DIRECTORS' REPORT TO THE MEMBERS Dear Members, Your Director have pleasure in presenting the 28th Annual Report along with the audited Statement of Accounts for the year ended 31st March, 2014. DIVIDEND Keeping in view the need to conserve the company's resource, your Directors consider not declare any dividend during the year under the report. FIXED DEPOSITS Your Company has not accepted any fixed deposits from the public and is therefore not required to furnish information in respect of outstanding deposits under Non-Banking Financial Companies (Reserve bank) Directions, 1966 and Companies (Acceptance of Deposits) Rules, 1975. DIRECTOR Pursuant to the provision of section 255 of the companies Act, 1956 Ms. Anusuya Gupta director of the company, retires at the ensuing Annual General Meeting and being eligible, offers herself for reappointment. DIRECTOR'S RESPONSIBILITY STATEMENT In Accordance with the Requirements of Section 217(2AA) of the companies Act, 1956 your Directors wish to confirm the following: i) that the applicable accounting standards have been followed in the preparation of Annual Accounts. ii) that the directors have Selected such accounting Policies and Applied them consistently and made judgment and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the company for that period; iii) Proper and sufficient care has been taken for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act for safeguarding the assets of the company and for prevention and detection of fraud and other irregularities. iv) The annual account for the year ended March 31, 2014 have been prepared on a going concern basis. CONSERVATION OF ENERGY. TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUT GO: The Particulars as required U/s 217(1) (e) of the companies Act, 1956, read with companies (Disclosure of particulars in the Report of Board of Directors) Rules, 1988 relating to conservation of energy, Technology, Technology Absorption, Foreign Exchange Earning and outgo are not Applicable to the company, as the company does not carry out any manufacturing activity and has no dealing with foreign exchange. PARTICULARS OF EMPLOYEES The Particulars as required U/s 217(2A) of the companies Act, 1956, read with companies (particular of employees), there was no employee drawing remuneration in excess amount prescribed under Section 217(2A) of the Companies Act, 1956 during the year ended 31st March 2014. AUDITORS The present tenure of M/s. AVS & Co., Chartered Accountants, Mumbai Statutory Auditor of the Company is expiring on conclusion of ensuing Annual General Meeting. In pursuance of Section 139(1) of Companies Act, 2013 it is proposed to appoint M/s. AVS & Co., Chartered Accountants, Mumbai for the further tenure of one year. The Company has received consent by M/s. AVS & Co., Chartered Accountants, Mumbai to act as Statutory Auditor of the Company. If confirmed, the appointment will be made in accordance with Section 139(1) of the Companies Act, 2013 and the Rules made there under and they satisfy the criteria stipulated under the provisions of Section 141 of the Companies Act, 2013. AUDITOR REPORT The observation made in the Audit Report are self explanatory and therefore, do not call for any further comment U/s 217 of the Companies Act, 1956 The same have been noted for future compliance. SECRETARIAL COMPLIANCE CERTIFICATE: As required U/s 383 A of the Companies Act, 1956 a Secretarial Compliance Certificate from the Practicing Company Secretary is annexed hereto. ACKNOWLEDGEMENT The Board records its sincere appreciation for the continuing support and cooperation from bank, government authorities, shareholder , clients and staff of the Company. For and on Behalf of the Board For RELSON INDIA LIMITED Pravin Jain Director DIN: 01390983 Place: Mumbai Date: 29.05.2014 |