Jun 30, 2015
The Directors have pleasure in presenting the 31st Annual Report
together with the Audited Statement of Accounts of the Company for the
year ended 30th June, 2015.
FINANCIAL RESULTS
(Rupees in Lacs)
Particulars Year Ended Year Ended
30-06-2015 30-06-2014
OPERATING PROFIT (PBIDT) (12.75) (4.56)
Interest 0.00 0.00
GROSS PROFIT (12.75) (4.56)
Depreciation 21.77 56.30
PROFIT/(LOSS) BEFORE TAX (34.52) (60.86)
Provision for Tax - -
NET PROFIT/(LOSS) AFTER TAX (152.08) (60.86)
Transfer to General Reserve - -
Balance carried to Balance Sheet (152.08) (60.86)
DIVIDEND
In the absence of profit, your directors do not recommend any dividend.
OPERATIONS
During the year under review, the Company's turnover declined to Rs.
32.65 lacs against Rs. 60.27 lacs in the previous year. Your Company
has incurred a Loss of Rs. 152.08 lacs in the current year in compared
to loss of Rs. 60.86 lacs in the previous year.
MANAGEMENT DISCUSSION AND ANALYSIS
A separate report on Management Discussion and Analysis is enclosed as
a part of the Annual Report
REPORT ON CORPORATE GOVERNANCE
In Pursuance of the system of Corporate Governance Instituted by SEBI,
forming part of the Listing Agreement with the Stock Exchanges, a
report thereon is separately attached to this report.
CHANGE IN ACCOUNTING YEAR
Our Company has financial year ended on June 30 every year. Pursuant to
Section 2(41) of the Companies Act, 2013, we are required to change
financial year from June to March. Therefore our next financial
statement will be prepared for a period of Nine months starting from
1st July, 2015 and ended on 31st March, 2016.
DIRECTORS
Shri T. R. Thakkar and Shri Sanjay Chohan, Directors of the Company,
retire by rotation at the ensuing Annual General Meeting and being
eligible offer themselves for re-appointment. The Board recommends his
re-appointment.
Ms. Jayshree Sonawala was appointed as independent director w.e.f. 31st
March, 2015. As per Companies Act, 2013, Independent Directors shall
hold office for a term of up to five consecutive years. Ms. Jayshree
Sonawala being eligible and offering herself for appointment is
proposed to be appointed as an Independent Director for five
consecutive years for a term five years from the date of this Annual
General Meeting.. Ms. Jayshree Sonawala submitted to the Board a
declaration that she meets criteria of independence as provided in
Section 149 (6) of the Companies Act, 2013. The Board recommends
appointment of Ms.Jayshree Sonawalaas in dependent director to the
members.
During the year, the Board met four times.
Independent Directors Declaration
The Company has received the necessary declaration from each
Independent Directors in accordance with Section 149(7) of the
Companies Act, 2013, that he/she meets the criteria of independence as
laid out in sub-section (6) of Section 149 of the Companies Act, 2013
and Clause 49 of the Listing Agreement.
Related Party Transactions
There have been no related party transactions with its related parties,
key management personnel and relatives of key management personnel.
PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS
The Company does not have any loan, guarantee or investments as
prescribed u/s 186 of the Companies Act, 2013.
NOMINATION AND REMUNERATION COMMITTEE
The Board at its meeting held on May 14, 2014, constitute Nomination &
Remuneration
Committee, in accordance with section 178 of the Companies Act, 2013.
The functions of the Committee include recommending appointments of
Directors to the Board, identifying persons who are qualified to become
Directors and who may be appointed in senior management in accordance
with the criteria laid down and recommending to the Board their
appointment and removal, framing an evaluation framework for the
evaluation of the performance of the Directors and the Board,
evaluation of performance of every Director, recommending to the Board
a policy relating to the remuneration for the Directors, key managerial
personnel and other employees, formulating the criteria for determining
qualifications, positive attributes and independence of a Director,
framing policy on Board diversity and other functions assigned by the
Board.
