Your Directors have the pleasure of presenting the 23rd Annual Report of the companytogether with Audited Accounts and Cash Flow Statement for the financial year ended 31stMarch 2014.
The financial results for the year ended 31st March2014 are summarized below:
(Amount Rs. in Lacs)
| ||2013-14 ||2012-13 |
|Revenue from Operations ||6.50 ||0.20 |
|Gross Profit before Interest and Depreciation ||(7.34) ||(141.87) |
|Less :Interest ||1.32 ||0.11 |
|Less :Depreciation ||18.18 ||18.18 |
|Profit/(Loss) for the year ||(26.84) ||(160.18) |
|Add: Deferred Tax ||5.22 ||2.15 |
|Profit/(Loss) after Taxation ||(21.62) ||(155.03) |
In view of the losses and overall financials of the Company the Board of Directorsregrets their inability to recommend any Dividend for the year under review.
In accordance with the provisions of Companies Act 1956 and the Article of associationof the Company Mr. Kastoor Chand Bokadia and Mr. Pramod Bokadia are to retire by rotationat the ensuring Annual General Meetingand being eligible offer themselves forre-appointment. Your Board of Directors recommends their re-appointment.
Mr. Mahaveer Chand Bokadiaand Mr. Rajesh Jain has resigned from the Directorshipof theCompany. The Board of Directors noted their.cojitrihutian and appreciation in thedevelopment of the Company.
PARTICULARS OF EMPLOYEES
Information in accordance with Sub-Section (2A) of the Section 217 of the Companiesact1956as amended read with Companies(Particulars of Employees) Rules 1975 is Nil.
The Companyhas not accepted any fixed deposits from public shareholders or Employeesduring the period under the review.
The Company has complied with the corporate governance requirements as stipulated underthe Listing Agreement with the stock exchanges. A separate section on corporategovernance along with certificate from the auditors confirming the compliance is annexedand forms part of the annual report as Annexure-A. The Chairman & Managing Directorhas confirmed and declared that all the members of the board and the senior managementhave affirmed compliance with the code of conduct.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT:-
The Management Discussion and AnalysisReport of the financial condition and results ofoperations of the Company for the year under review as required under Clause 49 of theListingAgreement with the Stock Exchanges is given as a separate statement forming partof this Annual Report as
DIRECTORS' RESPONSIBILITY STATEMENT:-
Pursuant to the requirement.under section 217(2AA) of the Companies Act 1956 withrespect to Directors' Responsibility Statement your Directors confirmed that:
1. In the preparation of the annual financial statements the applicable accountingstandards have been followed along with proper explanations to material departure;
2. The Directors have selected such accounting policies and applied them consistentlyand made judgments and estimates that are reasonable and prudent so as to give true andfair view of the state of affairs of the Companyat the end of the financial year ended on31st March 2014 and the Company's profit for the year endingon that date;
3. The Directors had taken proper and sufficient care for the maintenance of adequateaccounting records in accordance with the provisions of the Companies Act 1956 forsafeguarding the Company's assets and for preventing and detecting fraud and otherirregularities;
4. The Directors have prepared the Annual Accounts for the financial year ended 31stMarch 2014 on a "going concern basis."
As per section 204 of Companies Act 2013 every listed company is required to annexwith its Board's report a Secretarial Audit report given by a Company Secretary inpractice. In line with this requirement the Board of Directors has appointed M/s JAKS&Associates Company Secretaries Jaipur as Secretarial Auditor of the Company forthe financial year 2014-15.
ENERGY CONSERVATION. TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGEEARNINGS AND OUTGO
Information in accordance with the provisions of Section 217(1) (e) of theCompaniesAct 1956:
Conservation of Energy: Company Activities do not involve any significant energyconsumption; however every effort is being made to conserve it.
| Foreign exchange Earnings& Outgoings || |
|a) Foreign ExchangeEarnings ||: NIL |
|b) Foreign Exchange Outgo ||:NIL |
We thank the Government of India Ministry of Commerce & Industry Ministry ofCorporate Affairs Ministry of Finance Department of Economic affairs. Custom &Excise Department Income Tax Department Reserve Bank of India BSENSE NSDL CDSL allstakeholders Bankers various State Governments and other GovernmentAgencies for theircontinuingsupport and look Forward for the same support in the future
| ||By Order of the Board of Directors |
| ||For BMB Music and Magnetics Limited |
| ||Chairman-cum- Managing Director |
|Dated: 4th October 2014 ||[Kastoor Chand Bokadia] |
|Place: Jaipur ||DIN No-(01828803) |