Home  »  Company  »  Inland Printers  »  Quotes  »  Directors Report
Enter the first few characters of Company and click 'Go'

Directors Report of Inland Printers Ltd.

Mar 31, 2015

To,

The Members,

The Directors have great pleasure in presenting the 35th Annual Report along with the Audited Balance Sheet and Profit And Loss Account, for the year ended 31st March, 2015.

1. FINANCIAL RESULTS

The financial Results are briefly indicated below:

(Amount in Rs.)

PARTICULARS YEAR ENDED

31.03.2015 31.03. 2014 Total Income 50,000 NIL

Total Expenditure 3,67,198 2,58,920

Profit/(Loss) before Taxation (3,17,198) (2,58,920)

Profit/(Loss) after Taxation (3,17,198) (2,58,920)

Profit/(Loss) Brought Forward (18,16,05,397) (18,13,46,477)

Balance carried to Balance Sheet (18,19,22,595) (18,16,05,397)

2. REVIEW OF OPERATIONS

The Company has incurred a Loss of Rs. 3,17,198/- during the year as compared to the Loss of previous year of Rs. 2,58,920/- .

3. OPERATIONS AND FUTURE PLANS:

The Company during the year under review could not conduct any major business activity due to the financial constraints and un-favorable market conditions. The Company is in the process of identifying the project which would benefit the company and shareholders at large. However, company undertook some small activities related to consultancy in the field of E-Commerce during the year.

4. CHANGES IN THE NATURE OF BUSINESS, IF ANY:

There have been no material changes in the nature of business during the period under review except that the company for the first time undertook activities related to consultancy in the field of E-Commerce.

5. DIVIDEND

In view of the Accumulated Loss as stated above, the Board of Directors regrets its inability to recommended payment of any dividend for the year under review.

6. DEPOSITS

The company has not accepted any deposits from the Public and as such, no amount of principal or interest on fixed deposit was outstanding as on the Balance sheet date.

7. DIRECTORS

In terms of Section(s) 149, 152 and all other applicable provisions of the Companies Act, 2013, for the purpose of determining the directors liable to retire by rotation, the Independent Directors are not included in the total number of Directors of the Company.

Mr. Kirankumar Ramesh Patel and Mrs. Nitaben Patel were appointed as Additional Directors designated as Wholetime Promoter Directors, on 31st March 2015. They hold office up to the date of this Annual General Meeting and are eligible for appointment. The Company has received a notice under section 160(1) of the Act proposing their candidature for the office of director liable to retire by rotation.

Mr. Gopalkrishnan Raman resigned as Director on 31st March 2015. Mr. Gopalkrishnan Raman also resigned as Compliance Officer and in his place Mr. Kiran Kumar Rameshbhai Patel was appointed as a Compliance Officer on 31st March 2015. Mr. Kapil Gupta also resigned as Non Executive Director on 31st March 2015.

The board places on record its appreciation and gratitude for services rendered by Mr. Gopalkrishnan Raman and Mr. Kapil Gupta.

8. KEY MANAGERIAL PERSONNEL:

Mr. Kirankumar R. Patel and Mrs. Nitaben B. Patel (Promoter Directors) were appointed as Whole Time Directors of the Company on 31st March 2015 without any remuneration and are subject to retire by rotation.

9. REMUNERATION TO DIRECTORS:

During the year under review, the Company has not paid any remuneration and sitting fees to any of the Directors of the Company considering the financial position of the Company.

10. REMUNERATION POLICY:

The Board has, on the recommendation of the Nomination & Remuneration Committee framed a policy for selection and appointment of Directors, Senior Management and their remuneration. The Remuneration Policy is stated in the Corporate Governance Report

11. DECLARATION BY INDEPENDENT DIRECTORS:

All the Independent Directors have given declarations that they meet with the criteria of independence as prescribed under sub-section (6) of Section 149 of the Companies Act, 2013 and under Clause 49 of the Listing Agreement with the Stock Exchange.

