The Directors present the 30 ANNUAL REPORT together with the Audited
Statement of Account for the Financial Year 2013-14 ended on 31st
1. FINANCIAL PERFORMANCE:
As on As on
Total Income (Net) 3,49,784 1,50,000
Total Expenditure 29,91,775 6,34,193
Gross Profit/(Loss) (26,41,991) (4,84,193)
Depreciation NIL NIL
Provision for Taxation NIL NIL
Extra Ordinary Items (25,40,279) NIL
Adjustment of earlier years 39,381
Profit/ (Loss) after Tax (52,21,651) (4,84,193)
2. OPERATIONS OF THE COMPANY:
During the year under review, the company has achieved a sale of
Rs.2.00 lacs as against Rs.1.50 lacs during the previous year. Your
company has incurred Net Loss of Rs.52.21 lacs as against Net Loss of
Rs.4.84 lacs during previous year.
In view of the loss suffered by the Company, your Directors express
their inability to recommend dividend for the year under review.
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
Mr. Viral N. Shah and Mr. Tushar S. Shah, Directors of the Company,
retires by rotation and being eligible offers themselves for
The Board of your Company recommends their re-appointment as Director
under the category of liable to retire by rotation.
5. 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 the 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
6. PARTICULARS AS REQUIRED UNDER COMPANIES (DISCLOSURE OF PARTICULARS
IN THE REPORT OF THE BOARD OF DIRECTORS) RULES, 1988.
1) CONSERVATION OF ENERGY :
A. Energy Conservation measures taken: The Company gives top most
priority to energy conservation.
B. Additional investment and proposal if any being implemented for
reduction in consumption of energy : NIL
C. Energy consumption in terms of electricity, LDO and Gas NIL.
D. Total energy consumption and energy consumption per unit of
2) TECHNOLOGY ABSORPTION :
A. Adoption and innovation: N.A.
B. Research and development ( R & D ) : NIL
3) FOREIGN EXCHANGE EARNINGS AND OUT GO : NIL
7. PARTICULARS OF EMPLOYEES:
During the year under report, none of the employees was in receipt of
remuneration exceeding the limit prescribed under Section217 (2A) of
the Companies Act, 1956, read with the Companies (Particular of
Employees) Rules, 1975, as amended.
The present Auditors of the Company M/s. Dharmesh Parikh & Co.,
Ahmedabad were appointed as Auditors and will retire at the ensuing
Annual General Meeting. M/s. Dharmesh Parikh & Co., 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 notes and remarks of Auditors'' are self-explanatory and therefore
do not require any further clarification.
9. COMPLIANCE CERTIFICATE :
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 and the same is attached with this
Report as Annexure.
10. LISTING :
The Equity shares of the Company are listed on Ahmedabad and Bombay
Stock Exchanges. Annual Listing Fees of Bombay Stock Exchange Ltd. and
Ahmedabad Stock Exchange is outstanding for the year 2014-15. The
Company is regular in complying with the Listing Agreement entered into
with the Stock Exchange.
11. CORPORATE GOVERNANCE:
The Report on Corporate Governance required under Clause 49 of the
Listing Agreement is annexed hereto.
12. ACKNOWLEDGEMENT :
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 of Directors
Suryakant H. Parikh
Place : Ahmedabad Managing Director
Date : 13/08/2014 (DIN:00038136)