| Dear Members,
The Directors present to you herewith the audited accounts of the
Company for its financial year ended 31st March, 2014.
The financial results are:
(Rs. In) Lacs)
Financial Results 2013-2014 2012-2013
Gross Income 4471.94 6673.08
Net Profit/(Loss) (131.98) 34.90
Balance brought forward 180.24 160.34
48.26 195.24
Transfer to General Reserve - 15.00
Net surplus in the Statement of Profit & Loss 48.26 180.24
48.26 195.24
WORKING:
The Company has incurred a net loss of Rs. 131.98 Lakhs during the year
compared to profit of Rs. 34.89 Lakhs during previous year due to loss
of Rs. 88.89 Lakhs on sale of long term investments and partial write
off of NSEL exposure. The Company had exposure in NSEL to the extent of
Rs. 794.80 Lakhs out of which it has written of Rs. 198.70 Lakhs being
25% of total exposure. The Company is watching the developments in the
said matter closely, in view of the steps taken by EOW of Mumbai
Police, legal case in the High Court and steps taken by Govt.
DIRECTORS:
Shri Pramod C. Jalan (DIN:00087437), retires by rotation and is to be
re-appointed.
AUDITORS:
Pursuant to the provisions of Section 139 of the Companies Act, 2013
and the Rules made thereunder, the current auditors of the Company, M/s
Sundarlal, Desai & Kanodia, Chartered Accountants (Firm Registration
No.110560W) are eligible to hold the office for a period of three
years, upto 2017.
The members are therefore requested to appoint M/s Sundarlal, Desai &
Kanodia, Chartered Accountants as auditors for three years from the
conclusion of the ensuing Annual General Meeting till the conclusion of
the 44th Annual General Meeting, to be scheduled in 2017.
CONSERVATION OF ENERGY AND TECHNOLOGY ABSORPTION:
The Company is not a manufacturing company; hence the particulars
relating to conservation of energy and technology absorption are not
applicable.
FOREIGN EXCHANGE EARNINGS AND OUTGO:
During the year under review, there were no foreign exchange earnings
and outgo.
PARTICULARS OF EMPLOYEES:
No employee of the Company was in receipt of remuneration equal to or
exceeding the prescribed limits.
DIRECTORS' RESPONSIBILITY STATEMENT:
On the basis of compliance certificates received from the concerned
executives of the respective Divisions of the Company and subject to
disclosures in the annual accounts, as also on the basis of the
discussion with the Statutory Auditors of the Company from time to
time, the Directors state that:
(i) in the preparation of the annual accounts, the applicable
accounting standards have been followed along with proper explanation
relating to material departures.
(ii) the directors have 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 the company at the end of the financial year and of the profit or
loss of the company for that period.
(iii) the directors have 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 the company and
for preventing and detecting fraud and other irregularities; and
(iv) the directors have prepared the annual accounts on a going concern
basis.
APPRECIATION:
Your Directors appreciate the faith you have reposed in the Company and
are confident that the Company can depend upon your continued support
in its endeavour to grow.
Registered Office: ON BEHALF 0F THE B0ARD
REMI HOUSE
Plot No.11, Cama Industrial Estate,
Goregaon (East), Mumbai-400 063 (PRAMOD C. JALAN)
Dated: 14th August, 2014 CHAIRMAN | 