Your Directors have pleasure in presenting the 22nd Annual Report together with theaudited statement of Accounts for the year ended 31st March 2015.
The Summarized financial highlights are as under
| ||For the year ended 31.03.2015 ||For the year ended 31.03.2014 |
|Income from operation ||Nil ||Nil |
|Other Income ||1137869.00 ||403836.05 |
| ||1137869.00 ||403836.05 |
|Total Expenditure ||958289.99 ||84843.01 |
|Operating Profit / (Loss) ||179579.01 ||18993.04 |
|Depreciation ||Nil ||Nil |
|Provision for taxation ||Nil ||Nil |
|Profit / (Loss) after tax ||179579.01 ||18993.04 |
|Balance Carrier Forward from || || |
|Last year ||(28179536.33) ||(28198529.37) |
|Balance Carried to Balance Sheet ||(27999957.32) ||(28179536.33) |
The Company has not accepted any deposits from Public within the meaning of Provisionsof the Companies Act 2013 and rules made there under.
During the year the Authorized Issued Subscribed and paid-up Capital remainedunchanged at Rs. 60000000/- and Rs. 53738000/- respectively.
4. STATUTORY INFORMATION
I. The Companies ( Directors particulars in the report of Board of Directors) Rules1988 require disclosure of particulars regarding conservation of energy in Form A andTechnology absorption in From B prescribed by the rules. The company not being an industryunder the Schedule Form A& B disclosures are not applicable.
II. The Company had no foreign exchange earnings & no outgoing
III. The Company does not have any subsidiary within the meaning of section 4 of theCompanies Act 1956
Statutory auditors M/s. R. K. Malpani & Associates retire at the conclusion of theensuing Annual General Meeting. The Company proposes to appoint them for their term of 2years under Section 139 of the Companies Act 2013 i.e. for the financial year 2015-16 to2016-17 subject to ratification by shareholders at every Annual General Meeting
6. AUDIT COMMITTEE
Pursuant to Section 292A of the Companies Act 1956 as introduced by the Companies(Amendment) Act 2000 an audit committee was constituted by the Board of Directorsconsisting of 3 directors i.e. Shri Baboolal Swarnkar Shri Nikhilesh Khandewal and ShriVinay Agrawal.
7. AUDITORS REPORT
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.
Shri Baboolal Swarnkar Director of the Company will retire by rotation at the ensuingAnnual General Meeting and being eligible offer himself for re-appointment. The Directorscommend his re-appointment.
9. 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.
There were no employees whose remuneration were in excess of the limits prescribedunder section 217(2A) of the Companies Act 1956 as per the latest amendment.
11. VIGIL MECHANISM/ WHISTLE BLOWER POLICY
The Company has adopted a whistle blower policy to provide formal mechanism to theDirectors and employees to report their concerns about unethical behavior actual orsuspected fraud or violation of the companys code of conduct or ethics policy. Itprovides for adequate safeguards against victimization of employees who avail of themechanism and provides for direct access to the Chairman of the Audit Committee.
Whistle blower policy of the company is available on the Companys websitewww.rajasthangasesltd.com.
12. SECRETARIAL AUDITORS AND SECRETARIAL AUDIT REPORT
The Board has appointed M/s. Manjula Poddar Company Secretaries in whole-timepractice to carry out Secretarial Audit under the provisions of Section 204 of theCompanies Act 2013 for the financial year 2014-2015. The report of the SecretarialAuditors is annexed to this Report as Annexure-IV.
The Board takes this opportunity to express its sense of gratitude to all theCustomers Shareholders Government Departments Bankers and Suppliers of the Company. TheBoard also wishes to pay tribute to all the employees of the Company for their splendidcommitment and dedication.
| ||By Order of the Board of Directors |
|Place: Jaipur ||BABOOLAL SWARNKAR |
|Dated: 05th September 2015 ||(Chairman) |