The Members of the Company
The Directors present the Annual Report on the business and operations
of your company for the year 2013-2014.
FINANCIAL HIGHLIGHTS: Rs. in Lakhs
Income from Operations 18.54 42.52
Profit (Loss) before Extra-Ordinary Items 3.06 24.16
Profit/(Loss) before depreciation 12.28 33.59
Depreciation 9.22 09.43
Profit/Loss before Tax 3.06 24.16
Provision for Income Tax 0.00 0.00
Profit/Loss after Tax 3.06 24.16
Balance Brought Forward (47.14) (71.30)
Balance Carried to B/sheet (44.08) (47.14)
In view of brought forwarded losses the directors regret their
inability to declare the dividend to conserve the resources.
REVIEW OF PERFORMANCE:
The company is taking various initiatives for new businesses.
In accordance with the provisions of the Companies Act, 1956 and the
Articles of Association of the Company, Shri Ashok Chhajed, Director
retires by rotation and being eligible, offers himself for re-
Your Company has not accepted deposits falling within the provisions of
Section 58A of the Companies Act, 1956 read with the Companies
(Acceptance of Deposits) Rules, 1975 during the year under review.
In respect of fixed assets
As a result of unfortunate incident that our accounting software got
corrupted and as a result substantial time was devoted to restore all
accounting data of which some data lost while restoration and therefore
company is not able to maintain records showing full particulars
including quantitative details and situation of fixed assets. However
management has initiated steps to prepare the proper records of
available fixed assets.
In respect of Code of Conduct
During the year the company had set out the code of conduct for the
affairs of the company which shall be placed before the meeting of the
Board of directors of the company and shall be displayed at the website
of the company thereafter.
In respect of publication of Quarterly Results:
Company will henceforth take appropriate steps to publish the
Un-audited quarterly results for the publications in English as well as
in the vernacular language.
PARTICULARS OF EMPLOYEES:
There is no employee having remuneration in accordance with the
provisions of section 217(2A) of the companies Act 1956 read with the
companies (Particulars of employee) Rules 1975 as amended.
MANAGEMENT DISCUSSION & ANALYSIS REPORT:
In terms of clause 49 of the listing agreement with the stock exchange,
Management Discussion & Analysis report is enclosed and forms part of
Report on corporate governance in compliance with clause 49 of listing
agreement with the stock exchange is given in Annexure I. A certificate
from the statutory Auditors confirming compliance is given in Annexure
As required u/s 217(2AA) of the companies Act 1956 your director
confirms that in the preparation of the annual accounts:
1) The applicable accounting standards have been followed along with
proper explanation relating to material departures.
2) Such accounting policies have been selected and applied consistently
and reasonable and prudent judgments and estimates made, 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 profit/loss of the company for that
3) Proper and sufficient care has been taken for the maintenance of
adequate accounting records in accordance with provisions of this act
for safeguarding the assets of the company and for preventing and
detecting fraud and other irregularities.
4) The annual accounts have been prepared on a going concern basis.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE:
As required under rule 3 of the companies (Disclosure of Particulars in
the report of board of directors) Rules 1998, the particulars relating
to the conservation of energy, Technology absorption, and the foreign
exchange earnings and outgo are also Nil.
The securities of the company are listed with the Stock Exchange,
Mumbai. The company has paid the annual listing fees.
APPOINTMENT OF AUDITORS:
M/s Deepak S.L.Agarwal& Co. Chartered Accountants the retiring auditors
of the company have expressed their willingness to the effect that
their re-appointment, if made would be within the prescribed limits
specified under section 224 (1B) of the companies act, 1956. Therefore
members are requested to appoint them as auditors of the company.
CASH FLOW STATEMENT
In conformity with the provision of Clause 32 of the Listing
Agreement(s) the cash flow statement for the year ended 31st March 2014
is annexed hereto.
Statement in this Report, particularly those which relate to management
Discussion & Analysis, describing the Company''s objectives,
projections, estimates, expectations or predictions may be forward
looking statements within the meaning of applicable laws or
regulations. Actual results could however differ materially from those
expressed or implied .Important factors that could make a difference to
the Company''s operations include global and domestic conditions,
changes in Government regulations and tax structure, economic
developments with in India and the outside countries and other factors
such as litigation and commercial relations.
The management is grateful to the government authorities, Bankers,
Vendors, for their continued assistance and co-operation. The directors
also wish to place on record the confidence of members in the company.
By Order of the Board of Directors
Ashok M. Chhajed
Place: Mumbai Director
Date: 12/07/2014 DIN: 02336676