| 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.
2013 - 2014 2012 - 2013
(Rs) (Rs)
FINANCIAL RESULTS
Total Revenue 6,262,237 4,530,643
Net Profit before Taxation 121,458 1,115,222
Less : Provision for Taxation 120,000 220,000
Provision for Deferred Tax 15,997 21,555
Net Profit/(Loss) after Taxation (14,539) 873,667
Less : Transfer to RBI Reserve Fund - 174,733
Add : Balance brought forward 157,847,634 157,148,700
Balance Carried Forward to Balance Sheet 157,833,095 157,847,634
COMPANY PERFORMANCE
The working results of your Company during Financial year ended on 31st
March, 2014 was not satisfactory.
DIVIDEND
The Directors have considered not recommended any dividend for the year
under review.
DIRECTORS
Mr. G. K. Agarwal, Director retires by rotation 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 the company at the end of the financial year and of the
profit or loss of the Company for the year under review;
iii) That the Directors had taken proper and sufficient care 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 fraud and other
irregularities;
iv) That the Directors had prepared the accounts for the financial year
ended 31st March, 2014 on a 'going concern' basis.
AUDITORS
M/s Salarpuria & Partners, 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(1 B) 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 Salarpuria & Partners, Chartered
Accountants, as Statutory Auditors to hold office from the conclusion
of this Annual General Meeting till the conclusion of next Annual
General Meeting.
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.
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 G. K. AGARWAL
Date: 28th May, 2014 DIRECTORS |