FOR THE FINANCIAL YEAR
ENDED 2013 - 2014
TO THE MEMBERS
Your Directors have immense pleasure in presenting the 30th Annual Report onthe business and operations of the Company together with the Audited Financial Statementof Accounts for the year ended 31st March 2014.
(Amount in Rs.)
|Particulars ||CurrentYear YearEnded 31stMarch14 ||PreviousYear YearEnded 31stMarch13 |
|Income from Operations ||788217.00 ||3913369.66 |
|Other Income ||80.00 ||632622.00 |
|Total Income ||788297.00 ||4545991.66 |
|Total Expenditure ||267987966.00 ||5597173.51 |
|Profit/ (Loss) before tax ||(267199669.00) ||(1051181.85) |
|Less: Provision for Deferred Tax ||(198546.00) ||(228606.00) |
|Net Profit/(Loss) after Tax ||(267001123.00) ||(822575.85) |
REVIEW OF OPERATIONS
During the year your Company has the turnover of Rs. 788217 against Rs. 3913369.66 Lacfor the previous year. Your directors expect that the initiatives undertaken will resultin improvement in financial results in the coming years.
TRANSFER TO RESERVES
Your Company has not made any transfer to Reserves during the financial year 2013 -2014
For the year under review your Company does not recommend any dividend in the absenceof profits.
Retirement by Rotation
Mr. Vijay Pal Shukla retires by rotation at the ensuing Annual General Meeting andbeing eligible has offered himself for re-appointment.
Cessation of Directors
Mr. Kapil Kumar ceased to be director of the Company we.f. October 3rd2013.
Mr. Ashok Agarwal ceased to be a director of the Company due to his death on 22ndJuly 2013.
Appointment of Directors
The Board of Directors after recommendation of Nomination and Remuneration Committee ofyour Company recommends the appointment of Mr. Harish Kumar Chauhan as an IndependentDirector for a term of five consecutive years i.e. from conclusion of this Annual GeneralMeeting upto 31st March 2019
The Board of Directors after recommendation of Nomination and Remuneration Committee ofyour Company recommends the appointment of Ms. Preeti Sharma as an Independent Directorfor a term of five consecutive years i.e. from conclusion of this Annual General Meetingupto 31st March 2019
The Board of Directors after recommendation of Nomination and Remuneration Committee ofyour Company recommends the appointment of Mr. Omprakash Ramashankar Pathak as aNon-Executive Director of the Company.
The Board of Directors after recommendation of Nomination and Remuneration Committee ofyour Company recommends the re-appointment of Mr. Ankit Rathi as Managing Director of thecompany for a period of three years with effect from14th September 2014 to 13thSeptember 2017
Material Changes and Commitments after the date of close of financial year 2013 14
There is no material changes and commitment affecting the financial position of companyafter the close of financial year 2013-2014 till the date of report.
M/s J. Kumar & Associates Chartered Accountants as Statutory Auditors of theCompany has consented to act as auditor of the company from the conclusion of this AnnualGeneral Meeting until the conclusion of the next Annual General Meeting at a remunerationas may be decided by the Board of Directors.
The Company has received a letter from them to the effect that their appointment ifmade would be within the limits prescribed u/s 139 of the Companies Act 2013 and theyare not disqualified for such an appointment under the provisions of the Companies Act2013. Accordingly M/s. J. KUMAR & ASSOCIATES Chartered Accountants are required tobe reappointed as Statutory Auditors of the Company at the ensuing Annual General Meeting.
The Audit Committee and your Board recommend their reappointment as Statutory Auditorsof the Company.
The notes on accounts referred to in the Auditors Report are self explanatory and thereare no adverse remarks or qualification in the Report and therefore do not need anyfurther comment.
