| Dear members,
The Directors have pleasure in presenting the Report on the business
and operations of the Company together with the Audited Accounts for
the year ended 31st March, 2014.
1. FINANCIAL RESULTS: (Amt. in Rupees)
Year Ended Year Ended
Particulars March 31, 2014 March 31, 2013
Turnover 19,85,91,743.70 42,80,01,884.00
Other Income 46,85,096.81 3,63,36,805.00
Expenditure 25,51,72,026.98 46,30,83,301.00
Profit(Loss) Before Taxes (5,19,75,367.86) 12,55,388.00
Provision for Taxes
Current Tax NIL 2,39,200.00
Deferred Tax NIL 4,30,550.00
Profit after Tax available for (5,19,75,367.86) 5,85,638.00
appropriation
Dividend NIL NIL
Balance carried forward to Balance (5,19,75,367.86) 5,85,638.00
Sheet
2. DEPOSITS:
The Company has not accepted any deposit from Public. Therefore
provisions of section 58(A) of Companies Act, 1956 and Companies
(Acceptance of Deposits) Rules, 1975 are not applicable to the Company.
3. DIVIDENDS:
In the view of long run interest of the company, your Directors do not
recommend any dividend.
4. INSURANCE:
Movable and fixed Assets are adequately insured.
5. CORPORATE GOVERNANCE:
The Company has been following the principles and practices of good
Corporate Governance and has ensured compliance of the requirements
stipulated under Clause - 49 of the Listing Agreement with the Stock
Exchanges.
A detailed report on Corporate Governance along with Certificate issued
by Practicing Chartered Accountants in terms of Clause - 49 of the
Listing Agreement is attached which forms part of this Report.
6. MANAGEMENT DISCUSSION AND ANALYSIS:
A report on Management Discussion and Analysis forms part of this
Report and it deals with the Business, Operations and Financial
Performance etc.
7. PARTICULARS OF EMPLOYEES:
The company did not employ anybody drawing remuneration of Rs.60,
00,000/-or more per annum or Rs.5, 00,000/- or more per month and hence
the question of providing information under section 217(2A) of the
companies Act, 1956 does not arise.
8. DIRECTORS:
Mr. Chandrakant Gaikwad, Directors will retire by rotation at the
ensuing Annual General Meeting and being eligible, offer themselves for
reappointment. Your Directors recommend their reappointments for your
approval.
Mrs.Ami Jigar Motta, Mr. Nilesh Shivram Mistry and Mr. Ketan Babubhai
Patel are being proposed to be re-appointed as Independent Directors in
terms of the applicable provisions of the Companies Act, 2013. The
Board recommends their re-appointment.
9. THE CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE
EARNING/OUTGO:
Information pursuant to Section 217(1) (e) of the Companies Act, 1956
read with Rule 2 of the Companies (Disclosure of Particulars in the
Report of Board of Directors) Rules, 1988 regarding conservation of
Energy, Technology Absorption and Foreign Exchange Earnings and Outgo
is provided separately as an annexure to the Director's Report.
10. DIRECTORS RESPONSIBILITY STATEMENT:
Pursuant to the provision of Sub-Section (2AA) of section 217 of the
companies Act, 1956 your directors confirm:
I. That in the preparation of the annual accounts for year ended on31st
March, 2014, the applicable accounting standards had been followed with
no departures there from;
II. That the Directors had selected such accounting policies and
applied them consistently and made judgments and estimates that are
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 ended on
31st March, 2014 and of the loss of the Company for that period;
III. That the Directors had taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of this act for safeguarding the assets of the Company and
for preventing and detecting fraud and other irregularities ;
IV. That the Directors had prepared the annual accounts for the year
ended on 31st March, 2014 on a going concern basis.
11. AUDITORS:
M/s. Sheetal Samriya & Associates, Chartered Accountants the present
Auditors of the Company have furnished a certificate regarding their
eligibility for re- appointment. You are requested to appoint auditors
of the company and fix their remuneration.
12. AUDITORS REPORT:
There are no qualifications or adverse remarks in the Auditors' Report
which requires any clarifications / explanations. The notes to accounts
forming part of the financial statements are self explanatory.
13. ACKNOWLEDGEMENT:
The Board wishes to thank the Employees, Business partners, Bankers,
Clients and shareholders, for their continued support and for faith
they have respond in the Company.
For, Prabhav Industries Limited
Date: 30/05/2014 SD/-
Place: Vadodara Jayesh R. Thakkar
Chairman |