12. MEETINGS OF BOARD AND COMMITTEES:

During the year under review, the Board convened and held five (5) meetings on 28th May, 2014, 14th August, 2014, 14th November, 2014, 13th February, 2015, and 31st March, 2015. Details of all Board Committees along with their composition and meetings held during the year under review are given in the Corporate Governance Report. The intervening gap between the Meetings was within the period prescribed under the Companies Act, 2013.

13. PERFORMANCE EVALUATION OF BOARD, COMMITTEES & DIRECTORS:

Pursuant to the provisions of the Companies Act, 2013 and Clause 49 of the Listing Agreement, the Board has carried out an annual performance evaluation of its own performance, the Directors individually as well as the evaluation of the working of its Audit, Nomination & Remuneration Committees.

14. DIRECTOR'S RESPONSIBILITY STATEMENT

The Board of Directors hereby confirms:

a) That in the preparation of the Annual Accounts, the applicable accounting standards have been followed along with proper explanations relating to material departures made 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 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

c) That the Directors have taken proper and sufficient care for the maintenances of adequate accounting records in accordance with the provision of this Act 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 on a going concern basis.

e) 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; and

f) 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.

15. AUDITORS

Statutory Auditor:

At the Annual General Meeting (AGM) held on 30th September, 2014, M/s K. K. Khadaria & Co., Chartered Accountants Mumbai were appointed as statutory auditors of the Company to hold office till the conclusion of the AGM to be held in the year 2018. In terms of the provision of Section 139(1) of the Companies Act, 2013, the appointment shall be placed for ratification at every AGM. Accordingly, the appointment of M/s K. K. Khadaria & Co., Chartered Accountants, as statutory auditors of the Company, is placed for ratification by the shareholders. In this regards, the Company has received a certificate from the auditors confirming to the effect that if they are re-appointed, it would be in accordance with provisions of Section 141 of the Companies Act, 2013.

Secretarial Audit:

Pursuant to the provisions of Section 204 of the Companies Act, 2013 read with the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Company has appointed Ms. Laxmi Didwania a Company Secretary in Practice to undertake the Secretarial Audit of the Company for the Financial year 2014-15. The Secretarial Audit Report (e-form MR-3) is annexed herewith as Annexure-A.

16. AUDITORS' REPORT:

Since notes to account are self explanatory, no further explanation is given by the Board as such.

17. 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 the notes to the Financial Statements.

18. PARTICULARS OF EMPLOYEES:

There were no employees during the whole or part of the year who were in receipt of remuneration in excess of limits as covered under the Companies Act, 2013 read with Rule 5(2) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014. Further, there were no employees to whom the gratuity or any other retirement benefits were payable by the Company.

19. PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES:

There are no materially significant related party transactions made by the Company with the promoters, Directors or Key managerial personnel which may have a potentially conflict of interest with the interest of the Company at large.

20. SUBSIDIARIES:

The Company has no subsidiaries during the year under review.

21. INDUSTRIAL RELATIONS:

The company was not engaged in any industrial activity during the year. Your Directors recognize and appreciate the sincere work, dedicated efforts and contribution of all the directors and stakeholders during the year. There were no employees in the company during the year.

22. TRANSFER OF AMOUNTS TO INVESTOR EDUCATION AND PROTECTION FUND (IEPF):

Your Company did not have any funds lying unpaid or unclaimed for a period of seven years. Therefore there were no funds which were required to be transferred to Investor Education and Protection Fund (IEPF).

23. AMOUNT TRANSFER TO RESERVES:

During the year under review no amount has been transferred to the reserves pursuant to the provisions of section 134(3)(j) of the Companies Act, 2013 in view of the losses incurred by the company.

24. ISSUE OF SHARES:

The Company during the year under review has not issued any Sweat equity shares or shares with differential rights or under Employee stock option scheme nor did it buy back any of its shares.

