DIRECTORS REPORT The Members, The Directors have pleasure In presenting their Annual Report together with the Audited Accounts of the Company for the year ended 31st March, 2014. OPERATION: The Company has earned total Income of Rs 28.87 lacs for the year under review against the total income of Rs.25.32 lacs during the previous year. DIVIDENT In view of the loss the directors are unable to recommend any dividend for the year under report. DIRECTORATE: Mr. Dami Laljl Shah and Mr.SanJay A Desai retire by rotation and being eligible offer themselves for re-appointment. PARTICULARS OF EMPLOYEES: The company did not employ anybody drawing remuneration of Rs. 60.00.000/- or more per annum or Rs.5.00.000/-or more per month and hence the question of providing Information under section 217(2 A] Of the companies Act. 19S6 does not arise. COMPLIANCE CERTIFICATE: A compliance certificate from D. Kothari & Associates. Company Secretaries, that the company has complied with all the provisions of the Companies Act.1956, pursuant to section 383A of the Companies Act.1956 as amended is attached herewith and forms part of this report. DISCLOSURES OF PARTICULARS WITH RESPECT TO CONSERVATION KNFRfiV. TEr HNOI. OflV ARSORPTION AND FOREIGN EXCHANGES EARNINGS AND OUTGO. ; Particulars regarding conservation of energy, technology absorption as required pursuant to section 217 (1) (e) of the Companies Act. 19S6, as amended are not given since the said section is not applicable to the Company. Foreign exchange earnings. Rs. Nil, Foreign exchange outgo. Rs. Nil PUBLIC DEPOSIT: The Company has not accepted any deposit from Public. Therefore provision of section 58(A) of Companies Act.1956 are not applicable to the Company. DIRECTORS' RESPONSIBILITY STATEMENT: Pursuant to the provision of Sub-Section (2AA) of section 217 of the companies Act 1956 your directors confirm: I. That In the preparation of the annual accounts for year ended on 31st March. 2014. the applicable accounting standards had been followed: II. That 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 ended on 31" March.2014 and of the profit of the Company for that period; III. That 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; IV. That the Directors had prepared the annual accounts for the year ended on 31st March. 2014 on a going concern basis. ALTERATION IN ARTICLES OF ASSOCIATION OF THE COMPANY : The special resolution for altering the Articles of Association of the Company substituting the new Articles of Association in place of the existing Articles of Association based on Table 'F' of the Companies Act. 2013. which sets out the model Articles of Association for a company limited by shares, is proposed for the approval of the members at the ensuing Annual General Meeting. AUDITORS; M/S. A.CM0DI & ASSOCIATES. Chartered Accountants the present Auditors of the Company have furnished a certificate regarding their eligibility for reappointment. You are requested to appoint auditors of the company and fix their remuneration. FOR AND ON BEHALF OF THE BOARD DIRECTOR PLACE: MUMBAI Dated : 30,h May.2014 |