Mar 31, 2015
Dear Members,
Your Directors are pleased to present the 23rd Annual Report together
with the Audited Financial Statements for the year ended March 31,
2015.
Financial Results : (Rupees in Lacs)
Year ended Year ended
31st March, 31st March,
2015 2014
Sales & Operating Income 1132.83 680.23
Operating Profit 2.54 8.77
Depreciation & Preliminary Exp. 0.00 0.41
Profit Before Tax 2.54 8.36
Provision for Taxes 0.80 2.80
Profit after Tax 1.74 5.56
Short/Excess provision for previous year 0.07 (0.24)
Balance Brought Down 144.86 139.07
Balance carried to Balance Sheet 146.67 144.86
PRESENT OPERATIONS & FUTURE PROSPECTS :
During the year under review, the revenue from operations of company
was Rs. 1132.83 Lacs compared to the previous years of Rs. 680.23 Lacs.
The Company has made profit of Rs. 1.74 Lacs as compared to Profit of
Rs. 5.56 Lacs in previous year.
Your Directors are hopeful to exploit the present resources in
efficient manner and achieve better results in the future.
OPERATIONS :
During the year under the review the total income increased by 66.53 %
in comparison to the previous year.
The Company has transferred 20% of Current Year Profit amounting to Rs.
0.29 Lacs to Special Reserve pursuant to section 45-IC of Reserve Bank
of India Act, 1934.
DIVIDEND :
In view of inadequate profits during the year, your Directors do not
recommend dividend on equity shares for the financial year ending on
31st March, 2015.
DETAILS OF DIRECTORS / KEY MANAGERIAL PERSONNEL APPOINTED / RESIGNED :
i. Retirement by Rotation :
Pursuant to the provisions of Section 152(6) of the Companies Act,
2013, Mr. Purushottam R. Agarwal retires by rotation at the ensuing
Annual General Meeting and being eligible, offers himself for
re-appointment. Your Directors recommended his re-appointment.
ii. Cessation :
There was no cessation of director during the year.
iii. Appointment of Additional / Independent Women Director :
Mr. Sumant Laxminarayan Periwal (DIN:02561862), who was appointed as an
additional director, holds the office till the conclusion of the
ensuing Annual General Meeting. The necessary resolution proposing his
appointment as an Independent Director has been proposed in the notice
convening the said Annual General Meeting.
Smt. Somna Purshottam Agarwal (DIN:01670948), who was appointed as an
additional director, holds the office till the conclusion of the
ensuing Annual General Meeting. The board recommends her appointment as
Director of the Company.
iv. Appointment of CEO & CFO :
During the Year under review in compliance with the provisions of
Sections 197 and 203 and all other applicable provisions, if any, of the
Companies Act, 2013 Smt. Somna P. Agarwal was appointed as Chief
Executive Officer and Mr. Shrikant Y Solanki as Chief Finance Officer
w.e.f. 6th February, 2015.
v. Key Managerial Personnel :
The following persons were designated as Key Managerial Personnel :
1. Mr. Shrikant Y Solanki, Chief Financial Officer
2. Smt. Somna P Agarwal, Chief Executive Officer
DETAILS OF HOLDING / SUBSIDARY COMPANIES / JOINT VENTURES / ASSOCIATE
COMPANIES :
Your Company has two associate Companies i.e. Global Aman Infratech
Private Limited and Anunay Fab Limited.
The Company's results are prepared on Standalone basis. However, the
details in terms of the provisions contained in Section 129 (3) of the
Companies Act, 2013, Read with rule 5 of the Companies (Accounts)
Rules, 2014, a report on the performance and the financial of each of
the subsidiaries is provided as Annexure A i.e. 'AOC-1' to this Report.
DEPOSIT :
The Company has not invited any deposit other than the exempted deposit
as prescribed under the provision of the Companies Act, 2013 and the
rules framed there under, as amended from time to time. Hence there are
no particulars to report about the deposit falling under Rule 8 (5 ) (
v ) and ( vi ) of Companies ( Accounts ) Rules, 2014.
DETAILS OF SIGNIFICANT AND MATERIAL ORDERS PASSED BY REGULATORS OR
COURTS OR TRIBUNALS:
During the year under review there were no significant and material
orders passed by any Regulators or Court or Tribunals which may have
impact on the going concern status. No order has been passed by any
Regulators or Court or Tribunals which may have impact on the Company's
operation in future.
