The Directors have pleasure in presenting the 21st Annual Report
together with the Audited Statements of Accounts and the Auditors
Report of your Company for the financial year ending 31st March 2012.
The Financial Highlights for the year under review are given below:
(Rs. In lacs)
Year ended Year ended
Total Income 184.60 953.57
Profit before tax 1.28 5.70
Less : Provision for Taxation 0.40 2.31
Profit/(Loss) after tax 0.88 3.39
Add: Balance in P&L Account B/F 6.76 3.37
Balance carried to Balance Sheet 7.64 6.76
The Company has not declared any dividend during the year in order to
maintain the liquidity of funds for the expansion of the business
(Previous year – Nil Dividend).
The total income for the financial year under review is Rs. 184.60 lacs
against Rs. 953.57 lacs in previous year. During the year, the Company
has earned Profit After Tax of Rs.0.88 lacs in comparison to the
previous year Profit After Tax of Rs. 3.39 lacs. The directors are
hopeful for better performance in the ensuing years.
In accordance with the articles of the Company and the provisions of
the Companies Act, 1956, Mr. Manash Bose will retire by rotation at
the ensuing Annual General Meeting and being eligible, offer himself
for reappointment on the Board of your Company.Your Directors recommend
LISTING OF SHARES::-
Equity Shares of the Company are listed at Delhi Stock Exchange and
Bombay Stock Exchange. Listing fees has already been paid in pursuant
to Clause 38 of Listing Agreements.
AUDITORS & AUDITORS OBSERVATION::-
M/s S.R.Ghedia & Associates, Chartered Accountants, Mumbai the auditors
of the Company who hold office until the conclusion of the forthcoming
Annual General Meeting, being eligible, offer themselves for
re-appointment, if made, would be within the prescribed limits under
Section 224 (1B) of the Companies Act, 1956.
The observations of the Auditors as referred to in the Auditor''s Report
are suitably explained in the notes to the account.
Pursuant to the provisions of section 383Aof the Companies Act, 1956, a
Secretarial Compliance Certificate have been obtained by the Board of
Directors for the Financial year 2011-12 from the Practising Company
Secretaries, certifying that the Company has duly complied with all the
applicable provision of the Companies Act, 1956.
COMPLIANCE WITH THE ACCOUNTING STANDARDS
The Company prepares its accounts and other financial statements in
accordance with the relevant accounting principles and also complies
with the accounting standards issued by the Institute of Chartered
Accountants of India.
Pursuant to Clause 49 of the Listing Agreement with the Stock
Exchanges, Corporate Governance Report and Auditor''s Certificate
regarding compliance of conditions of Corporate Governance is annexed
DIRECTORS'' RESPONSIBILITY STATEMENT::-
Pursuant to Section 217 (2AA) of the Companies Act, 1956, the Board of
Directors of the Company hereby state and confirm that
I. In preparation of annual accounts, the applicable Accounting
Standards have been followed alongwith proper explanation relating to
II. The accounting policies have been selected and applied consistently
and the judgements and estimates made, 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 31st March, 2012 and of the Profit & Loss
account of the Company for that period.
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 concern basis.
During the year, your Company has not accepted any deposits from the
public within the meaning of Section 58A of the Companies Act, 1956 and
the rule made there under.
PARTICULARS OF EMPLOYEES::-
None of the employees of the Company was in receipt of remuneration
exceeding the limits prescribed under section 217(2A ) of the Companies
Act,1956 read with the Companies ( Particulars of employees) Rules
SHIFTING OF REGISTERED OFFICE::-
W.e.f 14th July,2012.the Registered office of the Company is shifted to
B-2/M4, M Block, Gupta Plaza, Commercial Complex, Vikas Puri, New
Delhi-110018 from 304A, Jaina Tower -1,Distrcit Centre, Janakpuri, New
Delhi -110058 for better accommodation, administration and Business
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE
EARNINGS AND OUTGO::-
The statement of particulars under section 217(1)(e) of the Companies
Act,1956 regarding conservation of energy , technology absorption and
Foreign exchange earnings and outgo are given below::
a) The operations of your Company are not energy intensive
.Accordingly, no measures were
taken for energy conservation and no investment is required to be made
b) No comment is made on technology absorption, considering the nature
of activities undertaken by your Company during the year under review.
c) No Expenditure has been made for research and development during the
year under review.
d) There were no Foreign Exchange earnings or out go during the year
Your Directors would like to place on record their appreciation for the
assistance, co-operation and whole-hearted support received from
Company''s bankers, advisors, customers and investors and all, whose
continued support has been a source of strength to the Company. Your
Directors place on record their appreciation for the valuable
contribution made by employees at all levels.
By Order of the Board
For Pagaria Energy Limited
Place : New Delhi
Date : 23rd August, 2012
Rajesh Kumar Pagaria