| Dear Members,
The Directors with pleasure present herewith the Annual Report
together with the Audited Accounts for the financial year ended 31st
March, 2014.
FINANCIAL RESULT
PARTICULARS (Amount in Rupees)
2013-2014 2012-2013
Total Income 24,78,840.24 19,22,914.00
Total Expenses
(IncludingDepreciation& Amortisation) 21,73,789.30 18,76,626.00
Depreciation& Amortisation 4,16,007.00 6,19,343.00
Profit / (Loss) before Tax 3,05,050.00 46,288.00
Current Tax 1,00,899.00 478.00
Provision for Tax - 3,01,293.00
Profit / (Loss) after Tax 2,04,151.00 (2,55,482.00)
Proposed Dividend 50,000.00 0.00
RESULTS OF OPERATIONS
During the year under review, your Company registered turnover of Rs.
24,78,840.24 and profit after tax was Rs. 2,04,151.00 as against the
previous year turnover of Rs. 19,22,914.00 and loss of
Rs.2,55,482.00.The turnover of the Company increased by 28.91% during
the year ended March, 2014.
Your Directors propose to transfer Rs. 1,45,653.00 to General Reserves
out of the current year profits of the company. After considering all
necessary adjustment, the total reserve stands at Rs. 78,714.73 at the
end of the current year as against (Rs. 66,938.00) in the previous
year.
DIVIDEND
Based on the Company's performance, the Directors are pleased to
recommend for approval of the members dividend of Rs. 0.007567/- per
share for the financial year 2013-14 on the capital of 66,07,400 Equity
Shares of Rs.5/- each. The dividend on the equity shares, if approved
by the members would involve a cash outflow of Rs. 58,498.00 (including
Corporate Dividend Tax).
FIXED DEPOSITS
The Company has not accepted any public deposits and as such, no amount
on account of principal or interest on public deposits was outstanding
as on the date of the Balance Sheet.
COMPANY PERFORMANCE
The Company has performed profitably this year. The future prospect
looks good and the Company is expected to perform well.
DIRECTORS' RESPONSIBILITY STATEMENT
The Directors confirm:-
1. that in the preparation of the annual accounts, the applicable
accounting standards had been followed and there was no material
departure;
2. that the Directors had selected such accounting policies and
applied them consistently and madejudgements and 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 or loss of the Company for that period;
3. that the Directors had taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of the Companies Act, 1956 for safe guarding the assets of
the company and for preventing and detecting fraud and other
irregularities;
4. that the directors had prepared the annual accounts on a going
concern basis.
CORPORATE GOVERNANCE
Your Company has always believed that a good corporate Governance
Practice would ensure efficient conduct of the affairs of the Company
and that will encourage the Company to achieve its goal. The Board has
always followed the principal of good governance and emphasis on
transparency, integrity and accountability. We strongly believe that
good governance is voluntary, self-disciplining with the strongest
impetus coming from Directors and the management itself. Directors' and
Auditors' Certificate regarding compliance of conditions of Corporate
Governance are made a part of the Annual Report.
DIRECTORS
MS. SNIGDHA CHAKRABORTI is liable to retire by rotation and being
eligible offers herself for re-appointment.
MR. S. N. DAS and MR. NARESH CHANDRA GUPTA have resigned as Directors
of the company on 27th February, 2014. Your Directors wish to place on
record the appreciation for their valuable advices made during the
tenure of their association with the Company.
MR. RUPAM DAS (Independent), MR. SANJAY MUKHERJEE (Independent) have
been appointed as Additional Director of the Copmpany w.e.f. 27th
February, 2014 to hold office upto the forth coming Annual General
Meeting.
MR. PARTHA DUTTA (Non-Executive) has been appointed as Additional
Director of the Copmpany w.e.f. 17th June, 2014. All these new
Directors will hold office upto the forthcoming Annual General Meeting
of the Company.
The company has received notices from shareholders for appointment of
MR. RUPAM DAS as Non-Executive Director, MR. SANJOY MUKHERJEE as
Non-Executive, Independent Director and MR. PARTHA DUTTA as
Non-Executive, Independent Director respectively. Requisite approval in
the regard is being sought at the forthcoming Annual General Meeting of
the company.
BORROWINGS
During the year under review, no borrowings has been made by the
Company. However, earlier the Company had sought shareholders' approval
for borrowings to the tune of Rs.150 Crores and no borrowings has been
made as yet. As the provisions of Section 180 of the Companies Act,
2013 effective from 12th September, 2013 requires that consent of the
Company accorded by way of a special resolution is required to borrow
money in excess of the Company's paid up share capital and free
reserves. Further, as per the clarification issued by the Ministry of
Corporate Affairs, approval granted by the shareholders by way of an
ordinary resolution shall be valid for one year from the date Section
180 became effective. Thus, the approval granted by members is valid
upto 11th September, 2014.
AUDITORS
M/s. B.K. Sen & Associates, Chartered Accountants(Registration No.:
316103E), KOLKATA Statutory Auditors of the Company, appointed by the
Board of Directors at its meeting held on 2nd May, 2014, due to casual
vacancy caused by resignation of the erstwhile Statutory Auditors M/s.
P.Mukherjee & Co., Chartered Accountants (Registration No.:304143E) to
hold office till the conclusion of the ensuing Annual General Meeting
and being eligible, offer themselves for appointment.
The Company has received letters from M/s. B.K. Sen & Associates,
Chartered Accountants that their appointment, if made, would be within
the prescribed limits under Section 141(3)(g) of the Companies Act,
2013 and that they are not disqualified for appointment.
AUDITORS' REPORT
Auditors comment in their report are self explanatory and therefore do
not call for any further clarification.
COMPLIANCE CERTIFICATE
Compliance certificate pursuant to Section 383A of the Companies Act,
1956 for the financial year ended March 31,2014is attached.
PARTICULARS OF EMPLOYEES UNDER SECTION 217(2A)
The provisions of section 217(2A) of the Companies Act,1956 read with
the Companies (Particulars of Employees) Rules 1988, as amended are not
applicable to the Company ,as there are no employees whose remuneration
is in excess of the limits prescribed.
PARTICULARS OF CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND
FOREIGN EXCHANGE EARNING AND OUTGO
A. Conservation of Energy
Nil
B. Technology Absorption
The company has not incurred any expenditure of either capital or
revenue nature on Research & Development.
C. Foreign Exchange Earnings and Out-Go
The Company has not earned any foreign exchange income or incurred any
foreign exchange outgo during the financial year.
ACKNOWLEDGEMENT
Your Directors take this opportunity to convey their deep sense of
gratitude for valuable assistance and Cooperation extended by the
investors, customers, Banks, Government Authorities, Registrars and
share transfer agents for their support. The Directors also appreciate
and value the contribution made by the Employees of your Company at all
levels.
On behalf of the Board of Directors
SNIGDHA CHAKRABORTI
Place: KOLKATA DIRECTOR
Date: 01st September, 2014 (DIN No. - 05330215)
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