To The Members
Your Directors are pleased to present the 41 Annual Report of the Company together withAudited Accounts for the financial year ended 31st March 2014.
| ||( Rs . in Lacs) |
|Particulars ||2013-14 ||2012-13 |
|Revenue from operations and other Income ||428.04 ||473.60 |
|Gross Profit / (Loss) ||150.05 ||96.19 |
|Interest. & Financial Charges ||101.12 ||84.08 |
|Depreciation ||14.67 ||22.95 |
|Profit /(Loss) before tax after interest & depreciation ||34.26 ||(10.84) |
|Prior Period Adjustments ||(12.91) ||(0.75) |
|Profit /(Loss) before tax ||47.17 ||(10.09) |
|Tax Expense ||(1.99) ||0.23 |
|Profit/ (Loss) for the year after tax ||49.16 ||(10.32) |
During the year under review the gross revenue of the Company was lower at Rs .428.04Lacs as against Rs .473.60 Lacs during the previous year. Slow down in Real Estatebusiness led to decline in business. The Company however earned gross profit of Rs.150.05 Lacs and net profit of Rs .49.16 Lacs as against gross profit of Rs .96.19 Lacsand net loss of Rs .10.32 Lacs respectively in the previous year.
The Company had pursuant to the provisions of clause 49 of the Listing Agreementsentered into with Stock Exchanges appointed Shri S S Dawra Shri B B Tandon and Shri S SVirdi as Independent Directors of the Company.
As per Section 149(4) of the Companies Act 2013 (Act) which came into effect fromApril 1 2014 every listed public Company is required to have at least one third of thetotal number of Directors as Independent Directors. In accordance with the provisions ofsection 149 of the Act these Directors are being appointed as Independent Directors tohold office for a term of five years at the forthcoming Annual General Meeting (AGM) ofthe Company.
As per the provisions of Companies Act 2013 Shri Humesh Kumar Singhal Directorretires by rotation at the forthcoming Annual General Meeting and being eligible offershimself for reappointment.
There is no change in the issued and subscribed capital of Rs .864.30 lacs
INTERNAL CONTROL SYSTEMS
The Company has adequate Internal Control procedures commensurate with its size andnature of business. These internal policies ensure efficient use and protection of assetsand resources compliance with policies and statutes and ensure reliability as well aspromptness of financial and operational reports.
A separate section on Corporate Governance forms part of the Directors' Report inpursuance to Clause 49 of the Listing Agreement and is included in the Annual Report.
The Company has accepted deposits from the public within the meaning of the provisionsof Section 58A of the Companies Act 1956. There has not been any default in repayment ofdeposits or payment of interest thereon during the year. There are no unpaid or unclaimeddeposits as at the end of the year.
M/s S.C. Dewan & Co. Chartered Accountants were appointed as Statutory Auditors ofthe Company to hold office till the conclusion of the ensuing Annual General Meeting. TheAuditors retire at the ensuing Annual General Meeting and being eligible have offeredthemselves for reappointment. They have confirmed their eligibility and willingness toaccept office if re-appointed. The company has received a certificate from them pursuantto Companies (Audit & Auditors) Rules 2014 read with Section 139 & 141 of theCompanies Act 2013 confirming their eligibility for reappointment and that they are notdisqualified for re-appointment.
The Notes on Financial Statements referred to in the Auditors' Report areself-explanatory and do not call for any further comments.
All Properties and insurable interests of the Company including Buildings and Plant& Machinery are adequately insured.
MANAGEMENT DISCUSSION AND ANALYSIS
Your Company is engaged in infrastructure real estate trading and commission agencybusiness. The long term objective of the Company is to be a strong player in thesesegments and the company is continuously exploring various opportunities for growth.
DIRECTORS' RESPONSIBILITY STATEMENT
Pursuant to Section 217(2AA) of the Companies Act 1956 the Directors' confirm that:
i) In preparation of the Annual Accounts the applicable accounting standards have beenfollowed.
ii) Appropriate accounting policies have been selected and applied consistentlyjudgments and estimates made are reasonable and prudent so as to give true and fair viewof the state of affairs of the Company as at the end of the financial year and theProfitfor that period.
iii) Proper and sufficient care has been taken for maintenance of accounting records inaccordance with the provisions of the Companies Act 1956 (to the extent applicable) andthe Companies Act 2013 (to the extent notified) for safeguarding the assets of thecompany and for preventing and detecting fraud and other irregularities.
iv) The annual accounts have been prepared on a going concern basis.
CONSERVATION OF ENERGY TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO
The provisions of Section 217(1)(e) of the Companies Act 1956 with regard toconservation of Energy and Technology Absorption are not applicable as the company isengaged in Real Estate and Trading & Agency Business. Further during the year therewas no foreign exchange earning & out go.
PARTICULARS OF EMPLOYEES
The statement of employees as required under Section 217(2A) of the Companies Act1956 is not applicable as there was no employee who was drawing a salary of Rs 6000000/-and above per annum if employed for full year or a salary of Rs 500000/- and above permonth if employed for a part of the year.
Your Directors wish to place on record their appreciation for the continuedco-operation the Company received from various departments of the Central and StateGovernment Bankers Financial Institutions Dealers and Suppliers and also acknowledgethe contribution made by the employees.
The Board also wishes to place on record its gratitude to the valued Customers Membersand Investing public for their continued support and confidence reposed in the Company.
| || ||For and on behalf of |
| || ||BOARD OF DIRECTORS |
|Place: CHANDIGARH ||H.K.SINGHAL ||SANJAY GARG |
|Date : 30.05.2014 ||DIRECTOR ||EXECUTIVE DIRECTOR |