| Dear Members,
The Directors have pleasure in presenting the Forty Sixth Annual Report
and Audited Statement of Accounts for the year ended 31st March 2015.
Financial Results 31.03.2015 31.03.2014
Rs. Rs.
Profit / (Loss) before Depreciation (2,46,374) (3,16,012)
Depreciation 510 850
Profit / (Loss) for the year after (2,46,884) (3,16,862)
Depreciation
Provision for Taxation - -
Profit / (Loss) after Taxation (2,46,884) (3,16,862)
Balance as per Balance Sheet brought (70,79,378) (67,62,516)
forward
Balance carried forward to Balance (73,26,262) (70,79,378)
Sheet
Dividend
In view of the losses incurred during the year and carried forward
losses, the Board has not recommended any dividend for the year ended
on 31st March 2015.
Operations
There were no operations by your Company during the year under review.
As a means to revive the fortunes of your Company, the Management is
actively considering infusion of capital and various business options.
Directors Responsibility Statement
As required under Section 217 (2AA) of the Companies Act, 1956, the
Directors hereby confirm that:
1. in the preparation of the annual accounts, the applicable
accounting standards have been followed alongwith proper explanation
relating to material departures.
2. the Directors had selected such accounting policies and applied
them consistently and made judgments and estimate 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 profit I
loss of the Company for that period.
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. the Directors had prepared the annual accounts on a going concern
basis.
Fixed Deposits
As of 31st March, 2015, there are no unclaimed or unpaid deposits
within the meaning of Section 58A of the Companies Act, 1956.
Directors
Mrs. Sumitra S. Kaushik, Director of the Company retires by rotation
and being eligible offers herself for re-appointment.
Auditors & Audit Report
M/s. ASJ & Co. LLP, Chartered Accountants, retire at the conclusion of
the ensuing Annual General Meeting and being eligible, offer themselves
for re-appointment. Pursuant to provisions of Section 139 of the
Companies Act, 2013 and the rules framed thereunder, it is proposed to
appoint M/s. ASJ & Co. LLP, Chartered Accountants, as statutory
auditors of the Company from the conclusion of the ensuing Annual
General Meeting till the conclusion of the Annual General Meeting to be
held in the year 2017, subject to annual ratification by members at
Annual General Meeting.
The Notes on Accounts referred to in the Auditors' Report are
self-explanatory and therefore do not call for any further comment
except that accounts of the Company are prepared on a going concern
basis as managements is taking steps for revival of the Company and
management is also taking steps for payment of outstanding statutory
dues. The Company does not have internal audit system as there is no
material transaction during the year and there is adequate internal
control system.
Conservation of Energy, Technology Absorption and Foreign Exchange
Earning and Outgo
There was no foreign exchange earnings and outgo during the year.
Considering the nature of the activities carried out by the Company,
the other particulars specified in 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, are not applicable.
Particulars of Employees
The Company has not employed any employee during the year under review
and accordingly, particulars specified under Section 217 (2A) of the
Companies Act, 1956, read with the Companies (Particulars of Employees)
Rules, 1975, are not applicable.
Secretarial Compliance Certificate
In accordance with the provisions of Section 383A of the Companies Act,
1956, a Certificate from M/s. Umesh Masked & Co., Company Secretaries,
has been obtained by the Company.
Listing of Shares
The Company has made an application to the Bombay Stock Exchange Ltd.
for revocation of suspension of shares from trading on the Stock
Exchange. The Company has to pay Listing Fees for the year 2015-16 to
the Bombay Stock Exchange Ltd.
Acknowledgment
The Directors would like to place on record their sincere thanks for
the co-operation received during the year from the Business Associates
and Government Authorities.
For and on behalf of the Board
Place: Mumbai Sanjay R. Kaushik
Date : 7th September, 2015 Chairman | 