Mar 31, 2015
Dear Members,
Your Directors have pleasure in presenting the 24th Annual Report on
the business and operation of the Company together with audited
statement of accounts for the year ended on 31st Mar'15.
1. FINANCIAL RESULTS:
Particulars 31st March, 2015 31st March, 2014
Operating Income 1,60,548.00 2,17,313.00
Other Income 1,855.00 5,206.00
Total Receipts: 1,62,403.00 2,22,519.00
Total Expenses 5,26,218.00 2,38,501.00
Loss Before Tax: (3,63,815.00) 21,740.00
Tax Expenses 0.0 5,228
Loss for the period : (3,63,815.00) 16,512.00
Earnings Per Share (in Rs.) (0.11) 0.00
2. PERFORMANCE REVIEW
During the year under review, the total turnover and other income of
the Company was Rs. 1.62 lacs as against Rs. 2.22 lacs during the
previous financial year. The Company recorded a net loss of Rs. 3.63
lacs during the year under review. Your Directors regret for the poor
performance of the company. Prospects for current year feels that,
barring any unforeseen circumstances, the prospects for the current
year are much favorable as compared to the year under review. The
Company is making all efforts to cope up with the market situations and
achieve significant increase in the operations.
3. THE PROPOSED AMOUNTS TO CARRY TO ANY RESERVES
The loss is proposed to be transferred to Profit & Loss Account.
4. DIVIDEND
In view of losses, your directors are not in a position to recommend
any dividend for the period under review.
5. CHANGE IN THE NATURE OF BUSINESS. IF ANY
There is no change in the nature of business of the Company.
6. MATERIAL CHANGES AND COMMITMENTS, IF ANY, AFFECTING THE FINANCIAL
POSITION OF THE COMPANY
No material changes and commitments affecting the financial position of
the Company have occurred during the current year.
7. DETAILS OF SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS
OR COURTS OR TRIBUNALS IMPACTING THE GOING CONCERN STATUS AND COMPANY'S
OPERATIONS IN FUTURE
There are no such orders passed by the regulators or courts or
tribunals impacting the going concern status and company's operations
in future.
8. INDUSTRIAL RELATIONS:
The Company is not running any industry. The management & employer
relations continue to be cordial.
9. LISTING
The Company continues to be listed on Bombay Stock Exchange (BSE). The
company is duly complying with Listing Agreement from time to time.
10. DETAILS IN RESPECT OF ADEQUACY OF INTERNAL FINANCIAL CONTROLS WITH
REFERENCE TO THE FINANCIAL STATEMENTS
The Company has adequate Internal Control System, commensurate with its
size, scale and operations. The Internal Audit Department monitors and
evaluates the efficacy and adequacy of internal control system in the
Company, its compliance with operating systems, accounting procedures
and policies of the Company.
During the year no reportable material weakness in the design or
operation was observed.
11. SUBSIDIARIES, JOINT VENTURES AND ASSOCIATE COMPANIES
The Company does not have any Subsidiary, Joint venture or Associate
Company. The Company is also not a subsidiary of any other company.
12. DEPOSITS:
The Company did not accept any deposit within the meaning of Section 73
of the Companies Act, 2013 and the Rules made there under. As such
there are no small depositors in the company.
13. STATUTORY AUDITORS
M/s Agrawal Shukla & Co., Chartered Accountants as auditors, if
elected, will hold office for 5 years commencing from financial year
2015-16 from the conclusion of this Annual General Meeting in place of
the retiring Auditors, M/s Sunil Johri & Associates, Chartered
Accountants who are not eligible for re-appointment due to their
previous tenure of 10 years and ineligibility to continue as Auditors
in terms of Section 139(2) of the Companies Act, 2013. Under Section
139(2) of the Companies Act, 2013, they have furnished the certificate
of their eligibility for re-appointment.
M/s Agrawal Shukla & Co. has given their consent to act as Statutory
Auditors of the Company.
Directors recommend their appointment on a remuneration to be later
decided by the Board of Director and the Auditor mutually for the
ensuing Financial Year i. e. 2015-16.
14. AUDITORS OBSERVATION:
Remarks made by the auditors in their report on the accounts stand
explained in the notes to accounts which are self-explanatory.
15. Directors
a) Changes in Directors and Key Managerial Personnel
In accordance with the provisions of the Companies Act, 2013 Shri
Sudhir Dixit, Director of the Company retires by rotation at the
ensuing Annual General Meeting and being eligible offer himself for
re-appointment.
