Mar 31, 2015
Dear Members,
The Directors of your Company have pleasure in presenting their
Twentieth Annual Report on the business and operations of the Company
and Audited Accounts for the financial year ended 31 st March 2015.
Financial Results ()Amount in Rs.)
Particulars For the year ended on For the year ended on
on 31st March, 2015 on 31st March, 2014
Total income 0 697816
Profit (Loss) before (613186) 39394
depreciation and taxation
Depredation 0 0
Profit (Loss) Before Taxation (613186) 39394
Provision for Taxation 0 0
Profit (loss) After Tax (613186) 39394
Dividend:
Your directors regret their inability to propose any dividend in view
of the accumulated losses of the company.
Operations:
Due to current tough market situation and recession the company has
decided not to proceed further for starting its commercial activities
and to wait till appropriate environment is established. Constant watch
is kept on market trends.
Transfer Of Unclaimed Dividend To Investor Education And Protection
Fund :
Not applicable to the Company,
Material Changes And Commitment If Any Affecting The Financial Position
Of The Company Occurred Between The End Of The Financial Year To Which
This Financial Statements Relate And The Date Of The Report :
No such events have occurred.
Transfer To Reserves:
Not applicable to the Company.
Extract of the Annual Return :
The extract of the annual return as provided under sub-section (3) of
section 92 of the Companies Act, 2013 in specified Form No. MGT-9-
annexed as Annexure A.
Number of Meetings of the Board :
Total Six Board meetings were held on 31.05.2014, 31.07.2014,
30.08.2014, 14.11.2014, 14,02.2015 and 31.03.2015 during the year.
Directors' Responsibility Statement:
Pursuant to Section 134(5) of the Companies Act, 2013 and based on the
report from your Directors the operating Management confirms that:
a) in the preparation of the annual accounts, the applicable accounting
standards have been followed along with proper explanation relating to
material departures;
b) 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 affair
so the company at the end of the financial year and of the loss of the
company for that period;
c) jthe 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;
d) the directors have prepared the annual accounts on a going concern
basis,
e) the directors have laid down internal financial controls to be
followed by the company and that such internal financial controls are
adequate and are operating effectively; and
f) the directors have devised proper systems to ensure compliance with
the provisions of all applicable laws and that such systems are
adequate and operating effectively.
Management Discussion and Analysis Report:
As required under Clause 49 of the Listing Agreements with Stock
Exchanges, the Management Discussion and Analysis Report is enclosed as
a part of this report
All the independent directors have submitted the Statement on
declaration under sub-section (6) of section 149 of the Companies Act,
2013.
The Company's policy on directors' appointment and remuneration
including criteria for determining qualifications, positive attributes,
independence of a Director and other matters provided under sub section
(3) of Section 178 is annexed in Nomination and Remuneration Policy as
Annexure B
There are no loans, guarantees or investments under section 186 by the
Company during the year under report.
There are no contracts or arrangements with related parties referred to
in sub section (1) of Section 188 during the year under report.
Conservation of energy:
The disclosure required in Section 134(5) of the Companies Act, 2013 is
not applicable to the Company
Technology absorption :
There is no technology absorption during the year under report
Foreign exchange earnings and Outgo :
The Foreign Exchange earned in terms of actual inflows during the year
and the Foreign Exchange outgo during the year in terms of actual
outflows: NIL
The policy on corporate social responsibility is not applicable to your
Company.
The formal annual evaluation has been made by the Board of its own
performance and that of its committees and individual directors are as
follows:
As per Schedule IV of the Companies Act, 2013 the Independent Directors
had held their separate meeting on 31st March 2015 to evaluate the
performance etc In a manner as mentioned in clause VII of the schedule
IV and the Board of Director at its meeting held on 31st May, 2015 also
evaluated the performance of the Independent Directors, committees etc.
in a manner as provided in clause VIII of the Companies Act, 2013.
Code of Conduct:
The Board of Directors of the Company has adopted a code of conduct and
made it applicable to the Board members and senior management of the
Company.
The Board arid Senior Management of the Company have affirmed
compliance with the code.
Directors:
Mr. Harpal Singh Uppal has vacated his office of the directorship of
the company due to death w.e.f. 6th November, 2014. The Board has
placed on record its appreciation for the invaluable support and
guidance received from Mr. Harpal Singh Uppal during his association
with the Company
Mr. Parminder Sharma, retires by rotation at the forthcoming Annual
General Meeting and being eligible offers himself for re-appointment.
