directors report  

To 

The Members

Gujarat Inject  Kerala  Limited

Your Directors have pleasure in presenting the 23rd Annual Report of the company and Audited Statement of Accounts for the year ended 31st March  2014.

Financial results

                                                                                                    Current  year                        Previous year

                                                                                        Apr 13 Mar 14                       Apr 12 Mar 13                                                                                                                                                                                                                            

Profit Loss before Depreciation and Tax                                                                                                             Less   Depreciation                                                                                                         

Less   Provision for Income tax for earlier year                                                                      

 Profit  Loss    for the year                                                               31534                                83122                        

Add  Less    Profit Loss brought forward from

previous year                                                              113504038                                      113420916                                             

Balance carried to Balance Sheet                                     113535572                    113504038                       

dividend   

Since the company has not made profits during the year  your directors regret for not recommending  Dividend for the financial year ended 31st March  2014.

Review of workings and Operations

The company did not have the production activities for the year under review since IFCI has sold the Assets of company under the provisions of SARFACIE Act. Hence  company could not carry out any activities without assets.

The DRT matter as lodged by IFCI against the company is under adjudication. IFCI has issued No Due Certificate  Final order confirming settlement of the matter is awaited.

Promoters are looking for prospective buyers for Sale of Company as per SEBI guidelines.

Fixed Deposits  

In terms of Section 58A of the Companies Act  1956 and the Companies  Acceptance of Deposits  Rules 1975  the Company has not accepted or renewed any Deposit during the year under review.

Particulars of EMPLOYEES

As regards the details of remuneration paid to employees as required under Section 217  2A  of the Companies Act  1956 read with the Companies  Particulars of Employees  Rules 1988 as amended  no employee in the Company drawing remuneration above the specified limit and hence not provided.

Conservation of energy  technology absorption and

foreign exchange earnings and OUTGO

aS COMPANY DID NOT CARRY OUT COMMERCIAL ACTIVITIES FOR THE YEAR UNDER REVIEW AS WELL AS PREVIOUS YEAR   INFORMATION IN RESPECT OF SECTION 217 1  e  OF COMPANIES ACT IS NOT APPLICABLE.

directors

During the year under review  Ms. Dwipa Mankodi retires by rotation and being eligible  offers herself for reappointment.

Dematerialisation of shares    

As on 31 03 2014 16 45 150 equity shares have been dematerialized  out of which 1392585 shares have been dematerialized with NSDL and balance 252565 with CDSL.

These details are provided based on last data available. No further transaction has taken place thereafter.

AUDIT COMMITTEE

During the year the audit committee meetings were conducted as per the provisions of listing agreement with stock exchange. More details in respect of date of meetings etc. provided in the report of Corporate Governance forming part of this report.

Auditors  REPORT

The notes forming part of the accounts are self explanatory and do not call for any further clarifications under section 217 3  of the Companies Act  1956.

nOTE nO. 09       During the year 97 98 promoters had decided to infuse funds by way of equity capital totie over the financial difficulties. Accordingly the authorized capital has been enhanced by Rs. 2 Crores in the EGM. But  on sudden demise of the main Promoter Sri. Y.R. Mankodi the promoters could not proceed further in the matter. 

Non � Provision of Interest   It is to be mentioned that with respect to the auditor s note on Non provision of interest for the current book balances of secured lenders  the same has been explained in the notes to accounts.  To avoid duplication  the same has not been explained here.

Auditors    M s. Krishnamoorthy and Krishnamoorthy  Chartered Accountants  retiring auditors hold office upto the ensuing Annual General Meeting and are eligible for reappointment.  They have submitted a certificate for their eligibility for reappointment under Section 224  1B  of the Companies Act  1956.

DIRECTORS  RESPONSIBILITY STATEMENT.

Pursuant to section 217 2AA  of the Companies Act  1956 the Directors confirm the following in respect of the audited accounts for the period ended 31st  March 2014.

1.         That in the preparation of the annual accounts  the applicable accounting standards have been followed.

2.         That the Directors 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 affairs of the company at the end of the financial year and the profit loss of the company for that period.

3.         That the Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act 1956 safeguarding the assets of the company and for preventing and detecting fraud and other irregularities.

4.        That the Directors have prepared the annual accounts on a going concern basis.

Corporate governanance

In pursuance of Clause 49 of Listing Agreement with the stock exchanges  the corporate governance report and management discussion and analysis report are given elsewhere and forming part of this report.

Acknowledgements  

Your Directors gratefully acknowledge the support and service rendered to the Company by KSIDC  Bankers  Financial Institutions  Government Authorities  Shareholders and Associates.

Your Directors also gratefully acknowledge the spirit and dedication of the employees  who have in their untiring efforts to improve and strengthen the working of the Company.

Date   15th July 2014                                    By the order of the Board of Directors of

Place                                                                             

                                                               Gujarat Inject  Kerala  Limited                                                     

Pampampallam

Pudussery East

Palakkad  Kerala                                                                                    

                                                                        Ila Y Mankodi            Dwipa Y Mankodi

                                                                               Director                        Director