The Directors have pleasure in presenting the Annual Report together
with the Audited Statement of Accounts for the year ended 31st March,
The summarized financial results for the year ended 31st March, 2014
are as under:
(Amount in Rs.)
Particulars 2013-2014 2012-2013
1. Profit before Interest,
Depreciation and Tax (69111) (69000)
2. Interest - -
3. Depreciation - -
4. Profit (Loss) Before Tax (69111) (69000)
5. Provision for taxation - -
6. Profit (loss) after Tax (69111) (69000)
Mr. Dilip B. Sheth, Director of the company is retiring by rotation and
being eligible, offered himself for reappointment. Board recommends his
It is proposed to appoint as independent directors for five consecutive
years for a term upto March 31, 2019 as per provisions of Section 149
and other applicable provisions of the Companies Act 2013.
All the directors of the Company have confirmed that they are not
disqualified from being appointed as directors in terms of Section
274(1)(g) of the Companies Act, 1956. The Company has received
declarations from all the independent directors confirming that they
meet with the criteria of independence as prescribed both under
sub-section (6) of section 149 of Companies Act, 2013 and under Clause
49 of the Listing Agreement with the Stock Exchanges.
Your director do not recommend dividend for the year.
The company has not accepted the public deposits during the year under
Vishves A. Shah & Co., Auditors of the Company retires at the
conclusion of this Annual General Meeting and being eligible, are
recommended for reappointment.
The Auditors report is self-explanatory and so far, there is no
negative remark by the Auditors.
DIRECTORS RESPONSIBILITY STATEMENT :
Pursuant to the requirement under section 217 (2AA) of the Companies
Amendment Act, 2000 with respect to Director Responsibility Statement
it is hereby confirmed:
1. That in the preparation of the annual accounts for the financial
year ended 31st March, 2014 the applicable accounting standards had
been followed along with proper explanation relating to material
2. That the directors had 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 loss of the Company for the year under review.
3. That the directors had taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provision of the Companies Act, 1956 for safeguarding the assets of the
Company and for preventing and detecting fraud and other
4. That the directors had prepared the accounts for the financial year
ended 31st March, 2014 on a going concern basis.
MANAGEMENT DISCUSSION & ANALYSIS :
The Management Discussion and Analysis Report is attached herewith and
forms part of the Director Report.
CORPORATE GOVERNANCE :
As per Clause 49 of the Listing Agreement with the Stock Exchanges, a
separate section on Corporate Governance together with a certificate
from the Company''s Auditors confirming compliance there to is set out
in the Annexure forming part of this report.
The shares of the Company are listed on Ahmedabad and Bombay Stock
Exchange Limited. Company has paid the necessary Listing fees to the
PARTICULARS OF THE EMPLOYEES :
The Company has no employee to whom the provision of Section 217(2A) of
the Companies Act, 1956 read with the Companies (Particulars of
Employees) Rules, 1975 apply and so it is not applicable to the
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS AND OUT GO :
As there is no activities in the Company, the additional information
required under Section 217(1)(e) of the Companies Act, 1956 relating to
Conservation of energy, technology absorption is not applicable to the
company. There was no any foreign exchange earnings or outgoes.
The Directors wish to thank and deeply acknowledge the cooperation and
assistance received from the Bankers, Suppliers and shareholders. The
Director also wishes to place on record their appreciation of the
devoted services of employees of the Company.
Date : 28.05.2014 By Order of the Board
Place : Bhavnagar
Dilip B. Sheth