The Directors of your Company hereby present the 35th Annual Report of
your Company together with the Audited Accounts for the Financial year
ended at 31st March, 2012.
The highlights of the financial results are as under : -
(Rs. in Lacs)
Income (Credit Balance written back) - 2.91
Profit/(Loss) (4.80) (5.64)
Depreciation 0.11 0.11
Profit/(Loss) Before Tax (4.91) (5.75)
Profit/(Loss) After Tax (4.91) (5.75)
Accumulated Losses (1719.20) (1714.29)
Review of Operations
During the year under review loss of Rs.4.91 lacs has been reported by
the company as against loss of Rs. 5.74 lacs for the previous year.
No business could be undertaken due to paucity of working capital.
In view of loss for the year under review as well as past accumulated
losses, your directors express their inability to recommend dividend.
In accordance with the provisions of section 256 of the Companies Act,
1956 and the Articles of Association of the Company, Mr. P.S.
Ravishankar, Director will retire by rotation at the forthcoming Annual
General Meeting and being eligible offers himself for re-appointment
Directors'' Responsibility Statement
As required under Section 217 (2AA) of the Companies Act, 1956, your
Directors confirm that:
(i) in the preparation of the annual accounts for the financial year
ended 31st March, 2012, the applicable accounting standards have been
followed along with proper explanation relating to material departure
(ii) appropriate accounting policies have been selected and applied
consistently and that the judgments and estimates made are reasonable
and prudent so as to give a true and fair view of the state of affairs
of the Company as at March 31,2012 and of the loss of the Company for
the said period;
(iii) proper and sufficient care has been taken 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; and
(iv) in view of expected future business, the annual accounts for the
financial year ended 31st March, 2012 have been prepared on a going
Auditors and Auditors'' Report
The Auditors of the Company, M/s. S. D. Chopra & Associates, Chartered
Accountants; retire at the forthcoming Annual General Meeting and have
confirmed their eligibility and willingness to accept office of
Auditors, if re- appointed.
The Auditors'' Report with notes to accounts are self explanatory and,
therefore, do not call for further comments.
Particulars of Employees
During the year under review, none of the employees of the Company is
drawing salary in excess of the limits prescribed by Section 217(2A) of
the Companies Act, 1956 read with the Companies (Particulars of
Employees) Rules, 1975.
Your Company has not accepted any Public deposits. As such, no amount
of principal or interest was outstanding as on the Balance Sheet date.
Conservation of Energy, Technology Absorption And Foreign Exchange
Earnings and Outgo
As there has been no business activities in the company during the year
under review, the information required under Section 217 (1) (e) of the
Companies Act, 1956 read with the Companies (Disclosure of Particulars
in the Report of the Board of Directors) Rules, 1988 is nil and hence
The Directors wish to record their appreciation to the Government
authorities, Bankers and Shareholders for their co-operation and
unstinted support extended to the Company.
For and on behalf of Board of Directors
Neelesh Agarwal P.S. Ravishankar
Place : Noida
Date : 30th May 2012