DIRECTORS
The Directors have pleasure in presenting their report and Accounts for the year ended
March 31, 2014.
I. FINANCIAL RESULTS
|
|
2013-14 |
2012-13 |
| SI. No |
Particulars |
Rs. Lakhs |
Rs. Lakhs |
| 1 |
Income for the year |
140.28 |
7.61 |
| 2 |
Less: Expenditure |
44.58 |
9.33 |
| 3 |
Profit Before Depreciation & Tax (PBDT) |
95.70 |
(1.72) |
| 4 |
Less: Depreciation |
0.00 |
0.00 |
| 5 |
Profit / (Loss) before tax (PBT) |
95.70 |
(1.72) |
| 6 |
Less: Provision for tax |
19.15 |
0.00 |
| 7 |
Profit / (Loss) after tax (PAT) |
76.55 |
(1.72) |
| 8 |
Balance brought forward from previous year |
1,382.30 |
1,384.01 |
| 9 |
Balance carried to Balance Sheet |
1,458.85 |
1,382.30 |
II. APPROPRIATIONS
The Directors wish to inform that there were no appropriations to any kind of specific
Reserves of the Company during the year.
III. DIVIDEND
The Directors of your Company express their inability to consider any dividend to be
paid to the Shareholders of the Company for the year under review.
IV. CAPITAL EXPENDITURE
Your Company has not incurred any expenditure of Capital nature during the year
2013-14.
V. AUDITORS’ REPORT
The Auditors’ Report to the Shareholders does not contain any qualifications.
VI. DEPOSITS
The Company has not accepted any deposits from the public.
VII. MATERIAL CHANGES, IF ANY BETWEEN DATE OF THE BALANCE SHEET AND DATE OF THE
DIRECTORS’ REPORT
There are no material changes to be reported between date of the Balance Sheet and date
of the Directors’ Report.
VIII. PARTICULARS OF EMPLOYEES
There are no employees covered by the provisions of the Section 217 (2A) of the
Companies Act, 1956 read with the Companies (Particulars of Employees) Rules, 1975.
IX. SUBSIDIARY COMPANIES
Your Company was holding 28,000,000 equity shares being 59.13% of the equity
shareholding in M/S. Narmada Infrastructure Construction Enterprise Limited.
During the financial year, your Company disposed off its investment of 28,000,000
equity shares of R 10 each of Narmada Infrastructure Construction Enterprise Limited to
M/S. L&T Infrastructure Development Projects Limited at an agreed consideration of R
28 Crores.
Pursuant to the above sale of investment, your Company does not have any subsidiary
companies under its purview.
X. DIRECTORS RESPONSIBILITY STATEMENT
The Board of Directors of the Company confirms:
i. That in the preparation of the annual accounts, the applicable accounting standards
have been followed and there has been no material departure;
ii. That the selected accounting policies were applied consistently and the directors
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 as at March 31, 2014 and of the profit or loss
of the Company for the year ended on that date;
iii. That proper and sufficient care has been taken 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 annual accounts have been prepared on a going concern basis.
v. That proper systems are in place to ensure compliance of all laws applicable to the
Company.
XI. DIRECTORS
Mr. R Chandrasekaran, Director, who retires by rotation at this Annual General Meeting,
being eligible, offer himself for reappointment.
The present Directors are as follows:
a) Mr. Karthikeyan. T.V
b) Mr. R.Chandrasekaran
c) Mr. Manoj Anilbhai Dave
XII. AUDIT COMMITTEE
The Audit Committee consists of three non-executive Directors. The present members of
the Committee are:
a) Mr. Karthikeyan T V
b) Mr. R.Chandrasekaran
c) Mr. Manoj Anilbhai Dave
The role, terms of reference, the authority and power of Chairman are in conformity
with the requirements of the Companies Act, 1956.
The Committee met periodically during the year and held discussions with the auditors
on internal control systems.
XIII. REMUNERATION COMMITTEE
The Remuneration Committee consists of three non-executive Directors. The present
members of the Committee are:
a) Mr. Karthikeyan T V
b) Mr. R Chandrasekaran
c) Mr. Manoj Anilbhai Dave
XIV. STATUTORY AUDITORS
M/S. Sharp & Tannan, Chartered Accountants, Statutory Auditors of the Company, hold
office until the conclusion of the ensuing Annual General Meeting and are recommended for
reappointment.
Certificate from Auditors have been received to the effect that their appointment, if
made, would be within the limits prescribed under the provisions of the Companies Act,
2013.
XV. INTERNAL AUDITORS
Internal Audit Department, L&T IDPL, provides internal audit services to the
Company.
XVI. INTERNAL CONTROL
The Board ensures the effectiveness of the Company’s system of internal controls
including financial, operational and compliance controls and risk management systems.
XVII. DISCLOSURE OF PARTICULARS RELATING TO CONSERVATION OF ENERGY, TECHNOLOGY
ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO AS PER THE COMPANIES’ (DISCLOSURE
OF PARTICULARS IN THE REPORT OF THE BOARD OF DIRECTORS) RULES, 1988
– CONSERVATION OF ENERGY
As the Company was engaged in developing, operating and maintaining a bridge the
provisions relating to conservation of energy does not apply.
– TECHNOLOGY ABSORPTION
There was no Technology absorption during the year 2013- 14.
– FOREIGN EXCHANGE EARNINGS AND OUTGO
There was no usage or earning of any foreign currency in the course of transactions
during the year 2013-14.
XVIII. MAINTENANCE OF COST RECORDS COMPLIANCE REPORT
Pursuant to the provisions of rule 5 of The Companies (Cost Accounting Records) Rules,
2011, your Company is required to obtain a Maintenance of Cost Records Compliance Report
from a Practicing Cost Accountant and the same is required to be filed with the Ministry
of Corporate Affairs.
The Board of your Company will identify a Practicing Cost Accountant for this purpose,
obtain prescribed compliance certificate accordingly and file the same with the Ministry
of Corporate Affairs.
XIX. ACKNOWLEDGEMENTS
The Directors acknowledge the invaluable support extended to the Company by the
management staff of the parent Company.
|
For and on behalf of the Board |
|
| Place : Chennai |
R CHANDRASEKARAN |
KARTHIKEYAN T V |
| Date : May 6, 2014 |
Director |
Director |
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