Your Directors recommend his appointment as Director. He will however
continue to be Chief Financial Officer of the Company.
b) Re-appointment of Managing Director
Shri Shabir Memon, Managing Director whose term has ended on 31st
March, 2015 is eligible to be reappointment as Managing Director. Your
Directors recommend the re-appointment of Shri. Shabir Memon for a
further period of five years commencing from 1st April, 2015.
c) Women Director:
Smt. Satyawati Parashar serves as the woman director of the company she
was appointed as an additional director of the Company on 30th Mar,
2015 by the board of directors requires to be appointed as regular
director at the ensuing Annual General meeting.
Your Directors recommend her appointment as an Independent Director of
the Company.
d) Declaration by Independent Director(s) and re - appointment
Pursuant to Section 149 of the Companies Act, 2013 read with the Rules
made thereunder, the Independent Directors may be appointed for a
maximum of two consecutive terms of up to 5 years each. In terms of
revised clause 49 of the listing agreement which will be applicable
from 01st October, 2014, in case the Independent Director has already
served for 5 or more years, he can be appointed for only one term of 5
years. Presently, Smt. Satyawati Parashar, Shri Ravi Kamra and Shri
Deepak Tyagi are the Independent Directors of the Company. As per their
existing terms of appointment, Smt. Satyawati Parashar, Shri Ravindra
Pokharana and Shri Rishi Dave can be re-appointed. The Board recommends
appointment of them as independent directors of the Company for a fixed
term of 5 years commencing from the conclusion of the ensuing Annual
General meeting.
The Board considered the independence of each of the above mentioned
Directors in terms of Section 149 and Schedule IV to the Companies Act,
2013 and Clause 49 of the listing agreement and was of the view that
the proposed directors fulfill the criteria of independence as
mentioned in the above provisions and can be appointed as Independent
Directors.
All the proposed directors possess requisite qualifications,
appropriate skills, experience and knowledge in one or more fields of
finance, law management, marketing, administration, technical
operations and other disciplines related to Company's business. Keeping
in view, the educational / professional qualifications, working
experience, expertise in line with Company's business, positive
attributes, already being on the Board of the Company and benefits that
the Company will derive with their appointment, the Board has
recommended their appointment as Independent Directors of the Company
at the ensuing Annual General Meeting.
The Company has received declarations from all Independent Directors
that they meet the criteria of independence as laid down under Section
149(6) of the Act and Clause 49 of the Listing Agreement.
e) Declaration by Directors under Section 184
Directors declare that no directors are disqualified from being
appointed as Director of the Company under Section 184 of the Companies
Act, 2013.
16. SHARE CAPITAL
a. Issue of equity shares with differential rights
The Company has not issued any equity shares with differential rights
during the year.
b. Issue of sweat equity shares
The Company has not issued any sweat equity shares during the year
c. Issue of employee stock options
The Company has not issued employee stock options during the year.
d. Provision of money by company for purchase of its own shares by
employees or by trustees for the benefit of employees
The Company has not made any provision for purchase of its own shares
during the year.
17. EXTRACT OF THE ANNUAL RETURN AS REQUIRED UNDER SECTION 92(3) OF
THE COMPANIES ACT. 201 3
Extract of Annual return of the Company is annexed herewith as an
Annexure-6 to this report.
18. CONSERVATION OF ENERGY & TECHNICAL ABSORPTION:
The Company is not a manufacturing Company and as such no provisions of
Conservation of Energy, Technology Absorption under Section 134 of the
Companies Act, 2013 read with the Companies (Accounts) Rules, 2014 are
attracted.
As the Company has not carried out any activities relating to the
export and import during the financial year. There is no foreign
exchange expenses and foreign income during the financial year.
19. CORPORATE SOCIAL RESPONSIBILITY
The Company is not covered under Section 135(2) of the Companies Act,
2013. Hence, no policy or disclosures are required to be made under the
said section or applicable rules.
20. NUMBER OF MEETINGS OF THE BOARD OF DIRECTORS
S. Date of meeting Total No. of Directors No. of Directors
No. on the Date of attended
Meeting
1 14.05.2014 4 4
2 15.07.2014 4 4
3 17.11.2014 4 3
4 04.09.2014 4 4
5 14.02.2015 4 3
6 30.03.2015 4 4
21. PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES
Your Company did not enter into any contract or arrangement during the
financial year with related parties. Form AOC-2 as required under the
Companies (Accounts) Rules, 2014 is attached as Annexure-5.
