| Dear Members,
The Directors are pleased to present the Thirty Third Annual Report
together with the Audited Statement of Accounts for the year ended
March 31, 2014. The Management Discussion and Analysis is also
incorporated into this Report.
1. CORPORATE OVERVIEW
Ruby Traders & Exporters Limited ("Your Company") is in the business of
trading activities in textile products vide Grey and Finished Fabric,
Cotton Sarees, advancing money in form of Inter Corporate Deposits to
Corporate Entities and HNIs and making investments in Capital and
Securities Market.
2. OVERVIEW OF THE ECONOMY
According to the latest estimate, Indian Economy grew by 4.7% in FY
2014. Despite a good monsoon, the manufacturing indices has declined,
commodity prices stayed at high levels and food inflation reached an
all-time high which resulted in sustained CPI inflation of over 10% in
the last financial year. The Rupee depreciated significantly before
retracting in the latter half of the year. Consumer sentiments remained
subdued for most part of FY 2014.
However, the slow GDP growth appears to have bottomed out and post
elections, economic activity is expected to pick up from the second
quarter of FY 2015.
3. FINANCIAL PERFORMANCE
Rs. In Lacs
Financial Results Year Ended Year Ended
March 31, 2014 March 31, 2013
Revenue from Operations 109.57 14.50
Profit Before Tax & Extraordinary Items 9.01 2.06
Provision for Taxation 2.78 0.64
Profit after Tax 6.23 1.42
Profit brought forward from Previous Year 6.27 4.85
Balance carried forward to next year 12.50 6.27
4. FINANCE & ACCOUNTS
In the FY 2013-2014, your company has issued 41,50,000 Equity shares of
Rs. 10 each at par on preferential basis. All the shares rank
pari-passu with the existing shares. Further all the equity shares are
listed on both The Calcutta Stock Exchange and The Uttar Pradesh Stock
Exchange.
Your company prepares its financial statements in compliance with the
requirements of the Companies Act, 1956 and the Generally Accepted
Accounting Principles (GAAP) in India. The financial statements have
been prepared on historical cost basis. The estimates and judgements
relating to the financial statements are made on a prudent and
reasonable basis, so as to reflect in a true and fair manner, the form
and substance of transactions and reasonably present the Company's
state of affairs, profits and cash flows for the year ended March 31,
2014.
5. PUBLIC DEPOSITS
During the year under review, your company has not accepted any
deposits from the public within the meaning of section 58A of the
Companies Act 1956 and the rules there under.
6. COMPLIANCE
The compliance function of the company is responsible for independently
ensuring that the operating and business units comply with regulatory
and internal guidelines. New instructions/guidelines issued by the
regulatory authorities were disseminated across the company to ensure
that the business and business units operate within the boundaries
set by the regulators and that compliance risks are suitably monitored
and mitigated in course of their activities & processes.
7. DIRECTORS
During the year under review, Mr. Ashish Jalan is appointed as the
Additional Director in the company. He offers himself as eligible to
be appointed as the Independent Director of the company.
Also, during the year under review, Mr. Rajnish Parolia, Mr. Nishant
Kothari, Mr. Ratan Pandit, Mr. Sovon Chakrovorty and Mr. Murari Lal
Kanodia resigned from the Board.
Further, none of the Directors of the company are disqualified under
section 274(1)(g) of the Companies Act, 1956.
8. AUDITORS
Auditors M/s Bajoria Mayank & Associates, Chartered Accountants,
Kolkata holds the office until the conclusion of the ensuing Annual
General Meeting. Your company has received certificate from the
Auditors u/s 224(1B) of the Companies Act, 1956 to the effect that
their reappointment if made, will be within the limit prescribed.
The shareholders are requested to appoint the Auditors and fix their
remuneration.
9. COMMENTS ON AUDITOR'S REPORT
The notes referred to in the Auditor's Report are self - explanatory
and as such they do not call for any further explanation as required
under section 217(3) of the Companies Act, 1956.
10. PARTICULARS OF THE EMPLOYEES
The information as required by provisions of section 217(2A) of the
Companies Act, 1956 read with companies (Particular of employees)
amendment rules, 1988 is reported to be NIL.
11. PARTICULARS UNDER SECTION 217(I)(E) OF THE COMPANIES ACT, 1956
The company is engaged in the business of trading in textile products.
Also, it is engaged in the business of Capital market & Finance Sector.
Hence, the information regarding conservation of energy, Technology
Absorption, Adoption and Innovation, the information required under
section 217(1)(e) of the Companies Act, 1956 read with the Companies
(Disclosure of Particulars in the Report of Board of Directors) Rules
1988, is reported to be NIL
The Company has not earned or used foreign exchange earnings/outgoings
during the year under review.
12. DIRECTORS RESPONSIBILITY STATEMENT
Pursuant to Section 217(2AA) of the Companies Amendment Act, 2000 the
Directors confirm that :
a. In the preparation of the Annual Accounts, for the year ended 31st
March 2014, all the applicable accounting standards prescribed by the
Institute of Chartered Accountants of India have been followed.
b. The Directors had adopted such accounting policies and applied them
consistently and made judgements 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 and of the profit of the
company for that period.
c. 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.
d. The Directors had prepared the annual accounts on a going concern
basis.
13. APPRECIATION
Your Directors wish to place on record their appreciation for the
contribution made by the employees at all levels but for whose hard
work, and support, your company's achievements would not have been
possible. Your Directors also wish to thank its customers, dealers,
agents, suppliers, investors and bankers for their continued support
and faith reposed in the company.
By Order of the Board of Directors
For RUBY TRADERS and EXPORTERS LIMITED
Ramrati Choudhury
Managing Director
May 19, 2014
Kolkata
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