| Dear Members,
The Directors have pleasure in presenting the Twenty-Eighth Annual
Report of the Company together with the Audited Accounts for the
financial year ended on 31st March 2014.
1. Financial Results (Rs. in lacs)
Particulars FY 2013-14 FY 2012-13
Sales 309.79 648.78
Other income 2.60 2.47
Depreciation 0.24 0.12
Other expenses 15.95 24.05
Profit/ Loss before Tax 23.82 4.47
Profit/Loss after Tax 16.37 2.91
During the year company could not achieve reasonable level of growth in
terms of turnover. However, Company has achieved reasonable level of
profits during the year. Turnover of the company has been decreased in
comparison to the previous year due to slow down in the field of real
estate business; Company has diversified and expanded its activities in
various types of trading business. The company will try to achieve the
performance as previous year in terms of turnover in next year by
making more initiative in the activities of the company.
2. Personnel
Your directors' wish to place on record their appreciation for the
contribution to growth of the business made by employees at all levels.
Information as required pursuant to section 217(2A) of the companies
Act, 1956 has not been given, as it is not applicable.
3. Auditors
M/s. K. C. Parikh & Associates, Chartered Accountants, Statutory
Auditor of the Company, (Firm Registration No.: 107550W) holds office
until the conclusion of the ensuring Annual General Meeting. As per
newly inserted Section 139 of the Companies Act, 2013, they are to be
appointed for a term of five consecutive financial years, for which
necessary resolution is put to vote in this AGM, as stated in the item
no. 3 of the notice, they are eligible for appointment to conduct
statutory audit. The company has received certificate from the auditor
to the effect that their appointment if made, would be within the
prescribed limits under the Companies Act.
Notes to the accounts referred to in Auditor's report are self
explanatory and therefore do not call for any further comments.
4. Deposits
During the year under review, Company has not accepted any Deposits
falling under Section 58A of Companies Act, 1956.
5. Energy, Technology And Foreign Exchange
The additional information required to be disclosed in terms of
notification No.1029 dated 31st December, 1998 issued by the Department
of Company Affairs, Ministry of Finance is not applicable.
6. Directors' Responsibility Statement
Pursuant to Section 217(2A) of Companies Act, 1956, the Directors
confirm that:
i. In the preparation of Annual Accounts, appropriate accounting
standard have been followed.
ii. Appropriate accounting policies have been selected and applied
consistently and judgments and estimates made that are reasonable and
prudent so as to give true and fair view of state of affairs of the
company at the end of financial year ended 31st March, 2014.
iii. Proper and sufficient care has been taken for the maintenance of
adequate accounting records in accordance with the provisions of
Companies Act, 1956 for safe guarding the assets of the company and for
preventing and detecting fraud and other irregularities.
iv. The Annual Accounts have been prepared on going concern basis.
7. Directors:
As per provisions of Section 152(6) of the Companies Act, 2013, Mr.
Dhirajlal Patel, Director liable to retire by rotation, appointed as a
Director at the general meeting. Mr. Navinchandra Parmar and Mr.
Ishwarbhai Patel are being appointed as Independent Directors for
consecutive five financial years as per provisions of Section 149 of
the Companies Act, 2013. Mrs. Bhavnaben Patel is being appointed as a
Woman Director as per provisions of Section 149 of the Companies Act,
2013. Ms. Ekta Maheshwari, Mr. Kiritkumar Khetani, Mr. Ramjibhai Patel
and Mr. Pravinkumar Patel, has resigned from the Directorships of the
Company during the year. Necessary resolutions for the appointment /
re-appointment of the aforesaid directors have been included in the
notice convening the ensuing AGM and details of the proposal for
appointment / re-appointment are mentioned in the explanatory statement
of the notice. Your directors commend their appointment /
re-appointment. All the directors of the Company have confirmed that
they are not disqualified from being appointed as directors in terms of
Section 164 of the Companies Act, 2013 (Previously being Section 274(1)
(g) of the Companies Act, 1956).
8. Report on Corporate Governance
Compliance Report on Corporate Governance is a part of Annual Report is
annexed herewith.
9. Acknowledgements
Your Directors wish to please on record their appreciation of the whole
hearted co-operation extended to company from various departments of
the central and state governments, company bankers and financial
institutions and employees of the company and look forward for the same
cordial relationship in coming years.
Place: Surendranagar By order of the Board of Directors,
Date: 14/08/2014 FOR PATIDAR BUILDCON LIMITED
CHAIRMAN
(Mr. Rajnikant Patel)
(DIN: 01218436) |