The Directors have pleasure in submitting the Fortieth Annual Report
together with the Audited Statement of Accounts for the year ended on
31st March 2012.
During the financial year under review, the Company has earned a Net
Profit After Taxation of Rs.3,55,56,727/- (Previous Year : Net Profit
After Taxation : Rs. 3,22,52,710/-).
In order to conserve resources, the directors have not recommended any
dividend for the year ended 31st March, 2012. DIRECTORS:
As per Articles of Association of the company, Mr. D. B. Raheja & Mr.
B. J. Sheth & Mrs. Nita J. Desai, Directors of the Company will retire
by rotation and being eligible; offer themselves for re-appointment at
the ensuing Annual General Meeting. The Board recommends their
NON-ACCEPTANCE OF DEPOSITS:
The Company not accepted any public deposits during the financial year.
DIRECTORS RESPONSIBILITY STATEMENT:
As required under section 217(2AA) of the Companies Act, 1956, Your
Directors hereby confirm that:
- In preparation of the annual accounts, the applicable accounting
standards have been followed along with proper explanations relating to
- Such accounting policies have been selected and they have been
consistently applied them 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 as at 31st March, 2012 and of its Profit for
the year ended on that date;
- Proper and sufficient care for the maintenance of adequate
accounting records have been taken in accordance with the provisions of
the Act for safeguarding the assets of the company and for preventing
and detecting fraud and other irregularities,
- The annual accounts are prepared on going concern basis.
PARTICULARS OF EMPLOYEES: -
None of the employees of your company is drawing remuneration of
Rs.5,00,000/- per month or Rs.60.00 Lakhs per annum as limits laid down
under the provisions of Section 217(2A) of the Companies Act, 1956 read
with the Companies (Particulars of Employees) Rules, 1975.
PARTICULARS UDNER SECTION 217(1)(e) OF THE COMPANIES ACT, 1956:
The relevant information pursuant to Section 217(1)(e) of the Companies
Act, 1956 read with the Companies (Disclosure of Particulars in the
Report of Board of Directors) Rules 1988 are not applicable to the
Company as the Company is carrying on Investment & share trading
business. There was no foreign exchange earnings and outgo during the
year under report.
SECRETARIAL COMPLIANCE CERTIFICATE:
In compliance of the provisions of section 383A(1) of the Companies
Act, 1956, the company has obtained a compliance certificate from a
Practicing Company Secretary for the year ended 31st March, 2012 and
the same is annexed hereto.
You are requested to re-appoint the Auditors M/s. R. A. Rajani & Co.
(Firm Regt. No. 114606W) from the conclusion of this General Meeting
till the conclusion of the next Annual General Meeting of the Company
and to fix their remuneration. M/s. R. A. Rajani & Co. have furnished
certificate under Section 224(1-B) of the Companies Act, 1956 of their
eligibility for the re-appointment.
REPORT ON CORPORATE GOVERNANCE:
A report on Corporate Governance approved by the Board of Directors of
the Company and a certificate from Mr. Kishor V. Ved, Practicing
Company Secretary, is set out in the Annexure to the Directors
report. The Company has fully complied with the Corporate Governance
practices specified under the Companies Act, 1956 and the Listing
Agreement with Bombay Stock Exchange.
For and on behalf of the Board of Directors
MUMBAI S. B. Raheja B. J. Sheth
Dated: 28-05-2012 (Director) (Director)