Selection of New Directors and Board Membership Criteria
The Nomination and Remuneration Committee works with the Board to
determine the appropriate characteristics, skills and experience for
the Board as a whole and its individual members with the objective of
having a Board with diverse backgrounds and experience in business,
government, education and public service. Characteristics expected of
all Directors include independence, integrity, high personal and
professional ethics, sound business judgment, ability to participate
constructively in deliberations and willingness to exercise authority
in a collective manner.
RISK MANAGEMENT COMMITTEE
The Company has also constituted Risk Management Committee to oversee
the operational risk management in the Company. The purpose of the
Committee is to assist the Board of Directors in fulfilling its
oversight responsibilities with regard to enterprise risk management.
The Committee reviews the risk management practices and actions
deployed by the Management with respect to identification, impact
assessment, monitoring, mitigation and reporting of key risks while
trying to achieve its business objectives.
PERFORMANCE EVALUATION OF THE BOARD, COMMITTEES AND DIRECTORS
The Company with the approval of Nomination and Remuneration Committee
has put in place an evaluation framework for evaluation of the Board of
Directors. The Board also carries out an evaluation of the working of
its Audit Committee, Nomination and Remuneration Committee, Risk
Management Committee etc.
The evaluation of the Committees is based on the assessment of the
compliance with the terms of reference of the Committees. The
evaluations for the Directors and the Board were done through
circulation of two questionnaires, one for the Directors and the other
for the Board which assessed the performance of the Board on select
parameters related to roles, responsibilities and obligations of the
Board and functioning of the Committees including assessing the
quality, quantity and timeliness of flow of information between the
company management and the Board that is necessary for the Board to
effectively and reasonably perform their duties. The evaluation
criteria for the Directors was based on their participation,
contribution and offering guidance to and understanding of the areas
which are relevant to them in their capacity as members of the Board.
CORPORATE SOCIAL RESPONSIBILITY
The Company's vision is to be a global benchmark in value creation and
corporate citizenship and the Company's long-term Corporate Social
Responsibility (CSR) objective, is to improve the quality of life of
the communities through long-term value creation for all stakeholders.
Company have CSR committee consisting of Shri T.R. Thakkar, Shri Sanjay
Chohan and Ms. Jayshree Sonawala. The Company had incurred losses in
the three financial years and therefore not required to Spend any
amount for CSR.
SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS OR
TRIBUNALSIMPACTINGTHEGOINGCONCERNSTATUSOFTHECOMPANY
There are no significant and/or material orders passed by the
Regulators or Courts or Tribunals impacting the going concern status of
the Company.
DIRECTORS' RESPONSIBILITY STATEMENT
Pursuance to Section 134 of the Companies Act, 2013, the directors
hereby states that :
i) in the preparation of the Annual Accounts for the year ended 30th
June, 2015, the applicable Accounting Standards had been followed along
with proper explanation relating to material departures.
ii) 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 loss of the
company for that period.
iii) the Directors had taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of the Companies Act, 2013 for safeguarding the assets of
the Company and for preventing and detecting fraud and other
irregularities;
iv) the Directors had prepared the Annual Accounts for the year ended
30th June, 2015 on a going concern basis.
v) the Directors had laid down internal financial controls to be
followed by the Company and that such internal financial controls are
adequate and were operating effectively.
vi) the directors had devised proper systems to ensure compliance with
the provisions of all applicable laws and that such systems were
adequate and operating effectively.
FIXED DEPOSITS
The Company has not accepted any deposits from the Public during the
year under review.
EXTRACT OF ANNUAL RETURN
The details forming part of the extract of the Annual Return in form
MGT-9 is annexed herewith as Annexure.
AUDITORS
Statutory Auditors
At the AGM held on December31,2014 the Members approved the appointment
of M/s.H. S. Hathi&Co., Chartered Accountants as statutory auditors
subject to the ratification by the Members every year. As recommended
by the Audit Committee, the Board has proposed the re-appointment of
M/s. H. S. Hathi & Co., Chartered Accountants as statutory auditors for
the financial year from 01-07-2015 to 31-03-2016. The appointment is
accordingly proposed in the Notice of the current GM vide item no. 4
for ratification by Members. There are no qualifications, reservation
or adverse remarks made by the statutory auditors in the audit report.
