| Dear Shareholders,
The Directors have pleasure in presenting their Annual Report together
with the Audited statement of Accounts of the Company for the period
ended 31st March, 2012.
OVERVIEW
The company has accumulated losses of Rs. 2.86 Crores and has incurred
losses in the financial year under review.
DIVIDEND
The Board of Directors expresses their inability to recommend dividend
for the financial year 2011-12 due to loss incurred during the year.
ACCEPTANCE OF DEPOSITS
The Company has not accepted any deposits during the year under review.
PARTICULARS REGARDING EMPLOYEES
There is no employee in the Company whose particulars are required to
be given under Section 217(2A) of the Companies Act, 1956 read with the
Companies (Particulars of Employees) Rules, 1975, as amended.
DIRECTORS
Mr. Manohar Sharma, Mr. Chandra Prakash Talwar, Mr. Ajay Jain are
appointed as Directors during the year.
Director who is liable to retire by rotation is eligible to be
re-appointed.
DIRECTORS' RESPONSIBILTY STATEMENT
The Board of directors of your Company states:
1. That in the preparation of the annual accounts, the applicable
accounting standards has been followed.
2. That the Directors had selected such accounting policies and
applied them consistently and made judgements and estimates that are
reasonable and prudent so as to give a true and fair view of the state
of the Company at the end of the financial year and of the loss of
Company for that period.
3. That the Directors had taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provision of the Companies Act, 1956 safeguarding the assets of the
Company and for preventing and detecting fraud and other
irregularities.
4. That the Directors had prepared the annual accounts on a going
concern basis.
REPORT ON CORPORATE GOVERNANCE
The Report on Corporate Governance along with Auditors Certificate on
the same has been enclosed to this Annual Report.
LEGAL ACTION AGAINST THE COMPANY
There are several orders passed by SEBI against the Company details of
which are given here in below
Date of Order Order No. Penalty / Action
February 10,
2008 WTM/VKC/ID6/139/08 Prohibited from buying, selling
or otherwise dealing or
associating with the
securities market in any manner
whatsoever for a period
of 2 years
April 23, 2009 WTM/KMA/60/04/2009 Ex- Parte Interim Order
directing not to buy, sell or
deal in the securities market
in any manner till further
direction.
August 20, 2009 IVD/WOL/AO/DRK/ASC/E Imposed penalty of Rs. 5 lacs
AD 3-45/2009
September 22, VSS/AO-144/2009 Imposed penalty of Rs. 2 lacs
2009
January 12, 2010 WTM/KMA/IVD/204
/01/2010 Confirming the Ex-parte
Interim order dated
April 23, 2009
June 10, 2010 MC/AO-05/2010 Imposed penalty of Rs. 5 lacs
The company has defaulted in filing certain compliances at ROC.
AUDITORS
The Auditors M/s. Vishves A. Shah & Co., Chartered Accountants,
Statutory Auditors of the company will retire at the conclusion of the
forthcoming Annual General Meeting. The Company has received intimation
to the effect that their appointment, would be within the prescribed
limits under Section 224(1B) of the Companies Act, 1956.
AUDITORS' REPORT
The observations of the auditors in their report are self-explanatory
and therefore, in the opinion of the Directors, do not call for further
comments.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS AND OUTGO
The particulars as required under the provisions of Section 217(1)(e)
of the Companies Act, 1956 in respect of conservation of energy and
technology absorption have not been furnished considering the nature of
activities undertaken by the company during the year under review.
Further during the year under review, the Company has neither earned
nor used any foreign exchange.
ACKNOWLEDGEMENTS
Your Directors place on record their gratitude for the continuing
support of Shareholders, bankers and Business associates at all levels.
BY ORDER OF THE BOARD OF DIRECTORS
For Genus Commu-Trade Limited
Place: Palanpur
Date: 02/09/2012 Chairman | 