| To The Members of S.G. GLOBAL. EXPORTS LTD.
The Directors of your Company have pleasure in presenting the 16th
Annual Report on the affairs of the company for the year ended 31st
March 2011.
FINANCIAL RESULTS (Rs in'000)
PARTICULARS AS ON AS ON
31.03.2011 31.03.2010
Total Sale/Income 194.00 101.00
Other Income 0.00 5.00
Profit/Loss before
Deprecation, Interest & Tax 5.00 7.00
Less:(i) Prov. for Depreciation 2.00 5.50
ii) Prov. For Current Tax 1.00 1.80
iv) Deferred Tax Liab 0.00 (1.30)
Profit/(Loss) after Tax & Dep. 2.00 1.00
Add: Balance B/F from Previous Year (1835.00) (1836.00)
Balance carried to Balance sheet (1833.00) (1835.00)
PERFORMANCE REVIEW
The company has earned a profit of Rs 3514.00 (before tax) during the
year ending 31st March 2011 as compared to a net profit of Rs 1580.00
during the year ending 31st March 2010. The company is still doing
efforts to improve the working and is hopeful of better results in the
coming year,
DIVIDEND
In the insufficiency of profits, your directors feel sorry that no
dividend has been recommended for the- year under review.
PUBLIC DEPOSITS
The company has not. accepted and deposits pursuant to the provisions
of Section 58-A, 58AA of the Companies Act 1956 during the year under
the review.
DIRECTORS:-
Sh. Sanjeev Gupta, director of the company retire by rotation and being
eligible offer himself for reappointment. The resolution No, 2 of the
accompanied notice is proposed for their reappointment,
AUDITORS
The auditors of the Company, M/S Pawan Puri & Asso. Chartered
Accountants, retires at the conclusion of the ensuing Annual General
Meeting and is recommended for reappointment. The company has received
a certificate from them to the effect that their re-appointment if made
would be with in the prescribed limits specified under section 224(\B)
of the Companies Act, 1956, The observation wade by the auditors of
the company is self explanatory and require no clarification from your
directors.
REPORT ON CORPORATE GOVERNANCE
A separate report on corporate Governance along with Auditors
Certificate on its compliance is attached as Annexure to this report,
LISTING AGREEMENT
The equity shares of the company are listed on the Delhi Stock Exchange
Association Ltd. The Mumbai Stock Exchange. The Ludhiana Stock Exchange
Association Lid, (Regional Stock Exchange)
The company has paid 160854.00 as listing fees to the Ludhiana Stock
Exchange upto 2010-11 and fees to other stock exchanges is still
pending,
AUDIT COMMITTEE
The company has re-constituted the Audit Committee pursuant to the
provisions of section 292A of the Companies Act, 1936, The Committee
comprises three directors Sh. Sanjeev Gupta , Sh, Jasvir lal. and Sh.
Ash ok Kumar The committee has held discussion with, the auditors and
reviewed the financial statement.
DIRECTORS RESPONSIBILITY STATEMENT
a) In accordance with the provisions of Section 217 (2AA) of the
Companies Act, 1956, the Directors confirm that:
i) In the preparation of the Annual Accounts, the applicable Accounting
Standards have been followed along with proper explanation relating to
the material departures,
ii) The Directors have selected such Accounting Policies and applied
them consistently and made judgments and estimates that arc 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 of
the Company for that period.
iii) The directors have 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) The directors had prepared the Annual Accounts on a Going Concern
basis,
INFORMATION UNDER SECTION 217(I)(E)
As The company is not engaged in manufacturing activities the use of
electricity is restricted to office use only, your company being a
trading company , has not consumed energy significant level and
accordingly no investment was made for reduction of energy consumption.
Mo comment is made on technology absorption considering the nature of
activities undertaken by your company during the year under review,
There has been no foreign exchange income or outgo during the under
review.
PARTICULARS EMPLOYEES
None of the employees of the company in receipt of remuneration of Rs,
230000Q/- or above during the year under con side rat lots nor was any
employee of the Company paid a salary of Rs. 200000A or more per month
during any part of the year.
COMPANY SECRETARIES:-
M/S B. K. Gupta & Asso,, Company Secretaries as Secretary -in-Whole
time practice in companies of section 83A (1) of the Companies Act,
1956, Since they hold the office upto the date of the ensuing Annual
General Meeting, the necessary resolution for their reappointment is
placed in the notice calling the ensuing Annual General Meeting.
ACKNOWLEDGMENT ;
The directors take this opportunity to express their sincere thanks and
appreciation to the staff members for their co-operation, hard work,
dedication and devotion.
The Board expresses its grateful appreciation for the continued
valuable assistance, Cooperation and support received from Company's
Bankers, Reserve Bank of India. Central and State Government
Authorities and other Business constituents.
S.G. GLOBAL EXPORTS LTD.
PLACE: LUDH1ANA
DATE : 28.07.2011 (SANJEEV GUPTA) (ASHOK KUMAR)
MG. DiRECTOR DIRECTOR | 