The Companies Act, 2013 and the revised Clause 49 of the Listing
Agreement require that a Woman Director should be a member of the Board
of Directors. Ms. Mamta Pachori was appointed by the Board of Directors
as an Additional Director of the Company with effect from 31st March,
2015. Ms. Mamta Pachori holds office as an Additional Director of the
Company up to the date of the ensuing Annual General Meeting. The
Company has received a notice pursuant to Section 160 of the Companies
Act, 2013 along with prescribed deposit from a member of the Company
signifying his intention to propose the candidature of Ms. Mamta
Pachori for the office of a Director of the Company, Detail of the
proposal for appointment of Ms. Mamta Pachori is mentioned in the
Explanatory Statement under Section 102 of the Companies Act, 2013 of
the Notice of the 20th Annual General Meeting.
The current Directors of the company are Mr. Anurag Sharma, Parminder
Sharma, Surender Singh Bindra and Mamta Pachori.
Details of significant and material orders passed by the Regulators,
Courts and Tribunals :
No significant and material order has been passed by the regulators,
courts, tribunals impacting the going concern status and company's
operations in future.
The details In respect of adequacy of internal financial controls with
reference to the Financial Statements : The Company has already
formulated an Audit Committee which holds the Audit Committee meeting
time to time to review the financial results, internal financial
controls and risk management system, auditor's independence and
performance etc. The Company has also appointed Internal Auditors who
perform their duty on the basis of the scope of work allotted to them
time to time.
Disclosures on remuneration of Directors / KMP / Employees :
No remuneration was paid to the Directors. Hence, the details of the
percentage increase in remuneration of each director, does not arise.
There was no increment made in payment of Salaries to the employees and
KMPs during the year under report.
The number of permanent employees on the rolls of the Company is 2.
i) Comparison of the remuneration of the Key Managerial Personnel
against the performance of the company:
The earnings of the Key Managerial Personnel per annum are as follows:
Mr. Anurag Sharma, MD Rs. Nil
Mr, Amit Anand, CS Rs, 1.20 Lakh p. a.
The company has no revenue during the year.
II) Your Directors affirm that the remuneration paid to the employees
and to Key Managerial:
Personnel was as per remuneration policy of the Company and there is no
Employee, who received remuneration above the limit as prescribed by
Rule 5(2) of The Companies (Appointment and Remuneration of Managerial
Personnel) Rules 2014.
Disclosure under the Sexual Harassment of Women at workplace
(Prevention, Prohibition and Redressal) Act, 2013:
The Company has in place an Anti Sexual Harassment Policy in line with
the requirements of The Sexual Harassment of Women at the workplace
(Prevention, Prohibition and Redressal) Act,2013. The Internal
Complaints Committee (ICC) has been set up to redress complaints
received regarding sexual harassment.
All employees (permanent, contractual, temporary, trainees) are covered
under the policy.
No sexual harassment complaint has been received by the Company during
the year 2014-15.
Vigil mechanism / Whistle Blower Policy :
The Company has a Whistle Blower Policy / Vigil Mechanism for its
directors and employees to report their concerns about the Company's
working or about any violation of its policies and no personnel are
being denied any access to the Audit Committee.
Disclosures relating to policies :
* Statement indicating development and implementation of Risk
Management Policy is annexed as annexure "C" (Section 134(3)(n) of the
Act]
* Trie CSR policy is not applicable to the Company
Share Capital:
The paid up Equity Share Capital as on 31st March, 2015 was Rs. 10.08
crore. During the year under review, the Company has not issued shares
with differential voting rights, neither granted stock options nor
sweat equity. As on 31st March, 2015, Mr. Parminder Sharma none of the
Directors (except Mr. Parminder Sharma who holds 35000 share) of the
Company hold shares or convertible instruments of the Company,
Fixed Deposit:
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.
Auditors:
Pursuant to the provisions of Section 139 of the Companies Act, 2013
and the rules framed thereunder, M/s. Rajesh J.
Shah & Associates, Chartered Accountants, Ahmedabad were appointed as
Statutory Auditors of the Company from the conclusion of the 19th
Annual General Meeting (AGM) of the Company held in the year 2014 till
the conclusion of 24th AGM to be held in the year 2019, subject to
ratification of their appointment at every AGM. Accordingly, a
Resolution seeking Members ratification for their appointment is
included at item no. 3 of the Notice convening the Annual General
Meeting.
