options chain Directors report

To the Members,

Your Directors have pleasure in submitting their Twenty Eighth Annual Report of the Company together with the audited statements of accounts for the year ended 31st March 2017.

1 .FINANCIAL RESULTS

The Companys financial performance for the year under review along with previous years 1 figures are given hereunder:

Particulars for the Year ended 2016-2017

Particulars:	Current Year	Previous Year
Revenue from Operations:	-	-
Other Income:	0.98	0.85
TOTAL INCOME:	0.98	0.85
Less: Interest & Expenses	2.39	6.01
Profit before Depreciation:	(1-41)	(5.16)
Less: Depreciation	0.50	0.50
Profit before Tax:	0-91)	(5.66)
Less: Current Tax:	-	‘
Less: Deferred Tax:	-	-
Profit after Tax:	(191)	(5.66)
Add: Opening Surplus
Balance for apportionment
Less: Dividend (incl. Dividend Distribution Tax)
Less: Transfer to General Reserve
Balance carried over	(1 91)	(5.66)

Earnings per Sharei

Basic	-	-
Diluted	-	-

2. DIVIDEND

Your Directors regret their inability to recommend dividend in view of accumulated losses.

1. TRANSFER OF UNCLAIMED DIVIDEND TO INVESTOR EDUCATION AND :

PROTECTION FUND

‘ There is no unclaimed dividend with the company and hence, this is not applicable.

4. REVIEW OF BUSINESS OPERATIONS AND FUTURE PROSPECTS

Your Directors are in the process of regularizing the strength of the company and there are recoveries to some extent and the future potentiality to improve business after realizing the Income-tax Refunds is also bright.

5. MATERIAL CHANGES AND COMMITMENT IF ANY AFFECTING THE FINANCIAL POSITION OF THE COMPANY OCCURRED BETWEEN THE END OF THE FINANCIAL YEAR TO WHICH THIS FINANCIAL STATEMENTS RELATE AND THE DATE OF THE REPORT

No material changes and commitments affecting the financial position of the Company during the financial year to which these financial statements relate on the date of this report and there is no change in the nature of Business.

6. CONSERVATION OF ENERGY. TECHNOLOGY ABSORPTION. FOREIGN EXCHANGE EARNINGS AND OUTGO

The provisions of Section 134(m) pf the Companies Act, 2013 do not apply to our Company.

There was no foreign exchange inflow or Outflow during the year under review.

7. STATEMENT CONCERNING DEVELOPMENT AND IMPLEMENTATION OF RISK MANAGEMENT POLICY OF THE COMPANY

The Company has taken all possible steps concerning development and implementation of Risk Management for the Development of the Company in the long run and is proposing to comments the activities after stabilizing the financial status of the company.

8. DETAILS OF POLICY DEVELOPED AND IMPLEMENTED BY THE COMPANY ON ITS CORPORATE SOCIAL RESPONSIBILITY INITIATIVES

The Company has not developed and implemented any Corporate Social Responsibility : initiatives as the said provisions are not applicable. ;

9. PARTICULARS OF LOANS. GUARANTEES OR INVESTMENTS MADE UNDER SECTION

! 186 OF THE COMPANIES ACT. 2013

There were no loans, guarantees or investments made by the Company under Section 186 of the Companies Act, 2013 during the year under review and hence the said provision is not applicable.

10. PARTICULARS OF CONTRACTS.OH ARRANGEMENTS MADE WITH RELATED PARTIES

The particulars of Contracts or Arrangements made with related parties made pursuant to i Section 186 are NIL.

11 COMPANYS POLICY RELATING TO DIRECTORS APPOINTMENT, PAYMENT OF REMUNERATION AND DISCHARGE OF THEIR DUTIES

The Companys Policy relating to appointment of Directors, payment of Managerial remuneration, Directors qualifications, positive attributes, independence of Directors and other related matters as provided under Section 178{$):df Ibfc Companies Act, 2013 is governed by Nomination and Remuneration Committee in guidance of various sections under Companies Act 2013 and its rules. The Company has not paid any Remuneration to the Directors in the absence of Income.

