DIRECTOR'S REPORT To The Members, The Directors of your Company have pleasure in presenting their 34th Annual Report along with audited annual statements of Accounts for the financial year ended on 31st March, 2015 OPERATIONS The manufacturing operations of the Company have come to a stand still. But trading in yarn and fabric still continue in the year. DIVIDEND Your Directors are unable to recommend any Dividend on the Equity Shares in view of the financial position of the Company. DIRECTORS' RESPONSIBILITY STATEMENT Pursuant to Section 134 (3) (C) of the Companies Act, 2013 the Directors state that: -in the preparation of the Annual Accounts, the applicable accounting standards have been followed; -appropriate accounting policies have been selected and applied consistently and they have made judgements and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company on 31st March, 2015 and of the profit or loss of the Company for the financial year ended 31st March, 2015 -proper and sufficient care has been taken for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 2013 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities; -the Annual Accounts have been prepared on a going concern basis. ENERGY CONSERVATION, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO A Statement of Information relating to Conservation of Energy, Technology Absorption and Foreign Exchange earnings and outgo as required under Section 34(3)(m) of the Companies Act, 2013 read with Companies (Disclosure of particulars in the report of Board of Directors) Rules,8 of the companies (accounts) Rules, 2014, is given in Annexure to the Director's Report. DIRECTORS One of your Director namely Ashok Kumar Kothari shall retire by rotation at the ensuring Annual General Meeting and being eligible, offer themselves for re-appointment. The Board recommends their re-appointment. AUDITORS The Company's Auditors, M/s. CLB & ASSOCIATES., will hold office till the conclusion of the forthcoming Annual General Meeting and being eligible offer themselves for re-appointment. The observations in the Auditors' Report are dealt within the notes to the accounts at appropriate places and are self-explanatory. PERSONNEL There was no employee drawing remuneration in excess of limits prescribed under Section 197(12) of the Companies Act, 2013 read with, Rule 5 (1) of the Companies (Particular of Employees) Rules, 2014 ACKNOWLEDGEMENTS Your Directors appreciate the valuable cooperation and continued support extended by the Customers, Financial Institutions, Bankers, State and Central Government. The Board also wishes to place on record its appreciation for the dedicated services of employees at all levels of the Company. for and on behalf of the Board Ashok Kothari Director Place: Bhilwara Date : 29th May 2015 |