Mar 31, 2015
Dear members,
The Directors have pleasure in presenting their thirty seventh Annual
Report together with the audited statements of accounts of the Company
for the year ended 31.03.2015.
1. FINANCIAL HIGHLIGHTS 2014-15 2013-14
Total Revenue 1,284,237 1,261,470
Expenses 250,932 117,517
Net profit before tax 1,033,305 1,143,953
Net profit after tax 927,305 999,953
Proposed Appropriations:
Transfer to General Reserve 5,00,000 5,00,000
Transfer to Special Reserve 185,500 200,000
Equity Dividend 0 50,000
Dividend Distribution Tax 8,500
2. DIVIDEND
To conserve resources, your Directors do not recommend any dividend
for the year ended 31st March, 2015.
3. MANAGEMENT DISCUSSION AND ANALYSIS REPORT
In the opinion of the Board of Directors, the nature of activities and
volume of transactions of the Company do not warrant presentation of
Management's Discussion and Analysis Report for the year under review
as stipulated under Clause 49 of the Listing Agreement with Bombay
Stock Exchange.
4. MATERIAL CHANGES AND COMMITMENTS AFFECTING FINANCIAL POSITION
No material changes and commitments affecting financial position of
the Company have occurred between the end of the financial year to
which the financial statements relates and the date of the report .
5. DEPOSITS
The Company has not accepted nor does it continue to hold any public
deposits as contemplated under Chapter V of the Companies Act, 2013
(the 'Act').
6. DIRECTORS' RESPONSIBILITY STATEMENT
Your Directors state that:
- in the preparation of the annual accounts, the applicable accounting
standards read with requirements set out under Schedule III to the Act
have been followed and there are no material departures from the same;
- 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 (i.e. 31.03.2015) and of
the profit of the Company for that period;
- the Directors had taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of the Act for safeguarding the assets of the Company and
for preventing and detecting fraud and other irregularities;
- the Directors had prepared the annual accounts on a going concern
basis.
- the Directors have laid down internal financial controls to be
followed by the Company and that such internal financial controls are
adequate and are operating effectively.
- the Directors have devised proper systems to ensure compliance with
the provisions of all applicable laws and that such systems are
adequate and operating effectively.
7. DIRECTORS AND KEY MANAGERIAL PERSONNEL
Ms. Pervin Rustom Mehta, (DIN- 01070431), Director of the Company is
liable to retire by rotation and being eligible for re-appointment at
the forthcoming Annual General Meeting of the Company has offered
herself for re-appointment.
Ms. Pervin Rustom Mehta holds 6,000 Equity Shares of the Company.
The Company has not appointed any independent directors and hence
declarations have not been received.
The Company has not devised a Policy for Directors' appointments,
remuneration, performance evaluation of Independent Directors, Board,
Committees and other Individual Directors including criteria for
qualifications, positive attributes, independence, performance
evaluation of the non-executive Directors and executive Directors.
8. MEETINGS OF THE BOARD
Five meetings of the Board of Directors were held during the year
under review as under:
On 28.05.2014, 24.07.2014, 01.08.2014, 31.10.2014 and 28.01.2015.
The meetings were duly convened and held and the intervening period
between successive meetings was within the period prescribed under the
Act.
9. EXTRACT OF ANNUAL RETURN
Pursuant to the provisions of Section 92(3) of the Act and Rule 12(1)
of the Companies (Management and Administration) Rules, 2014, an
extract of Annual Report of the Company in Form MGT-9 is annexed
herewith as Annexure I to this Report.
10. PARTICULARS OF LOANS, GUARANTEES AND INVESTMENTS
The Company has not given any loans, guarantees contemplated by
Section 186 of the Act. The details of the investments made by the
Company are given in the notes to the Financial Statements.
11. PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES
The Company has not entered into any contract or arrangement with any
related party.
12. CORPORATE SOCIAL RESPONSIBILITY
The provisions of Section 135 of the Act relating to Corporate Social
Responsibility are not applicable to the Company.
13. PARTICULARS OF EMPLOYEES
During the year under review, there was no employee as envisaged in
Section 197(12) of the Act read with Rule 5(2) and 5(3) of the
Companies (Appointment and Remuneration of Managerial Personnel)
Rules, 2014 and hence the statement showing names and other
particulars required thereunder is not appended.
14. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS AND OUTGO
There was no foreign exchange earning or outgo. The other particulars
prescribed under the Act are not applicable to the Company.
