| Dear Members,
The Directors present the 23rd ANNUAL REPORT together with the Audited
Statement of Account for the Financial Year 2013-14 ended on 31st
March, 2014.
Financial RESULTS:
As on As on
Particulars 31.03.2014 31.03.2013
Total Income (Net) 11,39,664 11,766,566
Total Expenditure 22,82,869 10,929,832
Gross Profit/(Loss) (11,43,204) 836734
Less:
Depreciation 1,67,344 155733
Provision for Taxation 4,476 132112
Extra Ordinary Items - -
Profit/ (Loss) after Tax (13,15,024) 548889
DIVIDEND:
In view of inadequate profit in the year under review, the Board of
Director have not recommended dividend for the year.
DIRECTORS:
Mr. Kanhiyalal D. Moolchandani and Mr. Alpeshkumar M. Patel, Directors
of the Company, retire by rotation and being eligible offers themselves
for re-appointment.
The Board of your Company recommends their re-appointment as Director
under the category of liable to retire by rotation.
FIXED DEPOSITS:
During the year under report, the Company has not accepted any deposit
to which the provisions of Section 58A of the Companies Act, 1956 and
corresponding Section 73 to 76 of the Companies Act, 2013, are
applicable.
PARTICULARS REGARDING EMPLOYEES:
During the year under report, none of the employees was in receipt of
remuneration exceeding the limit prescribed under Section 217 (2A) of
the Companies Act, 1956, read with the Companies (Particulars of
Employees) Rules, 1975, as amended.
PARTICULARS AS REQUIRED UNDER COMPANIES (DISCLOSURE OF PARTICULARS IN
THE REPORT OF THE BOARD OF DIRECTORS) RULES, 1988:
A. CONSUMPTION OF ENERGY & TECHNOLOGY ABSORPTION:
As the Company has not done any production activity, therefore there is
NIL information about conservation of Energy and Technology absorption.
B. FOREIGN EXCHANGE EARNING & OUTGO : NIL
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 have been followed along with proper explanation
relating to material departures.
II. 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 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 have 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 have prepared the annual accounts on a going
concern basis.
CORPORATE GOVERNANCE:
The Report on Corporate Governance required under Clause 49 of the
Listing Agreements is annexed.
AUDITORS:
The present Auditors of the Company M/s. Raval Sutaria & Associates,
Chartered Accountants, Ahmedabad were appointed as Auditors and will
retire at the ensuing Annual General Meeting. M/s. Raval Sutaria &
Associates, Ahmedabad have informed the Company about their inability
to continue as an Auditor of the Company and therefore the Company has
approached M/s. Ramesh Mansharamani & Co., Chartered Accountants,
Ahmedabad to act as an Auditor of the Company. M/s. Ramesh
Mansharamani & Co., Chartered Accountants, Ahmedabad have submitted
certificate for their eligibility for appointment under Section 139 of
the Companies Act, 2013. The Appointment of M/s. Ramesh Mansharamani &
Co., Chartered Accountants, Ahmedabad as Statutory Auditors of the
Company will be effective from the conclusion of this Annual General
Meeting to the conclusion of next Annual General Meeting. Your
Directors recommend the appointment of M/s. Ramesh Mansharamani & Co.,
Chartered Accountants, Ahmedabad as Statutory Auditors' of the Company.
The notes and remarks of Auditors' are self-explanatory.
COMPLIANCE CERTIFICATE:
The Company has obtained Compliance Certificate under the provisions of
section 383A of the Companies Act, 1956 from M/s Khandelwal Devesh &
Associates, Company Secretaries, Ahmedabad and the same is attached
with this Report as annexure.
LISTING:
The Shares of the Company are listed on the Bombay Stock Exchange,
Ahmedabad Stock Exchange and Jaipur Stock Exchange. The Company has
paid the Listing fees for the year 2014-15 to Bombay Stock Exchange.
Listing fee of Ahmedabad Stock Exchange and Jaipur Stock Exchange is
outstanding. The Company is regular in complying with the Listing
Agreement entered into with the Stock Exchange.
DEMATERIALISATION OF EQUITY SHARES:
The Company has appointed Sharepro Services (India) Pvt. Ltd. as RTA
and to facilitate holding of securities in dematerialized / electronic
form, the Company entered into agreement with both National Securities
Depository Limited (NSDL) and Central Depository Services (India)
Limited (CDSL) for dematerialisation of the Equity Shares of the
Company. ISIN No. of the Company's Equity Share is INE501L01016.
ACKNOWLEDGEMENT:
Your Directors express their sincere gratitude for the assistance and
co-operation extended by promoters, Banks, Government Authorities,
Employees and Shareholders.
For and on behalf of the Board
Chanderlal B. Ambwani
Place : Ahmedabad Chairman & Managing Director
Date : 11/08/2014 (DIN : 01390563) |