25. CORPORATE GOVERNANCE:

Pursuant to Clause 49 of the Listing Agreement with the BSE Limited, a separate report on Corporate Governance is enclosed herewith as Annexure - B together with a Certificate from the Company's Auditors confirming compliance of conditions on Corporate Governance.

26. EXTRACT OF ANNUAL RETURN:

In accordance with the provisions of section 134 (3) (a) of the Companies Act, 2013 the details forming part of the extract of the Annual Return in form MGT - 9 is annexed herewith as Annexure - C.

27. CASH FLOW STATEMENT:

In conformity with the Accounting Standard - 3 issued by the Institute of Chartered Accountants of India and the provisions of Clause 32 of the Listing Agreement with the BSE Limited, the Cash Flow Statement for the year ended March 31, 2015 is annexed to the accounts.

28. CORPORATE SOCIAL RESPONSIBILITY INITIATIVES:

The provisions of section 135(o), 135(2) of the Companies Act, 2013 read with Rule 8 of Companies (CSR) Rules is not applicable to the Company as it is not falling under the criteria mentioned in the Act.

29. MANAGERIAL REMUNERATION

No managerial personnel is drawing any remuneration pursuant to section 197 of the Companies Act, 20133 and Rule 5 of Companies (Appointment & Remuneration of managerial personnel), Rules 2014.

30. CONSERVATION OF ENERGY & TECHNOLOGY ABSORBTION:

Since the Company does not have a manufacturing unit, provisions of Section 134(3)(m) of the Companies Act, 2013 read with Rule 8(3)(A) & (B) of the Companies (Accounts) Rules, 2014, as amended from time to time, regarding conservation of energy and technology absorption is not applicable.

31. FOREIGN EXCHANGE EARNINGS AND OUTGO:

During the year under review there were no other Foreign Exchange transactions.

32. INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY:

The Company has an Internal Control System, commensurate with the size, scale and complexity of its operations. To maintain its objectivity and independence, the Internal Control function reports to the Chairman of the Audit Committee of the Board.

33. VIGIL MECHANISM / WHISTLE BLOWER POLICY:

The Company is not required to establish Vigil Mechanism as per the provisions of section 177(9) of the Companies Act, 2013 as the Company has not accepted any deposits nor it has borrowed money from banks & Financial Institutions in excess of 50 crores.

34. SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS / COURTS, IF ANY:

There were no significant material orders passed by the Regulators, Courts or tribunals during the year ended 31st March, 2015 impacting the going concern status of your Company and its future operations.

35. MATERIAL EVENTS OCCURRING AFTER BALANCE SHEET DATE:

During the year under review, there were no other material events and commitments affecting financial position of the Company occurring after Balance sheet date.

36. GENERAL:

Your Directors state that during the year under review, there were no cases filed or reported pursuant to the sexual harassment of women at Workplace (Prevention, Prohibition and Redressal) Act, 2013.

37. LISTING WITH STOCK EXCHANGES:

The Company confirms that it has paid the Annual Listing Fees for the year 2015-2016 to the BSE where the Company's Shares are listed and traded.

38. ACKNOWLDEGEMENTS:

Your Company and its Directors wish to sincerely thanks all the customers, financial institution, creditors etc for their continuing support and co-operation.

Your Directors also sincerely thank the shareholders for the confidence reposed by them in the company and for the continued support and co-operation extended by them.

By Order Of the Board

Chairman

Date: 30th May 2015

Place: Mumbai


Mar 31, 2014

The Members,

The Directors have great pleasure in presenting the 34th Annual Report along with the Audited Balance Sheet and Profit And Loss Account, for the year ended 31st March, 2014.

1. FINANCIAL RESULTS

The financial Results are briefly indicated below: (Amount in Rs.)

PARTICULARS YEAR ENDED 2013-2014 2012-2013

Total Income NIL 67,76,154

Total Expenditure 2,58,920 14,19,211

Profit/(Loss) before Taxation (2,58,920) 53,56,943

Profit/(Loss) after Taxation (2,58,920) 53,57,143

Profit/(Loss) Brought Forward (18,13,46,477) (18,67,03,621)

Balance carried to Balance Sheet (18,16,05,397) (18,13,46,477)

2. REVIEW OF OPERATIONS

The Company has incurred a Loss of Rs. 2,58,920/- during the year as compared to the Profit of previous year of Rs. 53,57,143/- .