22. PARTICULARS OF LOANS. GUARANTEES OR INVESTMENTS
Details of Loans, Guarantees and Investments covered under the
provisions of Section 186 of the Companies Act, 2013 are given in Note
No. 6 and 7 to the Financial Statements.
23. DISCLOSURE OF DIRECTORS' REMUNERATION
As per Section 197(12) read with Rule 5 of the Companies (Appointment
and Remuneration of Managerial Personnel) Rules, 2014, no remuneration
has been paid to any of the Directors of the Company.
24. SECRETARIAL AUDIT
Pursuant to the provisions of Section 204 of the Act and the Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014, the
Board of Directors has appointed CS Satish Batra, a practicing Company
Secretary for conducting secretarial audit of the Company for the
financial year 2014-2015. His report is annexed herewith as Annexure-4.
The report does not contain any qualification, reservation or adverse
remark.
25. CORPORATE GOVERNANCE CERTIFICATE
The Company is committed to maintain the highest standards of corporate
governance and adhere to the corporate governance requirements set out
by SEBI.
The Company has implemented several best corporate governance practices
as prevalent globally. The report on Corporate Governance (Annexure-1)
as stipulated under the Listing Agreement forms an integral part of the
Report.
The requisite certificate from the auditors of the Company confirming
compliance with the conditions of corporate governance is attached to
the report on Corporate Governance (Annexure-5).
26. RISK MANAGEMENT POLICY
In today's business environment, Risk Management is a very important
part of business The Company constantly manages monitors and reports on
the principal risk and uncertainties that can have an impact on the
Company. Your directors keep a close watch on the risk prone areas and
take actions from time to time. The policy of the company is to comply
with statutory requirements and try to overcome the risk of penalties
and prosecutions.
The Company does not have any insurable assets. However, the policy of
the Company is to keep insured all insurable assets to keep them
adequately insured against risks and uncertainties like fire, riot,
earthquake, terrorism, loss of profit, etc.
27. DIRECTORS' RESPONSIBILITY STATEMENT
Pursuant to requirement under Section 134(5) of the Companies Act,
2013, with respect to Directors' Responsibility Statement, it is hereby
confirmed: -
i. In the preparation of the annual accounts for the year ended 31st
March, 2015, the applicable accounting standards had been followed
along with proper explanation relating to material departures;
ii. The directors have ensured that all applicable accounting policies
are applied them consistently and directors have 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, 2105 and
of the profit and loss of the company for that period;
iii. The directors had taken and continue to take 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. The directors had prepared and continue to prepare the annual
accounts on a going concern basis;
v. The directors had laid and continue to lay down internal financial
controls to be followed by the company and that such internal financial
controls are adequate and were operating effectively; and
vi. The directors had devised and continue to devise proper systems to
ensure compliance with the provisions of all applicable laws and that
such systems were adequate and operating effectively.
28. PERSONNEL:
There was no employee receiving remuneration attracting provisions of
section 134(3) (q) of the Companies Act, 2013 read with Rule 5(2) & (3)
of rules the Companies (Appointment & Remuneration of Managerial
Personnel) Rules, 2014.
29. MANAGEMENT DISCUSSION AND ANALYSIS:
Management's Discussion and Analysis Report for the year under review,
as stipulated under Clause 49 of the Listing Agreement with the Stock
Exchanges in India, is presented in Annexure - 3.
30. PREVENTION SEXUAL HARASSMENT OF WOMEN AT WORKPLACE
Your Directors further state that during the year under review, there
were no reported instances pursuant to the Sexual Harassment of Women
at Workplace (Prevention, Prohibition and Redressal) Act, 2013.
31. ACKNOWLEDGEMENT
Your directors wish to place on record their sincere appreciation for
contributions made by employees of the company and cooperation extended
by the bankers and all persons who have directly and indirectly
contributed to the success of the company.
Your directors also acknowledge the trust and confidence you have
reposed in the company.
BY AND ON BEHALF OF THE BOARD.
SD/- SD/-
(Shabir Menon) (Sudhir Dixit)
DATED: 28th May, 2015 Managing Director Director
PLACE: RAIPUR (C.G.) DIN 02023147 DIN 02023147
Mar 31, 2014
Dear Members
The Directors have pleasure in presenting the 23rd Annual Report on
the business and operation of the Company together with audited
statement of accounts for the period ending 31st Mar''14.
