Your Directors have pleasure in presenting the 26th Annual Report togetherwith the Audited Statement of Accounts for the year ended 31st March 2014.
Your Company's performance during the year is summarized below:
| ||Year ended 31st March 2014 ||Year ended 31st March 2013 |
| ||(Rs.in lacs) ||(Rs.in lacs) |
|Gross Income ||15981.84 ||7465.88 |
|Gross Profit/(Loss) ||43.60 ||(0.15) |
|Less: Depreciation ||0.06 ||5.47 |
|Profit/(Loss)before Tax ||43.54 ||(5.62) |
|Add: Deferred Tax ||5.79 ||1.55 |
| ||49.33 ||4.07 |
|Less: Provision for Taxation ||4.58 ||- |
|Net Profit/(Loss)after Tax ||44.75 ||(4.07) |
|Add: Profit /(Loss)brought || || |
|forward from previous year ||(278.04) ||(273.97) |
|Balance Profit/(Loss) || || |
|Carried Forward ||(233.29) ||(278.04) |
In absence of Profits your Directors regret their inability to proposed Dividend.
PERFORMANCE AND OUTLOOK
The Gross Income for the year was Rs 15981.84 lacs against Rs 7465.88 Lacs in previousyear and the net profit was Rs.44.75 lacs for the year against net loss of Rs. 4.07 lacsin previous year. The company shows better result during the year under review and expectsmore better financial results in ensuing year.
Shri Anil Kumar Saha (DIN:01698716) and Shri Narayan Chandra Biswas(DIN:05277504) Directors of the company retire by rotation and being eligible offerthemselves for reappointment.
DIRECTORS'S RESPONSIBILITY STATEMENT
Pursuant to the requirement under Section 134(5) of the Companies Act 2013 withrespect to Directors' Responsibility Statement it is hereby confirmed:
i) That in the preparation of the accounts for the financial year ended 31st March2014 the applicable accounting standards have been followed along with proper explanationrelating to material departures.
ii) That the Directors have selected such accounting policies and applied themconsistently and made judgments and estimates that are reasonable and prudent so as togive a true and fair view of the state of affairs of the Company at the end of theFinancial year and of the Loss of the Company for the year under review.
iii) That the Directors have taken proper and sufficient care for the maintenance ofadequate accounting records in accordance with the provisions of the Companies Act 2013for safeguarding the assets of the Company and for preventing and detecting fraud andother irregularities.
iv) That the Directors have prepared the accounts for the financial year ended 31stMarch 2014 on a going concern basis.
v) The Directors have laid down internal financial controls to be followed by thecompany and that such internal controls are adequate and were operating effectively.
vi) The Directors had devised proper systems to ensure compliance with the provisionsof the applicable laws and that such systems were adequate and operating effectively.
Your Directors affirm their commitments to the corporate governance standardsprescribed by the Securities and Exchange Board of India (SEBI). A Report on corporateGovernance alongwith certificate from Company Secretaries for its compliance as requiredunder clause 49 of the listing agreement is attached.
DEMATERIALISATION OF SHARES
Your Company's Shares are being traded in the dematerialized form and 71.08% of theShares of the Company have been dematerialized upto 31.03.2014.
U.Narain & Company Chartered Accountants Kolkata Auditors of the company willretire at the conclusion of the ensuing Annual General Meeting.They have signified theirwillingness to accept reappointment and have confirmed their eligibility under section 141of the Companies Act2013.Your Directors recommend their reappointment.
The Notes on Accounts referred to in the Auditors' Report are self explanatory andtherefore do not call for any further comments.
i) There were no employees whose particulars are to be given in terms of section134 of the Companies Act2013 (old section 217(2A) of the Companies Act 1956) read withthe Companies (particulars of employees) rules thereunder.
ii) The Company being engaged in the trading business the statement in regard toconservation of Energy etc. under Section 134(3) of the Companies Act2013 (old section217(1)(e) of the Companies Act1956) Rules1988 is not required.
iii) Your company has not accepted and /or renewed any deposit from the publicand/or shareholders during the year under review.
Your Directors place on record their appreciation for the overwhelming cooperation andassistance received from Bankers and Business constituents. Your Directors would alsolike to place on record their deep appreciation of the continued support of shareholders.
Corporate Office: P-22C.I.T RoadScheme-55 Place: Kolkata- 700 014 Date: 30thMay 2014
FOR AND ON BEHALF OF THE BOARD
ANIL KUMAR SAHA DIRECTOR