| Dear Members,
The Directors have pleasure in placing before you the 20TH Annual
Report and Audited Accounts for the financial year ended on 31st March,
2014.
FINANCIAL HIGHLIGHTS
The summarised financial results are as under :
Amnts.in Rupees
Particulars 2013-14 2012-13
Turnover 6359507.00 8846780.00
Expenditure 6304394.00 9129311.00
Proflt/ Loss Before Tax (55113) (282531)
Profit / Loss After Tax (55113) (282531)
DIVIDEND
Your Director do not recommend any dividend due to inadequacy of
profit.
REVIEW OF OPERATIONS
The Company stopped manufacturing activity since last so many year
after disposing off the properties and trying to approach new areas of
working. The company is actively in the market of cotton and textiles
and is an active supplier of cotton in the open market. However due to
turnover of the Company reduced by around 33% year to year on basis.
Company is trying to retain its market with best quality of product and
with better trade policies.
DEPOSITS
The Company has not accepted any deposits within the meaning of the
provisions of Section 58-A of the Companies Act, 1956.
DIRECTORS
Devendra Shantilal Shah will retire by rotation at the forthcoming
Annual General Meeting and being eligible offers himself for the
reappointment.
During the year ANKUR SHAH resigned and in his place Smt. Manisha Bhatt
was appointed as an additional director of the company.
As per the provisions of the Co.Act6,2013, Vimal Kumar Raval and
Manisha D Bhatt were appointed as Ind. Directors of the company for 5
years.
AUDITORS
The Board appointed M/s MUKESH M CHOKSHI & CO them as statutory
auditors of the company for F.Y. 2014-2015 subject to approval of
shareholder in AGM.
The notes referred to by retiring Auditors in the report are self
explanatory and hence do not require any explanation.
PERSONNEL
The Employee relation remained cordial throughout the year. Your
Directors wish to place on record their appreciation of the committed
service rendered by all the staff members of the Company.
There are no employees who particulars are required to be shown in
terms of provisions of section 217(2A) of the Companies Act, 1956 read
with Companies (Particulars of Employees) Rules 1975 as amended.
Information pursuant to Section 217(1)(e) of the Companies Act, 1956.
A. Conservation of Energy
In house study was made for identifying areas for optimum utilisation
of power and fuel. No additional investment has been made or proposed
to for reduction of consumption of energy.
B. Research, Development and Technology Absorption
The company did not carry any activity of Research and Development (R &
D) programme and also no effort has been made towards technology
absorption, adaptation and innovation.
C. Foreign Exchange Earning & Outgo
The Company did not have any Foreign Exchange earning / Outgo during
the year under review.
DIRECTORS' RESPONSIBILITY STATEMENT
Pursuant to provisions of section 217 (2AA) of the Companies Act, 1956,
the Board of Directors hereby state and confirm that:
i) In the preparation of the Annual Accounts, the applicable accounting
standards had been followed alongwith proper explanation relating to
material departures.
ii) The Directors had 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 Company at the
end of the financial year and of the profit of the Company for that
period.
iii) 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.
iv) The Directors had prepared the annual accounts on a going concern
basis
ACKNOWLEDGEMENTS
The Board of Directors convey their sincere appreciation and gratitude
to their Employees, Bankers, Shareholders, Customers and various
agencies for their continued support and co-operation to the company.
For and on behalf of the Board
SD/-
ANKUR SHAH
Chairman
Place : Baroda
Dated : 01/08/2014
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