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Subway Finance And Investment Company Directors Report, Subway Finance Reports by Directors
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Subway Finance And Investment Company
BSE: 511024|ISIN: INE033F01012|SECTOR: Finance - Investments
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Directors Report Year End : Mar '14    « Mar 13
Dear Shareholders:
 
 The Directors have pleasure in presenting the Annual Report on the
 business and operations of the Company and Audited Statement of
 Accounts of the Company for the year ended 31st March, 2014.
 
 FINANCIAL RESULTS
 
                                                Amount in Rupees
 
 Year ended 31st	                                Year ended 31st
 March 2013	   Particulars	                March 2014
 
 -	           Sales and Other Income	   1618554
 
 (8,58,296)	   Profit/(Loss) Before Tax	   1172279
 
 (12,84,619)	   Profit/(Loss) After Tax	    947337
 
 33,28,533	   Balance brought forward 
                    from previous years               67914
 
 20.43.914	   Surplus	                   1041098
 
 19,76,000	   Less: Transfer to Reserve	    189468
 
 67.914	           Surplus Carried forward	    851630
 
 GENERAL REVIEW
 
 The Company''s performance was not satisfactory during the year. Your
 Directors are hopeful that the Company shall be able to achieve its
 target of Net Profit in the year to come. The future of the company
 seems to be bright.
 
 DIVIDEND
 
 Directors do not recommend any payment of dividend.
 
 DIRECTORS IN THE COMPANY
 
 The Company has following directors in the Company:
 
 Kalpesh Kanubhai Shah Suketu Bhogilal Shah Mayur Kantilal Shah Ashok
 Narottam Tanna Sandeep Padmakant Parikh Janaki Nehal Shah Dilip
 Madhubhai Karelia
 
 On 22nd July, 2014, Mr. Sandeep Parikh and Ms. Janki Shah were
 appointed as Additional Director. Appoint a Director in place of Mr.
 Suketu Shah (holding DIN 01227301), who retires by rotation and, being
 eligible offers himself for reappointment
 
 TRANSFER TO RESERVES IN TERMS OF SECTION 217 (1HB) OF THE COMPANIES
 ACT, 1956:
 
 For the financial year ended 31st March, 2014, the Company had
 transfer Rs. 189468/- to Reserves.
 
 ACCEPTANCE OF DEPOSITS
 
 The Company has not accepted any deposits from public during the year
 under review.
 
 PARTICULARS OF EMPLOYEES
 
 None of the employee of the company received remuneration in excess of
 the limit specified u/s 217 (2A) of the Companies Act, 1956.
 
 DISCLOSURE OF PARTICULARS WITH RESPECT OF CONSERVATION OF ENERGY
 
 The details as required by Companies (Disclosure of particulars in
 Report of Board of Directors) Rules, 1988 for conservation of Energy,
 Technology Absorption and Foreign Exchange earnings and outgo are not
 applicable to the Company having regard to the nature of business of
 the Company.
 
 COMPLIANCE CERTIFICATE
 
 The Compliance Certificate required under section 383A of Companies
 Act, 1956 received for the year ended 31st March, 2014 is attached
 herewith.
 
 DIRECTOR RESPONSIBILITY STATEMENT
 
 Pursuant to section 217(2AA) of the Companies Act, 1956 the Directors
 confirm that:
 
 1. In presentation of the annual accounts, the applicable standards
 had been followed along with proper explanation relation to material
 departures;
 
 2. 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 your Company at the end of the financial year and of the profit of
 your Company for that period;
 
 3. 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 your Company and
 for preventing and detection fraud and other irregularities;
 
 4. The Directors had prepared the annual accounts on a going concern
 basis.
 
 AUDITORS
 
 Your Company has appointed, M/S V.C. Vyas & Associates, Chartered
 Accountants, Udaipur to conduct the audit for the financial year
 2013-2014 and hold office till the conclusion of the ensuring Annual
 General Meeting of the Company.
 
 M/S V.C. Vyas & Associates, Chartered Accountants, Udaipur, are due
 for retirement in accordance with the provisions of the Companies Act,
 2013 at the ensuing Annual General Meeting. M/S V.C. Vyas &
 Associates, Chartered Accountants, Udaipur are being appointed as the
 Statutory Auditors of your Company at the ensuing Annual General
 Meeting. Your Directors recommend their appointment for the ensuing
 year.
 
 The Company has received letters from M/s. V.C. Vyas & Associates,
 Chartered Accountants, Udaipur, to effect that their appointment, if
 made, would be within the prescribed limits under section 141(3)(g) of
 the Companies Act, 2013 and that they are not disqualified from being
 appointed as the Statutory Auditors of the Company.
 
 APPRECIATION
 
 We wish to place on record our deep and sincere appreciation for the
 contribution made by the workers, staff and executives to the
 performance of the Company.
 
                       For Subway Finance & Investment Company Limited
 
 Date: 30th May, 2014	                 Kalpesh Shah	 Suketu Shah
 
 Place: Mumbai	                    Managing Director	   Director
                                        DIN: 01227205	DIN: 01227301
Source : Dion Global Solutions Limited
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