| Dear Members,
The Directors have the pleasure of presenting the Thirty Second Annual
Report of your Company for the financial year ended 31st March 2014.
Financial Results
The total income during the year under review was Rs. 54.61 lacs. The
pre-tax profits were Rs. 26.49 lacs after providing for depreciation of
Rs. 0.11 lacs. A provision of Rs. 5.25 lacs has been made for taxation
in the current year.
After adjusting for deferred tax, the net profit was Rs. 21.44 lacs. No
amount has been transferred to General Reserves.
Dividend
The Directors recommend for consideration of the shareholders at the
ensuing Annual General Meeting, payment of Dividend @ 5% on equity
share for the year ended 31st March 2014.
Outlook
The global economy began its modest recovery in the year 2013-14 with
improved demand from OECD economies in the second half of 2013.
Although this trend is expected to be maintained in the current year
also, however, unemployment, banking fragility and sluggish growth
still persist in several European economies. The Global economy grew by
3% in the year 2013 from 3.2% in the year 2012.
Emerging markets like India faced multiple challenges in the year
2013-14. A combination of persistent inflation, fiscal imbalances,
external sector vulnerabilities and low investments resulted in
sluggish domestic demand growth. Fiscal and monetary initiatives taken
by the Indian government and RBI have helped stabilize the financial
market conditions, but the domestic macro-economic environment still
remains challenging with increasing pressure on margins. The GDP of the
country is estimated to grow at 5.5% in the year 2014-15 as compared to
5.0% in 2013-14.
The Company is looking for additional business opportunities as they
emerge.
Public Deposits
The Company has no public deposits.
Directors
Mr. Inderdeep Singh (DIN: 00173538), Director will retire by rotation
and being eligible, offers himself for re-appointment. The Board of
Directors recommends his re-appointment.
Mr. Swaraj Singh (DIN: 06932584) was appointed as Additional Director
of the Company in the Board meeting held on 28th July 2014. Mr. Swaraj
Singh and Dr. Navin Kumar Kapur (DIN: 03273475) are eligible for
appointment as Independent Directors of the Company pursuant to Section
149 of the Companies Act, 2013 and provisions of the Listing Agreement.
Their appointment as Independent Directors under the new Act is
proposed for approval of the shareholders at the ensuing Annual General
Meeting.
Directors' Responsibility Statement
The Directors confirm that in preparation of the annual accounts for
the year ended 31st March 2014:-
i. The applicable accounting standards have been followed along with
proper explanation relating to material departures, if any;
ii. Appropriate accounting policies have been selected and the same
have been applied consistently and reasonable and prudent judgments and
estimates were made 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 and loss account for year ended March 31st 2014.
iii. Proper and sufficient care has been taken for the 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 frauds and other irregularities.
iv. The accounts have been prepared on a going concern basis.
Information relating to Section 217(1)(e) of the Companies Act, 1956
and rules made thereunder.
i. Conservation of Energy;
The Company did not carry out any manufacturing activity during the
year under review. The consumption of electricity continues to be
minimal and adequate measures are taken to conserve power.
ii. Technology Absorption;
The Company has not purchased or acquired any technology during the
year under review.
iii. Research & Development;
The Company is not involved in any Research & Development activities.
iv. Foreign Exchange Earning & Outgo;
During the year under review, there was no foreign exchange
expenditures or earnings
Auditors' Observations
The observations made in Auditors report are self explanatory. As such
no further comments under Section 217(3) of the Companies Act, 1956 are
required.
Auditors
M/s. Raghu Nath Rai & Co., Chartered Accountants (Firm Regn. No.
000451N), retire at the ensuing Annual General Meeting and being
eligible offer themselves for re-appointment. They have furnished a
certificate to the effect that the proposed re-appointment, if made,
will be in accordance with the applicable provisions of the Companies
Act, 2013.
Audit Committee
Audit Committee of the Company which was formed pursuant to the
provisions of Section 177 of the Companies Act, 2013 consists of Mr.
Kumar Srinivasan, Dr. Navin Kumar Kapur and Mr. Sawraj Singh.
Particulars of Employees
The Company has not paid any remuneration attracting the provisions of
Section 217 (2A) of the Companies Act, 1956 read with Companies
(Particulars of Employees) Rules, 1975. Hence, no information is
appended to this report.
Acknowledgement
The Directors place on record their sincere appreciation to the
Shareholders, Associates, Bankers, Customers, Vendors, Officers and
Staff of the Company and seek their continued cooperation and support
for the coming years also.
For and on behalf of the Board of Directors
New Delhi Gurpreet Singh
28-07-2014 Chairman |