The Directors have pleasure in presenting the 13th Annual Report of
the company together with Audited Statement of Accounts for the year
ended on 31st March 2008.
(Rs. In Lacs)
1. FINANCIAL RESULT
Profit / (Loss) before-
Depreciation (5.31) (12.66)
Less: Depreciation 1.73 3.00
Profit/(Loss) before Tax (7.04) (15.66)
Provision for Income Tax 00.00 00.00
Profit/(Loss) after Tax (7.04) (15.66)
The company has made Loss of Rs. 7.04 Lacs on the total turnover of Rs.
12.40 Lacs. During the coming year under reference the turnover is
further expected to grow in the year 2008-2009.
On Account of Losses, No Dividend has been recommended by Board of
Mr. S. S. Asokan is retiring by rotation and being eligible, offer
himself for reappointment. Mrs. Bela Patel has resigned during the year
as personal ground.
5. ENERGY, TECHNOLOGY ABSORPTION AND FOREGIN EXCHANGE
The information required under section 217(1)(e) of the companies Act,
1956 read with the companies (disclosure of particulars in the Report
of the Board of Director) Rule, 1988. With respect to conservation of
energy, the Total cost of power and fuel during the year are contained
at minimum levels and hence no step was proposed for conservation of
The Company has not accepted any deposits from the public falling
U/S.58A of Companies Act, 1956.
8. HIGH COURT CASE
During the year under review, company has made various petition to
Gujarat High Court to the company being wound up by order of the court.
Board is quite hopeful of
Information in accordance with sub- section (2A) of Section 217 of the
companies act, 1956 read with companies (Particulars of Employees
Rules, 1975 is not received to be presented as name of the employees
are falling under the act.
10. DIRECTORS RESPONSIBILITY STATEMENT:
1] The Directors confirm that, in preparation of the Balance sheet and
the Profit and Loss account of the company, the applicable accounting
standards have been followed along with proper explanation relating to
material departures, subject to notes on accounts.
2] The Directors have selected such accounting policies and applied
them consistently and made judgments and estimates that are reasonable
and prudent so as to give a true and fair view of the state of affairs
of the company as at 31st March 2007 and of the Profit and Loss of the
company for that period.
3] The Directors have taken proper and sufficient care for the
maintenance of adequate accounting record in accordance with the
provision of the Companies Act, 1956, for safeguarding the assets of
the company and for preventing and detecting fraud and other
4] The Directors have prepared the Annual Accounts on the basis of
going concern concept.
11. REPORT ON CORPORATE GOVERNANCE:
A report on corporate governance is annexed to this report and forms as
a part of annual report of the company.
M/s. Suresh R. Shah & Associates, Chartered Accountant, Ahmedabad
retires as auditors of the company at the ensuing Annual General
Meeting and being eligible, offer themselves for reappointment.
Your Directors wish to place on record their appreciation of
co-operation received by the company from banks and grateful for the
services rendered by the employees of the company.
For & On behalf of the Board of Directors
Place: Ahmedabad MUKESH T. PATEL
Chairman and Managing Director