Mar 31, 2010
To, The Members
The Directors'' present the 16th Annual report on the business and
operations of your Company for the year 2009-2010.
FINANCIAL RESULTS AND OPERATIONAL REVIEW:
(Amount)
Year Ended Year Ended
Particulars 31.03.2010 31.03.2009
(Rs.) (Rs.)
Gross Sales/Income 3,66,428 14,28,992
Depreciation 1,00,443 1,04,449
Profit/(Loss) before Tax (4,90,926) 1,89,13,011
Taxes/Deferred Taxes 0.00 0.00
Profit/(Loss) After Taxes (4,90,926) 1,89,13,011
Profit/ (Loss) carried to
Balance Sheet (2,78,43,840)(2,73,52,914)
FINANCIAL PERFORMANCE
During the year under review the total income from operations was
Rs.3.66 Lacs as compared to Rs.14.28 Lacs of that of the previous Year.
The Company has provided Rs.1.00 Lacs as depreciation for the year. The
Company has incurred Loss of Rs. 4.91 Lacs during the period under
review. Your Company has been trying to enhance its net worth as
compared to the previous year.
DIRECTORS:
Mr. Narsinhbhai G. Patel, Mr. Riken B. Patel and Mr. Naman K. Vyas,
Directors of the Company, retire by rotation and being eligible, offer
herself for reappointment at the ensuing Annual General Meeting.
PARTICULARS OF EMPLOYEES:
There is no employee having remuneration with the provisions of section
217(2A) of the companies Act, 1956 read with the companies (Particulars
of employee) Rules, 1975 as amended.
DIVIDEND:
In view of losses incurred by the Company during the current financial
year 200940, your Directors do not recommend any dividend for the year.
DEPOSITS:
The Company has not accepted any deposit from the public during the
year.
RESPONSIBILITY STATEMENT:
As required u/s 217(2AA) of the Companies Act, 1956 your Director
confirms that in the preparation of the annual accounts:
The applicable accounting standards have been followed along with
proper explanation relating to material departures.
Such accounting policies have been selected and applied consistently
and reasonable and prudent judgments and estimates made, 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 the profit/loss of the company for that
period.
Proper and sufficient care has been taken for the maintenance of the
adequate accounting records in accordance with provisions of this act
for safeguarding the assets of the company and for preventing and
detecting fraud and other irregularities.
The annual accounts have been prepared on a going concern basis.
APPOINTMENT OF AUDITORS:
M/S P. DOSHI & ASSOCIATES, Chartered Accountants, the retiring auditors
being eligible offer themselves for re-appointment. Members are
requested to appoint them as auditors of the company for the next year
till the conclusion of next Annual General Meeting of the Company.
MANAGEMENT DISCUSSION AND ANALYSIS:
Management discussion and analysis Report, pursuant to Clause 49 of the
Stock Exchange Listing agreement, forms part of this Report and the
same is annexed below after the Report as annexure A.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE:
As required under rule 3 of the companies (Disclosure of Particulars in
the report of Board of Directors) Rules 1998, the particulars relating
to the conservation of energy, Technology absorption, and the foreign
exchange earnings and outgo are also Nil.
For P Doshi & Associates
Chartered Accountants
F RNo; 102740W
Place: Ahmedabad
Date: 03-09-2010 (Parthiv C Doshi)
Proprietor
Mar 31, 2009
To, The Members
The Directors'' present the 15th Annual report on the business and
operations of your Company for the year 2008-2009.
FINANCIAL RESULTS AND OPERATIONAL REVIEW:
(Amount)
Year Ended Year Ended
Particulars 31.03.2009 31.03.2008
(Rs.) (Rs.)
Gross Sales/Income 14,28,992 13,82,741
Depreciation 1,04,449 1,04,450
Profit/(Loss) before Tax 1,89,13,011 (2,40,886)
Taxes/Deferred Taxes 0.00 1,140
Profit/(Loss) After Taxes 1,89,13,011 (2,42,026)
Profit/ (Loss) carried to
Balance Sheet (2,73,52,914) (4,62,65,925)
FINANCIAL PERFORMANCE
During the year under review the total income from operations was
Rs14.28 Lacs as compared to Rs. 13.81 Lacs of that of the previous
Year. The Company has provided Rs.1,04,449 as depreciation for the
year. The Company has incurred Profit of Rs. 189.13 Lacs during the
period under review. Your Company has been trying to enhance its net
worth as compare to the previous year.
DIRECTORS:
Mr. Shailesh Patel, Mr. Naginbhai Patel and Mr. Amrish Patel, Directors
of the Company, retire by rotation and being eligible, offer herself
for reappointment at the ensuing Annual General Meeting.
PARTICULARS OF EMPLOYEES:
There is no employee having remuneration with the provisions of section
217(2A) of the companies Act, 1956 read with the companies (Particulars
of employee) Rules, 1975 as amended.
DIVIDEND:
In view of losses incurred by the Company during the current financial
year 2008-09, your Directors do not recommend any dividend for the
year.
DEPOSITS:
The Company has not accepted any deposit from the public during the
year.
RESPONSIBILITY STATEMENT:
As required u/s 217(2AA) of the Companies Act, 1956 your Director
confirms that in the preparation of the annual accounts:
The applicable accounting standards have been followed along with
proper explanation relating to material departures.
Such accounting policies have been selected and applied consistently
and reasonable and prudent judgments and estimates made, 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 the profit/loss of the company for that
period.
Proper and sufficient care has been taken for the maintenance of the
adequate accounting records in accordance with provisions of this act
for safeguarding the assets of the company and for preventing and
detecting fraud and other irregularities.
The annual accounts have been prepared on a going concern basis.
APPOINTMENT OF AUDITORS:
M/S P. DOSHI & ASSOCIATES, Chartered Accountants, the retiring auditors
being eligible offer themselves for re-appointment. Members are
requested to appoint them as auditors of the company for the next year
till the conclusion of next Annual General Meeting of the Company.
MANAGEMENT DISCUSSION AND ANALYSIS:
Management discussion and analysis Report, pursuant to Clause 49 of the
Stock Exchange Listing agreement, forms part of this Report and the
same is annexed below after the Report as annexure A.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE:
As required under rule 3 of the companies (Disclosure of Particulars in
the report of Board of Directors) Rules 1998, the particulars relating
to the conservation of energy, Technology absorption, and the foreign
exchange earnings and outgo are also Nil.
REPORT ON CORPORATE GOVERNANCE:
A separate Report on Corporate Governance along with Certificate from
Auditors on its compliance as annexed hereto.
SEGMENT:
Your Company is engaged in a single segment only.
ACKNOWLEDGEMENT:
The management is grateful to the government authorities, Bankers,
Vendors for their continued assistance and co-operation. The directors
also wish to place on record the confidence of members in the company.
Place: Ahmedabad For & on behalf of the Board of Director
Date: 01st September, 2009 SDA SDA
Varun Patel Narsinhbhai Patel