| To The Shareholders
The Directors submit their Report and the Audited Accounts of the
Company for the year ended 31st March 2014.
Financial Results
Description 2013 - 2014 2012 - 2013
(in Rs. Lakhs) (in Rs.Lakhs
Profit before Depreciation and Interest (1300.25) 39.98
Provision for Depreciation 1.80 10.83
Interest 50.45 62.10
(Loss) before Tax (1352.50) (34.95)
(Loss) after TiX (1352.50) (34.95)
Balance brought forward from previous year 199.60 199.60
(Loss) carried to Balance Sheet (1152.90) 234.55
Operation Review
Due to ongoing legal issues and income tax case spending against the
Company, the Income Tax Department has frozen all accounts, and
therefore the company is not able to carry any business in current the
financial year.
Dividend
The Board of Directors does not recommend any dividend on Equity shares
for the year under consideration.
Fixed Deposit
Company has not accepted any fixed deposit from the public pursuant of
section 58-A of the company act 1956.
Subsidiaries
Company has no subsidiaries as on date.
Operations
Company has not carried out any business operation during the current
financial year.
Financial
Finance is the major hurdle for your company. To overcome this, company
is planning to raise fund through static investor.
Outlook forthe Company
Looking the current financial and on going legal issue company is not
very hopeful do achieve any major gain but company he hope full to
shout out legal problem and hopefully start a fresh business in 2014-15
Listing
The Equity Shares of the Company are listed on the Bombay Stock
Exchange (BSE). The Company has not paid the Annual Listing Fees to the
Bombay Stock Exchange for the year 2014 - 2015.
Directors
Mr. Mahendra Pandey would retire by rotation at the ensuing Annual
General Meeting and is eligible for re-appointment.
Directors' Responsibility Statement
As specifically required under the Companies Act, 1956, your Directors
state:
i. That in the preparation of the annual accounts, the applicable
accounting standards have been followed.
ii. that such accounting policies have been selected which have been
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 in the Balance Sheet as at the end of the financial year
ended 31st March, 2014 and of the Profit and Loss Account for the said
financial year, i.e. April 1, 2013 to March 31, 2014.
iii. That 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 have been taken. That the
Annual Accounts have been prepared on a going concern basis.
Auditors
M/s PSV Jain & Associates Chartered Accountant Mumbai retired at the
forthcoming annual general meeting and is eligible for reappointment.
Your directors propose the appointment of PSV Jain & Associate
Chartered Accountant to hold the office until the conclusion of the
next Annual General meeting.
Conversation of Energy Technology Absorption, Foreign Exchange Earnings
& Out Go
Company takes adequate steps to avoid wasteful consumption and
conservation of energy. The company does not require any technology for
its existing business. There were no earning and outgo in foreign
exchange.
Corporate Governance
A Report on Corporate Governance in compliance with the Bombay Stock
Exchange Listing Agreement is attached and forms part of this Report.
Particulars of Employees
The Company does not have any employee whose particulars are required
to be given pursuant to the provisions of section 217 (2A) of the
Companies Act, 1956 read with the Companies (Particulars of Employees)
Rules, 1975. There is no employee whose details to be reported under
this section.
Employee Stock Option Scheme
During the last years company has introduce ESOP Scheme for the
allotting warrants to the employees. Under the scheme company has
reserved 25lac equity shares to be issued to the employees under the
scheme. During the year under consideration no option were granted.
Acknowledgements
The Directors wish to place on record their deep appreciation for the
services rendered by the officers, staff and workers at all level, and
their dedication and loyalty.
FOR AND ON BEHALF OF THE BOARD
Place: Mumbai
Mahendra Pandey
Date: 30th August 2014 |