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Directors Report of Jayavant Products Ltd.

Mar 31, 2012

The Directors present their 18th Annual Report on the business operations of the Company alongwith the Statement of Audited financial statements for the year ended 31st March 2012.

FINANCIAL RESULTS:

Particulars (Rs.in lacs)

Year ended Year ended 31st March 2012 31st March 2011

Total Income 9.11 17.87

Profit/(Loss) before Interest, Depreciation & 2.29 0.58 Taxation

Less: Interest 0.00 0.00

Profit/(Loss) before Depreciation 2.29 0.58

Less: Depreciation 0.00 0.00

Profit/(Loss) before Tax 2,29 0.58

Less: Provision for Tax (Including earlier year 0.19 1.04 tax)

Net Profit/(Loss) after Tax 2.10 1.62

YEAR UNDER REVIEW:

During the year under review, the Company continued the same line of business, registering total income of Rs. 9.11 lacs as against Rs. 17.87 lacs in the previous year. The Company reported net profit of Rs. 2.10 lacs as against net profit of Rs. 1.62 lacs in the previous year.

DIVIDEND:

In view of insignificant profit during the year, your directors, in order to conserve the resources, have not recommended any dividend for the year ended 31st March, 2012.

DIRECTOR'S RESPONSIBILITY STATEMENT:

Pursuant to Section 217(2AA) of the Companies Act, 1956 the Board of Directors confirms that:

- in the preparation of the annual accounts, the applicable accounting standards have been followed;

- they 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, 2012 and of the profit of the Company for that year;

- 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 frauds and other irregularities; and

- they have prepared the attached Statement of Accounts for the year ended 31st March, 2012 on a going concern basis.

DIRECTORS:

Mr. Prakash Bihani, director of the company, retire by rotation at ensuing Annual General Meeting and being eligible offers themselves for re-appointment.

Mr. Prakash Bihani has in depth knowledge of stock market as well as yarn market. He has more than 30 years experience in business and administration. He is not a director in an/ other company or holds any shares in the company. He is member of the committees constituted by the Board for effective corporate governance, the details thereof are mentioned in Report on Corporate Governance forming part of this Annual Report.

CORPORATE GOVERNANCE AND MANAGEMENT DISCUSSION AND ANALYSIS:

A report on the Corporate Governance and Management Discussion and Analysis is attached as a part of the Annual Report. The Auditor's Certificate regarding compliance of the conditions of Corporate Governance is also annexed.

AUDITORS:

M/s. R. S. Agrawal & Associates, Chartered Accountants, the auditors of the Company retire at the ensuing Annual General Meeting and are eligible for re-appointment. The company has received a certificate from the auditors to the effect that their appointment, if made, would be within the prescribed limits under Section 224 (1B) of the Companies Act, 1956. The members are requested to appoint the auditors and authorize the Board to fix their remuneration.

AUDITORS' REPORT:

Pursuant to section 217(3) of the Companies Act, 1956, information and explanations of the Board of Directors for observations made in Auditors' Report are under:

The Company is in the process of complying with the provisions of section 372A of the Companies Act, 1956.

FIXED DEPOSITS:

The Company has not accepted any deposit from public during the year under review.

PARTICULARS OF EMPLOYEES:

During the year under review, none of the employees of the company was in receipt of remuneration aggregating Rs. 24,00,000/- or more per annum, if employed throughout the year, or Rs. 2,00,000/- or more per month, in case employed for part of the year. Hence, there are no particulars to be annexed to this report as required under Section 217 (2A) of the Companies Act, 1956 and the rules made there under.

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

(A) Conservation of Energy Research & Development and Technology Absorption:

Considering the Company's existing business activities, your directors have nothing to state in connection with Conservation of Energy Research & Development and Technology Absorption.

(B) Foreign Exchange Earnings & Outgo:

During the year under review, no foreign exchange has been earned and /or expended by the company.

ACKNOWLEDGEMENTS:

The Directors wish to express their gratitude to the bankers, clients and all the business associates for their continuous support to the Company and to the shareholders for the confidence reposed in the Company's management. The directors also convey their appreciation to the employees at all levels for their enormous personal efforts as well as collective contribution.

For and on Behalf of the Board JAYAVANT PRODUCTS LIMITED

Dayen J. Mehta

Director

jitendra Mehta

Director

Place: Mumbai Date : 30th May 2012


Mar 31, 2010

The Directors present their 16th Annual Report on the business operations of the Company alongwith the Statement of Audited financial statements for the year ended 31st March 2010.

