| The Directors present their 18th report together with audited Accounts
for the year ended 31.03.2010
OPERATIONS
The plant of the company is taken over by bank but the company could
not do any business during the year. 'The loss is mainly due to sale of
assets by bank.
FINANCIAL POSITION
(Rs in lacs)
2009-10 2008-09
Profit before Depreciation (151.92) (40.81)
Depreciation -- --
Profit/Loss before Taxation (151.92) (40.81)
Tax -- --
Net profit / loss after tax (151.92) (40.81)
Add balance of last year (853.86) (813.05)
Balance carried to balance sheet. (1005.78) (853.86)
In the absence of profit, no amount was transferred to reserves and no
dividend is recommended
DIRECTORS
Mr. Rajesh Tarpara and Mrs. Deepa Agarwal retire by rotation and being
eligible offers themselves for re-appointment. COMPLIANCE CERTIFICATE
:
The detailed report on Corporate Governance and auditors compliance
certificate is enclosed.
AUDIT COMMITTEE
The Board has constituted an audit committee consisting of three
members which reviews the financial accounts, interacts with statutory
auditors and reviews matters of special interest. Mr. Rajesh Tarpara an
independent non executive Director is Chairman of the Committee.
DEPOSITS
The Company has not accepted any deposits from the public during the
year.
CONSERVATION OF ENERGY ETC.
Since there is no manufacturing activity during the year, nothing is
required to be reported under this head. FOREIGN EXCHANGE EARNINGS
(FOB) / OUTGO (CIF)
(Rs in lacs)
- 2009-10 2008-09
FOREIGN EXCHANGE EARNING - 285.44
FOREIGN EXCHANGE OUTGO -- --
PARTICULARS OF EMPLOYEES.
There was no employee drawing remuneration in excess of limits
prescribed under companies (particulars of employees) rules.
DIRECTORS RESPONSIBILITY STATEMENT
Pursuant to the requirements under section 217 (2AA) of the companies
Act., 1956 with respect of Directors Responsibility statement, it is
hereby confirmed :
i. That in the preparation of the annual accounts for the financial
year ended 31.03.2010 the applicable accounting standards had been
followed along with proper explanation relating to material departures
:
ii. That the Directors had selected such accounting policies and
applied them consistently and made judgements and estimates that were
reasonable and prudent so as to give true and fair view of the state of
affairs of the Company at the end of the financial year and of the loss
of the Company for the year under review.
iii. That the directors had taken proper and sufficient care 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 company could not do any business during the year. The
bank who is secured creditor had taken possession of the properties and
had sold the same as clarified in the notes on accounts.
AUDITORS.
M/s. Sudhir J. Shah, Chartered Accountants, Ahmedabad retires as
Auditors and being eligible offer themselves for re- appointment.
Regarding auditors remarks, the notes on accounts are self explanatory.
APPRECIATION.
The Directors place on record their appreciation for the support
extended by Govt. / Semi Govt. Departments and the employees of the
Company.
For and on behalf of the Board.
Date : 10-05-2010 Sd/-
Place : Ahmedabad R. K. AGARWAL
( CHAIRMAN ) | 