| Dear Members,
The Directors submit herewith their 29th Annual Report together with
the Audited Accounts of the company for the year ended 31st March,
2014.
FINANCIAL RESULTS:
The year's working results after meeting all expenses of operation &
management are set out as below:-
This Year Previous Year
Rs. P. Rs. P.
Profit for the year 4080201 4060491.00
Provision for
Income Tax (777000) (775000.00)
Deferred Tax (1263000) 1289000.00
Profit after Taxation 2040201 4574491
Appropriation for Income Tax
for earlier year 26817 (149029)
Transfer to General Reserve 408000 915000
Balance brought forward
from previous year 40337758 35912296
Balance at the end of the year: 42404775 40337758
PERFORMANCE:
The Company s performance for the year under review reflected an
encouraging growth as compared to the performance of the previous year.
During the year the interest income Rs. 4966581/- (Previous Year Rs.
5554933/-), Crane Hire Charges Rs. 9272462/- (Previous Year Rs.
11396281/-), (Loss) / Profit on Sale of Investment Rs. Nil (Previous
Year Rs. 466603/-), Crane Mobilization Charges Rs. 80000/- (Previous
Year Rs. 50000/-) and other income was Rs. 548685/- (Previous Year Rs.
356144/-). Commission received Rs 2342704/- (Previous year Rs.
527077/-).
OUTLOOK ON OPPERTUNITTES:
The company expects good business performance as a Commission Agent of
various foreign company for participate the Global Tender on behalf of
them (Foreign Company) as Indian Agent and made Agreement with them
(Foreign Company) for few years and witness tremendous growth and will
continue.
Particulars of the Foreign Company and Business Agreements with them as
Indian Agent.
(A) A consortium company which is based on Abu Dhabi i.e. M/s Abu Dhabi
Ship Building with a Spain based company M/s Rodman Polyship
participates in the tender with Oil & Natural Gas Corporation Ltd
(ONGC) for Immediate Support Vessel (ISV) construction of 23 Nos.
vessels. Where our company will be acting as a Commission Agent.
(B) A China based company M/s China Oilfield Services Ltd. (COSL)
participates in the tender with Oil & Natural Gas Corporation Ltd. for
3D Seismic Data Acquisition in KG Basin during Field Season 2014-15 and
2015-16. Where our company will be acting as a Commission Agent.
(C) A China based company M/s Sichuan World-Rise Petroleum Equipment
Corporation participates in the tender with Oil & Natural Gas
Corporation Ltd (ONGC) for Heavy Weight Drill Pipes (HWDP) supply.
Where our company will be acting as a Commission Agent.
(D) A China based company M/s Petro Materials (Cangzhou) Co., Ltd.,
participates in the tender with Oil India Limited (OIL) for Drill
Collar supply. Where our company will be acting as a Commission Agent.
(E) A China based company M/s Jiangsu Rutong Petro-Machinery Co., Ltd.,
participates in the tender with Oil & Natural Gas Corporation Ltd
(ONGC) for Handling Tools supply. Where our company will be acting as a
Commission Agent.
(F) A China based company M/s Zhongnan Equipment Company Ltd.,
participates in the tender with Oil & Natural Gas Corporation Ltd
(ONGC) for SRP Accessories supply. Where our company will be acting as
a Commission Agent.
EMPLOYEES:
None of the employees are covered by the provisions contained in
section 217(2A) of the Companies Act, 1956 read with the Companies
(Particulars of Employees) Rules, 1975 and therefore this information
has not been furnished as a part of this report.
DIRECTORS RESPONSIBILITIES STATEMENT:
Pursuant to section 217(2AA) of Companies Act. 1956, the directors
confirm the following in respect of the audited annual accounts for the
year ended 31st March. 2014:
i) That in the preparation of the annual accounts, the applicable
accounting standards have been followed along with proper explanations
relating to material departures.
ii) That the directors have selected such accounting policies and
applied them consistently and made Judgment and estimates that are
reasonable and prudent so as to give a true and fair view of the state
of affairs of the company as at 31st March, 2014 and the Profit of the
company for the period ended 31st March, 2014.
iii) That the directors had taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provision of the Act for safeguarding the assets of the company and for
preventing and detecting fraud and other irregularities.
iv) That the directors had prepared the annual accounts on a going
concern basis.
In accordance with the Articles of Association of the company Sri.
Sagarmal Jhanwar retire at the ensuing Annual General Meeting and being
eligible offers himself for re-election.
DIVIDEND:
In view of conversation of resources, no dividend is being recommended.
CORPORATE GOVERNANCE:
Pursuant to clause 49 of the Listing Agreement with the Stock Exchange,
we have complied with the recommendation of the committee on corporate
governance constituted by the Securities and Exchange Board of India
(SEBI). For fiscal year 2014, the compliance report is provided in the
Corporate Governance Report section of this annual report. The company
secretary's Certificate on compliance with the mandatory
recommendations of the committee in Annexed to this report.
We have documented our internal policies corporate governance. In line
with the committee's recommendations, the management s discussion and
analysis of the financial position of the company is provided in this
Annual Report and is incorporated hereby reference. We continue our
practice of providing a report on our compliance with corporate
governance for the benefit our shareholders.
SECRETARIAL COMPLIANCE CERTIFICATE
As a stipulated U/s 383A of the Companies Act 1956 as amended by
companies (Amendment) Act 2008, a secretarial compliance certificate
from M/s MR & Associates, a practicing whole time Company Secretary is
Annexed herewith.
CODE OF CONDUCT
The Board has laid down a code of conduct for all Board Members and
Senior Management of the company. The code of conduct has been posted
on the Company's Website.
LISTING AT STOCK EXCHANGE
The Equity shares of the company continue to be listed on Bombay Stock
Exchange Limited and Calcutta stock exchange Ltd. The annual listing
fees for the year 2014-15 have been paid to only The Bombay Stock
Exchanges Ltd.
CEO / CFO CERTIFICATION
The CEO/CFO have certified to the Board of Directors in respect of
review of the financial statement and cash flow statement for the year
in terms of the requirement of Clause 49(V) of the Listing Agreement
with the Stock Exchange.
DEPOSITARY
The Equity shares of the Company is trading permitted only in
dematerialized form, the company has made the requisite arrangement
with National Securities Depository Limited (NSDL) and Central
Depository Services (India) Limited (CDSL) to enable investors to hold
shares in dematerialized form.
The annual custodial fees for the year 2014-15 have been paid to those
Depositories.
ENERGY, TECHNOLOGY AND FOREIGN EXCHANGE:
Information in accordance with the provision of 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 regarding
conservation of energy, technology absorption and foreign exchange
earnings and outgo have been given in the annexure.
AUDITORS' OBSERVATION:
Auditors' observations are self explanatory and need not required any
further clarifications.
AUDITORS:
The Auditors, M/S. Dangi Jain & Company Chartered Accountants, retire
at the ensuing Annual General Meeting and have confirmed their
eligibility and willingness to accept office, if re-appointment.
ACKNOWLSDGEMENTS
Your Directors wish to place on record their appreciation for the
continued support and co-operation of the shareholders, Banks various
Regulatory and Government authorities and for the valuable
contributions made by employees of the company.
REGISTERED OFFICE
2, Clive Ghat Street
Room No. 8 & 9, 2nd Floor,
RAMESH JHANWAR
Dated. 30 Day of May, 2014. Director |