INTERNAL FINANCIAL CONTROLS :
The internal financial controls with reference to the Financial
Statements are commensurate with the size and nature of business of the
Company. The Company has adopted the policies and procedures for
ensuring the orderly and efficient conduct of its business, including
adherence to Company's policies, safeguarding of its assets, prevention
and detection of frauds and errors, the accuracy and completeness of
the accounting records, and the timely preparation of reliable
financial information.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE
EARNINGS AND OUTGO:
Pursuant to Rule 8 (3) of Companies (Accounts) Rules, 2014, the Board
of Directors hereby declares that there are no particulars to report
for the Conservation of Energy & Technology Absorption. There is no
foreign exchange earnings and outgo during the year under the review.
PERSONNEL :
There was no employee drawing remuneration requiring disclosure under
the Rule 5 (2) of Companies (Appointment and Remuneration of Managerial
Personnel) Rules, 2014.
DISCLOSURE UNDER SECTION 197(12) AND RULE 5(1) OF THE COMPANIES
(APPOINTMENT AND REMUNERATION OF MANAGERIAL PERSONNEL) RULES, 2014
There was no employee drawing remuneration requiring disclosure under
section 197(12) and Rule 5 (1) of Companies (Appointment and
Remuneration of Managerial Personnel) Rules, 2014. Required details are
annexed to this Report as Annexure B
AUDIT COMMITTEE :
The Audit Committee of the Board of Directors of the Company consisted
of three Directors viz. Mr. Anandkumar P. Agarwal, Mr. Sumant
Laxminarayan Periwal and Smt. Somna P Agarwal. Majority members of the
Audit Committee are Independent and non-executive Directors. Mr.
Anandkumar P. Agarwal, is the Chairman of the Audit Committee.
During the Year under review, total four Meetings of the Board of
Directors of the Company were held.
The Composition and the Terms of Reference of the Audit Committee is as
mentioned in the provisions of Section 177 of the Companies Act, 2013
and clause 49 of the Listing Agreement with the Stock exchanges as
amended from time to time.
AUDITORS :
i) Statutory Auditor and their Report :
In the last Annual General Meeting held on 30th September, 2014, M/s.
Lunia & Company (Firm Registration No. 116436W) Chartered Accountants,
have been appointed Statutory Auditors of the Company for a period of 3
(Three) years. Ratification of appointment of Statutory Auditors is
being sought from the members of the Company at the ensuing Annual
General Meeting. They have confirmed their eligibility and willingness
to accept office, if re-appointed.
The observations made in their report are dealt with in the notes
forming part of the Accounts at appropriate places which are
self-explanatory.
ii) INTERNAL AUDITOR :
The Company has not appointed internal auditor during the Financial
Year 2014-15.
iii) SECRETARIAL AUDITOR AND SECRETARIAL AUDIT REPORT :
The Board of Directors of the Company has, in compliance with the
provisions of Section 304(1) of the Companies Act, 2013 and rules made
in this behalf, appointed M/S. Umesh Ved & Associates, Company
Secretaries to carry out Secretarial Audit of the Company for the
financial year 2014-15. The Report of the Secretarial Auditor is
annexed to this Report as Annexure C which is self explanatory and give
complete information.
EXPLANATION TO THE QUALIFICATIONS IN AUDITOR'S REPORT AND SECRETARIAL
AUDIT REPORT :
There are no qualifications or adverse remarks in the Auditor's Report.
Explanation on qualification adverse remark made in Secretarial Audit
Report is as under.
Qualification/ Adverse Remark Explanation :
The Company is yet to appoint The Company was not able to
the Company Secretary as get a fit and proper candidate
specified under the provisions at remuneration commensurate
of Section 203 under the with the size of the Company.
Companies Act, 2013. The Company did make sufficient
attempts to appoint full time
Company Secretary, however,
was unable to find / appoint
any suitable candidate.
The requisite Form MR-1are The company is in process
yet to be filed by the Company of filing the requisite
with the Registrar of Company forms and the compliance
as specified under the the same will be made soon.
provisions of Section 203
under the Companies Act, 2013 However, Board assures that
in respect of the return of it will be complied with
appointment of a Chief now onwards.
Financial Officer and Chief
Executive Officer.
The Form DIR-12 is yet to be
filed by the Company with the
Registrar of Company as
specified under the provisions
of Section 170 under the Companies
Act, 2013 in respect of the return
of appointment of a Chief Financial
Officer and Chief Executive Officer
The Form MGT-14 is yet to be filed
by the Company with the Registrar
of Company as specified under the
provisions of Section 179 under the
Companies Act, 2013 in respect of
appointment of Secretarial Auditor,
Internal Auditor, Chief Financial
Officer, Chief Executive Officer,
approval of Quarterly Results of
Financial Year 2014-15 and Annual
Financial Statements and the
Board's Report of Financial
Year 2013-14.
