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Siddha Ventures Ltd.

BSE: 530439 | NSE: | Series: NA | ISIN: INE140C01012 | SECTOR: Finance - Investments

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Annual Report

For Year :
2014 2013 2012 2011 2009 2008 2006

Director’s Report

Dear members, The Directors present the 23nd Annual Report of the Company together with the Audited Statements of Accounts for the year ended 31st March 2014. FINANCIAL RESULTS (Rs. In lacs) Particulars 31.03.2014 31.03.2013 Sales and Other Income 1.30 17.74 Total Expenditure 6.81 17.05 Operating Profit (PBIT) (5.51) 0.70 Less: Provision for Taxation - Income Tax-Current 0.00 0.08 - Income Tax-Previous Year - - Profit After Taxes (5.51) 0.62 Add: Deferred Tax assets/(Liabilities) (1.70) 0.13 Net Profit/(Loss) (Inch Deferred Taxes) (3.81) 0.49 Reserves & Surplus (328.34) (324.54) Previous year''s figures have been regrouped/reclassified wherever necessary. CAPITAL The Share Capital of the Company remains unchanged during the year ended on 31st March''2014. REVIEW OF BUSINESS OPERATIONS, ACTIVITIES & FUTURE PROSPECTUS During the year Company has not done any trading activities in equity shares. Besides, the Company had income from interest and dividend in the tune of Rs.i.30lacs. After meeting the expenses, the Loss was of Rs.3.8ilacs. The consolidated revenue from operations of the Company for the year ended 31st March 2014 was Rs.i.3oLacs & after taxes & minority share interest a net loss was reported of Rs.4.42Lacs. In pursuant to Clause-49 of the Listing Agreement with Stock Exchanges in India, Management''s Discussion and Analysis Report for the year under review, is annexed to this report. DIVIDEND In view of accumulated losses, your Directors regret their inability to recommend payment of dividend for the year. DIRECTORS Mr. Vivek Gupta, director of the Company has resigned w. e. f. 31st October'' 2013. The board has appointed Mr. Vinay Mimani, as an Additional Director of the Company w.e.f. 12th November'' 2013 and in terms of the provisions of Section 161(1) of the Act, he would hold office be up to the date of the ensuing Annual General Meeting. The Company has received a notice, in writing from a member along with the deposit of requisite amount under section 160 of the Act proposing the candidature of Mr. Vinay Mimani for the office of Director of the Company. Mr. Vinay Mimani is not disqualified from being appointed as a Director in terms of Section 164 of the Act and has given his consent to act as a Director. The Company has received a declaration from Mr. Vinay Mimani that he meets with the criteria of impendence as prescribed both under section (6) of section 149 of the Act and under Clause 49 of the Listing Agreement.Mr. Vinay Mimani possesses appropriate skills, experience and knowledge; inter alia, in the field of finance and accounts. In terms of the Articles of Association of the Company Mr. Sanjay Jain, Director retires at the ensuing Annual General Meeting. The Company has received requisite notice in writing from member proposing Mr. Sanjay Jain for appointment as Independent Director. The Company has received declarations from all the Independent Directors of the Company confirming that they meet with the criteria of independence as prescribed both under sub-section (6) of Section 149 of the Companies Act,2013 and under Clause 49 of the Listing Agreement with Stock Exchanges in India. AUDITORS & AUDITORS'' REPORT M/s. Damle Dhandhania & Co. Chartered Accountants, Statutory Auditors of the Company, hold office till the conclusion of the ensuing General Meeting and are eligible for re-appointment. The Company has received the letters from them to the effect that their re-appointment, if made, would be with in the prescribed limits under Section i4i(3)g) of the Companies Act, 2013 and that they are not disqualified for re-appointment. The Notes on Financial Statements referred to in the Auditors Report are self explanatory and do not call for any further comments. SUBSIDIARY COMPANIES Your Company has one domestic subsidiary namely, Ever new Infracon Private Limited. In accordance with the General Circular issued by the Ministry of Corporate Affairs, Government of India, the Balance Sheet, Statement of Profit & Loss and other documents of the subsidiary company is not being attached with the Balance of the Company. However, the financial information of the subsidiary company is disclosed in the Annual Report in compliance with the said circular. The Company will provide a copy of separate audited annual accounts of the subsidiary to any member of the Company who asks it in a written request. The annual accounts of the subsidiary company is also available for inspection by any member of the Company at the company''s and/or the concerned Subsidiary''s registered office. CONSOLIDATED FINANCIAL STATEMENT In accordance With the Accounting Standards (AS)-2i on Consolidated Financial Statements read with AS-23 on Accounting for Investments in Associates, the audited consolidated financial statement is provided in the Annual Report. SECRETARY The Company has unable to get a Company Secretary at a reasonable and affordable remuneration. To discharging the secretarial functions of the Company are done by its experienced executives in consultation with a firm of Company Secretary in practice. DEMATERIALISATION OF SHARES Approximately, 76.79%of the equity shares of the Share Capital of the Company already been dematerialized. CORPORATE GOVERNANCE The Report on Corporate Governance as stipulated under clause-49 of the Listing Agreements forms part of the Annual Report. And the requisite certificate from the Auditors of the Company confirming compliance with the conditions of Corporate Governance is annexed to the report on Corporate Governance. FIXED DEPOSIT During the year, your Company has neither invited nor accepted/renewed any deposits from public within the meaning of Section 58A, 58AA and other applicable provisions of the Companies Act, 1956. DIRECTORS'' RESPONSIBILITY STATEMENT Pursuant to the requirement under Section 217(2AA) of the Companies Act, 1956, with respect to Directors'' Responsibility Statement, it is hereby confirmed that: * In the preparation of the annual accounts, the applicable Accounting Standards read with requirements set out under Schedule VI to the Companies Act,1956, have been followed and there are no material departures from the same; * The Directors have selected such accounting policies and applied them consistently in consultation with the Statutory Auditors 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 as at March 31, 2014 and of the loss of the Company for the year ended on that date; * The Directors have taken proper and sufficient care, to the best of their knowledge and ability, for the 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 irregularities; * The Directors have prepared the annual accounts of the Company on a going concern'' basis. ACKNOWLEDGEMENTS The Board of Directors would like to express their appreciation for the co-operation and continued support received from investors, its employees, regulatory authorities, bankers during the year under report. We look forward to their continued patronage and encouragement in our all future endeavour. For and on behalf of the Board Laxmipat Sethia Kolkata, 31st May 2014 Managing Director

Director’s Report