Mar 31, 2014
To, the Members,
The Directors have pleasure in presenting the 53rd Annual Report
together with the Audited Accounts of the Company for the year ended
March 31, 2014.
1. FINANCIAL RESULTS
Your Company''s performance for the financial year ending 31st March
2014 is stated below:
For the Current For the previous
year ended on year ended on
31st March 2014 31st March 2013
rs rs
Profit / (Loss) before
Depreciation/adjustment 47,186 5,92,801
Less: Depreciation/prior period
adjustment 00 12,62,375.00
Less: Short prov. for IT for
earlier years w/off 0.00 00
Less: Net current tax expense 17652 50000.00
Net Profit/(Loss) for the year 80,283 (7,19,574.00)
Add: Losses brought down from
earlier year (65,47,908) (58,28,334.00)
Balance Losses carried to
Balance Sheet (64,67,625) (65,47,908.00)
2. WORKING
All efforts are being made by the management to revive the company''s
business activities.
3. DIVIDEND
Your directors do not recommend any dividend in view of the accumulated
loss.
4. DIRECTORS RESPONSIBILITY STATEMENT:
Pursuant to Section 217 (2AA) of the Companies Act, 1956 after due
enquiry and on the basis of the information from operating management
and relying upon the report of the Auditors, regarding compliance with
Accounting Standards, the Directors confirm:
i) that in the preparation of the annual accounts, the applicable
accounting standards have been followed along with proper explanation
relating to material departures;
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 at the end of the financial year and of the
profit or loss of the company for that period;
iii) that the directors 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.
5. DIRECTORS:
During the period under review there was no change in the directorship.
None of the directors are disqualified from being appointed or from
holding office as Directors, as stipulated under section 274 of the
Companies Act, 1956.
6. AUDITORS:
M/s Desai Associates, Chartered Accountants, Mumbai, the Statutory
Auditors of the Company, will retire at the ensuing Annual General
Meeting of the Company and being eligible offers themselves for
re-appointment.
The Board recommends their re-appointment as Statutory Auditors of the
Company subject to the approval of the members to hold the office from
the ensuing Annual General Meeting until the conclusion of the next
Annual General Meeting of the Company at such remuneration as may be
agreed to between the Board of Directors and the Auditors of the
Company.
The Company has received a certificate from the proposed auditor to the
effect that their appointment, if made, would be within the prescribed
limits under section 224 (1B) of the Companies Act, 1956.
7. PARTICULARS OF ENERGY CONSUMPTION, RESEARCH AND DEVELOPMENT AND
FOREIGN EXCHANGE EARNINGS AND OUTGOINGS:
As required under 217(1)(e) of the Companies Act, 1956 read with
Companies (Disclosure of particulars in the Report of the Board of
Directors) Rules, 1988 the relevant information is given below;
CONSERVATION OF ENERGY
The matters relating to the above are not applicable to the Company.
The Company''s operations involve low energy consumption. Wherever
possible, energy conservation measures are being implemented.
RESEARCH AND DEVELOPMENT
The Company has no specific Research and Development programme.
FOREIGN EXCHANGE EARNINGS/OUTGOINGS
During the year the Company has not undertaken any foreign exchange
transaction.
8. PARTICULARS OF EMPLOYEES:
During the year under review the Company had no employee whose
particulars are required to be mentioned pursuant to the provisions of
Section 217(2A) of the Companies Act, 1956 read with the rules there
under.
9. LISTING AGREEMENT COMPLIANCE:
The Company''s securities are listed at The Bombay Stock Exchange,
Mumbai. The outstanding listing fee payable to the stock exchange for
the year ended 31st March, 2014 is Nil.
10. APPRECIATION:
Your Directors would like to place on record their sincere thanks for
the co-operation and support received from various agencies of the
Government as also from the Company''s Bankers, Shareholders, other
business associates and the Company officials.
For & On behalf of the Board
Manubhai Parekh
Director
Ashish Deora
Director
Place: Mumbai
Date: 30th April, 2014
Mar 31, 2012
The Directors have pleasure in presenting the 51st Annual Report
together with the Audited Accounts of the Company for the year ended
March 31,2012.