The Form ADT-1 is yet to be filed
by the Company with the Registrar of
Company as specified under provision
of Section 139 under the Companies
Act, 2013 and rules made thereof in
respect of Appointment of Auditor
for the financial year 2014-15.
The dispatch proofs of notice of The Company assure to maintain
Annual General Meeting to the record, hence forth.
the shareholders are not available
with the Company as specified under
the provisions of Section 101 under
the Companies Act, 2013 and rules
made thereof.
The Company has not complied with The company assure to do
any requirement at Ahmedabad Stock compliance on time.
Exchange as specified under the
provisions of Listing Agreement.
The Company had submitted Annual The Company had submitted the
Report under clause 31 of Listing Annual Report (for year ended
Agreement (for year ended March March 2014) after the
2014) after the prescribed time prescribed time limit and
limit. However the Company had penalty for the same has been
paid the penalty for late paid by the Company. However
submission of the same. the Board assures to comply
with the same in future.
The Company has made The Company is in process of
Intercorporate loans and realizing of loans & advances
advances in the contravention given prior to the commencement
of Section 185 of the Companies of Companies Act, 2013
Act, 2013 and rules made thereof.
The Company had submitted The website of the company
Unaudited Quarterly Results is under maintenance, the
after the prescribed time required details as per the
limit as specified under clause Companies Act, 2013 and
41 of Listing Agreement for Listing Agreement will be
the Quarter ended 30.09.2014. made available as soon
The Company does not maintain as possible.
a functional website containing
basic information of the Company
pursuant to Clause 54 of the
Listing Agreement.
However, Board assures to
comply with the same
soon as possible.
The Company has not appointed The Company was not able to get
internal auditor for the a fit and proper candidate at
financial year 2014-15 as remuneration commensurate with
specified under provisions of the size of the Company to
Section 138 under the Companies appoint an internal auditor.
Act, 2013 and rules made thereof.
LISTING :
The shares of the company are listed at BSE Limited and the Company has
paid the listing fees for the year 2015 - 2016.
DIRECTORS RESPONSIBITLY STATEMENT :
As required under the provisions of Section 134 of the Act, your
Directors report that:
(a) In the preparation of the annual accounts, the applicable
accounting standards have been followed along with proper explanation
relating to material departures.
(b) The Directors have 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 profits of
the Company for that period.
(c) The Directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of the Act for safeguarding the assets of the Company and
for preventing and detecting fraud and other irregularities.
(d) The Directors have prepared the annual accounts on a going concern
basis.
(e) The Directors have laid down internal financial controls as
required by Explanation to Section 134(5)(e) of the Act) to be followed
by the Company and such internal financial controls are adequate and
are operating effectively.
(f) The Directors have devised proper systems to ensure compliance with
the provisions of applicable laws and such systems are adequate and
operating effectively.
CORPORATE GOVERNANCE :
The Clause 49 of the Listing Agreement regarding Corporate Governance
is not applicable to the Company, the paid- up capital of the company
being less than Rs.10 corers and networth is less than 25 crores, the
threshold limit as prescribed therein.
RELATED PARTY TRANSACTIONS :
During the year under review the Company has entered into the
transactions with the related parties, the details of each are provided
in Note No. 19 (B)(6) under the head Statement of Significant
Accounting Policies.
PARTICULARS OF LOANS / GUARANTEES / INVESTMENT :
The Particulars of loans, guarantee or investment made under Section
186 of the Companies Act, 2013 are furnished in the Notes to the
Financial Statements for the year ended 31st March, 2015.
INVESTMENT IN UNQUOTED SHARES :
The Company has made investment in unquoted shares.
1. Ambuja Fashion Private Limited 15,000 Shares
2. V.R.Polyfab Private Limited 70,000 Shares
3. Global Aman Infratech Private Limited 100,000 Shares
4. Anunay Fab Limited 27,02,000 Shares
5. Balhanuman Fabrics Private Limited 55,000 Shares
RISK MANAGEMENT POLICY :
The Company has a structured risk management policy. The Risk
management process is designed to safeguard the organisation from
various risks through adequate and timely actions. It is designed to
anticipate, evaluate and mitigate risks in order to minimize its impact
on the business. The potential risks are inventorised and integrated
with the management process such that they receive the necessary
consideration during decision making. It is dealt with in greater
details in the management discussion and analysis section.
