The Directors present the 18th Annual Report of the Company together
with the Audited accounts for the year-ended 31.03.2012.
The highlights of the financial performance of the company are as
Particulars 31.03.2012 31.03.2011
(Rs. In lakhs) (Rs. In lakhs)
Total Income - 0.014
Total Expenditure 10.50 4.66
Profit / (Loss) before Tax (10.50) (4.65)
Deferred Tax Revenue / (Expenses) 0.82 1.24
Profit / (Loss) after Tax (9.67) (3.41)
Balance in P & LA/c. brought forward 7.29 10.70
Surplus Carried forward to Balance Sheet (2.38) 7.29
Due to non availability of profits during the financial year your
Directors do not recommend any dividend for the financial year 2011 -
The Operations of the Company during the year under review was not
quite satisfactory. Though it is proposed to restructure the activities
carried on by the Company keeping in view the current market trends and
demand by entering into diversified business opportunities, the Company
has not ventured into such diversified business yet.
Your Company is hopeful of better performance and reasonable profits in
The Company has constituted an Audit Committee comprising of Mr. D.
Loganathan, Mr. Y. M. R. Prasoona and Mr. N. G. Anbumani as its
members. The chairman of the committee is Mr. N. G. Anbumani. The role,
terms of reference, authority and powers of Audit Committee are in
conformity with the provisions of the Companies Act, 1956 inserted by
Companies Amendment Act, 2000. The Audit committee has had their
meetings as per statutory requirements and has made no adverse
Mr. D. Loganathan, Director liable to retire by rotation being eligible
offers himself for re-appointment.
The Auditors of the Company M/s. Ganesh Venkat & Co, Chartered
Accountants, retire at the conclusion of this meeting and being
eligible offer themselves for re-appointment to hold office till the
conclusion of the next Annual General Meeting.
Particulars of Employees
There are no employees drawing remuneration in excess of the limits
specified under Section 217 (2A) of the Companies Act, 1956 read with
Companies (Particulars of Employees) Rules 1975.
None of the Directors of the company are disqualified U/s. 274(1 )(g)
of the Companies Act, 1956.
Directors Responsibility Statement U/s. 217(2AA) of the (Companies
Amendment) Act, 2000, indicating therein;
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 a true and fair view of the State
of affairs of the Company at the end of the financial year and of the
profit or loss of 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 the
provisions of this act for safeguarding the assets of the Company and
for preventing and detecting fraud and other irregularities;
iv. That the directors had prepared the annual accounts on a going
The Company has not accepted any Public Deposits during the year.
Conservation of Energy, Technology Absorption & Foreign Exchange
Earnings and Outgo
As required under Section 217(1 )(e) of The Companies Act, 1956, read
with Rule 2 of the Companies (Disclosure of Particulars in the report
of the Board of Directors) Rule 1988, the particulars relating to
Conservation of Energy, Technology Absorption and Foreign Exchange
Earnings and Outgo are furnished below:
A. Conservation of Energy - The Company is making sustained efforts
Continuously to minimize the consumption of Electricity and Fuel
B. Technology Absorption - Not Applicable
C. Foreign Exchange Earnings - Nil
D. Foreign Exchange Outgo - Nil
Pursuant to the Directions of the Securities and Exchange Board of
India, the Company''s Securities has been dematerialized and also
admitted into National Securities Depository Limited and has been
allotted with ISIN - INE332F01018. The Company''s Shares are listed with
Madras Stock Exchange, The Stock Exchange Mumbai and The Bangalore
Stock Exchange. Your company has paid the Annual listing Fees up to-
date and there are no arrears.
The Corporate Governance report as set out in Annexure hereto form an
integral part of this report. A Certificate from a Practicing Company
Secretary, certifying compliance of the conditions of Corporate
Governance as stipulated in Clause 49 of the listing agreement with
stock exchanges is also annexed to the report on Corporate Governance.
Your Directors place on record their appreciation for the valuable
services rendered by the Company''s Shareholders, Bankers and other
agencies associated with the Company. The Board expects much more
continuous support and co-operation in the future years to come.
For and on behalf of the Board of Directors
Place : Chennai
Date . 31.08.2012 Managing Director Director