Mar 31, 2014
Dear Members,
The Directors are pleased to present 19th 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 Results
The summarized financial results for the year ended 31st March, 2014
are as under:
Particular 31st March, 31st March,
2014 2013
Amount in Rs. Amount in Rs.
Profit /(Loss) before Dep. & taxation 883818 391579
Depreciation 231240 152856
Profit /(Loss) before taxation 652578 238723
Provision for Taxation 103000 68000
Profit /(Loss) after taxation 549578 170723
Prior Period expenses and Adjustments - -
Balance available for appropriation 549578 170723
Transferred to General Reserve 109915 34145
Balance carried to Balance sheet 439663 136578
Dividend:
Due to insufficient profits Your Directors do not recommend any
dividend for the year under review.
Directors:
After the closure of the year, pursuant to the provisions of Section
161(1) of the Companies Act, 2013 and the Articles of Association of
the Company, Mr. Dharmesh K. Patel and Mr. Prashant N. Barot were
appointed as Additional Directors designated as Independent Directors
w.e.f. 05th June, 2014 and they shall hold office up to the date of the
ensuing Annual General Meeting. The Company has received requisite
notice in writing from a member proposing them for appointment as an
Independent Director.
The Company has received declarations from all the Independent
Directors of the Company confirming that they meet with the criteria of
independence as prescribed both under sub-section (6) of Section 149 of
the Companies Act, 2013 and under Clause 49 of the Listing Agreement
with the Stock Exchanges.
After closure of the year, Mr. Dharmesh K. Lakhani and Mrs. Lataben D.
Lakhani, Non-executive Directors of the Company have resigned from the
Directorship of the Company w.e.f. 05th June, 2014. The Board places on
record its gratitude for the services rendered by Mr. Dharmesh Lakhani
and Mrs. Lataben Lakhani during their tenure as members of the Board.
Mr. Mahendrabhai M. Shah, Director of the company who is liable to
retire by rotation, being eligible for reappointment, offers himself
for reappointment.
Corporate Governance
A Report on Corporate Governance along with a Certificate from the
Statutory Auditors of the Company regarding the compliance of
conditions of Corporate Governance as stipulated under Clause 49 of the
Listing Agreement are annexed to this Report.
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)(d) 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.
Transfer to Reserves in terms of Section 217(1)(b) of the Companies
Act, 1956:
For the financial year ended 31st March, 2014, the Company has not
transfer any sum to Reserves except as per the applicable norms of RBI.
Therefore, your Company proposes to transfer the entire amount of
profit to Profit and Loss Accounts of the Company.
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.
Auditors :
M/s. Bhagat & 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 recommends 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.
Acknowledgements :
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
Place: Ahmedabad Mr. Mahendrabhai M. Shah
Date: 05th June. 2014 Chairman & Managing Director
Mar 31, 2013
Dear Members,
vour Directors are pleased to present 18th 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, 2013.
Financial Results
The summarized financial results for the year ended 31st March, 2013
are as under:
Particular 31st March, 31st March,
2013 2012
Amount in Rs. Amount in Rs.
Profit /(Loss) before Dep: & taxation 391579 210031
Depreciation 152856 133002
Profit /(Loss) before taxation 238723 77029
Provision for Taxation ' 68000 40000
Profit /(Loss) after taxation 170723 37029
Prior Period expenses and Adjustments -- --
Balance available for appropriation 170723 37029
Transferred to General Reserve 34145 23613
Balance carried to Balance sheet 136578 13416
Dividend:
Due to insufficient profits, your Directors do not recommend any
dividend for the year under review,
Directors:
During the year under review Mrs. Vasantbala M. Shah, Director of the
Company have resigned from the Directorship of the Company w.e.f.
01st April, 2013. The Board places on record its gratitude for the
services rendered by Mrs. Vsantbala M. Shah during her tenure as member
of the Board.
During the year, pursuant to the provisions of Section 260 of the
Companies Act, 1956 and the Articles of-Association of the Company, Mr.
Dharmesh K. Lakhani and Mrs. Lataben D. Lakhani were appointed as
Additional Directors w.e.f. 01st April, 2013 and they shall hold office
up to the date of the ensuing Annual General Meeting. The Company has
received requisite notice in writing from a member proposing them for
appointment Directors. The Board recommend their appointment as
Directors.
Mr, Sanket M. Shah, Director of the company wbo is liable to retire by
rotation, being eligible for reappointment, offers himself for
reappointment.