1. FINANCIAL RESULTS:
Particulars Financial year ended 31st March
2014 2013
Operating Income 2,17,313 4,42,460
Other Income 5,206 15,00,000
Total Receipts: 2,22,519 19,42,460
Employee Benefit Expenses 16 200 16 200
Finance Cost 257 0
Other expenses 2,22,044 18,52,401
Total Expenses 2,38,501 18,68,601
Profit Before Tax: 21,740 73,859
Tax Expenses 5,228 29,250
Profit for the period : 16,512 44,609
Earning Per Share (in Rs.) 0.0 0 01
2. APPROPRIATION:
No amount is proposed to be transferred to Reserves. The Profit has
been carried over to Balance Sheet under Surplus in statement of Profit
& Loss.
3. DIVIDEND
Due to inadequacy of profits, the Board of Directors regrets that no
dividend is being recommended for the year under review.
4. PERFORMANCE REVIEW
The most significant event has been that the BSE has revoked suspension
of trading in securities of the Company during the year. The equity
shares are tradable on BSE.
Due to non-renewal of C & H activities, the revenue has further
declined. The total income for the financial year 2013-14 is Rs.2.17
lacs as against Rs. 4.42 lacs for the year 2012-13. The profit before
tax is Rs.0.21 lacs and profit after tax is Rs.0.16 lacs for the year
under review against the profit before tax of Rs.0.73 lacs and profit
after tax of Rs.0.40 lacs for the year 2012-13 respectively.
Your Directors feel that, barring any unforeseen circumstances, the
prospects for the current year are much favorable as compared to the
year under review. The Company is making all efforts cope up with the
market situations and increase the operations.
5. No material changes and commitment occurred since the conclusion of
the financial year.
6. PERSONNEL:
Since there was no employee who was drawing more than Rs.60.00 Lacs per
annum, if employed through out the year, or Rs.500000/- per month if
employed for the part of the year, the required information under
sub-section (2A) of section 217 of the companies Act, 1956 read with
companies (particulars of the employees) rules 1974 as amended is not
given.
7. CONSERVATION OF ENERGY & TECHNICAL ABSORPTION:
The Company have not been engaged in manufacturing activities and as
such the provisions of section 217 (i) (e) of the companies Act, 1956
read with the companies (disclosure of particulars in report of Board
of Directors) rules 1988, regarding conservation of energy are not
applicable.
R&D efforts were not made towards technology absorption and no foreign
exchange outgo and inflow included during the year.
8. MANAGEMENT DISCUSSION AND ANALYSIS:
A report on Management Discussion and Analysis (MDA), which is forming
part of this Report, inter-alia, adequately deal with the operations as
also current and future outlook of the Company.
9. DEPOSITS:
Company has not accepted any deposits from public which is covered
within the meaning of section 58-A & 58-AA of companies Act.
10. DIRECTORS
Shri Shabir Menon & Shri Sudhir Dixit Directors of the Company retire
by rotation at the ensuing Annual General Meeting and being eligible
offer themselves for re- appointment. Your directors recommend his
appointment.
Directors declared that no directors are disqualified from being
appointed as Director of the Company under Section 184 of The Companies
Act, 2013.
Women Director:
Smt. Satyawati Parashar has informed of her consent to get appointed as
a women director in accordance with the provisions of the listing
agreement as well the provisions of the Companies Act, 2013 at the
ensuing annual general meeting.
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
hereby confirmed:-
i. That in the preparation of the account for the financial year ended
on 31st March'' 2014, the applicable accounting standards have been
followed and there were no material departures.
ii. That the Directors have selected such accounting policies and
applied them consistently and made judgment 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 or loss of the company for the year under review;
iii. That the Directors have taken proper a 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
irregularities;
iv. That the Directors have prepared the accounts for the financial
year ended 31st March'' 2014 on a going concern basis.
12. AUDITORS
M/s Sunil Johri & Associates, Chartered Accountants, who are the
Statutory Auditors of the Company will retire at the conclusion of the
forthcoming Annual General Meeting and are eligible for re-appointment,
subject to the approval of shareholders. The Company has received
letter from them to the effect that their reappointment, if made, would
be within the prescribed limits of section 139 (2) of the Companies
Act, 2013 and that they are not disqualified for reappointment within
the meaning of Section 141 of the said Act.
Directors recommend their reappointment on a remuneration to be decided
by the Board and the Auditor mutually for the ensuing Financial Year
i.e. 2014-15.
13. AUDITORS OBSERVATION:
Remarks made by the auditors in their report on the accounts stand
explained in the notes to accounts which are self-explanatory.
14. VIGIL MECHANISM:
As per Section 177 (9) & (10) of the Companies Act, 2013 and Clause 49
of the Listing agreements with the Stock Exchanges has to establish a
Vigil Mechanism for Directors and employees to report genuine concerns.
