The Directors have pleasure in presenting their Eighteenth Annual
Report together with the Audited Statement of Accounts for the
Financial Year ended on 31st March, 2012.
(1) FINANCIAL AND WORKING RESULTS :
PARTICULARS 2011-2012 2010-2011
Profit/(Loss) Before Depreciation : (4101585) 1297696
Less : Depreciation 962476 962476
Profit/(Loss) Before Tax : (3720568) 335220
Less : Provision for Tax - -
Profit/(Loss) After Tax (3720568) 335220
During the year under review, company''s total revenue increased from
Rs. 64.41 lac to Rs. 86.66 lacs Your directors expect better
performance in the next year.
In view of past accumulated losses, your Directors do not recommend any
dividend the year.
(4) DIRECTORS :
Mr. Pankaj R. Patel, director of the company retire by rotation and
being eligible, offer himself for re-appointment. Your director
recommend her appointment.
(5) DEPOSITS :
During the year the Company has not accepted any deposit under section
58A of the Companies Act, 1956.
(6) PARTICULARS OF EMPLOYEES :
There was no employee drawing remuneration of Rs.24,00,000 or more per
annum or Rs.2,00,000 per month for any part of the year and hence no
particulars have been furnished as required under section 217(2A) of
the Companies Act, 1956.
(7) PARTICULARS RELATING TO CONSERVATION OF ENERGY, TECHNOLOGY
ABSORPTION, FOREIGN EXCHANGE EARNINGS AND OUTGO:
The information required under Section 217(1) (e) of the Companies Act,
1956 read with the Companies (Disclosure of Particulars in the Board of
Directors) Rules, 1988 is annexed hereto and forms part of this Report.
(8) DIRECTORS RESPONSIBILITY STATEMENT :
(i) Your directors have followed the applicable accounting standards
along with proper explanation relating to material departure while
preparing the annual accounts
(ii) 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 at the end of the financial year and of the profit of
the company for that period;
(iii) Your directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of this Act for safeguarding the assets of the company and
for preventing and detaching fraud and other irregularities;
(iv) Your directors have prepared the annual accounts on a going
(9) AUDITORS :
M/s. Darji & Associates, Chartered Accountants, V. V. Nagar, retire at
the conclusion of this Annual General Meeting. A written Certificate is
being obtained from the Auditors, M/s. Darji & Associates, Chartered
Accountants, V. V. Nagar to the effect that in case of their
re-appointment as Auditors the same would be within the limits laid
down in Section 224 (1B) of the Companies Act, 1956. Your directors
recommend to re-appoint the auditors and fix their remuneration.
(9) COMPLIANCE CERTIFICATE :
As required under Section 383A of the companies Act, 1956, necessary
Compliance Certificate issued by D. G. Bhimani & Associates is attached
herewith and form part of directors'' report.
(10) ACKNOWLEDGEMENTS :
Your Directors wish to thank the Banks, Dealers, Customers, Suppliers
and Shareholders for their continued support. Your directors also take
this opportunity to record their appreciation for the contributions
made by all the employees to the operations of the Company during the
Place: Anand FOR AND ON BEHALF OF THE BOARD
Date: 30.05.2012 Dr. Dinesh Patel Sonal D. Patel
(C M D) Director