The Directors are pleased to present the 18th Annual Report with the
Audited Accounts of the Company for the year ended 31.3.2012.
The Operating results of your Company for the period under review are
(Rs. in Lacs)
Particulars Current Year Previous Year
Total Income 2.45 105.87
Profit /(Loss) before
Depreciation & Tax (107.93) (51.15)
Less : Depreciation 9.82 8.53
Profit /(Loss) Before Tax (117.75) (59.68)
Less : Provision for Tax
Deferred Tax 0.78 (0.66)
Income tax of earlier year
Fringe Benefit Tax
Net Profit/(Loss) After Tax (118.53) (59.02)
Prior Period Expenses (118.53) (59.02)
Balance brought forward (247.32) (188.30)
Balance carried to Balance sheet (365.85) (247.32)
Earnings per share (0.47) (0.02)
FINANCIAL HIGHLIGHTS: OPERATIONS:
During the year, due to general economic slow down world over and
bearish position in the real estate division, the total income has been
decreased and stood at Rs.2.45 Lacs as compared to last year''s Rs.
105.87 Lacs. Same way, due to increase in Administrative, Operation and
General Expenses the Company has incurred Net loss after tax of Rs.
118.53 Lacs as compared to net loss of Rs.59.02 Lacs of the last year.
Your Directors do not recommended any dividend for the year, due to
loss incurred for the year.
The Company has Expertise in Civil, Construction, Structural Work, etc.
of various types of commercial, residential and infrastructure
The Company has planned to build Township around Ahmedabad. Major
thrust on infrastructure development supported by regulatory reforms by
the government will also provide considerable opportunities to your
Company for achieving business growth in coming years.
(Information under section 217(1)(e) of the Companies Act, 1956.)
The company has no Manufacturing activities. Hence no information is to
submit in respect of conservation and absorption of technology
FOREIGN EXCHANGE EARNINGS & OUTFLOW:
There is no foreign exchange earnings and outgo of the company (last
year also Nil)
In accordance with the provisions of the Articles of Association and of
the Companies Act 1956, Mr. Alok Vaidya and Mr. Nirav D. Desai,
Directors of the Company, are liable to retire by rotation at the
ensuing Annual General Meeting and being eligible, offer themselves for
The brief particulars of all directors, for which approval of members
for their appointment or re-appointment are sought, have been provided
in the Notice of Annual General Meeting pursuant to Clause 49 of the
Listing Agreement relating to Corporate Governance.
During the period under review, the Company has accepted deposits from
Public within the prescribed limits under the Act. As on March 31,
2012, deposits from Public stood at Rs. 102.49 Lacs. All the Deposits
were paid in time and there were no deposits, which were unclaimed or
claimed and remained unpaid by the Company as on March 31, 2012.
Pursuant to clause 49 of the Listing Agreement with the Stock Exchange,
a separate section on Corporate Governance and certificate obtained
from practicing Chartered Accountant confirming its compliance, is
provided separately and forming part of this Report. The Board of
Directors supports the basic principles of corporate governance. In
addition to this, the board lays strong emphasis on transparency,
accountability and integrity.
Report on Management Discussion and Analysis is provided in separate
section and forming part of this report. FORMATION OF VARIOUS
Details of various committees constituted by the Board of Directors are
given in the Corporate Governance Report annexed which forms part of
CONSOLIDATION OF SHARES:
With a View to Give a better Picture of earning per Share to the equity
share holders of the Company, Financial Institutions and Institutional
Investors, your Company has Consolidated equity Shares from 10 (Ten)
Equity Shares of the Company of Re. 1/- (Rupee One) each to 1 (One)
Equity Share of Rs.10/- (Rupees Ten) each. Necessary Listing of the new
Shares was also took place during the year.
PARTICULARS OF EMPLOYEES UNDER SECTION 217(2A):
The provisions of section 217(2A) of the Companies Act, 1956, read with
Companies (Particulars of Employees) Rules, 1988 as amended are not
applicable to the company, as there are no employees whose remuneration
is in excess of the limits prescribed.
DIRECTORS'' RESPONSIBILITY STATEMENT:
Pursuant to Section 217 (2AA) of the Companies Act, 1956 I would like
to state the following:
In the preparation of the Annual Accounts, the applicable accounting
standards have been followed.
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 ended on 31st March.
The Directors have taken proper and sufficient care for the maintenance
of adequate accounting records in accordance with the provisions of
this act for safeguarding the assets of the Company and for preventing
and detecting fraud and other irregularities.
The Directors have prepared the attached statements of accounts for the
year ended 31st March, 2012 on a going concern basis.
AUDITORS & AUDITORS REPORT:
M/s. R. Choudhary & Associates; Chartered Accountants, retire at the
forthcoming Annual General Meeting and have confirmed their eligibility
and willingness to accept the office, if re-appointed.
Notes forming part of the accounts are self-explanatory and therefore,
do not require any further comments. ACKNOWLEDGEMENT:
Your Directors take this opportunity to express their gratitude for the
valuable assistance and co-operation extended by the Bankers, vendors,
customers, advisors, the general public and for the valued efforts and
dedication shown by the Company employees at all levels. Your Directors
also sincerely acknowledge the confidence and faith reposed by the
shareholders of the Company.
By Order of the Board
For RADHE DEVELOPERS (INDIA) LIMITED
Date : 30th August, 2012 Sd/-
Place : Ahmedabad PRAFUL C. PATEL