15. ACKNOWLEDGEMENT
Your directors wish to place on record their sincere appreciation for
contributions made by employees of the company and cooperation extended
by the bankers and all persons who have directly and indirectly
contributed to the success of the company.
Your directors also acknowledge the trust and confidence you have
reposed in the company.
DECLARATION REGARDING COMPLIANCE BY BOARD MEMBERS AND SENIOR MANAGEMENT
PERSONNELWITH THE COMPANY''S CODE OF CONDUCT:
This is to confirm that the Company has adopted Code of Conduct for its
employees including the Managing Director. In addition, the Company has
adopted a Code of Conduct for its Non-Executive Directors. I confirm
that the Company has in respect of the financial year ended March 31,
2014, received from the senior management team of the Company and the
Members of the Board a declaration of compliance with the Code of
Conduct as applicable to them.
BY AND ON BEHALF OF THE BOARD.
SD/- SD/-
(Ravi Kamra) (Sudhir Dixit)
Director Director
DIN 00745058 DIN 02023125
DATED: 02.09.2014
PLACE: RAIPUR (C.G.)
Mar 31, 2013
TO THE MEMBERS
The Director present their 22nd Annual Report together wilh the Audited
Accounts for the year weed 31st March, 2013.
I FINANCIAL RESULTS
Rupees in lacs
YEAR ENDED 31-03-2013 31-03-2012
SALES / INCOME 4.42 3.48
PROFIT /(LOSS) BBFORE INTT 0.74 0.93
INTEREST --- ---
PROVISlON FOR APPRECIATION --- ---
PROVISION FOR TAX 0.29 0.31
PROFITS (167.14) (167,76)
NET PROFIT/LOSS 0.45 0.62
NET PROFIT / (LOSS) CARRIED OVER (166.69) (167.14)
2. DIVIDEND
No dividend is being proposed in view of inadequate profits
3. OPERATIONS AND PROSPECTS FOR THE CURRENT YEAR.
Due to non-renewal of C &F activities, the revenue has substantiall
declined. The company has received in-principle approval from BSE Ltd
for trading of equity shares. The notification is expected shortly.
Efforts are being made to improve the performance in the current year.
4. DIRECTORS
Diretors declare that none of the directors is disqualified from being
appointed as Director of the Company under clause-g of sub-section-1 of
Section 274 of the Companies Act, 1956.
5. DIRECTORS'' RESPONSIBILITY STATEMENT
Pursuant to the requirement under Section 2I7(2AA) of the Companies
Act, 1956, with respect to Directors Responsibility Statement, it is
hereby confirmed:-
I. That in the prepration of the account for the financial year ended
on 31st March 2013 the applicable accounting standards have been
followed end there were no material departures.
II. That the Directors have selected such accounting policies and
applied them consistently and made. judgment and estimates that were
reasonable and prudent so as to give a true and fair view of the State
of affairs of the company for the year under review.
III. That the Directors have taken appropriate and sufficient care for
the maintenanceoff adequate accounting records in accordance with the
provision of the companies Act, 1956 lor safeguarding the assets of
the company and for preventing and detecting fraud and other
irregularities;
IV. That the Director have prepared the accounts for the financial
year ended 31st March''2013 on a going concern basis.
6. CORPORATE GOVERNANCE
As a listed company on Mumbai & M.P, Stock Exchange, the company has
complied to the material resists with the features of corporate
governance as specified in the Listing Agreement.
7. AUDITORS
Directors recomended appointment of M/s Sunil Johri & Associates
Chartered Accountants, Raipur who hold office as auditors of the
Company up to the conclusion of the ensuing Annual General Meeting and
are eligible for re-appointment.
8. PERSONNEL
There was no employee who was drawing more than more than the
limit prescribed under sub-section (2A) of section 217 of the companies
Act, 1956 read with companies (Particulars of the Employees) rules 1975.
9. CONSERVATION OF ENERGY & TECHNICAL ABSORPTION
Since the company is engaged only in C & F Activity Lie requirements of
section 217 (i) (e) Of the Companies Act, 1956 read with the Companies
(Disclosure of Particulars in report of Board of Directors) Rules l988,
regarding conservation of energy technology absorption and foreign
exchange and outgo, are not applicable.
10. ACKNOWLEDGEMENT
Your directors wish to place on record their sincere appreciation of
the employees of the company and your director also acknowledge the
trust and confidence reposed by you in the company.