LISTING OF SECURITIES
The Companys Equity Shares are listed on following stock exchanges:
i. The Delhi Stock Exchange Limited
ii. National Stock Exchange of India Limited
iii. The Bombay Stock Exchange Limited
iv. Madras Stock Exchange Limited
v . The Stock Exchange Ahmedabad
vi. The Calcutta Stock Exchange Association Limited
PARTICULARS OF EMPLOYEES PURSUANT TO THE PROVISIONS OF SECTION 217(2A) OF THE COMPANIESACT 1956
As required by the provisions of Section 217(2A) of the Companies Act 1956 read withCompanies (Particulars of Employees) Rules 1975 as amended no employee of the Company isin receipt of remuneration in excess of the limits prescribed there under.
DEPOSITS FROM PUBLIC
During the year Company has not accepted any public deposit within the meaning ofSection 58A of the Companies Act 1956 read with the Companies (Acceptance of Deposits)Rules 1975 as amended up to date.
ENERGY CONSERVATION TECHNOLOGY ABSORPTION AND RESEARCH & DEVELOPMENT AND FOREIGNEXCHANGE EARNINGS AND OUTGO
Particulars relating to energy conservation technology absorption foreign exchangeearnings and outgo as required to be disclosed under 217(1)(e) of the Companies Act1956read with the Companies (Disclosure of Particulars in the Report of Board of Directors)Rules 1988 are given hereunder:
There is no manufacturing activity carried on in the company. The company has done itsbest efforts to save electricity & energy.
Technology Absorption Adaption & Innovation and Research
No research & development or technical absorption or adaption & innovationtaken place in the company during the Financial Year 2013 2014.
Foreign Exchange Earnings and Outgo
As your Company does not deal in Foreign Exchange therefore the particulars relatingto Foreign Exchange Earnings and Outgo are not applicable to your Company.
|Foreign Exchange Earnings ||Nil |
|Foreign Exchange Outgo ||Nil |
DIRECTORS RESPONSIBILITY STATEMENT
Pursuant to the requirement under Section 217(2AA) of the Companies Act 1956 withrespect to Directors Responsibility Statement it is hereby confirmed that:
1) In the preparation of the annual accounts for the period ended 31.03.2014 ; theapplicable Accounting Standards have been followed along with proper explanation relatingto material departures;
2) The directors had selected such accounting policies and applied them consistentlyand made judgments & estimates that were reasonable & prudent so as to give a trueand fair view of the state of affairs of the Company at the end of the year and of theLoss of the company for the financial year under review;
3) The Directors had taken proper & sufficient care for the maintenance of adequateaccounting records in accordance with the provisions of Companies Act 1956 forsafeguarding the assets of the Company; and for prevention and detection of fraud andother irregularities;
4) The Annual Accounts for the year ended 31st March 2014 have beenprepared on a going concern basis.
Your Company has implemented all the stipulations of the Corporate Governance Practicesset out by the Securities and Exchange Board of India and as provided in Clause 49 of theListing Agreement entered into with the Stock Exchanges. A separate section on Report ofCorporate Governance as stipulated under Clause 49 of the Listing Agreement form part ofthe Annual Report.
The requisite certificate from the Company Secretary in Practice regarding complianceof conditions of Corporate Governance as stipulated under Clause 49 of the ListingAgreement with the Stock Exchanges is attached as Annexure B of the DirectorsReport.
Managements Discussion and Analysis Report
Managements Discussion and Analysis Report for the year under review asstipulated under clause 49 of the Listing Agreement with the Stock Exchanges in India ispresented in a separate section forming Annexure A of the Directors Report.
Since the Company is not into any kind of manufacturing activity there is no matter todiscuss about industrial relations and the Company is maintaining cordial relations withits staff members.
Your Directors take this opportunity to place on record their appreciation for theshareholders bankers and other business associates for their forbearance understandingand support to the Company. They also wish to place on record their great appreciation ofthe commitment sense of involvement and dedication exhibited by each staff member in theoverall development growth and prosperity of the company.
| ||ByOrderoftheBoardofDirectors || |
| ||For Pan India Corporation Limited || |
| ||Sd/- ||Sd/- |
|Date:06.09.2014 ||VijaypalShukla ||Ankit Rathi |
|Place: New Delhi ||Director ||ManagingDirector |
| ||DINNo.01379220 ||DINNo.-01379134 |