Mar 31, 2015
Dear Members,
The Directors have pleasure in presenting their Annual Report on the
business and operations of the Company and the Audited Accounts for the
Financial Year ended 31st March, 2015.
1. FINANCIAL SUMMARY/HIGHLIGHTS OF PERFORMANCE OF THE COMPANY:
Financial Results (Rs. in
Particulars Year ended Year ended
31/03/2015 31/03/2014
Total Revenue 677.01 2584.90
Expenditure 690.46 2589.18
Profit before Depreciation (13.45) (4.28)
Depreciation 4.22 23.68
Profit/(Loss) before Tax (17.67) (27.96)
Provision for Taxation
Income Tax -Â 0.03
Deferred Tax -Â -Â
Profit/(Loss) after Tax (17.67) (27.99)
2. PERFORMANCE:
Due to recession and acute competition in the Steel Industry,
Performance of your Company for the year under review was affected.
Income from tender support services reduced as compared to the previous
year and consequently profits for the year also diminished. The Board
of Directors of the Company is continuously making efforts for the
growth of the Company.
3. DIVIDEND:
Due to loss during the year, the Company is not able to declare
Dividend
4. SHARE CAPITAL:
At present, the Company has only one class of shares - equity shares
with face value of Rs. 10/- each. The authorized share capital of the
company is Rs. 19,00,00,000/- divided into 19,00,00,00 equity shares of
Rs. 10/- each. The paid up share capital of the company is Rs.
94,336,380/- divided into 94,336,38 equity shares of Rs. 10/- each.
5. DEPOSITS:
Your Company has not accepted any deposits within the meaning of
Section 73 of the Companies Act, 2013 and the Companies (Acceptance of
Deposits) Rules, 2014.
6. ENERGY, TECHNOLOGY AND FOREIGN EXCHANGE:
During the period under review, several energy conservation initiatives
were adopted and were taken by the Company and its subsidiaries. There
are no plans to import any kind of technology for the project and hence
information regarding its absorption is not applicable. There was no
research activities carried out during the year as well as no foreign
exchange income or outgo during the year.
7. MATERIAL CHANGES AND COMMITMENTS AFFECTING THE FINANCIAL POSITION
OF THE COMPANY:
There were no such material changes occurred subsequent to the close of
the financial year of the Company to which the balance sheet relates
and the date of the report which can affect the financial position of
the Company.
8. SCHEME OF ARRANGEMENT:
Te High Court of Gujarat has passed order on 19/09/2014 for sanctioning
the Scheme of Arrangement between Lesha Industries Limited and ECS
Biztech Private Limited. Pursuant to Scheme of Arrangement between Lesha
Industries Limited and ECS Biztech Limited, becoming effective on
19/09/2014, the shareholders are allotted 27 new equity shares of the
Company for every 50 shares held on record date.
9. DETAILS OF SIGNIFICANT AND MATERIAL ORDERS:
No such Orders have been passed by the Regulators/Court or Tribunals
which can impact the going concern status and Company's operation in
future.
10. DETAILS OF SUBSIDIARY/JOINT VENTURES/ASSOCIATE COMPANIES:
The Company has Associate Company. Hence, details relating to Associate
Company are provided in Director Report.
11. PARTICULARS OF LOANS, GUARANTEES OR INVESTMENT BY THE COMPANY:
Details of Loans, Guarantees and Investments, if any covered under the
provisions of Section 186 of the Act are given in the notes to the
Financial Statements.
12. MEETING OF BOARD OF DIRECTORS:
During the year under the review, 7 (seven) Board meetings were held,
with gap between Meetings not exceeding the period prescribed under the
Companies Act, 2013 and Rules made thereunder. Details of Board and
Board committee meetings held during the year are given in the
Corporate Governance Report.
Board meeting dates are finalized in consultation with all directors
and agenda papers backed up by comprehensive notes and detailed
background information are circulated well in advance before the date
of the meeting thereby enabling the Board to take informed decisions.
The intervening gap between the Board Meetings was within the period
prescribed under the Companies Act, 2013.
13. EXTRACTS OF ANNUAL RETURN:
An extract of Annual Return in Form MGT-9 is attached herewith as
ANNEXURE-II.
14. INSURANCE:
All the Properties of the Company are adequately insured.
