The Directors are pleased to present the 20th Annual Report along with the Audited Accounts of the Company for the y.e.31st March, 2014.
FINANCIAL RESULTS
During the year under review your Company had a total income of Rs.11.62 cr. against Rs.7.99 cr. in the previous year. There was a net loss of Rs.5.54 cr. against Rs.1.44 cr. in the previous year. The loss primarily was on account of provision of Rs.4.85 cr. towards diminution in value of the investment in the subsidiary company.
OPERATIONS
The Company continued to concentrate on the business of value added products, such as bunk houses, porta cabin containers and other multi-purpose containers as the prospects of marine freight container business remained unattractive. The leasing business continued satisfactorily. Presently 300 containers are under lease. Couple of orders for special type containers were executed during the year. An order for 45 nos. 20 ft. high cubic containers for a logistic company is under execution. Efforts are continuing to procure more orders from private and government organizations.
SUBSIDIARY
The Balance Sheet and Profit & Loss Account of Versa Trading Limited, the wholly owned subsidiary, are annexed.
DIRECTORS
Mr. Chandan Dangi and Mr. Ajay Verma will retire by rotation at the forthcoming Annual General Meeting and being eligible offer themselves for reappointment.
DIRECTORS RESPONSIBILITY STATEMENT
As required under section 217(2AA) of the CompaniesAct, 1956, your Directors state that:
• While preparing annual accounts the applicableAccounting Standards have beenfollowed.
• The Company had selected such Accounting Policies and applied them consistently and made judgments that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company atthe end ofthe financialyear andofthe profit or lossofthe Company forthe period.
• That the Company had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of this Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities.
• That the Company had prepared the annual accounts on a going concern basis.
AUDITORS OBSERVATION
The observations of the Auditors are explained, wherever necessary in appropriate notes on financial statements.
APPOINTMENT OFAUDITORS
As per Section 139 of the Companies Act, 2013 Auditors can be appointed for a period of 5 years subject to ratification by shareholders every year. M/s. Riten Giresh & Co., Statutory Auditors, will complete 4 years as Auditors at the close of the ensuingAGM. It is hereby recommended to the Board that M/s. Riten Giresh & Co., be reappointed as Auditors for five years from the conclusion of the ensuing AGM, i.e. till the conclusion of theAGMin the year 2019.
OTHER INFORMATION
There are no employees who are in receipt of emoluments as mentioned in section 217(2A) of the CompaniesAct, 1956 and the Rules framed there under.
The provisions of Section 217 (1) (e) regarding disclosure of information pertaining to conservation of energy, technology absorption and foreign exchange earnings/outgo do not apply to the Company.
For and on behalf ofthe Board | |
CHAIRMAN | |
Place: New Delhi | |
Date: 22.05.2014 |
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www.indiainfoline.com is part of the IIFL Group, a leading financial services player and a diversified NBFC. The site provides comprehensive and real time information on Indian corporates, sectors, financial markets and economy. On the site we feature industry and political leaders, entrepreneurs, and trend setters. The research, personal finance and market tutorial sections are widely followed by students, academia, corporates and investors among others.
Copyright © IIFL Securities Ltd. All rights Reserved.
Stock Broker SEBI Regn. No: INZ000164132, PMS SEBI Regn. No: INP000002213, IA SEBI Regn. No: INA000000623, SEBI RA Regn. No: INH000000248
This certificate demonstrates that IIFL as an organization has defined and put in place best-practice information security processes.