| Dear Members,
The Directors have pleasure in presenting their Annual Report together
with the Audited Accounts of the Company for the Financial year ended
31 st March, 2014.
FINANCIAL RESULTS
2013-2014 2012-2013
Rs. Rs.
Total Revenue 23,487,239 29,197,983
Profit before Depreciation &
Finance Costs 7,807,929 18,478,484
Less: Depreciation 322,495 434,642
Less: Finance Costs 69,400 124,091
Net Profit before Taxation 7,416,034 17,919,751
Less: Provision for Taxation 2,299,000 6,169,000
Net Profit after Taxation 5,117,034 11,750,751
Add: Balance brought forward 191,776,042 180,025,291
Balance carried forward to 196,893,076 191,776,042
Balance Sheet
COMPANY PERFORMANCE:
In the light of challenging business conditions, the working results of
your Company during financial year ended on 31st March, 2014 was
satisfactory.
DIVIDEND:
The Directors have considered to plough back the profit in business for
better financial strength and as such they have not recommended any
dividend for the year under review.
CORPORATE GOVERNANCE:
The Principles of Good Corporate Governance through professionalism,
accountability, transparency, trusteeship and control have always been
followed by your Company and it has complied with all the applicable
provisions of Corporate Governance as per clause 49 of the Listing
Agreements with the Stock Exchanges.
A separate Report on Corporate Governance as prescribed by the Listing
Agreements forms part of the Annual Report 2013-14 along with the
Auditor's Certificate on its Compliance in Annexure "A".
DIRECTORS:
Mr. K. K. Ganeriwala, Director, retires by rotation at the ensuing
Annual General Meeting and being eligible offers himself for
re-appointment.
DIRECTORS' RESPONSIBILITY STATEMENT:
Pursuant to the requirement of Section 217(2AA) of the Companies Act,
1956 the Directors state as follows:-
i) That in the preparation of the Annual Accounts for the Financial
year ended 31st March, 2014 the applicable accounting standards had
been followed along with proper explanation relating to material
departures;
ii) That the Directors had selected such accounting policies and
applied them consistently and made judgments and estimates that were
reasonable and prudent so as to give a true and fair view of the state
of affairs of your company at the end of the financial year and of the
profit or loss of your company for that period;
iii) That the Directors had taken proper and sufficient care to the
best of their knowledge and ability for the maintenance of adequate
accounting records in accordance with the provisions of the Companies
Act, 1956. They confirm that there are adequate systems and controls
for safeguarding the assets of your company and for preventing and
detecting fraud and other irregularities;
iv) That the Directors had prepared the Annual Accounts for the
financial year ended 31st March, 2014 on a "going concern" basis.
AUDITORS:
M/s L. B. Jha & Co., Calcutta, Chartered Accountants, Auditors of the
Company, hold office till the conclusion of this Annual General
Meeting. They have expressed their willingness to continue as the
Statutory Auditors of the Company, if so reappointed and have furnished
to the Company the requisite certificate to the effect that their re-
appointment if effected would be within the limits prescribed under
section 224(1B) of the Companies Act, 1956. Accordingly, approval of
the Shareholders will be sought at the ensuing Annual General Meeting
of the Company to the re-appointment of and remuneration payable to M/s
L. B. Jha & Co., Calcutta, Chartered Accountants, as Statutory Auditors
to hold office from the conclusion of this Annual General Meeting till
the conclusion of next Annual General Meeting.
COMMENT ON AUDITORS OBSERVATION
As regards the observation made by the Statutory Auditor's in their
Report, your directors are of the opinion that no provision is required
to be made in respect of Interest accrued of Rs 11,800 as the same is
considered to be good and hence recoverable.
PUBLIC DEPOSIT:
The provisions of Section 58A of the Companies Act, 1956 and the rules
framed thereunder in respect of acceptance of deposits are not
applicable to your Company.
PARTICULARS OF EMPLOYEES:
Disclosures in terms of sub-section (2A) of section 217 of the
Companies Act, 1956 read with the Companies (Particulars of Employees)
Rules, 1975 are not applicable to your Company.
INFORMATION AS TO CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION,
FOREIGN EXCHANGE EARNINGS AND OUTGO:
The provisions of Section 217(1)(e) of the Companies Act, 1956 read
with the Companies (Disclosure of Particulars in the Report of Board of
Directors) Rules, 1988 in respect of Conservation of Energy, Technology
Absorption & Foreign Exchange Earnings and Outgo are not applicable
during the year under review.
CODE OF CONDUCT:
Your Company has formulated Code of Conduct which applies to Board
Members and Senior Management Personnel of the Company. Confirmations
towards adherence to the Code during the Financial year 2013-14 have
been obtained from all the Board members and Senior Management
Personnel in terms of the requirements of Clause 49 of the Listing
Agreement and a declaration relating to compliance of this Code during
the year under review by all Board members and Senior Management
Personnel has been given by the Director of the Company which
accompanies this report.
ACKNOWLEDGEMENT:
Your Directors would like to thank shareholders, bankers and all other
business associates for the continuous support given by them to the
Company and their confidence in its management.
For and on behalf of the Board
V. N. Agarwal
Place : Kolkata K. K. Ganeriwala
Date :29th May, 2014 Directors |