Secretarial Auditor:
In terms of section 204 of the Companies Act, 2013, the Board at its
meeting held on 31st March, 2015 has appointed Shri Maulik Anilkumar
Bhavsar, practicing Company Secretary, Ahmedabad as Secretarial Auditor
of the company, for conducting Secretarial Audit of the company for the
financial year 2014-15. The Secretarial Audit Report for the Financial
Year ended 31st March, 2015 is annexed herewith and marked as "Annexure
- D",
Shri Maulik Anilkumar Bhavsar, practicing Company Secretary, Ahmedabad
has been also appointed as Secretarial Auditor of the company, for
conducting Secretarial Audit of the company for the financial year
2015-16 also in the Board meeting held on 30th August, 2015.
Internal Auditor:
M/s. V. R. Gopani & Co., Chartered Accountants, was appointed as an
Internal Auditor of the company in the board meeting dated 31st March,
2015.
Explanation Or Comments On Qualifications, Reservations Or Adverse
Remarks Or Disclaimers Made By The Auditors:
Remarks of Secretarial Auditors:
1. Form regarding appointment of additional director, Form DIR 12 will
be filed soon.
2. Form regarding appointment of Internal Auditor and Secretarial
Auditor, Form MGT14 will be filed soon.
3. The Company has not appointed Chief Financial Officer (CFO). The
company is almost not doing any commercial activities and so as such,
it does not require any such employee. Moreover the Company at present
can not afford additional burden of salary of CFO. However the Company
is in search of a CFO whose salary, the Company can bear. The Company
will try its best to comply with the statutory requirement at earliest.
Details of Subsidiary/ Associate Companies :
There are no associate companies within the meaning of Section 2(6) of
the Companies Act, 2013 ("Act"). There is no subsidiary company within
the meaning of section 2(87) of the companies Act, 2013.
Corporate Governance Report:
Under Clause 49 of the Listing Agreement with the Stock Exchanges, a
section on Corporate Governance together with a certificate from the
Company's Auditors confirming compliance is set out in the Annexure
forming part of this Annual Report.
Acknowledgement:
Your Directors would like to express their sincere appreciation for the
assistance and co-operation received from the Banks, Government
Authorities, Customers, and Shareholders during the year. Your
directors also wish to take on record their deep sense of appreciation
for the committed services of the employees at all levels, which has
made our Company successful in the business.
Registered Office:
501, Mahakant Building, (Anurag Sharma) (Parmlnder Sharma)
Opp.: V. S. Hospital, Ashram Managing Director Director
Road,
Ellisbrldge, Ahmedabad 380006. DIN-02289261 DIN- 00176300
CIN : L24231GJ1995PLC025276 Address of Director: Address of Director:
A-727, Sarita Vihar, B-31/H.No,1743, Sector
New Delhi-110076 32A, Urban State CHD
Road, Ludhiana, 141001
Date : 30th August, 2015
Place : Ahemadabad
Mar 31, 2013
Dear Shareholders of OMKAR PHARMACHEM LIMITED
The Directors hereby present their 18th Annual Report on the business
and operations of the Company together with the Audited Financial
Accounts for the year ended 31st March 2013.
FINANCIAL RESULTS : [Amount in Rs]
For the year ended on 31st March,
2013 2012
Total income 600000 650000
Profit (Loss) before
depreciation and taxation (123893) (21491)
Depreciation
Profit (Loss) Before Taxation (123893) (21491)
Provision for Taxation
Profit (loss) After Tax (123893) (21491)
Dividend :
Your directors regret their inability to propose any dividend in view
of the accumulated losses of the company. Operations :
Due to current tough market situation and recession the company has
decided not to proceed further for starting its commercial activities
and to wait till appropriate environment is established. Constant watch
is kept on market trends.
Conservation of Energy, Technology Absorption and Foreign Exchange
earning and outgo :
(i) The Company has not made any investment to conserve energy or any
work of technology absorption (ii) The Company has no foreign exchange
earning or outgo during the year. Personnel:
There is no employee coming within the provisions of section 217(2A) of
the Companies Act, 1956 read with the Companies (Particulars of
Employees) Rules, 1975.
Directors :
Mr. Anurag Sharma who retires by rotation and being eligible, offers
themselves for reappointment.
