| Dear members,
The Directors have pleasure in presenting before you the 20 th Annual
Report of the Company together with the Audited Statement of Accounts
for the year ended 31st March,2014.
PARTICULARS (Amt. in Rs.)
2013-2014 2012-2013
Total Income 2374500 1856321
Total Expenditure 2328705 1833698
Profit / (Loss) Before Tax 45795 22623
Net Profit / (Loss) after Tax 45795 16123
OPERATIONS
During the year under review Company's performance was upto the
mark. There are many projects under consideration to be undertaken by
the company.
DIVIDEND
Your Board of Directors do not recommend any dividend during the year.
DIRECTORS
Jitendra Shah, Director of the Company retires by rotation and being
eligible offers himself to be reappointed. During the year Mr.
JITENDRA SHAH resigned from the directorship of the company and his
place Smt. Taraben Bhatt has been appointed as an additional director
of the company.
AUDITORS
The Board of Directors appointed M/s C.B.Mehta & Co., Chartered
Accountants of Vadodara for the audit of F.Y. 2014-2015 subject to
approval of the shareholders in AGM.
AUDIT COMMITTEE
As required u/s. 177 of the Co-Act, 2013 read with clause 49 of the
listing agreement, audit Committee comprising of three Directors.
Audit Committee meetings were held in accordance with statutory
requirements.
INDUSTRIAL RELATION
During the year under review the relation between employees and
management were cordial.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNING/OUTGO.
As required by the provisions of section 217(1) (e) of the Companies
(Disclosure of Particulars in the report of Board of Directors) Rules,
1988, the relevant data pertaining to Conservation of Energy
Technology absorption & Foreign exchange earnings and out go are
furnished in the Annexure forming part of this report.
PARTICULARS OF EMPLOYEES
There was no employee during the year under review whose particulars
are required to be furnished as per section 217 (2A) of the Companies
Act, 1956.
CORPORATE GOVERNANCE AND COMPLIANCE
A report on corporate governance is annexed to this report. A
certificate from Statutory Auditors with regards to the compliance of
the corporate governance by the company is annexed to this report.
The company has fully complied with all mandatory requirements
prescribed u/c. 49 of the listing agreement. In addition, the company
has also implemented some of the non mandatory provisions of clause
49.
DIRECTORS' RESPONSIBILITY STATEMENT
Pursuant to the requirement u/s. 217 (2AA) of the Companies Act, 1956,
with respect to Directors' Responsibility Statement, it is hereby
confirmed:
(a) that in the preparation of annual accounts for the financial year
ended 31st March 2014, the applicable accounting standards have been
followed along with the proper examination relating to material
departures;
(b) that the Directors have been selected such accounting policies and
applied them consistently and made judgments and estimates that were
reasonable and prudent so as to give 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 under review;
(c) that the Directors have taken proper and sufficient care has been
taken for the maintenance of adequate accounting records in accordance
with the provision of the Companies Act, 1956, for safeguarding the
assets of the company and for preventing and detecting fraud and other
irregularities:
(d) that the Directors have prepared the accounts for the F.Y. 31st
March 2014 on a going concern basis.
ACKNOWLEDGEMENT
Your Directors places on record their sincere appreciation of the
Co-operation and assistance extended by the bankers, Director,
Executives, Staff Members and Workers of the Company
By Order of the Board of Directors
Place : Vadodara For NOVAGOLD PETRO-RESOURCS LTD.,
Date : 01/09/2014 Sd/-
JITENDRA SHAH
Chairman |