The Directors have pleasure in presenting before you the Twenty First
Annual Report and the audited Accounts for the year ended 3 1sl March,
(Rs. in Lakhs)
Current Year Previous Year
Sales and Other Income 1,116.40 418.38
Profit / (Loss) before
Depreciation and Tax 11.61 153.46
Less: Depreciation (8.49) (8.65)
Profit / (Loss) before Tax 3.12 144.81
Less: Provision for FBT &
Written back (0.58) (36.52)
Deferred Tax Assets/Liability (1.04) (0.27)
Profit / (Loss) after Tax 1.50 108.02
Balance carried to balance
sheet 1.50 108.02
Conditions in the Capital Markets continue to be weak, and are
reflected in your company''s results. Your company has worked hard
last year to protect capital as well as to try and encourage growth,
thanks to which it ended in the black.
Your company is keeping pace with changes brought about by the
regulatory authorities and is implementing it in the best possible
manner, in the best interests of its clients as well its share-holders.
Conditions, however, have only deteriorated since the last financial
year and continue to be testing. There continues to be hope, however,
that the government will take its long awaited steps to improve the
overall business environment in the country.
Particulars under Section 217(l)(e) of the Companies Act, 1956
In view of the-nature of activities of the Company, the particulars
under section 217(l)(e) of the Companies Act. 1956 regarding
conservation of energy and technology absorption are not given.
There was no foreign exchange earning or outgo during the year under
The shares of the Company are listed on Bombay Stock Exchange Limited
and the listing fees for the year 2012-2013 were paid.
Shri Nikhil Doshi resigned as Director of the company with effect from
July 16, 2012.. The Board hereby place on record the sincere
appreciation of his valuable advice given by him during his tenure as
Director of the company. _
Shri Indra Kumar Bagri and Shri Abhishek Bagri, Directors of the
company would retire by rotation at the ensuing Annual General Meeting
and are eligible for re-appointment.
Mrs. Svvati Dujari has been appointed as Additional Director by the
Board of Directors effective from 03/09/2012. By virtue of Section 260
of the Companies Act, 1956 she would hold office unto the date of the
ensuing Annual General Meeting and she is eligible for appointment.
The Company has not invited Deposits from the public.
Director''s Responsibility Statement
Pursuant to Section 217(2AA) of the Companies Act, 1956, your Directors
confirm the following:
i) That in the preparation of the annual accounts, the applicable
accounting standards have been followed;
ii) That 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 as at the end of the
financial year and of the Profit or Loss for that period.
iii) That 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 have been taken;
iv) That the Annual Accounts have been prepared on a going concern
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)
A Compliance Certificate from a secretary in whole-time practice under
section 383A of the Companies Act, 1956 in respect of the financial
year ended on March 31, 2012 is attached hereto.
M/s. Bhupendra Shah and Associates, Chartered Accountants, Auditors of
the Company, would retire at the ensuing Annual General Meeting, and
are eligible for re- appointment.
You are requested to appoint Auditors and fix their remuneration.
Your Company has received the full co-operation and support of its
personnel. Your Directors thank them and expect the same support from
them in the years to come.
Pursuant to clause 49 of the Listing Agreement with the Stock
Exchanges, Reports on Management Discussion & Analysis and on Corporate
Governance along with a certificate from the Auditors forms part of
The Board of Directors wishes to thank their Clients, Institutions,
Shareholders and the Bankers of the Company for their support and
For and on behalf of the Board
September 03, 2012 Indra Kumar Bagri