| The Directors hereby presents the Twenty Forth Annual Reports together
with the Audited accounts for the year ended 31st March 2009.
FINANCIAL PERFORMANCE
Financial results of the company for the year ended under review are as
under:
2008-2009 2007-2008
Sales & Other Income 31,478 46,180
Profit / (Loss) before Depreciation (372) (36,654,002)
Less: Depreciation NIL NIL
Less: Provision for Taxation NIL NIL
Profit / (Loss) after Tax (372) (36,654,002)
Balance carried over Balance Sheet (14,42,09,741) (14,42,09,369)
In view of accumulated losses, your Directors do not recommended any
dividend on equity shares for the year ended 31st March 2009
OPERARATION & FUTURE PROSPECTS
1. All assets of the Company have been disposed off by the Banks in
the Previous Years there has be no business operation in the current
year due to the acute financial crisis being faced by the company.
2. The company has not been able to repay the outstanding dues to the
banking institution. However as the loan are NPA for the Banks, no
interest has been charged by the banks on these loans.
3. The Management is considering various propositions to revive the
business activity of the Company
DIRECTORS RESPONSIBILITY STATEMENT
Pursuant to the requirements of section 217(2AA) of the companies Act
the Board of Directors hereby confirms:
1. In the preparation of annual accounts, the applicable accounting
standards had followed along with proper explanations relating to
material departures.
2. We 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 for that period.
3. We have 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 frauds and other irregularities.
4. We have prepared the annual accounts on a going concern basis.
DIRECTORS:
Mr. Ojas Sunderji Shah Director of the Company retire by rotation and
being eligible offers himself for reappointment
AUDITORS :
M/s. Yogita Nagda & Associates., Chartered Accountants, Mumbai,
Auditors of the company retires but being eligible offer themselves for
re- appointment. The Board recommends their reappointment.
QUALIFICATION BY AUDITORS:
Qualifications if any made by the Auditors in its Auditors Report are
explained in to the notes to the accounts.
CONSERVATION OF ENERGY AND TECHNOLOGY ABSORPTION
The company is taking every step to conserve the energy. The company
has not deployed and imported any technology. The company has not spent
any foreign exchange and has earned foreign exchange equivalent to nil
PARTICULARS OF EMPLOYEES:
Information pursuant of sec.217 (2A) of the companies Act, 1956 read
with the Companies (particulars of employee rule, 1988 is not appended
herewith, as no employee was in receipt of remuneration to the extent
laid down therein).
COMPLIANCE CERTIFICATE:
A copy of Compliance Certificate obtained from practicing Company
Secretary is attached herewith a forms apart of the Directors Report.
ACKNOWLEDGEMENT:
Your Directors would you like to express their grateful appreciation
for the continued co-operation received from all connected agencies and
employees of the company.
FOR AND ON BEHALF OF THE BOARD
ASHWIN SHAH OJAS SHAH
Mumbai, 27th August 2009 MG. DIRECTOR DIRECTOR |