Auditors and Auditors'' Report:
The auditors, M/s Mitesh P. Vora & Co., Chartered Accountants, retire
as auditors of the Company at the ensuing Annual General Meeting and
have confirmed their eligibility and willingness to accept office, if
re-appointed. The notes to the accounts referred to in the Auditors
Report are self explanatory and therefore, do not call for any further
comments.
Directors'' Responsibility Statement:
In terms of section 217(2AA) of the Companies Act, 1956, the directors
would like to state that:
(i) In the preparation of the annual accounts, the applicable
accounting standards have been followed and that there are no material
departures.;
(ii) They have, in selection of the accounting policies, consulted the
Statutory Auditors and have 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 of the Company for that year;
(iii) They have taken proper and sufficient care to the best of their
knowledge and ability, 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) They have prepared the annual accounts on a going concern basis.
Corporate Governance :
As per Clause 49 of the Listing Agreement with the Stock Exchanges, a
separate section on Corporate Governance Practices followed by the
Company together with a certificate from the Company''s Auditors
confirming compliance is set out in the Annexure forming part of this
Report.
Fixed Deposits :
Your company has not accepted any deposit within the meaning of Section
58A of the Companies Act, 1956 and the Rules made there under.
Appreciation :
The directors sincerely express their deep appreciation to the
employees at all levels, Bankers and Shareholders for their sustained
support and co-operation and hope that the same will continue in
future.
For and on behalf of the Board
Place : Ahmedabad (Anurag Sharma)
Date : 31st May, 2013 Managing Director
Mar 31, 2010
The Directors have pleasure in resenting the Annual Report along with
the Audited statement of Accountants of the company for the financial
year ended on 31s march, 2010.
FINANCIAL RESULTS [Rs. in lacs]
For the year ended on 31st March,
2010 2009
Total income --
Profit (Loss) before
depreciation and taxation (6.48) (6.91)
Depreciation -- --
Profit (Loss) Before Taxation (6.48) (6.91)
Provision For Taxation -- --
Profit (loss) After Tax (6.48) (6.91)
Available for appropriation (67.80) (61.32)
DIVIDED
Your directors regret their inability to propose any dividend in view
of the accumulated losses of the company.
OPERATIONS
Due to current tough market situation and recession the company has
decided not to proceed further for starting its commercial activities
and to wait till appropriate environment is established. Constant watch
is kept on market trends.
TECHNOLOGY ABSORPTION, ADAPTATION AND INNOVATION: ENERGY, TECHNOLOGY
AND FOREIGN EXCHANGE
Information pursuant to Section 217(1)(e) of the companies Act, 1956,
read with the Companies (Disclosure of Particulars in the Report of
Directors) Rules, 1988 is as under:
(i) The Company has not made any investment to conserve energy or any
work of technology absorption.
(ii) a) Power and Fuel Consumption : Nil
b) Foreign Exchange Earning and Outgo : The Company has no foreign
exchange earning or outgo during the year.
PERSONNEL
There is no employee coming within the provisions of section 217(2A) of
the Companies Act, 1956 read with the Companies (Particulars of
Employees) Rules, 1975.
DIRECTORS
Mr. Anurag Sharma who retires by rotation and being eligible, offers
himself for reappointment.
AUDITORS AND AUDITORS REPORT
Auditors M/s Mitesh P. Vora & Co., Chartered Accountants, Ahmedabad,
the retiring auditors have furnished their eligibility u/s 224 (1-B) of
the Companies Act, 1956 and offer themselves for re-appointment. The
notes to the accounts referred to in the Auditors Report are self
explanatory and therefore, do not call for any further comments.
DIRECTORS RESPONSIBILITY STATEMENT
In terms of section 217(2AA) of the Companies Act, 1956, the directors
would like to state that:
(i) in the preparation of the annual account, the applicable accounting
standards had been followed along with proper explanation relating to
material departures;
(ii) the director 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 covered under this
Report and of the profit/loss of the company for the year;
(iii) the directors had taken proper and sufficient care for the
maintenance of adequate accounting records in accor- dance with the
Provisions of this Act 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.
FIXED DEPOSITS
Your company has not accepted any deposit within the meaning of Section
58A of the Companies Act, 1956 and the Rules made there under.
APPRECIATION
The directors sincerely express their deep appreciation to the
employees at all levels, Bankers and Shareholders for their sustained
support and co-operation and hope that the same will continue in
future.
