| The Members
ALPHA HI-TECH FUEL LTD.
The Directors are pleased to present their 21st Annual Report together
with the audited statement of accounts for the year ended 31st March,
2014.
FINANCIAL HIGHLIGHTS
The financial highlights of the Company are given below
as on as on
31-03-2014 31-03-2013
Sales and other income 0 0
Profit/(Loss) before taxation (18,31,627) (80,71,077)
Provision for taxation 0 0
Deferred Tax liability/(asset) 1,61,582 20,89,546
Balance of previous year (49,85,913) 51,74,710
Profit available for appropriation (69,79,122) (49,85,913)
Appropriation
Balance carried forward (69,79,122) (49,85,913)
During the year under review, the manufacturing and sales activities
are at halt due to major re-orientation of manufacturing and general
administrative set up.
DIVIDEND
The Company has suffered losses during the year and hence, your
Directors do not recommend any dividend.
CORPORATE GOVERNANCE
Management Discussion and Analysis Report and Report on Corporate
Governance form an integral part of this report and are set out as
separate annexure to this report. The certificate from the Auditors of
the Company certifying compliance of the conditions of Corporate
Governance as stipulated in clause 49 of the Listing Agreement is
annexed to the Report on Corporate Governance.
DEPOSITS
Your Company has not accepted any Deposits from the Public during the
year under review.
DIRECTORS
Mr. Haren Shah retire by rotation, not being dis-qualified u/s. 164 of
the Companies Act, 2013, offers himself for re-appointment.
AUDITORS
M/s. K. U. Kothari & Co., Chartered Accountants, a peer reviewed
Auditors' firm, the retiring Auditors, have expressed their willingness
to conduct the audit of the Company. They shall hold office until the
conclusion of the ensuing Annual General Meeting. The Company has
received a letter from them informing that their appointment, if made,
would be within the prescribed limit under Section 141 of the Companies
Act, 2013 and have expressed their willingness to accept the audit.
Board recommends the same.
The Auditors' Report and notes on the accounts referred to in the
Auditors' Report are self explanatory. Hence, do not call for any
comments u/s. 134 of the Companies Act, 2013.
Though, Cost Audit is mandated, in absence of manufacturing activity
during the year, Cost Audit is not applicable.
PERSONNEL
During the year, the Company has no employee drawing remuneration equal
to or more than the limits prescribed under the Companies (Particulars
of Employees) Rules, 1975.
INFORMATION UNDER SECTION 217(1)(e)
Disclosure of particulars with respect to conservation of energy
Your Company continues to accord high priority to conservation of
energy. Systems are in place to closely monitor energy usage.
While selecting plant and machineries for the on going re-orientation,
the Company has taken care to install energy efficient motors, pumps,
gear boxes, etc.
Disclosure of particulars with respect to Research and Development &
Technology Absorption
The Company continues to explore the latest of the technologies
available and is in the process of utilising the same.
Company targets to achieve reduction in production cost and improvement
in quality of product.
No separate allocation is being made in accounts, but the expenditure
(other than that of capital nature) has been shown under respective
heads of expenditure in the Profit and Loss account.
The Company is continuously taking steps to improve product and process
technology in an effort to conserve energy resources by replacing
conventional methods.
Foreign exchange earning and outgo
There are no foreign exchange earnings and outgo during the year.
DIRECTORS' RESPONSIBILITY STATEMENT
Your Company is fully committed to good corporate governance practices.
In this regard your Company endeavours to adhere to the standards set
out by the Securities and Exchange Board of India's (SEBI's) Corporate
Governance practices. Your Directors are pleased to inform you that
your Company has implemented all the stipulations prescribed. Statutory
Auditors Certificate dated 21st April, 2014 in line with Clause 49 of
the Stock Exchange Listing Agreement is annexed to and forms part of
the Directors' Report.
As stipulated in Section 134 of Companies Act, 2013, your Directors
subscribe to the Directors' Responsibility Statement and confirm as
under :
i) That in the preparation of the annual accounts, the applicable
accounting standards have been followed alongwith 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 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
loss of the Company for that period;
iii) That the Directors have taken proper and sufficient care of 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) That the Directors have prepared the annual accounts on a going
concern basis.
For and on behalf of Board
Haren Shah
Director
Lakhtar; 21st April, 2014
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