Mar 31, 2014
Dear Members,
The Directors present the 23rd ANNUAL REPORT together with the Audited
Statement of Account for the Financial Year 2013-14 ended on 31st
March, 2014.
Financial RESULTS:
As on As on
Particulars 31.03.2014 31.03.2013
Total Income (Net) 11,39,664 11,766,566
Total Expenditure 22,82,869 10,929,832
Gross Profit/(Loss) (11,43,204) 836734
Less:
Depreciation 1,67,344 155733
Provision for Taxation 4,476 132112
Extra Ordinary Items - -
Profit/ (Loss) after Tax (13,15,024) 548889
DIVIDEND:
In view of inadequate profit in the year under review, the Board of
Director have not recommended dividend for the year.
DIRECTORS:
Mr. Kanhiyalal D. Moolchandani and Mr. Alpeshkumar M. Patel, Directors
of the Company, retire by rotation and being eligible offers themselves
for re-appointment.
The Board of your Company recommends their re-appointment as Director
under the category of liable to retire by rotation.
FIXED DEPOSITS:
During the year under report, the Company has not accepted any deposit
to which the provisions of Section 58A of the Companies Act, 1956 and
corresponding Section 73 to 76 of the Companies Act, 2013, are
applicable.
PARTICULARS REGARDING EMPLOYEES:
During the year under report, none of the employees was in receipt of
remuneration exceeding the limit prescribed under Section 217 (2A) of
the Companies Act, 1956, read with the Companies (Particulars of
Employees) Rules, 1975, as amended.
PARTICULARS AS REQUIRED UNDER COMPANIES (DISCLOSURE OF PARTICULARS IN
THE REPORT OF THE BOARD OF DIRECTORS) RULES, 1988:
A. CONSUMPTION OF ENERGY & TECHNOLOGY ABSORPTION:
As the Company has not done any production activity, therefore there is
NIL information about conservation of Energy and Technology absorption.
B. FOREIGN EXCHANGE EARNING & OUTGO : NIL
Pursuant to the requirement of Section 217 (2AA) of the Companies Act,
1956, with respect to Directors'' Responsibility Statement, it is hereby
confirmed:
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 31st March, 2014 being end of the
financial year 2013-14 and of the Profit of the Company for the year.
III. that the Directors have taken proper and sufficient care for
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:
The Report on Corporate Governance required under Clause 49 of the
Listing Agreements is annexed.
AUDITORS:
The present Auditors of the Company M/s. Raval Sutaria & Associates,
Chartered Accountants, Ahmedabad were appointed as Auditors and will
retire at the ensuing Annual General Meeting. M/s. Raval Sutaria &
Associates, Ahmedabad have informed the Company about their inability
to continue as an Auditor of the Company and therefore the Company has
approached M/s. Ramesh Mansharamani & Co., Chartered Accountants,
Ahmedabad to act as an Auditor of the Company. M/s. Ramesh
Mansharamani & Co., Chartered Accountants, Ahmedabad have submitted
certificate for their eligibility for appointment under Section 139 of
the Companies Act, 2013. The Appointment of M/s. Ramesh Mansharamani &
Co., Chartered Accountants, Ahmedabad as Statutory Auditors of the
Company will be effective from the conclusion of this Annual General
Meeting to the conclusion of next Annual General Meeting. Your
Directors recommend the appointment of M/s. Ramesh Mansharamani & Co.,
Chartered Accountants, Ahmedabad as Statutory Auditors'' of the Company.
The notes and remarks of Auditors'' are self-explanatory.
COMPLIANCE CERTIFICATE:
The Company has obtained Compliance Certificate under the provisions of
section 383A of the Companies Act, 1956 from M/s Khandelwal Devesh &
Associates, Company Secretaries, Ahmedabad and the same is attached
with this Report as annexure.
LISTING:
The Shares of the Company are listed on the Bombay Stock Exchange,
Ahmedabad Stock Exchange and Jaipur Stock Exchange. The Company has
paid the Listing fees for the year 2014-15 to Bombay Stock Exchange.