1. FINANCIAL RESULTS
Your Company's performance for the financial year ending 31st March
2012 is stated below:
For the Current For the previous
year ended on year ended on
31st March 31st March
2012 [Rs] 2011 [Rs]
Profit / (Loss) before
Depreciation/adjustment (1,69,247) (5,79,089)
Less: Depreciation/prior period
adjustment 0.00 0.00
Less: Short prov. For IT for
earlier years w/off 0.00 0.00
Net Profit/(Loss) for the year (1,69,247) (5,79,089)
Add: Losses brought down from
earlier year (59,97,581) (54,18,492)
Balance Losses carried to Balance
Sheet (58,28,334) (59,97,581)
2. WORKING
Al efforts are being made by the management to revive the company's
business activities.
3. DIVIDEND
Your directors do not recommend any dividend in view of the accumulated
loss.
4. DIRECTORS
During the period under review there was no change in the directorship.
None of the directors are disqualified from being appointed or from
holding office as Directors, as stipulated under section 274 of the
Companies Act, 1956.
5. COMPANY SECRETARY
Mr. Subrat Shuma who was appointed as Company Secretary of the Company
with effect from T* June, 2011 had resigned and his resignation was
accepted with effect from 31a March, 2012.
Ms. Abhiasha Dubey has been appointed as Company Secretary of the
Company with effect from 2nd May, 2012.
6. PARTICULARS OF EMPLOYEES
During the year under review the Company had no employee whose
particulars are required to be mentioned pursuant to the provisions of
Section 217(2A) of the Companies Act, 1956 read with the rules there
under.
7. AUDITORS
M/s Desai Associates, Chartered Accountants, Mumbai, the Statutory
Auditors of the Company, will retire at the ensuing Annual General
Meeting of the Company and being eligible offers themselves for
re-appointment.
The Board recommends their re-appointment as Statutory Auditors of the
Company subject to the approval of the members to hold the office from
the ensuing Annual General Meeting until the conclusion of the next
Annual General Meeting of the Company at such remuneration as may be
agreed to between the Board of Directors and the Auditors of the
Company.
The Company has received a certificate from the proposed auditor to the
effect that their appointment, if made, would be within the prescribed
limits under section 224 (1B) of the Companies Act, 1956.
8. DIRECTORS RESPONSIBILITY STATEMENT
Pursuant to Section 217 (2AA) of the Companies Act, 1956 after due
enquiry and on the basis of the information from the operating
management and relying upon the report of the Auditors, regarding
compliance with Accounting Standards, the Directors confirm that;
a. in the preparation of the annual accounts, the applicable
accounting standards have been followed along with appropriate
explanation relating to material departures.
b. the accounting policies have been consistently applied and are
reasonable and prudent judgments and estimates have been 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 of the profit of the company for that
year.
c. proper and sufficient care has been taken 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.
d. the annual accounts have been prepared on a going concern basis
9. PARTICULARS OF ENERGY CONSUMPTION, RESEARCH AND DEVELOPMENT AND
FOREIGN EXCHANGE AND OUTGOINGS
As required under 217(1)(e) of the Companies Act, 1956 read with
Companies (Disclosure of particulars in the Report of the Board of
Directors) Rules, 1988 the relevant information is given below;
CONSERVATION OF ENERGY
The Company's operations involve low energy consumption. Wherever
possible, energy conservation measures are being implemented.
RESEARCH AND DEVELOPMENT
The Company has no specific Research and Development Programme.
FOREIGN EXCHANGE EARINGS/OUTGOINGS.
During the year the Company has not undertaken any foreign exchange
transaction.
10. LISTING AGREEMENT COMPLIANCE
The Company's securities are listed at The Bombay Stock Exchange,
Mumbai. The outstanding listing fee payable to the stock exchange for
the year ended 31M March, 2012 is Nil.
11. DEMATRIALISATION
The Company's shares are dematrialised both with NSDL and CDSL (ISIN:
INE566M01017. Those members who hold the shares in physical form are
requested to dematerialize their shares.
12. ACKNOWLEGEMENT
Your Directors would like to place on record their sincere thanks for
the co-operation and support received from various agencies of the.
Government as also from the Company's Bankers, Shareholders, other
business associates and the Company officials.
For & On behalf of the Board
Manubhai Kalidas Parekh
Chairman
Avinash Jajodia
Director
Place: Mumbai
Date: 23th May, 2012
Mar 31, 2011
To, the Members,
The Directors have pleasure in presenting the 50th Annual Report
together with the Audited Accounts of the Company for the year ended
March 31, 2011.
