| Dear Members,
The Directors present herewith the 20th Annual Report on the business
and operations of the Company and the audited accounts for the year
ended 31st March 2014.
Financial Results and Operations
The summarized financial results for the year ended 31st March, 2014 as
compared with the previous year are as under:
Rs. In Lakhs.
S. Particulars Year ended Year ended
No 31.03.2014 31.03.2013
1. Sales 51.46 79.20
2. Other Income 19.16 5.50
3. Total Income (1 2) 70.62 84.70
4. Total Expenses other than interest (146.11) (178.28)
5. Financial Cost 0.06 0.42
6. Total Expenses other than Depreciation 66.54 101.86
7. Depreciation 79.51 76.00
8. Miscellaneous Expenditure Written off 0.00 0.00
9. Profit/ (Loss) for the before tax (75.49) (93.57)
10. Provision for tax:MAT 0.00 0.00
11. Deferred Tax(Liability)/Asset 33.90 18.29
12. Profit/(Loss) for the year after tax (41.59) (75.29)
The operational performance of the Company is discussed in detail under
the Management Analysis and Discussion Report.
Deposits
The Company has not accepted any fixed deposits from the public
Conservation of Energy, Technology Absorption, Foreign Exchange Earning
and Outgo
Particulars pursuant to the provisions of section 217(1)(e) of the
Companies Act, 1956 read with the Companies (Disclosures of Particulars
in the report of Board of Directors) Rules, 1988 are given in the
"Annexure - A"
Particulars of Employees
No employee of the Company was in receipt of remuneration, which
requires disclosure under section 217(2A) of the Companies Act, 1956.
Directors
In accordance with the requirements of the Companies Act 1956, read
with the Articles of Association of the company Sri.Krishna Naik, shall
retire by rotation at this Annual General Meeting, and being eligible
offer himself for reappointment. A brief resume of the retiring
director as required under clause 40 of the Listing Agreement is
provided in this Annual Report.
The Company has received declarations from all the Independent
Directors of the company conforming that they meet the criteria of
Independence as prescribed both under section 149(6) of the Companies
Act, 2013 and under clause 49 of the listing agreement with the stock
exchange.
Auditors and Audit Report
The Statutory Auditors of the company M/s.Ramasamy Koteshwararao & Co,
Chartered Accountants, Hyderabad (Firm Reg No. 010396S), retire at the
ensuing Annual General Meeting and are eligible for re -appointment.
Your company has received intimation to the effect that, proposed
re-appointment, if made would be with in the prescribed limit under
Section 139 of the Companies Act 2013 and also in compliance with the
requirements of the Listing Agreement. They have also confirmed their
willingness to accept office, if re-appointed. The Board and Audit
Committee recommend the re-appointment of M/ s.Ramasamy Koteshwararao &
Co, Chartered Accountants, Hyderabad, as Statutory Auditors to hold
office till conclusion of Next Annual General Meeting.
The Auditors Report and notes to the accounts are self explanatory and
do not call for any further comments.
Director's responsibility statement
In accordance with sub-section (2AA) of section 217 of the Companies
Act, 1956, the Directors of the Company state:
a. That in the preparation of the accounts for the financial year
ended 31st March, 2014; the applicable accounting standards have been
followed along with proper explanation relating to material departures.
b. That the Directors have selected such accounting policies and
applied them consistently and made judgments and estimates that were
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 of the Company for the year under review.
c. 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 safe guarding the assets of
the Company and for preventing and detecting fraud and other
irregularities.
d. That the Directors have prepared the accounts for the financial
year ended 31st March, 2014 on a 'going concern basis'.
Management Discussion & Analysis Report
A separate report on Management Discussion & Analysis Report is
attached to this report.
Corporate Governance Report
A separate report on corporate governance along with Auditor's
certificate on its compliance is attached to this report.
Cash Flow Statement
In conformity with the provisions of Clause 32 of the Listing Agreement
with the Stock Exchanges, the cash flow statement for the year ended
March 31, 2014 is annexed hereto.
Audit Committee
In accordance with Clause 49 of the Listing Agreement, the company has
constituted the Audit Committee, which consists of Majority of
Independent Directors and Non Executive Directors of the company Viz.
Sri.K.Suresh, Sri. Maqsood Ahmed and Smt. Meena Kerur. The Audit
committee functions in terms of the role and powers delegated by the
Board of Directors keeping in view of the Provisions of Clause 49 of
Listing Agreement and Section 292A of the Companies Act 1956.
Human Resource
The Board of Directors would like to place on record its deep
appreciation to all the employees for their dedicated services to the
company. Our organizational culture and work environment is central to
our ability to work effectively.
Acknowledgement
Your Directors take this opportunity to express their appreciation for
the cooperation and continued support received from various departments
of Central and State Governments, financial institutions, Banks, the
Suppliers, Customers and Shareholders of the Company
By Order of the Board
Place: Hyderabad Sd/-
Date: 04/08/2014 Sri Krishna Naik
Managing Director |