| To the Shareholders,
The Directors have pleasure in presenting 26th Annual Report of the
Company alongwith Audited Statement of the accounts for the year ended
March 31,2014.
FINANCIAL RESULTS
The working results of your company for the year under review may be
summarised as under:-
(Rs. In Lacs)
Year ended Year Ended
31.03.2014 31.03.2013
Income 88.97 99.21
Profit before depreciation 5.63 4.29
Less- Depreciation 2.82 3.60
Profit before taxation 2.81 0.69
Less: Provision for Taxation Current 1.49 1.75
Deferred Tax 32.41 -1.53
Profit after tax -31.09 0.47
Your Directors have made the following
appropriations
To Reserve Fund 0 0.10
Leaving available 0 0.37
DIVIDENDS
Keeping in view that the Company has incurred losses during the year
2013-14, the Board of Directors of your Company do not recommend
payment of any dividend for the year. After deducting the losses for
the year, from the profits of the previous years, Rs. 203.92 is being
carried forward to the Balance Sheet.
REVIEW AND PROSPECTS
During the year under Report, your company could not undertake either
allotment of Preference Shares or make a Rights Issue to raise funds to
undertake the businesses mentioned in the last year's Director's Report
and improve the profitability of the Company as envisaged by your
Company. Because of non-availability of additional resources no New
Business could be started resulting in your Company making a loss for
the first time in last over 20 years. However, this year we plan to
raise more resources to do Real Estate Business for which we have
created five New Wholly Owned Subsidiaries. Your Company hopes to
achieve better results in 2014-15.
DEPOSITS
The Deposits of Rs. 267.57 Lacs held are those of Directors and their
Relatives and Rs. 55.61 Lacs are Inter Corporate Deposits as on
31.03.2014
DIRECTORS
Lt. Gen. K.C. Taneja PVSM (Retd.), Director of the Company retires by
rotation at the ensuing Annual General Meeting and being eligible
offers himself for reappointment. Keeping in view his qualifications,
experience and expertise his association as Director would be in the
best interest of the Company.
CORPORATE GOVERNANCE REPORT
Detailed Corporate Governance Report is attached
APPOINTMENT OF STATUTORY AUDITORS
M/s. Jagdish Sapra & Co., Chartered Accountants, Statutory Auditors of
the Company hold office till the conclusion of the ensuing Annual
General Meeting and being eligible, offer themselves for
re-appointment. The Company has received a letter from the Statutory
Auditors to the effect that their re-appointment, if made at the
ensuing Annual General Meeting, would be within the limits prescribed
under Section 224(1 B) of the Companies Act, 1956
PARTICULARS OF EMPLOYEES
None of the employees is getting remuneration in excess of
Rs.24,00,000/- p.a. if employed through out the yearorRs. 2,00,000
p.m., if employed for part of the year.
The Company has nothing to report in respect of Conservation of Energy
and Technology Absorption as provided by the Companies (Disclosure of
Particulars in the Report of Board of Directors) Rules, 1995, since
company is not carrying on any manufacturing activities or using energy
in substantial quantity.
The company has not earned any foreign exchange during the year.
DIRECTORS RESPONSIBILITY STATEMENT IN TERMS OF SECTION 217(2AA) OF THE
COMPANIES ACT, 1956
The Board of Directors of the Company state:
(i) That in the preparation of the Annual Accounts, the applicable
accounting standards had been followed and there were no material
departures.
(i i) That we had selected such accounting policies and applied them
consistently and made judgements and estimates that are reasonable
and prudent so as to give true and fair view of the state of affairs
of the company at the end of the financial year and of the profit or
loss of the company for the year ended 31.3.2014.
(iii) That we 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 preventing and
detecting fraud and other irregularities.
(iv) That we had prepared the annual accounts on a going concern basis.
ACKNOWLEDGEMENTS
The Directors acknowledge the continued support and assistance extended
by the Banks, Depositors, Automobile Dealers and Hirers. The Directors
also thank the shareholders for their continued confidence in the
company.
Your Directors place on record their appreciation for the dedication
and hard work put in by the personnel of the company, whose devotion to
duty has been commendable.
FOR AND ON BEHALF OF THE BOARD
PLACE: NEW DELHI
DATED: 07.08.2014 CHAIRMAN
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