The Directors have pleasure in presenting the Twenty-Fourth Annual
Report together with the Audited Statement of Accounts of the company
for the year ended 31st March, 2012.
Year Ended Year Ended
(Rs. in Lacs) (Rs. in Lacs)
Income from Operations 60.01 214.98
Other Income 01.85 12.86
Profit before Dep. & Tax 8.80 8.28
Adjustments related to
previous year 0 1.64
Add/Less : Depreciation 1.24 1.24
Profit before Tax 7.56 8.68
Provision for Taxation
Current Year 1.44 1.80
Deferred Tax Liability/Assets 1.80 5.02
Profit after Depreciation
& Taxation 2.49 1.86
Balance brought forward from
previous year 282.86 -284.72
Surplus/(Deficit) carried to
Balance Sheet 280.37 -282.86
The operations for the year under review show a profit (Before Tax) of
Rs. 7.56 Lacs.
During the year under review, the Borivali project was completed,
however, the Occupation Certificate thereof could not be obtained due
to unexceptional and unreasonable delays for unknown reasons in
granting the same by Municipal Corporation of Greater Mumbai, Almost
all the builders in Mumbai are faced problems in getting various
approvals from MCGM and the company was also affected by the same. The
company has obtained Letter Of Intent from the Slum Rehabilitation
Authority (SRA) for its Jogeshwari project on 29th July, 2011.
Although, the work on the project could have started in March/April
2012, due to changes in Development Control Rules (DC Rules) the
building plans are under revision. Considering the time required for
the approval of revised plans conditions, it is estimated that the site
work of the Jogeshwari project will commence in October/November 2012.
As explained previously, due to certain adverse policy of the Municipal
Corporation of Greater Mumbai for JVPD Scheme, the further approval of
FSI with TDR for Vile Parle (which is located in JVPD Scheme) project
is not received. In view of the same, Vile Parle project can only be
started when the approval of plans alongwith additional FSI in lieu of
TDR is resumed by MCGM.
In view of the accumulated losses, your Directors are unable to
recommend any Dividend.
Your company has neither invited nor accepted any Fixed Deposits from
the public during the financial year under review.
PARTICULARS OF EMPLOYEES:
During the year under review, no employee of the Company was in receipt
of remuneration exceeding the sum prescribed under section 217(2A) of
the Companies Act 1956, read with the Companies (particulars of
employees) Rules 1975. Thus furnishing of particulars under the
Companies (particulars of employees) Rules 1975 are not applicable.
As per the provisions of the Companies Act, 1956 and in terms of the
Articles of Association of the Company Mr. Aditya Parekh retires by
rotation and being eligible offer himself for reappointment.
DIRECTORS'' RESPONSIBILITY STATEMENT
Pursuant to the requirement under Section 217(2AA) of the Companies
Act, 1956, with respect to Directors'' Responsibility Statement, it is
(i) That in the preparation of the accounts for the financial year
ended 31st March, 2012 the applicable accounting standards have been
followed, along with proper explanation relating to all material
(ii) That they have, in the selection of the accounting policies,
consulted the statutory auditors and have 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 financial year and of the profit of the Company for that period.
(iii) They have taken proper and sufficient care to the best of their
knowledge and ability 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.
(iv) That the Directors have prepared the accounts for the financial
year ended 31st March, 2012 on ongoing concern basis.
M/s. Mak & Associates, Chartered Accountants - Statutory Auditors of
the company hold office until the conclusion of ensuing Annual General
meeting. The company has received certificate from the Auditors to the
effect that their re-appointment, if made, would be within prescribed
limit under section 224 (1B) of The Companies Act, 1956.
CONVERSATION OF ENERGY. TECHNOLOGY ABSORPTION. FOREIGN EXCHANGE AND
The prescribed information relating to Conservation of Energy and
Technology Absorption pursuant to Section 217(1)(e) of the Companies
Act, 1956, read with the Rules there under are not applicable as the
Company has not carried any manufacturing activity during the year.
Exchange Earnings and Outgo NIL.
The Company''s Equity Shares have been admitted to the depository
mechanism of the Central Depository Services Limited (CDSL). As a
result the investors have an option to hold the shares of the Company
in a dematerialized form in this Depository. The Company has been
allotted ISIN No. INE809D01010.
Shareholders'' therefore are requested to take full benefit of the same
and lodge their holdings with Depository Participants (DPs) with whom
they have their Demat Accounts for getting their holdings in electronic
Your Company continued to practice good governance as set out by the
Securities And Exchange Board of India. In addition to the basic
governance issues, the Board laid a strong emphasis on transparency,
accountability and integrity. The detailed report on compliance of
Corporate Governance and Management Discussion Analysis as stipulated
in Clause 49 of the Listing Agreement is enclosed and form part of this
Report. A Certificate from the Auditor of the Company certifying
compliance conditions of Corporate Governance as stipulated under
Clause 49 of the Listing Agreement is attached to this report
CODE OF CONDUCT:
Your Company is committed to conducting its business in accordance with
the applicable laws, rules and regulations and highest standards of
business ethics. In recognition thereof, the Board of Directors have
implemented a Code of Conduct for adherence by the Directors and Senior
Management Personnel of the Company. This will help in dealing with
ethical issues and also foster a culture of accountability and
As required by the Listing Agreement with Stock Exchanges, Corporate
Governance and Management Discussion and Analysis Report form part of
this Annual Report.
LISTING AGREEMENTS REQUIREMENTS:
The securities of your company are listed at Bombay Stock Exchange
Limited, The Delhi Stock Exchange Association Limited & Ahmedabad Stock
Exchange Limited. Trading in company''s securities remain suspended at
Stock Exchanges. However, the company had already complied with most of
the requisitions of Bombay Stock Exchange, who has granted in-principle
approval for revocation of suspension in trading of equity shares to
the company. The further formalities as requisitioned in the said
principle approval is being complied with. The company is confident
that the revocation of suspension in trading by Bombay Stock Exchange
will be done in the current year.
BUY-BACK OF SHARES
There was no buy-back of shares during the year under review.
In accordance with the provisions of the Companies Act, 1956 and
Listing Agreement the Company has constituted an Audit Committee. The
Audit Committee acts in accordance with the terms of reference
specified from time to time by the Board.
Your Directors would like to express their grateful appreciation of the
assistance and co-operation received from the Banks and Business
The Directors place on record their deep and sincere appreciation for
the valuable services rendered by all the employees of the Company and
continued support of the Shareholders of the Company.
FOR AND ON BEHALF OF BOARD
G-1, PAREKH PLAZA,
VILE PARLE (WEST),
MUMBAI - 400 056
PLACE : MUMBAI
DATE : 31st August, 2012