15. AUDITORS AND AUDITORS' REPORT
M/S P.G. Bhagwat, Chartered Accountants, retire at the ensuing Annual
General Meeting and being eligible offer themselves for reappointment.
As required under the provisions of the Section 139(1) of the
Companies Act, 2013, the Company has received a written consent from
M/s. P. G. Bhagwat, Chartered Accountants to their appointment and a
Certificate, to the effect that their appointment, if made, would be
in accordance with the Companies Act, 2013 and the Rules framed
thereunder and that they satisfy the criteria provided in section 141
of the Companies Act, 2013.
The Auditors' Report does not contain any qualification. The notes on
the financial statements referred to in the Auditors' Report are
self-explanatory and do not call for any further
For and on behalf of the Board
Sd/- Sd/-
Director Director
MUMBAI:
DATED: 30.04.2015
Mar 31, 2014
DEAR SHAREHOLDERS,
The Directors have pleasure in presenting their thirty sixth Annual
Report together with the audited statements of accounts of the Company
for the year ended 31.03.2014.
Financial Highlights
Total Revenue 12,60,363
Expenses 1,17,517
Net profit before tax 11,42,846
Net profit after tax 9,99,953
Proposed Appropriations:
Transfer to General Reserve 5,00,000
Transfer to Special Reserve 2,00,000
Equity Dividend 50,000
Dividend Distribution Tax 8,500
Dividend
The Directors recommend the payment of Dividend of Rs. 1/- (10 %) per
share for the year ended 31st March, 2014.
Particulars of Employees
During the year under review, there was no employee as envisaged in
Section 217(2A) of the Companies Act,1956 and hence the statement of
particulars required thereunder is not appended.
Conservation of energy, technology absorption and foreign exchange
earnings and outgo
There was no foreign exchange earning or outgo. The other particulars
prescribed under 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 to the Company.
Pursuant to the provisions of Section 217(2AA) of the Companies Act,
1956, your Directors confirm that:
- in the preparation of the annual accounts, the applicable accounting
standards had been followed alongwith proper explanation relating to
material departures;
- 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 (i.e. 31.03.2014) and of
the profit of the Company for that period;
- the Directors had taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of the Act for safeguarding the assets of the Company and
for preventing and detecting fraud and other irregularities;
- the Directors had prepared the annual accounts on a going concern
basis.
Auditors and Auditors'' report
M/S P.G. Bhagwat, Chartered Accountants, retire at the ensuing Annual
General Meeting and being eligible offer themselves for reappointment.
The notes on the financial statements referred to in the Auditors''
Report are self-explanatory and do not call for any further comments.
For and on behalf of the Board
Sd/- Sd/-
Director Director
MUMBAI:
DATED: 28.05.2014
Mar 31, 2013
TO THE SHAREHOLDERS,
The Directors have pleasure in presenting their thirty fifth Annual
Report together with the audited statements of accounts of the Company
for the year ended 31.03.2013.
FINANCIAL HIGHLIGHTS
Total Revenue 11,18,152
Expenses 1,20,854
Net profit before tax 9,97,298
Net profit after tax 8,58,998
Proposed Appropriations:
Transfer to General Reserve 5,00,000
Transfer to Special Reserve 1,72,000
Equity Dividend 50,000
Dividend Distribution Tax 8,498
DIVIDEND
Your Directors recommend the payment of Dividend of Rs.1/- (10 %) per
share for the year ended 31st March, 2013.
PARTICULARS OF EMPLOYEES
During the year under review, there was no employee as envisaged in
Section 217(2A) of the Companies Act, 1956 and hence the statement of
particulars required thereunder is not appended.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS AND OUTGO
There was no foreign exchange earning or outgo. The other particulars
prescribed under Section 217(l)(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 to the Company.
DIRECTORS* RESONSIBILITY STATEMENT
Pursuant to the provisions of Section 217(2AA) of the Companies Act,
1956, your Directors confirm that:
- in the preparation of the annual accounts, the applicable accounting
standards had been followed alongwith proper explanation relating to
material departures;
- 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 (i.e. 31.03.2013) and of
the profit of the Company for that period;
- the Directors had taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of the Act for safeguarding the assets of the Company and
for preventing and detecting fraud and other irregularities;
- the Directors had prepared the annual accounts on a going concern
basis.
AUDITORS
M/S P.G. Bhagwat, Chartered Accountants, retire at the ensuing Annual
General Meeting and being eligible offer themselves for reappointment.
