To, The Members,
The Directors have pleasure in presenting the Twenty Second Annual
Report together with the Audited Statement of Accounts of the Company
for the year ended 31SI March 2012.
The financial results of the Company for the year ended 31SI March 2012
are as follows:-
31s1 March 2012 31st March 2011
Turnover 8,333,419 21,925,055
Profit /(Loss) After Tax (1,490,861) (1,118,800)
Less/Add: Balance brought forward (22,547,523) (21,428,722)
Balance carried to the Balance
Sheet (24,038,384) (22,547,522)
In view of earlier losses, no dividend is recommended for the year
OPERATIONS & FUTURE PROSPECTS
As mentioned under Notes on Accounts, your company is facing
substantial Income Tax Liabilities which are being contested at appeal
level. Management thought it prudent to undertake fresh substantial
business activities once the Income Tax matter is settled and required
working capital organized.
The Company is not having any deposit
PARTICULARS OF EMPLOYEES
There are no employees in respect of whom particulars as required under
Section 217(2A) of the Companies Act, 1956 need to be disclosed in the
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE
EARNINGS AND OUTGO
Particulars required to be disclosed in accordance with the Companies
(Disclosure of particulars in the Report of the Board of Directors)
Rules, 1988 are not applicable to the Company.
Yours Directors confirm the following Directors'' Responsibility
statement pursuant to provisions of section 217(2AA)of the companies
a) in the preparation of Annual accounts for the year ended 31st March
2012 the company has followed the applicable accounting standards with
proper explanations relating to material departures, if any:
b) Appropriate accounting policies have been selected and applied
consistently and judgment and estimates are made prudently and
reasonably so as to give a true and fair view of the state of affairs
of the company as at 31st March 2012 and of the profit of the company
for that year.
c) Proper and sufficient care has been taken for maintenance of
adequate accounting records in accordance with the applicable
provisions of the Companies Act, 1956 for safeguarding the assets of
the Company and for preventing and detecting fraud and other
d) The Annual accounts have been prepared on a going concern basis.
The Report on Managements Discussion and Analysis and Report on
Corporate Governance are forming part of Directors Report and are
annexed as AnnexureA
As required by the Listing Agreement an Auditors Report on Corporate
Governance is also attached to the said Report
CASH FLOW STATEMENT
As required under Clause 32 of the Listing Agreement with the stock
Exchanges, a Cash Flow Statements is attached to the Balance Sheet,
along with Auditors Certificate.
DEMATERIALISATION OF EQUITY SHARES
During the year the Company''s shares were admitted by NSDL to be
transacted in dematerialized form since 11.01.2012.
In accordance with the Companies Act, 1956 and the Articles of
Association, Shri M. K. Saboo retires by rotation and being eligible
offers himself for reappointment.
The Auditors in their Report have referred to notes forming parts of
accounts. The said notes are self explanatory.
M/s Vivek R. Agarwal & Co., Chartered Accountants, Mumbai, who retire
at the ensuing Annual General Meeting, being eligible, have given their
consent for reappointment. The Directors recommend for their
For and on behalf of Board
Place: Mumbai A K SANGH1
Date: 21-07-2012 (Director)