| Dear Shareholders:
The Directors have pleasure in presenting the 34th ANNUAL REPORT on
the business and operations of the Company and Audited Statement of
Accounts of the Company for the year ended 31st March, 2014.
1) FINANCIAL RESULTS OF THE COMPANY ARE AS UNDER:
CURRENT YEAR PREVIOUS YEAR
RS. RS .
Profit for the year after meeting all 11,55,123 11,47,972
charges and expenses but before
provision for taxation
Less: Provision for tax - (1,25,000)
Add: B/f forward from previous 5,19,241 6,81,014
year
Add: Excess provision written 39,745 -
back
Available for appropriation 17,14,109 17,03,986
Proposed Dividend (2,45,000) (2,45,000)
Corporate Dividend Tax - (39,745)
Transfer to General Reserve - (9,00,000)
Amount to be carried forward to 14,69,109 5,19,241
next year
17,14,109 17,03,986
2) DIVIDEND:
The board of Directors has recommended a dividend of Rs.1/- per share
for the share of Rs.10/- each fully paid, which is equivalent to 10% of
the paid up share of the company for the year ended 31st March 2014.
3) SUBSIDIARY COMPANY :
The copy of the audited accounts and Directors Report for the company's
subsidiary, Keen Investment And Leasing Limited for the year ended 31st
March, 2014 is annexed. The statement required to be furnished under
section 212 of the Companies Act, 1956 is also attached.
4) DIRECTORS :
In accordance with the Provisions of Section-152 of the Companies Act,
2013 and the Company's Articles of Association Mr Pavankumar Sanwarmal,
Director retire by rotation of the forthcoming Annual General Meeting
and being eligible offer themselves for re-appointment.
5) DIRECTOR RESPONSIBILITY STATEMENT
Pursuant to section 217(2AA) of the Companies Act, 1956 the Directors
confirm that:
1. In presentation of the annual accounts, the applicable standards had
been followed along with proper explanation relation to material
departures;
2. The Directors had selected such accounting policies and applied them
consistently and made judgments and estimates that are reasonable and
prudent so as to give a true and fair view of the state of affairs of
your Company at the end of the financial year and of the profit of your
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
your Company and for preventing and detection fraud and other
irregularities;
4. The Directors had prepared the annual accounts on a going concern
basis.
6) CONSOLIDATED FINANCIAL STATEMENTS :
In accordance with the requirements of the Accounting Standard AS - 21
prescribed by the Institute of Chartered Accountants of India, the
consolidated Financial Statements of the company and its subsidiary,
Keen Investment & Leasing Limited are annexed to this report.
7) AUDITORS
The Auditors, M/s A.K.Nevatia & Associates, Chartered Accountants,
retire at the ensuing Annual General Meeting and being eligible, offer
themselves for re-appointment for three consecutive years, to hold
office from the conclusion of this Annual General Meeting, until the
conclusion of Thirty Seventh Annual General Meeting of the Company,
subject to ratification at
every Annual General Meeting. The remuneration of the Auditors shall be
fixed by the board after getting shareholders consent as usual.
The Company has received confirmation from A.K.Nevatia & Associates to
the effect that their re-appointment, if made, would be within the
prescribed limits under Section-141(3)(g) of the Companies Act, 2013
and that they are not disqualified for re-appointment.
8) PARTICULARS OF EMPLOYEES
None of the employee of the company received remuneration in excess of
the limit specified u/s 217 (2A) of the Companies Act, 1956
9) COMPLIANCE CERTIFICATE:
A compliance certificate from a Company Secretary in whole time
practice, as required under section 383A of the Companies Act, 1956,
regarding compliance with the provisions of the Act is annexed.
10) DISCLOSURE OF PARTICULARS WITH RESPECT OF CONSERVATION OF ENERGY
The details as required by Companies (Disclosure of particulars in
Report of Board of Directors) Rules, 1988 for conservation of Energy,
Technology Absorption and Foreign Exchange earnings and outgo are not
applicable to the Company having regard to the nature of business of
the Company.
11) APPRECIATION
We wish to place on record our deep and sincere appreciation for the
contribution made by the workers, staff and executives to the
performance of the Company.
BY ORDER OF THE BOARD OF DIRECTORS
Sd/- sd/-
Place : MUMBAI PAVANKUMAR SANWARMAL / RITA PAVANKUMAR/
DIRECTORS
Dated : 29/05/2013
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