| Dear Shareholders:
The Directors have pleasure in presenting the Annual Report on the
business and operations of the Company and Audited Statement of
Accounts of the Company for the year ended 31st March, 2014.
FINANCIAL RESULTS
Amount in Rupees
Year ended 31st Year ended 31st
March 2013 Particulars March 2014
- Sales and Other Income 1618554
(8,58,296) Profit/(Loss) Before Tax 1172279
(12,84,619) Profit/(Loss) After Tax 947337
33,28,533 Balance brought forward
from previous years 67914
20.43.914 Surplus 1041098
19,76,000 Less: Transfer to Reserve 189468
67.914 Surplus Carried forward 851630
GENERAL REVIEW
The Company's performance was not satisfactory during the year. Your
Directors are hopeful that the Company shall be able to achieve its
target of Net Profit in the year to come. The future of the company
seems to be bright.
DIVIDEND
Directors do not recommend any payment of dividend.
DIRECTORS IN THE COMPANY
The Company has following directors in the Company:
Kalpesh Kanubhai Shah Suketu Bhogilal Shah Mayur Kantilal Shah Ashok
Narottam Tanna Sandeep Padmakant Parikh Janaki Nehal Shah Dilip
Madhubhai Karelia
On 22nd July, 2014, Mr. Sandeep Parikh and Ms. Janki Shah were
appointed as Additional Director. Appoint a Director in place of Mr.
Suketu Shah (holding DIN 01227301), who retires by rotation and, being
eligible offers himself for reappointment
TRANSFER TO RESERVES IN TERMS OF SECTION 217 (1HB) OF THE COMPANIES
ACT, 1956:
For the financial year ended 31st March, 2014, the Company had
transfer Rs. 189468/- to Reserves.
ACCEPTANCE OF DEPOSITS
The Company has not accepted any deposits from public during the year
under review.
PARTICULARS OF EMPLOYEES
None of the employee of the company received remuneration in excess of
the limit specified u/s 217 (2A) of the Companies Act, 1956.
DISCLOSURE OF PARTICULARS WITH RESPECT OF CONSERVATION OF ENERGY
The details as required by Companies (Disclosure of particulars in
Report of Board of Directors) Rules, 1988 for conservation of Energy,
Technology Absorption and Foreign Exchange earnings and outgo are not
applicable to the Company having regard to the nature of business of
the Company.
COMPLIANCE CERTIFICATE
The Compliance Certificate required under section 383A of Companies
Act, 1956 received for the year ended 31st March, 2014 is attached
herewith.
DIRECTOR RESPONSIBILITY STATEMENT
Pursuant to section 217(2AA) of the Companies Act, 1956 the Directors
confirm that:
1. In presentation of the annual accounts, the applicable standards
had been followed along with proper explanation relation to material
departures;
2. 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 profit of
your Company for that period;
3. The Directors had taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of this Act for safeguarding the assets of your Company and
for preventing and detection fraud and other irregularities;
4. The Directors had prepared the annual accounts on a going concern
basis.
AUDITORS
Your Company has appointed, M/S V.C. Vyas & Associates, Chartered
Accountants, Udaipur to conduct the audit for the financial year
2013-2014 and hold office till the conclusion of the ensuring Annual
General Meeting of the Company.
M/S V.C. Vyas & Associates, Chartered Accountants, Udaipur, are due
for retirement in accordance with the provisions of the Companies Act,
2013 at the ensuing Annual General Meeting. M/S V.C. Vyas &
Associates, Chartered Accountants, Udaipur are being appointed as the
Statutory Auditors of your Company at the ensuing Annual General
Meeting. Your Directors recommend their appointment for the ensuing
year.
The Company has received letters from M/s. V.C. Vyas & Associates,
Chartered Accountants, Udaipur, to effect 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 from being
appointed as the Statutory Auditors of the Company.
APPRECIATION
We wish to place on record our deep and sincere appreciation for the
contribution made by the workers, staff and executives to the
performance of the Company.
For Subway Finance & Investment Company Limited
Date: 30th May, 2014 Kalpesh Shah Suketu Shah
Place: Mumbai Managing Director Director
DIN: 01227205 DIN: 01227301 | 