Your Directors are pleased to present the 35th Annual Report of the Companytogether with the Audited Financial Statements for the year ended 31st March 2015.
|SUMMARISED FINANCIAL RESULT || ||(Rs. in Lacs) |
| ||Year ended 31.3.2015 ||Year ended 31.3.2014 |
|Income ||5305.76 ||5706.18 |
|Profit before interest depreciation and tax ||486.07 ||726.79 |
|Less: || || |
|Depreciation ||173.44 ||401.23 |
|Tax including Adjustment ||102.45 ||1.15 |
|Interest ||261.14 ||324.40 |
|Prior Period Adjustments ||0.00 ||0.00 |
|Net profits after Tax ||(40.96) ||0.10 |
|Dividends ||0 ||0 |
|Balance brought forward from previous year ||0.001 ||124.456 |
THE YEAR UNDER REVIEW
Your Company's infrastructure businesses have reported an encouraging performance forthe year ended 31st March 2015.
The Board feels that the economic & developing situation of India will bring lot ofcapital for developing infrastructure of the country and future of India lies with theInfrastructure Development of the country. Considering the Growth of the Company ininfrastructure business and taking into account the available opportunities in theInfrastructure Business the Board has decided to focus only on infrastructure/real estateprojects.
Company has successfully completed and bagged some large contracts from big players inInfrastructure business and the company is also in process of to Make Good Multi StoreShopping Commercial Complex and Business Centre in Nagpur. which would be completed byDecember 2016.The Company is negotiating some big orders for BOT projects.
The Board Strongly feels that by venturing into the infrastructure and realty businessin the days to come the wealth of the shareholders will enhance.
ENERGY TECHNOLOGY AND FOREIGN EXCHANGE:
As required by the Companies (Disclosure of Particulars in the Report of Board ofDirectors) Rules 1988 the relevant information pertaining to conservation of energytechnology absorption foreign exchange earnings and outgo are as follows:
A) CONSERVATION OF ENERGY: The Company continues its policy of encouraging energyconservation measures. The regular review of energy consumption and the systems installedto control utilization of energy is undertaken.
B) RESEARCH DEVELOPMENT ACTIVITIES: Continuous efforts are being made to improvereliability and quality through in-house R&D efforts.
C) TECHNOLOGY ABSORPTION: The Company is equipped with technologies from world'sleaders.
D) FOREIGN EXCHANGE EARNINGS & OUTGO:
| ||2014-2015 ||2013-2014 |
| ||(Rs. Lacs) ||(Rs. Lacs) |
|a. Foreign Exchange Used ||Nil ||Nil |
|b. Foreign Exchange Earned ||Nil ||Nil |
The Company neither has accepted nor renewed any fixed deposit during the year underreview.
Mr. Anil Rathi is liable to retire by rotation at the forthcoming Annual Generalmeeting and being eligible offers himself for re - appointment.
DIRECTORS RESPONSIBILITY STATEMENT
As required by Section 134 (5) of the Companies Act 2013 the Board of Directors ofthe Company hereby state and confirm that:
(a) in the preparation of the annual accounts the applicable accounting standards havebeen followed;
(b) appropriate accounting policies have been selected and applied consistently andhave 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 as at 31st March 2015 and of the profitof the Company for the year ended 31st March 2015.
(c) proper and sufficient care has been taken for the maintenance of adequateaccounting records in accordance with the provisions of the Companies Act 2013 forsafeguarding the assets of the Company and for preventing and detecting fraud and otherirregularities.
(d) the annual accounts have been prepared on a going concern basis.
(e) the Directors had laid down internal financial controls to be followed by theCompany and that such internal financial controls are adequate and were operatingeffectively and
(f) the Directors had devised proper systems to ensure compliance with the provisionsof all applicable laws and that such systems were adequate and operating effectively.
M/s Pilla Mathur Manuja & Co Chartered Accountants Statutory Auditors of theCompany hold office until the conclusion of the ensuing Annual General Meeting and areeligible for reappointment.
The Company has received letter from the statutory to the effect that theirreappointment if made would be within the prescribed limits under Section 224 (1B) ofthe Companies Act 1956 and that are not disqualified from reappointment within themeaning of Section 226 of the Said Act.
The notes referred to in the Auditors Report are self-explanatory and hence donot call for any comments under Section 134 of the Companies Act 2013.
Pursuant to Clause 49 of the Listing Agreement a report on Corporate Governance alongwith Auditors Certificate regarding Compliance of Conditions of Corporate Governance andManagement Discussion and Analysis is Separately given in this Report.
EXTRACT OF ANNUAL RETURN
The details forming part of the extract of the Annaul Return in Form MGT-9 isseparately given as Annexure-II.
SECRETARIAL AUDITORS AND SECRETARIAL AUDIT REPORT
The Board has appointed M/s. Manoj Agrawal & Associates Company Secretaries inwhole-time practice to carry out Secretarial Audit under the provisions of Section 204 ofthe Companies Act 2013 for the financial year 2014-2015. The report of the SecretarialAuditors is annexed to this Report as Annexure-IV.
The Company has not paid any remuneration attracting the provisions (Particulars ofEmployees) Rules 1975 read along with section 217(2A) of the Companies Act 1956. Henceno information is required to be appended to this report in this regard.
Your Directors would like to place on record their deep appreciation of all employeesfor rendering quality services to every constituent of the company.
Your Directors convey their sincere thanks to the Government Banks Shareholders andcustomers for their continued support extended to the company at all times.
The Directors further express their deep appreciation to all employees for commendableteamwork high degree of professionalism and enthusiastic effort displayed by them duringthe year.
|Place: Nagpur ||On behalf of the Board of Directors |
|Dated: 28th August 2015 || || |
| ||Naresh Saboo ||Kamlesh Parasd |
| ||Managing Director ||Director |