The Directors are pleased to present the Eighteenth Annual Report
together with the Audited Accounts of your Company for the year ended
31st March 2012.
1. FINANCIAL RESULTS Amount (Rs. in Lacs) Amount (Rs. in Lacs)
Particulars Current Year Previous Year
Total Income 274.94 161.03
Profit before Interest,
Depreciation & (33.45) 11.76
Less: Interest & Depreciation 62.69 35.45
Profit/(Loss) before Tax (96.14) (23.69)
Less: Provision for Tax (3.23) (2.08)
Profit/(Loss) after Tax (96.01) (25.87)
Add: Profit/(Loss) Brought forward
from - -
Profit available for appropriation - -
I) Proposed Dividend on Equity Shares N.A N.A
II) Transfer to General Reserve - -
The Directors regret their inability to recommend dividend on equity
shares for the year ended 31st March 2012, in view of the current
financial position of your company.
3. CORPORATE GOVERNANCE
Report of the Directors on Corporate Governance is given separately and
forms a part of this Annual Report.
A certificate from the Auditors of the Company regarding compliance of
conditions of Corporate Governance, as stipulated under Clause 49 of
the Listing Agreement, is attached to this Report.
In accordance with the requirements of the Companies Act, 1956 and the
Articles of Association of the Company, Mr. Puneet Jain retires by
rotation at the ensuing Annual General Meeting and is eligible for
5. LISTING OF SHARES
The shares of the company are listed at Bombay Stock Exchange Limited
and the Annual listing fee for the year 2012-13 have been paid to the
concerned Stock Exchange.
6. FIXED DEPOSITS
Your Company has not invited or accepted any deposits from the public
with in the meaning of section-58A of the Companies Act 1956, during
the year under report.
7. AUDITORS AND AUDIT REPORT
M/s Khanna Gulati & Associates, Chartered Accountant, New Delhi,
Auditors of the Company, retire at the conclusion of this Annual
General Meeting and, being eligible offer, themselves for
The notes to the Account referred to in the Auditor''s Report are self
explanatory and therefore do not call for any further comments.
8. PARTICULARS AS PER SECTION-217 OF THE COMPANIES ACT 1956
Remuneration to none of the employees attracts the provisions of
Section-217(2A) of the Companies Act, 1956 and as such the statement as
required there under, read with the Companies (Particulars of
Employees) Rules 1975 is not attached with this report.
Information relating to the Conservation of Energy, Research &
Development and Foreign Exchange Earnings and Outgo.
Your Company''s operations involve low energy consumption and as such
no special energy conservation measures were taken and accounted for
except periodically monitoring energy consumption and creating
awareness among all.
All the Company''s operations are as per market requirements and have
in house Research & Development Center, The R&D expenses are however
not accounted under separate head.
9. DIRECTOR''S RESPONSIBILITY STATEMENT
In accordance with the newly inserted section 217(2AA) of Companies
Act, 1956, regarding inclusion of Director''s Responsibility
Statement in the Board''s Report, the directors hereby confirm:
(i) That in the preparation of the annual accounts, the applicable
accounting standards had been followed along with proper explanation
relating to material departures.
(ii) That the Directors had selected such accounting policies and
applied them consistently and made judgments and estimates that are
reasonable and prudent so as to give true and fair view of state of
affairs of the Company at the end of the financial year and of the
Profit & Loss o the Company for that period.
(iii) That the Directors had taken proper and sufficient care for the
maintenance of adequate Accounting records in accordance with
provisions of the Companies Act, 1956 for safeguarding the assets of
the Company and for preventing and detecting frauds and other
(iv) That the Directors had prepared the annual accounts on a going
We take this opportunity to express our deep sense of gratitude to the
Institutions, Bankers, Central and State Government Departments, Local
Authorities, our Associates and Customers for their continued guidance
Your Directors would like to record their sincere appreciation of the
dedicated efforts put in by across all levels in the Organization. And
to you, shareholders, we are deeply grateful for the confidence and
faith that you have reposed in us.
Regd Office: For and on behalf of the
Flat No. 620, Hemkunt Chambers SILVER SMITH INDIA
LIMITED 89 Nehru Place New Delhi-110 019
CHAIRMAN & MANAGING DIRECTOR
Date: 28th May, 2012
Place: New Delhi