| The Directors hereby present you the 18th Annual Report together with
the Audited Accounts of the Company for the year ended 31st March 2011.
(Rs. in Lacs)
Financial Results: 2010-11 2009-10
Gross Revenue 11.22 124.47
Profit before depreciation,
Interest, Tax and provisions (7.60) (1629.78)
Less:
- Depreciation 0.43 0.57
Less: 8.22 1630.39
Provision for Tax :
Current Year - -
Provision for Tax for earlier years - -
Fringe Benefit Tax - -
Deferred Tax (0.08) (0.08) 38.38 38.38
Profit; (Loss) after Tax (8.14) (1668.77)
Add : Balance Brought forward
from earlier year (1565.22) 103.55
Transfer to General Reserve - -
Balance carried to Balance Sheet (1573.36) (1565.22)
DIVIDEND :
In view of inadequacy of loss, the Directors regret their inability to
recommend any dividend.
BUSINESS REVIEW :
Your Company's turnover and margins are not satisfactory due to the
inability of Orissa Industries Ltd to supply refractoriness against
Company's orders. Due to liquidity crunch faced by it, OIL has not been
able to repay the Company's advances.
As on 31st March 2011 your company's paid up capital was of Rs. 1461.66
lakhs. Your company has reserve and surplus of Rs. NIL lakhs as on
31.03.2011.
MANAGEMENT DISCUSSION & ANALYSIS REPORT
Management Discussion and Analysis report as required under the Listing
Agreement with Stock Exchange is enclosed vide - Annexure A
CORPORATE GOVERNANCE
Pursuant to the provisions contained in the revised clause 49 of the
listing agreement, the company has taken requisite steps to comply with
the various provisions stipulated in the same. The following are
furnished as separate annexure forming part of this Directors' Report:
a. Report on Corporate Governance together with the Auditors'
Certificate on the compliance of conditions of Corporate Governance
(Annexure-B)
b. Certificate from Chief Executive Officer / Chief Finance Officer
regarding the financial statements presented to the board
c. Declaration regarding Compliance with Code of Conduct.
(Annexure-D)
EMPLOYEES STOCK OPTION SCHEME
The Company does not have any stock option scheme for employees.
SECRETARIAL COMPLIANCE REPORT
The secretarial compliance report as given by the practicing Company
Secretary for the Financial Year 2010-11 is enclosed herewith.
(Annexure-E)
DIRECTORS'RESPONSIBILITY STATEMENT
Pursuant to Section 217(2AA) of the Companies Act, 1956 the
. lor the preparation o\ the Annual Accounts, the applicable
accounting standards have been followed.
ii. appropriate accounting policies have been selected and applied
consistently, and have 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 31st March, 2011 and of the profit of the Company
for the year ended on 31st March, 2011.
iii. 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. the Annual Accounts have been prepared on a going concern basis.
PUBLIC DEPOSIT
The Company during the year under report did not invite or accept any
deposit from the public under section 58A of the Companies Act, 1956.
LISTING OF SECURITIES
The securities of the Company are listed on Bombay Stock Exchange Ltd.
DIRECTOR
Shri.S. KD as gupta retires by rotation at the ensuing Annual General
Meeting and, being eligible, offers himself for re-appointment.
Directors hold following shares in the company as mentioned against
each: Sri S K Dasgupta-2000 shares, Sri J K Jhunjhunwala- 600 shares,
Sri K K Taneja-3000 shares and Sri K K Panda-5100 shares.
PERSONNEL
There was no employee in respect of whom information is required to be
given pursuant to Section 217(2A) of the Companies Act, 1956 read with
the Companies (Particulars of Employees) Rules, 1975.
AUDITORS
M/s Ray & Ray, Chartered Accountants, Kolkata, retire at the completion
of the Annual General Meeting and being eligible, offer themselves for
reappointment.
OTHER INFORMATION
Particulars required to be furnished pursuant to Section 217 (1)(e)
Companies Act, 1956 read with the Companies (Disclosure of particulars
in the report of the Board of Directors) Rules 1988 :
i. Part A and B of the Rules, pertaining to conservation of energy and
technology & absorption, are not applicable to the Company since it is
not engaged in any manufacturing or research & development activities.
it. Foreign Exchange earning & outgo : Foreign Exchange earning : Rs
Nil Foreign Exchange outgoing : Rs Nil
ACKNOWLEDGEMENT
Your Directors are pleased to place on record their sincere gratitude
to the Governments, Banks and Business Constituents, Members &
Employees for their cooperation and assistance
For and behalf of the Board of Director
Place Kolkata (K.K.Panda)
Date : 5th August 2011 MD & CEO | 