| To, THE MEMBERS OF THE COMPANY
The Directors have pleasure in presenting the Nineteenth Annual Report
and the Audited Statement of Accounts for the year ended 31st March,
2012.
FINANCIAL RESULTS:
The summary of financial results for the year under review along with
the figures for previous year are as follows:-
(Rs. in Lacs)
Particulars 2011-2012 2010-2011
1. Net Sales / Income from Operations 5.70 20.94
2. Total Expenditure 24.03 50.64
3. Operating Profit/(Loss) before Finance
Cost, Depreciation & Taxation (1-2) (18.33) (29.70)
4. Finance Cost 0.05 0.02
5. Depreciation 2.40 1.98
6. Profit before Tax (3-4-5) (20.78) (31.70)
7. Provision for taxation 0.00 0.00
8. Profit/(loss) after Tax (6-7) (20.78) (31.70)
9. Balance of Profit & Loss Account
brought forward from P.Y. 13.77 45.47
10. Amount available for appropriation (8-9) (7.01) 13.77
11. Balance carried to Balance sheet (7.01) 13.77
DIVIDEND:
Your Directors have not recommended any dividend on equity shares for
the year under review.
PUBLIC DEPOSITS:
The company has not accepted any deposits from the public.
MANAGEMENT DISCUSSION AND ANALYSIS:
A report on Management and Discussion and Analysis as stipulated under
Clause 49 of the Listing Agreement with the Stock Exchange forms parts
of the Annual Report.
DIRECTORS:
In accordance with the provisions of the Companies Act, 1956 and
Article 150 of the Articles of Association, Shri Ramesh Shah, Director
of the Company retire by rotation at this annual general meeting and
being eligible, offer himself for reappointment. The Board recommends
his reappointment.Shri Gunvant M. Acharya was appointed as Director on
30th September, 2011 and has resigned on 7th November, 2011.
INSURANCE:
All the properties and assets of the Company are adequately insured.
AUDITORS:
M/s A. L. Thakkar & Co., Auditors of the Company retires at the
conclusion of forthcoming Annual General Meeting and being eligible to
offer themselves for reappointment.
AUDITORS REPORT:
The Auditors report is self-explanatory and so far, there is no
negative remark by the Auditors.
DIRECTORS' RESPONSIBILITY STATEMENT:
In accordance with the provisions of section 217(2AA) of the Companies
(amendment) Act, 2000 the Directors confirm that :-
1. In the preparation of accounts, the applicable accounting standards
have been followed.
2. Accounting policies selected were applied consistently. Reasonable
and prudent Judgments and estimates were made so as to give a true and
fair view of the state of affairs of the Company as at the end of 31st
March, 2012 and the profit of the Company for the year ended on that
date.
3. Proper and sufficient care has been taken for the maintenance of
adequate accounting records in accordance with the provisions of
Companies Act, 1956 for safeguarding the assets of the company and for
preventing and detecting frauds and other irregularities.
4. The Annual Accounts of the company have been prepared on a going
concern basis.
CORPORATE GOVERNANCE:
Your Company is committed to maintain the highest standard of Corporate
Governance. Your Directors adhere to the stipulations set out in the
Listing Agreement with the Stock Exchanges. As per Clause 49 of the
Listing Agreement with the Stock Exchanges, a separate section on
Corporate Governance together with a certificate from the Company's
Auditors confirming compliance there to is set out in the Annexure
forming part of this report.
LISTING OF SHARES:
The equity shares of the Company are listed at the Bombay Stock
Exchange Limited (BSE). The Company has paid the applicable listing
fees up to the date. The Company's shares are also traded in
dematerialised segment and the Company had entered into agreements with
CDSL and NSDL for custodian services.
PARTICULARS OF THE EMPLOYEES:
The Company has no employee to whom the provision of Section 217(2A) of
the Companies Act, 1956 read with the Companies (Particulars of
Employees) Rules, 1975 apply and henceforth not applicable to the
company.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS AND OUTGO:
Conservation of energy and technology absorption information pursuant
to Section 217(1) (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. There is no Foreign Exchange
Earning and Outgo during the year.
ACKNOWLEDGMENT:
Your Directors wish to place on record their appreciation and sincere
thanks to the state government, government agencies, banks, customers,
financial institutions, shareholders, vendors and other related
organizations, who through their continued support and co-operation,
have helped, as partners, in your company's progress.
Your Directors also acknowledge the hard work, dedication and
commitment of the employees.
Date : August 13, 2012 For and on behalf of the Board
Place: Ahmedabad Ramesh L. Shah
Chairman and Managing Director | 