| Dear Members,
Your Directors have pleasure to submit their Directors Report for the
year ended on 31st March, 2014.
1) FINANCIAL REVIEW:
[Rs in Lacs]
Particulars Year ending Year ending
31st March, 31st March,
2014 2013
Total Income 15.05 -
Total Expenditure 15.07 29.27
Gross Profit/(loss) (0.02) (29.27)
Less:
Depreciation - -
Provision for taxation - -
Extra Ordinary Items - -
Tax Expense
Adjustment for earlier years - -
Profit/(loss) After Tax (0.02) (29.27)
2) OPERATIONS:
The Company has achieved sales turnover of Rs. 15.05 Lacs during the
year compared to Rs. NIL during the previous year. The Company has
incurred net loss of Rs. 0.02 Lacs compared to Rs. 29.27 Lacs in the
previous year. Your directors are optimistic of achieving much better
results in the next year.
3) DIVIDEND:
Since the Company has earned loss in the Financial Year ended on
31.03.2014. Hence no dividend is declared by the Company.
4) FIXED DEPOSIT :
During the year under report, the Company has not accepted any deposit
to which the provisions of Section 58A of the Companies Act, 1956 and
corresponding Section 73 to 76 of the Companies Act, 2013, are
applicable.
5) PARTICULARS OF EMPLOYEES:
The particulars of the employee of the Company drawing total
remuneration of Rs.60,00,000/- per annum or Rs.5,00,000/- per month as
required U/S 217 (2A) of the Companies Act, 1956 is Nil.
6) DIRECTOR'S RESPONSIBILITY STATEMENT:
Pursuant to the requirement of Section 217 (2AA) of the Companies Act,
1956, with respect to Directors Responsibility Statement, it is hereby
confirmed:
I. that in the preparation of the annual accounts, the applicable
accounting standards have been followed along with proper explanation
relating to material departures.
II. 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 at 31st March, 2014 being end of the
financial year 2013-14 and of the Profit of the Company for the year.
III. that the Directors have taken proper and sufficient care for
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. that the Directors have prepared the annual accounts on a going
concern basis.
7) DIRECTORS:
Pursuant to the provisions of Section 160 of the Companies Act, 1956
and the Articles of Association of the Company Mr. Ravi P. Gandhi
appointed as an additional director w.e.f. 1st August, 2013 and
regularised as Independent Non-Executive Director in previous AGM and
Mr. Goravrajsingh V. Rathore appointed as an additional director
w.e.f. 1st August, 2013 and ceased from directorship on 14th September,
2013. Further Lokesh Chayansingh Shekhawat appointed as an additional
director on 15th April, 2013 and ceased from directorship 14th
September, 2013.
During the year Mr. Kuntal Jyotindra Kavi, Mr. Dhenuk Jayeshkumar Kavi
ceased from Directorship w.e.f. 01st August, 2013.
Mr. Mukesh Shah, Director of the Company will retire by rotation in the
ensuing annual general meeting and being eligible offer himself for
reappointment.
8) CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS AND OUTGO:
1) CONSERVATION OF ENERGY :
A. Energy Conservation measures taken: The Company gives top most
priority to energy conservation.
B. Additional investment and proposal if any being implemented for
reduction in consumption of energy : NIL
C. Energy consumption in terms of electricity, LDO and Gas : NIL.
D. Total energy consumption and energy consumption per unit of
production: NIL.
2) TECHNOLOGY ABSORPTION :
A. Adoption and innovation: N.A.
B. Research and development ( R & D ) : NIL
3) FOREIGN EXCHANGE EARNINGS AND OUT GO : NIL
9) AUDITORS:
The present Auditors of the Company M/s. Praful N. Shah& CO., Chartered
Accountants, Ahmedabad were appointed as Auditors and will retire at
the ensuing Annual General Meeting. M/s. Praful N. Shah& CO.,
Chartered Accountants, Ahmedabad have submitted certificate for their
eligibility for appointment under Section 139 of the Companies Act,
2013. Board of Directors of your Company favour his re-appointment as
Auditors of the Company and such re-appointment, if done, shall be up
to the conclusion 28th Annual General Meeting to the conclusion of 32nd
Annual General Meeting of the Company.
The notes and remarks of Auditors are self explanatory and therefore do
not require any further clarification.
10) CORPORATE GOVERNANCE:
Pursuant to the requirements of the Listing Agreement with Stock
Exchanges, your Directors are pleased to annex the following:
1. Management Discussion and Analysis Report.
2. A report on Corporate Governance along with Auditor's Certificate
relating to compliance of conditions thereof.
11) LISTING:
The Equity shares of the Company are listed on Ahmedabad and Bombay
Stock Exchanges. The Company has paid Annual Listing Fees of Bombay
Stock Exchange, up to the year 2013-14.
12) ACKNOWLEDGEMENT:
Your Directors acknowledge with gratitude the Co-Operation and
Assistance received from the Banks, Government, Employees and all those
associated with the Company during the year under review.
For and on behalf of the Board
Place: Ahmedabad
Date: 14/08/2014 Mihirbhai S. Parikh Saurin J. Kavi
Director Director
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