Secretarial Auditors
Pursuant to the provisions of Section 204 of the Companies Act, 2013
and the Companies (Appointment and Remuneration of Managerial
Personnel) Rules, 2014, the Company with the approval of its Board,
appointed M/s. Suhash Bhattbhatt a Company Secretaries in Practice to
undertake the Secretarial Audit of the Company for the financial year
ended June 30, 2015. The Secretarial Audit Report is annexed herewith
as Annexure. There are no qualifications, reservation or adverse remark
or disclaimer made by the auditor in the report save and except
disclaimer made by them in discharge of their professional obligation.
PERSONNEL
No employee of the Company is covered under the provisions of Section
197(12) of the Companies Act, 2013 read with rule 5(2) of the Companies
(Appointment and Remuneration of Managerial Personnel) Rules,2014 as
amended from time to time.
INTERNAL CONTROL AND ITSADEQUACY
The Company has adequate internal controls and processes in place with
respect to its financial statements which provide reasonable assurance
regarding the reliability of financial reporting and the preparation of
financial statements. These controls and processes are driven through
various policies, procedures and certifications. The processes and
controls are reviewed periodically. The Company has a mechanism of
testing the controls at regular intervals for their design and
operating effectiveness to ascertain the reliability and authenticity
of financial information.
PARTICULARS OF ENERGY CONSERVATION, TECHNOLOGY ABSORPTION AND FOREIGN
EXCHANGEEARNINGS ANDOUTGO
In accordance with the provisions of Section 134 (3) (m) of the
Companies Act, 2013 the required information relating to conservation
of energy, technology absorption is not applicable. There is no foreign
exchange earnings or outgo during the year.
ACKNOWLEDGEMENT
Your Directors take this opportunity to express their appreciation for
the assistance and continued co- operation extended by Bankers and
Local Governments. Your Directors are also pleased to record their
appreciation of the valued contribution, devotion and sense of
commitment extended by the employees of the Company.
For and on behalf of the Board of Directors
R. J. SANDESARA - Director
(DIN-01671907)
Place : Mumbai J.C. SANDESARA - Director
Date:27th August, 2015 (DIN-00107371)
Jun 30, 2014
Dear Members,
The Directors have pleasure in presenting the 30th Annual Report
together with the Audited Statement of Accounts of the Company for the
year ended 30th June, 2014.
FINANCIAL RESULTS
(Rupees in Lacs)
Particulars Year Ended Year Ended
30-06-2014 30-06-2013
OPERATING PROFIT (PBIDT) (4.56) (7.09)
Interest 0.00 0.01
GROSS PROFIT (4.56) (7.10)
Depreciation 56.30 69.72
PROFIT/(LOSS) BEFORE TAX (60.86) (76.82)
Provision for Tax - -
NET PROFIT/(LOSS) AFTER TAX (60.86) (76.82)
Transfer to General Reserve - -
Balance carried to Balance Sheet (60.86) (76.82)
DIVIDEND
In the absence of profit, your directors do not recommend any dividend.
OPERATIONS
During the year under review, the Company''s turnover declined to Rs.
60.27 lacs against Rs.68.17 lacs in the previous year. Your Company has
incurred a Loss of Rs. 60.86 lacs in the current year in compared to
loss of Rs. 76.82 lacs in the previous year.
MANAGEMENT DISCUSSION AND ANALYSIS
A separate report on Management Discussion and Analysis is enclosed as
a part of the Annual Report
REPORT ON CORPORATE GOVERNANCE
In Pursuance of the system of Corporate Governance Instituted by SEBI,
forming part of the Listing Agreement with the Stock Exchanges, a
report thereon is saperately attached to this report.
Shri J. C. Sandesara and Shri R.B. Dixit, Directors of the Company,
retire by rotation at the ensuing Annual General Meeting and being
eligible offer themselves for re-appointment. The Board recommends
their re-appointment.
DIRECTORS'' RESPONSIBILITY STATEMENT
As required under Section 217(2AA) of the Companies Act, 1956, the
Directors confirm:
i) That in the preparation of the Annual Accounts for the year ended
30th June, 2014, 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 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 at the end of the financial year and of the
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
irregularities; and
iv) that the Directors have prepared the Annual Accounts for the year
ended 30th June, 2014 on a ''going concern'' basis.
