The Directors have great pleasure in presenting the Annual Report
together with audited statement of accounts for the financial year
ended 31st March, 2012.
1. FINANCIAL RESULTS:
year 2012 (Rs.) Previous year
Income from operations - -
Less: Expenses 93,842 55,683
Net Profit ( )/Loss (-) (93,842) (55,683)
As the Company is venturing into the new business activities therefore
during the year Company is unable to generate revenue from its current
operations. The Directors of the Company are hopeful to earn profits in
ensuing year. .
a) During the year, Shri Sanjeev Jain was appointed as an Additional
Director on 14lh February, 2012 and holds office till the conclusion of
ensuing AGM, is proposed to be reappointed as Director, who shall be
liable to retire by rotation.
b). Shri Harish Soni, Director of the Company resigned from the
Directorship of the Company during the year.
c). Shri Mehul C. Mehta, Director of the company is retiring by
rotation at the forthcoming annual general meeting and being eligible
offer himself for re-appointment. The Board recommends his
3. POSTAL BALLOT:
During the period under review, the company had passed the following
resolutions by way of postal ballot pursuant to Section 192A of the
Companies Act, 1956 relating to:
1) Change of name of the Company from Khatau Exim Limited to Velox
2) Change the main objects of the Company.
3) Increase in Authorised Share capital of the Company from Rs.25 Lacs
to Rs. 1 Crore.
The necessary approvals were obtained from the concerened authorities.
4. LISTING OF EQUITY SHARES:
The equity shares of the company are listed at Bombay Stock Exchange,
Mumbai and the Annual Listing fee for the financial year 2012-13 have
already been paid to the Stock Exchange.
The Statutory Auditors of the Company M/s. A.F. Khasgiwala & Co.,
Chartered Accountants retire at the conclusion of ensuing Annual
General Meeting and have confirmed their eligibility and willingness to
accept office of Auditors, If reappointed. The Board recommends
reappointment of M/s. A.F. Khasgiwala & Co. as Statutory Auditors for
the financial year 2012-13 for shareholders approval.
6. COMPLIANCE CERTIFICATE:
Compliance Certificate obtained pursuant to provision of Section 383A
of Companies Act, 1956 from a Secretary in whole-time-practice in the
prescribed form regarding the Compliance of all the provisions of
Companies Act, 1956.
7. PARTICULARS OF THE EMPLOYEES:
There are no employees engaged by the Company, the particulars of whom
are required to be given under Section 217(2A) of the Companies Act,
1956 read with the Companies (Particulars of Employees) Amendment
8. CONSERVATION OF ENERGY, TECHNOLOGY, ADOPTION & FOREIGN EXCHANGE
EARNING & OUTGO:
Since the Company has not been carrying out any type of commercial
activity during the year, the part relating to the conservation of the
energy and Technology Adoption are not applicable. There are no
foreign exchange earnings or outgo by the Company.
9. DIRECTORS RESPONSIBILITY STATEMENT:
In accordance with the provisions of Section 217 (2AA) of the Companies
Act, 1956 (The Act), your Directors confirm that:
i) In preparation of the Annual Accounts for the year ending 31st
March, 2012, the applicable Accounting Standards have been followed;
ii) 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 & fair view of the state of affairs of
the Company for the year ended 31st March, 2012 and of profit of the
Company for that year;
iii) The Directors had taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of Companies Act, 1956 for safeguarding the assets of the
company and for preventing and detecting fraud and other
iv) The directors have prepared the Annual Accounts on Going Concern
The Board of Directors of the Company have not declared an dividend on
the Equity Shares of the Company for the Financial Year 2011-12.
The Company has not accepted any deposits from public during the year
Your Directors thank all the employees for their sincere efforts,
active involvement and devoted services rendered.
Your Directors thank the shareholders of the Company for the confidence
reposed in the Management of the Company
Your Directors place on record their gratitude to the Customers,
Suppliers, company''s Bankers and Financial Institutions for their
support and cooperation during the year under review.
By Order of Board of Directors
For Velox Industries Limited
(Formerly Khatau Exim Limited)