| Dear Memebers
The Directors have the pleasure in presenting their 29th Annual Report
and Audited Annual Accounts for the Financial Year ended 31st March,
2014 together with the Audited Statement of Accounts and Auditor's
Report thereon.
1. FINANCIAL RESULTS:
In terms of Rupees
2013-2014 2012-2013
Profit before depreciation 5,10,955 6,68,537
Less: depreciation 94,866 94,866
Profit before Tax 4,16,089 5,73,671
Less: Provision for taxation
Current tax (1,27,250) (1,68,000)
Deferred tax (3,524) (9,319)
Fringe Benefit tax - -
Profit After Tax 2,85,315 3,96,352
Add: Taxation for earlier year - -
Total 2,85,315 3,96,352
Balance in profit & loss account 13,345,380 12,948,957
Surplus available for appropriation 13,630,695 13,345,380
Transfer to General Reserve - -
Proposed Dividend - -
Tax on Proposed Dividend - -
Balance carried to Balance Sheet 13,630,695 13,345,380
2. DIVIDEND:
As the activities of the company are expanding day by day, your
Director's think it proper to conserve the funds of the company and
therefore they have not recommended any dividend.
3. FUTURE PROSPECTS:
Your Company continues to give utmost attention towards export during
the current year coupled with more support by Government for boosting
of export your company foresees further more spurt in export turnover.
Your company expects to fare better in Current year.
4. FIXED DEPOSITS:
The Company has not accepted any deposits from public under the
provisions of Section 58A of the Companies Act, 1956 during the
Financial Year ended 31st March 2014.
5. DIRECTORS' RESPONSIBILITY STATEMENT:
To the best of their knowledge and belief and according to the
information and explanation obtained by them, your Directors make the
following statement in terms of Section 217(2AA) of the Companies Act,
1956:
a) that in the preparation of the Annual Accounts for the year ended
31st March, 2014, the applicable accounting standards have been
followed along with proper explanation relating to material departures,
if any;
b) that 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 at the end of the financial year ended 31st
March, 2014 and of the profit of the Company for the said year.
c) 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, 2014, for safeguarding the assets of
the Company and for preventing and detecting fraud and other
irregularities.
d) that the Directors have prepared the Annual Accounts for the year
ended 31st March, 2014 on a going concern basis.
6. CONSERVATION OF ENERGY. TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS AND OUTGO (Section 217(1) (e) of the Companies Act. 1956):
The information required to be given in terms of Section 217(1) (e) of
the Companies Act, 1956 read with Companies (Disclosures of Particulars
in the Report of Board of Directors) Rules 1988 is not applicable to
the company.
Disclosure of Foreign Exchange Earnings/Outgo:
Foreign Exchange Earned: Nil
Foreign Exchange Outgo: Nil
7. PARTICULARS OF EMPLOYEES:
Particulars of Employees as required under Section 217(2A) of the
Companies Act 1956 read with Companies (Particulars of Employees)
Rules, 1975 as amended is not given as there was no employees drawing
the salary as per the limit mentioned in that Section.
8. DIRECTORS:
In accordance with the Articles of Association of the Company and
provisions of the Companies Act, 2013, Mr. Nitin Kalidas Mehta will
retire by rotation at the ensuing Annual General Meeting and being
eligible offers himself for re-appointment
9. STATUTORY AUDITORS:
You are requested to appoint Auditors at the ensuing Annua! General
Meeting and fix their remuneration. The Auditors of the Company, M/s.
Kagrana & Associates, Chartered Accountant, retire at ensuing Annual
General Meeting of the Company and M/s. V.A Parikh & Associates have
given their consent for appointment. The Company has also received a
certificate from them under Section 139 of the Companies Act, 2013. As
per Section 139(1) of the Companies Act, 2013, an Auditor shall hold
office from conclusion of Twenty-Ninth Annual General Meeting until
conclusion of Thirty-fourth Annual General Meeting, subject to
ratification by members at every AGM. Therefore, Auditor cannot be
appointed for less than a term of 5 consecutive years.
In case of Audit firm, appointment can be made for maximum two terms of
5 consecutive years and further re-appointment can be made after
cooling period of 5 years.
10. COMPLIANCE CERTIFICATE:
As per Section 383A of the Companies Act, 1956 read with Notification
No, G.S.R. 11 (E), Dated 5-1-2010 issued by the Ministry of Corporate
Affairs, a Company having the paid up Share Capita! of Rs. 10 Lacs or
more but less than Rs, 5 Crores must obtain a Compliance Certificate
from a Company Secretary in whole time practice and such Certificate
must be annexed to the Report. A Compliance Certificate obtained from
M/s. Pramod S. Shah & Associates - Practicing Company Secretaries is
annexed as a part of the Directors' Report.
11. COMPANIES ACT. 2013:
The Companies Act, 2013 (the Act) is in force as on 1st April, 2014 (in
the manner, to the extent notified by the Ministry of Corporate
Affairs). The Act has replaced the Companies Act, 1956 and has brought
a new set of compliances for companies.
The New Legislation will facilitate greater transparency, more
disclosures and enhanced corporate governance. The Company is taking
necessary steps for implementation of the provisions of the Act.
12. Acknowledgement
Your Directors take this opportunity to express their grateful
appreciation for the excellent assistance and co-operation received
from all the shareholders, customers, suppliers, bankers, Government
authorities and all other business associates and their confidence in
the management. Your Directors also wish to place on record their
appreciation for the contribution made by the employees.
For and on behalf of the Board of Directors
Mumbai (Nitin Kalidas Mehta) (Ansul Nitin Mehta)
Dated: 30.05.2014 Director Director |