The Directors present the Annual Report of the Company together with
the Audited Statements of Accounts for the year ended 31st March, 2008.
During the year under review, the Company has earned profit of Rs.
20,83,296/- as against the profit of Rs. 4,87,346/- in the previous
year. After making provision for Income Tax of Rs. 6,28,000/- the
balance profit of Rs. 14,22,584/- in the Profit & Loss Account has been
carried over to the Balance Sheet
In order to conserve the resources, the Directors do not recommend any
dividend for the Financial Year 2007-2008.
The Auditors, M/s. Shabbir S. Bagasarawala, Chartered Accountants,
Mumbai, retire at the conclusion of the ensuing Annual General Meeting
and being eligible, have offered themselves for re-appointment. They
have furnished a certificate to the effect that their re-appointment,
if made, would be within the limits prescribed under Section 224 (IB)
of the Companies Act, 1956 and they are not disqualified under amended
Section 226(3)(e) of the said Act.
The Company has obtained Compliance Certificate from the Practising
Company Secretary pursuant to Section 383A of the Companies Act, 1956
and the same is annexed hereto forming part of this Report.
During the year under reveiew the management of the Company has changed
pursuant to substantial acquisition of shares of the Company by Mrs.
Niti N. Didwania.
TRADING IN SECURITIES
The trading in the equity shares of the Company on the Bombay Stock
Exchange Ltd. (BSE) has re-commenced with effect from 26th May, 2008
consequent to revocation of suspension in the trading of shares of the
Company by the BSE.
In accordance with the provisions of the Companies Act, 1956 and
Articles of Association of the Company Mrs.-Alpa M. Parekh retires by
rotation but being eligible, offers herself for reappointment.
The Board has appointed Mr. Nitirt Kumar Didwania, Mrs. Niti N.
Didwania & Mr. Saurabh Sanghvi as Additional Directors on the Board
with effect from 5th December, 2007. Mr. Nitin Kumar Didwania, Mrs.
Niti N. Didwania & Mr. Saurabh Sanghvi hold office upto the date of the
forthcoming Annual General Meeting (AGM) and are eligible for
appointment. The Company is in receipt of individual notices under
section 257 of the Companies Act, 1956 for their appointment as
Directors of the Company.
Mr. Suresh Puralkar and Mr. Ajay Paralkar resigned from the Board of
Directors with effect from 7th December, 2007. The Board places on
record its appreciation for the valuable guidance and co-operation
extended by them during their tenure as Directors of the Company.
DIRECTORS RESPONSIBILITY STATEMENT
Pursuant to the requirement under Section 217 (2AA), your Directors
confirm that they had:-
i) followed the applicable accounting standards in the preparation of
the annual accounts.
ii) selected such accounting policies and applied them consistently,
made judgements 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 on
31st March 2008 and of the profit of the Company for the year ended
31st March 2008.
iii) taken proper and sufficient care for the maintenance of adequate
accounting records in accordance with the provisions of the Companies
Act, for safeguarding the assets of the Company, preventing, detecting
fraud and other irregularities.
iv) prepared the annual accounts for the Financial year ended 31st
March, 2008 on a going concern basis
The Company has not invited nor accepted any Deposits from the public
under the Companies (Acceptance of Deposits) Rules, 1975 read with
Section 58A of the Companies Act, 1956.
PARTICULARS OF EMPLOYEES
The Company has no such employee as would be covered under Section
217(2A) of the Companies Act, 1956 read with the Companies (Particulars
of Employees) Rules, 1975.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION & FOREIGN EXCHANGE
EARNINGS AND OUTGO.
The information as required under Section 217 (1) (e) of 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
considering the nature of the Companys business. During the period
under review, the foreign exchange earnings and outgo were nil.
Your Directors wish to place on- record their sincere appreciation for
the support and co- operation received from the Government authorities,
bankers, customers, suppliers and Members during the year under review.
Your Directors also wish to place on record their deep sense of
appreciation for the dedicated efforts of the employees of the Company.
For and on Behalf of the Board of Directors
PLACE: Mumbai (Nitin Kumar Didwania)
DATE: 30th June, 2008 CHAIRMAN