15. RELATED PARTY TRANSACTIONS:
All related party transactions that were entered into during the
financial year were on an arm's length basis and were in the ordinary
course of business. There are no materially significant related party
transactions made by the Company which may have a potential conflict
with the interest of the Company at large and thus disclosure in Form
AOC-2 is not required. The Board has formulated Policy on Related Party
Transactions.
16. DIRECTORATE AND KEY MANAGERIAL PERSONNEL:
The Board of Directors of your company has various executive and
non-executive directors including Independent Directors who have wide
and varied experience in different disciplines of corporate
functioning.
In accordance with the provisions of Section 152 of the Companies Act,
2013 and Articles of Association of the Company, Mr. Ashok C. Shah
(DIN: 02467830) retires by rotation at the ensuing Annual General
Meeting and being eligible in terms of Section 164 of the Act offers
himself for re-appointment.
The Company had, pursuant to the provisions of Clause 49 of the Listing
Agreements entered into with Stock Exchanges, appointed Mr. Hitesh M.
Donga (DIN: 03393396), Mrs. Dakshaben Dhirenbhai Bhatt (DIN: 03472634),
as an Independent Directors of the Company.
As per section 149(4) of the Companies Act, 2013 (Act), which came into
effect from 1st April, 2014, every listed public company is required to
have at least one-third of the total number of directors as Independent
Director. In accordance with the provisions of section 149 of the Act,
these Directors are being appointed as Independent Directors to hold
office as per their tenure of appointment mentioned in the Notice of
the forthcoming Annual General Meeting (AGM) of the Company.
All Independent Directors have given declarations that they meet the
criteria of independence as laid down under Section 149(6) of the
Companies Act, 2013 and Clause 49 of the Listing Agreement.
There is change in the constitution of Board of Directors during the
year Mrs. Dakshaben Dhirenbhai Bhatt was appointed on 30/03/2014 and
Mr. Keyoor Bakshi stepped down from the Board w.e.f. 30/03/2014.
As required under Section 203 of the Companies Act, 2013, the Company
has Mr. Shalin A. Shah under Key Managerial Personnel of the Company.
17. EVALUATION OF BOARD, COMMITTEES AND DIRECTORS:
Pursuant to the provisions of the Act and Clause 49 of the Listing
Agreement and Companies Act, 2013, the Board had carried out
performance evaluation of its own, the Board Committees and of the
Independent directors. Independent Directors at a separate meeting
evaluated performance of the Non-Independent Directors, Board as a
whole and of the Chairman of the Board.
The following were the Evaluation Criteria:
(a) For Independent Directors:
* Knowledge and Skills
* Professional conduct
* Duties, Role and functions
(b) For Executive Directors:
* Performance as Team Leader/Member.
* Evaluating Business Opportunity and analysis of Risk Reward Scenarios
* Key set Goals and achievements
* Professional Conduct, Integrity
* Sharing of Information with the Board
The Directors expressed their satisfaction with the evaluation process.
18. POLICY ON APPOINTMENT AND REMUNERATION OF DIRECTORS:
The Board has on the recommendation of the Nomination & Remuneration
Committee, formulated criteria for determining Qualifications, Positive
Attributes and Independence of a Director and also a Policy for
remuneration of Directors, Key managerial Personnel and senior
management.
19. MANAGERIAL REMUNERATION
The Company had not paid any remuneration to Executive Directors or any
sitting fees to Non-Executives Directors for attending any meetings
during the financial year ended 31st March, 2015.
20. INDEPENDENT DIRECTORS' MEETING:
Independent Directors of the Company had met during the year under the
review on 14/08/2014 and 14/02/2015.
21. COMMITTEES OF THE BOARD:
During the year, in accordance with the Companies Act, 2013, the Board
re-constituted some of its Committees and also formed a Nomination and
Remuneration Committee.
There are currently Three Committees of the Board, as follows:
Audit Committee
Nomination and Remuneration Committee Stakeholders' Relationship
Committee
Details of all the Committees along with their charters, composition
and meetings held during the year, are provided in the "Report on
Corporate Governance", a part of this Annual Report.
