To The Members
The Directors hereby present their Annual Report on the business and
operations of the Company together with the Audited Financial Accounts
for the year ended 31st March 2012.
The financial results of the Company for the year under report are
Particulars Year ended 31st March, Year ended 31st March, 2011
(Rs. in lakhs) (Rs. in lakhs)
1. Operative & Other
Income 60.68 6.62
2. Depreciation 7.24 7.24
3. Profit/loss before tax (7.37) (12.48)
4. Profit after tax (7.37) (12.48)
5. Add previous years
balance (376.78) (364.30)
6. Balance carried to
balance sheet (384.15) (376.78)
Keeping in view the performance we are unable to recommend dividend for
the year under review
The sales were increased by Rs. 54.06 lakhs as compared to the previous
year. However due to sluggish market condition, the value addition is
There are no material changes affecting the affairs of the company,
which have happened between the date of Balance Sheet and up to the
date of this report.
MANAGEMENT DISCUSSION & ANALYSIS (MD&A)
The company earned its income mainly from trading of mattresses. The
company has grown its business in comparison with last year.
The economic development is the main agenda of the Government and that
will provide very positive environment for the business of Trading and
RISKS AND CONCERNS
Your Company is exposed to business and environmental risks in which it
operates including economic cycles, market risks and credit policy of
government. We are managing these risks by maintaining a conservative
financial profile and by following prudent business and management
ADEQUATE INTERNAL CONTROL
Your Company has a proper and adequate system of internal controls to
ensure that all activities are monitored and controlled against any
unauthorized use or disposition of assets and that the transactions are
authorized, recorded and reported correctly.
HUMAN RESOURCE DEVELOPMENT
Since the Board has decided to start the project of manufacturing, we
are planning to appoint suitable persons in the company.
Mr. Padam Duggar and Mr. Yogesh Maheshwari were appointed Additional
Directors w. e. f. 23.08.2012 and his appointment is up to the date of
Annual General Meeting. Pursuant to Section 257 of the Companies Act,
1956 Company has received request for his appointment as Director and
item has been included in the Notice
of Annual General Meeting for your approval.
Mr. Viresh Agarwal and Mr. Anuj Agarwal, Directors retire by rotation
and being eligible offer themselves for reappointment.
The Company has in place a system of Corporate Governance. A separate
report on Corporate Governance forming part of the Annual Report of the
Company is annexed hereto. A certificate from the Statutory Auditors
regarding compliance of conditions of Corporate Governance as
stipulated under Corporate Governance Clause of the Listing Agreement
is annexed to the report on Corporate Governance. As on now there is no
Chief Financial Officer in the company.
DIRECTORS'' RESPONSIBILITY STATEMENT
Pursuant to the provisions of Section 217(2AA) of the Companies Act,
1956, the Directors confirm that:
i) In the preparation of the annual accounts, the applicable accounting
standards have been followed;
ii) Appropriate accounting policies have been selected and applied
consistently and have 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 as at 31st March, 2012 and of the
profits of the Company for the
period from 1st April, 2011 to 31st March, 2012; 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; iv) The annual accounts have been prepared on a going
During the period under review, the Company has not accepted any
deposits within the meaning of Section 58A of the Companies Act, 1956
and the Rules made there under.
M/s Sanjay Rawal & Co., Chartered Accountants, Auditors of the Company,
retire at the conclusion of the forthcoming Annual General Meeting and
they have offered themselves for re-appointment. The Company has
obtained necessary certificate u/s. 224 (1B) of the Act from M/s Sanjay
Rawal & Co., Chartered Accountants.
The Auditors'' Report on the Accounts of the Company for the period
under review is self – explanatory.
PARTICULARS OF EMPLOYEES
During the period under review, no employee received salary more than
Rs. 60.00 lac per annum or Rs.5.00 lac per month. Accordingly no
particulars of employees are being given pursuant to the provisions of
Section 217(2A) of the Companies Act, 1956.
A. CONSEVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS AND OUTGO
Information pursuant to section 217(1)(e) of the Companies Act, 1956
read with Companies (disclosures of particulars in the report of Board
of Directors) Rules 1988, particulars with respect to conservation of
Energy, Technology Absorption, Foreign Exchange Earning & Outgo are
annexed hereto and form part of this report.
Your Directors are pleased to place on record their sincere gratitude
to the Government, Bankers and business constituents for their
continued and valuable co-operation and support to the Company. The
Board also takes this opportunity to express their appreciation for the
devoted and sincere services rendered by the employees of the Company
during the year.
Place: New Delhi By Order of the Board
Date : 23.08.2012 For Moonbeam Industries Limited
(Viresh Agarwal) (Anuj Agarwal)
Managing Director Director