| The Members
The Directors' present the Eighteenth Annual report on the business and
operations of your Company for the year 2010-2011.
FINANCIAL RESULTS AND OPERATIONAL REVIEW:
Year Ended Year Ended
Particulars 31.03.2011 31.03.2010
(Rs.) (Rs.)
Gross Sales/Income 512.78 348.40
Less Depreciation 1.26 1.26
Profit/(Loss) before Tax 0.55 (2.51)
Taxes/Deferred Taxes NIL NIL
Profit/(Loss) After Taxes 0.55 (2.51)
P& L Balance b/f (65.59) (63.08)
Profit/ (Loss) carried to Balance Sheet (65.04) (65.59)
REVIEW OF PERFORMANCE:
Your Directors feel pleasure to report increase in the turnover and
registering profit after tax of Rs. 55,153 which was made possible
through inserting capital equipment last year and better production
planning. Directors are exploring various other opportunities to
further improve the working results during the current year.
DIVIDEND:
In view of the losses, your Directors do not recommend the dividend for
financial year ended on March 31, 2011.
DIRECTORS:
Mr. Jayesh Shah, Mr. Nipesh Shah and Mr. Alpesh Gupta were resigned
during the year and Mr. Deenkar B. Shreemali, Jagdish G. Ajwani and
Rameshchandra B. Chavan were inducted as an additional director with
effect from 21/03/2011, 16/03/2011 and 16/03/2011 consecutively and
hold office upto ensuing annual general meeting of the Company. The
Company has received notice from a member pursuant to Section 257 of
the Companies Act, 1956, signifying his intention to propose the
candidature of Mr Deenkar B. Shreemali, Jagdish G. Ajwani, and
Rameshchandra B. Chavan for the office of directors.
Mr. Rameshchandra B. Chavan Director of the Company are liable to
retire by rotation at the ensuing Annual General Meeting and being
eligible, offer themselves for re-appointment.
PUBLIC DEPOSITS
During the year under review the Company has not accepted any deposits
to which the provisions of section 58A of the Companies Act, 1956 read
with Acceptance of Deposits Rules, 1975 as amended are applicable.
DIRECTORS' RESPONSIBILITY STATEMENT:
Pursuant to the requirement under section 217 (2AA) of the Companies
Amendment Act, 2000 with respect to Director Responsibility Statement
it is hereby confirmed:
1. That in the preparation of the Annual Accounts for the financial
year ended 31st March, 2011 the applicable accounting standards had
been followed along with proper explanation relating to material
departures.
2. That the Directors had 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
of Affairs of the Company at the end of the financial year and of the
Profit of Loss of the Company for the year under review.
3. That the Directors had 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.
4. That the Directors had prepared the accounts for the financial year
ended 31st March, 2011 on a going concern basis
REPORT ON CORPORATE GOVERNANCE:
A separate section on Corporate Governance and a Certificate from
Auditors of the company regarding compliance of conditions of Corporate
Governance as stipulated under clause 49 of the Listing Agreement
together with the Management Discussion and Analysis of the financial
position of the company forms part of the Annual Report.
AUDITORS:
M/s Vishvesh A. Shah, Chartered Accountants of the Company, has showed
his unwillingness and sent resignation as the Statutory Auditors of the
Company. Accordingly, M/S. Vikram S. Mathur & Company, Chartered
Accountants, have been appointed as Statutory Auditors of the Company.
However, they have resigned on 06th August, 2011 and accordingly, M/S.
Praful N Shah & Company has been appointed as Statutory Auditors of the
Company by Board of Directors on 06th August, 2011. The Board of
Directors recommend their reappointment as statutory auditors of the
company for the period from the conclusion of this Annual General
Meeting upto the date of the next Annual General Meeting.
AUDITORS REPORTS:
The observations of the Auditors in their Report and Notes Attached to
the Accounts to the Accounts are Self-Explanatory and do not require
any Further Clarifications.
AUDIT COMMITTEE:
The company's present Board of Directors is properly constituted and
the company has also formed an Audit Committee in compliance with
provisions of Section - 292A of the Companies Act, 1956 and also in
compliance with the Clause 49 relating to Corporate Governance. The
duties, powers, responsibilities assigned to the Audit Committee are in
line with the Clause 49 of the Listing Agreement.
LISTING:
Equity Shares of the company are listed on the Bombay Stock Exchange
Limited (BSE), Ahmedabad Stock Exchange Limited (ASE) and Vadodara
Stock Exchange Limited.
PARTICULARS OF EMPLOYEES:
Company has no employee who were in receipt of the remuneration of Rs.
24,00,000/- in the aggregate, if employed for the year and in receipt
of the monthly remuneration of Rs. 2,00,000/- p.m. if employed for a
part of the year as per the provision of Section 217(2A) of the
Companies Act, 1956 read with the Companies (particulars of employees)
Rules, 1975. Hence the information required under S-217(2A) of the
Companies Act, 1956 being not applicable are not given in this report.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE:
The Additional information required under Section 21 7(l)(e) of the
Companies Act, 1956 relating to Conservation of energy, technology
absorption are not applicable to the Company, as the company is not
engaged in the manufacturing activities. The Company has no any Foreign
exchange earnings or outgoes during the financial year.
SEGMENT:
Your Company is engaged in a single segment only.
ACKNOWLEDGEMENT:
Your company & Directors wish to place on record their appreciation of
the assistance and cu-operation extended by Investors, Bankers,
Customers, Business Associates and Reserve Bank of India. We are deeply
grateful to shareholders for their continued faith, confidence and
support to the company. The Directors wishes to place on record its
appreciation of sincere and dedicated work of employees at all levels,
which has largely contributed to the present growth of the Company.
By order of the Board
For Global Securities Limited
Date: 15th June, 2011
Place: Ahmedabad
Sd/- Sd/-
(Mr. Deenkar B.Shreemali) (Mr. Jagdish G Ajwani)
Director Director | 