The Directors of your company have pleasure in presenting their Report
and Audited Statements of Accounts for the year ended March 31, 2012.
The salient features of the Company''s financial results for the year
under review are summarized below:
For the year For the year
Particulars 31/03/2012 31/03/2011
(Amount in Rs.) (Amount in Rs.)
Profit/(Loss) before taxation 506703 999476
Less: Provision for Taxation 100000 320000
Less :- Earlier Year tax
adjustment 2614 2423
Profit for the year 404089 677053
Add : Balance brought forward 10223357 9546304
Balance carried to Balance Sheet 10627446 10223357
These Financials were approved in Board Meeting held on 17.05.2012
To Conserve the Resources and to strengthen the financial position of
the company, your directors have not recommended any dividend for the
year under review.
In accordance with the provisions of the Section 260 of the Companies
Act, 1956, the Board of Directors of the Company, in its Meeting held
on 01.06.2012 has appointed Shri R. P. Singh as an additional Director
on the Board of the Company.
The Company has received notice under Section 257 of the companies Act,
1956, from member proposing the candidatures of Shri R. P. Singh as
Directors of the Company. Requisite approval for his appointment as
Directors of the Company have been sought at the ensuing Annual General
Meeting and the Board recommends his appointment for the consideration
of the members of the company.
Additional director is not disqualified for being appointed as
directors of the company, as specified in Section 274(1) (g) of the
companies Act, 1956.
Further Smt. Meena Ranka has resigned from the Board of Directors of
the Company and her resignation from Directorship was approved and
accepted by the Company. The Board places on record its appreciation
for her guidance during the tenures as Director of the Company.
PARTICULARS OF EMPLOYEES
There was no employee during the year, covered by section 217 (2A) of
the Companies Act 1956, read with the Companies (Particulars of
Employees) Rules, 1975.
PARTICULARS OF ENERGY CONSERVATION, TECHNOLOGY ABSORPTION AND FOREIGN
EXCHANGE AND OUTGO
The company is not covered under any of the industry specified in
schedule under rule 2(A) of the Companies (Disclosure of particulars in
the Report of Board of Directors) Rules, 1988 as such the Company is
not required to submit particulars of Energy Conservation as required
under Rule 2(A) and there is no activity which should be disclosed as
per Rule 2(B) and 2(C) about Technology Absorption and Foreign Outgo.
M/s. Karnavat & Co., Chartered Accountants, Mumbai will cease to be
Auditors of the Company at the conclusion of the ensuing Annual General
Meeting and being eligible, they offered themselves for re-appointment.
Your company has complied with all the provisions of companies Act,
1956, a certificate to this effect has been obtained from Practicing
Company Secretaries, Mumbai.
Your Directors confirm:
a) That in the preparation of the Annual Accounts, the applicable
accounting standards have been followed and that no material departures
have been made from the same;
b) That they 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 affairs of the Company at
the end of the financial year and of the Profit or Loss of the Company
for the period;
c) That they 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 irregularities;
d) That they have prepared the Annual accounts on a going concern
The Company is making all efforts for complying the provisions relating
to Corporate Governance pursuant to clause 49 of the Listing Agreement
with Stock Exchange.
FOR AND ON BEHALF OF THE BOARD
(N. K. Jain)