FIXED DEPOSITS
The Company has not accepted any deposits from the Public during the
year under review.
AUDITORS AND THEIR REPORT
M/s. H. S. Hathi & Co., Chartered Accountants, Auditors of the Company
shall retire at the forthcoming Annual General Meeting and having
furnished Certificate pursuant to Section 224(1 B) of the companies
Act, 1956,they being eligbile have given their consent for
re-appointment. The Board recommends their re-appointment. The
observations made by the Auditors are self explanatory and have been
dealt with in the notes forming part of the Accounts and hence need no
further clarification.
PARTICULARS OF EMPLOYEES
No employee of the Company is covered under the provisions of Section
217(2A) of the Companies Act, 1956, read with the Company''s
(Particulars of Employees) Rules 1975 as amended.
PARTICULARS OF ENERGY CONSERVATION, TECHNOLOGY ABSORPTION AND FOREIGN
EXCHANGE EARNINGS AND OUTGO:
In accordance with the provisions of Section 217(1)(e) of the Companies
Act, 1956 the required information relating to conservation of energy,
technology absorption is not applicable. There was no foreign exchange
earnings and outgo during the year under review.
ACKNOWLEDGEMENT
Your Directors take this opportunity to express their appreciation for
the assistance and continued co-operation extended by Bankers and Local
Governments. Your Directors are also pleased to record their
appreciation of the valued contribution, devotion and sense of
commitment extended by the employees of the Company.
For and on behalf of the Board
R. J. Sandesara-Director
Place : Mumbai (DIN - 01671907)
J. C. Sandesara-Director
Date : 27th August,2014 (DIN - 00107371)
Jun 30, 2013
To the Members of ENSA STEEL INDUSTRIES LIMITED
The Directors have pleasure in presenting the 29th Annual Report
together with the Audited Statement of Accounts of the Company for the
year ended 30th June, 2013.
FINANCIAL RESULTS (Rupees in Lacs)
Particulars Year Ended Year Ended
30-06-2013 30-06-2012
OPERATING PROFIT (PBIDT) (7.09) (1.76)
Interest 0.01 0.07
GROSS PROFIT (7.10) (1.83)
Depreciation 69.72 80.96
PROFIT/(LOSS) BEFORE TAX (76.82) (82.79)
Provision for Tax - -
NET PROFIT/(LOSS) AFTER TAX (76.82) (82.79)
Transfer to General Reserve - -
Balance carried to Balance Sheet (76.82) (82.79)
DIVIDEND
In the absence of profit, your directors do not recommend any dividend.
OPERATIONS
During the year under review, the Company''s turnover declined to Rs.
68.17 lacs against Rs.133.93 lacs in the previous year. Your Company
has incurred a Loss of Rs. 76.82 lacs in the current year in compared
to loss of Rs. 82.79 lacs in the previous year.
MANAGEMENT DISCUSSION AND ANALYSIS
A separate report on Management Discussion and Analysis is enclosed as
a part of the Annual Report
REPORT ON CORPORATE GOVERNANCE
In Pursuance of the system of Corporate Governance Instituted by SEBI,
forming part of the Listing Agreement with the Stock Exchanges, a
report thereon is saperately attached to this report.
DIRECTORS
Shri R.J. Sandesara and Shri Sanjay Chohan, Directors of the Company,
retire by rotation at the ensuing Annual General Meeting and being
eligible offer themselves for re-appointment. The Board recommends
their re-appointment.
DIRECTORS'' RESPONSIBILITY STATEMENT
As required under Section 217(2AA) of the Companies Act, 1956, the
Directors confirm:
i) That in the preparation of the Annual Accounts for the year ended
30th June, 2013, 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
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
irregularities; and
iv) that the Directors have prepared the Annual Accounts for the year
ended 30th June, 2013 on a ''going concern'' basis.
FIXED DEPOSITS
The Company has not accepted any deposits from the Public during the
year under review.
AUDITORS AND THEIR REPORT
M/s. H. S. Hathi & Co., Chartered Accountants, Auditors of the Company
shall retire at the forthcoming Annual General Meeting and having
furnished Certificate pursuant to Section 224(1B) of the companies Act,
1956,they being eligible have given their consent for re-appointment.
