The Directors have pleasure before presenting you their Annual Report
along with Audited Accounts of the Company for the year ended on 31
The financial highlights of the Company are as below:
(Rs. In Lac)
PARTICULARS 2010-11 2011-12
Sales & Other Income -- 57.36
Total Expenditure 0.10 77.52
Profit / (Loss) Before Tax (0.10) (20.15)
Provision for Taxation -- --
Profit/(Loss) after Taxation (0.10) (20.15)
Your Directors regret their inability to recommend any Dividend to the
Shareholders of the Company.
Your Company is being in process of suspension of revocation of trading
in equity at Bombay Stock Exchange.
Mr. Priyavrat Joshi, Director of the Company retires by rotation at the
ensuring Annual General Meeting and being eligible offers himself for
Mr. Harshul Shah is being appointed as an Additional independent
Director of the Company regularizes subject to approval of Shareholders
at its meeting.
DIRECTOR''S RESPONSIBILITY STATEMENT :
Pursuant to Section 217(2AA) of the Companies Act, 1956, the Directors
i) That, in the preparation of the annual accounts for the year 31
March, 2012, the applicable accounting Standards had been followed and
there has been no material departure;
ii) That, the directors 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 the state
of affairs of the company at the end of the financial year ended 31
March, 2012 and of the loss of the company for that year,
iii) That, the directors had 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
iv) That, the directors have prepared the annual accounts on a going
Mr. Vedant M. Raval, Chartered Accountant, Ahmedabad retire at the
forthcoming Annual General Meeting and being eligible offer themselves
M/s. C. Padmashi and Co., Chartered Accountant, Ahmedabad had resigned
as an Auditors of the Company in place of whom Mr. Vedant M. Rawal,
Chartered Accountant, Ahmedabad were appointed as an Auditor of the
Company at its Extra Ordinary General Meeting of the Members to hold
office till he conclusion of forthcoming Annual General Meeting.
The observations made in the Auditors'' Report, read with the relevant
notes thereon are self- explanatory and therefore do not call for any
further comments under Section 217 of the Companies Act, 1956.
MANAGEMENT DISCUSSION AND ANALYSIS
Management Discussion & Analysis is given separately and forms part of
this Annual Report.
Pursuant to Clause 49 of the Listing Agreement, a report on Corporate
Governance is given in Annexure – II.
CEO AND CFO CERTIFICATION
Mr. Hemant Nanavaty, Managing Director, have given certificate to the
board as contemplated in sub- clause (V) of clause 49 of the Listing
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNING AND OUTGO ETC.
Since the company has not carried out any activities during the year
the details relating to Conservation of Energy and Technology
Absorption are not applicable. The Company has no foreign exchange
earnings and outgo.
PARTICULARS OF EMPLOYEES
Provision of Section 217(2A) of the Companies Act, 1956 read with the
Companies (Particulars of Employees) Rules, 1976 as amended do not
apply the company for the year under audit.
Your Directors wish to place on record their sincere appreciation for
the continued co-continued, assistance and help received by the Company
from various authorities.
ON BEHALF OF THE BOARD OF DIRECTORS
Date : 03.09.2012 Hemant D. Nanavaty Harshul Shah
Place : Ahmedabad MANAGING DIRECTOR DIRECTOR