| Dear members,
The Directors have pleased to present the 24th Annual Report together
with the statement of audited accounts of the Company for the
financial year ended 31st March, 2014.
FINANCIAL RESULTS
The Financial results of the Company for the year ended 31st March,
2014 are summarized below :
Year Ended 31.03.14 Year Ended 31.03.13
(Rs.) (Rs.)
Gross Income 648,000 439,500
Depreciation 2,895 6,180
Profit / (Loss) before Taxation (1,090) (23,660)
Provision for Taxation - -
Profit / (Loss) after Taxation (310) (23,660)
Brought Forward Profit / (Loss) (3,092,168) (3,068, 508)
Loss carried to Balance Sheet (3,092,478) (3,092,168)
THE COMPANIES ACT, 2013
The Ministry of Corporate Affairs (MCA) has notified 282 sections of
the Companies Act, 2013 (CA2013/ ACT) in tranches in September, 2013
and March, 2014 with majority of the sections as well as rules being
notified in March, 2014. The Companies Act, 1956 continues to in force
to the extent of the corresponding provisions of the CA2013 which are
yet to be notified. MCA vide its circular dated April 4, 2014 has
clarified that the financial statements and documents annexed thereto,
auditor's report and board's report in respect of the financial year
that have commenced earlier than April, 2014 shall be governed by the
provisions of the Companies Act, 1956 and in line with the same the
company's financial statement, auditor's report and Board's report and
attachments thereto have been prepared in accordance with the
provisions of the Companies Act, 1956.
DIVIDEND
The directors are unable to declare any dividend due to unfavourable
financial result of the Company.
DISCLOSURE OF INFORMATION PURSUANT TO SECTION 217(1) (E) OF THE
COMPANIES ACT, 1956 READ WITH COMPANIES (DISCLOSURE OF PARTICULARS IN
THE REPORT OF BOARD OF DIRECTORS) RULES 1988.
The Company has not commenced any manufacturing activity during the
period under review and as such the requirement under the aforesaid
rules for the disclosure of information as regards conservation of
energy and technology absorption is not applicable to the Company. The
Company has not carried on during the year under review any activity
relating to exports and has not used or earned any foreign exchange.
FIXED DEPOSIT
The Company has not accepted any deposits under the provision of
section 58A of the Companies Act, 1956.
EMPLOYEES
The particulars pursuant to section 217(A) of the Companies Act, 1956
are not required since none of the employees are drawing remuneration
exceeding the prescribed limits.
DIRECTORS
Sri Avijit Dey and Sri Raj Kumar Tharad retire by rotation and being
eligible offer themselves for reappointment. 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 :
i) that in the preparation of the annexed accounts for the financial
year ended 31st March, 2013, 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 judgments and estimates that were
reasonable and prudent so as to give a true and fair view of the State
of affaires of the Company at the end of the financial year and of the
Loss of the Company for the year under review ;
iii) that the directors have taken proper and sufficient care 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 ;
iv) that the Directors had prepared the accounts for the financial
year ended 31st March, 2014 on a going concern basis.
COMPLIANCE CERTIFICATE
A certificate from the auditors of the company regarding compliance of
conditions of corporate governance as stipulated under clause 49 of
the Listing Agreement is attached to this report.
REGISTERED OFFICE
The Company has changed its registered office to B-6, Hema Industrial
Estate, Sarvodaya Nagar, Jogeshwari East, Mumbai - 400 060 with effect
from 15-11-2013.
SECRETARIAL AUDITOR
Since Secretarial Auditor is mandatory under the Companies Act, 2013,
the Board will appoint Secretarial Auditor for the financial year
2014-15.
AUDITORS
M/s. S. K.Das & Associates, Chartered Accountants, Kolkata, Auditors
of the Company being eligible for re-appointment expressed their
willingness for appointment to the office of Auditor's. Your Board
of Directors recommend M/s. S. K. Das & Associates, Chartered
Accountants, Kolkata for being reappointed as Auditors of the Company
in accordance within the limits as prescribed under section 224(1B) of
the Companies Act, 1956 and shall hold office till the conclusion of
next Annual General Meeting of the Company.
ACKNOWLEDGEMENTS
Yours Directors place on records their gratitude and thanks for the
co-operation and support of Banks, Governmental Agencies, Business
Associates and employees.
For and on behalf of Board of Directors
Sd/-
Place : Mumbai Pradeep Kr. Garg
Date : 29.05.2014 Director |