| The Directors herewith presents the 18th Annual Report together with
the Audited Accounts of the Company for the year ended 31st March,
2010.
REVIEW OF THE OPERATIONS:-
Financial highlights for the year as compared to the previous year are
given below:
Particulars 2009-2010 2008-2009
(Rs. in Lacs) (Rs. in Lacs)
Turnover & other Income 7.28 5.60
Profit (loss) before Depreciation 4.45 (0.45)
Less: Depreciation Nil Nil
Profit (loss) after depreciation 4.45 (0.45)
Less : Provision For tax Nil Nil
Profit/(loss) After Tax & Depreciation 4.45 (0.45)
Production activities have been stopped since February, 2001.
During the year under review company has earned an income of Rs.
7,28,418/- which includes dividend and interest on investments.
Accumulated loss at the end of the year under review is Rs
3,37,23,681/-.
DIRECTORS
In accordance with the provisions of Articles of Association, Mr.
Sanjeev M. Kokane, Director of the Company retires by rotation at the
ensuing Annual General Meeting and being eligible, he offers himself
for reappointment. Board recommends his reappointment.
FIXED DEPOSITS
During the year under review, the Company has not accepted any deposit.
CORPORATE GOVERNANCE
Report on Corporate-Governance and certificate from the auditors of the
Company regarding compliance of Corporate Governance is annexed and
form part of this report.
PERSONNEL
None of the employees of the Company are drawing remuneration during
the year in excess of the amount specified under Section 217(2A) of the
Companies Act, 1956 read with the Companies (Particulars of Employees)
Rules, 1975 as amended.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS AND OUTGO
There was no energy consumption, technology absorption and foreign
exchange earnings and outgo during year under review.
AUDITORS
M/s. RSVA & Co., Chartered Accountants, Pune auditors of the Company
will hold office until the conclusion of the ensuing Annual General
Meeting. M/s. RSVA & Co., Chartered Accountants, Pune have informed the
Company that if reappointed, their appointment will be within the
limits prescribed under Section 224(1B) of the Companies Act, 1956.
Accordingly members approval is being sought to their reappointment as
auditors of the Company at the ensuing Annual General Meeting.
COMPLIANCE CERTIFICATE AS REQUIRED UNDER THE PROVISO TO SUB SECTION (1)
OF SECTION 383A:
As per provisions of the Companies Act, 1956 as amended and the
Companies (Compliance Certificate) Rules, 2001, a Compliance
Certificate for the financial year 2009-2010 has been obtained from M/s
MRM Associates, Company Secretaries, Pune and as required by the
proviso to sub Section (1) of Section 383A. The said Compliance
Certificate is attached to this Report.
DIRECTORS RESPONSIBILITY STATEMENT
Pursuant to the requirement under section 217 (2AA) of the Companies
Act, 1956 with respect to Directors Responsibility Statement, it is
hereby confirmed:
i) that in the preparation of the annual accounts for the financial
year ended on 31st March, 2010, the applicable accounting standards
have been followed along with proper explanations relating to material
departures;
ii) that the Directors have selected such accounting policies and
applied them consistently and made judgments and estimates that were
reasonable and prudent so as to give a true and fair view of the state
affairs of the Company at the end of the financial year and of the
profit of the Company for that period;
iii) that the Directors have 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 Directors have prepared the annual accounts for the
Financial Year ended on 31st March, 2010 on a going concern basis.
ACKNOWLEDGMENT
Yours Directors acknowledge with deep sense of gratitude the continued
support by investors, customers, business associates, bankers and
vendors. Yours Directors take this opportunity to thank the regulatory
and government authorities.
Date: 30th June, 2010 For and on Behalf of the Board M Directors
Place: Pune
Ashish R. Shah Ashutosh R. Shah
Managing Director Chairman & Director
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