The Directors have pleasure in presenting the 27th Annual Report of
your Company together with the Audited Financial Results for the year
ended on 31st March, 2012.
(Amount in Rs. lakhs)
Particulars Year ended Year ended
Profit/(Loss) before Depreciation, Interest, (7.22) 34.55
Income-tax and adjustment for prior period items
Less: Depreciation 25.19 28.96
Profit/(Loss) before Income-tax and adjustment (32.41) 5.59
for prior period items
Less: Provision for Taxation
Current Tax - 1.04
MAT Credit - (1.01)
Profit/(Loss) after tax but before adjustment for (32.41) 5.56
prior period items
Less: Prior Period Adjustments (Net) - 0.64
Transferred to Balance Sheet (32.41) 4.92
During the year under review, your Company has recorded a turnover of
Rs. 35.19 lakhs compared to Rs. 111.36 lakhs in the previous year.
However, the income from other sources increased to Rs. 5.67 lakhs as
compared to Rs. 2.04 lakh in the previous year.
In view of loss for the year, your Directors do not recommend any
Your Company had sought approval of the shareholders of the Company for
voluntary delisting of Shares of the Company from the BSE Ltd. through
Postal Ballot on 28th March, 2011.
However, due to unforeseen circumstances your Company was unable to
complete the process involved within the prescribed time limit.
Upon fresh request received by the promoters, your Company has received
consent of the members for delisting on 14th May, 2012. Your Company
has initiated the process of de-listing its equity shares.
During the period under consideration, your Company has not accepted
deposits within the meaning of Section 58A of the Companies Act, 1956.
Mr. Virendra Jain retires by rotation and, being eligible, has offered
himself for reappointment at the ensuing Annual General Meeting.
The Director who is being re-appointed has intimated to your Company
that he is eligible for being re appointed.
Directors'' Responsibility Statement:
Pursuant to the requirement under Section 217 (2AA) of the Companies
Act, 1956, with respect to Directors'' Responsibility Statement, it
is, hereby, confirmed:
i) that in the preparation of the accounts for the financial year ended
31st March, 2012, applicable accounting standards have been followed
along with proper explanation relating to material departure;
ii) that appropriate accounting policies have been selected and applied
consistently and have 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 as at 31st March, 2012 and of the loss of the Company
for the year ended on that date;
iii) that proper and sufficient care has been taken for the maintenance
of adequate accounting records in accordance with the provisions of the
Companies Act, 1956 for safeguarding the assets of the Company and for
preventing and detecting fraud and other irregularities;
iv) that accounts for the financial year ended 31st March, 2012 have
been prepared on a ''going concern'' basis.
Auditors and Auditors'' report:
Messrs H. H. Bandukwala & Co., Chartered Accountants, holds office as
the Auditors of your Company until the conclusion of the ensuing Annual
General Meeting. Your Company had received a certificate from them to
the effect that their appointment if made, would be within the limit
prescribed under Section 224 (1B) of the Companies Act, 1956.
The notes to the Accounts referred to in the Auditors'' Report are
self explanatory and therefore do not call for any further explanation.
Disclosure of particulars relating to conservation of energy,
technology absorption and foreign exchange earnings and outgo:
Particulars of Employees:
Information in accordance with the provisions of Section 217(2A) of the
Companies Act, 1956 read with Companies (Particulars of Employees)
Rules, 1975 is not given as during the year, as none of the employee
was paid any remuneration exceeding the sum prescribed under the same
section and rules.
Secretarial Compliance certificate as required under the provisions of
Section 383A of the Companies Act, 1956 is annexed hereto and forms
part of the Report.
The relations with the employees at all levels were cordial and
Your Directors expresses their appreciation for the assistance and
co-operation received from the banks, governments and other departments
during the year under review and also place on record their deep sense
of appreciation for the devoted services of the executives, staff and
workers of your Company.
For & on behalf of the Board of Directors
Dated: 18th May, 2012