| To, The Members BAFNA SPINNING MILLS & EXPORTS LIMITED
The Directors have pleasure in presenting the 21st Annual Report of
the Company together with the Audited Accounts for the financial year
ended on 31st March 2012.
1. Financial Results (Rs. in Lacs)
Particulars 2011-12 2010-11
Sales 45.25 -
Other income - 6.4
Depreciation 0.33 1.18
Other Expenditure 43.86 3.6
Profit/ Loss before Tax 1.05 2.8
Profit/Loss after Tax 0.70 1.06
During the current year your company has achieved a reasonable level of
growth. We are hoping that the phenomenal growth shall be achieved
during the next coming years.
2. Directors
Mrs. Uma Bafna, Director of the company retires at the ensuring Annual
General meeting and eligible for re-appointment. -
3. Personnel
Your directors' wish to place on record their appreciation for the
contribution to growth of the business made by employees at all levels.
Information as required pursuant to section 217(2A) of the companies
Act, 1956 has not been given, as it is not applicable.
4. Sub-division of Equity Shares:
In order to improve liquidity of the Company's Shares in the Stock
Market and to make it affordable to the small investors, the Board of
Directors of the Company at their meeting held on 08/03/2011 considered
it desirable to sub-divide the nominal value of the equity portion of
the Authorized capital of the Company. This requires alteration of
Clause V of Memorandum of Association. Hence, permission of
shareholders for such was taken in the duly convene Extra Ordinary
General Meeting of the Company held on 1st April, 2011. After that,
equity Shares of the Company including the paid up Equity Shares are
sub divided such that each existing Equity Shares in the Authorized
Share Capital having face value of Rs. 5/-(Rupees Five) each
sub-divided into 5(five) equity shares of the face value of
Rs.l/-(Rupees One) each.
Your Company has filed necessary e-forms on MCA portal regarding sub
division of Equity shares.
5. Auditors
M/s K R Shah & Associates, Chartered Accountants, Ahmadabad, Auditor of
the Company retire at the conclusion of ensuing Annual General Meeting
and being eligible, offer themselves for Re-appointment.
6. Deposits
During the year, Company has not accepted inter corporate Deposits,
which falls under Section 58A of Companies Act, 1956.
7. Energy. Technology And Foreign Exchange
The additional information required to be disclosed in terms of
notification No.1029 dated 31st December, 1998 issued by the Department
of Company Affairs, Ministry of Finance is not applicable.
8. Directors' Responsibility Statement
Pursuant to Section 217(2A) of Companies Act, 1956, the Directors
confirm that:
i. In the preparation of Annual Accounts, appropriate accounting
standard have been followed.
ii. Appropriate accounting policies have been selected and applied
consistently and judgments and estimates made that are reasonable and
prudent so as to give true and fair view of state of affairs of the
company at'the end of financial year ended 31st March, 2012.
iii. Proper and sufficient care has been taken for the maintenance of
adequate accounting records in accordance with the provisions of
Companies Act, 1956 for safe guarding the assets of the company and for
preventing and detecting fraud and other irregularities.
iv. The Annual Accounts have been prepared on going concern basis.
9. Auditor's Qualification
Auditors have qualified their report to the members of the Company. In
this connection directors of the Company have discussed the same at
arm's length on the recommendation of audit committee and have
imitated to take necessary action so as to show fair view of state of
affairs of the company in the coming financial year.
10. Report on Corporate Governance
Compliance Report on Corporate Governance is a part of Annual Report is
annexed herewith.
11. Acknowledgements
Your Directors wish to please on record their appreciation of the whole
hearted co-operation extended to company from various departments of
the central and state governments, company' bankers and financial
institutions and employees of the company and look forward for the same
cordial relationship in coming years.
PLACE: COIMBATORE FOR AND ON BEHALF OF THE BOARD
DATE : 01/09/2012
Sd/-
CHAIRMAN | 