Listing fee of Ahmedabad Stock Exchange and Jaipur Stock Exchange is
outstanding. The Company is regular in complying with the Listing
Agreement entered into with the Stock Exchange.
DEMATERIALISATION OF EQUITY SHARES:
The Company has appointed Sharepro Services (India) Pvt. Ltd. as RTA
and to facilitate holding of securities in dematerialized / electronic
form, the Company entered into agreement with both National Securities
Depository Limited (NSDL) and Central Depository Services (India)
Limited (CDSL) for dematerialisation of the Equity Shares of the
Company. ISIN No. of the Company''s Equity Share is INE501L01016.
ACKNOWLEDGEMENT:
Your Directors express their sincere gratitude for the assistance and
co-operation extended by promoters, Banks, Government Authorities,
Employees and Shareholders.
For and on behalf of the Board
Chanderlal B. Ambwani
Place : Ahmedabad Chairman & Managing Director
Date : 11/08/2014 (DIN : 01390563)
Mar 31, 2012
The Directors present the 21st ANNUAL REPORT together with the Audited
Statement of Account for the Financial Year 2011-12 ended on 31st
March, 2012.
FINANCIAL RESULTS:
As on As on
Particulars 31.03.2012 31.03.2011
PR0FIT/(L0SS) BEFORE DEPRECIATION
AND TAXATION FOR THE YEAR (617611) (210034)
LESS : DEPRECIATION 16796 0
PROFIT/(LOSS) BEFORE EXTRAORDINARY
ITEMS (634407) (210034)
EXTRAORDINARY ITEMS (13768295) 0
PROFIT/(LOSS) BEFORE TAXATION (PBT) (14402702) (210034)
TAXATION 8875 0
PROFIT/(LOSS) AFTER TAXATION (PAT) (14411577) (210034)
ADD : PROFIT/(LOSS) BROUGHT FORWARD (12914072) (12704038)
P & L (DR.) CARRIED FORWARD TO
BALANCE SHEET (27325649) (12914072)
OPERATIONS:
The Company has started its business operation in the field of Green
House and Poly House. During the year there was no turnover of the
newly started activity as the same was started in the later part of the
financial year. Your Directors
are confident that the performance of the Company will improve
significantly in the coming years.
DIVIDEND:
In view of loss during the year under review, the Board of Director
have not recommended dividend for the year. FIXED DEPOSITS:
During the year under report, the Company has not accepted any deposit
to which the provisions of Section 58A of the Companies Act, 1956 are
applicable.
PARTICLULARS REGARDING EMPLOYEES:
During the year under report, none of the employees was in receipt of
remuneration exceeding the limit prescribed under Section 217 (2A) of
the Companies Act, 1956, read with the Companies (Particulars of
Employees) Rules, 1975, as amended.
PARTICULARS AS REQUIRED UNDER COMPANIES (DISCLOSURE OF PARTICULARS IN
THE REPORT OF THE BOARD OF DIRECTORS) RULES, 1988:
A. CONSUMPTION OF ENERGY & TECHNOLOGY ABSORPTION:
As the Company has not done any commercial activity, therefore there is
NIL information about conservation of Energy and Technology absorption.
B. FOREIGN EXCHANGE EARNING & OUTGO : NIL DIRECTORS RESPONSIBILITY
STATEMENT:
Pursuant to the requirement of Section 217 (2AA) of the Companies Act,
1956, with respect to Directors Responsibility Statement, it is hereby
confirmed:
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 31st March, 2012 being end of the
financial year 2011-12 and of the Profit of the Company for the year.
III. that the Directors have taken proper and sufficient care for
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:
The Report on Corporate Governance required under Clause 49 of the
Listing Agreements is annexed.
