| Dear Members
The Directors present their Twenty Ninth Annual Report and Audited
Statement of Accounts for the year ended 31st March, 2014. Since this
report pertains to financial year that commenced prior to 1st April,
2014 the contents therein are governed by the relevant
provisions/schedules/rules of the Companies Act, 1956, in compliance
with General Circular No. 08/2014 dated 4 April, 2014 issued by the
Ministry of Corporate Affairs.
FINANCIAL HIGHLIGHTS:
Rs. in Lacs
Particulars 2013-14 2012-13
Total Revenue 21.32 35.85
Total Expenditure 41.08 50.56
Profit/(Loss) before Tax and Extraordinary Items (19.76) (14.71)
Extraordinary Items 0.00 31.72
Profit/(Loss)before Tax (19.76) 17.01
Taxes (0.61) (0.47)
Profit/(Loss) carried to Balance Sheet (20.37) 16.54
Earnings per share (0.77) 0.63
OPERATIONS:
Due to adverse market condition, your company has declined the rental
income from properties however generated income from interest on
investments etc to the tune of Rs. 21.32 Lacs in compare to previous
year Rs. 35.85 Lacs. The Company has decided to penetrate on its main
business of paper and packaging business and till the first quarter
your company has achieved revenue of Rs. 839 Laces. Company is trying
hard to reduce it's losses and increase the revenue.
DIVIDEND:
In view of losses in the year under review your directors do not
recommend any dividend for the year ended 31st March 2014.
PUBLIC DEPOSITS:
During the year under review, the Company has not accepted any Public
Deposit in terms of provisions of Section 58A of the Companies Act,
1956.
During the year under review Mr. Niranjan Singh Puwar, Mr. Pradeep Garg
and Mr. Anil Kumar Sankhlecha have resigned and Mr. Sunil Upadhyaya and
Mr. Kulbir Singh Pasricha has been appointed as an additional director
on the Board of Directors of the Company.
Mr. Revant Purbia and Mr. Prakash Chandra Purohit retire by rotation
and being eligible, offer their candidature for re-appointment at the
forthcoming Annual General Meeting.
Brief resume of the Director proposed to be appointed/re-appointed,
nature of his expertise in specific functional areas and names of
companies in which he hold directorship and membership/chairmanship of
Board Committees, as stipulated under clause 49 of Listing Agreement
with the Stock Exchanges in India, are provided in the annexure of
Notice of Annual General Meeting.
DIRECTORS' RESPONSIBILITY STATEMENT:
According to provision of section 217 (2AA) of the Companies Act, 1956;
The Directors confirm that:
a) In preparation of Annual Accounts, the applicable accounting
standards have been followed.
b) They have selected such Accounting Policies, and applied them
consistently and made judgments and estimates that are reasonable and
prudent so as to give a true and fair view of the State of Affairs of
the Company as at 31st March, 2014 and of the Loss of the Company for
that period.
a) They have taken proper and sufficient care for the maintenance of
adequate accounting records in accordance with provisions of the
Companies Act, 1956, for safeguarding the assets of the Company and for
preventing and detecting fraud and other irregularities.
c) They have prepared the annual accounts on a going concern basis.
PARTICULARS OF EMPLOYEES:
During the year under review none of the employees of the Company
whether employed for the whole year or part thereof, was in receipt of
a remuneration aggregating to in excess of limits specified under
Section 217 (2A) of the Companies Act, 1956 read with companies
(particulars of employee) rules 1975 as amended and hence no
particulars are required to be furnished.
AUDITORS:
M/s. Jain Nilesh and Company, Chartered Accountants (Firm Registration
No. 018943C) is proposed to be appointed as the Statutory Auditors of
the Company by the Board, to fill the casual vacancy caused due to the
resignation of M/s. Manish Dani & Co., Chartered Accountants, from the
conclusion of this Annual General Meeting until the conclusion of 34th
Annual General Meeting of the company.
AUDITORS COMMENTS:
The observations made in the Auditors' Report, read with the relevant
notes thereon are self-explanatory and therefore do not call for any
further comments under Section 217 of the Companies Act, 1956.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS & OUTGO:
Since your company does not carry out any manufacturing activity, the
particulars regarding conservation of energy, technology absorption and
Other particulars as required by the companies (disclosure of
particulars in the report of the board of directors) rules, 1998 are
not applicable and hence not given.
During the year under review foreign exchange earnings and outgo are
NIL.
CORPORATE GOVERNANCE:
Pursuant to clause 49 of the Listing Agreement with Stock Exchanges, a
report on Corporate Governance together with the Auditors' Certificate
regarding compliance of the conditions of Corporate Governance,
Management Discussion and Analysis statement forms part of the Annual
Report.
CASH FLOW STATEMENT:
A Cash Flow Statement for the year 2013-14 is included in the annexed
Statement of Accounts.
REMUNERATION COMMITTEE:
Keeping in view of the requirement of Companies Act, 2013, Board
constituted the "Remuneration Committee" during the year under review.
ACKNOWLEDGEMENT:
The Board gratefully acknowledges the understanding and support
received by the Company from its stakeholders. It also places on record
its deep gratitude for the unstinted support received from the Banks,
Institutions, the Central Government, the various State Governments and
the local authorities during the year to the Company.
For and on Behalf of Board
Date: 28 August, 2014 Prakash Chandra Purohit Revant Purbia
Place: Nathdwara Director Director
DIN 01383197 DIN 02423236 |