Mar 31, 2014
TO THE SHAREHOLDERS
The Directors are pleased to present the Annual Report together with
the Audited Financial Statement of the Company for the year ended 31st
March, 2014.
(Amount in Rs.)
FINANCIAL RESULTS Year ended Year ended
31-03-2014 31-03-2013
Profit/(Loss) before Tax 42,11,333 84,28,590
Less: Provision for Taxation 8,02,500 16,06,100
Profit after Tax 34,08,833 68,22,490
Balance of Loss brought forward from
Previous year (61,08,051) (1,29,30,541)
Balance of Loss carried over (26,99,218) (61,08,051)
DIVIDEND :
In view of the accumulated losses, your Directors do not recommend for
payment of any dividend on shares for the year ended 31st March, 2014.
REVIEW OF OPERATIONS :
Your company is engaged in the business of trading of tea and ferrous
metals and surplus funds as generated from such activity being deployed
in suitable investment from time to time . The current year''s
performance is expected to be in same line as that of the previous
year.
DIRECTORS :
Mr. Yashwant Kumar Daga retires by rotation u/s 152 of The Companies
Act, 2013 and offers himself for reappointment.
In terms of provisions of Section 149 of The Companies Act, 2013 and
SEBI circular dated 17/4/2014 on Corporate Governance it is proposed to
appoint Shri Durga Prasad Birla and Shri Manoj Kumar Agrawal ,
respectively , both Non Executive Directors at present holding office
of Director as per erstwhile Companies Act, 1956, as Independent
Director for a period of five years from 1st October, 2014 to 30th
September, 2019.
AUDITORS AND AUDITORS REPORT :
The retiring auditors M/s Lodha & Company, Chartered Accountants ,
Kolkata retire at the conclusion of the ensuing Annual General Meeting
and have offered themselves for reappointment. In terms of the
provisions of section 139 of The Companies Act, 2013 read with Rule 6
of Companies (Audit and Auditors) Rules, 2014 the Board of Directors
have resolved to recommend their reappointment as Statutory Auditors to
the members at the ensuing Annual General Meeting.
The notes appended to the accounts and referred in the Report of the
Auditors are all self explanatory and do not warrant any further
explanation.
SECRETARIAL COMPLIANCE CERTIFICATE :
In terms of the General circular 8/2014 bearing no. 1/19/2013-CL-V
dated 1/4/2014 of the Ministry of Corporate Affairs, the Secretarial
Compliance Certificate issued by Practicing Company Secretary , in
respect of financial year ended 31.03.2014, forming part of this
Report, is annexed.
CORPORATE GOVERNANCE REPORT AND MANAGEMENT DISCUSSION ANALYSIS REPORT :
A report on Corporate Governance for the financial year ended
31.03.2014 and Management Discussion and Analysis Report as per clause
49 of the Listing Agreement are attached and forms part of this report.
DIRECTORS RESPONSIBILITY STATEMENT :
Your Directors confirm:
1. That in the preparation of the Annual Accounts, the applicable
accounting standards have been followed.
2. That the Directors have selected such policies and applied them
consistently and made judgement and estimates that are reasonable and
prudent so as to give true and fair view of the state of affairs of the
company at the end of the financial year and of the profit / loss of
the company for the period.
3. That Directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of the Companies Act, 1956 for safeguarding the assets of
the company and detecting fraud and other irregularities.
4. That the Directors have prepared the annual accounts on a going
concern basis.
ADDITIONAL INFORMATION :
Your company not being engaged in manufacturing operations, the
particulars required under Section 217(1)(e) of The Companies Act, 1956
read with Companies (Disclosure of particulars in the Report of the
Board of Directors) Rules, 1988 are not applicable.
PARTICULARS REGARDING EMPLOYEES REMUNERATION :
As there was no employee drawing remuneration specified in Section
217(2A) of The Companies Act, 1956, the said particulars are not
applicable.
LISTING FEES :
The shares of the company are listed in Bombay, Delhi and Calcutta
Stock Exchange respectively and listing fees for the financial year
2014-2015 have been paid to the respective stock exchange.
ACKNOWLEDGEMENT :
Your Directors record their appreciation of the assistance and
cooperation extended to the company by the bankers and other
authorities. Your Directors are also thankful to all the employees for
their devoted efforts.
For and on behalf of the Board
Pradip Kumar Daga Durga Prasad Birla
(DIN 00040692) (DIN 00066622)
Place : Kolkata Yashwant Kumar Daga Manoj Kumar Agrawal
(DIN 00040632) (DIN 00067194)
Dated : 30th May, 2014 Directors Directors
Mar 31, 2013
TO THE SHAREHOLDERS
The Directors are pleased to present the Annual Report along with the
Audited Accounts of the Company for the year ended 31 st March, 2013.
FINANCIAL RESULTS
(Rs)
Profit /(Loss) before Tax 84,28,590
Tax 16,06,100
Profit after Tax 68,22,490
Balance brought forward from previous year (1,29,30,541)
Balance Carried Forward (61,08,051)
DIVIDEND
In view of accumulated losses, your Directors regret their inability to
recommend any dividend. REVIEW OF OPERATION
Your Company is engaged in the trading activity of tea and ferrous
metals and surplus funds of the Company has been invested in
inter-corporate deposits and shares of the bodies corporate. The
current year performance is expected to be in line with the previous
year.
