| Dear Members,
The Directors hereby present the 21st Annual Report together with the
audited statement of account for the year ended on 31st March, 2014.
1. FINANCIAL RESULTS:
The financial Results for the year ended are as under:
Particulars Year ended Year ended
31-03-2014 31-03-2013
(Rs. In Lac)
Total Turnover and other income 3.72 154.08
Profit (Loss) before interest,
depreciation and tax (4.06) 19.38
Interest 2.30 0.32
Depreciation 0.21 0.21
Profit (Loss) before tax (6.57) 18.85
Current Tax NIL 3.50
Deferred Tax Asset (2.07) (1.31)
Profit/ Loss after Tax (4.51) 16.66
Transfer to special reserve 0.00 3.77
Balance carried to Balance Sheet (4.51) 12.89
2. DIVIDEND:
Your Directors have not recommended any dividend for the year ended
31-03-2014.
3. PUBLIC DEPOSIT:
The company has not accepted any deposit U/S 58 A of the Companies Act,
1956 during the year under report.
4 REPORT ON CORPORATE GOVERNANCE:
Corporate governance report pursuant to clause-49 of the listing
agreement entered with stock exchange is attached.
5. AUDITORS:
M/s. Amin Parikh & Co., Chartered Accountants, Auditors of the company
retire at the ensuing Annual General Meeting and eligible for
reappointment.
6. AUDITOR'S REPORT:
The observations of the auditors are explained whenever necessary, by
way of appropriate notes to the account.
7. DIRECTOR'S RESPONSIBILITY STATEMENT: Your Board States that;
(i) In the preparation of the annual accounts for the year ended on
31st March 2014, the applicable accounting standards had been followed
except interest income on loan given has not been added to other income
as it is doubtful to recover and there had been no other material
departures from the said standards.
(ii) 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 as at 31st March, 2014 and of the profit of the company
for the year ended on that day.
(iii) The directors had taken proper and sufficient care for the
maintenance of adequate accounting statement 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) The directors had prepared the annual accounts for the year ended
on 31st March 2014 on a going concern basis.
8. DIRECTORS:
The Company has received notice from member of the Company to appoint
Mr. Rameshbhai Narshinhbhai Chauhan, Mr. Narendrakumar Chandubhai Patel
and Mr. Kamal Bachubhai Pandya, Directors for their appointment as
Independent Directors. The Board recommend to appoint them as
Independent Directors.
9. SECRETARIAL COMPLIANCE CERTIFICATE:
Compliance certificate U/S 383(1A) of the Companies Act, 1956 obtained
from practicing Company Secretary is attached herewith.
10. PARTICULARS OF EMPLOYEES:
Information in accordance with the provisions of section 217 (2A) of
the Companies Act, 1956 read with the companies (Particulars of
Employees) Rules, 1975 as amend regarding employees is NIL.
11. PARTICULARS REGARDING CONSERVATION OF ENERGY, TECHNOLOGY
ABSORPTION AND FOREIGN EXCHANGE INCOME AND OUTGO:
Information in accordance with the provisions of section 217 (1E) of
the Companies Act, 1956 read with the companies (Disclosure of
particulars in the report of the Board of Directors) Rules 1988 is NIL.
12. ACKNOWLEDGEMENT:
Your Directors Appreciate the Valuable co-operation and assistance
received from the company's Bankers, employees, customers and all those
associated with the company during the year under review.
PLACE: VADODARA On Behalf of the Board
DATED: 14.08.2014
BHARAT R. GUPTA
Managing director |