3. DIVIDEND

In view of the Accumulated Loss as stated above, the Board of Directors regrets its inability to recommended payment of any dividend for the year under review.

4. DEPOSITS

The company has not accepted any deposits from the Public and as such, no amount of principal or interest on fixed deposit was outstanding as on the Balance sheet date.

5. PARTICULARS OF EMPLOYEES

There were no employees during the whole or part of the year who were in receipt of remuneration in excess of limits as set out in terms of the provisions of section 217(2A) of the Companies Act, 1956, read with the Companies (Particulars of Employees) Rules 1975 as amended.

6. DIRECTORS

Mr. Gopalkrishnan Raman is retiring by rotation in terms of provisions of the Companies Act, 1956 and is eligible for re-appointment. The resolution for his appointment as Director is placed before you in the Annual General Meeting. Pursuant to the provisions of Clause 49 of the Listing Agreement brief particulars of the director are provided as an annexure to the notice.

Mr. Jitendra Chavda, Mr. Melwyn Fernandes, Mr. Ashok Bansal and Mr. Kapil Gupta appointed as Directors of the Company in Annual General Meeting held on 30th September, 2013 who were appointed as an additional director''s during the year.

Mr. Kapil Gupta was appointed as Additional Director designated as Non Executive Promoter Director, on 14th August, 2013.

Mrs. Shanti Gopalkrishnan resigned as Non Executive Director on 7th January, 2014.

Mrs. Shanti Gopalkrishnan resigned as Compliance Officer and in her place Mr. Gopalkrishnan Raman was appointed as a Compliance Officer on 7th January, 2014.

Mrs. Indumati Raman resigned as Non Executive Director on 7th January, 2014.

The board places on record its appreciation and gratitude for services rendered by Mrs. Shanti Gopalkrishnan and Mrs. Indumati Raman.

7. SUBSIDIARIES:

Since the Company has no subsidiaries, provision of section 212 of the Companies Act, 1956 is not applicable.

8. DIRECTOR''S RESPONSIBILITY STATEMENT

The Board of Directors hereby confirms:

a) That in the preparation of the Annual Accounts, the applicable accounting standards have been followed along with proper explanations relating to material departures made 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 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

c) That the Directors have taken proper and sufficient care for the maintenances of adequate accounting records in accordance with the provision of this Act 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 on a going concern basis.

9. CONSERVATION OF ENERGY & TECHNOLOGY ABSORBTION

Since the Company does not have a manufacturing unit provisions of 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 regarding conservation of energy and technology absorption is not applicable.

10. FOREIGN EXCHANGE EARNINGS AND OUTGO.

During the year under review, t here were no Foreign Exchange transactions.

11. AUDITORS

M/s V.K. Beswal & Associates, Chartered Accountants, have been the statutory auditors of the Company; however, a communique has been received from them expressing their inability to continue as Auditors of the Company for the FY 2014-15. It is therefore proposed that M/s K.K. Khadaria & Co., Chartered Accountants be appointed as statutory auditors of the Company till the conclusion of the 39th Annual General Meeting subject to ratifications by the members of the Company at every Annual General Meeting.

12. AUDITORS REPORT:

Since notes to account are self explanatory, no further explanation is given by the Board as such.

13. COMMITTEES OF THE BOARD

Pursuant to Section 292A of the Companies Act, 1956 and clause 49 of Listing Agreement the Company has constituted Audit Committee. Besides this the Company has also constituted Shareholder / Investor Grievance Committee to redress investor''s complaint, if any.

Mrs. Shanti Gopalkrishnan resigned as an Non Executive Directors on 7th January, 2014 and therefore seized to be a member of the Shareholder / Investor Grievance committee and in her place Mr. Gopalkrishnan Raman has been appointed as member of the committee.

