The Directors have pleasure in presenting the 20th Annual Report
together with the Audited financial statements of your Company for the
year ended 31st March, 2014.
The highlights of the financial performance of the Company are as
( Rs. in Lakhs)
Particulars Year Ended Year Ended
Total Income 24.03 28.60
Total Expenditure 18.40 20.99
Profit / (Loss)
before depreciation 5.63 7.61
Less: Depreciation 1.92 0.48
Profit / (Loss)
after Tax 1.93 4.01
Paid Up Capital 300.00 300.00
The Directors are very keen to convert the idle asset like the property
at Cochin to cash to improve the liquidity and to carry on the core
business of the company.
The Company is taking all possible efforts to improve the performance
and achieve better results in future years.
In view of insufficient Profits, Your Directors do not recommend any
dividend for the financial year ended 31st March 2014.
INDUSTRY STRUCTURE & DEVELOPMENT
The Company''s activity is mainly dealing in foreign exchange
OPPORTUNITIES & THREATS
Due to heavy competitions in forex market, margins in foreign exchange
transactions have been reduced and the Company is taking all possible
efforts to perform better and also been very careful and selective when
doing sales as creditably factor is of most importance.
INTERNAL CONTROL SYSTEMS & ADEQUACY
Suitable control measure has been put in place and periodic checks are
done to ensure norms are followed. The Company has adequate internal
control procedures commensurate with the size of the company and the
nature of its business.
The Management is exploring avenues of diversified lines of business
activity as the income generated from Money Changing Business does not
seems attractive due to heavy competition. The Company has looked at
consolidating its position and checking various options and avenues for
increasing business and improving the performance of the Company.
Since the hotel project as mentioned in the last report, is still in
the stage of completion, we are still contemplating to invest on this
Mr. Sanjay Arjundas Wadhwa (DIN: 00203083) Director is liable to retire
by rotation and being eligible offers himself for re-appointment.
The Auditors of the Company M/s. Sudhindran & Co, Chartered
Accountants, Chennai (bearing Firm Reg No.006019S) retire at the
conclusion of this meeting and being eligible offer themselves for re-
appointment to hold office till the conclusion of the next Annual
PARTICULARS OF EMPLOYEES AS PER SECTION 217(2A) & INFORMATION PURSUANT
TO SECTION-217(2AA) OF THE COMPANIES ACT, 1956
There are no employees drawing remuneration in excess of the limits
specified under Section-217 (2A) of the Companies Act, 1956 read with
Companies (Particulars of Employees) Rules, 1975. The Company has
maintained cordial relationship with its employees throughout the year.
None of the Directors of the company are disqualified from being
appointed as a Director under Section-274(1) (g) of the Companies Act,
DIRECTORS RESPONSIBILITY STATEMENT U/S.217 (2AA) OF THE (COMPANIES
AMENDMENT) ACT, 2000, INDICATING THEREIN;
i) That in the preparation of the Annual Accounts for the financial
year ended 31.03.2014, the applicable accounting standards had been
followed along with proper explanation relating to material departures;
ii) That the directors had selected such accounting policies and
applied them consistently and made judgements and estimates that are
reasonable and prudent so as to give a true and fair view of the state
of affairs of the company as on 31.3.2014and of the profit of the
company for the financial year ended 31.3.2014.
iii) That the directors had taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of this act for safeguarding the assets of the company and
for preventing and detecting fraud and other irregularities;
iv) That the directors had prepared the annual accounts for the
financial year ended 31.03.2014 on a going concern basis.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION &
FOREIGN EXCHANGE EARNINGS AND OUTGO
A. Conservation of Energy - Not Applicable
B. Technology Absorption - Not Applicable
C. Foreign Exchange Earnings and Outgo - Nil
Pursuant to the directions of the Securities and Exchange Board of
India, the company''s Securities have been dematerialised and also
admitted into National Securities Depository Limited and has been
allotted with ISIN - INE417F01017.
The Corporate Governance Report as set out in Annexure hereto forms an
integral part of this Report. A Certificate from the Auditors of the
company certifying compliance of the conditions of Corporate Governance
as stipulated in Clause 49 of the Listing Agreement with Stock
Exchanges is also annexed to the Report on Corporate Governance.
The Company has not accepted any Public Deposits during the year.
STATEMENT PURSUANT TO LISTING AGREEMENT
The Company''s shares are listed with Madras Stock Exchange and Stock
Exchange Mumbai. Your company has paid the Annual listing Fees
up-to-date and there are no arrears with the respective stock
This analysis may contain certain statements, which are futuristic in
nature. Such statements represent the intentions of the management and
the efforts being put in by them to realize certain goals. The success
in realizing these goals depends on various factors, both internal and
external. Therefore the investors are requested to make their own
independent judgments by taking into account all relevant factors
before any investment decision.
Your director''s place on record the valuable services rendered by the
Company''s Shareholders employees, Bankers and other agencies associated
with the company. The Board looks forward to their continued support in
our future endeavours.
For & On Behalf of the Board of Directors
Place: Chennai V.A.Kurien Sanjay Arjundas
Date : 01.07.2014 Wadhwa