PTL PROJECTS  LTD.

DIRECTORS’ REPORT

Dear Members

Your Directors have pleasure in presenting the Annual Report alongwith the auditied statement of accounts of your Company for the financial year ended March 31, 2014.

FINANCIAL RESULTS

During the period under review, your company has incurred losses of Rs.0.58 lac .

BOARD OF DIRECTORS

During the year,  Mr. Onkar S. Kanwar, Director of the Company is liable to retire by rotation and being eligible, offers himself  for re-appointment.

None of the Directors are disqualified under Section 164(2) of the Companies Act, 2013.

AUDITORS

Your Board approached to the retiring auditors of the Company M/s Manoj Kumar Gupta & Co, Chartered Accountants for their re-appointment as statutory auditors of the Company for the financial year 2014-15; the auditors intimated their unwillingness to be re-appointed as statutory auditors of the company. The Board of Directors have placed on record their appreciation of the professional services rendered by M/s Manoj Kumar Gupta & Co, Chartered Accountants during their association with the Company as its auditors.

M/s J Prakash & Associates, Chartered Accountants (Regn. No. 089245), be appointed as statutory auditors of the Company for five years, in place of retiring auditors M/s Manoj Kumar Gupta & Co, Chartered Accountants.

AUDITOR’S REPORT

There are no comments of Auditors in their Report which require explanation in Director’s Report.

FIXED DEPOSIT

During the year, the Company did not accept any Public Deposit. 

PERSONNEL

The Company has no employee covered under Section 217(2A) of the Companies Act, 1956.

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

The Companies (Disclosure of Particulars in the Report of Board of Directors) Rules, 1988, requiring disclosures of particulars regarding Conservation of Energy in Form-A and Technology absorption in Form A& B are not applicable.

During the year the Company did not earn any foreign exchange.

COMPLIANCE CERTIFICATE

Compliance Certificate as per provision of Section 383A of the Companies Act, 1956 read with Companies (Compliance Certificate) Rules, 2001 has been obtained from M/s.  Satyender Kumar & Associates, Practicing Company Secretary is attached herewith.

DIRECTOR’S RESPONSIBILITY STATEMENT

The Board of Directors of the Company confirms:-

That in the preparation of the Annual Accounts for the period ended 31st March, 2014 the applicable accounting standards have been followed and there has been no material departure;

That the selected accounting policies were applied consistently and the Directors 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 as at 31st March, 2014 and of the Profit & Loss Account of the Company for the period ended on that date;

That 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 any fraud and other irregularities;

That the Annual Accounts have been prepared on a going concern basis.

ACKNOWLEDGEMENTS

Your Directors place on record their appreciation for the co-operation and assistance received from the Company’s business associates during the year under review.

                                                                                                                           For and on behalf of the Board of Directors

Place: New Delhi                                                                                                (U.S. OBEROI)   (HARISH BAHADUR)

Date:   25.07.2014                                                                                               DIRECTOR           DIRECTOR