22. AUDITORS:
A. Statutory Auditors
M/s. Pradip B. Gandhi & Co., Chartered Accountants (Firm Registration
No.118674W) were appointed as Statutory Auditors of your Company at the
last Annual General Meeting held on 30th September, 2014 for a term of
five consecutive years. As per the provisions of Section 139 of the
Companies Act, 2013, the appointment of Auditors is required to be
ratified by Members at every Annual General Meeting.
The Company has obtained a written confirmation under section 139 of
the Companies Act, 2013 from M/s. Pradip B. Gandhi & Co., Chartered
Accountants, Ahmedabad (FRN 101895W) that their appointment, if made,
would be in conformity with the limits specified under the Act.
It is proposed to ratify the appointment M/s. Pradip B. Gandhi & Co.,
Chartered Accountants (Firm Registration No.ll8674W) to audit the
accounts of the Company for the financial year 2015-2016.
The Report given by the Auditors on the financial statements of the
Company is part of the Annual Report. The notes to the accounts
referred to in the Auditors' Report are self-explanatory and therefore
do not call for any further comments.
There has been no qualification, reservation, adverse remark or
disclaimer given by the Auditors in their Report.
B. Secretarial Auditors
Pursuant to the provisions of Section 204 of the Act and the Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014, the
Company has appointed M/s. Patel & Associates, Practicing Company
Secretaries, Ahmedabad to undertake the Secretarial Audit of the
Company. The Secretarial Audit Report is annexed herewith as Annexure
IV
There is no qualification, reservation or adverse remark in the report.
23. INTERNAL CONTROL SYSTEM AND COMPLIANCE FRAMEWORK:
The Company has an Internal Control System, commensurate with size,
scale and complexity of its operations. The internal financial
controls are adequate and are operating effectively so as to ensure
orderly and efficient conduct of business operations. The Company has
appointed M/s. Naimish K. Shah & Co., Chartered Accountant (FRN
106828W) as an Internal Auditors of the Company. The Audit Committee in
consultation with the internal auditors formulates the scope,
functioning, periodicity and methodology for conducting the internal
audit. The internal auditors carry out audit, covering inter alia,
monitoring and evaluating the efficiency & adequacy of internal control
systems in the Company, its compliance with operating systems,
accounting procedures and policies at all locations and submit their
periodical internal audit reports to the Audit Committee. Based on the
internal audit report and review by the Audit committee, process owners
undertake necessary actions in their respective areas. The internal
auditors have expressed that the internal control system in the Company
is robust and effective. The Board has also put in place requisite
legal compliance framework to ensure compliance of all the applicable
laws and that such systems are adequate and operating effectively.
24. RISK MANAGEMENT:
Company has implemented an integrated risk management approach through
which it reviews and assesses significant risks on a regular basis to
help ensure that there is a robust system of risk controls and
mitigation in place. Senior management periodically reviews this risk
management framework to keep updated and address emerging challenges.
Major risks identified for the Company by the management are Currency
fluctuation, Compliances of various applicable Laws, Regulatory
changes, Manufacturing & Supply, Litigation, Technological Changes and
new capital investments return. The management is however, of the view
that none of the above risks may threaten the existence of the Company
as robust Risk mitigation mechanism is put in place to ensure that
there is nil or minimum impact on the Company in case any of these
risks materialize.
25. VIGIL MECHANISM AND WHISTLE BLOWER POLICY:
In accordance with Section 177 of the Companies Act, 2013 and revised
Clause 49 of the Listing Agreement, the Company has constituted a
Whistle Blower Policy/ Vigil Mechanism to establish a vigil mechanism
for the directors and employees to report genuine concerns in such
manner as may be prescribed and to report to the management instances
of unethical behaviour, actual or suspected fraud or violation of the
Company's code of conduct.
26. PREVENTION OF INSIDER TRADING:
The Company has adopted a Code of Conduct for Prevention of Insider
Trading with a view to regulate trading in securities by the Directors
and designated employees of the Company. The Code requires
pre-clearance for dealing in the Company's shares and prohibits the
purchase or sale of Company shares by the Directors and the designated
employees while in possession of unpublished price sensitive
information in relation to the Company and during the period when the
Trading Window is closed. The Board is responsible for implementation
of the Code. All Board Directors and the designated employees have
confirmed compliance with the Code.