For and on behalf of the Board
sd/ P. R. Mehta
sd/ S.F. Vakil
sd/ F.D. Neterwala
Directors
Place : Mumbai
Dated: 27th May 2013
Mar 31, 2012
The Directors have pleasure in presenting their thirty fourth Annual
Report together with the audited statements of accounts of the Company
for the year ended 31.03.2012.
FINANCIAL HIGHLIGHTS
Total Revenue 10,60,009
Expenses 1,20,777
Net profit before tax 9,39,232
Net profit after tax 8,15,232
Proposed Appropriations:
Transfer to General Reserve 5,00,000
Transfer to Special Reserve 1,63,000
Equity Dividend 50000
Dividend Distribution Tax 8111
DIVIDEND
Your Directors recommend the payment of Dividend of Rs. 1/- (10 %) per
share for the year ended 31st March, 2012.
PARTICULARS OF EMPLOYEES
During the year under review, there was no employee as envisaged in
Section 217(2A) of the Companies Act, 1956 and hence the statement of
particulars required there under is not appended.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS AND OUTGO
There was no foreign exchange earnings or outgo. The other particulars
prescribed under 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 to the
DIRECTORS' RESONSIBILITY STATEMENT
Pursuant to the provisions of Section 217(2AA) of the Companies Act,
1956, your Directors confirm that:
- in the preparation of the annual accounts, the applicable accounting
standards had been followed along with proper explanation relating to
material departures;
- 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 (i.e. 31.03.2012) and of
the profit of the Company for that period;
- the Directors had taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of the Act for safeguarding the assets of the Company and
for preventing and detecting fraud and other irregularities;
- the Directors had prepared the annual accounts on a going concern
basis.
AUDITORS
Mr. R.V. Shah, proprietor of M/s R.V. Shah & Co., Chartered
Accountants, who were appointed as statutory auditors of the Company at
the last Annual General Meeting, expired and in the casual vacancy
caused by his death M/S P.G. Bhagwat, Chartered Accountants, were
appointed as statutory auditors of the Company. M/S P.G. Bhagwat,
Chartered Accountants, retire at the ensuing Annual General Meeting and
being eligible offer themselves for reappointment.
For and on behalf of the Board
Sd/- P.R. Mehta
Sd/- S.F. Vakil
Sd/- F.D. Neterwala
Directors
Place: Mumbai
Dated: 9th July 2012
Mar 31, 2010
The Directors have pleasure in submitting their Thirty Second Annual
Report together with the audited Accounts of the Company for the year
ended on 31st March, 2010.
1. FINANCIAL RESULTS ;
The Profit for the year under review after deducting all charges and
expenses and after providing a sum of Rs. 95,000/- ( Previous Year Rs.
1,00,000/-) for taxation, comes to Rs. 7,15,648/- (Previous Year Rs.
6,10,787/-). An amount of Rs. 10,31,815/- is available for distribution
including Rs. 3,16,167/- being the balance amount brought forward from
last year.
2. DIVIDEND :
Your Directors recommend the payment of Dividend of Rs. 1.00 p. (10%)
per share for the year ended 31st March, 2010.
3. DIRECTORS :
Mrs S. F. Vakil retire by rotation at the ensuing Annual General
Meeting, and being eligible, offer herself for reappointment.
4. DIRECTORS RESPONSIBILITY:
Pursuant to Section 217 (2AA) of the Companies Act, 1956 the Directors
confirm that: in the preparation of the annual accounts, the applicable
accounting standards have been followed. Appropriate accounting
policies have been selected and applied consistently, and have 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 as at March
31,2010 and of the profit of the Company for the year ended March
31,2010. Proper and sufficient care has been taken 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 for
preventing and detecting fraud and other irregularities and the annual
accounts have been prepared on a going concern basis.
5. FIXED DEPOSITS :
The Company has not been accepting any Fixed Deposits from the Public.
As on 31st March, 2010 there were no Fixed Deposits with the Company.
6. STATEMENT UNDER SECTION 217 (2-A) ;
The Directors inform you that there were no such employees as would be
covered by the said Section.
7. AUDITORS :
M/s. R.V. Shah & Co., Chartered Accountants, retire as Auditors of the
Company at the ensuing Annual General Meeting and being eligible offer
themselves for reappointment.
Information required pursuant to the Companies ( Disclosure of
particulars in the report of the Board of Directors ) Rules, 1988 is
nil.
For and On Behalf of the Board
Sd/- S.F.Vakil Sd/- F.D. Neterwala
DIRECTORS
Place : Mumbai
Dated : 1st September 2010
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