DIRECTOR'S REPORT To, The Members, Your Directors have pleasure to present their Tirtieth Annual Report and the Audited Annual Accounts for the year ended 31st March, 2014 DIRECTORS: In accordance with the requirements of the Companies Act, 1956 and Articles of Association of the Company Mr. Viren Vora will retire by rotation in the Annual General Meeting and being eligible offer himself for re-appointment. DIVIDEND : The Directors of your Company have not recommneded any Dividend for the financial year ended 31st March, 2014. PERSONNEL : There was no employee drawing salary in excess of the limits set out under Section 217 (2A) of the Companies Act, 1956 and the rules made thereunder. DEPOSITS : The Company has not accepted any deposit under Section 58A of the Companies Act, 1956 during the financial year ended on 31st March, 2014. AUDITORS : M/s. J. K. SHAH & ASSOCIATES, Chartered Accountants, Statutory Auditors of your Company, hold office until conclusion of the ensuing Annual General Meeting. The Company has received necessary certificate under section 224(1B) of the Companies Act, 1956 from the Auditors. The re-appointment of auditors is recommended to the members. LISTING FEES: The shares of the Company are listed at Mumbai & Ahmedabad Stock Exchange and the Company has paid the necessary listing fees upto the year 2014 - 2015. The Company has communicate with the Regional Stock Exchange i.e. The Stock Exchange of Mumbai for revocation of the suspension of the script of the Company. DIRECTOR'S RESPONSIBILITY STATEMENT : Pursuant to the requirement under Section 217(2AA) of the Companies Act, 1956, with respect to Director's Responsibility Statement it is hereby confirmed that : (i) in the preparation of the Annual accounts, the applicable accounting standards had been followed along with proper explanation relating to material departures. (ii) the accounting policies are consistently applied and reasonable, prudent judge ments and estimates are made 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 for the year ended on that date. (iii) that the directors had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provision of this Act for safeguarding the assets of the Company & for preventing and detecting fraud and other irregularities. (iv) that the directors had prepared the annual accounts on going concern basis. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNING AND OUTGO : (a) The Particulars required by the Companies (disclosure of particulars in report of the Board of Directors) pursuant to section 217(1) with regards to Conservation of Energy and Technological Absorption was not given, since the Company is not engaged in any manufacturing activity. (b) There was no earnings or outgoings in foreign exchange during the year. COMPLIANCE CERTIFICATE : A compliance certificate received from a practising Company Secretary certifing the compliance unde the Companies Act, 1956 is attached hereto. ACKNOWLEDGEMENT: Your Directors wish to place on record their appreciation of the support and co-operation received from Government, Banks, Financial Institutions, other Business Associates, Shareholders and employees of the Company. For and on Behalf of the Board of Directors s/d VIREN VORA Chairman of the Meeting Place : Mumbai Date : 14.08.2014. |