The Directors of your company have pleasure in presenting herewith the 30th AnnualReport of your company together with the Audited Financial Statement of Accounts for theFinancial Year ended March 31 2014.
The audited financial results for the year ended March 31st 2014 are as follows:
(Rs. In lakhs)
|Particulars ||Year ended on 31.03.2014 ||Year ended on 31.03.2013 |
|Total Income ||170.33 ||352.15 |
|Profit Before Tax ||(110.68) ||(81.76) |
|Less: Provision for Tax ||9.42 ||17.39 |
|Profit after Tax Adjustment ||(120.10) ||(99.16) |
The company continued focus on keep adding or adopting new ideas technology and otherstrategy to generate more turnover as well as profit. However during the year company hastotal income for the year is Rs.170.33 Lacs (Previous Year Rs. 352.15 Lacs). Loss for theyear was Rs. (110.68) Lacs (Previous Year Loss Rs. (81.76) Lacs) but after makingadjustment for the tax the net loss is Rs. (120.10) Lacs against a net loss of Rs. (99.16)Lacs in the previous Year.
The Directors of your Company do not recommend any dividend to the Shareholders for theFinancial Year 2013-2014 as there are loss in the company during the current financialyear.
TRANSFER TO RESERVES:
The Company does not transfer any amount to the General Reserve as there are no profitsavailable for appropriations.
UNCLAIMED DIVIDEND TRASNFER TO INVESTOR EDUCATION AND PROTECTION FUND (IEPF)
Pursuant to section 205A and section 205C of the Companies Act 1956 the dividend whichremains unpaid/unclaimed for a period of seven years from the date of transfer to unpaiddividend account is require to transfer to the Investor Education and Protection Fund(IEPF) established by central Government. Accordingly the amount of such dividend for thefinancial year 2006-07 remaining unclaimed for the period of seven years will be/has beentransferred to Investor Protection Fund and cannot be claimed therefrom.
DIRECTORS' RESPONSIBILITY STATEMENT:
In pursuance of provisions of Section 217(2AA) we hereby confirm that:
(I) That in the preparation of the Annual Accounts the applicable accounting standardshas been followed along with proper explanation relating to material departures;
(II) That the Directors had 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 as on 31st March 2014 and of Profit and Loss of the company for thatperiod.
(III) That the Directors had taken proper and sufficient care for the maintenance ofadequate accounting records in accordance with the provisions of the Companies Act 1956for safeguarding the assets of the company and for preventing and detecting fraud andother irregularities; and
(IV) That the directors had prepared the annual accounts on a going concern basis.
AUDITORS & AUDITORS' REPORT:
M/s M.K. Goswami & Co. Chartered Accountants New Delhi Statutory Auditors of thecompany retire at the conclusion of the Annual General Meeting and being eligible offerthemselves for re- appointment.
The company has received letter from M/s. M.K.Goswami & Co. Chartered AccountantsNew Delhi to the effect that their appointment if made would be within the prescribedlimits under section 139 of the Companies Act 2013 and that they are not disqualified forsuch appointment within the meaning of section 141 of the Companies Act 2013.
The Directors have gone through the Auditors reports and are in agreement with thesame.
PARTICULARS OF EMPLOYEES
In terms of section 217(2A) of the Compaies Act 1956 read with companies (Particularof Employees) Rules 1975 as amended it is hereby stated none of the employee of thecompany has withdraw the salary more than limit prescribed in aforesaid section of theact.
The Management of the Company is trying to appoint a Company Secretary but Company hasnot found a suitable Candidate for the office of Company Secretary. Hence the company'sBalance Sheet for the Financial Year ended 31st March 2014 has not been authenticated bythe Company Secretary.
REGISTRAR AND SHARE TRANSFER AGENTS:
The work related to shares in Demat and Physical mode is done by Registrar and ShareTransfer Agent of the Company: M/s Alankit Assignments Limited 2E/21 JhandwalanExtension New Delhi-110005.
CONSERVATION OF ENERGY TECHNOLOGY ABSORPTION FOREIGN EXCHANGE EARNING AND OUTGO:
Since the Company has not carried on the Business which requires the particulars to beset out as prescribed under section 217 (1)(e) of the Companies Act 1956 read with thecompanies (Disclosure of Particulars in the report of Board of Directors) Rules 1998 inthe Director's report the same provision is not applicable. The company has not earnedany foreign exchange from its business operation during the current year. There is nooutgo of foreign exchange during the year 2013-14.
REPORT ON CORPORATE GOVERNANCE
The Board of Directors supports the principles of Corporate Governance. In addition tothe basic governance issues the board lays strong emphasis on transparency accountabilityand integrity. Your Company strives for excellence with the objective of enhancing theshareholders' value. We ensure the practice of Corporate Governance in your esteemedcompany. All function is discharged in professionally sound competent and transparentmanner.
A detailed report on the company's efforts at the adopting principles of CorporateGovernance as prescribed under the clause 49 of the listing agreement along with theCompliance Certificate fromthe Statutory Auditor and Management Discussion and AnalysisReport are annexed and forms part of this Annual Report.
CASH FLOW STATEMENT:
As required under clause-32of the Listing Agreement a cash flow statement as preparedin accordance with the Accounting Standard-3 issued by the Institute of CharteredAccountants of India is given along with Balance Sheet and Profit and Loss Account.
The industrial relation among all within the organization was cordial. They maintainedhighest level of discipline and decency for the growth of the organization.
The Directors wish to place on record its appreciation for the continued co-operationextended by various Financial Institutions Bankers Govt. Departments and the members.The Directors also express their appreciation to the employees at all levels for theirdedicated services rendered to the Company.
|Date: 3rd September 2014 ||By the order of Board of Director |
|Place: New Delhi ||For DMC Education Limited |
|Sd/- ||Sd/- |
|Saroj Gupta ||Sham Sunder Gupta |
|Whole Time Director ||Managing Director |
|DIN: - 00033430 ||DIN: - 00006983 |