12. ANNUAL RETURN

The extracts of Annual Return pursuant to the provisions of Section 92 read with Rule 12 of the Companies (Management and administration) Rules, 2014 is furnished in Annexure I and is attached to this Report.

13. NUMBER OF BOARD MEETINGS CONDUCTED DURING THE YEAR UNDER REVIEW

The Company had conducted 5 Board meetings on 11/04/2016,15.07.2016,31.07.2016,31.10.2016 and 31.01.2017 during the financial year under review.

14. DIRECTORS RESPONSIBILITY STATEMENT

In accordance with provisions of Section 134(5) of the Companies Act 2013, the Board hereby submits its responsibility statement

(a) In the preparation of the annual accounts, the applicable accounting standards had been followed along with proper explanation relating to material departures;

(b) The directors had 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 companyforthat period;

(c) The directors 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;

(d) The directors had prepared the annual accounts on a going concern basis; and

(e) The directors had devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.

15. SUBSIDIARIES, JOINT VENTURES AND. ASSOCIATE COMPANIES

The Company does not have any Subsidiary, Joint venture or Associate Company.

16. DEPOSITS

The Company has not accepted any Deposits during the year. The amount of unclaimed deposits and interest were deposited In escrow account with City Union Bank Ltd., and the amount payable as at 31.03.2017 is Rs.38000. (Previous Year Rs.38000) j

17. DIRECTORS

There is no change in the Board of Directors of the Company.

18. DECLARATION OF INDEPENDENT DIRECTORS

There is no Independent Director in the company and Mrs. Sweda Rajkumar is a women director in the Board. •

19. STATUTORY AUDITORS

i The Companys Auditors, M/s.K.K.B & ASSOCIATES, Chartered Accountants (ICAI Firms : Registration No. 008120-S) who retire at the ensuing Annual General Meeting of the Company : are eligible for reappointment. They have confirmed their eligibility under Section 141 of the ! Companies Act, 2013 and the Rules framed there under for reappointment as Auditors of the : Company.

ZQ, COMMENT ON AUDITORS REPORT;

I The Notes on Accounts and the significant Accounting Policies referred to in the Auditors - Report and notes forming part of Annual Accounts and the references made by the Auditors in their report are self explanatory. There are no material remarks or observation in the Report which require explanation on the part of the Board, except the following:

1. The remarks of the Auditor under emphasis of matter about the heavy losses incurred by the Company and about the remedial action required by the management, we are taking effective steps to regularizethe position. The companys Financial strength was affected dueto the Income-tax cases pending againstthecompany and stepstaken by the Income-tax Department by freezing the Companys Funds. The cases have been decided by the Honourable High Court of Madras in favour of the Company and the position shall get improved after receiving the Refund.

2. Regarding the Non payment of Listing fees for the period under review- Will be paid shortly.

21 RISK MANAGEMENT POLICY. AUDIT COMMITTEE. VIGIL MECHANISM. ETC,

The Company has got defined Risk Management Policy developed over a period of years and once the operations are resumed, the same shall be improved to comply with all the statutory requirements.

22. SHARES .

During the year, the Company has not issued any shares.

23. MANAGERIAL REMUNERATION:

There is no Managerial Remuneration paid by the Company. •

24. ACKNOWLEDGEMENTS

Your Directors place on record their sincere thanks to bankers, consultants, and various Government Authorities for their continued support extended to your Company. Your Directors also acknowledge gratefully the shareholders for their support and confidence reposed on your Company.

FOR AND ON BEHALF OF THE BOARD OF DIRECTORS j

CHAIRMAN AND MANAGING DIRECTOR

DIRECTOR

Place: CHENNAI Date : 06.09.2017