The Directors have pleasure in presenting 27th Annual Reports of your
Company together with the Audited Accounts for the year ended on 31st
FINANCIAL RESULTS (Rs. in Lakh)
Particulars Currentt Year Previous Year
Gross Income 15.91 14.47
Expenditure 11.25 11.92
Profit/ (Loss) Before Depreciation & Tax 4.66 2.77
Depreciation 0.20 0.21
Provision for Deferred Tax (MAT)/Tax 4.59 0.23
Profit/ (Loss) for the Year (0.13) 2.33
Balance brought forward from the
Previous Year (28.69) (30.56)
Transferred to RBI Reserve Fund 0.00 0.47
Balance Carried Forward (28.82) (28.69)
In view of the accumulated losses of the Company, your Directors do not
recommend any dividend for the year ended 31st March, 2014.
OPERATIONS AND FUTURE PROSPECTS
This financial year of the company has continued to be a struggling
period to consolidate its portfolio for increasing the revenue but
desired results could not be achieved in view of the adverse market
conditions. Management is optimistic about better results in the future
in view of the regaining economic momentum and growth of Indian
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
Please refer to Annexure ''A'' of this report.
AUDITORS & THEIR REPORT
M/s Tiwari & Associates, Chartered Accountants retire as Auditors of
the Company at the ensuing Annual General Meeting and being eligible,
offer themselves for re-appointment. The company has received a letter
from them that their reappointment, if made, would be within the
provisions prescribed u/s 139 of the Companies Act, 2013. Your
directors and Audit Committee recommend their appointment as Statutory
Auditors for another one year.
Auditors'' Report is self-explanatory and required no comments by the
Shri Kapoor Chand Gupta, Director retires by rotation at the ensuing
Annual General Meeting and being eligible, offer himself for
re-appointment. The directors recommend his reappointment.
The Company has complied with the mandatory provisions of Corporate
Governance as prescribed in the Listing Agreement. A Separate report on
Corporate Governance is included as a part of the Annual Report.
Certificate from the auditors of the Company M/s Tiwari & Associates
confirming compliance of conditions of Corporate Governance as
stipulated of under the clause 49 of Listing Agreement is annexed to
this report as annexure B
PARTICULARS OF EMPLOYEES INFORMATION IN ACCORDANCE WITH SECTION 217(2A)
OF THE COMPANIES ACT 1956 WITH COMPANIES (PARTICULARS OF EMPLOYEES)
During the year under review, no employees, whether employed for the
whole or part of the year, was drawing remuneration exceeding the
limits as laid down under section 217 (2A) of the Companies Act, 1956,
read with Companies (Particulars of Employees) Rules, 1975 as amended.
Hence the details required under Section 217 (2A) are not given.
As on March 31, 2014 no deposit from public have been accepted or
renewed by the I Company.
CONSERVATION OF ENERGY
The company is not engaged in any activity relating to conservation of
energy and technology.
FOREIGN EXCHANGE EARNINGS AND OUTGO
There are no foreign exchange earning & outgo during the financial year
DIRECTORS'' RESPONSIBILITY STATEMENT
Pursuant to Section 217( 2AA) of the Companies Act, 1956 as introduced
by Companies (Amendment) Act, 2000, the Directors confirm that:
* In the preparation of the annual accounts, the applicable accounting
standards have been followed;
* Appropriate accounting policies have been selected and applied
consistently, and judgments and estimates made are reasonable and
prudent so as to give a true and fair view of the state of affairs of
the Company as at 31st March, 2014 and of the profits of the Company
for the year ended 31st March, 2014
* Proper and sufficient care has been taken 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 annual accounts have been prepared on a going concern basis.
The company has obtained Compliance Certificate from Practicing
Secretary as required under provision to Section 383A(1) of the
Your directors are pleased to place on record their sincere thanks to
the Reserve Bank of India, Bankers, stock exchange, customers and share
holders of the company for their continued and valuable co-operation
and support to the Company.
Your Directors also express their appreciation for the hard work and
sincere services rendered by employees at all level during the year.
Place : New Delhi By order of the Board of Directors
Dated : 5th September 2014 Standard Capital Markets Limited
Durga Prasad Sharma Narender K. Arora
Director Managing Director