Your Directors present the Annual Report of your Company together with the AuditedAnnual Accounts for the financial year ended 31st March 2014.
|Particulars || |
Financial Year ended (in rupees)
| ||31st March 2014 ||31st March 2013 |
|Total Income ||52872330 ||1090400 |
|Total Expenditure ||52615084 ||952992 |
|Profit/ (Loss) before tax ||257246 ||137408 |
|Profit/ (Loss) after tax ||112481 ||111225 |
|Paid-up Share Capital ||40000000 ||2400000 |
|Reserves and Surplus ||(11755532) ||(11868013) |
Year in Retrospect
During the year under review total Income of the Company was Rs. 5.28 Cr as against Rs.0.10 Cr in the previous year The Company made a profit before tax of Rs. 0.02 Cr asagainst a profit after tax of Rs. 001 Cr in the previous year. Your Directors are puttingin their best efforts to improve the performance of the Company.
Material changes and commitments affecting the financial position of the Company afterthe close of financial year
Save as mentioned else where in this Report no material changes and commitmentsaffecting the financial position of the Company has occurred between the end of thefinancial year of the Company- 31st March 2014 til! the date of this reportexcept the following:
In view of marginal profits made by the Company your Directors regret their inabilityto recommend any dividend.
During the year under report your Company did not accept any deposits from the publicin terms of the provisions of section 58A of the Companies Act 1956.
Conservation of Energy Technology Absorption Foreign Exchange Earnings and Outgo
a. Conservation of Energy & Technology Absorption: Since the Company is notengaged in any manufacturing activity issues relating to conservation of energy andtechnology absorption are not quite relevant to its functioning.
b. Export Activities: There was no export activity in the Company during the yearunder review. The Company has no immediate plans for export in the near future as well.
c. Foreign Exchange Earnings and Outgo: There was no Foreign Exchange earnings andoutgo during the year under review.
Particulars of Employees
During the financial year under review none of the Company's employees was in receiptof remuneration as prescribed under section 217(2A) of the Companies Act 1956 read withthe Companies (Particulars of Employees) Rules 1975 and hence no particulars arerequired to be disclosed in this Report.
After the last Annual General Meeting Mr. Ankit Goyal who was appointed as additionaldirector of the company on 22/07/2013 resigned from the directorship with effect from06/09/2013. Mr. Navneet Mangal appointed as director of the Company with effect from22/07/2013. Mr. Rakesh Vashisht ceased to be director w.e.f. 08/01/2014. Mrs. CharuAggarwal appointed as director of the Company w.e.f. 08/01/2014..
Additional directors namely Mr. Rahul Yadav and Mr Sanjay Kumar Gupta hold officeuntil the date of the ensuing Annual General Meeting. Their appointments as Directors ofthe Company are placed before the Members for consideration. The Board recommendsresolutions for adoption by the members.
M/s V.N. Purohit & Co. Chartered Accountants Statutory Auditors of theCompany hold office until the conclusion of the ensuing Annual General Meeting and beingeligible offer themselves for re-appointment. A certificate under relevant provisions ofthe Companies Act 2013 regarding their eligibility for the proposed re-appointment hasbeen obtained from them. Your Directors recommend their re-appointment.
Comments made by the Statutory Auditors in the Auditors' Report are self-explanatoryand do not require any further clarification.
Directors' Responsibility Statement
In terms of the provisions of section 217(2AA) of the Companies Act 1956 and to thebest of their knowledge and belief and according to the information and explanationsobtained by them and save as mentioned elsewhere in this Report the attached AnnualAccounts and the Auditors' Report thereon your Directors confirm that:
a. in preparation of the annual accounts the applicable accounting standards havebeen followed;
b. the Directors have selected such accounting policies and applied themconsistently and made judgments and estimates that are reasonable and prudent so as togive a true and fair view of the state of affairs of the Company as at 31stMarch 2013 and of the profit of the Company for the year ended on that date;
c. the Directors have taken proper and sufficient care for the maintenance ofadequate accounting records in accordance with the provisions of the Act for safeguardingthe assets of the Company and for preventing and detecting fraud and other irregularities;and
d. the Directors have prepared the Annual Accounts on a going concern basis.
Stock Exchange Listing
The Equity Shares of the Company are listed at the Delhi Stock Exchange Limited and BSELtd (formerly Bombay Stock Exchange Ltd) The Company has already paid listing fees forthe financial year 2014-15 to the DSE and BSE.
Presently Clause 49 of the Listing Agreement relating to the Corporate Governance isapplicable to the Company and the Company observes good corporate practices to enhance thestakeholders' value. Corporate Governance report pursuant to clause 49 of ListingAgreement is annexed herewith.
Pursuant to clause 49 of the Listing Agreement and Section 292A of the Companies Act1956. The Audit Committee has been constituted with three directors as its members namelyMr. Sanjay Kumar Gupta Mr. Rahul Yadav and Mr. Navneet Mangal.
Your Directors take this opportunity to place on record their sincere appreciation forthe cooperation and assistance the Company has received from Banks and various GovernmentDepartments. The Board also places on record its appreciation of the devoted services ofthe employees; support and co-operation extended by the valued business associates of theCompany.
| ||For and on Behalf of the Board || |
| ||For A.F. Enterprises Limited || |
| ||Sd/- ||Sd/- |
|Date: 26th May 2014 ||Navneet Mangal ||Charu Aggarwal |
|Place: Delhi ||Director ||Director |
| ||Din: 06632840 ||Din: 06632839 |