| Dear Members,
The Directors have pleasure in presenting the Twentieth Annual Report
together with audited accounts for the year ended 31st March 2014.
WORKING RESULTS
The working results of your company for the year under report are
as under:
31.03.2014 31.03.2013
In Rupees
Gross Income 4,32,679 1,99,010
Profit/(Loss) before Depreciation & Tax (2,24,328) 39,051
Less : Depreciation 85,216 85,216
Profit/(Loss) for the year before Tax (3,09,544) (46,165)
Less : Provision for Tax; - -
Profit/(Loss) after tax carried (3,09,544) (46,165)
to Balance Sheet
PERFORMANCE
The company recorded a gross income of Rs. 4,32,679/- as against
Rs. 1,99,010/- in the last year and incurred a loss of Rs. 3,09,544/-
as against a loss of Rs.46,165/- during the last year.
DIVIDEND
In view of the losses your directors regret their inability to
recommend any dividend.
DIRECTORS
As per the provisions of the companies act 2013, Independent Directors
are required to be appointed for the term of five consecutive years and
shall not be liable to retire by rotation, Accordingly, all the
independent directors of the company are to be appointed for a term of
5 years in the ensuing AGM.
The board consists of 2 independent directors and one Non executive
director.
DIRECTORS RESPONSIBILITY STATEMENT
Directors responsibility statement as per section 217(2AA) of the
Companies Act, 1956:
a) The Directors Confirm: that in the preparation of the annual
accounts, the applicable accounting standards have been followed and
that no material departures have been made from the same;
b) that they have selected such accounting policies and applied them
consistently and made judgements and estimates that are reasonable and
prudent so as to give true and fair view of the state of affairs of the
Company at the end of the financial year and of the profit & loss of
the Company for that period;
c) that they 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;
d) that they have prepared the annual accounts on a going concern
basis.
Corporate Governance:
As a listed Company, necessary measures are taken to comply with the
listing agreements with-stock exchanges. A Report on Corporate
Governance, along with certificate of Compliance from the Auditor is
given in Annexure-B to this report.
Management Discussion and Analysis Report: -
A Management Discussion and Analysis Report is given as Annexure C to
this report.
PARTICULARS OF ENERGY CONSERVATION. TECHONOLOGY ABSORPTION AND FOREIGN
EXCHANGE EARNING AND OUTGO.
There are no information required to be disclosed under section 217(1)
(e) of the Companies Act 1956, read with rule 2 of the Companies
(Disclosure of particulars in the annual report of Board of Directors)
Rules, 1988. No manufacturing activity is involved and hence
particulars relating to conservation of energy and technical know how
are not applicable. There has been no Foreign exchange earnings & outgo
during the year.
REPLY TO AUDITORS QUALIFICATION
With reference to the qualification by the auditors vide point 3 (a)
(b) (c) the company is taking steps to recover the loan given with
interest and company has now received the money.
PARTICULARS OF EMPLOYEES
There are no employees falling within the purview of Section 217 (2A)
of the Companies Act, 1956. As such no separate annexure is given.
AUDITORS
M/s. C.Ramasamy & B.Srinivasan, Chartered Accountants, auditors of the
company retire at the conclusion
of ensuing Annual General Meeting and are eligible for re-appointment.
ACKNOWLEDGEMENT
Your Directors would like to place on record their appreciation of the
whole hearted support extended by the employees, bankers to the company
as also the shareholders of the company.
On behalf of the Board of Directors
R.C.BETALA
CHAIRMAN
Place: Chennai
Date . 01.08.2014
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