| THE SHARE HOLDERS
The Directors present the 32nd Annual Report on the business of the
Company and the audited Balance Sheet and Profit & Loss Account for the
year ended 31st March, 2014.
FINANCIAL RESULTS & WORKING OF THE COMPANY (Rs. in Lakhs)
Particular Year Ended
31st March, 2014 31st March, 2013
Profit/(Loss)Before Tax (32.32) (38.68)
Less : Provision for Tax
1. Current tax NIL NIL
2. Short Provision of Tax NIL NIL
3. Deferred Tax (9.99) (11.95)
Profit/(Loss) After Tax (22.33) (26.73)
Add : Balance brought from previous year (568.11) (541.38)
Balance carried to Balance Sheet (590.44) (568.11)
DIVIDEND
No dividend is declared in the absence of profit.
OPERATIONS
Your Company is a media Company, at present we are promoting our
"Arihant" TV Channel also we have got license of Teleport from Ministry
of Corporate Affairs and we are making efforts to setup Teleport.
DIRECTORS
In accordance with the provisions of Section 255 of the Companies Act,
1956, Shri Prabhat Jain, Director, retires by rotation and being
eligible, offer himself for re- appointment at the ensuing Annual
General Meeting. The Board recommends his re- appointment for
consideration of the shareholders.
During the year Board have appointed Shri Kishan Vir Sharma as
Additional director of the Company on 24/01/2014 and now Board proposed
for his regularization as director of the Company from the Shareholders
of the Company. Further on 14/06/2014 he was appointed as Chairman &
Managing Director (CMD) of the Company, the Board again recommends his
confirmation as Chairman & Managing Director (CMD) from the
Shareholders.
On 24/01/2014 the Board has appointed Shri Siddhartha Ananta Bhargava
as Additional Director of the Company and now Board proposed for his
regularization as director of the Company from the Shareholders of the
Company.
DIRECTORS' RESPONSIBILITY STA TEMENT
Pursuant to the requirement under section 217(2AA) of the Companies
Act, 1956, in respect of Directors' Responsibility Statement, it is
hereby Confirmed that:
a) In the preparation of the annual accounts, for the financial period
ended 31st March, 2014, the applicable accounting standards have been
followed along with proper explanation relating to material departures.
b) The Directors have selected such accounting policies and applied
them consistently and made judgments and estimates that were 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 period and of the profit or
loss of the Company for the above period under review.
c) The Directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of the Companies Act, 1956 for safeguarding the assets of
the Company and for preventing and detecting fraud and other
irregularities.
d) The Directors have prepared the annual accounts for the financial
year ended 31st March, 2014 on 'going concern' basis.
LISTING OF SHARES
The Equity Shares of the Company (except the preferential allotment of
shares) are listed on Bombay Stock Exchange Limited (BSE), and legal
proceedings are continued to get listing of preferential allotment. The
Company has paid the Annual Listing Fee for the Year 2013-2014.
The Company has sorted out previous irregularities and now the Company
is in the process to restoring trading of the shares with BSE.
FIXED DEPOSIT
During this Financial year and also in past Company has never accepted
any fixed
deposit from the public.
AUDITORS
M/s K.U. Kothari & Co., Chartered Accountants, Mumbai, Statutory
Auditors of the Company retire at the conclusion of this Annual General
Meeting and, being eligible, offers themselves for re-appo\r\tmer\t as
Statutory Auditors of the Company. Vour Directors recommend their
appointment.
AUDITORS' REPORT
Comments made by the Statutory Auditors in the Auditors' Report are
self-explanatory and do not require any further clarification.
SECRETARIAL COMPLIANCE CERTIFICATE
In terms of the provisions of Section 383A of the Companies Act, 1956
read with the Companies (Compliance Certificate) Rules, 2001 and
Notification issued by the Ministry of Corporate Affairs, the Company
is not required to take Compliance Certificate under Section 383A of
the Companies Act, 1956.
COMPANY SECRETARY & COMPLIANCE OFFICER
As per the provisions of Section 383A of the Companies Act, 1956 and
Clause 47(a) of the Listing Agreement, Mr. Raj Mani Tiwari is the
Company Secretary & Compliance Officer of the Company.
PARTICULARS OF EMPLOYEES
During the financial year ended on 31st March 2014, the Company did 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, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS & OUTGO
A. Your Company is conscious about energy consumption and environmental
issues related with it. It is continuously making sincere efforts
towards conservation of energy and optimizing its usage in all aspects
of operations.
B. The Company is taking advantage of the latest development and
advancement in the Media Industry. The Company is using latest
technology which is well established in the Country and no foreign
technology / know-how was purchased during the year. The Company has
not incurred any R & D expenditure during the year.
C. There was no export activity in the Company during the period under
review. The Company is not planning any export in the near future as
well.
D. Foreign Exchange Earnings : Rs. NIL
Foreign Exchange Outgo : Rs. NIL
CORPORATE GOVERNANCE
As per the provisions of Clause 49 of the Listing Agreement with the
Bombay Stock Exchange, the Company has implemented the Code on
Corporate Governance. The Corporate Governance Compliance Certificate
obtained from the M/s Saurabh Srivastava & Associates, Practicing
Company Secretaries is attached to this report.
ACKNOWLEDGEMENTS
Your Directors acknowledge the support and thank to the Shareholders,
Investors, Bankers and Government Departments for their continued
support. Your Directors are also thankful to the clients for their
continued faith and support reposed in them. Last but not the least,
your directors' places on record their sense of appreciation for the
valuable contribution made by the employees of the Company.
Santosh Kumar Jain Hiren Harshad Doshi
Director Director
Place : Kolkata
Dated : 14//06/2014
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