| To, The Members of the Company,
The Directors have pleasure in presenting before you the 22ND Annual
Report of the Company together with the Audited Statement of Accounts
for the year ended 31st March, 2013.
FINANCIAL RESULTS (Amt. Rs. In Lakhs)
2012-2013 2011-2012
Total Income 31.74 29.66
Total Expenditure 31.91 26.34
Profit before Tax -0.17 3.32
Profit after Tax -0.17 2.68
FINANCIAL & OPERATIONAL HIGHLIGHTS
Because of persistent recession prevailing in the Economy in general,
your company could not made any turn around and therefore witnessed the
depressive operations during the year under review.
DIVIDEND
The Board of Directors of the Company has not declared any dividend for
2012-2013.
FIXED DEPOSITS
The Company has not accepted deposits from die public during the year
attracting the provisions of section 58A of die Co. Act, 1956 and Rules
framed diere under.
SSI DUES
The Company has no dues outstanding for more than 30 days to any small
scale undertaking.
AUDIT COMMITTEE
The Company has formed an Audit committee comprising of 3 directors.
The terms of die reference of die committee are in line widi the
requirements specified u/s. 292A of die Co-Act, 1956 and Corporate
Governance as stated in Clause 49 of die Listing Agreement.
DIRECTORS
During die year under review, SANJAY KUMAR D SHAH will retire by
rotation at die ensuing Annual General Meeting of die Company and being
eligible, offer themselves for re-appointment..
In addition to this, Mr. Mohit bery inducted on board of directors of
die company and Rameshwar Bairwa resigned from directorship of die
company.
AUDITORS
M/s RAO & ASSOCIATES, Chartered Accountants, Mumbai have given their
consent for re-appointment of Auditors of the Company.
During the year under review, M/s Gaurang Vora & Associates, Chartered
Accountants, Ahmedabad tendered the resignation in writing to the
company due to their pre-occupation hence new auditors have been
approached by the company and after receipt of written consent from
them, the company convened an EGM on 15/05/2013 for appointment of new
auditors - M/S RAO & ASSOCIATES, CHARTERED ACCOUNTANTS, MUMBAI
PARTICULARS OF EMPLOYEES
There was no employee in the Company whose particulars are required to
be furnished as per section 217 (2A) of die Companies Act, 1956, read
witii Companies (Particulars of Employees) Rules, 1975 as amended upto
date.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNING/OUTGO.
The information under section 217(1) (e) of the Companies Act, 1956 on
Conservation of Energy, Technology Absorption as required to be
disclosed is not applicable to your company since it is engaged in the
financial activities.
During the year under review the Company has no foreign exchange
earnings and outgo.
DIRECTORS' RESPONSIBILITY STATEMENT
Pursuant to section 217(2AA) of the Companies Act. 1956 the Directors
confirm :
(a) that in the preparation of annual accounts, the applicable
accounting standards have been followed;
(b) that the Directors have selected such accounting policies and
applied them consistently and made judgements and estimates that are
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
profit of the Company for that period;
(c) that the Directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provision of the Companies Act, 1956 for safeguarding the assets of the
company and for preventing and detecting fraud and other
irregularities;
(d) that the Directors have prepared the Annual Accounts on a going
concern basis.
CORPORATE GOVERNANCE AND COMPLIANCE
A report on corporate governance along with Management Discussion and
Analysis is annexed to this report. A certificate from Statutory
Auditors with regards to the compliance of the corporate governance, as
stipulated in Clause 49 of the Listing Agreement, by the company is
annexed to this report.
The company has fully complied with all mandatory requirements
prescribed under Clause 49 of the listing agreement. In addition, the
company has also implemented some of the non mandatory provisions of
Clause 49.
ACKNOWLEDGEMENT
Your Directors wish to express their sincere appreciation for the
co-operation and support received from Banks, shareholders, customers,
Officers and other employees of the Company throughout the year.
By order of the Board
For GUJARAT MEDITECH LTD.
Sd/-
Place : AHMEDABAD MOHIT BERY
Date : 03/09/2013 CHAIRMAN | 