The Directors present the TWENTY SECOND ANNUAL REPORT together with the
Audited Statement of Account for the Financial Year 2013-14 ended on
31st March, 2014.
(Amount in Rs.)
Total income (Net) 2,97,87,895 3,58,25,212
Total Expenditure 2,90,88,161 3,49,07,486
Gross Profit / (Loss) 6,99,734 9,17,726
Depreciation 1,91,614 1,70,310
Provision for taxation 1,70,000 2,40,000
Profits / (Loss) after Tax 3,38,120 5,07,416
Despite keen competition in the field of Foreign Exchange business, the
Company was able to maintain the sales of foreign currency of Rs 233.23
Lacs this year as against Rs. 294.63 Lacs for the previous year. The
profit after tax for the year has increased to Rs.3,38 Lacs as against
Rs.5.07 Lacs for the previous year.
to conserve the resources for the future requirement of the company,
your directors have not recommended any dividend for the year.
During the year under report, the Company has not accepted any deposit
to which the provisions of Section 58A of the Companies Act, 1956 are
PARTICLUARS REGARDING EMPLOYEES:
During the year under report, none of the employees was in receipt of
remuneration exceeding the limit prescribed under Section 217 (2A) of
the Companies Act, 1956, read with the Companies (Particulars of
Employees) Rules, 1975, as amended.
PARTICULARS OF ENERGY CONSERVATION, TECHNOLOGY ABSORPTION AND FOREIGN
EXCHANGE EARNING AND OUTGO:
A. CONSUMPTION OF ENERGY & TECHNOLOGY ABSORPTION:
The details as required under Section 217 1 (e) of the Companies Act,
1956, read with the Companies (Disclosure of Particulars in the report
of Board of Directors) Rules, 1988 in respect of Conservation of
Energy, Technology Absorption are not applicable.
B. FOREIGN EXCHANGE EARNING & OUTGO :
Foreign Exchange Earning : NIL
Foreign Exchange Outgo : NIL
DIRECTORS RESPONSIBILITY STATEMENT:
Pursuant to the requirement of Section 217 (2AA) of the companies Act,
1956, with respect to Directors Responsibility Statement, it is hereby
i. that in the preparation of the annual accounts, the applicable
accounting standards have been followed along with proper explanation
relating to material departures.
ii. that the Directors have 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 31st March, 2014 being end of the
financial year 2013-14 and of the Profit of the Company for the year.
iii. that the Directors have taken proper and sufficient care for
maintenance of adequate accounting records 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
iv. that the Directors have prepared the annual accounts on a going
The Report on Corporate Governance required under Clause 49 of the
Listing Agreements is annexed.
Shri Nishit M. Rupapara, Directors of the Company, is liable to retire
by rotation and being eligible offers themselves for re-appointment.
The Board of your Company recommends their re-appointment as Director
under the category of liable to retire by rotation. Mr. Ketan N. Shah,
Dr. Nayan C. Shah, Mr. Sandip R. Shah and Mr. Ashokkumar R. Patel have
resigned on 30/05/2014, the board has taken on record the valuable
services and advices given by them during their tenure as Directors of
DIRECTOR''S COMMENTS ON AUDITORS QUALIFICATION & ADVERSE REMARKS IN
The Auditors has made qualifications and marked adversely in their
Report under the head (OPINION)The Directors comment of the
on these qualifications and the specific remark Auditors under the
head (OPINION) of the Auditors'' Report for non-provision of doubtful
loans and advances amounting Rs.39,60,663/- which are cumulative
amounts given as loan in last 5/6 years (except Rs.6.00 lacs given
during the year), the Board of your Company like to inform you that
the management of the Company is taking all steps required including
legal action for their recovery. The Management of your Company is
hopeful for the recovery of the outstanding loans and advances given by
the Company, out of its surplus funds and therefore they have been
treated as good of recovery and has not provided for doubtful loans and
advances. The Management hereby assures that once all the efforts to
recover the outstanding amount fails, necessary provisions for doubtful
loans and advances will be done in the Books of the Company.
The notes and remarks of Auditors'' are self-explanatory.
The present Auditors of the Company M/s. Praful N. Shah, Chartered
Accountants, Ahmedabad were appointed as Auditors and will retire at
the ensuing Annual General Meeting. M/s. Praful N. Shah, Chartered
Accountants, have submitted certificate for their eligibility for
appointment under Section 139 of the Companies Act, 2013. Board of
Directors of your Company favour their re-appointment as Auditors of
the Company and such re-appointment if done, shall be upto the
conclusion of next Annual General Meeting of the Company.
The Company has obtained Compliance Certificate under the provisions of
section 383A of the Companies Act, 1956 from M/s Khandelwal Devesh &
Associates, Company Secretaries, Ahmedabad and the same is attached
with this Report as annexure.
The Shares of the Company are listed on the Stock Exchanges at
Ahmedabad and Mumbai. Listing fees for the year 2014-15 has been paid
to Bombay Stock Exchange and Ahmedabad Stock Exchange.
Your Directors express their sincere gratitude for the assistance and
co-operation extended by Promoters, Banks, Government Authorities,
Employees and Shareholders.
For and on behalf of the Board
Shivkuamr R Chauhan
Place : Ahmedabad Chairman & Managing Director
Date : 11/08/2014 (DIN : 00841729)