| Dear Members
The Directors have pleasure in presenting their Annual Report together
with the Audited Statement Accounts for the year ended 31st March,
2014.
Financial Results:
(Rs. in lacs)
2013-14 2012-13
Revenue from operation 0.00 0.75
Interest & Other Income 29.14 89.24
29.14 89.99
Profit before Depreciation 00.61 11.22
Less: Depreciation 5.66 19.81
Profit/(Loss) before taxation (5.05) (8.59)
Add: Deferred tax Assets/(liability) 3.82 (19.66)
(1.23) (28.25)
Add/(Less): Income Tax of earlier year - (2.45)
Net Profit/(Loss) for the year (1.23) (30.70)
Add: Balance of Profit & Loss a/c. b/f.
from Previous Year 307.27 337.97
Balance Carried to Balance Sheet 306.04 307.27
Dividend:
The directors do not recommend any dividend for the year under report
in view of the loss tor the year.
Directorate:
Mr. Jadavji Lalji Shah, retires by rotation and being eligible offer
himself for the re appointment as director of the Company. You
requested to appoint him as director of the Company.
Particulars of Employees:
The Company did not employ anybody drawing remuneration of Rs.
60,00,000/- or more per annum or Rs. 5,00,000/- or more per month and
hence the question of providing information under section 217(2A) of
the Companies Act, 1956 does not arise.
Disclosures of particulars with respect to conservation of energy,
technology absorption and foreign exchange earnings and outgo:
Particulars regarding conservation of energy, technology absorption as
required pursuant to Section 217 (1)(e) of the Companies Act, 1956 as
amended are not given since the said section is not applicable to the
company.
Foreign exchange earnings: Nil
Foreign exchange out go: Nil
Directors' responsibility statement:
Pursuant to the provision of Sub-Section (2AA) of section 217 of the
companies Act, 1956 your directors confirm:
i. That in the preparation of the annual accounts for the year ended
31st March, 2014, the applicable accounting standards had been followed
with no material departures there from.
ii. That the Directors had selected such accounting policies 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 at the end of the financial year ended 31st
March, 2014 and of Loss of the Company for that period;
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 as on 31st
March, 2014 on a going concern basis.
Compliance certificate:
A compliance certificate from D. Kothari & Associates, Practicing
Company Secretaries, that the company has complied with all the
provisions of the Companies Act, 1956, pursuant to section 383A of the
Companies Act, 1956 as amended is attached herewith and forms part of
this report.
Alteration in articles of Association of the company:
The special resolution for altering the Articles of Association of the
Company substituting the new Articles of Association in place of the
existing Articles of Association based on Table 'F' of the Companies
Act, 2013, which sets out the model Articles of Association for a
company limited by shares, is proposed for the approval of the members
at the ensuing Annual General Meeting.
Auditors:
M/s. A.C. Modi & Associates, Chartered Accountants, present Auditors of
the Company retire at the ensuing Annual General Meeting and are
eligible for re-appointment as Auditors of the Company. You are
requested to appoint Auditors of the Company and fix their
remuneration.
Appreciation:
Your Directors take this opportunity to place on record their
appreciation for the support that the Company has received from the
Bankers and Shareholders.
For and on behalf of the Board
Directors
MUMBAI
Dated: 30th May, 2014
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