The Directors are pleased to present the Twentieth Annual Report and Accounts for yearended as on 31st March 2014.
Rs. In Lacs
|Particulars ||31- 03-2014 ||31-03-2013 |
|Total Income ||65.13 ||62.60 |
|Operational Cost ||3.88 ||5.50 |
|Total Expenses ||3.88 ||5.50 |
|Profit / (Loss] Before Tax after Extra ordinary Items ||61.25 ||57.10 |
|Current Tax ||18.93 ||17.65 |
|Excess/ (Short] provisions of earlier year ||- ||(2.61] |
|Deferred Tax ||- ||28.44 |
|Profit/ (Loss] After Tax ||42.32 ||13.62 |
In the current economic situation of the Company your Directors are of opinion toconserve the financial resources of the Company for future uncertainty hence do notrecommended any dividend for the financial year under review.
The Company has earned total income of Rs. 65.13 lacs as compared to Rs. 62.60 lacs inprevious year. During the year the Company has earned Net Profit of Rs. 42.32 lacs ascompared to Rs. 13.62 lacs.
At the ensuing Annual General Meeting Mr. Ritesh Baldevbhai Patel who retires byrotation and being eligible offers himself for reappointment.
During the year Mr. Ritesh Patel Mr. Chirag Rawal & Mr. Miten Shah were appointedas additional director w.e.f 20.06.2013.
During the year Mr. Praveen Toshniwal Mr. Hemantkumar Shah and Mr. Kushal Shah havetendered their resignation w.e.f 01.07.2013.
In compliance with Section 149 152 of the Companies Act 2013 and the Rules madethere under the Company proposed to fix the term of Independent Director for a period of5 (Five] years. Resolution proposing the appointment of Mr. Ankit Shukla Mr. Chirag Rawaland Mr. Miten Shah is given in the Notice along with the explanatory statement.
M/s. S. D. Motta & Associates Chartered Accountants Mumbai retires and beingeligible offers them for reappointment. It is proposed that M/s. S. D. Motta &Associates Chartered Accountants Mumbai be re-appointed as auditors of the Company. Youare requested to appoint the auditors and fix their remuneration.
The notes to the accounts referred to in the Auditors' Report are self-explanatory andtherefore do not call for any further comments.
Particulars of Employees and Others:
The Company does not have any employee receiving remuneration of Rs. 500000/- permonth or Rs. 6000000/-per annum and therefore no particulars are required to befurnished under Section 217 (2A] of the Companies Act 1956
Information on Energy Conservation Technology Absorption and Foreign ExchangeEarnings:
Since the Company is not engaged in any Manufacturing Activities therefore particularsregarding conservation of energy Technology up gradation and Foreign Exchange Earningsand Outgo pursuant to Companies (Disclosure of Particulars in the Report of the Board ofDirectors] Rules 1988 are not applicable to the Company.
Directors' Responsibility Statement:
In terms of provisions of Section 217 (2AA] of the Companies Act 1956 your Directorsconfirm as under:
a] In the preparation of the annual accounts the applicable accounting standards havebeen followed and no material departures have been made from the above;
b] They have selected such accounting policies and applied them consistently and madejudgments and estimates that are reasonable and prudent so as to give a true and fair viewof the state of affairs of the Company at the 31st March 2014 and of theprofit of the Company for that period;
c] They have taken proper and sufficient care for the maintenance of adequateaccounting records in accordance with the provisions of this Act for safeguarding theassets of the Company and for preventing and detecting fraud and other irregularities;
d] They have prepared the annual accounts on a "going concern" basis. Appreciation
The Company places on record its deep appreciation for all those who are associatedwith the Company and have continued their support towards the growth and stability of theCompany.
For Aroma Enterprises (India) Limited