kasthuri mills ltd Directors report

DIRECTORS REPORT

TO THE MEMBERS

Your Directors present the 20th Annual Report along with the Audited Statement of Accounts of the Company for the year ended 31st March, 2014.

FINANCIAL HIGHLIGHTS

(Rs. in thousands)

	2013-2014	2012-2013
Profit before Depreciation	515	1,057
Less: Depreciation	37	61
Profit before Taxation	478	996
Less: Provision for Taxation	146	51
Profit after taxation	332	945

DIRECTORS

Shri Ravi Bhagat was appointed as additional director of the Company with effect from 6th March, 2014 to hold office up to the date of the ensuing Annual General Meeting.

Shri S.S. Kanoria retires by rotation and, being eligible, offers himself for re-appointment.

DIRECTORS RESPONSIBILITY STATEMENT

Pursuant to the requirement under Section 217(2AA) of the Companies Act, 1956 with respect to Directors Responsibility Statement, it is hereby confirmed:

i) That in the preparation of the accounts for the financial year ended 31st March, 2014, the applicable accounting standards have been followed along with proper explanation relating to material departures;

ii) 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 of affairs of the Company at the end of the financial year and of the profit of the Company for the year under review;

iii) 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 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;

iv) That the Directors have prepared the accounts for the financial year ended 31st March, 2014 on a going concern basis.

AUDITORS

Messrs K.G. Garg & Co., Chartered Accountants, Auditors of the Company, have expressed their unwillingness for re-appointment as Auditors of the Company for the financial year 2014-2015 and onwards. In view of the above, the Board of Directors of the Company has proposed Messrs K.K. Jain & Co., Chartered Accountants, as Auditors of the Company.

COMPLIANCE CERTIFICATE

In accordance with Section 383A of the Companies Act, 1956 and Companies (Compliance Certificate) Rules, 2001 the Company has obtained a certificate from a wholetime practicing Secretary confirming that the Company has complied with all the provisions of the Companies Act, 1956 and a copy of such certificate is annexed to and form part of this report.

STATUTORY INFORMATION

Since the Company does not carry out any manufacturing activity and has no foreign exchange dealings, the particulars in the Companies (Disclosure of particulars in the Report of Board of Directors) Rules, 1988 are not applicable.

The Company has no employee of the category mentioned in Section 217(2A) of the Companies Act, 1956.

Registered Office:	For and on behalf of the Board,
"KCI Plaza",
23C, Ashutosh Chowdhury Avenue,	S. S. KANORIA
Kolkata-700019.	Chairman
Dated, the 5th day of May, 2014.	DIN: 00089492