The Directors presents theirTwentieth Annual Report and Audited
Accounts for the year ended 31st March 2012.
FINANCIAL RESULTS :
For the year ended For the year ended
March 31, 2012 March 31, 2011
(Rs. in Lakh) (Rs. in Lakh)
Income from operation 27.97 30.57
Profit before tax (0.64) (0.88)
Less: Earlier Year Item 0.08 0.04
Deffered tax liablity (0.01) (0.06)
Profit aftertax (0.71) (0.86)
Add: Profit brought forward (42.97) (42.11)
from last year
Profit available for (43.68) (42.97)
Balance Carried Forward (43.68) (42.97)
In view of the losses, your Directors do not recommend any dividend.
OPERATIONS AND OUTLOOK :
The total income from operation decreased to Rs.27.97 Lakh from Rs.
30.57 Lakh and the company incurred a loss of Rs. 0.64 Lakh , as
against loss of Rs.0.88 Lakh in the last year.
DIRECTORS'' RESPONSIBILITY STATEMENT
In accordance with provisions of Section 217(2AA) of the Companies Act,
1956, with respect to the Directors'' Responsibility Statement, it is
hereby confirmed :
i. That in the presentation of the annual accounts for the financial
year ended 31st March, 2012, the applicable accounting standards had
been followed along with proper explanation relating to material
ii. That the directors had selected such accounting policies and
applied them consistently and made judgments and estimates that were
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 and of the
Profit or Loss of the Company for the year under review;
iii. That the directors had taken proper and sufficient care for the
maintenance of the 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
iv. That the directors had prepared the accounts for the financial
year ended 31st March 2012 on a going concern basis.
REPORT ON CORPORATE GOVERNANCE :
Pursuant to clause 49 of the Listing Agreement with Stock Exchange, a
separate Section titled Corporate Governance has been included in this
report. The auditors certificate on compliance of clause 49 of the
listing Agreement by the Company is annexed to this report.
MANAGEMENT DISCUSSION AND ANALYSIS:
A brief note on management discussion and analysis is annexed which
forms part of the Directors Report and has been prepared in accordance
with clause 49 of the listing agreement.
FIXED DEPOSITS :
The Company has neither invited nor accepted any fixed deposits from
The equity shares of the company are listed in the Stock Exchange,
Mumbai and Madras and listing fee for the financial year 2012-13 have
been paid to the concerned Stock Exchanges.
Shri Dinesh Gupta and Shri Satish Kusumbiwal retire by rotation and
eligible for reappointment, which the directors recommend.
Shareholders are requested to appoint the Auditors of the Company. M/s.
K. K. Gada & Co, Chartered Accountants, retiring Auditors have informed
the Company that being eligible they offer themselves for
reappointment, and have certified that their appointment, if made, will
be in accordance with the limits specified in Section 224 (1-B) of the
Companies Act, 1956.
The observations of the Auditors in their Report are self explanatory.
None of the employee of the company is falling under the Cat- egory
specified in section 217 (2A) of the companies Act 1956.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNING AND OUTGO.
The provision of Section 217(1)(e) of the Companies Act, 1956 read with
the Companies (Disclosure in the Report of Board of Directors) Rules
1988 are not applicable to your Company, since your company is not a
scheduled industries as per said rules.
Your Company neither earned nor spent any foreign exchange during the
The Board wishes to express its deep appreciation to the entire staff
members, bankers, shareholders and clients for their valuable support
to the Company.
By order of the Board
DINESH GUPTA SATISH KUSUMBIWAL
Managing Director Jt. Managing Director
Place : Mumbai
Date : August 29, 2012.