For and an behalf of the Board
DIRECTOR DIRECTOR
PLACE: RAJPUR
DATED: 08-07-2013
Mar 31, 2012
TO THE MEMBERS:
The Directors present their 21st Annual Report together with the
Audited Accounts for the year ended 31st March, 2012.
FINANCIAL RESULTS Rupees in lacs
YEAR ENDED 31-03-2012 31-03-2011
SALES/INCOME 3.48 2.38
PROFIT/(LOSS) BEFORE INTT. 0.93 1.01
INTEREST - -
PROVISION FOR DEPRECIATION - -
PROVISION FOR TAX 0.31 0.35
PROFIT & LOSS B/F (167.76) (168.42)
NET PROFIT/(LOSS) 0.62 0.66
NET PROFIT/(LOSS) CARRIED OVER (167.14) (167.76)
DIVIDEND
In order to strength the net-worth of the company, your directors do
not recommend any dividend for the year ended 31st March, 2012.
MATERIAL CHANGES SINCE CLOSURE OF ACCOUNTS:
The directors are pleased to inform that the BSE has agreed to revoke
the suspension order on trading subject to compliance of certain
conditions and payment of fees. The Company has paid the fees and the
conditions are being complied with. There are no other material changes
since closure of accounts on 31st March, 2012.
OPERATIONS & FUTURE PROSPECTS:
The Company's income has marginally increased during the year. The
Company is looking for opportunities to carry on business on regular
basis. Since, as stated above, the securities of the Company will be
traded on BSE, the directors will be in a position to draw plans on
bigger scale due to investors' support.
DIRECTORS
Directors declare that none of the directors is disqualified from being
appointed as Director of the Company under clause-g of sub-section-1 of
Section 274 of the Companies Act, 1956. Shri Ravi Kamra and Shri
Deepak Tyagi, directors of the Company retire by rotation and are
eligible for re-appointment.
DIRECTORS' RESPONSIBILITY STATEMENT
Pursuant to the requirement under Section 217(2AA) of the Companies
Act, 1956, with respect to Directors' Responsibility Statement, it is
hereby confirmed:-
I. That in the preparation of the account for the financial year ended
on 31st March'2012 the applicable accounting standards have been
followed and there were no material departures.
II. That the Directors have selected such accounting policies and
applied them consistently and made judgment 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 of the company for the year under review.
III. That the Directors have taken appropriate and sufficient care for
the maintenance of adequate accounting records in accordance with the
provision of the companies Act, 1956 for safeguarding the assets of the
company and for preventing and detecting fraud and other
irregularities;
IV. That the Directors have prepared the accounts for the financial
year ended 31st March'2012 on a going concern basis.
CORPORATE GOVERNANCE
As a listed company on BSE & M.P. Stock Exchange, the company has
complied in all material respects with the features of corporate
governance as specified in the Listing Agreement.
AUDITORS
Directors recommended the appointment of M/s. Sunil Johri & Associates
Chartered Accountants, Raipur who hold office as auditors of the
company up to the conclusion of at the ensuing Annual General Meeting
are eligible for re-appointment.
PERSONNEL
There was no employee drawing salary in excess of the limit under
sub-section (2A) of section 217 of the companies Act, 1956 read with
companies (Particulars of the Employees) rules 1975 as amended is NIL.
CONSERVATION OF ENERGY & TECHNICAL ABSORPTION
Since the company is engaged only in C & F Activity the requirements of
section 217 (i) (e) of the Companies Act, 1956 read with the Companies
(Disclosure of Particulars in report of Board of Directors) Rules 1988,
regarding conservation of energy technology absorption and foreign
exchange and outgo, are not applicable.
ACKNOWLEDGEMENT
Your directors wish to acknowledge the trust and confidence reposed by
you in the company.
For and on behalf of the Board
DIRECTOR DIRECTOR
PLACE: RAIPUR
DATED: 1st September, 2012
Mar 31, 2011
TO THE MEMBERS:
The Directors present their 20th Annual Report together with the
Audited Accounts for the year ended 31st March, 2011.
1. FINANCIAL RESULTS
Rupees in lacs
YEAR ENDED 31-03-2011 31-03-2010
SALES / INCOME 2.38 37.55
PROFIT / (LOSS) BEFORE INTT. 101 35.68
INTEREST - -
PROVISION FOR DEPRECIATION - -
PROVISION FOR TAX 0.35 11.04
NET PROFIT / (LOSS) 0.66 24.64
2. DIVIDEND
In order to strength the net-worth of the company, your directors do
not recommend any dividend for the year ended 31st March 2011.
