| Dear Members
The directors have pleasure in presenting this annual report and
audited statement of accounts of the Company for the year ended March
31, 2014 and also management discussion and analysis thereon.
1. FINANCIAL PERFORMANCE:
The total loss during the year stood at Rs. 1.76 lacs and profit
before tax during the year stood at Rs. 1.76 lacs as against income of
Rs.41.71 lacs and loss of Rs. 95.45 lacs in the previous year.
2. DIVIDEND:
Your Directors do not recommend any dividend in view of carried forward
losses.
3. RESPONSIBILITY STATEMENT:
The Directors confirm :
(i) That in the preparation of the annual account for the year under
review, the Applicable accounting standards have been followed and that
no material departures have been made from the same;
(ii) That they have selected appropriate accounting policies and
applied them cosistently 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 March 31, 2014 and of the
profit for the year ended on that date;
(iii) That they have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of the Companies Act 1956 for safe guarding the assets of
the company and for preventing and detecting fraud and other
irregularities; and
(iv) That they have prepared the annual accounts for the year ended on
March 31, 2014 on a going concern basis.
4. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREGIGN EXCHANGE
EARNINGS AND OUTGO:
In view of company engaged only in trading activity there is no
information to furnish for energy conservation and technology
absorption. During the year, earnings in foreign exchange amounted to
Rs. Nil, while Rs.Nil was outgo in foreign exchange.
5. PARTICULARS OF EMPLOYEES :
During the year, none of the employee of the Company was in receipt of
remuneration prescribed for disclosure under section 217(2A) of the
Companies Act, 1956.
6 CORPORATE GOVERNANCE:
Certificate from auditors on compliance of conditions of corporate
governance is annexed to this report. The management discussion and
analysis report and compliance report on corporate governance as
required by clause 49 of the listing agreement form part of this annual
report.
7 PUBLIC DEPOSITS
The Company has not accepted any deposits from public or shareholders.
8 DIRECTORS
Mr. Dinesh Shah , director, retire by rotation and being eligible has
offered himself for re- appointment.
9 AUDITORS:
Vinod S. Mehta & Co., Auditors of the company, hold office until the
conclusion of the ensuing annual general meeting. Vinod S. Mehta & Co.
has expressed their . willingness and confirmed their eligibility for
re-appointment as auditors of the company.
10 AUDITORS REPORT:
As regards auditors comments vide paragraph 3 of annexure to their
report, your directors have to inform you that the company has not only
charged interest on certain advances but also has not paid interest on
advances received from certain parties. This is not prejudicial to the
interest of the company.
For and on behalf of Board of Directors
Place: Mumbai
DATED: 01.09.2014
Kirti J. Doshi
Chairman & Managing Director |