company at the end of the financial year ended March 31, 2014 and
of the Loss of the Company for that year.
(c) that they have taken proper and sufficient care has been taken for
the maintenance of adequate accounting records in accordance with the
provision 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.
CORPORATE GOVERNANCE
Pursuant to Clause 49 of the Listing Agreement with the Stock
Exchanges, a separate section titled corporate governance has been
included in this report. The auditor's certificate on compliance of
clause 49 of the Listing Agreement by the Company is annexed to this
report.
PARTICULARS OF EMPLOYEES
The Company does not have any employee whose particulars are required
to be given pursuant to the provisions of section 217 (2A) of the
Companies Act, 1956 read with the companies (Particulars of Employees)
Rules, 1975.
CONSERVATION OF ENERGY AND TECHNOLOGY ABSORPTION
The company is not engaged in manufacturing activities and as such,
particulars relating to conservation of energy and technology
absorption are not applicable. However adequate measures are being
taken to conserve energy as far as possible.
FOREIGN EXCHANGE EARNINGS AND OUTGO
The particulars on foreign exchange earnings and outgo have not been
provided as the same is not applicable to the company.
FIXED DEPOSITS
The Company has not accepted any fixed deposits and as such no amount
of principal or interest was outstanding as of the balance sheet date.
AUDITORS
Mehul & Associates, Chartered Accountants, Statutory Auditors of the
Company retire at the ensuing Annual General Meeting and they have
shown their unwillingness to continue to be the auditors of the company
hence the company approached new auditors and after receipt of consent
from them, the Board of Directors have appointed M/s Harshit Shah &
Associates, Chartered Accountants, Vadodara as statutory auditors of
the company for the audit of F.Y. 2014-2015 subject to the consent of
the shareholders in AGM.
AUDITORS' REPORT
The Notes to the accounts referred to the Auditor's report are
self-explanatory and therefore do not calls for any further comment.
ACKNOWLEDGEME NTS
Your Directors wish to place on record their deep appreciation for the
services rendered by the officers, staff and workers at all level, and
their dedication and loyalty.
By Order of the Board of Directors
For FAST TRACK ENTERTAINMENT LIMITED
SD/-
PLACE : VADODARA MANISHA D BHATT
DATE : 01/09/2014 Chairman | 