| Description of state of companies affair Operations The Company has not commenced any business operations during the year. Details regarding foreign exchange earnings and outgoDuring the year, there are no earnings in foreign exchange and outgo Particulars of employees as per provisions of section 217There are no employees covered by the provisions of the Section 217(2A) of the Companies Act, 1956, read with Companies (Particulars of Employees) Rules, 1975. Director's comments on qualification(s), reservation(s) or adverse remark(s) of auditors as per board's reportThe Auditors’ Report to the Shareholders does not contain any qualifications. Disclosure in board of directors report explanatoryYour Directors take pleasure in presenting the Audited Financial Report of the Company for the year ended on 31st March 2014. Disclosures in director’s responsibility statementDirectors’ Responsibility statement As required under Section 217 (2AA) of the Companies Act, 1956, your Board of Directors of the Company hereby states and confirms that: a) in preparation of Annual Accounts for the financial year, applicable Accounting Standards have been followed and there has been no material departures; b) appropriate accounting policies have been selected and applied consistently and have 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 as at 31st March 2014 and the profit and loss account of the Company for the year ended on that date; c) proper and sufficient care has been taken for the maintenance of adequate accounting records in accordance with provisions of the Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities; d) the Accounts of the Company have been prepared on a going concern basis. Further your Directors confirm that none of the directors is disqualified under Section 274 (1) (g) of the Companies Act 1956 and Section 164 of the Companies Act, 2013. Other details mentioned board reportDirectors The Directors as on 31.03.2014 are as follows: Mr. Marzban Hansotia Ms. Parul Khanna Ms. Silloo Patel and Ms. Sonal Patel resigned with effect from April 15, 2014. The Board has placed on record their appreciation of the valuable contribution made by both the directors to the Company. Mr. Marzban Hansotia and Ms. Parul Khanna were appointed as Additional Director with effect from April 15, 2014, in accordance with Section 160 of the Companies Act, 2014. He holds office only upto the date of the forthcoming AGM and Notice under Section 160 of the Act has been received from Member proposing his candidature for the office of Director. Deposits
The Company has not accepted any deposits during the year. Auditors M/s. N. H. Karnesh & Associates, the Statutory Auditors, retires at the ensuing Annual General Meeting and are eligible for re-appointment. Acknowledgement: The Directors acknowledge and thank the Parent Companies, business associates, Government authorities and bankers for their support and co-operation. |