| DEAR MEMBERS,
The Directors have pleasure in presenting the Fortieth Annual Report
together with the Statement of Accounts for the year ended on March 31,
2014
FINANCIAL RESULTS
2013-2014 2012-2013
(Rs) (Rs)
Sales - -
PROFIT - -
Less:
Depreciation 30,712 30,712
Interest
PROFIT BEFORE TAX (18,50/487) (16,38,309)
Less: Provision for Taxation
Current Tax - -
Deferred Tax - -
PROFIT AFTER TAX (18,81,199) (16,69,021)
Surplus brought forward from
Previous Year (13,10,18,329) (12,93,49,308)
PROFIT AVAILABLE FOR APPROPRIATION - -
General Reserve - -
Proposed Dividend - -
Tax on Proposed Dividend
Surplus Carried Forward (13,28,99,528) (13,10,18,329)
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS & OUTGO
During the year the Company had strict control on wasteful electrical
consumption. Lights and power were switched off wherever not
necessary.
The Company does not use any technology for its existing business.
There were no foreign exchange earnings or outgo during the year.
DIRECTOR
Mr. Ratheish Yelevarthy, Director would retire by rotation and is
eligible for re- appointment.
Ms. Sugandha Shelatkar who was appointed as an Additional Director was
appointed as an additional director of the company by the Board of
Directors on 23rd June 2014. By virtue of Section 161 of the Companies
Act, 1956, she holds office upto the date of the ensuing Annual General
Meeting and is eligible for appointment.
In accordance with the provisions of Section 149 of the Act, read with
Schedule IV of the Act, the appointment of Mr. Jehangir H. C. Jehangir
and Ms. Sugandha Shelatkar as Independent Directors of the Company is
being placed before the Members at the ensuing annual general meeting
for their approval. In the opinion of the Board, they fulfill the
conditions specified in the Act and the Rules made thereunder for
appointment as Independent directors and are independent of the
management.
COMPLIANCE CERTIFICATE
A Compliance Certificate from a secretary in Whole-time Practice under
section 383A of the Companies Act, 1956 in respect of the financial
year ended on March 31, 2014 is attached hereto,
LISTING
The Equity Shares of the Company are listed on BSE Limited and
Hyderabad Stock Exchange Limited.
The company has not paid the Annual Listing Fees to BSE Limited for the
year 2013- 2014.
DEMATERIALISATION OF SHARES
The Company is awaiting confirmation from National Securities
Depository Limited (NSDL) and Central Depository Services Limited
(CDSL) for dematerialization of the Shares of the Company.
PARTICULARS OF EMPLOYEES
The Company does not have any employee whose particulars are required
to be given pursuant to the provisions of Section 217 (2A) of the
Companies Act, 1956 read with the Companies (Particulars of Employees)
Rules, 1975.
CORPORATE GOVERNANCE
Report on Management Discussion & Analysis and Corporate Governance and
a certificate from the Auditors of the Company regarding compliance of
conditions of Corporate Governance as stipulated under Clause 49 of the
Listing Agreement with the Stock Exchanges are attached hereto and form
part of this Report
DIRECTORS' RESPONSIBILITY STATEMENT
We hereby state:
(i) that in the preparation of the annual accounts, the applicable
accounting standards have been followed along with proper explanation
relating to material departures.
(ii) that the Directors have 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
loss of the Company for that period.
(iii) that the Directors have 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) that the Directors have prepared the annual accounts on a going
concern basis.
AUDITORS' OBSERVATIONS
The observations made by auditors are self explanatory and do not
require further explanation.
AUDITORS
M/s. J. L. Bhatt & Company, Chartered Accountants, the Auditors of the
company who would retire at the ensuing Annual General Meeting offer
themselves for reappointment. M/ s. J. L. Bhatt & Company, Chartered
Accountants, the existing auditors have furnished a certificate,
confirming that if reappointed for the financial year 2014-2015 their
reappointment will be in accordance with Section 139 read with section
141 of the Companies Act, 2013.
You are requested to appoint Auditors and to fix their remuneration.
FOR AND ON BEHALF OF THE BOARD
CHAIRPERSON
Date: 02.07.2014
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