The Board recommends their re-appointment. The observations made by the
Auditors are self explanatory and have been dealt with in the notes
forming part of the Accounts and hence need no further clarification.
PARTICULARS OF EMPLOYEES
No employee of the Company is covered under the provisions of Section
217(2A) of the Companies Act, 1956, read with the Company''s
(Particulars of Employees) Rules 1975 as amended.
PARTICULARS OF ENERGY CONSERVATION, TECHNOLOGY ABSORPTION AND FOREIGN
EXCHANGE EARNINGS AND OUTGO:
In accordance with the provisions of Section 217(1)(e) of the Companies
Act, 1956 the required information relating to conservation of energy,
technology absorption is not applicable. There was no foreign exchange
earnings and outgo during the year under review.
ACKNOWLEDGEMENT
Your Directors take this opportunity to express their appreciation for
the assistance and continued co-operation extended by Bankers and Local
Governments. Your Directors are also pleased to record their
appreciation of the valued contribution, devotion and sense of
commitment extended by the employees of the Company.
For and on behalf of the Board
R. J. Sandesara-Director
Place : Mumbai
J. C. Sandesara-Director
Date : 27th August,2013
Jun 30, 2011
To the Members of ENSA STEEL INDUSTRIES LIMITED
The Directors have pleasure in presenting the 27th Annual Report
together with the Audited Statement of Accounts of the Company
for the year ended 30th June, 2011.
FINANCIAL RESULTS
(Rupees in Lacs)
Particulars Year Ended Year Ended
30-06-2011 30-06-2010
OPERATING PROFIT (PBIDT) (0.74) 89.88
Interest 0.28 0.50
GROSS PROFIT (1.02) 89.38
Depreciation 93.80 108.70
PROFIT/(LOSS) BEFORE TAX (94.82) (19.32)
Provision for Tax - -
NET PROFIT/(LOSS) AFTER TAX (94.82) (19.32)
Transfer to General Reserve - -
Balance carried to Balance Sheet (94.82) (19.32)
DIVIDEND
In the absence of profit, your directors do not recommend any dividend.
OPERATIONS
During the year under review, the Company's turnover declined to Rs.
443.19 lacs against Rs. 633.24 lacs in the previous year. Your Company
has incurred a Loss of Rs. 94.82 lacs in the current year in
compared to loss of Rs. 19.32 lacs in the previous year.
MANAGEMENT DISCUSSION AND ANALYSIS
A separate report on Management Discussion and Analysis is enclosed
as a part of the Annual Report
REPORT ON CORPORATE GOVERNANCE
In Pursuance of the system of Corporate Governance Instituted by SEBI,
forming part of the Listing Agreement with the Stock Exchanges, a
report thereon is separately attached to this report.
DIRECTORS
Shri R.J. Sandesara and Shri R. B. Dixit, Directors of the Company,
retire by rotation at the ensuing Annual General Meeting and being
eligible offer themselves for re-appointment. The Board recommends
their re-appointment.
Shri Sanjay Chohan was appointed as an Additional Director of the
company. The Board recommend the appointment of Shri Sanjay Chohan
as a Director of the Company.
DIRECTORS' RESPONSIBILITY STATEMENT
As required under Section 217(2AA) of the Companies Act, 1956, the
Directors confirm:
i) That in the preparation of the Annual Accounts for the year
ended 30th June, 2011, 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
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
irregularities; and
(iv) that the Directors have prepared the Annual Accounts for the year
ended 30th June, 2011 on a 'going concern' basis.
FIXED DEPOSITS
The Company has not accepted any deposits from the Public during
the year under review.
AUDITORS AND THEIR REPORT
M/s. H.S. Hathi & Co., Chartered Accountants, Auditors of the Company
shall retire at the forthcoming Annual General Meeting and having
furnished Certificate pursuant to Section 224(1 B) of the companies
Act, 1956, are eligible for re-appointment. The Board recommends
their re-appointment. The observations made by the Auditors are self
explanatory and have been dealt with in the notes forming part of the
Accounts and hence need no further clarification.
PARTICULARS OF EMPLOYEES
No employee of the Company is covered under the provisions of Section
217(2A) of the Companies Act, 1956, read with the Company's
(Particulars of Employees) Rules 1975 as amended.