Corporate Governance
A Report on Corporate Governance along with a Certificate from the
Statutory Auditors of the Company regarding thq compliance of
conditions of Corporate Governance as stipulated under Clause 49 of the
Listing Agreement are annexed to this Report.
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 217flHd) 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.
Transfer to Reserves in terms of Section 217(1 )(b) of the Companies
Act. 1956:
For the financial year ended 31st March, 2013, the Company had not
transfer any sum to Reserves except as per the RBI Norms. Therefore,
your Company proposes to transfer the entire amount of profit to Profit
and Loss Accounts of the Company.
Particulars of Employees;
There are no employees 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.
Auditors :
The Statutory Auditors of the Company, M/s. Bhagat & Co, retire at the
conclusion of the ensuing Annual General Meeting, and are eligible for
re- appointment. -The retiring Auditors have furnished a certificate of
their eligibility for re-appointment under section 224 (1B) of the
Companies Act, 1956 and have indicated their willingness to continue.
The Board of Directors recommend the reappointment as Statutory
Auditors of M/s. Bhagat & Co, Chartered * Accountants for the financial
year 2013-14 for shareholder's approval.
Conservation of Energy, Technology Absorption and Foreign Exchange
Earnings and Outgo:
The particulars as required under the provisions of Section 217(l)(e)
of the Companies Act, 1956 fn 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 y£ar under review, the Company has neither earned
nor used any foreign exchange. '
Acknowledgements :
We thank our Shareholders, bankers and Business associates at all
levels for the continuing'support during the year. Our consistent
growth was made possible by their hard work, solidarity, cooperation
and support.
By Order of the Board of Directors
Mr. Mahendrabhai M. Shah
Chairman and Managing Director
Place: Ahmedabad
Date: 05/08/2013
Mar 31, 2012
Dear Members,
Your Directors are pleased to present 17th 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, 2012.
Financial Results
The summarized financial results for the year ended 31st March, 2012
are as under:
Particular 31st March, 31st March,
2012 2011
Amount in Rs. Amount in Rs.
Profit /(Loss) before Pep, & taxation 210031 259244
Depreciation 133002 144202
Profit /(Loss) before taxation 77029 115042
Provision for Taxation 40000 34000
Profit /(Loss) after taxation 37029 81042
Prior Period expenses and Adjustments -- --
Balance available for appropriation 37029 81042
Transferred to General Reserve 23613
Balance carried to Balance sheet 13416 81042
Dividend:
Due to insufficient profits, your Directors do not recommend any
dividend for the year under review.
Directors:
Mrs. Vasantbala M. Shah, Director of the company who is liable to
retire by rotation, being eligible for reappointment, offers herself
for reappointment.
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 of1 the company and
for preventing and detecting fraud and other irregularities.
4. the Directors had prepared the Annual Accounts on a going concern
basis.
Corporate Governance
A Report on Corporate Governance along with a Certificate from the
Statutory Auditors of the Company regarding the compliance of
conditions of Corporate Governance as stimulated under Clause 49 of the
Listing Agreement are annexed to this Report.
Disclosures under Section 217 (1)(d) 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.
Transfer to Reserves in. terms of Section 217(l)(b) of the Companies
Act. 1956:
For the financial year under review, the Company has not transfer any
sum to Reserves except as per the RBI Norms.
Particulars of Employees:
There are no employees 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.
Auditors :
The Statutory 'Auditors, of the Company, M/s. Bhagat & Co, retire at
the conclusion of the ensuing Annual General Meeting, and are eligible
for re- appointment. The retiring Auditors have furnished a certificate
of their eligibility for re-appointment under section 224 (IB) of the
Companies Act, 1956 and have indicated their willingness to continue.
The Board of Directors recommend the reappointment as Statutory
Auditors of M/s. Bhagat & Co, Chartered Accountants for the
financial year 2012-13 for shareholder's approval.
Conservation of Energy. Technology Absorption and Foreign Exchange
Earnings and Outgo:
The particulars as required under the provisions of Section 217(l)(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.
Acknowledgements :
We thank our Shareholders, bankers and Business associates at all
levels for the continuing support during the year. Our consistent
growth was made possible by their hard work, solidarity, cooperation
and support.
By Order of the Board of Directors
Mr. Mahendrabhai M. Shah
Chairman and Managing Director
Place: Ahmedabad
Date:, 09/08/2012
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