Disclosure in board of directors report explanatory DIRECTOR'S REPORT TO THE SHAREHOLDERSDear Shareholders:Your Directors have pleasure in presenting the Annual Report on the business and operations of the Company and Audited Statement of Accounts of the Company for the year ended 31st March, 2014.FINANCIAL RESULTSThe Profit and Loss Account of the company shows a Net Profit amounting to Rs.4,78,896 GENERAL REVIEWThe company's performance was not satisfactory during the year. The company could not achieve its turnover as well it could not achieve its target of Net Profit. Your Directors are hopeful that the company shall be able to achieve its target of Net Profit in the year to come. The future of the company seems to be bright.ACCEPTANCE OF DEPOSITSThe Company has not accepted any deposits during the year under review.PARTICULARS OF EMPLOYEESNone of the employee of the company received remuneration in excess of the limit specified u/s 217 (2A) of the Companies Act, 1956.DISCLOSURE OF PARTICULARS WITH RESPECT OF CONSERVATION OF ENERGYThe details as required by Companies (Disclosure of particulars in Report of Board of Directors) Rules, 1988 for conservation of Energy, Technology Absorption and Foreign Exchange earnings and outgo are not applicable to the Company having regard to the nature of business of the Company.DIRECTOR RESPONSIBILITY STATEMENTPursuant to section 217(2AA) of the Companies Act, 1956 the Directors confirm that:In presentation of the annual accounts, the applicable standards had been followed along with proper explanation relation to material departures;The Directors had 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 your Company at the end of the financial year and of the profit of your Company for that period; The Directors had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of this Act for safeguarding the assets of your Company and for preventing and detection fraud and other irregularities;The Directors had prepared the annual accounts on a going concern basis.AUDITORSSANJAY N SHAH and CO, Chartered Accountant,(FRN: 124897W) retiring auditors is eligible for re-appointment and offers them for reappointment.APPRECIATIONWe wish to place on record our deep and sincere appreciation for the contribution made by the workers, staff and executives to the performance of the Company. | BY ORDER OF THE BOARD OF DIRECTORS | | | Place:MUMBAIDated: 28/07/2014 | |
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