The Directors have pleasure in presenting the Annual Report along with
the audited statement of Accounts for the year ended on 31st March,
ITEM As on 31st March, 2008 As on 31st March, 2007
(Rs. in lacs) (Rs. in lacs)
Sales & other Income Nil 1,782,254
Profit / Loss before (407,616) 206,405
depreciation and tax
Tax 249 518,689
Loss after tax and 407,865 312,284
Profit brought forward 2,438,119 2,750,403
Balance carried to 2,030,254 2,438,119
CURRENT BUSINESS OPERATIONS & FUTURE OUTLOOK
During the year, the Company has not been able to do any significant
business due to continued recessionary conditions. There was no income
in the current year. Company has incurred administrative expenditure
However the directors are hopeful of improved performance both in terms
of turnover and profitability in the current year.
The board regrets their inability to recommend any dividend to their
DIRECTORS RESPONSIBILITY STATEMENT
As per the requirement of section 217(2AA) of the Companies Act, 1956
with respect to Directors responsibility statement, it is confirmed:
1 .That in the preparation of the accounts for the financial year ended
31st March,2008 the applicable accounting standards have been followed
along with proper explanations relating to material departures;
2.That the Directors have selected such accounting policies & applied
them consistently & made judgments & estimates that were reasonable &
prudent so as to give a true & 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.
3. That the Directors have taken proper & 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 & for preventing & detecting fraud & other irregularities.
4. That the Directors have prepared the accounts of the Company for
the financial year ended 31st March, 2008 on a going concern basis.
The Company has not accepted any deposits under Section 58A of the
Companies Act, 1956 during the year under review
Shri Ravi Sawlani, Director retires by rotation at the ensuing Annual
General Meeting and being eligible, offers himself for reappointment.
Shri. Anil Kaula, Director had resigned from the directorship of the
Company and his resignation was accepted by the Board w.e.f.
04.04.2008. The Board placed on record its appreciation of services
rendered and guidance provided by him during his tenure with the
PARTICULARS OF EMPLOYEES:
During the financial year under review, none of the Companys employee
was in receipt of remuneration as prescribed under section 217(2A) of
the Companies Act, 1956 read with The Companies (Particulars of
Employees) Rules, 1975, and hence no particulars required to be
disclosed in this report.
THE COMPANIES (DISCLOSURE OF PARTICULARS IN THE REPORT OF BOARD OF
DIRECTORS) RULES. 1988
Conservation of Energy:
Since the Company is not carrying on any business, therefore no step
has been taken in this regard.
Research & Development activity and Absorption of Technology:
Foreign Exchange-Earning /Outgo: Nil
LISTING AND NBFC STATUS
The equity shares of the company are presently listed on the Mumbai
Stock exchange. The company is presently holding the registration with
RBI as NBFC under category B as no deposit accepting company.
Agarwal Ravinder fit Associates Auditors of the Company will hold
office until the conclusion of the ensuing Annual General Meeting. The
Company has received certificate from them to the effect that their
appointment, if made, would be within the limits prescribed under
Section 224 (1B) of the Companies Act, 1956. The notes to the accounts
read with the Auditors Report are self explanatory and therefore, do
not call for any further comments.
The Directors have gone through the Auditors report and are in
agreement with the same.
The Directors have gone through the observations made by Practicing
Company secretary through their Compliance Certificate under Section
383A (1) of Companies Act, 1956 and are in agreement with the same.
The Company is seized of the concept of corporate governance and the
principle underlying the same. As a part of good corporate governance,
the company has already taken adequate steps to ensure conditions of
Corporate Governance as contained in amended clause 49 of the Listing
Agreement with the stock Exchange to the extent applicable. It had
constituted committees including Share Transfer Committee, Investor
Grievances Committee etc.
The Board places on record the continue patronage of its shareholders,
Government agencies, Bankers, and Customers of the Company.
By Order of the Board
Place: New Delhi
Semtember 01, 2008