27. DIRECTORS' RESPONSIBILITY STATEMENT:
In accordance with the provisions of clause (c) of sub-section (3) of
Section 134 of the Companies Act, 2013 and to the best of their
knowledge and belief and according to the information and explanations
obtained by them, your Directors state that-
i. In the preparation of the annual accounts, the applicable
accounting standards had been followed along with proper explanation
relating to material departures;
ii. The directors had 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 31st March, 2015 and of
the profit and loss of the company for that period;
iii. The directors had taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of Companies Act, 2013 and Rules made thereunder for
safeguarding the assets of the company and for preventing and detecting
fraud and other irregularities;
iv. The directors had prepared the annual accounts on a going concern
basis; and
v. 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.
vi. 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.
28. CORPORATE GOVERNANCE:
As required by the existing Clause 49(X) of the Listing Agreement
entered into with the Stock Exchanges, a detailed report on Corporate
Governance is given as a part of the Annual Report. The Company is in
full compliance with the requirements and disclosures that have to be
made in this regard. The Company Secretary's Certificate of the
compliance with Corporate Governance requirements by the Company is
attached to the Report on Corporate Governance. Report on Corporate
Governance is given elsewhere in this Annual Report, herewith attached
as ANNEXURE VI.
29. CORPORATE GOVERNANCE CERTIFICATE:
The Compliance certificate from the Company Secretary regarding
compliance of conditions of Corporate Governance as stipulated in
Clause 49 of the Listing agreement is appended to the report on
Corporate Governance., herewith attached as Annexure VII.
30. GENERAL SHAREHOLDER INFORMATION:
General Shareholder Information is given in Report on Corporate
Governance forming part of the Annual Report.
31. ACKNOWLEDGEMENT:
Your Directors take this opportunity to express their gratitude for the
unstinted commitment, dedication, hard work and significant
contribution made by employees at all levels in ensuring sustained
growth of the Company. Your Directors also sincerely thank to all the
stakeholders, customers, vendors, bankers, business associates,
government, other statutory bodies and look forward to their continued
assistance, co-operation and support.
Place: Ahmedabad For and on behalf of the Board
Date: 14th August, 2015
SD/- SD/-
Shalin Shah Ashok Shah
Director Director
DIN:00297447 DIN:02467830
Mar 31, 2014
Dear Shareholders,
The Board of Directors have pleasure in presenting the Annual Report
together with Audited Accounts for the year ended 31st March, 2014.
FINANCIAL RESULTS:
The Financial result for the year is as under:
(Rs. in lacs)
Particulars 2013-14 2012-13
Total Income 2584.90 2365.04
Expenditure 2589.18 2395.84
Profit before depreciation (4.28) (30.80)
Depreciation 23.68 8.68
Profit/(Loss) before Tax (27.96) (39.48)
Provision for Taxation
Income Tax 0.03 Â
Deferred Tax  Â
Profit/(Loss) after Tax (27.99) (39.48)
DIVIDEND:
Due to loss during the year, the Company is not able to declare
dividend.
PERSONNEL:
There are no employees drawing remuneration exceeding the limits
prescribed under Section - 217(2A) of the Companies Act, 1956 read with
the Companies (Particulars of Employees) Rules, 1975.
STATUTORY INFORMATION:
Particulars of conservation of energy etc. u/s 217(1)(e) are not
applicable as the Commercial Production has not yet commenced. There
are no plans to import any kind of technology for the project and hence
information regarding its absorption is not applicable. There is no
foreign exchange income or outgo.
DIRECTORS:
Mr. Ashok C. Shah, Director of the company retires by rotation and
being eligible, offer himself for reappointment.
AUDITORS:
M/s. Shamik J. Divatia & Co, Chartered Accountants, Ahmedabad has not
furnished their willingness to be reappointed as Statutory Auditors'' of
the company. A special notice as required under Section 140(4)(i) of
the Companies Act, 2013 has been received from one the shareholder of
the company recommending the intention to recommend the appointment of
M/s. Pradip B. Gandhi & Co. Chartered Accountants, Ahmedabad as
Statutory Auditors of the Company at the forthcoming Annual General
Meeting.
The Company has received written certificate from M/s. Pradip B. Gandhi
& Co. Chartered Accountants, Ahmedabad as required under The Companies
(Audit & Auditors) Rules, 2014.
