To The Members
The Directors of your company present the Twenty Second Annual Report and the Statementof Audited Accounts for the year ended 31st March 2014.
| || ||(Rs. In Lakhs) |
| ||Year Ended 31st March 2014 ||Year Ended 31st March 2013 |
|Operational & Other Income ||1497216 ||184697773 |
|Profit/(Loss) before Depreciation & Tax ||637566 ||(27865345) |
|Less: Depreciation ||74866 ||1757095 |
|Profit/ (Loss) before Tax ||562700 ||(26108250) |
|Less: Provision for tax || || |
|- Current Tax ||107233 || |
|- Deferred Tax || || |
|- Fringe Benefit Tax || || |
|- MAT Credit Entitlement || || |
|- (Excess)/ Short Provision for Tax of || || |
|Earlier Year || ||204158 |
|Profit / (Loss) after Tax ||455477 ||(26312408) |
There is a Profit after tax amounting to Rs. 455477 as compared to the loss of theprevious year Rs.2 63 12409
DIVIDEND & APPROPRIATIONS:
The Board of Directors of the Company do not recommend any dividend for the year2013-2014. During the year under review the Company has transferred an amount of Rs. NILout of current profits to Reserve Fund In accordance with Section 45-IC of the RBI Act1934.
Mr. Vikash Kumar Resigned from the Board of Directors of the Company w.e.f 20th May2014. Mr. Januram Choudhary who retire by rotation and being eligible offer himself forre-appointment.
DIRECTORS RESPONSIBILITY STATEMENT:
To the best of their knowledge and belief and according to the information andexplanations obtained by them your Directors make the following statement pursuant to theprovisions of Section 217(2AA) of the Companies Act 1956:
1. That in the preparation of the annual accounts the applicable accounting standardshave been followed along with proper explanation relating to material departures if any;
2. That the Directors have selected such accounting policies and applied themconsistently and made judgements and estimates that are reasonable and prudent so as togive a true and fair view of the state of affairs of the Company at the end of thefinancial year and of the loss of the Company for the year under review;
3. That the Directors have taken proper and sufficient care for the maintenance ofadequate accounting records in accordance with the provisions of the Companies Act 1956for safeguarding the assets of the Company and for preventing and detecting fraud andother irregularities;
4. That the Annual Accounts for the year ended 31st March 2014 have been prepared on agoing concern basis.
MANAGEMENT DISCUSSION & ANALYSIS:
Management Discussion & Analysis Report for the year under review as stipulatedunder Clause 49 of the Listing Agreement with the Stock Exchanges is presented separatelyin the Annual Report.
M/s. Motilal Jain and Associates Chartered Accountants the Company's Auditors willretire at the conclusion of the ensuing Annual General Meeting and are eligible forre-appointment. Your Directors recommend their reappointment for the ensuing year.
CONSERVATION OF ENERGY TECHNOLOGY ABSORPTION FOREIGN EXCHANGE EARNINGS AND OUTGO:
(A) Conservation of Energy and Technology Absorption:
In view of the nature of activities which are being carried out by the Company yourDirectors have nothing to state in connection with Conservation of Energy and technologyAbsorption as specified in Rules 2A and 2B of the Companies (Disclosure of Particulars inReport of Board of Directors) Rules 1988.
(B) Foreign Exchange Earning & Outgo
During the year under review the Company did not have any Foreign Exchange Earnings orOutgo.
As per Clause 49 of the Listing Agreement the code of Corporate Governance isapplicable to your Company. A detailed report on Corporate Governance declaration ofDirector and a certificate from a Practicing Company Secretary regarding compliance ofconditions of Corporate Governance as stipulated under Clause 49 of the Listing Agreementis annexed and forms part of this report.
Observations made in the Auditors' Report are self explanatory and therefore do notcall for any further comments under Section 217(3) of the Companies Act 1956
The Company has not accepted or renewed any deposit from public during the year underreview.
PARTICULARS OF EMPLOYEES:
During the year under review none of the employees of the Company was in receipt ofremuneration exceeding the limits prescribed under section 217 (2A) of the Companies Act1956 and the rules made there under as amended.
The Directors wish to express their gratitude to the bankers Clients and all theBusiness Associates for their continuous support to the Company and to the Shareholdersfor the confidence reposed in the Company's management. The Directors also convey theirappreciation to all the employees at all levels for their enormous personal efforts aswell as collective contribution.
| ||For & on behalf of the Board of Director |
|Place: Mumbai ||Shri Anil Kothari |
|Date: August 27 2014 ||Chairman |
|Registered Office: || |
|'Room No 2 3rd floor 5/7 || |
|Kothari House OAK Lane Fort || |
|Mumbai 400 023. || |