| The Directors are pleased to present the Annual Report and the audited
accounts for the year ended 31st March 2011 Financial results:
The financial performance of the Company for the year ended 31st March
2011, is summarized below:
In Rs
PARTICULARS 31st March 2011 31st March 2010
Income 941751.00 886973.00
Expenditure 567588.00 532881.00
Profit before, depreciation and tax 374163.00 354092.00
Depreciation 13690.40 13690.39
NET PROFTT BEFORE TAX 360472.60 340401.61
Provisions for taxation 120650.00 120650.00
Deferred Tax 825.00 66.00
Surplus carried to Balance Sheet 238997.60 219685.61
Paid-up share capital 29518250.00 29518250.00
Results of operations:
During the financial year under review, the company's total turnover
amounted to Rs. 941751/- which is higher than the previous year's
figure of Rs. 886973/-. On the other hand the total expenditures has
also been increased from Rs. 546571.39/- (inclusive of depreciation) to
Rs. 581278.40/- during this period. Resultantly, the company's surplus
(after tax and dep.) amounting Rs. 238997.60/-, being higher than the
last year figure of Rs. 219685.61/- which has been carried to the
Balance Sheet. The management has taken note of the same and then
decided to initiate the process of introspection to improve further the
profitability position of the company by developing/formulating new
marketing strategies and policies.
Share capital
The authorised share capital of the Company is Rs. 35,000,000/- divided
into 3,500,000 Equity Shares of Rs. 10/- each, the issued and
subscribed share capital of the company is Rs. 30,045,000/- and paid up
capital of the company is Rs. 29518250/- divided into 2951825 equity
share of Rs. 10/- each. The calls in arrears remained Rs. 526750/-.
Dividend
The management decided to retain all the internal accruals and to
utilize the same in the expansion of business, therefore, it has been
decided by the Board to defer the declaration of dividend this year as
well.
Corporate Governance
The company is committed to maintain the highest standards of Corporate
governance. The Directors adhere to the requirements set out by the
Securities and Exchange Board of India's Corporate Governance practice
and have implemented all stipulated prescribed.
The requisite Certificate from the Auditors of the Company, M/s K.
SINGH & ASSOCIATES, Chartered Accountants, confirming compliance with
the conditions of Corporate Governance as stipulated under the Clause
49, is attached to this report. A report on the corporate Governance is
also attached as an annexure to this report
Directors
The Board of Directors of the Company is duly constituted and comprises
highly qualified and experienced members. However, pursuant to the
provisions of Section 256 of the Companies Act, 1956, Mr. Rajpal
Choudhary, is liable to retire by rotation and being eligible, offered
himself for reappointment.
Directors responsibility statement
Pursuant to the provisions of Sub-Section (2AA) of Section 217 of the
Companies Act, 1956, the Directors confirm that:
i. In the preparation of annual accounts, the applicable accounting
standards have been followed along with proper explanation relating to
material departure;
ii. 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 at the end of the financial year and of the profit or
loss of the Company for that period;
iii. The Directors had taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of this Act for safeguarding the assets of the Company and
for preventing and detecting fraud and other irregularities;
iv. The Directors have prepared the annual accounts on going concern
basis.
public deposits
The Company has neither accepted any deposit from the public nor
renewed the deposits which fall within the ambit of Section 58A, 58AAA
of the Company's Act, 1956, and the rules framed there under, during the
year under review.
Particulars of the employees
Information as per Section 217(2A) of the Companies Act, 1956, read
with Companies (Particulars of Employees) Rules, 1975 and Companies
(Disclosure of Particulars in the report of the Board of Directors)
Rules, 1988, is not required as none of the Directors/employees was in
receipt of remuneration of Rs. 5,00,000 or more per month or Rs.
6,000,000 per annum in the aggregate.
Auditors
M/S K SINGH & ASSOCIATES, Chartered Accountants, who were appointed as
the Statutory Auditors of the company, there term of office comes to
end at the conclusion of the ensuing Annual General Meeting. Based on
the eligibility certificate given by the said auditors under section
224 (1) (B) of the Companies Act, 1956, the Board of Directors resolved
to recommend the appointment of M/S K SINGH & ASSOCIATES, Chartered
Accountants as the Statutory Auditor of the company for the financial
year ending on 31 st March, 2012.
SECRETARIAL AUDITORS:
In order to make the compliance of the provisions of Section 383A of
the Companies Act, 1956, your Board recommend the reappointment of M/s
M.R Chechi & Associates, Company Secretaries, as the Compliance
Auditors of the Company for the financial year ended 31st March, 2012.
Notes on Accounts
The observations of the Auditors on the notes on accounts are
adequately explained to the Company through the section Notes on
Accounts. Hence, no separate comments are required by the Directors on
the Report of the Statutory Auditors.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNING
AND OUT-GO:
Pursuant to the provisions of section 217 of the Companies Act, 1956
and rules there under, the required information is given in the
annexure to this report.
Foreign Exchange Earnings: NIL
Foreign Exchange Outgo: NIL
Industrial relations
The overall industrial relations have remained cordial throughout the
year under review.
Acknowledgement
Your Directors wish to place on record their deep gratitude to the
Departments of State/Central Governments, banks and other concerned
authorities, for their valuable co-operation and assistance. Your
Directors also wish to place on record their appreciation of the
wholehearted and continued support extended by the shareholders and the
employees of the Company which had always been a source of strength for
the Company.
FOR AND ON BEHALF OF THE BOARD
SD/- SD/-
PLACE: NEW DELHI RAJPAL DEEPAK VERMA
DATED: 24.08.2011 DIRECTOR DIRECTOR | 