The Directors have pleasure in presenting their Annual Report on the
Financial Performance of the Company for the year ended the 31st March
Income From Operation 312939948.00 328634417.00
Loss (-) / Profit before Interest,
Depreciation and -1809141.00 2617231.00
Less: Interest 277416701.00 245247632.00
Less: Depreciation & Amortization 30420344.00 33669483.00
Loss (-)/ Profit before Tax -309646186.00 -276299884.00
Less: Provision for Tax
including Deferred Tax 0.00 0.00
Loss after Tax -309646186.00 -276299884.00
Working Performance Review:
The total turnover of the Company during the year is Rs.3129.40 Lacs as
compared with Rs.3286.34 Lacs for the previous year and resulting
increase in loss of the company Rs. 3096.46 Lacs as compared to loss
of Rs. 2762.99 Lacs of previous year. Your Directors are confidant and
trying hard to increase the profitability during the current financial
year with dedicated efforts of the management. Detailed comments on
performance are contained in the report on Management Discussion &
The company has not done any export during the year as well as previous
The Board of Directors regrets their inability to recommend any
dividend for the year, due to absence of profit during the year.
Sick Industrial Company :
The Company is a sick company, as its having accumulated losses more
than its net worth.
Shri Pankaj Jajoo and Shri Sunil Choudhary are retiring by rotation at
the forthcoming Annual General Meeting and is eligible for
re-appointment. The Board recommends his reappointment.
Further Shri Vijay Bakliwal, appointed as Non Executive, Independent,
Additional Directors of the Company w. e. f. 09.02.2012 and hold their
office up to the date of next Annual General Meeting. Proposals for
their appointment as Director of the Company have been included in the
Notice of Annual General Meeting for your approval. Shri Sunil
Choudhary was confirmed as director of the Company in last AGM held
during the FY 2011-12.
M/s. B. Bansal & Co., Chartered Accountants, Indore, the Statutory
Auditors of the company is retiring at the forthcoming Annual General
Meeting and they are eligible for re-appointment. The Board recommends
Explanation for remark in Auditor''s Report:
Point No.3(iv) No provision for Impairment of Assets AS-28, has been
made as management is of opinion that assets can be realized at the
value stated in books, which is compliance of AS-28.
Point No.4 (a) Due to continue losses, Company has become sick company.
Looking into financial condition, Company is not in position to redeem
Preference Shares as per terms of the issue. A detailed note is also
provided in Notes to the Account annexed with Balance Sheet of the
Point No.4 (b) Company is in continues in touch with Banks and
Financial Institutions for settlement to clear their dues.
Point No. 4 (c) In growing capital market, company is hopeful that
investment will recover their value in future and nature of Investment
is considered as long term.
Point No. 4 (d) Company has adapted conservative approach towards
liabilities in respect of self adjustment of interest on Loans and
confirmations from banks are subject to pending settlement with them.
Point No. 9 (As per Annexure Referred to in Paragraph 3 of the
Auditor''s Report) Due to the unfavorable financial position and
accumulated Losses, the Company is irregular in depositing undisputed
statutory dues which company is trying to deposit the said amount as
soon as possible. Matters relating to disputed liabilities are pending
at appropriate authority/court.
Point No. 11 (As per Annexure Referred to in Paragraph 3 of the
Auditor''s Report) Company is in continues in touch with Banks and
Financial Institutions for settlement to clear their dues and matter is
pending in the Court.
The company has not accepted deposits from the public in terms of
Companies (Acceptance of Deposit) Rules 1985 and there are no unpaid or
unclaimed deposits with the company.
Management Discussion & Analysis
A detailed report on Management Discussion & Analysis is Annexed and
forming part of this report.
Audit Committee is constituted by the Company for looking after various
requirements of Companies Act and Listing Agreement. Detail has been
given in Corporate Governance Report.
Report on Corporate Governance
A detailed report on Corporate Governance as required under Clause 49
of the listing Agreement is Annexed and forming part of this report.
Directors'' Responsibility Statement
In compliance with the provisions of Section 217(2AA) of the Companies
Act, 1956, your directors hereby confirm that -
i) In the preparation of the annual accounts, the applicable accounting
standards have been followed along with the proper explanation relating
to material departures, if any.
ii) The directors have selected such accounting policies and applied
them consistently and have made judgments and estimates that are
reasonable and prudent so as to give true and fair view of the state of
affairs of the company as at the end of the financial year ended 31st
March 2012 and of the profit of the company for that year.
iii) 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 safeguarding the assets of
the company and for preventing and detecting fraud and other
iv) The directors have prepared the annual accounts for the year ended
31st March 2012 on a going concern basis.
Conservation Of Energy, Technology Absorption, Adaptation & Innovation
and Foreign Exchange Earnings and Outgo A statement pursuant to Section
217(1)(e) of the Companies Act, 1956 read with the Companies
(Disclosure of Particulars in the Report of the Board of Directors)
Rules, 1988 is enclosed and forming part of this report.
Particulars of Employees
Particulars of the employees, pursuant to Section 217 (2A) of the
companies Act, 1956 read with the Companies (Particulars of the
Employees) Rules 1975 is nil, as none of the employee has received
remuneration of Rs. 5.00 Lacs per month or Rs. 60.00 Lacs per year or
Your directors are pleased to place on record their sincere
appreciation for the valuable assistance and co-operation received from
the Banks, Institutions, Government Departments, Customers and
Suppliers throughout the year. The Board also acknowledges the
contributions made by the officers and staff of the company at all
levels for their diligent, devotion and whole-hearted efforts
throughout the year for the progress of the company.
BY ORDER OF THE BOARD
PLACE: INDORE PANKAJ JAJOO
DATE: 22.08.2012 CHAIRMAN & MANAGING DIRECTOR