The Directors Have pleasure in presenting to you the 20th Annual
Report together with the Audited Statement of Accounts of the Company
for the financial year ended 31st March, 2012.
(Rs. In Lacs)
As on As on
Sales & other Income 826.28 368.66
Profit before Depreciation, Int. & Tax 378.74 69.84
Depreciation 32.93 25.39
Interest 198.00 147.06
Profit before Tax 147.81 (164.69)
Provision for Taxation 16.65 62.08
Profit After Tax 131.16 (226.77)
Share Capital 1390.22 1390.22
Reserve & Surplus 4696.69 4565.53
During the year under review the company has earned profit but no
dividend is recommended by the Board.
During the year under review the Company has earned profit of Rs.
131.16 Lacs as against previous year losses of Rs. 226.77 Lacs, the
same is due to good sales and better marketing of company projects
besides there is substantial increased in sales figures compare to
previous year, your Company able to generate profit. Further the
construction sector is doing reasonable well, the same is additional
factor for current year. However, the management is confident in
achieving better result in coming financial year.
Shri Kishan Kumar Kedia and Shri Santosh Ginoria, Directors are retire
at the ensuing annual general meeting and offers themselves for
re-appointment. You are requested to reappoint them.
Your Company has not accepted any fixed deposit during the year under
review which falls under the definition of Section 58 A of the
Companies Act, 1956.
A separate section on Corporate Governance is included in the Annual
Report and the certificates from the Company''s Auditors confirming the
compliances of conditions on Corporate Governance as stipulated in
Listing Agreement is annexed thereto.
The Management discussion and analysis and the compliance of corporate
governance are annexed to this report.
The Auditors M/s Shankarlal Jain & Associates, Chartered Accountants,
retire at the ensuing Annual General Meeting and are eligible offer
themselves for reappointment. You are requested to consider their
reappointment for the next financial year and fix their remuneration.
The Specific notes forming part of the Accounts referred to in the
Auditors'' Report are self- explanatory and do not require any further
DIRECTORS'' RESPONSIBILITY STATEMENT
Your Director make the following statement to Section 217 (2AA) of the
Companies Act, 1956:
i. that in the preparation of Annual Accounts, the applicable
accounting standards had been followed along with the proper
explanation relating to material departures if any, further there is a
change in accounting policy in relation with recognition of sales as
well as income.
ii. that the Directors had selected such accounting policies and
applied them consistently and made judgements and estimates that are
reasonable and prudent so as to give a true and fair view of the state
of affairs of the Company as at the end of the Financial year and of
the Profit & Loss of the Company for that period.
iii. that the Directors had taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of the Act so to prevent and detect fraud and other
iv. that the Directors had prepared the accounts on a going concern
The Company confirms that the Annual Listing Fees due to Bombay Stock
Exchange Ltd., Mumbai Jaipur Stock Exchange, Jaipur for the Financial
Year 2012-2013 has been paid, further during the year company has
de-listed its securities form Ahmedabad Stock Exchange, Ahmedabad
during the year, hence listing fees for current year is not applicable
to Ahmedabad Stock Exchange.
The Company confirms that the Custodian Charges due to the National
Securities Depository Ltd., and Central Depository Services (India)
Ltd. have been paid for the financial year 2012-13 as applicable and
payable as per the SEBI circular in this regard.
A) Particulars of the employees of the Company pursuant to Section 217
(2A) of the Companies Act, 1956 is not required to be given as none of
the employees of the Company drawn remuneration in excess of amount
prescribed in the section.
B) Particulars required to be furnished by the Companies (Disclosure of
particulars in the Report of Board of Directors) Rules, 1988:
i) Part A and Part B relating to Conversion of Energy and technology
Absorption are not applicable to the Company as your Company is not a
ii) Foreign Exchange Earning and Outgo :- The Company has incurred Rs.
2,36,977- towards the foreign traveling expenses during the year under
DELISTING OF SECURITIES
During the year under review Company has applied for voluntary
delisting of its securities from Ahmedabad Stock Exchange and Jaipur
Stock Exchange, in this regard compay has received the approval from
Ahmedabad Stock Exchange, however approval from Jaipur Stock Exchange
is awaiting at any movement.
Your Directors thanks the banks, financial institutions for their
valuable and timely financial assistance and support provided to the
Company. Your Directors also thanks to the customers, suppliers,
Government Institutions and others for the co-operation extended to the
Company. The Board also places on record its appreciation for the
assistance and co-operation received from staff and you the
For and on behalf of the Board of
Garnet Construction Limited
Place : Mumbai Kishan Kumar Kedia
Dated: 20th August, 2012 Chairman & Managing Director