| Dear Shareowners,
The Directors have great pleasure in presenting the Annual Report
together with audited statement of accounts for the financial year
ended 31 st March, 2014.
1. FINANCIAL RESULTS: - (Amount in Rs.)
Particulars: Financial Year Ended Financial Year Ended
31st March, 2014 31st March 2013
Income from operations - -
Other Income 2,39,725 54,228
Less: Expenses 2,00,199 2,60,310
Net Profit ( ) / Loss (-) 39,526 (2,06,082)
- During the financial year 2013-14, the Company has commenced allied
business activity of Facilitation of Transportation Services and earned
an income of Rs.2,39,725/- from such business activity.
2. DIRECTORS:
Shri Vijay Kumar Bhutna, Director of the company is retiring by
rotation at the forthcoming annual general meeting and being eligible
offer himself for re-appointment. The Board recommends his
reappointment.
3. LISTING OF EQUITY SHARES:
The equity shares of the company are listed at the BSE Limited, Mumbai
and the Annual Listing fee for the financial year 2014-15 have already
been paid to the Stock Exchange.
4. AUDITORS:
The Statutory Auditors of the Company M/s. A.F. Khasgiwala & Co.,
Chartered Accountants (Registration No. 105114W) retire at the
conclusion of ensuing Annual General Meeting and have confirmed their
eligibility and willingness to accept office of Auditors, if
reappointed. The Board recommends reappointment of M/s. A.F. Khasgiwala
& Co. as Statutory Auditors for the financial year 2014-15 for
shareholders approval.
5. STATUTORY COMPLIANCES/ CORPORATE GOVERNANCE
Your company is complying with all the statutory laws and your Company
is in the process of complying with the provisions of the Companies
Act, 2013 and amended provisions of Clause 49 of the Listing Agreement
as introduced by the Stock Exchange vide circular
No.DCS/COMP/01/2014-15 dated 21st April, 2014. The necessary
compliances will be completed before the relevant completion date as
required under the respective regulations.
6. COMPLIANCE CERTIFICATE:
Compliance Certificate obtained pursuant to provision of Section 383A
of Companies Act, 1956 from a Secretary in whole-time-practice in the
prescribed form regarding the Compliance of all the provisions of
Companies Act, 1956.
7. PARTICULARS OF THE EMPLOYEES:
There are no employees engaged by the Company, the particulars of whom
are required to be given under Section 217(2A) of the Companies Act,
1956 read with the Companies (Particulars ' of Employees) Amendment
Rules, 2011.
8. CONSERVATION OF ENERGY, TECHNOLOGY, ADOPTION & FOREIGN EXCHANGE
EARNING & OUTGO:
Since the Company has not been carrying out any type of commercial
activity during the year, the information relating to the conservation
of the energy and Technology Adoption are not applicable. There are no
foreign exchange earnings or outgo by the Company.
9. DIRECTORS RESPONSIBILITY STATEMENT:
In accordance with the provisions of Section 217 (2AA) of the Companies
Act, 1956 ("The Act"), your Directors confirm that:
i) In preparation of the Annual Accounts for the year ending 31st
March, 2014, the applicable Accounting Standards have been followed;
ii) The Directors have 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 for the year ended 31st March, 2014 and of profit of the
Company for that year;
iii) The Directors had taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of Companies Act, 1956 for safeguarding the assets of the
company and for preventing and detecting fraud and other
irregularities;
iv) The directors have prepared the Annual Accounts on Going Concern
basis.
10. DIVIDEND:
In the absence of adequate profits during the year under consideration,
your directors express their inability to declare any dividend on
shares.
11. DEPOSITS:
The Company has not accepted any deposits from public during the year
under review.
12. ACKNOWLEDGEMENT:
Your Directors thank all the employees for their sincere efforts,
active involvement and devoted services rendered.
Your Directors thank the shareholders of the Company for the confidence
reposed in the ' Management of the Company
Your Directors place on record their gratitude to the Customers,
Suppliers, company's Bankers and Financial Institutions for their
support and cooperation during the year under review.
By Order of Board of Directors
For VELOX INDUSTRIES LIMITED
(formerly Khatau Exim Limited)
Sd/- Sd/-
(VIJAY KUMAR BHUTNA) (SANJIV JAIN)
DIRECTOR DIRECTOR
Place: Mumbai
Date: 13/08/2014
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