ON BEHALF OF BOARD OF DIRECTORS
Place: Ahmedabad ANURAG SHARMA HARPAL SINGH
Date: 31st May, 2010 MANAGING DIRECTOR DIRECTOR
Mar 31, 2009
The Directors have pleasure in resenting the Annual Report along with
the Audited statement of Accountants of the company for the financial
year ended on 31st march, 2009.
FINANCIAL RESULTS . [Rs. in lacs]
For the year ended on 31st March,
2009 2008
Total income
Profit(Loss) before
depreciation and taxation (6.91) (4.02)
Depreciation ,
Profit (Loss) Before Taxation (6.91) (4.02)
Provision For Taxation
Profit (loss) After Tax (6.91) (4.02)
Available for appropriation (61.32) (54.40)
DIVIDED
your directors regret their inability to propose any dividend in view
of the accumulated losses of the company.
OPERATIONS
Due to current tough market situation and recession the company has
decided not to proceed further for starting its commercial activities
and to wait till appropriate environment is established. Constant watch
is kept on market trends.
TECHNOLOGY ABSORPTION, ADAPTATION AND INNOVATION: ENERGY, TECHNOLOGY
AND FOREIGN EXCHANGE
Information pursuant to Section 217(1 )(e) of the companies Act, 1956,
read with the Companies (Disclosure of Particulars in the Report of
Directors) Rules, 1988 is as under:
(i) The Company has not made any investment to conserve energy or any
work of technology absorption.
a) Power and Fuel Consumption : Nil
b) Foreign Exchange Earning and Outgo : The Company has no foreign
exchange earning or outgo during the year.
PERSONNEL
There is no employee coming within the provisions of section 217(2A) of
the Companies Act, 1956 read with the Companies (Particulars of
Employees ) Rules, 1975.
DIRECTORS
Mr. Avez Ahmed and Mr. Parminder Sharma, who retire by rotation and
being eligible, offer themselves for reappointment. AUDITORS AND
AUDITORS REPORT
Auditors M/s Mitesh P. Vora & Co., Chartered Accountants, Ahmedabad,
the retiring auditors have furnished their eligibility u/s 224 (1-B)
of the Companies Act, 1956 and offer themselves for re-appointment. The
notes to the accounts referred to in the Auditors Report are self
explanatory and therefore, do not call for any further comments.
DIRECTORS RESPONSIBILITY STATEMENT
In terms of section 217(2AA) of the Companies Act, 1956, the directors
would like to state that:
(i) in the preparation of the annual account, the applicable accounting
standards had been followed along with proper explanation relating to
material departures;
(ii) the director 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 covered under this
Report and of the profit/loss of the company for the year;
(iii) the directors had 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) the directors had prepared the annual accounts on a going concern
basis.
FIXED DEPOSITS
Your company has not accepted any deposit within the meaning of Section
58A of the Companies Act, 1956 and the Rules made there under.
APPRECIATION
The directors sincerely express their deep appreciation to the
employees at all levels, Bankers and Shareholders for their sustained
support and co-operation and hope that the same will continue in
future.
Place : Ahmedabad ON BEHALF OF BOARD OF DIRECTORS
Date: 30th June,2009
ANURAG SHARMA HARPAL SINGH
MANAGING DIRECTOR DIRECTOR
Mar 31, 2003
The Directors have pleasure in presenting the EIGHTH Annual Report
along with the Audited Statement of Accounts of the Company for the
financial year ended on 31st March, 2003.
FINANCIAL RESULTS [Rs. in lacs]
For the year ended on 31st March,
2003 2002
Total Income - 0.01
Profit(loss) before
depreciation and taxation (6.38) (6.30)
Depreciation - -
Profit (Loss) Before Taxation (6.38) (6.30)
Provision For Taxation - -
Profit (Loss) After Tax (6.38) (6.30)
Available for appropriation (27.14) (20.76)
DIVIDEND
Your directors regret their inability to propose any dividend in view
of the accumulated losses of the company
OPERATIONS
Due to current tough market situation and recession the company has
decided not to proceed further for starting its proposed pharmaceutical
division and to wait till appropriate environment is established.
During year the company has not made any commercial activities.
Efforts made towards technology absorption, adoption and inovation.
Constant watch is kept on market trends.
TECHNOLOGY ABSORPTION, ADAPTATION AND INNOVATION : ENERGY, TECHNOLOGY
AND FOREIGN EXCHANGE
Information pursuant to 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 is as under:
(i) The company has not made any investment to conserve energy or any
work of technology absorption.
