| Dear Members,
The Directors present the 22nd Annual Report together with the Audited
Accounts for the financial year ended 31st March, 2014.
FINANCIAL RESULTS
The Financial results of your Company for the year under review are as
below:
2013-14 2012-13
Particulars ( in Lakhs) ( in Lakhs)
Total Revenue 15.93 380.00
Profit/ (Loss) before Depreciation & Tax 0.24 (105.85)
Less: Depreciation 0.22 0.37
Profit/ (Loss) before Tax 0.02 (106.22)
Less: Provision for Taxation 0 0
Profit/ (Loss) after Tax 0.02 (106.22)
FINANCIAL PERFORMANCE
During the year under review the company generated revenue of Rs. 15.93
lakhs only and there is a marginal profit of Rs 0.02 lakhs.
REVIEW OF OPERATIONS
In view of low margin of small budget films the company was very
cautious in its approach of procuring Rights of distribution and use of
its limited resources. The company's plan to raise resources for
business expansion was kept on hold due very tight and volatile
financial market. The company continued its Trading activity of
marketing and distribution of IPRs procured from the market.
DIVIDEND
In view of inadequacy of revenue from the operation, your Directors do
not recommend payment of dividend.
DIRECTORS
In accordance with the provisions of the Companies Act, 1956 and the
Article of Association Mr. Rajendra Jain retires by rotation and being
eligible offer himself for reappointment, which the Board recommends.
Mr. Soumo Ganguly and Mr. Mehool Parekh resigned from the Board. The
Board takes on record their contribution during tenure of their office.
Based on confirmations received, none of the directors are disqualified
as per provisions of the Companies Act, 1956.
PUBLIC DEPOSITS
The company has not accepted any deposits during the year under review.
LISTING
The shares of your company are listed on Madras Stock Exchange and
Bombay Stock Exchange.
AUDITORS' OBSERVATION
With reference to the observation contained in the Audit Report are
self - explanatory. Efforts are on to mitigate the status.
CEO/CFO CERTIFICATE
The CEO/CFO certificate on the financial statements of the Company as
required under clause 49 of the Listing Agreement forms part of the
Annual Report
SECRETARIAL COMPLIANCE CERTIFICATE
As required under the provisions of Section 383A of the Companies Act,
1956, the Company has obtained a certificate of compliance from Mrs.
Sweety Kapoor, a practicing Company Secretary, for the year ended 31st
March 2014. .
CORPORATE GOVERNANCE
The report on Corporate Governance as stipulated under clause 49 of the
Listing Agreement along with the Auditors' certificate for its due
compliance forms part of the Annual Report.
DIRECTORS' RESPONSIBILITY STATEMENT
Pursuant to Section 217(2AA) of the Companies Act, 1956, the Directors,
to the best of their knowledge and belief confirm that:
- In the preparation of the Profit & Loss Account for the financial
year ended 31st March, 2014 and the Balance Sheet as at that date all
applicable accounting standards have been followed.
- Appropriate accounting policies have been selected and applied
consistently and such judgments and estimates that are reasonable and
prudent have been made so as to give a true and fair view of the state
affairs of the Company as at the end of the financial year and of the
Profit & Loss of the Company for that period.
- Proper and sufficient care has been taken 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.
The financial statements have been prepared on a going concern basis.
PARTICULARS OF EMPLOYEES
There were no employees in receipt of remuneration in excess of the
limits as stipulated under Section 217(2A) of the Companies Act, 1956
read with the Companies (Particulars of Employees) Rules, 1975 during
the financial year.
PARTICULARS OF CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND
FOREIGN EXCHANGE
The Company has no activity relating to consumption of energy and
technology absorption. Hence, there are no particulars required to be
furnished under Section 217(1)(e) of the Companies Act, 1956.
FOREIGN EXCHANGE
There were no Foreign Exchange earnings or outgo during the year under
review.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
Management Discussion and Analysis Report forming part of the Annual
Report is attached.
ACKNOWLEDGEMENT
Your Directors would like to place on record their sincere gratitude to
the shareholders, bankers, regulatory bodies and other business
constituents for their continued support and faith in the Company.
Your Directors also place on record their appreciation for
whole-hearted co-operation, commitment and contribution made by the
employees and look forward to their continued support.
On behalf of the Board
Rajendra Jain
Director
Place : Chennai
Date : 14.08.2014 | 