AUDITORS:
The Auditors of the Company M/s R. K. Mansharamani & Co., Chartered
Accountants, who being appointed as Auditors of the Company for the
Financial Year 2011-12 has surrender the registration of its firm and
joined M/s Raval Sutaria & Associates, Chartered Accountants, Ahmedabad
during the year, therefore the present auditors of the Company M/s
Raval Sutaria & Associates, Chartered Accountants will retire at the
ensuing Annual General Meeting. M/sRaval Sutaria & Associates,
Chartered Accountants having firm registration No.27027W (122981W), has
submitted certificate for his eligibility for appointment under Section
224(1B) of the Companies Act, 1956. Board of Directors of your Company
favour his re-appointment as Auditors of the Company and such
re-appointment if done, shall be upto the next Annual General Meeting
of the Company.
The notes and remarks of Auditors' are self-explanatory.
COMPLIANCE CERTIFICATE:
The Company has obtained Compliance Certificate under the provisions of
section 383A of the Companies Act, 1956 from M/s Khandelwal Devesh &
Associates, Company Secretaries, Ahmedabad and the same is attached
with this Report as annexure.
LISTING:
The Shares of the Company are listed on the Bombay Stock Exchanges,
Ahmedabad Stock Exchange and Jaipur Stock Exchange. The Company has
paid the Listing fees for the year 2012-13 to Bombay Stock Exchange.
Listing fee of Ahmedabad Stock Exchange and Jaipur Stock Exchange is
outstanding. Trading in Equity shares of the Company was suspended at
BSE and after complying the Listing Agreement, the BSE has revoked
suspension in trading of equity shares of the Company and now trading
in equity shares of your Company is available at BSE. The Company has
complied with the applicable clauses of the Listing Agreement with BSE.
DEMATERIALISATION OF EQUITY SHARES:
The Company has appointed Sharepro Services (India) Pvt. Ltd. as RTA
and to facilitate holding of securities in dematerialized / electronic
form, the Company entered into agreement with both National Securities
Depository Limited (NSDL) and Central Depository Services (India)
Limited (CDSL) for dematerialisation of the Equity Shares of the
Company. ISIN No. of the Company's Equity Share is INE501L01016.
DELISTING FROM AHMEDABD & JAIPUR STOCK EXCHANGES
Equity shares of your Company are listed at Bombay Stock Exchange,
Ahmedabad Stock Exchange and Jaipur Stock Exchange. As no trading has
been done on the ASE and JSE during recent years, therefore Board of
Directors of your Company decided to delist equity shares of the
Company from ASE and JSE, subject to approval of shareholders.
Necessary resolution with Explanatory Statement is at Notice of AGM.
ACKNOWLEDGEMENT:
Your Directors express their sincere gratitude for the assistance and
co-operation extended by promoters, Banks, Government Authorities,
Employees and Shareholders.
For and on behalf of the Board
Place : Ahmedabad Chanderlal B. Ambwani
Date : 14/08/2012 Chairman & Managing Director
Mar 31, 2010
The Directors present the NINETEENTH ANNUAL REPORT together with the
Audited Statement of Account for the Financial Year 2009-10 ended on
31st March, 2010.
FINANCIAL RESULTS :
As On As On
31.03.2010 31.03.2009
Profit/(Loss)of the year (37427) (15225)
Less: Depreciation;
Profit/(Loss) Before Taxation (PBT) (37427) (15225)
Less: Provision for Taxation - -
Profit/(Loss) After Tax (PAT) (37427) (15225)
Add. Profit / (Loss) brought forward (12666611) (12651386)
P&L (Dr.) brought forward to
Balance Sheet (12704038) (12666611)
OPERATIONS :
The Company has not started its business and is looking for other
better opportunities.
DIVIDEND :
In view of loss during the year under review, the Board of Director
have not recommended dividend for the year.
FIXED DEPOSITS :
During the year under report, the Company has not accepted any deposit
to which the provisions of Section 58A of the Companies Act, 1956 are
applicable.
PARTICLULRS REGARDING EMPLOYEES :
During the year under report, none of the employees was in receipt of
remuneration exceeding the limit prescribed under Section 217 (2A) of
the Companies Act, 1956, read with the Companies (Particulars of
Employees) Rules, 1975, as amended.
