To, The Members of Safal Securities Ltd.
The Directors have pleasure in presenting the Annual Report together
with the Audited Statement of Accounts for the year ended 31st March,
The summarized financial results for the year ended 31st March, 2012
are as under:
(Rs. in Lacs)
Particulars 2011-2012 2010-2011
1. Profit before Interest,
Depreciation and Tax 5.10 3.08
4. Profit (Loss) Before Tax 5.10 3.08
5. Provision for taxation 1.60 0.63
6. Profit (loss) after Tax 3.50 2.45
Mr. Mukesh B. Desai director of the Company retires by rotation at this
annual general meeting and being eligible, offers himself for
reappointment. The board of directors recommends the appointment of the
Your director do not recommend dividend for the year.
The company has not accepted the fixed deposits during the year under
D. A. Rupawala & Associates, Auditors of the Company retires at the
conclusion of this Annual General Meeting and being eligible, are
recommended for reappointment.
The Auditors report is self-explanatory and so far, there is no
negative remark by the Auditors.
DIRECTORS RESPONSIBILITY STATEMENT :
Pursuant to the requirement under section 217 (2AA) of the Companies
Amendment Act, 2000 with respect to Director Responsibility Statement
it is hereby confirmed:
1. That in the preparation 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
2. That the directors had selected such accounting policies and
applied them consistently and made judgments and estimates lhat 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 of loss of the Company for the year under review.
3. That the directors had taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provision of the Companies Act, 1956 for safeguarding the assets of the
Company and for preventing and detecting fraud and other
4. That the directors had prepared the accounts for the financial year
ended 31st March, 2012 on a going concern basis.
CORPORATE GOVERNANCE :
As per Clause 49 of the Listing Agreement with the Stock Exchanges, a
separate section, on Corporate Governance together with a certificate
from the Company''s Auditors confirming compliance there to is set out
in the Annexure forming part of this report.
The shares of the Company are listed on Ahmedabad and Bombay Stock
PARTICULARS OF THE EMPLOYEES :
The Company has no employee to whom the provision of Section 217(2A) of
the Companies Act, 1956 read with the Companies (Particulars of
Employees) Rules, 1975 apply and so it is not-applicable to the
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS AND OUT GO :
The additional information required under Section 217(1)(e) of the
Companies Act, 1956 relating to Conservation of energy, technology
absorption and foreign exchange earnings or outgoes is not applicable.
The Directors wish to thank and deeply acknowledge the cooperation and
assistance received from the Bankers, Suppliers and shareholders. The
Director also wishes to place on record their appreciation of the
devoted services of employees of the Company:
DATE : 17.04.2012 FOR AND ON BEHALF OF THE
PLACE: AHMEDABAD BOARD OF DIRECTORS