Your Directors have pleasure in presenting the 34th Annual Report of your Companytogether with the Audited Financial statements for the year ended on 31st March 2015.
(Amount in Rs.)
| ||For the year ended 31st March 2015 ||For the year ended 31st March 2014 |
|Profit / (Loss) before tax ||6838662 ||7520787 |
|Less : Provision for Tax ||1198000 ||1334000 |
|Profit / (Loss) after tax ||5640662 ||6186787 |
|Prior period adjustment ||42942 ||420862 |
|Profit for the period carried to Balance Sheet ||5597720 ||5765924 |
The Company is presently engaged in non - operational activities of Investment inshares and securities and renting of Immovable Properties.
In order to conserve resources for the development of business of the Company theBoard of Directors regrets their inability to recommend dividend for the year 2014-15.(previous year on Equity Shares - Rs. NIL Per Share).
Mr. Jai Kumar Jain and Mr. Prabhakaran Nair have resigned from the directorship of theCompany w.e.f. 31st March 2015 and Mrs. Sushma Jain has resigned from the directorship ofthe Company w.e.f. 29th May 2015 The Board of Directors place on record it appreciationto them for the services and assistance rendered to the Company.
Mr. Nikunj Shah and Ms. Deepa Bhavsar were appointed as an Additional Directors of theCompany with effect from 31st March 2015 and 29th May 2015 respectively. The Board ofDirectors recommends the appointment of Mr. Nikunj Shah and Ms. Deepa Bhavsar as Directorof the Company at the ensuing annual general meeting.
Meetings of Board of Directors
During the year under the review 7(Seven) Meetings of the Board of Directors of theCompany were held and intervening period between two consecutive Meetings as prescribedunder the relevant provisions of the Company Act 2013 was maintained.
Related Party Transactions
During the year the Company has not entered into any transaction which requires to bedisclosed in prescribed Form AOC-2 in terms of the provisions of section 134 of theCompanies Act 2013 read with Rule 8 of Companies (Accounts) Rules 2014.
During the year under review No Loan Guarantees or investments were made / given undersection 186.
Extract of Annual Return
The extract of Annual Return for the Financial Year ended March 31 2015 in Form No.MGT-9 as prescribed under the provisions of the Section 92(3) of the Companies Act 2013and Rules framed thereunder is included in Annexure "A" annexed hereto and formspart of this Report.
Auditors & Auditors Report
The Board of Directors recommends (ratification is applicable if the appointment ismade for period of five years as provided in the Act) the appointment M/s. H.H.Bandukwala& Co. (Firm Registration No. 100965W) Chartered Accountants as Statutory Auditors ofthe Company for the Financial Year 2015-16 from whom the Company has received certificatein respect of their eligibility and compliance of qualifications as provided under theprovisions of Section 141 of the Companies Act 2013 read with Rule 4 of the Companies(Audit and Auditors) Rules 2014.
The Auditors Report is self-explanatory. There were no qualification reservationor adverse remarks in the Auditor Report.
Pursuant to the provisions of Section 204 of the Companies Act 2013 and The Companies(Appointment and Remuneration of Managerial Personnel) Rules 2014 the Company hasappointed M/s G.B.B.Babuji & Co. firm of Company Secretaries in Practice to undertakethe Secretarial Audit of the Company. The Report of the Secretarial Audit Report isannexed herewith as "Annexure B".
Directors Responsibility Statement:-
To the best of their knowledge and belief and according to the information andexplanations obtained by them your Directors make the following statements in terms ofSection 134(3)(c) of the Companies Act 2013:
1. that in the preparation of the annual financial statements for the year ended March31 2015 the applicable accounting standards have been followed along with properexplanation relating to material departures if any;
2. that such accounting policies as mentioned in the Notes to the Financial Statementshave been selected and applied consistently and judgment and estimates have been made thatare reasonable and prudent so as to give a true and fair view of the state of affairs ofthe Company as at March 31 2015 and of the Profit of the Company for the year ended onthat date;
3. that 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;
4. that the Annual Financial Statements have been prepared on a going concern basis;
5. that systems to ensure compliance with the provisions of all applicable laws were inplace and were adequate and operating effectively.
Conservation Of Energy. Research & Development. Technology Absorption. ForeignExchange Earings & Outgo:
Since your Company does not own any manufacturing facility and since no transactionswere carried out by the Company involving either foreign exchange earnings or expensesthe requirements pertaining to disclosure of particulars relating to conservation ofenergy research & development technology absorption and foreign exchange earnings oroutgo as prescribed under the Rule 8 of the Companies (Accounts) Rules 2014 are notapplicable.
Your Directors record their sincere gratitude to its Bankers corporate lendersStatutory Regulatory Authorities for their co-operation & assistance to businessassociates vendors consultants professional agencies for their continued support andfaith in the Company during the year under review.
For & On Behalf of the Board of Directors
| ||Vijay Doshi ||Deepa Bhavsar |
| ||00375972 ||07167937 |
| ||(Director) ||(Director) |
|Place : Mumbai || || |
|Date : 29.05.2015 || || |