| Dear Members,
The Directors are pleased to present 19th Annual Report of your
Company together with the Audited Statement of Accounts and the
Auditors' Report of your company for the financial year ended, 31st
March, 2014.
Financial Results
The summarized financial results for the year ended 31st March, 2014
are as under:
Particular 31st March, 31st March,
2014 2013
Amount in Rs. Amount in Rs.
Profit /(Loss) before Dep. & taxation 883818 391579
Depreciation 231240 152856
Profit /(Loss) before taxation 652578 238723
Provision for Taxation 103000 68000
Profit /(Loss) after taxation 549578 170723
Prior Period expenses and Adjustments - -
Balance available for appropriation 549578 170723
Transferred to General Reserve 109915 34145
Balance carried to Balance sheet 439663 136578
Dividend:
Due to insufficient profits Your Directors do not recommend any
dividend for the year under review.
Directors:
After the closure of the year, pursuant to the provisions of Section
161(1) of the Companies Act, 2013 and the Articles of Association of
the Company, Mr. Dharmesh K. Patel and Mr. Prashant N. Barot were
appointed as Additional Directors designated as Independent Directors
w.e.f. 05th June, 2014 and they shall hold office up to the date of the
ensuing Annual General Meeting. The Company has received requisite
notice in writing from a member proposing them for appointment as an
Independent Director.
The Company has received declarations from all the Independent
Directors of the Company confirming that they meet with the criteria of
independence as prescribed both under sub-section (6) of Section 149 of
the Companies Act, 2013 and under Clause 49 of the Listing Agreement
with the Stock Exchanges.
After closure of the year, Mr. Dharmesh K. Lakhani and Mrs. Lataben D.
Lakhani, Non-executive Directors of the Company have resigned from the
Directorship of the Company w.e.f. 05th June, 2014. The Board places on
record its gratitude for the services rendered by Mr. Dharmesh Lakhani
and Mrs. Lataben Lakhani during their tenure as members of the Board.
Mr. Mahendrabhai M. Shah, Director of the company who is liable to
retire by rotation, being eligible for reappointment, offers himself
for reappointment.
Corporate Governance
A Report on Corporate Governance along with a Certificate from the
Statutory Auditors of the Company regarding the compliance of
conditions of Corporate Governance as stipulated under Clause 49 of the
Listing Agreement are annexed to this Report.
Directors' Responsibility Statement:
Pursuant to the requirement under Section 217(2AA) of the Companies
Act, 1956, with respect to Directors' Responsibility Statement, it is
hereby confirmed that:
1. in preparation of the Annual Accounts, the applicable accounting
standards have been followed.
2. the Directors had selected such Accounting Policies and applied
them consistently and made judgements and estimates that are reasonable
and prudent so as to give a true and fair view of the state of affairs
of the company at the end of the financial year and of the profit or
loss of the company for that period.
3. the Directors had taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of this Act for safeguarding the assets of the company and
for preventing and detecting fraud and other irregularities.
4. the Directors had prepared the Annual Accounts on a going concern
basis.
Disclosures under Section 217(1)(d) of the Companies Act, 1956:
Except as disclosed elsewhere in this report, there have been no
material changes and commitments which can affect the financial
position of the Company occurred between the end of the financial year
of the Company and date of this report.
Transfer to Reserves in terms of Section 217(1)(b) of the Companies
Act, 1956:
For the financial year ended 31st March, 2014, the Company has not
transfer any sum to Reserves except as per the applicable norms of RBI.
Therefore, your Company proposes to transfer the entire amount of
profit to Profit and Loss Accounts of the Company.
Particulars of Employees:
There is no employee in the Company whose particulars are required to
be given under section 217(2A) of the Companies Act, 1956 read with the
Companies (Particulars of Employees) Rules, 1975, as amended.
Auditors :
M/s. Bhagat & Co., Chartered Accountants, having its office at
Ahmedabad, will retire at the ensuing Annual General meeting of the
Company and being eligible offer themselves for re-appointment. Your
directors recommends their re-appointment as Statutory Auditors of the
Company for the next financial year.
Conservation of Energy, Technology Absorption and Foreign Exchange
Earnings and Outgo:
The particulars as required under the provisions of Section 217(1)(e)
of the Companies Act, 1956 in respect of conservation of energy and
technology absorption have not been furnished considering the nature of
activities undertaken by the company during the year under review.
Further during the year under review, the Company has neither earned
nor used any foreign exchange.
Acknowledgements :
Your Directors place on record their gratitude for the continuing
support of Shareholders, bankers and Business associates at all levels.
By Order of the Board of Directors
Place: Ahmedabad Mr. Mahendrabhai M. Shah
Date: 05th June. 2014 Chairman & Managing Director |