PARTICULARS AS REQUIRED UNDER COMPANIES (DISCLOSURE OF PARTICULARS IN
THE REPORT OF THE BOARD OF DIRECTORS) RULES, 1988 :
A. CONSUMPTION OF ENERGY & TECHNOLOGY ABSORPTION :
As the Company is not doing any commercial activity, therefore there is
NIL information about conservation of Energy and Technology absorption.
B. FOREIGN EXCHANGE EARING & OUTGO : NIL
DIRECTORATE:
Since the last Annual Report Mr Jatin Kansara resigned from the Board
of Directors of the Company w.e.f. 2nd July, 2010. The Board has placed
on record its appreciation for the services rendered and the
contribution made by him during his tenure as Director of the Company.
One of your Directors Mr. Kiran Kansara retires by rotation in terms of
the Articles of Association of the Company, He however, being eligible,
offers himself for reappointment.
During the year Mr. Nandubhai S. Patel and Mr. Amolksingh R. Ahuja were
appointed as an additional directors w.e.f. 10lh June, 2010. There term
of appointment expires on this Annual General Meeting and to appoint
them as Director of the Company, Notice in writing from a Member under
Section 257 of the Act, proposing their candidature for the office of
Director of the Company has been received. Appointment of both
directors will be under the category of Independent Director, the Board
recommends their appointment.
DIRECTORS RESPONSIBILITY STATEMENT :
Pursuant to the requirement of Section 217 (2AA) of the companies Act,
1956, with respect to Directors Responsibility Statement, it is hereby
confirmed :
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 31st March, 2010 being end of the
financial year 2009-10 and of the Profit of the Company for the year.
III. that the Directors have taken proper and sufficient care for
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:
The Report on Corporate Governance required under Clause 49 of the
Listing Agreements is annexed.
AUDITORS :
The present Auditors of the Company M/s Alkesh C. Shah & Co., Chartered
Accountants, Ahmedabad were appointed as Auditors and will retire at
the ensuing Annual General Meeting. M/s Alkesh C. Shah & Co., Chartered
Accountants, have informed the Company about their inability to
continue as an Auditors of the Company and therefore the Company has
approaced M/s. R. K. Mansharamani & Co., Chartered Accountants to act
as an Auditors of the Company. M/s. R. K. Mansharamani & Co., Chartered
Accountants have submitted certificate for their eligibility for
appointment under Section 224(1B) of the Companies Act, 1956. The
Appointment of M/s R. K. Mansharmani & Co., Chartered Accountants as
Statutory Auditors of the Company will be effective from the conclusion
of this Annual General Meeting to the conclusion of next Annual General
Meeting Your Directors recommend the appointment of M/s. R. K.
Mansharamani & Co., Chartered Accountants as Auditors of the Company.
The notes and remarks of Auditors are self-explanatory
COMPLIANCE CERTIFICATE:
The Company has obtained Compliance Certificate under the provisions of
section 383A of the Companies Act, 1956 from M/s Khandelwal Devesh &
Associates, Company Secretaries and the same is attached with this
Report as annexure.
LISTING :
The Shares of the Company are listed on the Stock Exchanges at
Ahmedabad, Jaipur and Mumbai. Listing fees for the year 2010-11 has
been paid to Bombay Stock Exchange. Listing fee of Ahmedabad Stock
Exchange and Jaipur Stock Exchange is outstanding. Trading in Equity
share of the Company is suspended on BSE due to non- compliances of
various clauses of listing agreement.
DEMATERIALISATION OF EQUITY SHARES :
The Company has appointed Sharepro Services (India) Pvt. Ltd. as RTAand
to facilitate holding of securities in dematerialized / electronic
form, the Company has approached with both National Securities
Depository Limited (NSDL) and Central Depository Services (India)
Limited (CDSL). The Company has yet to enter necessary tripartite
agreement with NSDL and CDSL.
ACKNOELEDGEMENT :
Your Directors express their sincere gratitude for the assistance and
co-operation extended by promoters, Banks, Government Authorities,
Employees and Shareholders.
For and on behalf of the Board
Place : Ahmedabad Kiran Kansara
Date : 13/08/2010 Chairman