| THE MEMBERS
The Directors have pleasure in presenting the Eighth Annual Report on
the business and operations of the Company together with the Audited
Statement of Accounts for the year ended March 31, 2014.
Financial Results: (Amount in Rs.)
Particulars Year Ended Year ended
31-03-2014 31-03-2013
Income
Gross Revenue from operations 43,015,995 269,277,052
Less: Excise Duty 197,124 28,658,713
Net Revenue from operations 42,818,871 240,618,339
Other Income 1,841,391 8,178,744
Total Revenue 44,660,262 248,797,083
Less: Expenses 471,057,451 335,275,125
Profit Before Interest, Depreciation and
Taxes (426,397,189) (86,478,042)
Less: Finance Cost 5,159,704 71,314,806
Depreciation 35,752,158 37,592,127
Exceptional Items - 63,136,233
Profit/(Loss) before tax (467,309,051) (258,521,208)
Less: Current Tax - -
Deferred Tax 6,234,896 5,351,656
Previous Years Tax - -
Profit/(Loss) after Tax (473,543,947) (263,872,864)
Add: Brought forward from earlier
years (181,667,477) 82,205,387
Less: Prior Year's adjustments (655,211,424) (181,667,477)
Charge on account of transitional
provisions under AS 15. - -
Balance carried forward to
Balance Sheet (655,211,424) (181,667,477)
Income Activities & Operations:
The turnover of the Company for the year under review has decreased to
Rs. 430.16 lacs as compared to the previous year turnover of Rs. 2658.82
lacs. The net loss of the Company before tax for the current year is Rs.
4673.09 lacs as compared to the Loss of Rs. 2585.21 lacs in the previous
year.
Dividend:
Since the Company has incurred loss in the financial year 2013-14 the
Board of Directors do not recommend any dividend.
Listing :
The Equity Shares of the company are listed on Bombay Stock Exchange
and National Stock Exchange of India Limited.
The company's shares are tradable compulsorily in electronic form and
the company has established connectivity with both the depositories,
i.e. Central Depository Services (India) Ltd. & National Securities
Depository Ltd.
Sharepro Services (India) Private Limited has been registered as the
Share Transfer Agent and Registrar of the Company. Shareholders are
requested to send the matters relating to share transfers and/ or
dematerialisation to the Company Registrars. In view of the numerous
advantages offered by the depository system, members are requested to
avail of the facility of dematerialisation of the company's shares on
either of the Depositories as aforesaid.
Public Deposits:
The Company has not accepted any Deposit within the meaning of Section
58 A of The Companies Act, 1956 and the rules made there under.
Directors and Senior Management Personnel:
- In accordance with the requirements of the Companies Act, 1956 and
the Articles of Association of the Company Mr. Dharmesh Sukhadia
retires by rotation and being eligible, offer himself for
re-appointment. As required, the requisite details of Director seeking
re-appointment are included in the Annual Report.
- In compliance with the Companies Act 2013, Mr. Hemang Engineer and
Mr. Rohit Doshi to be appointed as I ndependent Director for the period
of five years we.f April 01, 2014. The said Directors will not be
liable to retire by rotation.
Directors' Responsibility Statement:
Pursuant to the requirement under Section 217 (2AA) of the Companies
Act, 1956, with respect to Directors' Responsibility Statement, it is
hereby confirmed:
(i) That in the preparation of the accounts for the financial year
ended March 31, 2014, the applicable accounting standards have been
followed along with proper explanation relating to material departures;
(ii) That the Directors have selected such accounting policies and
applied them consistently and made judgements and estimates that were
fairly reasonable and prudent so as to give a true and fair view of the
state of affairs of the Company for the year under review;
(iii) That 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;
(iv) That the Directors have prepared the accounts for the financial
year ended March 31, 2014 on a 'going concern' basis.
Particulars of Employees:
The Company has not paid any remuneration attracting the provision of
Companies (Particulars of Employees) Rules, 1975 read with Section
217(2A) of the Companies Act 1956, as amended. Hence, there is no
requirement to append any information to this report in this regard.
Particulars of Energy Conservation, Technology absorption & Foreign
Exchange Earnings and outgo:
Information as per Section 217 (1) (e) of the Companies Act, 1956, read
with the Companies (Disclosure of Particulars in the Report of the
Board of Directors) Rules 1988, and forming part of the Directors'
Report for the year ended March 31, 2014 is annexed hereto.
Auditors
- M/s. Laxmikant Kabra & Co., (Firm Registration no. 117183W) Chartered
Accountants, retires as Auditors of the Company at the ensuing Annual
General Meeting and have given their consent for re-appointment.
- In terms of the provisions of Section 139 of the Companies Act, 2013,
the appointment of Auditors of the Company requires approval of the
shareholders by way of an ordinary resolution. An appropriate
resolution has been included in the Notice of the ensuing Annual
General Meeting for approval of the shareholders.
- As per the Government's directive, your Company's Cost Records for
the year ended March 31, 2014 are being audited by M/s Kishore Bhatia &
Associates, (Firm Registration no. 00294) Cost Accountants, being
appointed as cost auditor for the financial year 2013-14 with the
approval of the Central Government for the purpose of doing cost audit
prescribed under section 233B of the Companies Act, 1956. The due date
for filing cost audit report for the financial year 2013-14 is
September 27, 2014.
- As per the Companies (Cost Records and Audit) Rules, 2014 on 30th
June 2014 Cost Audit is no longer applicable on your Company.
With reference to section 138 of the Companies Act, 2013 M/s Sitendu
Sharma & Co. (Firm Registration No.: 11701W) is appointed as Internal
Auditor of the Company for the FY 2014-15.
Auditors observations
With regard to the observations made by the auditors the management has
already taken steps to strengthen the internal control system, efforts
are been made to clear the undisputed statutory dues and the Company
has initiated steps for clearance of dues of domestic financial
institutions and the bankers The rest of the observations are self
explanatory and no comments are required.
Corporate Governance:
A certificate from auditors of the company on compliance of conditions
of corporate governance is annexed to this report. The management
discussion and analysis report and compliance report on corporate
governance as required by clause 49 of the listing agreement forms part
of this annual report.
Acknowledgement:
The Directors record their thanks to all the banks for their
co-operation. The Directors also acknowledged the co- operation
received from all the shareholders, officers and staff of the Company.
For and on behalf of the Board of Directors
Sd/-
Divyesh Sukhadia
Chairman & Managing Director
DIN No: 02430178
Place: Navi Mumbai
Date: August 09, 2014
Registered Office:
A-309, MIDC, TTC Industrial Area, Mahape,
Navi Mumbai- 400 701
CIN no.: L22200MH2006PLC160735
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