STATEMENT OF INDEPENDENT DIRECTORS :
The following Directors are independent in terms of Section 149(6) of
the Act :
(a) Mr. Anandkumar P Agarwal
(b) Ms. Sumant L. Periwal
The Company has received requisite declarations/ confirmations from all
the above Directors confirming their independence.
EXTRACT OF THE ANNUAL RETURN :
Pursuant to provision of Section 92 and 134 and other applicable
provision of the Companies Act, 2013 and of Rule 12 ( 1 ) of Companies
( Management and Administration ) Rules, 2014 the extract of the annual
return in form MGT 9 for the Financial Year ended on 31st March, 2015
is annexed as Annexure D to this Report.
NUMBER OF BOARD MEETINGS :
The calendar of meetings to be held in a year is decided in advance by
the Board and circulated to the Directors. During the year, Six Board
meetings were convened and held. The gap between two consecutive
meetings was not more than one hundred and twenty days as provided in
section 173 of the Act.
CORPORATE SOCIAL RESPONSIBILITY :
The Provision of Section 135 of the Companies Act, 2013 regarding
Corporate Social Responsibility is not applicable to the company.
ANNUAL PERFORMANCE EVALUATION :
In compliance with the provisions of the Act and voluntarily under
Clause 49 of the Listing Agreement, the performance evaluation was
carried out as under:
Board :
In accordance with the criteria suggested by The Nomination and
Remuneration Committee, the Board of Directors evaluated the
performance of the Board, having regard to various criteria such as
Board composition, Board processes, Board dynamics etc. The Independent
Directors, at their separate meetings, also evaluated the performance
of the Board as a whole based on various criteria. The Board and the
Independent Directors were of the unanimous view that performance of
the Board of Directors as a whole was satisfactory.
Committees of the Board :
The performance of the Audit Committee, the Nomination and Remuneration
Committee, The Stakeholder Relationship Committee was evaluated by the
Board having regard to various criteria such as committee composition,
committee, processes, committee dynamics etc. The Board was of the
unanimous view that all the committees were performing their functions
satisfactorily and according to the mandate prescribed by the Board
under the regulatory requirements including the provisions of the Act,
the Rules framed thereunder and the Listing Agreement.
Individual Directors :
(a) Independent Directors: In accordance with the criteria suggested by
The Nomination and Remuneration Committee, the performance of each
independent director was evaluated by the entire Board of Directors
(excluding the director being evaluated) on various parameters like
engagement, leadership, analysis, decision making, communication,
governance and interest of stakeholders. The Board was of the unanimous
view that each independent director was a reputed professional and
brought his rich experience to the deliberations of the Board. The
Board also appreciated the contribution made by all the independent
directors in guiding the management in achieving higher growth and
concluded that continuance of each independent director on the Board
will be in the interest of the Company.
(b) Non-Independent Directors: The performance of each of the
non-independent directors (including the chair person) was evaluated by
the Independent Directors at their separate meeting. Further, their
performance was also evaluated by the Board of Directors. The various
criteria considered for the purpose of evaluation included leadership,
engagement, transparency, analysis, decision making, functional
knowledge, governance and interest of stakeholders. The Independent
Directors and the Board were of the unanimous view that each of the
non- independent directors was providing good business and people
leadership.
MATERIAL CHANGES AND COMMITMENTS IF ANY AFTER BALANCESHEET DATE :
There ware no material changes after the balance - sheet date.
APPRECIATION :
Your Directors wish to convey their thanks to all the bankers,
suppliers, customers and all other Stakeholders for their continued
support to the company.
Registered Office : For and on behalf of the Board
252, New Cloth Market, GUJARAT INVESTA LIMITED
O/S. Raipur Gate,
Ahmedabad - 380 002
Purshottam R. Agarwal
Dated : 13th August, 2015 Chairman
DIN: 00396869
Mar 31, 2014
Dear Members,
The Directors have pleasure in submitting their 22nd Annual Report and
Accounts for the year ended 31st March 2014.