14. CORPORATE GOVERNANCE REPORT

The Company has obtained a certificate on Corporate Governance Report from Mr. Sanjay Shringarpure, Partner PRS Associates, Company Secretaries which is annexed hereto.

A separate Report on Corporate Governance is also annexed hereto and marked as Annexure A to this Report.

15. ACKNOWLDEGEMENTS

Your Directors sincerely thank the shareholders for the confidence reposed by them in the company and for the continued support and co-operation extended by them.

By Order Of the Board For Inland Printers Limited

Sd/- Chairman Date: 25/08/2014 Place: Mumbai


Mar 31, 2012

The Directors have great pleasure in presenting the 32nd Annual Report along with the Audited Balance Sheet and Profit And Loss Account, for the year ended 31st March, 2012.

1. FINANCIAL RESULTS

The financial Results are briefly indicated below:

(Amt in Rs.)

PARTIULARS YEAR ENDED

2011-2012 2010-11

Total Income Nil Nil

Total Expenditure 6,05,443 33,228

Profit/ (Loss) before Taxation (6,05,443) (33,228)

Profit/ (Loss) after Taxation (6,05,443) (33,228)

Profit/ (Loss) Brought Forward (18,60,98,178) (18,60,64,950)

Balance carried to Balance Sheet (18,67,03,621) (18,60,98,178)

2. REVIEW OF OPERATIONS

The Company has incurred losses of Rs 6,05,443/- during the year under review. Your Directors expects to achieve better performance in the future and taking maximum efforts to control the costs and optimize the result in the coming years. The shares of your Company are listed at Bombay Stock Exchange. However the trading in equity shares of your company at Bombay Stock Exchange is presently suspended due to non- compliances of some of the clauses of Listing Agreement. The management is in the process of reviving the company

3. DIVIDEND

In view of the accumulated losses your Directors do not recommend any dividend.

4. DEPOSITS

The company has not accepted any deposits from the Public and such, no amount of principal or interest on fixed deposit was outstanding as on the Balance sheet date.

5. PARTICULARS OF EMPLOYEES

There were no employees during the whole or part of the year who were in receipt of remuneration in excess of limits as set out in terms of the provisions of section 217(2A) of the Companies Act, 1956, read with the Companies (Particulars of Employees) Rules 1975 as amended.

6. DIRECTORS

Mrs. Shanti Gopalkrishnan and Mrs. Indumati Raman Directors retiring by rotation in terms of provisions of the Companies Act, 1956 and are eligible for re- appointment. The resolutions for their appointment as Director(s) are placed before you in the Annual General Meeting.

7. SUBSIDIARIES:

Since the Company has no subsidiaries, provision of section 212 of the Companies Act, 1956 is not applicable.

8. DIRECTOR'S RESPONSIBILITY STATEMENT

The Board of Directors hereby confirms:

That in the preparation of the Annual Accounts, the applicable accounting standards have been followed along with proper explanation relating to material departures.

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.

That the Directors have taken proper and sufficient care for the maintenances of adequate accounting records in accordance with the provision of this Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities.

That the Directors have prepared the Annual accounts on a going concern basis.

9. CONSERVATION OF ENERGY & TECHNOLOGY ABSORBTION

Since the Company does not have a manufacturing unit provisions of 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 regarding conservation of energy and technology absorption is not applicable.

10. FOREIGN EXCHANGE EARNINGS AND OUTGO.

During the year under review, besides the transactions reported elsewhere, there were no other Foreign Exchange transactions.

11. AUDITORS

The Board recommends appointment of M/S V.K. Beswal & Associates, Chartered Accountant as Statutory Auditors of the Company for the financial year 2012-13, who have also confirmed that their appointment shall be within limits specified under section 224 (1B) of the Companies Act, 1956.

12. AUDITORS REPORT:

Since notes to account are self explanatory, no further explanation is given by the Board as such.