3. OPERATIONS
Due to non-renewal of C & F activities, the revenue has substantially
declined. Efforts are being made to improve the position in the
current year.
4. DIRECTORS
Directors declare that none of the directors is disqualified from being
appointed as Director of the Company under clause-g of sub-section-1 of
Section 274 of the Companies Act, 1956.
5. DIRECTORS' RESPONSIBILITY STATEMENT
Pursuant to the requirement under Section 217(2AA) of the Companies
Act, 1956, with respect to Directors' Responsibility Statement, it is
hereby confirmed:-
I. That in the preparation of the account for the financial year ended
on 31st March'2011 the applicable accounting standards have been
followed and there were no material departures.
II. That the Directors have selected such accounting policies and
applied them consistently and made judgment 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 of the company for the year under review.
III. That the Directors have taken appropriate and sufficient care for
the maintenance of adequate accounting records in accordance with the
provision of the companies Act, 1956 for safeguarding the assets of the
company and for preventing and detecting fraud and other
irregularities;
IV. That the Directors have prepared the accounts for the financial
year ended 31st March'2011 on a going concern basis.
6. CORPORATE GOVERNANCE
As a listed company on Mumbai & M.P. Stock Exchange, the company has
complied in all material respects with the features of corporate
governance as specified in the Listing Agreement.
7. AUDITORS
Directors recommended the appointment of M/s Sunil Johri & Associates
Chartered Accountants, Raipur who hold office as auditors of the
company up to the conclusion of at the ensuing Annual General Meeting
are eligible for re-appointment.
8. PERSONNEL
There was no employee who was drawing more than Rs. 24.00 lacs per
annum, if employed through out the year, or Rs. 2,00,000/- Per month if
employed for the part of the year. The required information under
sub-section (2A) of section 217 of the companies Act, 1956 read with
companies (Particulars of the Employees) rules 1975 as amended is NIL.
9. CONSERVATION OF ENERGY & TECHNICAL ABSORPTION
Since the company is engaged only in C & F Activity the requirements of
section 217 (i) (e) of the Companies Act, 1956 read with the Companies
(Disclosure of Particulars in report of Board of Directors) Rules 1988,
regarding conservation of energy technology absorption and foreign
exchange and (out go are not applicable.
10. ACKNOWLEDGEMENT
Your directors wish to place on record their sincere appreciation to
the employees of the company and your directors also acknowledge the
trust and confidence reposed by you in the company.
For and on behalf of the Board
SUDHIR DIXIT
DIRECTOR
PLACE: RAIPUR
DATED: 05-08-2011
Mar 31, 2010
The Directors present their 19th Annual Report together with the
Audited Accounts for the year ended 31st March, 2010.
1. FINANCIAL RESULTS
Rupees in lacs
YEAR ENDED 31-03-2010 31-03-2009
SALES / INCOME 37.55 19.81
PROFIT / (LOSS) BEFORE INTT. 35,68 13.72
INTEREST -- --
PROVISION FOR DEPRECIATION
PROVISION FOR TAX 11.04 0.80
NET PROFIT / (LOSS) 24.64 12.92
2. DIVIDEND
In order to strength the net-worth of the company, your directors do
not recommend any dividend for the year ended 31st March 2010.
3. OPERATIONS
Due to non-renewal of C & F activities, the revenue has substantially
declined. Efforts are being made to improve the position in the
current year.
4. DIRECTORS
Directors declare that none of the directors is disqualified from being
appointed as Director of the Company under clause-g of sub-section-1 of
Section 274 of the Companies Act, 1956.
5. DIRECTORS RESPONSIBILITY STATEMENT
Pursuant to the requirement under Section 217(2AA) of the Companies
Act, 1956, with respect to Directors Responsibility Statement, it is
hereby confirmed:-
I. That in the preparation of the account for the financial year ended
on 31st March2010 the applicable accounting standards have been
followed and there were no material departures.
II. That the Directors have selected such accounting policies and
applied them consistently and made judgment 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 of the company for the year under review.
III. That the Directors have taken appropriate and sufficient care for
the maintenance of adequate accounting records in accordance with the
provision of the companies Act, 1956 for safeguarding the assets of the
company and for preventing and detecting fraud and other
irregularities;
IV. That the Directors have prepared the accounts for the financial
year ended 31st March2010 on a going concern basis.
6. CORPORATE GOVERNANCE
As a listed company on Mumbai & M. P. Stock Exchange, the company has
complied in all material respects with the features of corporate
governance as specified in the Listing Agreement.
