Your Directors here by present the 29th Annual Report together with the Auditedstatements of Accounts for the financial year ended on 31st March 2014.
During the year under review due to financial crisis company has not carried out anybusiness activities and faces huge set back. So company not in position to generate anyrevenue from the operation but due to some fixed cost company posted Net Loss of Rs.261385.
Your Directors have not declared any dividend during the year under review due to lossincurred.
During the year the Company has not accepted any fixed deposits under Section 58A ofthe Companies Act 1956.
Mr. MAHENDRA GANATRA Director of the Company is retires by rotation at the ensuingAnnual General Meeting and being eligible offer himself for reappointment.
Mr. VINEET DEORARI Mr. MANISH UNIYAL and Mr. DWARIKA NAVIN CHANDRA PRASAD wereappointed on 27.08.2014 04.06.2014 and 04.06.2014 respectively as an Additional Directorof the Company and appointed as an Independent Director of the company and to hold officefor five consecutive years for a term up to September 28 2019.
Mr. SHANKAR BHAGAT and Mr. NILESHKUMAR KAVA were resigned as a Director of the Companywith effect from 04.06.2014 and 27.08.2014.
AUDITORS AND AUDITORS REPORT:
M/s. Y. D. & Co. Chartered Accountants Ludhiana Statutory Auditors of theCompany hold office until the conclusion of the ensuing Annual General Meeting and areeligible for reappointment.
The observations made by the Auditors in their Auditors Report and theNotes on Accounts referred to in the Auditors Report are self-explanatory and do notcall for any further comments.
MANAGEMENT DISCUSSION AND ANALYSIS:
Management Discussion and Analysis forms part of the Annual Report to the shareholdersand it includes discussion on matters as required under the provisions of Clause 49 of thelisting agreement forming part of this report is annexed herewith.
CORPORATE GOVERNANCE REPORT:
Your Company has been complying with the conditions of Corporate Governance asstipulated in Clause 49 of the Listing Agreement. A separate report on CorporateGovernance along with Auditors Certificate on compliance with the CorporateGovernance norms and stipulated in Clause 49 of the Listing Agreement forming part ofthis report is annexed herewith.
PARTICULARS OF STAFF:
The statement showing particulars of employees under section 217(2A) of the CompaniesAct 1956 read with the companies (Particulars of Employees) Rules 1975 as amended isnot required to be given as there were no employees coming within the purview of thissection.
TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO:
The details of conservation of energy technology absorption etc. as required to begiven under Section 217(1)(e) of the Companies Act 1956 are not applicable to Company asour Company has not carried out in the manufacturing activities. The foreign exchangeearning on account of the operation of the Company during the year was Rs. Nil.
DIRECTORS RESPONSIBILITY STATEMENT:
Pursuant to the provisions of Section 217(2AA) of the Companies Act 1956 theDirectors of your Company confirm that:
i) in the preparation of the annual accounts the applicable accounting standards havebeen followed along with proper explanation relating to material departures;
ii) the Directors have selected such accounting policies and applied them consistentlyand made judgments and estimates that were reasonable and prudent so as to give a true andfair view of the state of affairs of the Company at the end of the financial year and ofthe profit or loss of the Company for that period;
iii) 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;
iv) Directors have prepared the accounts on a "going concern basis".
Your Directors would like to express their sincere appreciation for the assistance andco-operation received from the Banks Government Authorities Customers and Shareholdersduring the year. Your directors also wish to take on record their deep sense ofappreciation for the committed services of the employees at all levels which has made ourCompany successful in the business.
| ||For and on Behalf of the Board |
| ||For AMRADEEP INDUSTRIES LIMITED |
|PLACE: AHMEDABAD || |
|DATE: 27.08.2014 || |
| ||(MAHENDRA GANATRA) |
| ||CHAIRMAN |
Annexure to Directors Report
MANAGEMENT DISCUSSION ANALYSIS REPORT
The company is confident in spite of the possible recessionary conditions in theindustry it will perform better in view of the strong fundamentals of the Indian companiesand hope to improve its Turnover.
Internal Controls Systems and their adequacy:
The company has adequate internal control systems to ensure operational efficiencyprotection and conservation of resources accuracy and promptness in financial reportingand compliance of law and regulations. The internal control system is supported by theinternal audit process. The Internal Auditor reviews and ensures that the auditobservations are acted upon. The Audit Committee of the Board reviews the Internal Auditreports and the adequacy and effectiveness of internal controls.
The relationship with the employees continues to be cordial. The Company recognizes theimportance and contribution of its employees for its growth and development and constantlyendeavors to train nurture and groom its people The Company puts emphasis on attractingand retaining the right talent. The company places emphasis on training and development ofemployees at all levels and has introduced methods and practices for Human ResourceDevelopment.
Statements in this Management Discussion and Analysis describing the companysobjectives projections estimates and expectations may be forward looking statementwithin the meaning of applicable laws and regulations. Actual results might differmaterially from those either expressed or implied.