13. COMMITTEES OF THE BOARD

Pursuant to Section 292A of the Companies Act, 1956 and clause 49 of Listing Agreement the Company has formed Audit Committee. Besides this the Company has also formed Shareholder / Investor Grievance Committee to redress investor's complaint, if any.

14. CORPORATE GOVERNANCE REPORT

The Company has obtained Corporate Governance Report from Ms. Palak Desai, Company Secretary in Practice and is annexed hereto.

A separate Report on corporate Governance is also annexed hereto and marked as Annexure A to this Report.

15. ACKNOWLDEGEMENTS

Your Company and its Directors wish to sincerely thanks all the customers, financial institution, creditors etc. for their continuing support and co-operation.

Your Directors express their appreciation for the dedicated and sincere services rendered by the employees of the company and also sincerely thank the shareholders for the confidence reposed by them in the company and from the continued support and co-operation extended by them.

A separate Report on corporate Governance is also annexed hereto and marked as Annexure A to this Report.

By Order Of the Board

For Inland Printers Limited

Chairman

Date: 30.05.2012

Place: Mumbai


Mar 31, 2011

The Directors have pleasure in presenting the 31st Annual Report with the audited statement of Accounts of your Company for the period ended 31st march, 2011.

BUSINESS

PARICULARS F.Y. F.Y 2010-2011 2009-2010 Rs. Rs.

Turnover/Other receipts - -

Profit/(Loss) before depreciation (33,228) (43,118)

Less: Depreciation - -

Net Profit Before tax (33,228) (43,118)

Less: Provision for income tax/deferred tax - -

Profit/(Loss) before prior period adjustment (33,228) (43,118)

Less: Prior Period Adjustment - -

Net Profit After Tax and Prior Period Adjustment (33,228) (43,118)

Balance brought forward (186,064,949) (186,021,831)

Balance carried forward (186,098,177) (186,064,949)

Auditor's Qualification

1.NOTE REGARDING NON PROVISION OF INTEREST & REPAYMENT OF SECURED LOANS:

Interest on working capital loan from The Shamrao Vithal Co-operative Bank Ltd has not been provided during the year as the amount is not ascertained. The company has received a favorable judgment from the Arbitrator in the case against the The Shamroa Vithal Co-operative Bank Ltd, however the award is being challenged by the Bank in the Bombay High Court. The decision is awaited.

2.NOTE WITH REGARD TO GOING CONCERN CONCEPT

The accounts have been prepared on the principle of going concern with a view to revive the operations of the company in future. The company is not a sick industrial company within the meaning of section 3(1)(0) of the Sick Industrial Companies (Special Provision) Act, 1985. Due to erosion of net worth of the company to the extent of more than 50% of its net worth, the company is a potentially Sick Industrial Company.

3. NOTE WITH REGARD TO NON PROVISION OF SALES TAX

Regarding Non provision of Bombay Sales Tax and Central Sales Tax amounting to Rs.1,05,661/-and Rs.4,17,097/- respectively has not been provided for as the matter is pending under appeal.

DIRECTOR'S RESPONSIBILITY STATEMENT

Pursuant to the provisions of section 217(2AA) of the Companies Act,1956, the Board hereby certifies and confirms that:

In the preparation of the Annual Accounts, he applicable accounting standards have been followed.

In the preparation of Accounts, the company has selected proper 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 your company at the end of the financial year of the Loss of the company for that period.

In the preparation of accounts, the company has taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provision of this Act for safeguarding the assets of the company and for preventing and detecting fraud and other irregularities.

In preparation of the accounts, the going concern concept has been followed.

PARTICULARS OF EMPLOYEES PARTICULARS OF EMPLOYEES SPECIFIED U/S,217(2A) OF THE COMPANIES ACT, 1956.:

No employees has been paid salary of Rs. 24,00,000/- P.A. if employed through out the year or Rs. 2,00,000/- P.M. if employed for part of the year.

