AFFLUENCE

DIRECTOR’S REPORT
Dear Members,

Your Directors hereby present the 53rd Annual Report of the Company together with the Audited Accounts for the year ended 31st March, 2014.

Financial Results:
                                                                                            Rs. In Lacs
                                           Year ended 31/3/2014      Year ended 31/3/2013   
Total Income                                          0.00                      0.00   
Total Expenditure                                   0.26                      0.17   
Profit/Loss before depreciation             (0.26)                    (0.17)   
Depreciation                                         0.00                       0.00   
Profit/Loss before extra ordinary items (0.26)                     (0.17)   
Extra Ordinary Items                            0.00                       0.00   
Profit/Loss after extra ordinary            (0.26)                     (0.17)   
items & before tax
Provision for taxation                           0.00                         0.00
Fringe benefit tax                                 0.00                         0.00
Profit/Loss after tax                           (0.26)                        (0.17)   
Paid up Equity Share Capital            839.66                      839.66 
 
The members are aware that the winding up petition is pending at Mumbai High Court against company and since from that company does not have any business activities and only minimum bearing expenses have been debited in profit and loss account. 
 
DIVIDEND

In view of no business activities, Your Directors regret their inability to recommend any dividend for the year under review.

PUBLIC DEPOSIT

During the year the company did not invite public deposits within the meaning of section 58A of the companies Act, 1956 and rules made there under.

DIRECTORS

In accordance with the provisions of the Companies Act, 1956 and Articles of Association of the Company Mr. Aditya Kumar Singh, retires by rotation at the forthcoming Annual General Meeting, and being eligible, offer himself for re-appointment.

DIRECTOR’S RESPONSIBILITIES STATEMENT.

Pursuant to the requirement under Section 217(2AA) of the Companies Act, 1956, with respect to Director’s Responsibility statement, it is hereby confirmed:

i) that in the preparation of the  annual accounts for financial year ended 31st March, 2014, the applicable accounting standards have been followed along with proper explanation relating to material departure;

ii) that the Directors have 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 the Company at the end of financial year and of the  loss of the Company for the year and review.    

iii) that the Directors have taken proper and sufficient care of the maintenance of adequate accounting records in accordance with the provisions of this Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;

iv) that the Directors have not prepared the annual accounts on a going concern basis. As company has closed its business and unable to continue as a going concern.

AUDITORS

M/s R.D. Joshi & Company, Chartered Accountants, Indore, retires and being eligible, offers themselves for re-appointment in forthcoming Annual General Meeting.  

AUDITORS REPORT

The Report of Auditors of the Company for the year under reference is self-explanatory and do not call for any comments from the Directors.

DISCLOSURE OF SPECIAL PARTICULARS

Information as per section 217 (1) (e) of the Companies Act, 1956 read with the Companies (Disclosure of Particulars in the Report of the Board of Directors) Rules, 1988 for the year ended 31st March 2014.

Conservation of energy.

The Company has not made any manufacturing activity during the financial year.

Technology absorption:

The Company has neither purchased within India nor imported any technology.

Foreign Exchange Earnings and Outgo:
Total foreign exchange earned      :           Rs. Nil
Total foreign exchange used          :           Rs. Nil

PARTICULARS OF THE EMPLOYEE

There was no employee during the year drawing remuneration attracting provisions of section 217 (2A) of the companies Act, read with the companies (particulars of Employees) Rules 1975.

CORPORATE GOVERNANCE

The winding up petition is pending at Mumbai High Court against company after the possession taken over by the SASF (Stressed Assets Stabilization Fund) under SARFAESI Act, 2002 as stipulated under Directors Report of the year 2007-08. No activities going on with respect to shares and hence no compliance to Corporate Governance Code.

AUDIT COMMITTEE

Under the provisions of Companies Act, 1956 though Audit Committee is comprising of Shri Nirbhay Kumar Singh, Shri Baleshwar Singh and Shri Aditya Kumar Singh.

ACKNOWLEDGEMENTS

Your Company & Directors wish to extend sincere thanks to the Banks and shareholders for their co-operation in spite of no business activities.

Place: INDORE                                        for and on behalf of the Board
Dated: 02.09.2014                                     INDORE WIRE CO LIMITED

                                                   Baleshwar Singh          Aditya Kumar Singh                                                   
                                                       Director                       Director
                                              Din No. 00252695             Din No. 02624530

Your Directors hereby present the 53rd Annual Report of the Company together with the Audited Accounts for the year ended 31st March, 2014. The members are aware that the winding up petition is pending at Mumbai High Court against company and since from that company does not have any business activities and only minimum bearing expenses have been debited in profit and loss account

In view of no business activities, Your Directors regret their inability to recommend any dividend for the year under review

Information as per section 217 (1) (e) of the Companies Act, 1956 read with the Companies (Disclosure of Particulars in the Report of the Board of Directors) Rules, 1988 for the year ended 31st March 2014. Conservation of energy. The Company has not made any manufacturing activity during the financial year.

The Company has neither purchased within India nor imported any technology

The winding up petition is pending at Mumbai High Court against company after the possession taken over by the SASF (Stressed Assets Stabilization Fund) under SARFAESI Act, 2002 as stipulated under Directors Report of the year 2007-08. No activities going on with respect to shares and hence no compliance to Corporate Governance Code

Foreign Exchange Earnings and Outgo: Total foreign exchange earned : Rs. Nil Total foreign exchange used : Rs. Nil

There was no employee during the year drawing remuneration attracting provisions of section 217 (2A) of the companies Act, read with the companies (particulars of Employees) Rules 1975

Pursuant to the requirement under Section 217(2AA) of the Companies Act, 1956, with respect to Director’s Responsibility statement, it is hereby confirmed: i) that in the preparation of the annual accounts for financial year ended 31st March, 2014, the applicable accounting standards have been followed along with proper explanation relating to material departure; ii) that the Directors have 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 the Company at the end of financial year and of the loss of the Company for the year and review. iii) that the Directors have taken proper and sufficient care of the maintenance of adequate accounting records in accordance with the provisions of this Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities; iv) that the Directors have not prepared the annual accounts on a going concern basis. As company has closed its business and unable to continue as a going concern

The Report of Auditors of the Company for the year under reference is self-explanatory and do not call for any comments from the Directors

During the year the company did not invite public deposits within the meaning of section 58A of the companies Act, 1956 and rules made there under