The Directors present the Annual Report together with the audited
statement of accounts for the year ended 31st March, 2014 which they
trust will meet your approval.
The working results of the Company for the year ended 31st March, 2014
are briefly indicated below:
(Rs. in Lacs)
Profit (Loss) before depreciation and others: -16.60 3.11
Less: Depreciation 6.05 6.09
- 22.65 -2.98
Less : Provision for Income Tax -0.64 -21.36
Profit for the year -22.01 18.38
Surplus in the statement of Profit & Loss
Account brought forward 209.43 191.05
Balance of surplus carried forward 187.42 209.43
OPERATIONS AND FUTURE PROSPECTS
The Company has been able to generate revenue by undertaking commission
based operations during the year under review. The management is
exploring various alternatives for the manufacture of the products for
which Company has technical knowhow.
Your Directors regret their inability to recommend dividend for the
year under review.
During the year under review, company has not accepted any deposits
falling within purview of section 58A of the Companies Act, 1956.
Smt. Devika Navnitlal retires by rotation at the ensuing Annual General
Meeting and she being eligible offers herself for re-appointment. Your
Directors recommended her re-appointment.
Pursuant to the provisions of the Companies Act 2013, Shri Jagat D.
Shah whose period of office is liable to determination by retirement by
rotation under the applicable provisions of the Companies act, 1956 is
being appointed as an Independent Director at this meeting for the term
of Three Consecutive years.
Shri Shashikant D. Pandya and Shri Ashwini R. Devpura, Directors of the
Company, who retires by rotation at the ensuing Annual General Meeting
under the applicable provisions of the Companies Act, 1956 are being
appointed as Independent Directors at this meeting for the term of
Three Consecutive years.
There are no employees in receipt of remuneration as mentioned in
section 217(2A) of the Companies Act, 1956.
Pursuant to the requirement under section 217(2AA) of the Companies
Act, 1956 with respect to Director''s responsibility statement, it is
1. That the preparation of the annual accounts for the financial year
ended 31st March, 2014 the applicable accounting standards have been
followed along with proper explanation relating to material departures.
2. That the Directors have 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 the loss
of the company for the year ended under review;
3. That the Directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of the Companies Act, 1956 for safeguarding the assets of
the Company for the year ended under review;
4. That the Directors have prepared the accounts for the financial
year 31st March 2014 on a going concern basis.
Your Company has complied with the Corporate Governance practice
mandated by Clause 49 of the Listing Agreement. A report on the same is
The Company''s Auditors M/s. Sharp & Tannan, Chartered Accountants will
retire at the ensuing Annual General Meeting and being eligible offer
themselves for reappointment. The members are requested to appoint M/s.
Sharp & Tannan as Statutory Auditors till the conclusion of next Annual
General Meeting and fix their remuneration.
The observations of the Auditors in their report are explained in the
notes to the accounts which are self- explanatory.
SECRETARIAL COMPLIANCE CERTIFICATE
As per the provisions of section 383A of the Companies Act, 1956, the
Secretarial Compliance Certificate from M/s. Umesh Parikh & Associates,
Practicing Company Secretary is attached herewith.
CONSERVATION OF ENERGY, TECHONOLOGY ABSORPTION, FOREIGN EXCHANG
EARNINGS AND OUTGO
Since there were no manufacturing activities during the year under
review, details required under this clause are not applicable.
There is no foreign exchange earnings and outgo during the year under
Your Directors acknowledge with thanks the overall support extended by
shareholders, employees, suppliers and customers.
FOR AND ON BEHALF OF THE BOARD
Place :Ahmedabad DEVIKA NAVNITLAL
Date :9th May, 2014 CHAIRPERSON