The Directors present their Thirty Second Annual Report on the
business and operations of your Company together with audited statement
of accounts for the year ended 31st March 2012.
Financial Results & Operations:
(Rs. in Lakhs)
Year Ended Year Ended
2012 31st March''
Income from Operations 0.00 1190.42
Other Income 71.91 43.89
Total Income 71.91 1234.31
Expenditure 86.97 1008.92
Depreciation 45.56 47.65
Total Expenditure 132.53 1056.57
Profit ( ) Loss (-) (60.62) 177.74
Provision for Taxation 0.00 22.32
Add / Less : Deferred Tax 7.40 10.19
Net profit after tax (68.02) 145.23
Less : Transfer to General Reserve
Add : Prior Year Income Tax
Balance brought forward
from last year (830.93) (976.16)
Balance carried forward
to the Balance Sheet (898.95) (830.93)
Your Directors do not recommend any dividend for the year ended 31st
March'' 2012 in view of carried forward loses.
The company has neither invited nor accepted any public deposits during
the period under review.
Mr. Gajendra Kumar Bhandari'' Director of the Company retires by
rotation and being eligible offers himself for re-appointment.
The equity shares of the Company are listed at Bombay Stock Exchanges.
The Company has paid annual listing fee for the year 2011 - 2012 to
Bombay Stock Exchanges in time.
Directors'' Responsibility Statement
Pursuant to section 217 (2AA) of the Companies Act'' 1956'' the Directors
to the best of their knowledge and belief confirm that
(i) In the preparation of the annual accounts for the financial year
ended March 31''2012'' all
the applicable accounting standards have been followed along with
proper explanations relating to material departures.
(ii) Appropriate accounting policies have been selected and applied
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 March 31'' 2012 and of the profit of the Company for
the said 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; and
(iv) The annual accounts have been prepared on a ''going concern'' basis.
M/s. Shah & Taparia'' Chartered Accountants retire at the forthcoming
Annual General Meeting and being eligible offer themselves for
re-appointment. The Company has received a certificate from them to the
effect that their re-appointment'' if made would be within the
prescribed limits specified under Section 224(1B) of the Companies Act''
Compliance Certificate to be obtained under Section 383A of the
Companies Act'' 1956 read with Companies (Issue of Compliance
Certificate) Rules'' 2001 has been obtained from M/s. P. P. Shah & Co.''
Practicing Company Secretaries and the same has been attached to this
A Report on the Corporate Governance Code along with a certificate from
the Auditors of the Company regarding compliance of conditions of
Corporate Governance'' stipulated under Clause 49 of the Listing
Agreements are annexed to this Report.
Conservation of Energy'' Research & Development'' Technology Absorption''
Foreign Exchange Earning and Outgo.
In pursuance of the provisions of section 217(2)(e) of the Companies
Act'' 1956 read with Rule 2 of the Companies (Disclosure of particulars
in the Report of Board of Directors) Rules 1988'' the particulars
relating to conservation of energy'' technology absorption and foreign
exchange earning and outgo is given below:
A. Conservation of Energy
The requirement of power during the period was not large and the
position does not warrant any special conservative measures.
B. Technology absorption'' adaptation and innovation: The provisions
are not applicable to the Company.
C. Foreign Exchange Earning and Outgo Foreign Exchange Earned: Not
Outgo: Not Applicable
Particulars of Employees
The provision of section 217(2A) of the Companies Act'' 1956'' read with
Companies (Particulars of Employees) Rules'' 1975 are not applicable to
your company since none of the employee is employed on a remuneration
of Rs.5''00''000/- p.m or Rs.60'' 00''000/ p.a.
The Directors take pleasure in thanking the Company''s business
associates/ customers'' vendors and bankers for their continued support.
The Directors also acknowledge the appreciation of the sincere efforts''
contribution and cooperation of the employees.
For and on behalf of the
Board of Directors
For Quantum Digital Vision
Mumbai (Himalay Dassani) (Rajkishan Singh)
Date: 18th May'' 2012. Managing Director Director