The Directors take great pleasure in presenting their report on the
business and operations of your Company along with the Annual Report
and audited financial statements for the Financial Year 2011-2012.
( in Lacs)
PARTIULARS YEAR ENDED
Profit before Depreciation (5.82) 2.38
Less: Depreciation 1.17 1.76
Profit before Tax (6.99) (0.61)
Less: Provision for FBT 0.09 0.00
Profit after Tax (7.08) (0.87)
Less: Provision for MAT - -
Profit after MAT (7.08) (0.87)
REVIEW OF OPERATIONS
The Company has incurred losses of Rs. 7,08,037/- during the financial
year. Your Directors expects to achieve better performance in the
future and taking maximum efforts to control the costs and optimize in
the results in the coming years. The shares of your Company are listed
at Bombay Stock Exchange & Madras Stock Exchange.
In view of being suffered by the Company your Directors have not
recommended dividend for the financial year 2011- 12.
In accordance with the requirements of the Companies Act, 1956, Mr.
Deepak Rane and Mr. Nirmal Jodhani who retires by rotation and being
eligible, offer themselves for re-appointment. Mr. Lalji Yadav and Mr
Mandar Palav were earlier appointed as an Additional Directors, with
the propose appointment, they will be inducted on the Board as a
During the year under review, the Company has not accepted any deposits
from the public under Section 58A and 58AA of the Companies Act, 1956
read with Companies (Acceptance of Deposits) Rules.
DIRECTORS'' RESPONSIBILITY STATEMENT UNDER SECTION 217(2AA) OF THE
COMPANIES ACT, 1956
As required under Section 217 of the Companies Act, 1956, your
Directors confirm that:
- In preparation of the annual accounts, the applicable accounting
standards have been followed and that there were no material
- 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 and of the profit of
the Company for that period;
- The Directors have 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
- The Directors have prepared the annual accounts on a going concern
AUDITORS AND THEIR REPORT:
Mr. P.V.H.S. Kishore Babu, Chartered Accountants, has expressed their
unwillingness to be reappointed as Statutory Auditors of the Company
for the year 2012-13 in the forth coming Annual General Meeting. The
Company has received consent letter from M/S Gupta Saharia & Co., as
Chartered Accountants for their appointment as Statutory Auditor of the
Company provided their appointment is approved by the Shareholders at
the forth coming Annual General Meeting. M/ s. Gupta Saharia & Co.,
have also confirmed that their appointment, if made, will be within the
limits prescribe u/s 224 of the Companies Act, 1956.
INFORMATION AS PER SECTION 217(1) (e) OF THE COMPANIES ACT, 1956:
The particulars as required under Section 217 (1)(e) of the Companies
Act, 1956 read with Companies (Disclosure of particulars in the report
of the Board of Directors) Rules, 1988, regarding conservation of
energy and technology absorption are not given as the Company has not
undertaken any manufacturing activity.
The Company did not enter into any related party transactions.
In line with the requirement of clause 49 of the Listing Agreement, a
separate report on Corporate Governance, along with a certificate of
Practicing Company Secretaries of the Company is annexed herewith for
the information of the members.
MANAGEMENT DISCUSSION ANALYSIS REPORT
Management''s Discussion and Analysis report for the year under review,
as stipulated under Clause 49 of the Listing Agreement with the Stock
Exchanges is provided as Annexure ''A'' to this report .
Since the Company has no subsidiaries, the provisions of Section 212 of
the Companies Act, 1956 is not applicable.
No employee of the Company was in receipt of remuneration over and
above the sum specified under section 217(2A) of the Companies Act,
Your Directors place on record its sincere appreciation towards the
Company''s valued customers for their support and the confidence reposed
by them in the Company. We take this opportunity to thank the Company''s
clients, shareholders, auditors and bankers for their continued support
during the year and look forward to their continued support in the
For and on behalf of the Board
Chennai Sd/- Sd/-
27/06/2012 R.Nagaraja Sharma Priyesh Pethe