| Dear Members,
We are pleased to present the Twenty-Ninth Annual Report of the Company
together with the audited statement of accounts for the year ended 31st
March, 2014.
FINANCIAL RESULTS:
The working for the year has resulted in a profit of Rs. 7,548/-
(Previous year profit of Rs.79, 683/-) after making provision for
non-performing Assets.
WORKING:
Non- banking Finance Companies are facing stiff competition from the
banks who have access to cheaper funds. The industrial environment of
the country has improved and the share markets are also buoyant.
Company is considering some other avenues to make the company
profitable.
DIRECTORS:
Mr. Sanjay Mundhra, & Mr. Harish V. Shenvi, who retires by rotation and
being eligible, offers themselves for reappointment.
DIVIDEND:
The directors do not recommend any dividend for the year 31st March,
2014.
DEPOSIT:
The Company has not accepted any deposits from Public.
DIRECTORS' RESPONSIBILITY STATEMENT:
Pursuant to sub-section (2AA) of section 217 of the Companies Act,
1956, the Board of Directors of the Company hereby state and confirm
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 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 and of the profit of
the Company for that period.
iii) 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) the Directors had prepared the annual accounts on a going concern
basis.
AUDITORS:
The auditors M/s. K. K. KHADARIA & CO. will retire at the ensuing
Annual General meeting, and being eligible offer themselves for
re-appointment.
PARTICULARS OF EMPLOYEES:
The Company has no employee in the category specified under section 217
(2A) of the Companies Act. 1956.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS & OUTGO:
Provision of section 217(1) (e) read with the Companies (Disclosure in
the report of Board of Directors) Rule 1986 are not applicable to your
Company since your company is not scheduled industry. During the year
under review your Company neither earned nor spent any foreign
exchange.
CORPORATE GOVERNANCE:
Clause 49 of Listing Agreement regarding Corporate Governance does not
apply to your Company.
On behalf of the Board
HARISH V. SHENVI
DIRECTOR
MUMBAI
24th May, 2014
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