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Kansal Fibres Ltd.

BSE: 531205 Sector: Others
NSE: N.A. ISIN Code: INE179O01015
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Kansal Fibres Ltd. (KANSALFIBRES) - Director Report

Company director report

Directors

To

The Members

KANSAL FIBRES LIMITED

The Board of Directors of your Company has the pleasure of presenting Annual Report of KANSALFIBRES LIMITED together with the Audited Statements of Accounts for the year ended theMarch 31 2014.

FINANCIAL PERFORMANCE OF THE COMPANY:

The Company has again started to operate in the finance market and received income ofRs. 67554 during the financial year 2013-14. However the Company incurred loss of Rs.292361 during the current financial year and hope for better in coming years even inthe downward stream scenario of global financial and capital market. Directors havestarted to explore various other opportunities to further improve the working resultsduring the current year. Your company has entered into compromise deed with Oswal SpinningAnd Weaving Mills Ltd as on 29th March 2014 and made payment of Rs.1400000/- vide cheque no. 000002 dated 29.03.2014 drawn on HDFC Bank as full and finalsettlement against recovery suit and withdraw counter claim.

DIVIDEND:

In view of losses your Directors do not recommend any dividend during the year.

DIRECTORS:

Mr. Bipin Patel Director of the Company is liable to retire by rotation at the ensuingAnnual General Meeting and being eligible offer himself for re-appointment.

No other appointment or retirement is accepted during the year under preview.

DIRECTORS' RESPONSIBILITY STATEMENT:

Director confirms that:

The applicable accounting standards have been followed along with proper explanationrelating to material departures.

Such accounting policies have been selected and applied consistently and reasonable andprudent judgments and estimates made so as to give a true and fair view of the state ofaffairs of the company at the end of the financial Year and the profit/loss of the companyfor that period.

Proper and sufficient care has been taken for the maintenance of the adequateaccounting records in accordance with provisions of this act for safeguarding the assetsof the company and for preventing and detecting fraud and other irregularities.

The annual accounts have been prepared on a going concern basis.

AUDITORS:

The Company had received Notice of Resignation dated 09th June 2014 underSection 140(4) read with Section 115 of the Companies Act 2013 from M/s Raj Gupta &Co. Chartered Accountants Ludhiana in its capacity as a Statutory Auditors of theCompany and the Board have recommended appointment of M/s. Vishves A Shah & Co.Chartered Accountants Ahmedabad as Statutory Auditors in place M/s Raj Gupta & Co.Chartered Accountants Ludhiana the retiring Statutory Auditors.

The change in the Statutory Auditor is proposed in order to remain at the forefront ofgood governance and in recognition of regulatory changes under the Companies Act 2013.The Company has sent a copy of the said Special Notice to the retiring Statutory Auditors.

MANAGEMENT DISCUSSION AND ANALYSIS:

Management discussion and analysis Report pursuant to Clause 49 of the Stock ExchangeListing agreement forms part of this Report and the same is annexed hereto.

CORPORATE GOVERNANCE:

A comprehensive report on corporate governance as stipulated under Clause 49 of theListing Agreement is attached to this Report.

The Company has obtained a certificate from the Statutory Auditors regarding complianceof conditions of Corporate Governance as stipulated in Clause 49 of the Listing Agreementand the same is annexed at the end of Corporate Governance Report.

CONSERVATION OF ENERGY TECHNOLOGY ABSORPTION FOREIGN EXCHANGE EARNINGS AND OUTGO:

As the Company's operations do not involve any manufacturing or processing activitiesthe particulars as per the Companies (Disclosures of Particulars in the Report of theBoard of Directors) Rules 1998 regarding conservation of energy and technologyabsorption are not applicable. The particulars regarding expenditure and earnings inforeign exchange are Nil.

PARTICULARS OF EMPLOYEES:

No employee of the Company was in receipt of remuneration above the limit specifiedunder Section 217(2A) of the Companies Act 1956.

SEGMENT:

Your Company is engaged in a single segment only.

ACKNOWLEDGEMENT:

The management is grateful to the government authorities Bankers Vendors for theircontinued assistance and co-operation. The directors also wish to place on record theconfidence of members in the company.

By Order of the Board of Directors
Sd/- Sd/- Sd/-
(Rakesh Kansal) (Bipin Patel) (Mayur Shah)
Managing Director Director Director
(DIN: 01735388) (DIN: 03190744) (DIN: 03313341)
Date : 30/05/2014
Place : Ludhiana