FINANCIAL RESULTS:

Particulars (Rupees in lacs)

Year ended Year ended 31st March 2010 31st March 2009

Total Income 13.10 0.42

Profit/(Loss) before Interest, Depreciation 6.95 (5.68) & Taxation

Less: Interest 0.00 0.00

Profit/
Less: Depreciation 0.00 0.00

Profit/
Less: Provision for Tax (Including earlier 1.48 1.18 year tax):

Net Profit/(Loss) after Tax 5.47 (6.86)

YEAR UNDER REVIEW:

During the year under review, the company continued the same line of business, registering total income of Rs. 13.10 as against 0.42 in the previous year, The Company reported net profit of Rs. 5.47 lacs as against the net loss of Rs. 6.86 lacs in the previous year.

DIVIDEND:

In view of insignificant profit during the year, your directors, in order to conserve the resources, have not recommended any dividend for the year ended 31st March, 2010.

DIRECTORS RESPONSIBILITY STATEMENT:

Pursuant to Section 217(2AA) of the Companies Act, 1956 the Board of Directors confirms that:

- in the preparation of the annual accounts, the applicable accounting standards have been followed;

- they 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 and of the profit of the Company for that year;

- 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 frauds and other irregularities; and

- they have prepared the attached Statement of Accounts for the year ended 31st March, 2010 on a going concern basis.

DIRECTORS:

Mr. Prakash Bihani and Mr. Satyanarayan Bhandari, directors of company, retire by rotation at ensuing Annual General Meeting and being eligible offers themselves for re-appointment.

Mr. Prakash Bihani:

Mr. Prakash Bihani has an in-depth knowledge of stock market as well as yarn market. He has an experience of more than 29 years. He is not a director in any other company.

Mr. Satyanarayan Bhandari

Mr. Satyanarayan Bhandari has an in-depth knowledge of Retail Marketing alongwith a good knowledge of stock market. He is not a director in any other company.

CORPORATE GOVERNANCE AND MANAGEMENT DISCUSSION AND ANALYSIS:

A report on the Corporate Governance and Management Discussion and Analysis is attached as a part of the Annual Report. The Auditors Certificate regarding compliance of the conditions of Corporate Governance is also annexed.

AUDITORS:

M/s. R. S. Agrawal & Associates, Chartered Accountants, the auditors of the Company retire at the ensuing Annual General Meeting and are eligible for re- appointment. The company has received a certificate from the auditors to the effect that their appointment, if made, would be within the prescribed limits under Section 224 (IB) of the Companies Act, 1956. The members are requested to appoint the auditors and authorize the Board to fix their remuneration.

AUDITORS REPORT:

Pursuant to section 217(3) of the Companies Act, 1956, information and explanations of the Board of Directors for observations made in Auditors Report are under:

a) the Company is in the process of recovering loans and advances given in contravention of section 295 of the Companies Act, 1956.

b) the Company is in the process of complying with the provisions of section 372A of the Companies Act, 1956.

FIXED DEPOSITS:

The Company has not accepted any deposit from public during the year under review.

PARTICULARS OF EMPLOYEES:

During the year under review, none of the employees of the company was in receipt of remuneration aggregating Rs. 24,00,000/- or more per annum, if employed throughout the year, or Rs. 2,00,000/- or more per month, in case employed for part of the year. Hence, there are no particulars to be annexed to this report as required under Section 217 (2A) of the Companies Act, 1956 and the rules made there under.

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

(B) Conservation of Energy Research & Development and

Technology Absorption:

Considering the Companys existing business activities, your directors have nothing to state in connection with Conservation of Energy Research & Development and Technology Absorption.


During the year under review, no foreign exchange has been earned and /or expended by the company.

ACKNOWLEDGEMENTS:

The Directors wish to express their gratitude to the bankers, clients and all the business associates for their continuous support to the Company and to the shareholders for the confidence reposed in the Companys management. The directors also convey their appreciation to the employees at all levels for their enormous personal efforts as well as collective contribution.

For and on Behalf of the Board JAYAVANT PRODUCTS LIMITED

Devan J. Mehta Director

Jitendra Mehta Director

Place: Mumbai

Date; 31st August 2010

 
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