| Disclosure in board of directors report explanatory To The Members, Your Directors have pleasure in presenting the SIXTY SEVENTH Annual Report of the Company together with the Audited Accounts for the Financial Year ended 31st March 2014. FINANCIAL RESULTS Financial results of the company during the year vis-à-vis previous year are as follows: - (Rs. In Lacs) | Year Ended31.03.2014 | Year Ended31.03.2013 | Total Income | 90.45 | | 213.80 | Profit before Depreciation and Tax | 19.61 | | 17.41 | Less: Depreciation | 5.91 | | 2.62 | Profit before Tax | 13.71 | | 14.79 | Less: Provision for Income Tax | 4.98 | | 4.77 | Profit after Tax | 8.72 | | 10.02 | Balance brought forward from previous year | (26.18) | | (36.20) | Balance Carried to Balance Sheet | (17.46) | | (26.18) |
DIVIDEND In view of brought forward losses, directors do not recommend any dividend for the year ended 31st March 2014. PUBLIC DEPOSITS The company has not accepted any deposits within the meaning of Section 58A of Companies Act, 1956 and/or rules framed there under. DIRECTORS In accordance with the provisions of the Companies Act, 1956, Shri Dhawal Chandan, Director of the Company retires by rotation at the ensuing Annual General Meeting and being eligible offers himself for re-appointment. DIRECTORS’ RESPONSIBILITY STATEMENTPursuant to the requirement under Section 217(2AA) of the Companies Act, 1956, with respect to Directors’ Responsibility Statement, it is hereby confirmed: · That in the preparation of annual accounts for the financial year ended 31st March, 2014; the applicable accounting standards have been followed along with proper explanation relating to material departures; · That the Directors have selected such accounting policies and applied them consistently and made judgments and estimates that were 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 the year under review; · That the directors have taken proper and sufficient care 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 fraud and other irregularities; · That the directors have prepared the accounts for the financial year ended 31st March 2014 on a ‘going concern’ basis. STATUTORY AUDITORS M/s Goyal Neelam & Co, the statutory Auditors of the Company, have been holding office as Auditors for a period of 7 years. In terms of provisions of Section 139 of the Company act 2013 and rules made there under, M/s Goyal Neelam & Co can be appointed for a further period of consecutive three years. The retiring Auditors, being eligible, have given their consent for-appointment. The Board recommends the re-appointment of M/s. Goyal Neelam & Co. Chartered Accountants as the Statutory Auditors. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS AND OUTGOPursuant to the requirement under section 217(1)(e) of the Companies Act 1956, read with Companies (Disclosures of Particulars in the Report of Board of Directors) Rules, 1988, a) The Company has no activity involving conservation of energy or technology absorption.b) Foreign exchange earnings and outgo: Earning: Nil Outgo: Nil PARTICULARS OF EMPLOYEES There is no employee covered pursuant to Section 217(2A) of the companies Act, 1956 read with the Companies (Particulars of Employees) Rules 1975 as amended. For and on behalf of the Board of Directors Dhawal ChandanAhmedabad, 6th September 2014 DirectorDisclosures relating to dividendsIn view of brought forward losses, directors do not recommend any dividend for the year ended 31st March 2014. Details regarding energy conservationPursuant to the requirement under section 217(1)(e) of the Companies Act 1956, read with Companies (Disclosures of Particulars in the Report of Board of Directors) Rules, 1988, a) The Company has no activity involving conservation of energy or technology absorption. Details regarding technology absorptionPursuant to the requirement under section 217(1)(e) of the Companies Act 1956, read with Companies (Disclosures of Particulars in the Report of Board of Directors) Rules, 1988, a) The Company has no activity involving conservation of energy or technology absorption. Details regarding foreign exchange earnings and outgob) Foreign exchange earnings and outgo: Earning: Nil Outgo: Nil Particulars of employees as per provisions of section 217There is no employee covered pursuant to Section 217(2A) of the companies Act, 1956 read with the Companies (Particulars of Employees) Rules 1975 as amended. Disclosures in director’s responsibility statementDIRECTORS’ RESPONSIBILITY STATEMENT Pursuant to the requirement under Section 217(2AA) of the Companies Act, 1956, with respect to Directors’ Responsibility Statement, it is hereby confirmed: • That in the preparation of annual accounts for the financial year ended 31st March, 2014; the applicable accounting standards have been followed along with proper explanation relating to material departures; • That the Directors have selected such accounting policies and applied them consistently and made judgments and estimates that were 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 the year under review; • That the directors have taken proper and sufficient care 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 fraud and other irregularities; • That the directors have prepared the accounts for the financial year ended 31st March 2014 on a ‘going concern’ basis.
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