To The Members of the Company
The directors present the Annual Report on the business and operations
of your company for the year 2011-2012.
FINANCIAL HIGHLIGHTS: Rs. in Lakhs
Income from Operations 6.64 8.42
Profit (Loss) before Extra-Ordinary Items -09.51 -08.55
Profit/(Loss) before depreciation 00.11 09.56
Extra-Ordinary Items 0.00 08.50
Depreciation 9.62 09.62
Profit/Loss before Tax -9.51 -00.06
Provision for Income Tax & FBT 0.00 0.00
Profit/Loss after Tax -9.51 -53.47
Balance Brought Forward (61.79) (61.73)
Balance Carried to B/sheet (71.30) (61.79)
In view of brought forwarded losses the directors regret their
inability to declare the dividend to conserve the resources.
REVIEW OF PERFORMANCE DIRECTORS
In accordance with the provisions of the Companies Act, 1956 and the
Articles of Association of the Company, Shri Ashok Chhajed, Director
retires by rotation and being eligible, offers himself for re-
Your Company has not accepted deposits falling within the provisions of
Section 58A of the Companies Act, 1956 read with the Companies
(Acceptance of Deposits) Rules, 1975 during the year under review.
REASON FOR DELAY IN PRESENTING ANNUAL REPORT & IN HOLDING OF ANNUAL
As a result of unfortunate incident that our accounting software got
corrupted and as a result substantial time was devoted to restore all
accounting data after installation of new Server and due to which
company is not able to prepare and print the required Balance Sheet and
Profit & Loss Accounts for relevant Year.
Due to the above mentioned reasons the AGM could not hold on time and
there was delay in presenting the Annual report.
PARTICULARS OF EMPLOYEES:
There is no employee having remuneration in accordance with the
provisions of section 217(2A) of the companies Act 1956 read with the
companies (Particulars of employee) Rules 1975 as amended.
MANAGEMENT DISCUSSION & ANALYSIS REPORT:
In terms of clause 49 of the listing agreement with the stock exchange,
Management discussion & analysis report is enclosed and forms part of
Report on corporate governance in compliance with clause 49 of listing
agreement with the stock exchange is given in Annexure II. A
certificate from the statutory Auditors confirming compliance is given
in Annexure III.
As required u/s 217(2AA) of the companies Act 1956 your director
confirms that in the preparation of the annual accounts:
1) The applicable accounting standards have been followed along with
proper explanation relating to material departures.
2) Such accounting policies have been selected and applied consistently
and reasonable and prudent judgments and estimates made, 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 the profit/loss of the company for that
3) Proper and sufficient care has been taken for the maintenance of
adequate accounting records in accordance with provisions of this act
for safeguarding the assets of the company and for preventing and
detecting fraud and other irregularities.
4) The annual accounts have been prepared on a going concern basis.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE:
As required under rule 3 of the companies (Disclosure of Particulars in
the report of board of directors) Rules 1998, the particulars relating
to the conservation of energy, Technology absorption, and the foreign
exchange earnings and outgo are also Nil.
The securities of the company are listed with the Stock Exchange,
Mumbai. The company has paid the annual listing fees.
APPOINTMENT OF AUDITORS:
M/s Deepak S.L.Agarwal & Co. Chartered Accountants the retiring
auditors of the company have expressed their willingness to the effect
that their re-appointment, if made would be within the prescribed
limits specified under section 224 (1B) of the companies act, 1956.
Therefore members are requested to appoint them as auditors of the
CASH FLOW STATEMENT
In conformity with the provision of Clause 32 of the Listing
Agreement(s) the cash flow statement for the year ended 31st March 2012
is annexed hereto.
The management is grateful to the government authorities, Bankers,
Vendors, for their continued assistance and co-operation. The directors
also wish to place on record the confidence of members in the company.
For & on behalf of the Board of Directors
Place: Mumbai Ashok.M.Chhajed
Date: 29th September, 2012 Director