| TO THE MEMBERS
The Directors have pleasure in presenting the 22nd Annual Report on
the business and operations of the Company together with the Audited
Statement of Accounts for the year ended 31st March, 2012.
FINANCIAL HIGHLIGHTS
Year Ended Year Ended
Particulars 31st March
2012 31st March
2011
(Rs.) (Rs.)
Total Income 370800 205000
Total Expenditure 346810 162913
Profit/(Loss) before
depreciation & interest 23990 42087
Less : Depreciation 12345 13716
Profit/(Loss) before tax 11645 28371
Less : Provision for tax 1784
Net Profit/(Loss) after Tax 9861 28371
Loss B/F from last year (554213) (582589)
Loss Carried to B/Sheet (545357) (554218)
2. DIVIDEND
As the Company needs funds for investment in its expansion plans, the
Board of Directors do not recommend any dividend for the financial year
ended on 31st March 2012 and will retain the profit to meet its
investment Opportunities.
3. DIRECTORS
Mr. Sonu Kalsi, retire by rotation at the ensuing Annual General
Meeting and being eligible, has offered himself for reappointment.
4 STATUTORY AUDITORS
M/s. A.C. MEHTA & CO., Chartered Accountants, Statutory Auditors of the
Company, retiring at this ensuing Annual General Meeting and are
eligible for re-appointment. The Company has received a letter from
them to the effect that their appointment, if made, would be within the
limits prescribed u/s 224(1B) of the Companies Act, 1956 and they are
not disqualified for such an appointment, within the meaning of Sub-
section (3) and (4) of Section 226 of the Companies Act' l 956.
Accordingly, M/s. A.C. MEHTA & CO., Accountants are
required to be re-appointed as Statutory Auditors of the Company at the
œ#8uing Annual General Meeting.
The Audit Committee and your Board recommends their reappointment as
statutoiy auditors of the Company. The Board of Directors has been
authorized to appoint the Statutory Auditors and fix their
Remuneration.
5 COMPLIANCE CERTIFICATE
As per the requirement of Section 383A, the Management of the Company
has obtained a Compliance Certificate from the Company Secretary in
Whole Time Practice Hence the company's Balance Sheet for the
Financial Year ended 3 1st March 2012 is not required to be
authenticated by the Company Secretary'.
6. AUDITOR S REPORT
The Directors have gone through the Auditor's Reports and are in
agreement with the same. There is no adverse qualification in the
Auditor's Report.
7. LISTING OF SECURITIES
The Company's Equity Shares are listed on following stock exchanges:
i. 'I,hc Bombay Stock Exchange Limited
ii The Delhi Stock Exchange Limited .
8. PARTICULARS OF EMPLOYEES PURSUANT TO THE PROVISIONS OF SECTION
217(2A) OF THE COMPANIES ACT, 1956
As required by the provisions of Section 217(2A) of the Companies Act,
1956, read with Companies (particulars of Employees) Rules, 1975 as
amended, no employee of the Company is in receipt of remuneration in
excess of the limits prescribed there under.
9 DEPOSITS FROM PUBLIC
During the year under review, the Company has not accepted any public
deposit within the meaning of Section 58A of the Companies Act, 1956
read with the Companies (Acceptance of Deposits) Rules, 1975 as amended
up to date.
10. ENERGY CONSERVATION, TECHNOLOGY ABSORPTION AND RESEARCH &
DEVELOPMENT AND FOREIGN EXCHANGE EARNINGS AND OUTGO
Energy Conservation:-
The Company is not engaged in any type of Manufacturing activity so the
particulars in respect of Energy Conservation are not applicable to
your Company in terms of Section 217(1) (e) read with Companies
(Disclosure of Particulars in the Report of Board of Directors) Rules,
1988.
Technology Absorption and Research & Development
As the Company has not taken any technology from outside so the
disclosure as required under Rule 2 of the Companies (Disclosure of
Particulars in the Report of Board of Directors) Rules, 1988, relating
to Technology Absorption and Research and Development are not
applicable to your Company.
Foreign Exchange Earning& and Outgo
As your Company does not deal in Foreign Exchange, therefore the
particulars relating to Foreign Earnings and Outgo are not applicable
to your Company.
11. DIRECTORS' RESPONSIBILITY REPORT
lawsuit to the requirement under Section 217(2AA) of the Companies Act
1956 with respect to Director Responsibility Statement, it is hereby
confirmed that:
;) That in the preparation of the accounts for the financial year ended
31st March 2012 the applicable accounting standards have been followed
along with proper explanation relating to material departures.
li) That the Directors have selected such accounting policies and
applied them consistently and made judgments and estimates that were
reasonable and prudent so as to give a true and fair view of the state
of Itf&irs of the Company at the end of the financial year and of the
profit of the Company for the year under
iii) That 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 safe guarding the assets of
the Company and for preventing and detecting fraud and other
irregularities and
iv) That the Directors have prepared the accounts for the financial
year ended 31st March 2012 on going concern basis.'
) That two Directors form the audit committee and oversee the financial
activities. The internal control system and the observations of the
audit committee have been discussed in the board meeting held to review
the half yearly and annual financial statement and found to be adequate
and commensurate with volume of the business.
12 CORPORATE GOVERNANCE
Your Company has implemented all the stipulations of the Corporate
Governance Practices set out by the Securities and Exchange Board of
India and as provided in Clause 49 of the Listing Agreement entered
into with the Stock Exchanges. A separate section on Corporate
Governance and a certificate from the Auditors of the Company regarding
compliance of conditions of Corporate Governance as stipulated under
Clause 49 of the Listing Agreement with the Stock Exchanges, form part
of the Annual Report.
13. INDUSTRIAL RELATIONS
Since the Company is not into any kind of manufacturing
there is no matter to discuss about industrial relations and the
Company is maintaining cordial relations with its staff members.
14. ACKNOWLEDGEMENT
Your Directors take this opportunity to place on record their
appreciation for the shareholders, bankers and othgr buses associates
for their forbearance, understanding and support to the Company. They
also - record their great appreciation of the commitment, sense of
involvement and dedication overall development, growth and prosperity
of the company.
For A.C. Mehta & Co.
Chartered Accountants
Manish Mehta
(Prop.)
M. No. 504641
Place: Faridabad
Dated: 24.08.2012
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