| Dear members,
The Directors are pleased to present the 33rd Annual Report along
with the audited financial statements of the Company for the year
ended 31st March, 2014
Financial results
Highlights of financial result for the year were as under:
2013/14 2012/13
'in Lakhs 'In Lakhs
Profit from Operations before Other
Income & Interest 321.27 510.14
Add: Other Income 3.04 4.25
Operating profit before Interest 10.90 18.84
Less: Interest (1.44) 9.24
Add: Exceptional lncome/(Expenses) - -
Profit Before Tax (1.44) 9.24
Provision for Tax 1.05 (1.76)
Income Tax Adjusted for earlier year (0.88) (5.41)
Profit After Tax (1.61) 2.07
Add: Surplus brought forward from
Previous Year 32.53
Amount available for appropriation 34.60 34.60
General Reserve No. 1 0 -
Debenture Redemption Reserve A/c - -
Dividends - -
Interim Dividend - -
Final (Proposed) - -
Tax on Dividend - -
Balance carried forward 32.99 34.60
REVIEW OF OPERATIONS
The Company is engaged in trading of Zinc oxide and Tea Products.
During the year the Company has imported Rs. 12.623,206/-(P.Y
1141,138,737/-) Of the Zinc oxides and Rs. 4,293,816.67 (P.Y.
9,124,903,79) Of the Tea Products. The Turnover for the current year
has decreased from Rs. 48,028,396/- to Rs.30,276,828/- (P.Y. has
increased from Rs. 29,048,110 /- To Rs. 48,028,396/-) tor the year
ended 31.03 2014 and the profitability has been decreased to Rs. 03.18
Lacs due to recession of global market and fluctuation of prices of
Zinc oxides. The company has tied up with UCA LANKA PVT LTD as sole
representatives for marketrg their products worldwide. The company
expects good prospects In coming years The company has tied up with
BASILUR TEA EXPORTS (PVT) LTD for marketing their products worldwide.
The company expects good prospects in coming years.
HUMAN RESOURCES
Your Directors acknowledge and appreciate the sncere and devoted
services & contribution rendered by the highly committed officers
ptaced at various level of operation of the company.
PARTICULARS OF EMPLOYEES
As none of the Company was in reccpt of remuneration in excess of the
limits presented information as per section 217 (2A) of the Companies
Act, 1956, read with Companies (Particulars of Employees) Rules, 1975,
as amended, are not required to be given.
CONSERVATION OF ENERGY AND TECHNOLOGY ABSORPTION
The companies (Disclosure of particulars in the Report if the Board of
Directors) Rules, 1988 require Disclosure of Particular Regarding
conservation of Energy in Form A and Technology Absorption in Form B.
The Company not being a Manufacturing Company is advised that Form A
and B are not applicable to it.
FOREIGN EXCHANGE EARNINGS & OUTGO
The particular with respect to Foreign Exchange Earning & Expenditure
pursuant to Companies (Disclosure of particulars in the Report of the
Board of Directors) Rules, 1988 appears in the Notes to Accounts.
AUDITORS
M/s. S.D Motta & Associates. Auditors will retire ensuing Annual
General Meeting art berg eligible officer themselves for re-
appointment. The directors recommended their reappointment until the
conclusion of the next Annual General Meeting of the company
FIXED DEPOSITS
During the year, the company has not accepted any Fixed Deposits from
Public under Section 58-A of the Companies Act, 1956
DIRECTORS
Mr. Jitendra Yadav, Director of the Company retires by rotation at the
ensuring Annual General Meeting and being eligible offers himself for
re-apportment.
DIVIDEND
Due to insufficient of the profits of the Company, Directors do not
recommend any dividend.
AUDITORS'S REPORT
The Auditors have referred to certain matters in their report. The
respective notes to the account are self-explanatory in respect of
comments of the Auditor.
ACKNOWLEDGEMENTS
Your Directors take this opportunity to place on record their
appreciation of the continued cooperation and support extended by the
Bankers, Business Constituents, employees and the shareholders of the
Company.
DIRECTORS' RESPONSIBILITY STATEMENT
In terms of Section 217 (2AA) of the Companies Act, 1956, the
Directors of the Company state in respect of the year ended 31st
March, 2014.
a) In preparation of Annual Accounts, the applicable Accounting
Standards have been followed along with proper explanation relating to
material departures.
b) They have 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 and of the Profit or Loss
of the Company for that year. (Rs. In Lacs)
(c) They have 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.
d) They have prepared Annual Accounts on a going concern basis.
Registered Office: By Order of the Board
Mittal Tower Nariman Point, (Ranjana Gupta)
Mumbai-400021 Chairperson
Date: 29th May, 2014 |