PARTICULARS OF ENERGY CONSERVATION, TECHNOLOGY ABSORPTION AND FOREIGN
EXCHANGE EARNINGS AND OUTGO:
In accordance with the provisions of Section 217(1)(e) of the Companies
Act, 1956 the required information relating to conservation of energy,
technology absorption is not applicable. There was no foreign exchange
earnings and outgo during the year under review.
ACKNOWLEDGEMENT
Your Directors take this opportunity to express their appreciation for
the assistance and continued co-operation extended by Bankers and Local
Governments. Your Directors are also pleased to record their
appreciation of the valued contribution, devotion and sense of
commitment extended by the employees of the Company.
For and on behalf of the Board of Directors
Place : Mumbai R. J. SANDESARA
Date : 30th November, 2011 Director
J. C. SANDESARA
Director
Jun 30, 2010
The Directors have pleasure in presenting the 26th Annual Report
together with the Audited Statement of Accounts of the Company for the
year ended 30th June, 2010.
FINANCIAL RESULTS
(Rupees in Lacs)
Particulars Year Ended Year Ended
30-06-2010 30-06-2009
OPERATING PROFIT (PBIDT) 89.88 83.41
Interest 0.50 2.74
GROSS PROFIT 89.38 80.67
Depreciation 108.70 125.98
PROFIT/(LOSS) BEFORE TAX (19.32) (45.31)
Provision for Tax - 1.50
NET PROFIT/(LOSS) AFTER TAX (19.32) (46.81)
Transfer to General Reserve
Balance carried to Balance Sheet (19.32) (46.81)
DIVIDEND
Your Directors do not recommend any dividend for the current year with
a view to conserve the resources and to meet the long-term fund
requirements of your Company.
OPERATIONS & FUTURE OUTLOOK
During the year under review, the Companys turnover declined to Rs.
633.24 Lacs against Rs. 704.51 Lacs in the previous year. Your Company
has incurred a Loss of Rs. 19.32 Lacs for the year in compared toRs.
46.81 Lacs in the previous year. The management expects that the
performance of the company will be increased in the coming years.
MANAGEMENT DISCUSSION AND ANALYSIS
A separate report on Management Discussion and Analysis is enclosed as
a part of the Annual Report
REPORT ON CORPORATE GOVERNANCE
In Pursuance of the system of Corporate Governance Instituted by SEBI,
forming part of the Listing Agreement with the Stock Exchange, a report
thereon is saperately attached to this report.
DIRECTORS
Shri T.S. Suthar Director of the Company, retire by rotation at the
ensuing Annual General Meeting and being eligible offer themselves for
re-appointment. The Board recommends his re-appointment.
DIRECTORS RESPONSIBILITY STATEMENT
As required under Section 217(2AA) of the Companies Act, 1956, the
Directors confirm:
i) That in the preparation of the Annual Accounts for the year ended
30th June, 2010, 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 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 at the end of the financial year and of the
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
irregularities; and
iv) that the Directors have prepared the Annual Accounts for the year
ended 30th June, 2010 on a going concern basis.
FIXED DEPOSITS
The Company has not accepted any deposits from the Public during the
year under review.
AUDITORS AND THEIR REPORT
M/s. H. S. Hathi & Co., Chartered Accountants, Auditors of the Company
retire at the forthcoming Annual General Meeting and having furnished
Certificate pursuant to Section 224(1 B), they being eligible have
given their consent for reappointment. The Board recommends their
re-appointment. The observations made by the Auditors are self
explanatory and have been dealt with in the notes forming part of the
Accounts and hence need no further clarification.
PARTICULARS OF EMPLOYEES
No employee of the Company is covered under the provisions of Section
217(2A) of the Companies Act, 1956, read with the Companys
(Particulars of Employees) Rules 1975.
PARTICULARS OF ENERGY CONSERVATION, TECHNOLOGY ABSORPTION AND FOREIGN
EXCHANGE EARNINGS AND OUTGO:
In accordance with the provisions of Section 217(1 )(e) of the
Companies Act, 1956 the required information relating to conservation
of energy, technology absorption is not applicable. There was no
foreign exchange earnings and outgo during the year under review.
