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FGP Directors Report, FGP Reports by Directors
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FGP
BSE: 500142|NSE: FGPIND|ISIN: INE512A01016|SECTOR: Glass & Glass Products
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Directors Report Year End : Mar '13    « Mar 12
The Directors have pleasure in presenting the Fifty First Annual Report
 together with the Statement of Accounts for the year ended 31st March,
 2013:
 
 FINANCIAL RESULTS:
 
                                                (Rs. in lakhs)
 
                                        2012- 13      2011-12
 
 Loss after Tax                           (34.97)       (3.97)
 
 Add: Loss brought forward from        (1,788.73)   (1,784.76)
 previous year.
 
 Loss carried to Balance sheet         (1,823.70)   (1,788.73)
 
 
 DIVIDEND:
 
 In the absence of distributable profts, the Directors regret their
 inability to recommend dividend.
 
 OPERATIONS:
 
 The Business Centre activity had a modest demand during FY 2012-13.
 Therefore, the Company earned an income of Rs.13.76 lakhs as against
 Rs.13.91 lakhs for FY 2011-12.
 
 Efforts are, however, being made to continue to strive for better
 occupancy rate in the current year.
 
 Due to increased expenses on legal / professional charges incurred for
 protection of the Company''s properties / old tax matters and also the
 increased expenses on repairs and maintenance of the business centre,
 the Company has incurred the loss of Rs. 34.97 lakhs during FY 2012-13
 against the loss of Rs. 3.97 lakhs in FY 2011-12.
 
 LISTING:
 
 The Equity Shares of the Company are listed at the BSE Ltd.  The
 Company has paid the Annual Listing Fees to the Stock Exchange, for the
 year 2013-14.
 
 DIRECTORS:
 
 Mr. Vimal Kejriwal retires by rotation at the ensuing Annual General
 Meeting and being eligible, has offered himself for re-appointment.
 
 Brief resume of Mr.Kejriwal, nature of his experience in specifc
 functional areas and names of the companies, in which he holds
 directorship and membership / chairmanship of Committees of the Board,
 as stipulated under clause 49 of the Listing Agreement with BSE Ltd,
 are given in the section on Corporate Governance in the Annual Report.
 
 Your directors deeply mourn the sudden & sad demise of Mr. T.M. Elavia,
 Director of the Company on 18th August, 2013 and place on record their
 sincere appreciation for the invaluable guidance provided by him during
 his tenure as director of the Company.
 
 DIRECTORS'' RESPONSIBILITY STATEMENT:
 
 As specifcally required under the Companies Act, 1956, your Directors
 state that:
 
 (i) in the preparation of the annual accounts, the applicable
 accounting standards have been followed and that there are no material
 departures;
 
 (ii) such accounting policies have been selected which have been
 applied consistently and judgements and estimates made are reasonable
 and prudent so as to give a true and fair view of the state of affairs
 of the Company in the Balance Sheet for the fnancial year ended 31st
 March, 2013 and of the Loss made for the said fnancial year, i.e. 1st
 April, 2012 to 31st March, 2013.
 
 (iii) proper and suffcient care for the maintenance of adequate
 accounting records have been taken 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 irregularities;
 
 (iv) the Annual Accounts have been prepared on a going concern basis.
 
 CORPORATE GOVERNANCE:
 
 Pursuant to clause 49 of the Listing Agreement with the Stock Exchange,
 Reports on Management Discussion & Analysis and on Corporate Governance
 alongwith a certifcate from the Auditors form part of this Annual
 Report.
 
 PARTICULARS OF EMPLOYEES:
 
 The Company does not have any employee whose particulars are required
 to be given pursuant to the provisions of Section 217 (2A) of the
 Companies Act, 1956 read with the Companies (Particulars of Employees)
 Rules, 1975.
 
 PARTICULARS UNDER SECTION 217 (1) (e) OF THE COMPANIES ACT, 1956:
 
 During the year, the Company had strict control on expenditure.
 
 Foreign Exchange Earnings : Rs. NIL
 
 Foreign Exchange Outgo : Rs. NIL
 
 AUDITORS:
 
 M/s. Agarwal & Mangal, Chartered Accountants, the Auditors of the
 Company would retire at the ensuing Annual General Meeting and are
 eligible for reappointment.
 
 Members are requested to appoint Auditors and to fx their remuneration.
 
 ACKNOWLEDGEMENT:
 
 The Board wishes to thank the shareholders for their continued support
 and for the faith they have reposed in FGP.
 
 
 
                           For and on behalf of the Board of Directors
 
 
 
                           H.N.Singh Rajpoot        Kishore Shete
 
                               Director           Wholetime Director
 
 
 Mumbai
 
 Date: 19th August, 2013
Source : Dion Global Solutions Limited
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