DIRECTORS
Shri Pradip Kumar Daga and Shri Durga Prasad Birla retire at the
forthcoming Annual General Meeting and being eligible offer themselves
for re-appointment,.
AUDITORS AND AUDITORS'' REPORT
The retiring auditors M/s Lodha & Co., Chartered Accountants, Kolkata
retire at the forthcoming Annual General Meeting and being eligible,
offer themselves for re-appointment.
The notes appended to the accounts and referred to in the Auditors''
Report are self-explanatory and therefore, do not call for any further
comments or explanations.
COMPLIANCE CERTIFICATE
As prescribed under Companies (Compliance certificates) Rules,2001,
compliance certificate from a practicing company secretary has been
obtained and annexed to this report.
CORPORATE GOVERNANCE AND MANAGEMENT DISCUSSION ANALYSIS REPORT
A report on Corporate Governance and Management Discussion and Analysis
as per Clause 49 of the Listing Agreement with Stock Exchange is
attached to the Annual Report.
DIRECTORS RESPONSIBILITY STATEMENT
Your Directors confirm :
1. That in the preparation of the Annual Accounts, the applicable
accounting standards have been followed.
2. 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 true and fair view of the state of
affairs of the Company at the end of the financial year and of the
Profit/Loss of the Company for that period.
3. That Directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of the Companies Act, 1956 for safeguarding the assets of
the Company and detecting fraud and other irregularities.
4. That the Directors have prepared the annual accounts on a going
concern basis.
ADDITIONAL INFORMATION
Since the Company is not into any manufacturing activities at present,
particulars as required under Section 217(1)(e) of the Companies Act,
1956 read with Companies (Disclosure of particulars in the Report of
the Board of Directors) Rules, 1988 are not applicable.
PARTICULARS OF EMPLOYEES
There are no employees drawing remuneration prescribed under the
provisions of Section 217(2A) and rules framed there under.
LISTING FEES
Your Company is listed on Calcutta, Bombay and Delhi Stock Exchanges
and listing fees of the exchanges for the year 2013-14 have been paid.
ACKNOWLEDGEMENT
Your Directors record their appreciation of assistance and co-operation
extended to the Company by the bankers and other authorities. Your
Directors are also thankful to all the employees for their co-
operation and devoted efforts.
P. K. DAGA
Regd. Office : Y K DAGA
16, Hare Street, M. K. AGARWAL
Kolkata - 700 001 D. P. BIRLA
Dated : 30th May, 2013 Directors
Mar 31, 2012
The Directors are pleased to present the Annual Report along with the
Audited Accounts of the Company for the year ended 31st March, 2012.
FINANCIAL RESULTS
Particulars (Rs.)
Profit/(Loss) before Tax 8,088,900
Tax 1,541,300
Profit after Tax 6,547,600
Balance brought forward
from previous year (19,478,141)
Balance Carried Forward (12,930,541)
DIVIDEND
In view of accumulated losses, your Directors regret their inability to
recommend any dividend.
DIRECTORS
Shri Manoj Kumar Agarwal retires at the forthcoming Annual General
Meeting and being eligible offers himself for re-appointment.
AUDITORS AND AUDITORS' REPORT
The retiring auditors M/s Lodha & Co., Chartered Accountants, Kolkata
retire at the forthcoming Annual General Meeting and being eligible,
offers themselves for re-appointment.
The notes appended to the accounts and referred to in the Auditors'
Report are self-explanatory and therefore, do not call for any further
comments or explanations.
CORPORATE GOVERNANCE AND MANAGEMENT DISCUSSION ANALYSIS REPORT
A report on Corporate Governance and Management Discussion and Analysis
as per Clause 49 of the Listing Agreement with Stock Exchange is
attached to the Annual Report.
DIRECTORS RESPONSIBILITY STATEMENT
Your Directors confirm :
1. That in the preparation of the Annual Accounts, the applicable
accounting standards have been followed.
2. 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 true and fair view of the state of
affairs of the Company at the end of the financial year and of the
Profit/(Loss) of the Company for that period.
3. That Directors have taken sufficient care for the maintenance of
adequate accounting records in accordance with the provisions of the
Companies Act, 1956 for safeguarding the assets of the Company and
detecting fraud and other irregularities.
4. That the Directors have prepared the annual accounts on a going
concern basis.
ADDITIONAL INFORMATION
Since the Company is not into any manufacturing activities at present,
particulars as required under Section 217(1)(e) of the Companies Act,
1956 read with Companies (Disclosure of particulars in the Report of
the Board of Directors) Rules, 1988 are not applicable.
PARTICULARS OF EMPLOYEES
There are no employees drawing remuneration prescribed under the
provisions of Section 217(2A) and rules framed there under.
ACKNOWLEDGEMENT
Your Directors record their appreciation of assistance and co-operation
extended to the Company by the bankers and other authorities. Your
Directors are also thankful to all the employees for their co-operation
and devoted efforts.
Regd. Office : P. K. DAGA
16, Hare Street, D. P. BIRLA
Kolkata - 700 001 M. K. AGARWAL
Dated : 29th May, 2012 Directors
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