ACKNOWLEDGEMENT
Your Directors take this opportunity to express their appreciation for
the assistance and continued co-operation extended by Bankers and Local
Governments. Your Directors are also pleased to record their
appreciation of the valued contribution, devotion and sense of
commitment extended by the employees of the Company.
For and on behalf of the Board of Directors
Place : Mumbai R. J. SANDESARA
Date : 19tr November, 2010 Director
Jun 30, 2009
The Directors have pleasure in presenting the 25th Annual Report
together with the Audited Statement of Accounts of the Company for the
year ended 30th June, 2009.
FINANCIAL RESULTS
(Rupees in Lacs)
Particulars Year Ended Year Ended
30-06-2009 30-06-2008
OPERATING PROFIT (PBIDT) 83.41 201.61
Interest 2.74 7.56
GROSS PROFIT 80.67 194.05
Depreciation 125.98 146.03
PROFIT BEFORE TAX (45.31) 48.02
Provision for Tax 1.50 16.00
NET PROFIT AFTER TAX (46.81) 32.02
Transfer to General Reserve - -
Balance carried to Balance Sheet (46.81) 32.02
DIVIDEND
Your Directors do not recommend any dividend for the current year with
a view to conserve the resources and to meet the long-term fund
requirements of your Company.
OPERATIONS & FUTURE OUTLOOK
During the year under review, the Companys turnover declined to Rs.
704.51 Lacs against Rs. 1048.37 Lacs in the previous year. Your Company
has incurred a Loss of Rs. 45.31 Lacs for the year in compared to
Profit before tax in the previous year of Rs. 48.02 Lacs.
MANAGEMENT DISCUSSION AND ANALYSIS
A separate report on Management Discussion and Analysis is enclosed as
a part of the Annual Report
REPORT ON CORPORATE GOVERNANCE
In Pursuance of the system of Corporate Governance Instituted by SEBI,
forming part of the Listing Agreement with the Stock Exchange, a report
thereon is saperately attached to this report.
DIRECTORS
Shri Jayantilal C. Sandesara and Shri Tirthesh Ramanlal Thakkar
Directors of the Company, retire by rotation at the ensuing Annual
General Meeting and being eligible offer themselves for re-appointment.
The Board recommends their re-appointment.
DIRECTORS RESPONSIBILITY STATEMENT
As required under Section 217(2AA) of the Companies Act, 1956, the
Directors confirm:
i) That in the preparation of the Annual Accounts for the year ended
30th June, 2009, 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 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 at the end of the financial year and of the
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
irregularities; and
iv) that the Directors have prepared the Annual Accounts for the year
ended 30th June, 2009 on a going concern basis.
FIXED DEPOSITS
The Company has not accepted any deposits from the Public during the
year under review.
AUDITORS AND THEIR REPORT
M/s. H. S. Hathi & Co., Chartered Accountants, Auditors of the Company
retire at the forthcoming Annual General Meeting and having furnished
Certificate pursuant to Section 224(1 B), they being eligible have
given their consent for reappointment. The Board recommends their
re-appointment. The observations made by the Auditors are self
explanatory and have been dealt with in the notes forming part of the
Accounts and hence need no further clarification.
PARTICULARS OF EMPLOYEES
No employee of the Company is covered under the provisions of Section
217(2A) of the Companies Act, 1956, read with the Companys
(Particulars of Employees) Rules 1975.
PARTICULARS OF ENERGY CONSERVATION, TECHNOLOGY ABSORPTION AND FOREIGN
EXCHANGE EARNINGS AND OUTGO:
In accordance with the provisions of Section 217(1)(e) of the Companies
Act, 1956 the required information relating to conservation of energy,
technology absorption is not applicable. There was no foreign exchange
earnings and outgo during the year under review.
ACKNOWLEDGEMENT
Your Directors take this opportunity to express their appreciation for
the assistance and continued co-operation extended by Bankers and Local
Governments. Your Directors are also pleased to record their
appreciation of the valued contribution, devotion and sense of
commitment extended by the employees of the Company.
For and on behalf of the Board of Directors
Place : Mumbai R. J. SANDESARA
Date : 25th November, 2009 Director
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