ACCOUNTS

Accounts for the year ended 31.03.2011 have been finalised and got duly audited and are presented for approval and adoption.

DIVIDEND

In view of losses, your directors do not recommend any dividend for the year.

CONSERVATION OF ENERGY & TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS AND OUTGO

The clause regarding conservation of energy and technology absorption are not applicable to the company.

Foreign Exchange Earnings and Outgo.

During the year, there were no foreign exchange earnings and outgo.

AUDTIORS

M/s. V.K. BESWAL & ASSOCIATES, Chartered Accountants, Mumbai Auditors of the Company, retire and being eligible offers themselves for reappointment as Auditors.

FOR AND ON BEHALF OF THE BOARD

CHAIRMAN

PLACE: MUMBAI

DATED: 31st January, 2012


Mar 31, 2010

The Directors have pleasure in presenting the 30th Annual Report together with the audited statement of account of the Company for the year ended 31st march, 2010.

BUSINESS

PARICULARS F.Y. F.Y 2009-2010 2008-2009 Rs. Rs.

Turnover/Other receipts - 50,000

Profit/(Loss) before depreciation (43,118) (147,572)

Less: Depreciation - -

Net Profit Before tax (43,118) (147,572)

Less: Provision for income tax/deferred tax - -

Profit/(Loss) before prior period adjustment (43,118) (147,572)

Less: Prior Period Adjustment - -

Net Profit After Tax and Prior Period Adjustment (43,118) (147,572)

Balance brought forward (186,021,831) (185,874,259)

Balance carried forward (186,064,949) (186,021,831)



NOTE REGARDING NON PROVISION OF INTEREST & REPAYMENT OF SECURED LOANS:

Interest on working capital loan from The Shamrao Vithal Co-operative Bank Ltd has not been provided during the year as the amount is not ascrtained. The comapny has received a favorable judgment from the Arbitrator in the case against the The Shamroa Vithal Co-operative Bank Ltd, however the award is being challenged by the Bank in the Bombay High Court. The decision is awaited.

NOTE

The accounts have been prepared on the prepared on the principle of going concern with a view to revive the operations of the company in future. The company is not a sick industrial company with in the meaning of section 3(1)(0) of the Sick Industrial Companies (Special Provision) Act, 1985. Due to erosion of net worth of the company to the extent of more than 50% of its net worth, the company is a potentially Sick Industrial Company.

DIRECTOR'S RESPONSIBILITY STATEMENT

In the preparation of the Annual Accounts, he applicable accounting standards have been followed.

In preparation of Accounts, the company has selected proper accounting policies and applied them consistently and made judjements 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 of the Profit and Loss of the company for that period.

In the preparation of accounts, the company has taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provision of this Act for safeguarding the assets of the company and for preventing and detecting fraud and other irregularities.

In preparation of the accounts, the going concern concept has been followed.

PARTICULARS OF EMPLOYEES PARTICULARS OF EMPLOYEES SPECIFIEDU/S,217(2A) OF THE COMPANIES ACT, 1956.:

No employees has been p[aid salary of Rs. 24,00,000/- P.A. if employed through out the year or Rs. 2,00,000/- P.M. if employed for part of the year.

ACCOUNTS

Accounts for the year ended 31.03.2010 have been finalised and got duly audited and are presented for approval and adoption.

DIVIDEND

In view of losses, your directors do not recommend any dividend for the year.

CONSERVATION OF ENERGY & TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS AND OUTGO

The clause regarding conservation of energy and technology absorption are not applicable to the company.

Foreign Exchange Earnings and Outgo.

During the year, there were no foreign exchange earnings and outgo.

AUDTIORS

M/s. V.K. BESWAL & ASSOCIATES, Chartered Accountants, Mumbai Auditors of the Company, retire and being eligible offers themselves for reappointment as Auditors.

FOR AND ON BEHALF OF THE BOARD

CHAIRMAN

PLACE: MUMBAI

DATED: 01 SEP 2010

 
Subscribe now to get personal finance updates in your inbox!