| The Members,
The directors have pleasure in presenting their Twenty seventh Annual
Report with the Audited accounts for the year ended on 31st March, 2014
FINANCIAL RESULTS:
Particulars Current year Previous year
Ended on Ended on
31.03.2014 31.03.2013
(Rs. in Lacs) (Rs. in Lacs)
Sales & Other income 12.34 13.22
Operating Profit Before Depreciation 4.79 5.43
Less: Depreciation 0.00 0.00
Profit Before Tax 4.79 5.43
Less: Provision for Tax 0.92 1.05
Profit after Tax 3.87 4.38
Less/Add: I.T Provision for
earlier years 0.18 0.00
Balance B/F from previous year 23.87 19.49
Balance carried to Balance Sheet 27.92 23.87
OPERATIONS:
The working of the Company for the year was satisfactory.
DIVIDEND:
In view of in-adequacy of distributable profit and present
requirement for the working capital funds, the directors
do not recommend any dividend for the year.
DIRECTORS:
In accordance with the provisions of Articles of Association of the
Company Mr. Shashank Shah (DIN 00604038) retires by rotation, and being
eligible, for re-appointment have offered himself for re-appointment.
AUDITORS:
The Company's Auditors M/S Jain Bafna and Co., chartered Accountants,
retires at the ensuing Annual General Meeting and being eligible offer
themselves for re-appointment. Members are requested to appoint
Auditors from the conclusion of this meeting to hold office from the
conclusion of this Meeting until the conclusion of the Thirtieth Annual
General Meeting (AGM) of the company subject to ratification of the
appointment at every AGM and fix their remuneration. The observation
made in the Auditors report are self-explanatory.
DIRECTORS RESPONSIBILITY STATEMENT:
Your Directors confirm that:
i. In the preparation of Annual Accounts, the applicable accounting
standards have been followed with proper disclosure of any 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 true and fair view of the state of affairs of
the Company as on March 31, 2014 and of the profit of the company for
the year ending March 31, 2014
iii. The Directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of the Companies Act, 2013 for safeguarding the assets of
the Company and for preventing and detecting fraud and other
irregularities.
iv. The Directors have prepared the annual accounts on a going concern
basis.
SECRETARIAL COMPLIANCE CERTIFICATE:
Your directors confirm that the Company has complied with all the
applicable provisions of the Companies Act, 2013 and has obtained the
requisite certificate pursuant to Companies (Compliance certificate)
rules 2002.
Particulars of employees:
There were no employees who were in respect of remuneration which is in
aggregate not less than Rs. 60,00,000/- per annum, if employed
throughout the year or Rs. 5,00,000/- per month, if employed for part
of the year.
OTHER INFORMATION:
As required under section 217(1)(e) of the companies Act, 1956 read
with rule 2 of the Companies (disclosure of particulars in the report
of Board of Directors) rules 1988, the particulars relating to the
conservation to energy, technology absorption. Foreign Exchange
earnings and outgo is NIL.
ACKNOWLEDGEMENT:
The directors would like to express their gratitude to the financial
institutions, and the Company's bankers for their continued
Co-operation. Finally the Directors would like to acknowledge their
appreciation, to all the employees of the Company for their sincere and
dedicated services.
Place: Mumbai For and on behalf of the Board
Date: 31st May,2014 | 