DIRECTORS' REPORT TO THE MEMBERS Your Director take pleasure in presenting the Annual Report of your Company together with the Audited Accounts for the year ended 31" March 2014 DIRECTORS: in accordance with the Articles of Association of the Company and the provision of The Companies Act' 1956 Shri Gopal Das Bangur and Sri Om Prakash Modani, Directors of the Company are retire by rotation at the ensuing Annual General Meeting and being eligible offers themselves for re-appointment DEPOSITS: The Company has not accepted Fixed Deposits from Public. NON- BANKING FINANCIAL COMPANIES PRUDENTIAL NORMS (RESERVE BANKS) DIRECTIONS, 1998{NBFC REGULATIONS) In terms of paragraph 9BB of the NBFC regulations, the particulars as applicable to the Company, are appended to the Balance Sheet. AUDITORS: M/s. S. S. Kothari & Company, Chartered Accountants, the Auditors of the Company retires at the ensuing Annual General Meeting and being eligible, offer them for re-appointment. CONSERVATION OF ENERGY, TECHNOLOGY, ABSORPTION AND FOREIGN EXCHANGE EARNING AND OUTGO: Since the Company does not carry out any manufacturing activity and has no dealing in foreign exchange, the particulars required to be disclosed with respect to the Conservation of Energy and Technology Absorption in terms of 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 are not applicable PARTICULARS OF EMPLOYEES: The Company had no employee of the category specified under Section 217{2AA) of the Companies Act, 1956 during the year under review. DIRECTORS' RESPONSIBILITY STATEMENT In terms of provision for Section 217(2AA) of The Companies Act' 1956, Your Directors confirm as under i) that in the preparation of the annual accounts, the applicable standards had been followed along with proper explanation relating to material departures; ii) that 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 the Company at the end of the financial year and of the profit of the Company for that period Hi) that 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 the Company and for preventing and detecting fraud and other irregularities; iv) that the Directors had prepared the annual accounts on a going concern basis. SECRETARIAL COMPLIANCE CERTIFICATE: Pursuant to Section 383A of the Companies Act, 1956 and Companies (Compliance Certificates) Rules, 2001, a certificate from Mr. Mukesh Chaturvedi. a Secretary in Whole Time Practice, as to whether the Company has complied with the provisions of the Companies Act, 1956 has been obtained and annexed to this Report. ACKNOWLEDGEMENT: The Directors express their appreciation of the services of the employees at all levels and support the Company continues to receive from Bankers and shareholders On behalf of the Board (Sri GD. Bangur) Chairman Place : Kolkata Dated : 13.05.2014 |