To The Members :
The Directors have pleasure in presenting their report along with the
Audited Accounts for the year ended March 31''2012:
01. Financial Results : (Rs. in lakhs)
Year Ended Year Ended
PARTICULARS 31.03.2012 31.03.2011
Net Sales / Job Work 0 73.56
Other Income 11.91 628.46
Total exps. before int.
and Depreciation 22.91 403.20
Gross Profit / (Loss) (11.00) 298.82
Interest & Finance Charges 0 22.32
Depreciation 0 0
Net Profit / (Loss) (11.00) 276.50
Paid up Share Capital 2150.00 2150.00
Reserves & Surplus (Share premium) 39.87 39.87
* Includes capital gain of Rs.619.16 lakhs.
02. Status of company''s operation:
Steps are being taken including suitable identification of land to set
up facilities for the diversified engineering business. There are
enough opportunities for the diversified business due to growing demand
for power sector.
03. State of Company''s Affairs :
The erosion of net worth continued to be more than 50% and hence your
company report the fact of such erosion to BIFR'' U/s 23 of SICA.
04. Finance: Fresh facilities will be obtained for the diversified
business when required.
Shri.V'' Bharathi and Shri T.S. Prabhu Rajan retiring by rotation at
this meeting and being eligible'' offer themselves for re-appointment.
They have given intimation in the prescribed form U/s.274(1)(g) of the
Companies Act'' 1956. Shri GN.V. Mohan Raju resigned from the
directorship with effect from 10-04-2012.
The above reappointments are included as items for the General meeting
for sanction from members.
No Director of the company is disqualified under Sec.274(1)(g) of the
CompaniesAct'' 1956 from being reappointed as director of the company.
07. Corporate Governance :
The particulars required under clause 49(vii) of the Listing Agreement
on Corporate Governance are furnished in the Annexure to this report. A
certificate from the Auditors of the company regarding compliance of
the conditions of the Corporate Governance as stipulated in clause 49
of the Listing Agreement is attached to this report.
08 Auditors :
M/s.L.Pandurangan & Co.'' Chartered Accountants'' Sri Rangam'' Trichy 620
006'' retire at the conclusion of this AGM and are eligible for
Your company has not accepted any deposits from the public under
Sec.58.A of the Companies Act.'' 1956.
10 Statutory Information:
None of the employees of the company drawn remuneration in excess of
the limits prescribed U/s.217 (2A) of the Companies Act'' 1956 during
the year under report.
11 Energy Conservation'' Technology Absorption And Foreign Exchange
Earnings And Outgo :
The particulars required U/s.217 (1) (e) of the Companies Act'' 1956''
read with Companies (Disclosure of Particulars in the Report of Board
of Directors) Rules 1988'' are furnished in the Annexure to this Report.
12 Directors Responsibility Statement:
1. Your Directors in terms of Sec.217 (2AA) of the Companies Act'' 1956
confirm that: All applicable accounting standards have been followed in
the preparation of the annual accounts for the financial year ended
31.03.2012 and proper explanatory statements added wherever necessary.
2. Your 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 of 31st March 2012 and of the Loss of the Company for
the financial year ended 31.03.2012.
3. Proper and sufficient care has been taken for the maintenance of
adequate accounting records in accordance with the provisions of the
Act for safeguarding the assets of the company and for preventing and
detecting fraud and other irregularities.
4. The annual accounts were prepared for the financial year ended 31st
March'' 2012 on a going concern basis.
13 Acknowledgement :
Your Directors wish to express their appreciation and gratitude to
State Bank of India'' the Central and State Governments and their
agencies for their valuable assistance and co-operation that your
company has been receiving from them. Your Directors wish to thank the
shareholders for the confidence reposed by them. Your Directors place
on record the involvement of employees in the operation of the company.
For and on behalf of the Board
Place : Trichy - 620 001. S. Kanagaraj
Date : 31.07.2012 Managing Director