| Dear Members,
The Directors have pleasure in presenting the Twenty Three Annual
report of your Company together with the audited annual account of the
company for the year ended 31st March, 2013.
1. FINANCIAL HIGHLIGHTS
Rs.In lacs.
Sales & Other Incomes 23.88
Profit before Depreciation & Tax 2.48
Less: Depreciation 2.26
Profit before Taxation 0.23
Less: Provision for Taxation 00.00
Profit after Tax 0.23
Surplus / (Deficit) Carried over to Balance Sheet 0.23
2. OPERATION
As on today portal is in working conditions but it is required,to go up
to the grass root level, hence there is less turnover. The company is
on the move of marketing its portal in global market. The turnover of
the company for the year was Rs. 23.88 lacs from sale of electrical
contract.
The Profit for the year is Rs. 0.23 lacs. As we have not calculated &
provided depreciation on portal. The impact of non providing
depreciation on portal is Rs. 1,52,24,837/-. We expect increase in the
turnover in the current year.
Further the company has diversified in the field of electrical work and
electrical contracts and the directors are hopeful of expansion of this
business segment.
3. DIVIDEND
Your directors do not propose any dividend for the year ended 31st
March, 2014.
4. DIRECTORS
In accordance with the provision of the Articles of Association of the
company and the provision of the companies Act. 1956. Mr. Vasant Onkar
Patil who retires by rotation at the ensuing annual general meeting is
eligible for reappointment.
And the director of the company has appointed Mrs. Arpana Vasant Patil
as Managing Director of company and Vasant Onkar Patil will be as
Director instead of Managing Director during the year under
consideration.
5. CORPORATE GOVERANCE
Your Company has complied with clause 49 of the Listing Agreement
entered with the Stock Exchange. A report on Corporate Governance as
stipulated under clause 49 of the Listing Agreement along with the
Auditors Certificate on compliance with Corporate Governance forms part
of this Annual Report.
6. INDUSTRIAL RELATION
The company continues to maintain cordial relation with its workers,
'supervisors & Officers in all division to enable it to achieve better
performance.
7 PARTICULARS OF EMPLOYEES
The company does not have any employees in the category specified U/S
217(2A) of the companies Act, 1956 read with the companies (particulars
of employees Amendment Rules, 1988).
8 CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
AND OUTGO
Information required pursuant to Section 217(1) (e) of the companies
(Disclosure of particulars in the report of the board of Directors)
Rules, 1988 does not apply to your company during the year. However
every efforts have been taken to conserve energy through the company is
not an energy conserving Company. The company has not obtained any
technology during the past many years. Like wise there is no separate
research and development section. There was no foreign exchange earning
and expenditure during the year.
9) DIRECTORS RESPONSIBILITY STATEMENT
Pursuant to the requirement under Section 217(2AA) of the companies
Act, 1956, your Directors Based on representation received from the
operating management, and after due enquiry, confirm that;
1. That in the preparation of the annual account for the financial
year ended 31st March, 2014 the applicable accounting standards have
been followed, and proper explanation are given for material departure
therefore;
2. The directors had 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 for the year ended on that date;
3. 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 safeguarding the assets of
the company and for preventing and detecting fraud and other
irregularities.
4. That the directors had prepared the accounts for the financial year
ended 31st March, 2014 on a going concern basis.
10) AUDITORS:
The Auditors Mr. Ashok S. Lohade., Chartered Accountant, Nasik, who are
the statutory auditors of the company hold the office until the ensuing
annual general meeting and are eligible for reappointment. The members
are requested consider their reappointment for the current financial
year 2013-14 and the authorized the board of Director to fix their
remuneration. The retiring auditors have u/s 224 (1B) of the companies
Act. 1956 furnished certificate of their eligibility for the
reappointment.
11) FIXED DEPOSITED
The company has not accepted any deposit during the year under Sec. 58
A of the Act.
12) SUBSIDIRY COMPANY
The Company does not have any subsidiary company. Hence Sec 212 is not
applicable.
13) ACKNOWLEDGEMENTS
Your directors would like to express their appreciation for the
assistance and co-operation received form the Central & State
Government and Banker during the year under review. The directors also
express their gratitude to the company, customers and suppliers who
have supported the company to achieve more efficiency and productivity.
The Board of Directors place on record their appreciation for the
continued co-operation and support extended to the company by its
shareholders, staff members & workers for maintaining cordial relation.
Date: 26th August. 2014. For and On Behalf of the Board.
Place: Nasik.
Sd/-
Arpana V. Patil.
(Managing Director) | 