DIRECTORS' REPORT To the members Your Directors have great pleasure in presenting the Annual Report, together with the Audited Accounts of the Company for the financial year ended 31st March, 2014. DIVIDEND: In view of the loss sustained, the Directors do not recommend any dividend for the year under review. DIRECTORS: Mr. Kshitij Rajkumar, Director retires by rotation to the ensuing Annual General Meeting and being eligible offers himself for re-appointing. AUDITORS: M/s M. P. Shah & Co. Chartered Accountants, Kolkata the present Auditor of the Company retires at the ensuing Annual General Meeting and is eligible for re-appointment as Auditor. AUDITOR'S OBSERVATIONS: The observations of the Auditors in their Report are self-explanatory and therefore, need no further explanation. DIRECTORS RESPONSIBILITY STATEMENT: Pursuant to the requirement under Section 217 (2AA) of the Companies Act, 1956 and under the Insurance Act, 1938 with respect to Director's Responsibility Statement, it is hereby confirmed: i) That in preparation of accounts for the financial year ended 31st March, 2014, the applicable accounting standards have been followed along with proper explanation relating to material departures: ii) That the Directors have 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 if the Company for the year under review: iii) That the Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 1956 and the Insurance Act, 1938 for safeguarding the assets of the company and for preventing and detecting fraud and other irregularities; iv) That the Directors have prepared the accounts for the financial year ended 31st March, 2014, on a 'going concern' basis. DEMATERIALISATION OF SHARES: Dematerialisation of shares is pending. Presently the shares are in physical form. COMPLIANCE CERTIFICATE: Pursuant to the Proviso of Sub-Section (1) of Section 383A of the Companies Act, 1956, the Compliance Certificate dated 28th May, 2014. is attached and forms part of the Directors' Report. PUBLIC DEPOSITS: During the year under review, no public deposits were accepted by the Company. LISTING WITH STOCK EXCHANGES: The equity shares of the Company are listed at The Bombay Stock Exchange Limited (BSE), and Listing Fees for the financial year ending the 31st March, 2015 have been duly paid. PARTICULARS OF EMPLOYEES: None of the Employees had drawn remuneration as required under provisions of Section 217 (2-A) of the Companies Act, 1956. CONSERVATION OF ENERGY, TECHNOLOGY, ABSORPTION AND FOREIGN EXCHANGE EARNINGS/ OUTGO: The Company has no activities relating to conservation of Energy or Technology Absorption. The Company does not have any foreign exchange earnings during the year under review. ACKNOWLEDGEMENT: Your Directors wish to place on record their appreciation for the co-operation, which the Company has received from its bankers and other Government Authorities. Your Directors also wish to place on record their appreciation of the unstinted co-operation extended by all business associates. For and on Behalf of The Board Of Directors KSHITIJ INVESTMENTS LIMITED (Director) PLACE: KOLKATA DATE: 28th May, 2014. |