DIRECTORS REPORT

To Members,

BHOR INDUSTRIES LIMITED

Your Directors have pleasure in presenting the SEVENTY ANNUAL REPORT on the business and operations of your Company and the Audited Statement of Accounts for the Year Ended 31st March, 2014.

FINANCIAL RESULTS:

THE FINANCIAL RESULTS OF THE COMPANY FOR THE YEAR UNDER REVIEW ARE SUMMARISED BELOW:

	Year Ended 31st March,2014 (Rs.)	Year Ended 31st March,2013 (Rs.)
INCOME
Turnover / Gross Income	18,906,200	35,677,700
Other Income	44,901,564	3,016,065
EXPENDITURE
Purchases	18,599,400	35,060,850
Changes in Inventories of Finished Goods	-	-
Employee Costs	-	-
Finance Charges	-	-
Depreciation	2,75,858	528,459
Other Expenses	16,419,323	3,080,672
Total Expenditure	35,294,581	38,670,169

Profit / ( Loss ) Before Tax	28,513,813	23,596
Less: Provision for Taxation
Current Year Tax	26,00,000	-
Deferred Tax Liability	-	-
Profit / ( Loss ) After Tax	25,913,183	23,596

TURNOVER & OPERATIONS:

During the year the Company earned Rs. 18,906,200 /- Revenue from Operations and Rs. 44,901,564/- from other income as compared to Rs. 35,677,700/- Revenue from Operations and Rs. 3,016,065/- from other income during the last financial year.

AUDITORS REPORT

The observations made by the Auditors are self explanatory and therefore need no comments.

PUBLIC DEPOSIT:

Your Company has neither invited nor accepted/renewed any "Deposit" from public within the meaning of the term "Deposits" under the Companies (Acceptance of Deposits) Rules 1975, as amended from time to time.

DIVIDEND

In order to conserve resources of the Company, the Directors have decided not to declare any dividend for the year under review.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO:

The information required 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 with regard to Conservation of Energy & Technology absorption is not required to be given, as the same is not applicable to the Company.

Foreign Exchange Earning : NIL

Foreign Exchange Outgo : NIL

PARTICULARS OF EMPLOYEES:

During the year under review none of the employees of the Company was in receipt of remuneration in excess of the limits, specified under Section 217(2A) of the Companies Act, 1956, whether employed for the whole year or part thereof.

DIRECTORS:

To appoint a Director in place of Mr. Ramamruthum, who retires by rotation, and being eligible, offers himself for re-appointment.

None of the Companys directors is disqualified from being appointed as a director as specified in Section 274(1)(g) of the Companies Act, 1956.

DIRECTOR'S RESPONSIBILITY STATEMENT:

Pursuant to Section 217(2AA) of the Companies Act, 1956, the Directors affirm that;

In the preparation of the Annual Accounts of the Company, the applicable Accounting Standards had been followed.

ii. 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 on 31st March, 2014 and Profit or Loss for the year ended as on that date.

iii. 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 preventing and detecting fraud and other irregularities.

iv. The Directors had prepared the Annual Accounts on a going concern basis.

NSEL

i. The Company had exposure of commodities trade on NSEL (National Spot Exchange Limited) during the current year through broker registered with NSEL. The goods that ought to be in the possession of NSEL were not in existence, which resulted in failure to honor commitment to its brokers. The Company has joined as a member of NSEL INV FORUM whose members have filed a writ petition against NSEL, its promoters and its borrowers before High Court, Mumbai. The Board is of the opinion that the chances of recovery is very remote and have decided to write off the sum of Rs 13, 48,905 as bad debts.

RE-APPOINTMENT OF AUDITORS:

The retiring Auditors M/s. Ramesh M. Sheth & Associates, Chartered Accountants (ICAI Regn No. 111883W) retire and being eligible u/s 224(1B) of the Companies Act, 1956, offer themselves for re-appointment. The Directors recommend the appointment of M/s. Ramesh M. Sheth & Associates, Chartered Accountants, as the Companys Auditors including that of the Branch.

APPRECIATION:

Your Directors acknowledge with gratitude the co-operation and valuable assistance extended to the Company by all concerned parties.

For and on behalf of the Board of Directors

Place:

Date:

C H A I R M A N