| The Directors present the 18th Annual Report of your Company together
with the Audited Annual Accounts for the financial year ended 31st
March 2013.
Financial Highlights
(AMOUNT IN LACS)
FINANCIAL YEAR ENDED
PARTICULARS
31st MARCH 2013 31st MARCH 2012
Total Turnover 0.79 0.11
Total Expenditure 12.65 30.01
Profit/ (Loss) before tax (11.86) (29.90)
Provision for tax: (0.06) 0.11
Deferred Tax
Profit/ (Loss) after tax (11.78) (30.02)
Transfer to Reserve NIL NIL
Paid-up Share Capital 200 200
Year in retrospect and overview
This year, the total turnover of the company was 0.79 as against Rs
0.11 Lacs in the previous year. The company has suffered a loss of Rs
11.86 Lacs as against loss of Rs 29.90 Lacs in the previous year. Your
Directors are putting in their best efforts to improve the performance
of the Company.
The Management Discussion & Analysis Report is attached hereto with the
Directors Report and should be read as part of this Directors Report.
Other Material Changes
Save as mentioned elsewhere in this Report, no material changes and
commitments affecting the financial position of the Company have
occurred between the end of the financial year of the Company 31st
March, 2013 and the date of this Report.
Dividend
In view of loss suffered by the Company, your Directors regret their
inability to recommend any dividend.
Public Deposits
During the year under report, your Company did not accept any deposits
from the public in terms of the provisions of section 58A of the
Companies Act, 1956.
Conservation of Energy, Technology Absorption, Foreign Exchange
Earnings and Outgo
A. Conservation of Energy & Technology Absorption: Since the Company
is not engaged in any manufacturing activity, issues relating to
conservation of energy and technology absorption are not quite relevant
to its functioning.
B. Export Activities: There was no export activity in the Company
during the year under review. However, the Company is exploring the
opportunities available to the Company in the international market
Directors
Mr. Ashok Kumar Chordia retires by rotation and being eligible offers
himself for reappointment. Your directors recommend his re-appointment.
Mr. Suresh Mutha, Director was appointed as a Managing Director of the
Company with effect from 1st August 2010 for a period of three years
and his term will ended on 31st July 2013. The Board of Directors
re-appointed him as Managing Director for a period of five years
starting from 1st August 2013 under the provisions of Section 198, 269
and 309 of the Companies Act, 1956, subject to the approval of the
members of the Company.
Mr. Karan Mutha was appointed as additional director as on 27th April
2013 and needs to regularize as Director of the Company at the ensuing
Annual General Meeting under the provisions of Section 257 of the
Companies Act, 1956.
Mr. Ramesh Kumar Arora was resigned from the Board of Directors with
effect from 28th May 2013.
Appropriate resolution seeking your approval to the aforesaid
appointments is appearing in the Notice convening the 18th Annual
General Meeting.
Auditors
M/s Dhamija Sukhija & Co., Chartered Accountants, Statutory Auditors of
the Company hold office until the conclusion of the ensuing Annual
General Meeting and being eligible offer themselves for re-appointment.
A certificate under section 224(1) of the Companies Act, 1956 regarding
their eligibility for the proposed reappointment has been obtained from
them. Your Directors recommend their reappointment.
Directors Responsibility Statement
In terms of the provisions of section 217(2AA) of the Companies Act,
1956, and to the best of their knowledge and belief and according to
the information and explanations obtained by them and save as mentioned
elsewhere in this Report, the attached Annual Accounts and the
Auditors Report thereon, your Directors confirm that:
A. In preparation of the annual accounts, the applicable accounting
standards have been followed;
B. The Directors have selected such accounting policies and applied
them consistently and 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, 2013 and of the loss of the Company
for the year ended on that date;
C. The Directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of the Act for safeguarding the assets of the Company and
for preventing and detecting fraud and other irregularities; and
D. The Directors have prepared the Annual Accounts on a going concern
basis.
Stock Exchange Listing
Presently, the shares of the Company are listed on the Bombay Stock
Exchange and Ahmadabad Stock Exchange Ltd. The Company has already paid
the listing fees to both of the stock Exchanges for the financial year
2012-13.
Acknowledgement
Your Directors take this opportunity to place on record their sincere
appreciation for the co-operation and assistance the Company has
received from Banks and various Government Departments. The Board also
places on record its appreciation of the devoted services of the
employees; support and co-operation extended by the valued business
associates and the continuous patronage of the customers of the
Company.
For and on Behalf of the Board
For Baffin Engineering Projects Ltd
Sd/-
(Suresh Mutha)
Place: New Delhi Managing Director
Date: 2nd September, 2013
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