The directors have pleasure in presenting the 36th Annual Report of
the Company together with the Audited Statement of Accounts for the
year ended 31st March, 2012
1. SUMMARISED FINANCIAL RESULTS:
Particulars 2011 - 2012 2010 - 2011
Total Income 8.50 8.60
Less: Total Expenditure 11.00 9.09
Profit/(Loss) before Tax (2.50) (0.49)
Profit/(Loss) after Tax (2.72) (0.61)
Profit & Loss Account
Balance c/f (2.72) (0.61)
The company has incurred loss for an amount of Rs. 2.50 lakhs during
the year as compared to last year''s loss of Rs. 0.49 lakhs. There has
not been any major rise in the income during the year.
In order to augment the resources of the Company; your directors do not
recommend any dividend for the Financial Year ended on 31st March, 2012
Mr. Rohit Doshi, director of the company is liable to retire by
rotation at the ensuing Annual General Meeting and being eligible has
offered himself for re - appointment.
During the year under review, Mr. Manish Jakhalia was appointed as an
Additional Director and holds office upto the date of this Annual
General Meeting. Pursuant to notice received under section 257 of the
Companies Act, 1956 his appointment as a Director is being considered
at the ensuing Annual General Meeting.
Mr. Hemant Vora has resigned from directorship of the company during
the year. The Board places on record its appreciation for the valuable
guidance and contribution to the Board made by him during his tenure as
a director of the Company.
5. FIXED DEPOSITS
During the Year under review, the Company has neither invited nor
accepted any fixed deposits from the public.
M/s. Sara & Associates, Chartered Accountants, Statutory Auditors of
the Company, will retire at the conclusion of the ensuing Annual
General meeting. They have offered themselves for reappointment and
have confirmed that their appointment if made would be within the
limits prescribed under section 224(1)(B) of the Companies Act 1956.
7. AUDITORS REPORT
The Auditors have not made any qualification to the financial
statement. Their reports on relevant notes on accounts are self
explanatory and do not call for any comments under section 217 (3) of
the companies Act, 1956.
8. CORPORATE GOVERNANCE
Company makes its best efforts to voluntarily ensure proper Corporate
Governance in the affairs of the company and its daily functioning.
9. PARTICULARS OF EMPLOYEES
Particulars of the employees of the Company pursuant to Section 217
(2A) of the Companies Act, 1956 is not given, as none of the employees
come under the purview of these provisions.
10. COMPANIES (DISCLOSURE OF PARTICULARS IN THE REPORT OF BOARD OF
DIRECTORS) RULES, 1988
The details relating to Conservation of energy, Technology Absorption,
and Foreign Exchange Earning and Outflow required to be attached in
terms of section 217(1)(e) of the Companies Act, 1956 read with
Companies (Disclosure of Particulars in the report of board of
directors) Rules, 1988 are not given in view of the nature of
activities of the company. There is no Foreign Exchange earning or
outgo during the year under review.
11. DIRECTORS'' RESPONSIBILITY STATEMENT
Pursuant to the requirement under section 217(2AA) of the Companies
Act, 1956, with respect to Directors'' Responsibility Statement, it is
(i) That in the preparation of the accounts for the financial year
ended 31st March, 2012, the applicable accounting standards have been
followed along with proper explanation relating to material departures;
(ii) That the Directors have selected such accounting policies and
applied them consistently and made judgments and estimates that were
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 and loss of the Company for the year under review;
(iii) That the Directors have taken proper and sufficient care 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
(iv) That the Directors have prepared the accounts for the financial
year ended 31st March 2012 on a ''going concern'' basis.
Your Directors would like to express their sincere appreciation and
gratitude for the co-operation and assistance from its shareholders,
bankers, regulatory bodies and other business constituents during the
year under review.
Your Directors also wish to place on record their deep sense of
appreciation for the contribution and commitment displayed by the
FOR AND ON BEHALF OF THE BOARD
Place : Mumbai
Dated : 14th August, 2012