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DIRECTOR'S REPORT

Pagaria Energy Ltd.

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Market Cap. (₹) 0.67 Cr. P/BV 0.11 Book Value (₹) 14.19
52 Week High/Low (₹) 4/1 FV/ML 10/1 P/E(X) 28.00
Bookclosure 30/09/2019 EPS (₹) 0.06 Div Yield (%) 0.00
Year End :2014-03 
Dear Shareholders,

The Directors have pleasure in presenting the 23rd Annual Report together with the Audited Statements of Accounts and the Auditors Report of your Company for the financial year ending 31st March 2014.

FINANCIAL HIGHLIGHTS:

The Financial Highlights for the year under review are given below:
                                              
                                                        (Rs. In Lacs)
                                              Year ended  Year ended
Particulars                                   31.03.2014  31.03.2013

Total Income                                     161.87     151.02

Profit before tax                                  1.09       1.50

Less : Provision for Taxation                      1.02       1.32

Profit after tax                                   0.07       0.18

Add: Balance in P&L Account B/F                    7.81       7.63

Balance carried to Balance Sheet                   7.88       7.81
DIVIDEND:

In order to strengthen the financial position of the company the Board of Directors have decided not to recommend any dividend for the Financial Year ended

31st March, 2014 and plough back the profits of the company in its business.

PERFORMANCE:

The total income for the financial year under review is Rs. 161.87 Lacs against Rs. 151.02 Lacs in previous year. During the year, the Company has earned Profit after Tax of Rs.0.07 Lacs in comparison to the previous year Profit after Tax of Rs. 0.18 Lacs. The directors are hopeful for better performance in the ensuing years.

DIRECTORS:

In accordance with the articles of the Company and the provisions of the Companies Act, 1956, Mr. Manash Bose will retire by rotation at the ensuing Annual General Meeting and being eligible, offer himself for reappointment on the Board of your Company. Your Directors recommend his reappointment.

LISTING OF SHARES:

Equity Shares of the Company are listed at Delhi Stock Exchange and Bombay Stock Exchange. Listing fees has already been paid in pursuant to Clause 38 of Listing Agreements.

AUDITORS & AUDITORS OBSERVATION:

M/s. H.R. AGARWAL & ASSOCIATES has confirmed that appointment, if made, would be within the prescribed limits under Section 139 of the Companies Act, 2013.

The observations of the Auditors as referred to in the Auditor's Report are suitably explained in the notes to the account.

COMPLIANCE CERTIFICATE:

Pursuant to the provisions of section 383A of the Companies Act, 1956, a Secretarial Compliance Certificate have been obtained by the Board of Directors for the Financial year 2013-14 from the Practicing Company Secretaries, certifying that the Company has duly complied with all the applicable provision of the Companies Act, 1956.

COMPLIANCE WITH THE ACCOUNTING STANDARDS

The Company prepares its accounts and other financial statements in accordance with the relevant accounting principles and also complies with the accounting standards issued by the Institute of Chartered Accountants of India.

CORPORATE GOVERNANCE

Pursuant to Clause 49 of the Listing Agreement with the Stock Exchanges, Corporate Governance Report and Auditor's Certificate regarding compliance of conditions of Corporate Governance is annexed hereto.

DIRECTORS' RESPONSIBILITY STATEMENT:

Pursuant to Section 134 of the Companies Act, 2 013, the Board of Directors of the Company hereby state and confirm that

I. In preparation of annual accounts, the applicable Accounting Standards have been followed along with proper explanation relating to material departures.

II. The accounting policies have been selected and applied consistently and the judgments and estimates made, 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 financial year 31st March, 2014 and of the Statement o f Profit & Loss of the Company for that period.

III. 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.

IV. The annual accounts have been prepared on a going concern basis.

PUBLIC DEPOSITS:

During the year, your Company has not accepted any deposits from the public within the meaning of Section 73 of the Companies Act, 2013 and the rule made there under.

PARTICULARS OF EMPLOYEES:

None of the employees of the Company was in receipt of remuneration exceeding the limits prescribed under section 134 of the Companies Act, 2013.

SHIFTING OF REGISTERED OFFICE:

W.e.f 30th May,2013 the Registered office of the Company is shifted to 9/18, Bazar Gali, Vishwas Nagar, Shahdara Delhi - 110032 from B-2/M4, M Block, Gupta Plaza, Commercial Complex, Vikas Puri, New Delhi-110018 for better accommodation, administration and Business Development.

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

A statement giving details of conservation of energy, technology absorption, foreign exchange earnings and outgo in accordance with Companies (Disclosure of particulars in the Report of Board of Directors) Rules, 1988 is annexed to this report.

ACKNOWLEDGEMENT:

Your Directors would like to place on record their appreciation for the assistance, co-operation and whole-hearted support received from Company's bankers, advisors, customers and investors and all, whose continued support has been a source of strength to the Company. Your Directors place on record their appreciation for the valuable contribution made by employees at all levels.

                                 On behalf of the Board of Directors

Place: New Delhi                        Rajesh Kumar Pagaria
Date :14th August, 2014                (Managing Director)

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