7. AUDITORS
Directors recommended the appointment of M/s Sunil Johri & Associates
Chartered Accountants, Raipur who hold office as auditors of the
company up to the conclusion of at the ensuing Annual General Meeting
are eligible for re-appointment.
8. PERSONNEL
There was no employee who was drawing more than Rs. 24.00 lacs per
annum, if employed through out the year, or Rs. 2,00,000/- Per month if
employed for the part of the year. The required information under
sub-section (2A) of section 217 of the companies Act, 1956 read with
companies (Particulars of the Employees) rules 1975 as amended is NIL.
9. CONSERVATION OF ENERGY & TECHNICAL ABSORPTION
Since the company is engaged only in C & F Activity the requirements of
section 217 (i) (e) of the Companies Act, 1956 read with the Companies
(Disclosure of Particulars in report of Board of Directors) Rules 1988,
regarding conservationijofà energy technology absorption and foreign
exchange and outgo, are not applicable^
10. ACKNOWLEDGEMENT
Your directors wish to place on record their sincere appreciation to
the employees of the company and your directors also acknowledge the
trust and confidence reposed by you in the company.
For and behalf of the Board
SUDHIR DIXIT
DIRECTOR
PLACE: RAIPUR
DATED: 22-08-2010
Mar 31, 2009
The Directors present their 18th Annual Report together with the
Audited Accounts for the Year ended 31st March. 2009
1.FINANCIAL RESULTS
Rupees in lacs
YEAR ENDED 13-03-2009 31-03-2008
SALES / INCOME 19.81 31.97
PROFIT /(LOSS) BEFORE INTT 13.72 1.21
Interest - -
PROVISION FOR DEPRECIATION - -
PROVISION FOR TAX 0.80 0.16
NET PROFIT / (LOSS) 12.92 1.05
2. DIVIDEND
In order to strength the net-worth of the company, your directors do
not recommend am dividend for the year ended 31st March 2009.
3. OPERATIONS
Due to non-renewal of C&F activities. the reenuc has substantially
declined Efforts are being made to improve the position in the current
year.
4. DIRECTORS
Directors declare that none of the directors is disqualified from being
appointed as Director of the Company under clause-g of sub-section-l of
Section 274 of the Companies Act. 1956.
5. DIRECTORS" RESPONSIBILITY STATEMENT
Pursuant to the requirement under Section 217(2AA) of the Companies
Act. 1956. with respect to Directors Responsibility Statement, it is
hereby confirmed:-
1 That in the preparation of she account for the financial year ended
on 31st March2009 the applicable accounting standards have been
followed and there were no material departures
II That the Directors have selected such accounting policies and
applied them consistently and made judgment 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 or loss of the company for the year under review.
III. That the Directors have taken proper an sufficient care for the
maintenance of adequate accounting records in accordance with the
provision of the companies Act. 1956 for safeguarding the assets of the
company and for preventing and detecting fraud and other
irregularities.
IV. That the Directors have prepared the accounts for the financial
year ended 31st March 2009 on a going concern basis.
6. CORPORATE GOVERNANCE
As a listed company on Mumbai & M P. Stock Exchange, the company has
complied in all material respects with the features of corporate
governance as specified in the Listing Agreement.
7. AUDITORS
Directors recommended the appointment of M/s Sunil Johri & Associates
Chartered Accountants. Raipur who hold office as auditors of the
company up to the conclusion of at the ensuing Annual General Meeting
are eligible for re-appointment.
8. PERSONNEL
There was no employee who was drawing more than Rs. 24.00 lacs per
annum, if employed through out the year, or Rs 2.00.000/- Per month if
employed for the part of the year. The required information under
sub-section (2A) of section 217 of the companies Act. 195<> read with
companies (Particulars of the Employees) rules 1975 as amended is NIL
9. CONSERVATION OF ENERGY & TECHNICAL ABSORPTION
Since the company is engaged only C & F Activity the requirements of
section 2 17 (e) of the Companies Ac. 1956 read with the Companies
(Disclosure of Particulars in report of Board of Directors Rules
1988. regarding conservation of energy technology absorption and
foreign exchange and outgo, are not applicable.
10. ACKNOWLEDGEMENT
Your directors wish to place on record their sincere appreciation to
the employees of the company and your directors also acknowledge the
trust and confidence reposed by you in the company
For and on behalf of the Board
DIRECTOR DIRECTOR
PLACE: RAIPUR
DATED : 18.08.2009
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