| Dear Members,
The Directors have pleasure in presenting before you the 15th Annual
Report of the Company together with the Audited Statements of Accounts
for the year ended 31st March, 2014.
FINANCIAL RESULTS:
(Rs.in Lakhs)
Particulars Year ended Year ended
31-3-2014 31-3-2013
Gross Income 16.01 15.36
Profit before Tax 0.03 0.00
Less: Provision for Taxation 0.00 0.00
Profit After Tax 0.03 0.00
Add: Balance in Profit & Loss A/c.
b/fd from previous year (1120.87) (1120.88)
Profit Available for Appropriation (1120.84) (1120.87)
PERFORMANCE:
During the year 2013-14, the Company has achieved a turnover of Rs
16.01 Lakhs amounts and incurred a net profit Rs. 0.03 Lakhs
Independent Directors
In accordance with Sections 149, 152 read with Schedule IV read with
relevant Rules of the Companies Act, 2013 Shri. Balasubramanian
Krishnan and Shri. Ravirekula Ananda Reddy as independent Directors of
the Company not liable to retire by rotation upto the conclusion of the
20th Annual General Meeting of the Company in the calendar year 2019."
Retiring by Rotation
In accordance with the requirements of the Companies Act, 2013 Shri
Ravi Karnati , Director of the Company are liable to retire by rotation
at the Annual General Meeting and, being eligible, offer themselves for
reappointment at the ensuring Annual General Meeting.
Brief resume of the Directors proposed to be reappointed, nature of
their expertise in specific functional areas, names of the companies in
which they hold directorships and relationships between directors
inter-se, as stipulated under Clause 49 of the Listing Agreement with
the Stock Exchanges in India, are provided in the Report on Corporate
Governance.
Statutory Auditors
Pursuant to the provisions of Section 139(2) of the Companies Act,
2013, on rotation of audit firms, and based on the recommendation of
the Audit Committee, the Board has re-appointed M/s. HANUMAIAH&CO
Chartered Accountants, Vijayawada as the Statutory Auditors of the
Company to hold office from conclusion of this Annual General Meeting
to the Conclusion of the next Annual General Meeting. M/s. HANUMAIAH&CO
Chartered Accountants, Vijayawada, have confirmed that the appointment,
if made, would be within the prescribed limits under Section 141 of the
Companies Act, 2013. Accordingly, the appointment of M/s.
HANUMAIAH&CO,Chartered Accountants, Vijayawadas, as the Statutory
Auditors, is being proposed as an Ordinary Resolution.
Management's Discussion and Analysis Report
Management's Discussion and Analysis Report for the year under review,
as stipulated under Clause 49 of Listing agreement with the Stock
Exchanges in India, is presented in a separate section forming part of
the Annual Report.
Fixed Deposits:
The Company has not accepted any deposits from the public in terms of
Section 58A of the Companies Act, 1956 Particulars of Employees:
It is to report that there are no employees drawing salary of
Rs.2,00,000/- or more p.m. or Rs.24,00,000/- or more per year or part
thereof.
Your directors also place on record their deep sense of appreciation of
the services of the staff and workers of the Company, who have
contributed for the administration of the Company's affairs.
Directors Responsibility Statement:
Pursuant to the requirements under Section 217 (2AA) of the Companies
Act, 1956, with respect to Directors' Responsibility Statement, it is
hereby confirmed that:
i) in the preparation of the annual accounts, the applicable accounting
standards read with requirements set out under Schedule VI to the
Companies Act, 1956, have been followed and there are no material
departure from the same;
ii) 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 March 31, 2014 and profit for the year ended on
that date;
iii) 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 and
iv) the Directors have prepared the annual accounts of the Company on a
'going concern' basis.
Conservation of Energy, Technology Absorption and Foreign Exchange
Earnings and Out Go:
The particulars relating to Conservation of Energy, Technology
absorption, Foreign Exchange earnings and outgo as required under
section 217 (1) (e) of the Companies Act, 1956 read with Companies
(Disclosure of particulars in the Report of Board of Directors) Rules,
1988 are as follows
a) Conservation of Energy
The company's operations require low energy consumption. Adequate
measures are taken to conserve energy whenever possible.
b) Technology absorption, Adoption and Innovation
There is no information to be furnished regarding Technology Absorption
as your Company has not undertaken any research and development
activity in any manufacturing activity nor any specific technology is
obtained from any external sources, which needs to be absorbed or
adopted.
c) Foreign Exchange earnings and outgo: Nil
Corporate Governance:
In pursuance of Clause 49 of the Listing Agreement entered into with
the stock exchanges, a separate section on Corporate Governance has
been incorporated in the annual report for the information of
shareholders. A certificate from the auditors of the Company regarding
compliance with the conditions of Corporate Governance as stipulated
under Clause 49 also forms part of the annual report.
Acknowledgements:
Your Directors wish to place on record their gratitude to the Company's
shareholders, customers, vendors and bankers for their continued
support to the company growth initiatives. Your Directors also wish to
place on record, their appreciation of the contribution made by
employees at all levels, who through their competence, sincerity, hard
work, solidarity and dedicated support, have enabled your Company to
make rapid strides in its business initiatives Your Directors also
thank the Central and State Governments and their various agencies and
other Governmental agencies for extending their support during the
year, and look forward to their continued support.
By Order of the Board
(Sd/-)
Dr. K.Anil Kumar
Place: Vijayawada Managing Director
Date: 14.08.2014 | 