| Dear Members,
The Directors are hereby presenting the Annual Report together with
the audited accounts of the company for the year ended 31st March 2014.
FINANCIAL RESULTS
The working of the Company during the year under review shows a net
profit of Rs 295,948 which is accumulated with the credit balance in
the Statement of Profit & Loss of Rs 8,221,673.
DIVIDEND
Your Directors do not recommend payment of any dividend for the year.
STATUTORY INFORMATION
a) Conservation of Energy
Your Company net being a Manufacturing Company, the provisions relating
to measures for conservation of energy and reduction of energy
consumption are not applicable.
b) Technology absorption
No comment is being made on technology absorption considering the
nature of activities undertaken by your Company during the period under
preview,
c) Foreign Exchange Eaming/Outgo
There has been no foreign exchange earnings or outflow during the
period under preview.
d) information u/s 217(2A) of the Companies Act, 1956, read with the
Companies (Particulars of Employees) Rules, 1975.
None of the employees of the Company was in receipt of remuneration in
the aggregate which was in excess of Rs 6,000,000 if employed
throughout the year, or at a rate which was in excess of Rs 500,000 per
month, if employed for a part of the year.
e) As required under Section 217(2AA) of the Companies Act, 1956, the
Directors of the Company hereby state that:
i; in the preparation of the annual accounts for the year under review,
the applicable Accounting Standards, subject to Notes on Accounts as
stated in the Schedule annexed to the account, has been followed;
ii) the Directors had selected such accounting policies and applied
them consistently and made judgments and estimates that are reasonable
arid 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 concerned and of the
profit/loss of the Company for the year under review;
iii) the Directors had taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of the Companies Act, 1956 for safeguarding the assets of
the Company and for preventing and detecting fraud and other
irregularities;
iv) the Directors had prepared the Annual Accounts for the year under
review on a going concern basis.
PARTICULARS OF EMPLOYEES
There is no employee in respect of whom particulars pursuant to section
217(2) of the Companies Act, 1956 are required to be given.
AUDITORS
M/s Ray & Co., Chartered Accountants, retires on conclusion of the
Annual General Meeting and being eligible offer themselves for
reappointment.
COMPLIANCE CERTIFICATE
Pursuant to Proviso to sub-section (1) of Section 383A of the Companies
(Amendment) Act, 2000 and Rule 3(1) of the Companies (Compliance
Certificate) Rules, 2001, the Board has appointed M/s PS & Associates,
Company Secretary for certifying the compliance by the Company under
the Companies Act, 1955 and other allied Rules for the financial year
ended on 31.03.2014. The compliance certificate given by M/s PS &
Associates forms part of the Directors' Report and is annexed herewith.
CORPORATE GOVERNANCE
A separate section on Corporate Governance is included in the Annual
Report under Annexure. The certificate from the Company's auditors
confirming the compliance in terms of Corporate Governance as
stipulated in clause 49 of the Listing Agreement with the Stock
Exchange is annexed thereto, A certificate from CEO/CFO of the Company
is also annexed.
ACKNOWLEDGEMENT
The Directors wish to place on record their sincere thanks to the
shareholders for their support, co-operation and confidence in the
management of the Company.
The observations made by the auditors in their report are as duly
explained in the relevant notes on accounts,
By order of the Board
Pothera Narayanan Suchita Chhawchharia
Kolkata (Director) (Director)
May 15, 2014
|