1. FINANCIAL RESULTS
Your Company's performance for the financial year ending 31 st March
2011 is stated below:
For the Current For the previous
year ended on year ended on
31st March 2011 31st March 2011
Profit / (Loss) before
Depreciation/adjustment (5,79,089) 3,19,654)
Less: Depreciation/prior
period adjustment 0.00 0.00
Less: Short prov. For IT
for earlier years w/off 0.00 0.00
Net Profit/(Loss) for the year (5,79,089) (3,19,654)
Add: Losses brought down from
earlier year (54,18,492) (50,98,838)
Balance Losses carried to Balance (59,97,581) (54,18,492)
Sheet
2. WORKING
All efforts were made by the management to revive the company's
business activities. But due to paucity of funds no progress was made.
3. PARTICULARS OF EMPLOYEES
During the year under review the Company had no employee whose
particulars are required to be mentioned pursuant to the provisions of
Section 217(2A) of the Companies Act, 1956 read with the rules there
under.
4. AUDITORS
The Company has received resignation letter dated 30th April, 2011 from
the Statutory Auditors M/s A. J.Mehta & Associates. The Board will
consider the matter of resignation at its next meeting.
5. DIRECTORS RESPONSIBILITY STATEMENT
Pursuant to Section 217 (2AA) of the Companies Act, 1956 after due
enquiry and on the basis of the information from the operating
management and relying upon the report of the Auditors, regarding
compliance with Accounting Standards, the Directors confirm that;
a. in the preparation of the annual accounts, the applicable
accounting standards had been followed along with appropriate
explanation relating to material departures.
b. the accounting policies have been consistently applied and are
reasonable and prudent judgments and estimates have been 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 of the profit of the company for that
year.
c. proper and sufficient care has been taken 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.
d. the annual accounts have been prepared on a going concern basis
6. PARTICULARS OF ENERGY CONSUMPTION, FOREIGN EXCHANGE AND OUTGOINGS
As required under 217(1)(e) of the Companies Act, 1956 read with
Companies (Disclosure of particulars in the Report of the Board of
Directors) Rules, 1988 the relevant information is given below;
CONSERVATION OF ENERGY
The Company's operations involve low energy consumption. Wherever
possible, energy conservation measures are being implemented.
RESEARCH AND DEVELOPMENT
The Company has no specific Research and Development Programme.
FOREIGN EXCHANGE EARINGS/OUTGOINGS.
During the year the Company has not undertaken any foreign exchange
transaction.
7. LISTING AGREEMENT COMPLIANCE
The Company's securities have been re-listed with effect from 7th
December, 2010 at Bombay Stock Exchange, Mumbai. The outstanding
listing fee payable to the stock exchange for the year ended 31a March,
2011 is Nil.
8. COMPLIANCE CERTIFICATE
In accordance with requirement of Section 383A of the Companies Act,
1956, Certificate from a Practising Company Secretary, is enclosed
certifying that all secretarial compliance in respect of the Company
for the year ended March 31, 2011 have been complied with and marked as
Annexure - 'A'
9. Open offer was made by public announcement on 19/01/2011 by Vitesse
Telecom Pvt Ltd having its registered office at Mumbai for acquiring
upto 1,29,000 equity shares of Rs. 10/- each aggregating upto 20% of
the paid up and voting share capital of the Company at a price of
Rs.5/- per share. The open offer opened on 1st April, 2011 and closed
on 20thApril,2011. The acquirer acquired 1,26,412 shares constituting
19.60% of the equity capital in addition to 1,37,100 shares acquired
through MOU constituting 21.26% both aggregating to 40.86% of the
equity share capital of the Company.
9. ACKNOWLEDGEMENT
Your Directors would like to place on record their sincere thanks for
the co-operation and support received from various agencies of the
Government as also from the Company's Bankers, Shareholders and other
business associates.
For & On behalf of the Board
Alok Jajodia
Chairman
Place: Mumbai
Date: 30th April, 2011
Mar 31, 2010
The Directors have pleasure in presenting the 49th Annual Report
together with the Audited Accounts of the Company for the year ended
March 31, 2010.