AUDITORS'' REPORT:
The observations made in the Auditors'' Report, read with the relevant
notes thereon are self-explanatory and therefore do not call for any
further comments under Section 217 of the Companies Act, 1956.
DIRECTOR''S RESPONSIBILITY STATEMENT:
Pursuant to Section 217(2AA) of the Companies Act, 1956, Directors
confirm:
i) That, in the preparation of the annual accounts, the applicable
accounting Standards had been followed.
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 ended 31st
March, 2014 and of the profit or loss of the company for that year,
iii) That, the directors had 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,
iv) That the directors have prepared the annual accounts on a going
concern basis.
CORPORATE GOVERNANCE:
Pursuant to Clause 49 of the Listing Agreement, a report on Corporate
Governance is given in Annexure - II. MANAGEMENT DISCUSSION &
ANALYSIS:
Management Discussion & Analysis is given separately and forms part of
this Annual Report.
ACKNOWLEDGEMENTS:
Your Directors wish to place on record their appreciation for whole
hearted Co-operation received from all the Employees of the company.
On behalf of Board of Directors
Date : 02/09/2014 Shalin A. Shah Ashok C. Shah
Place : Ahmedabad. Managing Director Director
Mar 31, 2012
The Board of Directors have pleasure in presenting the Annual Report
together with Audited Accounts for the year ended 31st March, 2012
FINANCIAL RESULTS:
The Financial result for the year is as under:
(Rs. in lacs)
Particulars 2010-11 2011-12
Total Income 14448.21 42898.89
Expenditure 14438.25 42939.20
Profit before depreciation 9.97 (40.31)
Depreciation 8.62 5.36
Profit/(Loss) before Tax 1.35 (45.67)
Provision for Taxation
- Income Tax 0.13 -
- Deferred Tax 2.40 1.91
Profit/(Loss) after Tax (1.17) (47.58)
DIVIDEND:
Due to loss during the year, the Company is not able to declare
dividend.
FINANCE:
During the year, the company has issued 25,37,000 equity Shares by way
of preferential allotment converting unsecured loans into equity shares
and by accepting cash against issue of such shares as per Securities
and Exchange Board of India (Issue and capital Disclosure Requirements)
Regulations, 2009 as amended from time to time ("SEBI ICDR
Regulations"). The company also increased its Authorised capital
from Rs. 1200 lacs to Rs. 1900 lacs.
PERSONNEL:
There are no employees drawing remuneration exceeding the limits
prescribed under Section - 217(2A) of the Companies Act, 1956 read with
the Companies (Particulars of Employees) Rules, 1975.
STATUTORY INFORMATION:
Particulars of conservation of energy etc. u/s 217(1)(e) are not
applicable as the Commercial Production has not yet commenced. There
are no plans to import any kind of technology for the project and hence
information regarding its absorption is not applicable. There is no
foreign exchange income or outgo.
DIRECTORS:
Mr. Keyoor Bakshi, Director of the company retires by rotation and
being eligible, offer himself for reappointment.
AUDITORS:
M/s. Naimish K. Shah & Co, Chartered Accountants, Ahmedabad retires and
being eligible for reappointment, you are requested to appoint Auditors
for the current year.
AUDITORS' REPORT:
The observations made in the Auditors' Report, read with the relevant
notes thereon are self-explanatory and therefore do not call for any
further comments under Section 217 of the Companies Act, 1956.
DIRECTOR'S RESPONSIBILITY STATEMENT:
Pursuant to Section 217(2AA) of the Companies Act, 1956, Directors
confirm:
i) That, in the preparation of the annual accounts, the applicable
accounting Standards had been followed.
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 ended 31st
March, 2012 and of the profit or loss of the company for that year,
iii) That, the directors had 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,
iv) That the directors have prepared the annual accounts on a going
concern basis.
CORPORATE GOVERNANCE:
Pursuant to Clause 49 of the Listing Agreement, a report on Corporate
Governance is given in Annexure - II.
MANAGEMENT DISCUSSION & ANALYSIS:
Management Discussion & Analysis is given separately and forms part of
this Annual Report.
ACKNOWLEDGEMENTS:
Your Directors wish to place on record their appreciation for whole
hearted Co-operation received from all the Employees of the company.
