| The Members,
The Director have pleasure in presenting the 18th Annual Report and
the audited statement of accounts for the year ended 31st March, 2010
FINANCIAL RESULTS Year ended Year ended
31.3.2010 31.3.2009
Sales & Other Income 94,87,084 7,73,86,953
Total Expenditure 1,22,25,887 7,95,66,078
Profit / (Loss) before Taxation (27,38,803) (21,79,125)
Add: Prior Years Adjustments 2,80,716 1,99,952
Provision for Taxation Nil Nil
Profit / (Loss) after taxation (30,19,519) (19,79,173)
Add: Balance brought forward
from Previous year (24,230,979) (22,251,806)
Balance carried to Balance Sheet (27,250,498) (24,230,977)
DIVIDEND:
In view of losses in the operation of the Company,Your Directors regret
their inability to recommended.
OPERATION:
During the year under review, your company's sales and other income
were Rs. 94.87 lacs as compared to Rs.773.87 lacs in the previous year.
DIRECTOR:
Mr. Satish Ailawadi, retires by rotation at the Annual General Meeting
and being eligible offer himself for re-appointment. During the year
Mr. Neeraj Singhal and Mr. Kailash Agarwal was appointed at Director
with effect from 14th December, 2009 and Mr. Kshemankari Nadgir
resigned with effect from 1st May, 2010.
DIRECTORS' RESPONSIBILITY STATEMENT:
Pursuant to the requirement under Section 217 (2AA) of the Companies
Act. 1956 with respect to Directors' Responsibility Statement, it is
hereby confirmed:
(i) that in the preparation of the annual accounts for the financial
year ended 31st March 2010,the applicable accounting standards had been
followed along with proper explanation relating to material departures;
(ii) 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 or loss of the Company for the year under review;
(iii) that the Directors had taken proper and sufficient care 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;
(iv) that the Directors had prepared the accounts for the financial
year ended 31st March, 2010 on a 'going concern' basis.
FIXED DEPOSITS:
Your company has not accepted any fixed deposits from public.
ENERGY CONSERVATION:
During the year under review, your Company has not engaged in any
manufacturing activities, the Particulars about the conservation of
Energy, Research and Development & technology absorption are nil.
Further during the year under review, the foreign exchange earning and
outgo was nil
PERSONNEL:
During the year there are no employees drawing remuneration exceeding
the ceiling prescribed under section 217(2A) of the Companies Act, 1956
AUDITORS:
The Company Auditors M/s. Mehta & Parmar, Chartered Accountants,
retires at the conclusion of this Annual General Meeting and being
eligible offer themselves for re-appointment.
AUDITORS' REPORT:
The observation made in the Auditors' Report regarding:
a) Non - Provision in diminution in the value of investment amounting
to Rs. 97,00,000/ in the erstwhile subsidiary company Goldhammer
Securities Limited, has been duly explained in Note No. 8 forming part
of Account under schedule J.
b) Non - Provision of the interest on loan amount of Rs. 24,96,960/-
from Punjab & Sind Bank and Rs. 24,80,409/- from Priya Limited, has
been duly explained in Note No. 9 and 10 respectively forming part of
Account under schedule J.
CORPORATE GOVERNANCE:
A report on the Corporate Governance is annexed hereto and forms part
of this Report. A certificate from the Auditor of the Company regarding
the compliance of the conditions of Corporate Governance is attached to
this report.
AUDIT COMMITTEE:
The Audit Committee of the Company presently consists of Mr. Basant
Bhoruka, Mr. Satish Ailawadi and Mr. Neeraj Singhal. The Meetings of
Audit Committee are held at regular intervals and internal control
systems are reviewed from time to time.
ACKNOWLEDGMENT:
Your Directors wish to thanks Company's Bankers, shareholders and
Auditors for the co-operation extended to us.
By order of the Board
Sd/- Sd/-
Basant Bhoruka Neeraj Singhal
Director Director
Place: Mumbai
Date : 1st September 2010
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