1. FINANCIAL RESULTS
Your Companys performance for the financial year ending 31st March
2010 is stated below:
For the Current For the previous
year ended on year ended on
31st March 2010 31st March 2009
Profit / (Loss) before
Depreciation/adjustment (3,19,654) (3,64,007)
Less: Depreciation/prior
period adjustment 0.00 0.00
Less: Short prov. For IT
for earlier years w/off 0.00 0.00
Net Profit/(Loss) for the year (3,19,654) (3,64,007)
Add: Losses brought down from
earlier year (50,98,838) (47,34,831)
Balance Losses carried to
Balance Sheet (54,18,492) (50,98,838)
2. WORKING
All efforts were made by the management to revive the companys
business activities. But due to paucity of funds no progress was made.
3. DIRECTORS
With profound sorrow and grief, the Directors report the sad demise of
Shri S. B. Gaud on 22nd February 2010. Your Directors place on record
their deep appreciation of the services rendered by him during his
tenure.
In accordance with the requirements of the Companies Act, 1956 and the
Articles of Association of the Company, Shri Avishek Himatsinghka and
Shri Tushar Dave retire by rotation, and being eligible offer
themselves for re-appointment.
None of the directors are disqualified from being appointed or from
holding office as Directors, as stipulated under section 274 of the
Companies Act, 1956.
4. SHIFTING OF REGISTERED OFFICE
The Registered Office of the Company was shifted from Majiwade,
Kapurbawdi, Mumbai- Agra Road, Thane-400607 to 19/579 Vartak Nagar Om
Sai Co- Op Hsg. Soc. Ltd. Ground floor, Vartak Nagar, Thane
(West)-400606 with effect from 1st July, 2009.
5. PARTICULARS OF EMPLOYEES
During the year under review the Company had no employee whose
particulars are required to be mentioned pursuant to the provisions of
Section 217(2A) of the Companies Act, 1956 read with the rules there
under.
6. AUDITORS
M/s. A. J. Mehta & Associates, Chartered Accountants present auditors
of the Company retire at the forthcoming Annual General Meeting and
being eligible, offer themselves for re-appointment. The Company has
received a letter from the retiring Auditors to the effect that their
appointment, if carried out, would be within the prescribed limits
under Section 224(1B) of the Companies Act, 1956 Members are requested
to appoint them as Auditors.
7. DIRECTORS RESPONSIBILITY STATEMENT
Pursuant to Section 217 (2AA) of the Companies Act, 1956 after due
enquiry and on the basis of the information from the operating
management and relying upon the report of the Auditors, regarding
compliance with Accounting Standards, the Directors confirm that ;
a. in the preparation of the annual accounts, the applicable
accounting standards had been followed along with appropriate
explanation relating to material departures.
b. the accounting policies have been consistently applied and are
reasonable and prudent judgments and estimates have been 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 of the profit of the company for that
year.
c. proper and sufficient care has been taken 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.
d. the annual accounts have been prepared on a going concern basis
8. PARTICULARS OF ENERGY CONSUMPTION, FOREIGN EXCHANGE AND OUTGOINGS
As required under 217(1)(e) of the Companies Act, 1956 read with
Companies (Disclosure of particulars in the Report of the Board of
Directors) Rules, 1988 the relevant information if given below;
CONSERVATION OF ENERGY
The Companys operations involve low energy consumption. Wherever
possible, energy conservation measures are being implemented.
RESEARCH AND DEVELOPMENT
The Company has no specific Research and Development Programme.
FOREIGN EXCHANGE EARINGS/OUTGOINGS.
During the year the Company has not undertaken any foreign exchange
transaction.
9. LISTING AGREEMENT COMPLIANCE
The Companys securities are listed at, The Bombay Stock Exchange,
Mumbai. The outstanding listing fee payable to the stock exchange as on
March 31, 2010 was ? Nil.
10. COMPLIANCE CERTIFICATE
In accordance with requirement of Section 383A of the Companies Act,
1956, Certificate from a Practising Company Secretary, is enclosed
certifying that all secretarial compliance in respect of the Company
for the year ended March 31, 2010 have been complied with and marked as
Annexure - ÃA
11. ACKNOWLEDGEMENT
Your Directors would like to place on record their sincere thanks for
the co-operation and support received from various agencies of the
Government as also from the Companys Bankers, Shareholders and other
business associates.
For & On behalf of the Board
Alok Jajodia
Chairman
Place: Mumbai
Date: 31st July 2010
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