DIRECTORS' REPORT THE SHAREHOLDERS Your Directors hereby present the 20th Annual Report on the business of the Company, together with the Audited Statements of Accounts for the financial year ended on 31st December 2013. 1. DIVIDEND : No Dividend is recommended by the Board of Directors for the year 2013. 2. ENVIRONMENT: There is no effect on the environment from the operations of the Company. 3. STAFF AND LABOUR: There are no employees of the Company drawing Rs. 25000/- or more per month at any time during the year. 4. DIRECTORS: Appoint a Director in place of Shri Vishwajit B Dahanukar who is retiring by rotation and being eligible offer himself for re-appointment. 5. DIRECTORS' RESPONSIBILITY STATEMENT: Statement under sub-section (2AA) of section 217 of the Companies Act, 1956: In the preparation of the Annual Accounts: i) The applicable accounting standards have been followed and wherever required, proper explanations relating to the material departures have been given. ii) 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 of the Company at the end of the financial year and of the profit or loss of the Company for the period. iii) Proper and sufficient care has been taken for the maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities. iv) The accounts have been prepared on a going concern basis. 7. PUBLIC DEPOSITS: The Company has not invited nor renewed any Public Deposits. 8. AUDITORS: The Auditors are to be appointed from the date of this Annual General Meeting till the conclusion of the next Annual General Meeting and their remuneration is to be fixed. The retiring Auditors M/S Niteen D. Kshirasagar & Co., CHARTERED ACCOUNTANTS, Mumbai are eligible for re-appointment. 9. CONSERVATION OF ENERGY AND FOREIGN EXCHANGE EARNINGS AND OUTGO: The energy consumed in the production process is Negligible and does not offer scope for any significant conservation of energy. 10. RESEARCH AND DEVELOPMENT: No research has been conducted this year. 11. MATERIAL CHANGES AND COMMITMENTS: There were no material changes and commitments during the year. FOR AND ON BEHALF OF THE BOARD Sd/-DILIP. S. DAHANUKAR (Chairman) Place: Mumbai Date: 13/01/2014 |