| Dear Members,
The Directors present herewith the Twenty Third Annual Report together
with the Audited Statement of Accounts for the year ended March
31,2015.
1. FINANCIAL RESULTS
(Amount in Rs. in Lacs.)
2014-2015 2013-2014
Profit/(Loss) before Interest, 2.16853 (7.29866)
Depreciation and Taxation
Less : Interest & Finance Charges 27.10085 77.42621
Depreciation 21.52524 24.37208
Profit/(Loss) for the year 46.45756 (109.09695)
Less : Prior Period Expenses 6.48740 0.94200
Less : Deferred Tax Asset (Net) 180.38583 138.58313
Balance Brought Forward (1513.86036) (1628.54454)
Add: Provision for Subsidiary Nil Nil
Company's losses
Add: Dimunition of Value of Investments 0.00 0.00
Debit Balance carried to Balance Sheet(1745.65046) (1513.86036)
3. ACCEPTANCE OF DEPOSIT (SEC - 58A)
The Company has not invited/accepted any deposits from public coming
under the purview of section 73 to 76 read with Rules of the Companies
Act, 2013.
4. CORPORATE GOVERNANCE
Pursuant to clause 49 of the Listing Agreement with the Stock
Exchanges, a compliance report on Corporate Governance together with a
Certificate from Practicing Company Secretaries is annexed as part of
the Annual Report.
5. COST AUDIT
The company is not required to undertake the cost audit as required
under Section 148 of the Companies Act, 2013.
6. DIRECTORS' RESPONSIBILITY STATEMENT
To the best of their knowledge and belief and according to the
information and explanation obtained by them, your Directors make the
following statement in terms of Section 134(5) of the Companies Act,
2013 that
a) in the preparation of the annual accounts, the applicable accounting
standards had been followed along with proper explanation relating to
material departures;
b) the directors had 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 at the end of the financial year and of the profit and loss
of the company for that period;
c) the directors had taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of this Act for safeguarding the assets of the company and
for preventing and detecting fraud and other irregularities;
d) the directors had prepared the annual accounts on a going concern
basis; and
e) the directors had devised proper systems to ensure compliance with
the provisions of all applicable laws and that such systems were
adequate and operating effectively
7. DIRECTORS
In accordance with the Articles of Association of the Company and
provisions of the Companies Act, 2013 Mr. Hiten Jangla retires by
rotation at the ensuing Annual General Meeting and being eligible,
offers himself for re-appointment. Your Directors recommend his
re-appointment.
8. STATUTORY AUDITORS
You are requested to appoint Auditors for the current year and fix
their remuneration. The Auditors of the Company, THAKER BUTALA DESAI,
Chartered Accountants retire at ensuing Annual General Meeting of the
Company and are eligible for re- appointment.
9. PARTICULARS OF CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND
FOREIGN EXCHANGE EARNINGS AND OUTGO
Information pursuant to Section 134 (3)(m) of the Companies Act, 2013
read with Rule 8(3) of the Companies (Accounts) Rules, 2014 Rules, 2014
is as follows:
POWER & FUEL OIL CONSUMPTION
1. Electricity Consumption 2014-2015 2013-2014
Purchased units NIL* NIL
Total amount Rs. Lacs
Rate/unit Rs. KHz
2. LDO
Quantity (KL) NIL NIL
Total amount Rs. Lacs
Rate Rs/KL
* (As recovered from party)
There were no foreign exchange earnings and outgo during the period
under the consideration.
10. SECURITY EXCHANGE BOARD OF INDIA (SEBI) to consider:
To grant exemption to the company from the provisions of SEBI
Guidelines for Preferential Allotment of Shares, SEBI (Substantial
Acquisition of shares & Takeovers) Regulations, 1997, SEBI (Disclosure
& Investor Protection) Guidelines, 2000, SEBI (Central Listing
Authority) Regulations, 2003 and ceiling on promoters holding and any
other applicable Rules and Regulations for the issue of equity shares
to the
Promoters as envisaged under the Scheme, provided such equity shares
shall be locked in for a period of three years in case allottees are
non-promoters.
11. NATIONAL STOCK EXCHANGE/BOMBAY STOCK EXCHANGE to consider: Stock
Exchange(s) on which the shares of the company are listed shall:
i. Revoke the suspension of trading of the equity shares forthwith and
list the reduced shares as well as shares allotted in terms of the
sanctioned scheme without any cost of charges;
ii. Exempt the Company from the provisions of the Companies Act, SEBI
Guidelines and the listing requirements
iii. Waive listing fee and other arrears including interest and
penalties; and
iv. Allow trading of shares
12. PARTICULARS OF EMPLOYEES
Since none of the employees of the Company was drawing remuneration in
excess of limits laid down pursuant to the provisions of the Companies
Act, 2013 read with the Rules, details herewith are not furnished.
13. PERSONNEL
Your Directors place on record their appreciation to the sincere and
dedicated services put in by the employees of the Company at all the
levels and in the departments of the Company.
14. BANKERS
The Directors place on the record their appreciation for the support
and co-operation received from all the Bankers.
For and on behalf of the Board of Directors
Hiten D. Jangla
Chairman
Place: Mumbai
Date: September 05, 2015
Registered Office:
327, Arun Chambers,
3rd Floor, Tardeo,
Mumbai - 400034
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