On behalf of Board of Directors
Date : 03.09.2012 Shalin A. Shah Ashok C. Shah
Place : Ahmedabad. Managing Director Director
Mar 31, 2009
The Board of Directors have pleasure in presenting the Annual Report
together with Audited Accounts for the year ended 31st March, 2009
FINANCIAL RESULTS :
The Financial result for the year are as under:
(Rs. Rs lacs)
Particulars 2008-09 2007-08
Total Income 25.00 4.82
Expenditure 23.61 11.79
Profit/(Loss) before Tax 1.39 (6.97)
Provision for Taxation
- Income Tax - -
- Deferred Tax 0.97 1.67
Profit/(Loss) after Tax 0.42 (8.64)
DIVIDEND :
In view Of loss, the Board of Directors dc not recommend any dividend
during the year.
PERSONNEL:
There are no employees drawing remuneration exceeding the limits
prescribed under Section - 217(2A) of the Companies Act, 1956 read with
the Companies (Particulars of Employees) Rules, 1975.
DISCLOSURE WITH RESPECT TO CONSERVATION OF ENERGY ETC.:
The company has given priority for conservation of energy' and
absorption of technology. There is no Foreign exchange earnings and
outgo.
DIRECTORS:
Mr. Swetank M Patel , Director of the company retires by rotation and
being eligible, offer himself for reappointment.
AUDITORS :
M/s Naimesh K. Shah & Co, Chartered Accountants, Ahmedabad retires and
being eligible for reappointment, you are requested to appoint Auditors
for the current year.
DIRECTOR'S RESPONSIBILITY STATEMENT:
Pursuant of Section 217(2AA) of the Companies Act, 1956, Directors
confirm :
i) That, in the preparation of the annual accounts, the applicable
accounting Standards had been followed.
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 ended 31st
March, 2009 and of the profit or loss of the company for that year,
iii) That, the directors had 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,
iv) That, the directors have prepared the annual accounts on a going
concern basis.
ACKNOWLEDGEMENTS :
Your Directors wish to place on record their appreciation for whole
hearted Co-operation received from all the Employees of the company.
ON BEHALF OF THE BOARD OF DIRECTORS
Date : 20.04.2009
Place: Ahmedabad.
DIRECTOR DIRECTOR
Mar 31, 2008
The Board of Directors have pleasure in presenting the Annual Report
together with Audited Accounts for the year ended 31st March, 2008
FINANCIAL RESULTS :
The Financial result for the year are as under:
(Rs. in lacs)
Particulars 2007-08 2006-07
Total Income 4.82 18.84
Expenditure 11.79 18.84
Profit/(Loss) before Tax (6.97) (0.003)
Provision for Taxation
- Income Tax - -
- Deferred Tax 1.67 2.19
Profit/(Loss) after Tax <8.64> (2.19)
DIVIDEND :
In view Of loss, the Board of Directors do not recommend any dividend
during the year.
PERSONNEL:
There are no employees drawing remuneration exceeding the limits
prescribed under Section - 217(2A) of the Companies Act, 1956 read with
the Companies (Particulars of Employees) Rules, 1975.
DISCLOSURE WITH RESPECT TO CONSERVATION OF ENERGY ETC.:
The company has given priority for conservation of energy and
absorption of technology. There is no Foreign exchange earnings and
outgo.
DIRECTORS:
Mr. Narendra S. Ayer, Director of the company retires by rotation and
being eligible, offer himself for reappointment.
AUDITORS :
M/s. Naimesh K. Shah & Co, Chartered Accountants, Ahmedabad retires and
being eligible for reappointment, you are requested to appoint Auditors
for the current year.
DIRECTOR'S RESPONSIBILITY STATEMENT:
Pursuant of Section 217(2AA) of the Companies Act, 1956, Directors
confirm :
i) That, in the preparation of the annual accounts, the applicable
accounting Standards had been followed.
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 ended 31st
March, 2008 and of the profit or loss of the company for that year,
iii) That, the directors had 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,
iv) That, the directors have prepared the annual accounts on a going
concern basis.
ACKNOWLEDGEMENTS :
Your Directors wish to place on record their appreciation for whole
hearted Co-operation received from all the Employees of the company.
ON BEHALF OF THE BOARD OF DIRECTORS
Date : 01.09.2008
Place: Ahmedabad.
DIRECTOR DIRECTOR
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