The Directors have pleasure in presenting their Annual Report on the
business operations of the Company together with the Audited Statement
of Accounts for the year ended on 31st March, 2012.
Financial and Operational Results:
Financial and operational Results of Company for the year ended 31st
March, 2012 are as mentioned hereunder:
(Amt in Rupees)
Particulars Year Ended Year Ended
31stMarch, 2012 31s,March, 2011
Total Income 12,27,784 41,600
Total Expenses 819102 94637
Profit/ (Loss) before Tax 4,08,682 (53,037)
Less; Provision for Tax 0 0
Less: Income Tax of earlier year 0 0
Net Profit/ (Net Loss) after Tax 4,08,682 (53,037)
Add: Balance of Profit brought
forward from 1,62,27,135 1,62,80,172
Reserves and Surplus 1,66,35,817 1,62,27,135
Your Directors have not recommended for dividend for the financial year
2011-2.012 with a view to conserve the resources with Company.
Mr.Babulal M Bhansali Director of the Company shall be liable to retire
by rotation at the forthcoming Annual General Meeting and is eligible
for re-appointment. The Board recommends for his re-appointment.
Directors'' Responsibility Statement: -
Pursuant to Section 217(2AA) of the Companies Act, 1956, your Directors
based on the representations received from the management and after due
inquiry, confirm that:
-in the preparation of the Annual Accounts, the applicable standards
have been followed and no deviations have been made.
- 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 and of the profit of
the Company for that year.
- 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 Statement of Accounts for
the year ended 31sl March, 2012 on a cuing concern basis.
• M/s B. L. Dasharda & Associates. Chartered Accountants, Auditors of
the Company retiring at the ensuing Annual General Meeting is eligible
for re-appointment. The Company has received a certificate from the
Auditors to the effect that their appointment, if made, would be within
the prescribed limits under Section 224(1B) of the Companies Act, 1956.
The Board recommends for the re-appointment of Statutory Auditors.
The Audit Report being devoid of any qualification and self
explanatory, do not call for any further comments under Section 217(3)
of the Companies Act, 1956.
The Company has not accepted or renewed any deposit from public during
the year under review. Secretarial Compliance Certificate:
Pursuant to the proviso of Section 383 A (1) of the Companies Act, 1956
read with the Companies (Compliance Certificate) Rules 2001,the
Secretarial Compliance Certificate obtained from M/s. Rathi &
Associates, Company Secretaries in Whole-time Practice, is annexed to
this report forming its integral part..
Particulars of Employees:
During the year under review, none of the employees of the Company was
in receipt of remuneration equal to or exceeding the limits as
prescribed viz. Rs.60,00,000 per annum or Rs. 5,00,000 per month under
Section 217 (2 A) of the Companies Act. 1956 read with Companies
(Particulars of Employees) Rules, 1975. Hence, no statement is required
to be annexed in this respect.
Conservation of Energy, Technology Absorption. Foreisn Exchange
Earnings and Outgo:
The requirements of disclosures in terms of Section 217 (1) (e) of the
Companies Act, 1956, read , with the Companies (Disclosures of the
Particulars in the Report of the Board of Directors) Rules, 1988
pertaining to the conservation of energy and technology absorption are
not applicable to the Company due to the very nature of the industry in
which it operates.
During the year under review, there was no foreign exchange earnings
The Directors wish to express their gratitude to the bankers, clients
and all the business associates for their continuous support to the
Company and to the Shareholders for the confidence reposed in the
Company''s management. The Directors also convey their appreciation to
the employees at all levels for their enormous personal efforts as well
as collective contribution.
For and on behalf of the Board of Directors
Dated: 10th August, 2012 Chairman