| Dear Members,
The Directors have the pleasure in presenting the Annual Report of
your Company for the financial year ended 31st March, 2014.
FINANCIAL HIGHLIGHTS
Current Year Previous Year
2013-14 (Rs.) 2012-13 (Rs.)
Income 83,60,227 7,12,11,135
Expenditure 3,26,96,190 7,52,24,318
Profit/(Loss) Before Tax (2,43,35,964) (40,13,183)
Less: Provision for Taxation - -
Less: Deferred Tax (73,21,949) (11,38,999)
Profit/(Loss) After Tax (1,70,14,015) (28,74,184)
Balance as per previous year 85,46,080 1,14,20,264
Balance carried to the Balance Sheet (84,67,935) 85,46,080
OPERATIONS
During the year ended 31st March 2014, the income decreased to Rs.
83,60,227/- as compared to Rs. 7,12,11,135/- for the previous year in
view of suspension of operations due to regulatory requirements. The
Company has incurred net loss for the year Rs. 1,70,14,015/- as
compared to net loss of Rs. 28,74,184/- in the previous year.
Your Company has all the projects in Mumbai and in view of delay in
approvals the year in retrospect was subdued which impacted the
business as also new projects showed a marked delay in launching.
DIVIDEND
In view of loss for the year, your directors do not recommend any
dividend for the year ended 31st March, 2014.
Due to the aforesaid facts the Company has also requested to preference
shareholders for waiver of dividend for the financial year under review
which were duly approved by them.
MANAGEMENT DISCUSSION AND ANALYSIS
Management Discussion and Analysis Report is attached herewith as
Annexure I and forms part of this report inter alia adequately deals
with the operation and current and future outlook of the Company.
CORPORATE GOVERNANCE
Your company has been practicing the principle of good corporate
governance. It has evolved over the years in your Company not just for
the regulatory requirements but on account of sound management
practices and for enhancing customer satisfaction.
As required under clause 49 of the Listing Agreement with the Stock
Exchange, the Report on Corporate Governance regarding compliance of
the code of Corporate Governance along with a certificate from
Practicing Company Secretaries is attached herewith as Annexure II and
form part of this report.
PARTICULARS OF EMPLOYEES
The information required under Section 217 (2A) of the Companies Act,
1956 read with the Companies (Particulars of Employees) Rules, 1975 is
not applicable.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNING AND OUTGO
Your Company is not covered by the schedule of industries which are
required to furnish the information required in Form A pursuant to
Section 217(1)(e) read with Rule 2 of the Companies (Disclosure of
Particulars in the Report of Board of Directors) Rules, 1988. The
Company has not imported any technology or carried out any business of
export or import and therefore the disclosure requirement against
technology absorption are not applicable. The details of Foreign
Exchange outgo are as under:-
Value of imports of Capital Goods on c.i.f. basis for the year under
review is Rs. Nil (Previous year Rs. Nil).
DIRECTORS
Shri Naman Shah and Shri Sanjiv Bansal, Directors of the Company, who
retires by rotation at the Annual General Meeting of the Company and
being eligible offers himself for re-appointment.
DIRECTOR RESPONSIBILITY STATEMENT
Pursuant to the requirements of Section 217(2AA) of the Companies Act,
1956, your Directors confirm the following;
* that in the preparation of the annual accounts, the applicable
accounting standards have been followed;
* that the Directors have 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 the Company as at 31st March, 2013 and of the profits of the Company
for that year;
* 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.
* that the annual accounts have been prepared on a going concern basis.
AUDITORS
M/s. Sharp and Tannan, Chartered Accountants, Statutory Auditors of the
Company, retire at the ensuing Annual General Meeting of the Company
and being eligible offers themselves for re- appointment. The Company
has received the letter under Section 224 (1B) of the Companies Act,
1956, stating that if appointed, their appointment will be within the
prescribed limits. Your Directors recommend their appointment.
AUDITORS REPORT
The observations, if any, made in the Auditors' Report read with the
relevant notes as given in Notes on Accounts are self-explanatory and
therefore, do not call for any further comments under Section 217(3) of
the Companies Act, 1956.
DEPOSITS
The Company has not accepted any deposit as covered under Section 58A
of the Companies Act, 1956 read with the Companies (Acceptances of
Deposits) Rules, 1975, during the year under review.
ACKNOWLEDGEMENTS
Your Directors take the opportunity to express deep sense of gratitude
to the Central and State Government, Bankers, Customers and
Shareholders.
For and on behalf of the Board of Directors
Place: Mumbai
Date : 27th May, 2014 Director Director | 