Mar 31, 2014
The Directors present the Annual Report of your Company together with the Audited Statement of Accounts and the Auditors'' Report of your company for the financial year ended, 31st March, 2014.
FINANCIAL HIGHLIGHTS Particulars 2013-2014 2012-2013
Income for the year was 1,35,72,59,102 73,57,64,664
Profit before Financial 1,14,25,149 1,03,96,929 Charges, Depreciation and Taxation
Out of which, Provisions have been made for :-
Financial Charges 64,24,183 66,64,102
Depreciation 19,02,230 16,82,292
Provision for Taxation :
(i) Current Income Tax 7,00,000 3,00,000
(ii) Deferred Tax (11,898) 4,38,104
Profit after Income Tax 24,10,634 13,12,431
In order to plough back the profits, Your Directors do not recommend any dividend for the year under review.
During the year, Mr. Shankar Prasad Bhagat and Mr. Naishadh Patel were appointed as Additional Directors and they shall hold office up to the date of the ensuing AGM and Ms. Olga Menezes Vincentpaul, whose term will be expired at the conclusion of the ensuing AGM. The Company has received requisite notice in writing from a member proposing them for appointment as Directors.
Mr. Snehal Patel, Whole Time Director of the company who is liable to retire by rotation, being eligible for reappointment, offers himself for reappointment.
The company has neither invited nor accepted any fixed deposit from the public during the year within the meaning of section 58A of companies Act, 1956 and the companies'' Acceptance & Deposits Rules, 1975 as amended from time to time.
DIRECTORS'' RESPONSIBILITY STATEMENT
Pursuant to the requirement under Section 217(2AA) of the Companies Act, 1956, with respect to Directors'' Responsibility Statement, it is hereby confirmed that:
1. in preparation of the Annual Accounts, the applicable accounting standards have been followed.
2. the Directors had selected such Accounting Policies and applied them consistently and made judgements 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 or loss of the company for that period.
3. 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.
4. the Directors had prepared the Annual Accounts on a going concern basis.
DISCLOSURES UNDER SECTION 217(1)(P) OF THE COMPANIES ACT, 1956
Except as disclosed elsewhere in this report, there have been no material changes and commitments which can affect the financial position of the Company occurred between the end of the financial year of the Company and date of this report.
PARTICULARS OF EMPLOYEES
There is no employee in the Company whose particulars are required to be given under section 217(2A) of the Companies Act, 1956 read with the Companies (Particulars of Employees) Rules, 1975, as amended.
M/s. Rakshit M Shah & Co., Chartered Accountants, having its office at Ahmedabad, will retire at the ensuing Annual General meeting of the Company and being eligible offer themselves for re-appointment. Your directors recommend their re-appointment as Statutory Auditors of the Company for the next financial year.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO
The particulars as required under the provisions of Section 217(1)(e) of the Companies Act, 1956 in respect of conservation of energy and technology absorption have not been furnished considering the nature of activities undertaken by the company during the year under review. Further during the year under review, the Company has neither earned nor used any foreign exchange.
Your Directors place on record their gratitude for the continuing support of Shareholders, bankers and Business associates at all levels.
By Order of the Board of Directors
Date :05/09/2014 Place : Ahmedabad