| TO THE SHAREHOLDERS
The Directors have great pleasure in presenting their 19th Annual
Report together with the Audited accounts for the year ended October
31, 2012.
FINANCIAL RESULTS: Year ended Year ended
31.10.2012 31.10.2011
Rs. Rs.
Total Income 486,430 39,035
Profit/ (Loss) before tax 27,044 (531,028)
Tax Expense
- Current Tax 0 0
- Deferred Tax (38,160) (33,927)
- Excess/Short Provision of Tax 0 0
Balance carried Forward 65,204 (539,919)
DIVIDEND:
Due to no business activity on hand, and carry forward Losses, your
Directors express their inability to recommend any dividend for the
year ended October 31, 2012.
OPERATIONS:
Your Company has achieved a Total Income of Rs. 4.86 Lacs as Compared
to Rs. 0.39 Lacs for the previous year. Your Company suffered a Net
Loss of Rs 65,204/- in the current year.
Your board is confide it of achieving better results and better
performance during the current year.
BOARD OF DIRECTORS:
As per the provisions of the Companies Act, 1956, and in terms of the
Articles of Association of the Company, Mr. Ishwar Chand Jain, Director
of the Company, retires by rotation and being eligible, offer himself
for re-appointment.
DIRECTORS RESPONSIBILITY STATEMENT:
Pursuant to Section 217(2AA) of the Companies Act, 1956 the Directors
confirm that:
1. In the preparation of the annual accounts, the applicable
accounting standards have been followed.
2. Appropriate policies have been selected and applied consistently and
judgments and estimates wherever made are reasonable and prudent so as
to give a true and fair view of the state of affairs of the Company as
at the end of the year.
3. Proper and sufficient care has been taken 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.
4. The annual accounts have been prepared on a going concern basis.
AUDITORS:
During the year M/s. NGS & CO., Chartered Accountants, Auditors of the
Company have changed their status from partnership firm into Limited
Liability Firm [LLP] and now their name stands as M/s. NGS & CO. LLP,
Chartered Accountants.
M/s. NGS & CO. LLP, Chartered Accountants, Auditors of the Company
retires by rotation and being eligible for re-appointment offers
themselves for re-appointment.
The Company has received a certificate from them that they are
qualified under section 224 (1-B) of the Companies Act, 1956, for
appointment as Auditors of the Company. Members are requested to
consider their appointment at a remuneration to be decided by the Board
of Directors for the financial year ending October 31, 2013 as set out
in the Notice convening the Meeting.
AUDITORS' OBSERVATIONS:
The observations of the auditors contained in their Report have been
adequately dealt with in the Notes to the Accounts given in Notes 1-22,
which are self explanatory and, therefore, do not call for any further
comments.
AUDIT COMMITTEE:
In accordance with the provisions of the Listing Agreement and
Corporate Governance the Company had constituted an Audit Committee.
The Audit Committee acts in accordance with the terms of reference
specified from time to time by the Board.
CORPORATE GOVERNANCE:
Your Company continued to practice good governance as set out by the
Securities and Exchange Board of India. In addition to the basic
governance issues, the Board laid a strong emphasis on transparency,
accountability and integrity. The detailed report on compliance of
Corporate Governance and Management Discussion Analysis as stipulated
in Clause 49 of the Listing Agreement is' enclosed and form part of
this Report.
SECRETARIAL COMPLIANCE CERTIFICATE:
Pursuant to provisions of Section 383A of the Companies Act, 1956 and
the rules made thereunder, the Company has obtained a Compliance
Certificate from GMJ & Associates, Company Secretaries. The same is
attached herewith.
CODE OF CONDUCT:
Your Company is committed to conducting its business in accordance with
the applicable laws, rules and regulations and highest standards of
business ethics. In recognition thereof, the Board of Directors has
implemented a Code of Conduct for adherence by the Directors and Senior
Management Personnel of the Company. This will help in dealing with
ethical issues and also foster a culture of accountability and
integrity.
DEPOSITORY SERVICES:
The Company's Equity Shares are admitted to the depository mechanism of
the National Securities Depository Limited (NSDL) and also the Central
Depository Services Limited (CDSL). As a result the investors have an
option to hold the shares of the Company in a dematerialised form in
either of the two Depositories. The Company has been allotted ISIN No,
INE138E01012.
Shareholders' therefore are requested to take full benefit of the same
and lodge their holdings with Depository Participants [DPs] with whom
they have their Demat Accounts for getting their holdings in electronic
form.
FIXED DEPOSITS:
The Company did not accept any fixed deposits during the year ended
October 31, 2012.
PARTICULARS REGARDING CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND
FOREIGN EXCHANGE EARNING AND OUTGO:
The information pursuant to section 217 (I) (e) of the Companies Act,
1956 read with the Companies ( Disclosure of particulars in the Report
of Board of Directors ) Rules 1988 are not applicable to the Company as
the Company is not engaged in manufacturing activities.
Foreign Exchange Earnings & outgo: Rs. NIL [Pr. Yr. NIL]
PARTICULARS OF EMPLOYEES:
None of the employees of the Company came within the purview of the
information required u/s 217 (2A) of the Companies Act, 1956 read with
the Companies (particulars of Employees) Rules, 1975 as amended.
LISTING:
The Equity Shares of the Company are at present listed with the Bombay
Stock Exchange Limited, Phiroze Jeejeebhoy Towers, Dalai Street, Mumbai
400 001.
The Company is.regular in payment of listing fee.
SAFETY, ENVIRONMENTAL CONTROL AND PROTECTION:
The Company has taken all the necessary steps for safety and
environmental control and protection at all its plants.
ACKNOWLEDGMENT:
The Directors wish to convey their appreciation to the Company's
shareholders, customers, suppliers, bankers, distributors and all the
technology partners for the support they have given to the Company and
the confidence, which they have reposed in its management and the
employees for the commitment and dedication shown by them.
Registered Office: For & on behalf of the Board
Capco Exports, For Ascent Exim [India] Limited
Jeevan Sahakar Building, 3rd Floor,
5, Homji Street, Fort,
Mumbai - 400 001. Sd/- Sd/-
January 31, 2013. Director Director | 