To The Members,
The Directors hereby present the Annual Report and Audited Statement
of Accounts for the year ended 31st March, 2012.
1. FINANCIAL RESULTS
The financial performance of the company for the year ended 31st March,
2012 is summarised below:
Particulars 31-03-2012 31-03-2011
Income 16,02,597 65,77.003
Profit/ (Loss) (Before depreciation
and Income Tax) (12,47.736) (5.32.553)
Depreciation 18,50,753 18.50,753
Profit / (Loss) (Before Taxes) (30,98,489) (23.83.306)
Provision for Tax - -
Profit / (Loss) after Tax (30,98/489) (23.83.306)
2. DIRECTORS RESPONSIBILITY STATEMENT
Pursuant to the requirement under Section 217 (2AA) of the Companies
Act. 1956. vrith respect to Directors'' ResponstxMy Statement, it is
hereby confirmed that:
(i) in the preparation of the annual accounts for the year ended 31st
March, 2012, the appicahle accounting standards have been foMowed;
(ii) the Directors have selected such accounting poides and appfied
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 affairs
of the Company as at 31st March, 2012 and of ttie profit/ toss of the
company for the year ended on that date;
(iii) the Directors had 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;
(iv) the Directors have prepared the annual accounts on a going concern
3. INCOME TAX
The Company has provided Rs. Nil towards provision for Income Tax.
Your Company did not accept any deposits from outsiders.
5. PARTICULARS OF EMPLOYEES
Particulars of employees as per requirements of Section 217(2A) of
Companies Act, 1956 are not applicable.
The Directors have not recommended any dividend due to loss incurred by
7. INDUSTRIAL RELATIONS
The Industrial Relations continued to be cordial throughout the year.
8. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE
EARNINGS AND OUTGO
The Company has no activity realting to Conservation of Energy,
Technology Absorption in terms of Section 217(1)(e) of the Companies
Act, 1956. The company has no foreign exchange earnings during the year
At the Annual General Meeting members are requested to appoint auditors
for the current year and fix their remuneration.
Your Directors place on Record their sincere appreciation for the
continous guidance, co-operations and assistance received from the
Financial Institutions, Banks, Officers & Staff of the Company.
For and on behalf of Board of Directors
Place : Mumbai SHYAM SUNDER AGARWAL
Dated : the 7th day of August, 2012 Director