Mar 31, 2014
The Directors'' present the Annual report on the business and operations of your Company for the year 2013-14.
FINANCIAL RESULTS AND OPERATIONAL REVIEW:
Particulars Year Ended Year Ended 31.03.2014 31.03.2013 (Amt in Rs.) (Amt in Rs.)
Total Sales/Income 19,67,14,887 66,71,691.81
Total Expenses excluding interest 19,64,68,170 66,03,988.97 expenses
Interest expenses Nil Nil
Profit/(Loss) before Taxation 2,46,717 67,702.84
Taxes/Deferred Taxes 1,80,000 (11,32,011)
Profit/(Loss) After Taxation 66,717.20 11,99,713.84
P& L Balance b/f (24,18,680.16) (36,18,394)
Excess provision of income tax written 66,717.20 11,99,713.84 back
Profit/ (Loss) carried to Balance Sheet (23,51,962.96) (24,18,680.16)
PARTICULARS OF EMPLOYEES:
There are no employees drawing the remuneration in excess of ceiling prescribed under provisions of Companies (Particulars of Employees) Rules, 1975 read with Section 217(2A) of the Companies Act, 1956 as amended from time to time. Hence no information is required to be appended to this report in this regard.
Mr. Amrish Mehta, Director of the Company is liable to retire by rotation at the ensuing Annual General Meeting and being eligible, offer themselves for re-appointment.
As required u/s 217(2AA) of the Companies Act, 1956 your Director confirms that in the preparation of the annual accounts.
The applicable accounting standards have been followed along with proper explanation relating to material departures.
Such accounting policies have been selected and applied consistently and reasonable and prudent judgments and estimates made, 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 the profit/loss of the company for that period.
Proper and sufficient care has been taken for the maintenance of the adequate accounting records in accordance with provisions of this act for safeguarding the assets of the company and for preventing and detecting fraud and other irregularities.
The annual accounts have been prepared on a going concern basis.
A comprehensive report on corporate governance as stipulated under Clause 49 of the Listing Agreement is attached to this Report.
The Company has obtained a certificate from the Statutory Auditors regarding compliance of conditions of Corporate Governance as stipulated in Clause 49 of the Listing Agreement and the same is annexed at the end of Corporate Governance Report.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE:
As required under rule3 of the companies (Disclosure of Particulars in the report of Board of Directors) Rules 1998, the particulars relating to the conservation of energy, Technology absorption, and the foreign exchange earnings and outgo are also Nil.
APPOINTMENT OF AUDITORS:
M/s. Hemant C Parikh & Co., Chartered Accountants, Ahmedabad, Auditors of the Company, hold office until the conclusion of the ensuing Annual General Meeting. The Company has received letters from them to the effect that their appointment, if made, would be within the prescribed limits under Section 224(1-B) of the Companies Act, 1956.
The Company has not accepted any deposits from the public during the year under review. Your Company is listed with the Ahmedabad Stock Exchange Limited, Madras Stock Exchange Limited & Jaipur Stock Exchange Limited.
Your Company is engaged in a single segment only.
The management is grateful to the government authorities, Bankers, Vendors for their continued assistance and co-operation. The directors also wish to place on record the confidence of members in the company.
For & on behalf of the Board of Director
Date: 29/05/2014 Place: Jamnagar Sd/- Sd/- Mahendra Maru Bhavesh Shah Director Director DIN:02180084 DIN:05304222