| 1. Corporate governance:
The corporate governance and management discussion and analysis report
form an integral part of this report and are set out as annexures to
this report.
The certificate of the statutory auditors of the company certifying
compliance of conditions of the corporate governance as per clause 49
of the listing agreement is annexed with the report of corporate
governance.
2. Directors responsibility statement:
As required under section 217(2AA) of the Companies Act, 1956, the
directors confirm that :-
(i) In the preparation of the annual accounts for the financial year
2007-2008, the applicable accounting standards, have been followed
alongwith proper explanation relating to the material departures, if
any,
(ii) Appropriate accounting policies have been selected and applied
consistently, and the judgments and estimates that have been made are
reasonable and prudent so as to give a true and fair view of the state
of affairs of the company as at March 31, 2008 and the loss for the
year ended on March 31, 2008,
(iii) Proper and sufficient care has been taken for 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) The annual accounts have been prepared on a going concern basis.
3. Directors:
At the ensuing annual general meeting of the company Mr. Devan V.
Parikh is to retire by rotation and being eligible offers himself for
re-appointment.
4. Insurance:
All the properties and insurable interest of all the divisions of the
company including buildings, plant and machinery and stocks have been
adequately insured.
5. Auditors report:
Dhirajlal Shah and Company, Chartered Accountants, Ahmedabad, statutory
auditors retire at the ensuing annual general meeting. They being
eligible for re-appointment have given their consent to act as auditors
of the company, if re-appointed. You are requested to re-appoint
Dhirajlal Shah and Company, Chartered Accountants, Ahmedabad as
statutory auditors of the company to hold office from conclusion of
this annual general meeting till the next annual general meeting of the
company.
The notes to the accounts as referred to in the Auditors Report are
self- explanatory and therefore do not call for any further comments
and explanations.
6. Information regarding conservation of energy etc. and employees:
The company has been continuously working towards saving of energy
costs. Information required under section 217 (1) (e) of the Companies
Act, 1956 read with rule 2 of the Companies (Disclosure of Particulars
in the Report of Board of Directors) Rules. 1988 as amended from time
to time, forms part of this report. There are no employees who have
received remuneration which in aggregate is Rs.24 lacs for the full
year or employed for a part of the year who were in receipt of
remuneration of Rs.2 lacs per month. However, as per provisions of
section 219 (l)(b)(iv) the report and accounts are being sent to all
members of the company excluding the information relating to
conservation of energy, technology absorption and foreign exchange
earning and outgo, and the statement of particulars of employees. Any
members interested in obtaining such particulars may inspect the same
at the registered office of the company or write to the secretary for a
copy.
7. Deposits:
The company has stopped accepting fresh deposits in the company from
April 1, 2004 and has been repaying all such matured deposits on their
maturity, as per the schedule in time and hence has not exceeded the
limits.
The total amount of fixed deposits held by the company was Rs.151.87
lacs as on March 31, 2008 out of which due but unclaimed/unpaid
deposits were Rs. 14.46 lacs.
8. Appreciation:
Your directors are thankful to all its employees for their dedicated
services and places their sincere appreciation of the same.
9. Acknowledgements:
Your directors are grateful to all the constituents like customers,
vendors, investors, and above all banks and financial institutions who
have given their utmost support to the company. The directors also
thank the Government of India, State Government and others for their
valuable support and look forward to the same in future also.
For and on behalf of the board
Ahmedabad Chintan N. Parikh
Date : April 30, 2008 Chairman | 