| Dear Shareholders,
The Directors present the TWENTY FIRST ANNUAL REPORT together with the
Audited Statement of Accounts for the Financial Year 2013 14 ended 31st
March, 2014.
1. FINANCIAL RESULTS:
(rs in lacs)
Particulars 2013-14 2012-13
Gross Income 19983.97 14373.32
Profit/(Loss) before Depreciation and Tax 78.89 66.80
Less: Depreciation 36.71 34.27
Profit/(Loss) Before Tax 42.18 32.53
Less: Current Tax 13.00 10.00
Add/Less: Deferred Tax Liability (1.39) (0.02)
Profit/(Loss) After Tax 30.57 22.55
Balance Carried to Balance Sheet 30.57 22.55
During the year under report, the Company continued to carry on the
business of renting of storage tank and trading in commodities
including silver. The Company continue to explore opportunities for
trading in commodities such as various agriculture commodities, metals
and also in gold and silver.
The turnover of the Company for the year 2013-14 has substantially
increased from X 14373.32 Lacs to X 19983.97 Lacs as compared to last
year. Due to this, profit before Depreciation and Tax stands increased
to Rs.78.89 Lacs as compared to profit of X 66.80 lacs in the last
year.
After charging Depreciation, the Company has made profit before tax of
X 42.18 lacs as compared to profit of X 32.53 Lacs in the last year.
After providing for Taxation (mainly, deferred tax liability), the
Company has made profit of X 30.57 Lacs as compared to profit of X
22.55 lacs which has been transferred to Balance Sheet. Thus during the
year under report, the Company has been able to improve its working in
a significant manner. The Company is hopeful of its continued
profitability in the time to come.
2. DIVIDEND:
In view of accumulated losses, the Board of Directors is unable to
recommend any dividend on the Equity Shares for the year under review.
3. DIRECTORS:
One of your Director viz. Mrs. Shilpaben Sukhdevbhai Acharya (DIN:
01947859), retire by rotation in terms of Articles 126 of the Articles
of Association of the Company. She, however, being eligible has offered
herself for reappointment. All the existing independent Directors of
the Company are proposed to be appointed for the period of 3 years
under section 149 of the Companies Act, 2013 read with revised clause
49 of the listing agreement.
4. DIRECTORS' RESPONSIBILITY STATEMENT:
Pursuant to the requirement of Section 217 (2AA) of the Companies Act,
1956, with respect to Directors' Responsibility Statement, it is hereby
confirmed:
(i) that in the preparation of the annual accounts, the applicable
accounting standards had been followed along with proper explanation
relating to material departures;
(ii) that the Directors had 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 31st March, 2014 being end of the
financial year 2013 14 and of the profit of the Company for the year;
(iii) that the Directors had taken proper and sufficient care for
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;.
(iv) that the Directors had prepared the annual accounts on a going
concern basis.
5. DEMATERIALISATION OF EQUITY SHARES:
Shareholders have an option to dematerialise their shares with either
of the depositories viz NSDL and CDSL The ISIN allotted is
INE750B01010.
6. PERSONNEL AND H. R. D.:
The industrial relations continued to remain cordial and peaceful and
your Company continued to give ever increasing importance to training
at all levels and other aspects of H. R. D.
7. MANAGEMENT DISCUSSION AND ANALYSIS REPORT:
Management Discussion and Analysis Report for the year under review, as
stipulated under Clause 49 of the Listing Agreement with the Stock
Exchanges is presented in a separate section forming part of the Annual
Report.
8. CORPORATE GOVERNANCE:
The Report on Corporate Governance as per Clause 49 of the Listing
Agreement is annexed.
9. COMPLIANCE CERTIFICATE UNDER THE COMPANIES ACT, 1956:
Your Company has obtained Compliance Certificate as required under the
Proviso to Section 383A of the Companies Act, 1956 from M/s. Manoj
Hurkat & Associates, Company Secretaries, Ahmedabad which is attached
to the Directors' Report.
10. LISTING:
The Equity Shares of the Company are listed on Ahmedabad Stock
Exchange, Bombay Stock Exchange and Saurashtra- Kutch Stock Exchange
(Now, derecognised by SEBI). The Company is generally regular in
payment of Annual Listing Fees to Ahmedabad and Mumbai Stock Exchanges.
The Company has paid Listing fees upto the year 2014 15 to Ahmedabad
and Bombay Stock Exchanges.
11. GENERAL:
11.1 INSURANCE:
The Company's properties including building, plant and machinery,
stocks, stores etc. continue to be adequately insured against risks
such as fire, riot, strike, civil commotion, malicious damages,
machinery breakdown etc.
11.2 AUDITORS:
M/s. Wadhawan & Co., Chartered Accountants, (Firm Registration No.
129455W) the existing auditors of the Company retire at the conclusion
of this Annual General Meeting and are eligible for reappointment.
The Company has obtained from them the written consent to such
appointment and a certificate to the effect that their appointment as
Auditors of the Company from conclusion of the 21st AGM to the
conclusion of 26th AGM, subject to ratification by members at every
Annual General Meeting if made, will be in accordance with of
provisions of Section 139 of the Companies Act, 2013 and such
conditions as may be prescribed.
The notes on Accounts and remarks of the Auditors are self explanatory.
The members are requested to consider the matter of appointment of
Auditors and also to fix their remuneration.
11.3 PARTICULARS OF EMPLOYEES:
None of the employees of the Company is drawing remuneration requiring
disclosure of information under Section 217(2 A) of the Companies Act,
1956, read with the Companies (Particulars of Employees) Rules, 1975.
11.4 DEPOSITS:
The Company has not accepted during the year under review any deposit
as defined under the Companies (Acceptance of Deposits) Rules, 1975.
12. PARTICULARS AS REQUIRED UNDER COMPANIES (DISCLOSURE OF PARTICULARS
IN THE REPORT OF THE BOARD OF DIRECTORS) RULES, 1988:
Information as per section 217(1)(e) of the Companies Act, 1956 read
with rule 2 of the Companies (Disclosure of particulars in the Report
of the Board of Directors) Rules, 1988 is given in the annexure and
forms an integral part of this report.
13. ACKNOWLEDGMENT:
Your Directors express their sincere thanks and appreciation to the
promoters, shareholders and customers for their constant support and co
operation.
Your Directors also place on record their gratitude to the Banks,
Institutions and Government Departments for their confidence reposed in
the Company.
By Order of the Board
sd/-
Place : Ahmedabad Sukhdev R. Acharya
Date : 12th May, 2014 (DIN: 01318814)
Chaurman & Managing Director
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