FINANCIAL RESULTS
Year ended Year ended
31st March, 31st March,
2014 2013
(Rupees in (Rupees in
Lacs) Lacs)
Sales & Operating Income 680.23 455.05
Operating Profit 8,77 6. 07
Depreciation & Preliminary Exp. 0.41 1.72
Profit Before Tax 8.36 4.35
Provision for Taxes 2.80 1.35
Profit after Tax 5.56 3.00
Short/Excess provision for (0.24) (0.67)
previous year
Balance Brought Down 139.07 135.40
Balance carried to Balance Sheet 144.86 139.07
PRESENT OPERATIONS & FUTURE PROSPECTS:
During the year under review the income of company was Rs. 680.23 Lacs
compared to the previous years of Rs.455,05 Lacs. The Company has made
profit after deducting tax of Rs. 5.56 Lacs as compared to Profit of
Rs. 3.00 Lacs in previous year. The company is succeeded in increasing
its profits during the year under review. Your directors are hopeful to
achieve better results in future.
DIVIDEND
The directors do not recommend any dividend looking to the meager
profit earned by the company,
PARTICULARS OF EMPLOYEES
There were no employees employed during the year drawing remuneration
in excess of the limit prescribed under Section 217(2A) of the
Companies Act, 1956 read with Companies (Particulars of Employees)
Rules, 1975.
DIRECTORS
Sri Purushottam Agarwal retires by rotation and being eligible has
offered himself for re- appointment.
Impending notification of Section 149 and other applicable provisions
of the Companies Act, 2013 and Clause 49 (ii) of the Listing Agreement
appointment of Independent Director are required. Mr Anandkumar
Agarwal & Mr. Sumant Laxminarayan Periwal, Directors of the Company,
are being appointed as Independent Directors for five consecutive
year''s upto 31.03.2019 as per the provisions of Section 149 and other
applicable provisions of the Companies Act, 2013.
All the Directors of the Company have confirmed that they are not
disqualified from being appointed as Directors in terms of Section 164
of the Companies Act, 2013.
Your directors recommend their appointment / reappointment.
AUDITORS AND THEIR REPORT:
The Statutory Auditors of the Company, M/s. Lunia & Company, Chartered
Accountants, retire at the conclusion of the forthcoming Annual General
Meeting and are eligible for re-appointment. The Audit Committee and
the Board recommend the re- appointment of M/s. Lunia & Company,
Chartered Accountants, as Statutory Auditors and the Company has
received a certificate from the Statutory Auditors to the effect that
their re-appointment, if made, would be within the limits prescribed
under Section 141 of the Companies Act, 2013.
FIXED DEPOSITS
The company has not accepted any fixed deposits from general public.
DIRECTOR''S RESPONSIBILITY STATEMENT
Pursuant to Section 217 (2AA) of Companies Act, 1956, it is hereby
confirm:
a) that in the preparation of the annual accounts financial year ended
31st March, 2014, the applicable accounting standards have been
followed and there is no material departure from the same;
b) that the Directors have selected such accounting policies and
applied them consistently and made judgments and estimates that are
reasonable and prudent so as to give 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 that year;
c) 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;
d) that the Directors have prepared the annual accounts for the
financial year ended 31st March, 2014 on a going concern basis.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION:
The Company has not carried any activities relating to the conservation
of energy. The Company has not acquired any technologies during the
year under review.
For and on behalf of the Board
Ahmedabad
the 2nd May, 2014 Director
Mar 31, 2010
The Directors have pleasure in submitting their 18th Annual Report and
Accounts for the year ended 31st March 2010.
FINANCIAL RESULTS
Year ended Year ended
31st March, 2010 31st March, 2009
(Rupees in Lacs) (Rupees in Lacs)
Sates & Operating Income 816.99 760.36
Operating Profit 6.31 5.16
Depreciation & Preliminary Exp. 3.20 3.20
Profit Before Tax 3.11 1.96
Provision for Taxes 1.40 0.93
Profit after Tax 1.71 1.03
Short/Excess provision for previous year 0.13 -0 07
Balance Brought Down 119.18 118.22
Balance carried to Balance Sheet 121.02 119.18
OPERATING PERFORMANCE
The working of the company has resulted in a net profit after tax of
Rs. 1.71 Lacs compared to Rs. 1.03 Lacs of the previous year.
DIVIDEND
The directors do not recommend any dividend looking to the meager
profit earned by the company.
EMPLOYEES
There were no employees drawing remuneration in excess of the limit
prescribed under Section 217(2A) of the Companies Act, 1956 read with
Companies (Particulars of Employees) Rules,
DIRECTORS
Sri Krishnakant Goyal retires by rotation and being eligible has
offered himself for re- appointment.
AUDITORS
Lunia & Company, Chartered Accountants, auditors of the Company will be
retiring at the ensuing Annual General Meeting. Being eligible, they
have offered themselves for reappointment.
