To, The Members of E-WHA FOAM INDIA LIMITED
D- 5, Pushpa Park,
56, S.V. Road,
Mumbai - 400092.
The Directors have great pleasure in presenting 20th ANNUAL REPORT
along with the Audited Balance Sheet and Profit And Loss Account, for
the year ended 31st March, 2012.
1. FINANCIAL RESULTS:
The financial Results are briefly indicated below: (Amt in Rs.)
PARTIULARS YEAR ENDED
Total Income 14,48,322 -
Total Expenditure 17,83,205 2,16,472
Profit/(Loss) before Taxation (3,34,883) (2,16,472)
Profit/(Loss) after Taxation (3,34,883) (2,16,472)
Profit/(Loss) Brought Forward (5,18,68,676) (5,16,52,204)
Balance carried to Balance Sheet (5,22,03,559) (5,18,68,676)
2. REVIEW OF OPERATIONS:
The Company has incurred losses of Rs 3,34,883/- during financial year.
Your Directors expects to achieve better performance in the future and
taking maximum efforts to control the costs and optimize the result in
the coming years.
In view of losses your Directors do not recommend any dividend as such.
The Company has not accepted any deposits from the Public.
5. PARTICULARS OF EMPLOYEES:
There were no employees during the whole or part of the year who were
in receipt of remuneration in excess of limits as set out in terms of
the provisions of section 217(2A) of the Companies Act, 1956, read with
the Companies (Particulars of Employees) Rules,1975 as amended.
In accordance with the provisions of the Companies Act, 1956 and the
Articles of Association of the Company, Mr. Deepak Rane and Mr. Arun
Kumar Sharma was appointed as the Additional Directors of the Company
w.e.f 18th January, 2012 and 30th July, 2012 respectively. Pursuant to
Section 260 of the Companies Act, 1956, the additional director of the
Company holds the office up to the forthcoming Annual General Meeting
of the Company, hence members are requested to re-appoint them in the
forthcoming Annual General Meeting of the Company.
During the year Mr. Priyesh Pethe and Mr. Shankar Pandare, Directors
retire by rotation and being eligible has offered themselves for
re-appointment. The members are requested to re-appoint them in the
forthcoming Annual General Meeting.
Since the Company has no subsidiaries, provisions of section 212 of the
Companies Act, 1956 is not applicable.
8. DIRECTOR''S RESPONSIBILITY STATEMENT:
The Board of Directors hereby confirms:
i. That in the preparation of the Annual Accounts, the applicable
accounting standards have been followed along with proper explanation
relating to material departures.
ii. That 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 at the end of the financial year and of the
Profit or Loss of the Company for that period.
iii. That the Directors have taken proper and sufficient care for the
maintenances of adequate accounting records in accordance with the
provision of this Act for safeguarding the assets of the Company and
for preventing and detecting fraud and other irregularities.
iv. That the Directors have prepared the Annual accounts on a going
9. CONSERVATION OF ENERGY & TECHNOLOGY ABSORBTION:
Since the Company is not a manufacturing unit provisions of Section 217
(1)(e) of the Companies Act, 1956, read with the Companies (Disclosure
of Particulars in the Report of Board of Directors) Rules, 1988
regarding conservation of energy, technology absorption and foreign
exchange earnings and outgo is not applicable.
10. FOREIGN EXCHANGE EARNINGS AND OUTGO:
During the year under review, besides the transactions reported
elsewhere, there were no other Foreign Exchange transactions.
The Board recommends appointment of M/s Gupta Saharia & Co., Chartered
Accountants as Statutory Auditors of the Company for the financial year
2012-2013, who have also confirmed that their appointment shall be
within limits specified under section 224 (1B) of the Companies Act,
12. AUDITORS REPORT:
Since notes to account are self explanatory, no further explanation is
given by the Board as such.
13. COMMITTEES OF THE BOARD:
Pursuant to Section 292A of the Companies Act, 1956 and clause 49 of
Listing Agreement, the Company has formed Audit Committee. Besides this
the Company has also formed Shareholder / Investor Grievance Committee
to redress investor''s complaint, if any.
14. CORPORATE GOVERNANCE REPORT:
The Company has obtained Corporate Governance Report from M/s Gupta
Saharia & Co., Chartered Accountants, the Statutory Auditors of the
Company and is annexed hereto.
A separate Report on Corporate Governance is also annexed hereto and
marked as Annexure A to this Report.
Your Directors express their appreciation to the shareholders for the
confidence reposed by them in the company and for the continued support
and co-operation extended by them. .
By Order Of the Board
For E-WHA FOAM INDIA LIMITED
DATE: 01st SEPTEMBER, 2012
PLACE: MUMBAI Sd/-