Your Directors have pleasure in presenting the Annual Report together with AuditedStatement of Accounts for the financial year ended on March 31 2015.
|Particulars ||Current Year March 31 2015 ||Previous Year March 312014 |
|Total Revenue ||2880000 ||2316000 |
|Total Expenditure ||1973000 ||2065000 |
|Earnings before exceptional and extraordinary items and tax ||907000 ||251000 |
|Earnings before extraordinary items and tax ||907000 ||251000 |
|Earnings before tax ||907000 ||251000 |
|Tax expenses ||54000 ||171000 |
|Earnings/(loss) from Discontinuing operations (after tax) ||276000 ||79000 |
The Net Profit of your company for the Current Financial Year 2014-15 is Rs.276000
The company has transferred Rs. 276000/- of profit to the reserves
In view of the Nominal Profit incurred during the financial year 2014-15 the Directorshave not recommended any dividend for the year under review.
The company has not accepted any fixed deposit within the meaning of Section 73 of theCompanies Act 2013 and the rules made there under.
The Board of Directors in its meeting held on 3rd September 2015 subject to approvalof shareholders in ensuing Annual General Meeting has approved the proposal forre-appointment of Mr. Sandeep Daga the Non Executive Independent Director and Mr. NaveenKumar Banthia the Non Executive Independent Director of the company with effect from 30thSeptember 2015 A brief resume of such Directors is given further in the Annual Report.
The audit committee presently has 4 directors as members viz. Mr. Sandeep Daga Mr.Gaurav Kumar Bhandari Mr. Kirty Kumar A. Shah and Mr. Bharat Kumar Bhandari. Except Mr.Bharat Kumar Bhandari all other members of the audit committee are non-executiveindependent directors. Mr. Sandeep Daga is the Chairman of the Audit Committee. The roleterms of reference the authority and power of the Audit Committee are in conformity withthe requirements of the Companies Act 2013 and Clause 49 of the listing agreement. Moredetails of the audit committee are provided in the report on Corporate Governance attachedto this annual report.
M/S. T. Srinivasa & Co Chartered Accountants Bangalore the statutory Auditors ofthe Company Retire at the ensuing Annual General Meeting and have Confirmed theireligibility under the provision of the Companies Act 2013 and their willingness to acceptoffice if reappointment..
There are no qualifications observed in the auditors report for the FinancialYear 2014-15.
CONSERVATION OF ENERGY TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO
The information pertaining to conservation of energy technology absorption Foreignexchange Earnings and outgo as required under Section 134 (3)(m) of the Companies Act2013 read with Rule 8(3) of the Companies (Accounts) Rules 2014 is furnished to thisreport.
A. CONSERVATION OF ENERGY
The operations of your company are not energy-intensive. However significant measuresare taken to reduce energy consumption by using energy-efficient computers and by thepurchase of energy-efficient equipment. Your company constantly evaluates new technologiesand invests to make its infrastructure more energy-efficient.
B. TECHNOLOGY ABSORPTION ADOPTION AND INNOVATION.
This is not applicable to your company as the company is into real estate business.
C. FOREIGN EXCHANGE EARNINGS AND OUTGO
Total Foreign Exchange earning and outgo for the financial year is as follow:
a) Total foreign exchange earning: NIL
b) Total foreign exchange outgo: NIL
Your company has incorporated appropriate standards for good corporate governance andshall aim at exhibiting maximum transparency and adequacy of reports /information providedunder mandatory provisions or otherwise. Pursuant to Clause 49 of the listing agreement adetailed report on Corporate Governance is produced as a part of the Annual Report whichis further certified by the statutory auditor of the company.
PARTICULARS OF EMPLOYEES
None of the employees of the Company were drawing emoluments more than what has beenspecified under Section 134 of the Companies Act 2013 a part of our report attachedherewith.
DIRECTORS RESPONSIBILITY STATEMENT:
In accordance with the provisions of Section 134(5) of the Companies Act 2013 theBoard hereby submit its responsibility Statement:
a) in the preparation of the annual accounts the applicable accounting standards hadbeen followed along with proper explanation relating to material departures;
b) the directors had selected such accounting policies and applied them consistentlyand made judgments and estimates that are 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 and loss of the company for that period;
c) the directors had 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) the directors had prepared the annual accounts on a going concern basis;
e) the Company being unlisted sub clause (e) of section 134(3) of the Companies Act2013 pertaining to laying down internal financial controls is not applicable to theCompany; and
f) the directors had devised proper systems to ensure compliance with the provisions ofall applicable laws and that such systems were adequate and operating effectively.
GREEN INITIATIVE IN CORPORATE GOVERNANCE
The Ministry of Corporate Affairs (MCA) has recently taken a green initiative inCorporate Governance by allowing paperless compliances by the Companies and permitted theservice of Annual Reports and documents to the shareholders through electronic modesubject to certain conditions. Your Company appreciates the initiative taken by MCA as itstrongly believes in a green environment. This initiative also helps in prompt receipt ofcommunication apart from avoiding losses / delays in postal transit. The Notice of AnnualGeneral Meeting Annual Report and all communications hitherto will be sent to the membersin electronic form at the e-mail address provided by them to the depositories orRegistrars & Transfer Agents of the Company. The same will be sent by post physicallyto the Members whose e-mail addresses are not available. Members can also have access tothe documents through the Companys website. The documents will also be available tothe members for inspection at the Registered Office of the Company during the officehours. Members are also entitled to be furnished with copies of the abovementioneddocuments free of cost upon receipt of requisition at any point of time.
Your Directors wish to place on record their gratitude for the valuable guidance andsupport given by Government of India State Government departments FinancialInstitutions Banks and various stake holders such as shareholders customerssuppliers etc. Your Directors also commend the continuing commitment and dedication of theemployees at all levels which has been critical for the Companys growth. TheDirectors look forward to their continued support in future.
| ||For and on behalf of the Board |
|Place: Bangalore ||Bharat Kumar Bhandari |
|Date: 03.09.2015 ||Managing Director |