DIRECTORS REPORT Your Directors are pleased to place before you the 80 Annual Report together with the audited accounts for the financial year ended on 31st March 2014. OPERATIONS: Your Directors have to report that the Company has not been able to take up any activity during the year under report and thus the expenses were kept at the minimum level which were highly essential for the Company. The operations of the Company have resulted in to a loss of Rs 2,34,158/- as against loss of Rs 3,05,208/-after provision for depreciation during last year which has been added to the accumulated loss of Rs 39.92,672/- resulting in to accumulated loss or Rs 42,26,830/-. DIVIDEND: In view of the loss, your directors have not recommended any dividend during the year under report. FIXED DEPOSIT: The Company has not accepted any Fixed Deposit and there are no Fixed Deposit outstanding or unclaimed. DIRECTORS: Mrs. Pramila V. Wadhwa, retire by rotation and being eligible offer herself for re-appointment PARTICULARS OF EMPLOYEES : Not a single employee was in receipt pf remuneration of the limit prescribed u/s. 217 (2A) of the Companies Act, 1956 read with Companies (Particulars of Employees) Rules, 1975. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION FOREIGN EXCHANGE EARNING AND OUTGO ETC.: Particulars relating to the Conservation of Energy, Technology Absorption is not applicable to the Company. The Company does not have any Foreign exchange earning nor there is any Foreign Exchange outgo. DIRECTORS RESPONSIBILITY STATEMENT AS PER SECTION 217 (2AA) OF THE COMPANIES ACT, 1956: Pursuant to the requirement under 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 accounts for the financial year ended 31st March 2014 the applicable accounting standards have been followed : (ii) That the directors have selected such accounting policies and applied them consistently and made judgement 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 loss of the Company for the year under review : (iii) 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 the fraud and other irregularities: (iv) That the Directors have prepared the accounts for the financial year ended 31st March 2014 on a 'going concern' basis. AUDITORS M/s. Narendra Anil & Associates, Chartered Accountants, retire as Auditors of the Company and being eligible offer themselves for reappointment. The Auditors have confirmed their willingness for reappointment as Auditors of the Company and have submitted their written consent and necessary Certificate in compliance of Section 139 of the Companies Act 2013 read with the Companies (Audit & Auditors) Rules 2014. for and on behalf of the board Manoj V. Wadhwa [Chairman] PLACE : MUMBAI DATED : 11.08.2014 |