FIXED DEPOSITS
The company has not accepted any fixed deposits from general public.
DIRECTORS RESPONSIBILITY STATEMENT
The Directors report:
I. that in preparation of the annual accounts, the applicable
accounting standards have been followed and that no material departures
have been made from same.
II that the Directors have 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 as at 31st March, 2010 year ended on that
dated and of the profit of the company for that period;
III that they have taken 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. that the Directors have prepared the annual accounts on a going
concern basis.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION & FOREIGN EXCHANGE
EARNING & OUTGOINGS
lnformation pursuant to Section 217 (1)(e) ofthe Companie Act, 1956
read with the Companies (Disclosure of Particulars in the Report of
Board of Directors) Rules, 1988 relating to the foregoing matters is
given hereunder.
a) Conservation of energy Nil
b) Technology absorption, research & development Nil
c) Foreign Exchange earning & outgoings Nil
For and on behalf of Board of Directors
Sd/-
Purushottam Agarwal
Place : Ahmedabad
Dated : the 28th August, 2010
Mar 31, 2009
Directors have pleasure in submitting their 17th Annual Report and
Accounts for the year ended 31st March 2009.
FINANCIAL RESULTS
Year ended Year ended
31st March, 2009 31st March, 2008
(Rupees in Lacs) (Rupees in, Lacs)
Sales & Operating Income 760.36 1867.14
Operating Profit 5.16 9.20
Depreciation & Preliminary
Exp. 3.20 1.84
Profit Before Tax 1.96 7.36
Provision for Taxes 0.93 2.95
Profit after Tax 1.03 4.41
Short/Excess provision for
previous year - 0.07 - 0.58
Balance Brought Down 118.22 114.38
Balance carried to Balance
Sheet 119.18 118.22
OPERATING PERFORMANCE
The working of the company has resulted in a net profit after tax of
Rs. 1.03 Lacs compared to Rs. 4.41 Lacs of the previous year.
DIVIDEND
The directors do not recommend any dividend looking to the meager
profit earned by the company. EMPLOYEES
There were no employees drawing remuneration in excess of the limit
prescribed under Section 217(2A) of the Companies Act, 1956 read with
Companies (Particulars of Employees) Rules, 1975.
DIRECTORS
Sri Anjani R. Agarwal retires by rotation and being eligible has
offered himself for re- appointment.
AUDITORS
Lunia & Company, Chartered Accountants, auditors of the Company will be
retiring at the ensuing Annual General Meeting. Being eligible, they
have offered themselves for reappointment.
FIXED DEPOSITS
The company has not accepted any fixed deposits from general public.
DIRECTORS RESPONSIBILITY STATEMENT
The Directors report:
I. that in preparation of the annual accounts, the applicable
accounting standards have been followed and that no material departures
have been made from same.
II. that the Directors have 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 as at 31 st March, 2009 year ended on that
dated and of the profit of the company for that period;
III. that they have taken 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. that the Directors have prepared the annual accounts on a going
concern basis.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION & FOREIGN EXCHANGE
EARNING & OUTGOINGS
Information pursuant to Section 217 (1)(e)of the Companies Act, 1956
read with the Companies (Disclosure of Particulars in the Report of
Board of Directors) Rules, 1988 relating to the foregoing matters is
given hereunder.
a) Conservation of energy Nil
b) Technology absorption, research & development Nil
c) Foreign Exchange earning & outgoings Nil
AUDIT COMMITTEE
In terms of provisions of sections 292A of the Companies Act, 1956 &
Clause 49 of the Listing Agreement executed with the Exchanges, your
Company has constituted the Audit Committee of the Board of Directors.
Details of the Committee is given in Annual Report on corporate
Governance.
LISTING
The shares of the Company are listed at Bombay Stock Exchange Ltd. The
Company has paid Listing fees to the Stock Exchange for the year
2009-10.
The Company has made application for voluntary delisting of its shares
from the Ahmedabad Stock Exchange Ltd.
APPRECIATION
Your Directors wish to thank the Companys valued customers and various
department of Central & State Government, Local Autorities, Banks,
devoted staff and other business associates for continued support to
the Companys growth and looking to their continued support in the
future.
The Directors also express their gratitude to the members for the
confidence reposed in the management.
Place : Ahmedabad For and on behalf of Board of Directors
Dated : 4th May, 2009 Sd/-
Purushottam Agarwal
(Chairman)