| Dear Shareholders,
The Directors take pleasure in presenting the Annual Report together
with the Audited Accounts for the financial year ended on March
31,2013.
FINANCIAL RESULT:
The financial results of the Company for the year under review are as
follows:
YEAR ENDED YEAR ENDED
particulars ON 31/03/2013 ON 31/03/2012
INCOME 121,100.00 370,175.00
EXPENDITURE 194,236.00 606,524.00
PROFIT & LOSS BEFORE DEP.& TAX (73,136.00) (236,349.00)
PEP. PROVIDED DURING THE YEAR 108,967.00 120,190.00
PROFIT(LOSS) EXCEPTIONL/PRIOR
PERIOD
ITEMS
PROVISION FOR TAXATION
PROVISION FOR DEFERRED
TAX LIABILITY
PROFIT/(LOSS) FROM
DISCONTINUING
OPERATIONS
PROFIT/(LOSS) AFTER TAXATION (182,103.00) (356,539.00)
PROFIT(LOSS) BROUGHT FORWAR D(971,539.00) (22,615,000.00)
PROFIT(LOSS) CARRIED
OVER TO B/S (23,153,642.00) (22,971,539.00)
DIVIDEND:
In view of brought forwarded losses the directors regret their
inability to declare the dividend to conserve the resources.
DIRECTORS:
In accordance with die provisions of section 256 of die Companies Act,
1956 and die Articles of Association of die Company, Mr. Vijay Shah,
retires by rotation at die ensuing Annual General Meeting of die
Company and being eligible, offers himself for re-appointment. Your
Directors recommend his re-appointment as Director of die company.
DD2ECTOR RESPONSIBILITY STATEMENT:
Pursuant to section 217(2AA) of die companies Act, 1956, die Directors
hereby confirm uiat
1) The applicable accounting standards have been followed along witii
proper explanation relating to material departures.
2) They have selected such accounting policies in consultation witii
die Statutory Auditors and applied mem consistently and made judgments
and estimates mat are reasonable and prudent so as to give a true and
fair view of die state of affairs of die company at die end of die
financial year ended March 31,2013 and die profit/loss of die company
for mat year.
3) Proper and sufficient care has been taken for the maintenance of
adequate accounting records in accordance with provisions of this act
for safeguarding the assets of the company and for preventing and
detecting fraud and other irregularities.
4) The annual accounts have been prepared on a going concern basis.
PUBLIC DEPOSITS
Your Company has neither accepted nor renewed any deposit within the
meaning of Section 58A and 58AA of the Companies Act, 1956 and rules
made thereunder during the year ended March 31,2013.
MANAGEMENT DISCUSSION AND ANALYSIS
A detailed review of operations, performance and future outlook of your
company is given in the Management Discussion and Analysis, which forms
part of this Report.
CORPORATE GOVERNANCE:
Your Company is compliant with the requirements of Clause 49 of the
Listing Agreement. Necessary disclosures have been made in this regard
in the Corporate Governance Report. A certificate from the statutory
Auditors of your Company regarding compliance with the requirements of
Corporate Governance as stipulated under Clause 49 of the Listing
Agreement is attached to this report. The report on Corporate
Governance is included and forms the part of this Report
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS & OUTGO:
As required under rule 3 of the companies (Disclosure of Particulars in
the report of board of directors) Rules 1998, the particulars relating
to the conservation of energy, Technology absorption, and the foreign
exchange earnings and outgo are also Nil.
LISTING AGREEMENT:
The securities of the company are listed with the Stock Exchange,
Mumbai. The company has paid the annual listing fees.
APPOINTMENT OF AUDITORS:
M/s. Sanjay Gondaliya & associates, Chartered Accountants, Mumbai, the
statutory Auditor of the Company, who would be retiring at the
conclusion of the forthcoming Annual general Meeting have express their
inability to continue as the Auditor of the Company.
The Company has received special notice as required under section 225
of the Companies Act, 1956 proposing the appointment of M/s V S Bapna &
Associates, Chartered Accountants, Mumbai as the Statutory Auditor of
the Company. M/s V S Bapna & Associates, Chartered Accountants have
forwarded to the company certificate stating that the appointment, if
made, will be within the limit specified in section 224(1B) of
Companies Act, 1956.
FOREIGN EXCHANGE EARNING AND OUTGO
During the year Companies has not made any foreign exchange
transaction.
PARTICULARS OF EMPLOYEES:
The Company does not have any subsidiary company.
CASH FLOW STATEMENT
In conformity with the provision of Clause 32 of the Listing
Agreements) the cash flow statement for the year ended 31* March 2013
is annexed hereto.
ACKNOWLEDGEMENT:
The management is grateful to the government authorities, Bankers,
Vendors, for their continued assistance and co-operation. The directors
also wish to place on record the confidence of members in the company.
For & on behalf of the Board of Directors
Place: Mumbai Vijay Shah
Date: 04.09.2013 Managing Director
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