The Directors have pleasure in presenting the 17th Annual Report of
the Company along with the Audited Statement of Accounts for the year
ended as on 31st March, 2012.
Particulars 31-03-2012 31-03-2011
Total Income 304.33 227.86
Depreciation Nil Nil
Profit before Tax 9.12 1.11
Provision for Tax 3.00 0.40
Profit after Tax 6.12 0.71
Balance Brought forward (1.24) (1.95)
Balance carried to Balance 4.88 (1.24)
Your Company is a real estate development company & engaged in trading
of various Products. Your company undertakes the development of
residential, commercial, office use, retail and mixed -use projects.
Currently your company is focusing on construction of Commercials
Building in partnership at Mumbai suburbs.
PERFORMANCE & RESULTS:
Looking into market scenario during the year under review, the
performance of your company has been satisfactory. The gross income
form operation has increase as compared to the previous year. The
Company has made a profit of Rs. 612834.00/- during the year under
Your Directors feel that it is prudent to plough back the profits for
future growth of the Company and with a view to conserve the resources,
they do not recommend any dividend for the year ended 31st March, 2012.
DIRECTORS'' RESPONSIBILITY STATEMENT:
Pursuant to provisions of Section 217 (2AA) of the Companies Act, 1956,
your Directors hereby confirm that :
1. In the preparation of the annual accounts, the applicable
accounting standards have been followed along with proper explanation
relating to material departures;
2. That 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 as at 31st March, 2012 and of the profit or
loss of the company for that period.
3. The Directors had 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
4. The Directors have prepared the annual accounts on a going concern
BOARD OF DIRECTORS
During the year, Mr. Manish Nareshchandra Shah, and Mr. Pradeep Kumar
Sheshnath Yadav were inducted as an Additional directors of the Company
under Section 260 of the Companies Act, 1956 who hold office only up to
the date of forthcoming Annual General Meeting. The company has
received notice from some of the shareholders of the company proposing
their candidature for the post of Directors. Your Directors propose
their re-appointment as the Directors of the company liable to retire
Further, during the year, Ms. Anitha Mahesh ,Mr. G. B. Patel, Mr. I B
Patel, Mr. C B Patel, Mrs. Hemlata, Mr. Sanjay J Shah, resigned from
the post of Directorship w.e.f. 23.01.2012. Your directors extend
their sincere gratitude for valuable services provided by them during
their tenure to the Board.
ENERGY CONSERVATION AND TECHNOLOGY ABSORPTION:
The particulars as required under the provisions of Section 217(1)(e)
of the Companies Act, 1956 in respect of conservation of energy and
technology absorption are not required to be furnished considering the
nature of activities undertaken by the company during the year under
review. Further during the year under review, the Company has neither
earned nor used any foreign exchange.
PARTICULARS OF EMPLOYERS:
As there is no employee covered under the provisions of Section 217
(2A) of the Companies Act, 1956 read with the Companies (Particulars of
Employees) Rules, 1975, information relating thereto are not given
forming part of this report.
Reports on Corporate Governance and Management Discussions & Analysis
are annexed and form part of this report.
M/s MNRD & Associates, Chartered Accountants, retire as statutory
Auditors of Company at the conclusion of the ensuring Annual General
Meeting (AGM). The Statutory auditors have Confirmed their eligibility
and willingness to accept the office on re-appointment in accordance
with provision of section Section-224 (1B) of the Companies Act, 1956
Your Company has not accepted Public Deposits within the meaning of
Section 58A of the Companies Act, 1956.
The Auditors of the Company have not qualified their report and there
are no observations and suggestions made by the Auditors in their
report and therefore do not call for any further comments under section
217(3) of the Companies Act, 1956.
The Board of Directors wish to place on record their appreciation for
the co-operation and support of the Company''s Bankers, its valued
customers, employees and all other intermediaries concerned with the
Your directors sincerely thank all members for supporting us during the
difficult days. We look forward to your continued support and reiterate
that we are determined to ensure that the plans are successfully
By Order of the Board of Directors
Place: Mumbai Suresh Kumar Saini
Date: 14th August 2012 Director