(ii) a) Power and Fuel Consumption : Nil
b) Foreign Exchange Earning and Outgo : The Company has no foreign
exchange earning or outgo
during the year.
PERSONNEL
There is no employee coming within the provisions Section 217 (2A) of
the Companies Act, 1956 read with the Companies ( Particulars of
Employees) Rules, 1975.
DIRECTORS
Director Mr. Kirtikumar Laxmichand Shah who retire by rotation and
being eligible, offer himself for reappointment.
AUDITORS AND AUDITORS REPORT
Auditors M/s mitesh P. vora & Co., Chartered Accountants, Ahmedabad,
the retiring auditors have furnished their eligibility u/s 224 (1 -B)
of the Companies Act, 1956 and offer themselves for re-appointment. The
notes to the accounts reffered to in the Auditors Report are self
explanatory and therefore, do not call for any further comments.
DIRECTORS RESPONSIBILITY STATEMENT
In terms of Section 217 (2AA) of the Companies Act 1956, the directors
would like to state that:
(i) in the preparation of the annual account, the applicable accounting
standards had been followed along with propre explanation relating to
material departures,
(ii) the directoor had selected such accounting policies and applied
them consistently and made judgements and estimates that are reasonable
and prudent so as to give atrue and fair view of the state of affairs
of the company at the end of the financial year covered under this
Report and of the profit/loss of the Company for the year;
(iii) the directors had taken proper and sufficient care for the
maintenance for 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) the directors had prepared the annual accounts on a going concern
basis.
FIXED DEPOSITS
Your Company has not accepted any deposit within the meaning of Section
58A of the Companies Act, 1956 and the Rules made thereunder.
APPRECIATION
The directors sincerely express their deep appreciation to the
employees at all levels,Bankers.Customers and Shareholders for their
sustained support and co-operation and hope that the same will continue
in future.
ON BEHALF OF BOARD OF DIRECTORS
Sd/- Sd/-
ANURAG SHARMA HARPAL SINGH
JT. MANAGING DIRECTOR DIRECTOR
Place - Ahmedabad
Date -31st August, 2003
Mar 31, 2002
The Directors have pleasure in presenting the Seventh Annual Report
alongwith the Audited Statement of Accounts of the Company for the
financial year ended on 31st March, 2002.
Fiancial Results [Rs. in Lacs]
For the year ended on 31st March,
2002 2001
Total Income 0.01 0.07
Profit (Loss) before depreciation
and taxation (6.30) (3.75)
Depreciation - -
Profit (Loss) Before Taxation (6.30) (3.75)
Provision For Taxation - -
Profit (Loss) After Tax (6.30) (3.75)
Available for Appropriation (20.76) (14.46)
DIVIDEND
Your directors regret their inability to propose any dividend in view
of the accumulated losses of the company.
OPERATIONS
Due to current tough market situation and recession the company has
decided not to proceed further for starting its proposed pharmaceutical
division and to wait till appropriate enviornment is establihed. During
tyear the company has not made any commercial activities.
Efforts made towards technology absorption, adoption and inovation.
Constant watch is kept on market trends.
TECHNOLOGY ABSORPTION, ADAPTATION AND INNOVATION : ENERGY, TECHNOLOGY
AND FOREIGH EXCHANGE
Information pursuant to 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 is as under:
(i) The Company has not made any investment for conserve energy or any
work of technology absorption.
(ii) a) Power and Fuel Consumption : Nil
b) Foreign Exchange Earning and Outgo : The Company has no foreign
earning or outogo during
the year.
PERSONNEL
There is no employee coming within the provisions of Section 217 (2A)
of the Companies Act, 1956 read with the Companies (Particulars of
Employees) Rules, 1975.
DIRECTORS
Director Shri Serendra Singh Bindra who retire by rotation and being
eligible, offer himself for reappointment.
Director Shri Mr. Harpal Singh appointed as an additional director
offer himself for reapointment.
AUDITORS AND AUDITORS REPORT
Auditors M/s. Mitesh P. Vora & Co., Chartered Accountants, Ahmedabad,
the retiring auditors have furnished their eligibility u/s. 224 (1-B)
of the Companies Act, 1956 and offer themselves for re-appointment. The
notes to the accounts reffered to in the Auditors Report are self
explanatory and therefore, do not call for any further comments.
DIRECTORS RESPONSIBILITY STATEMENTS
In terms of Section 217 (2AA) of the Companies Act, 1956, the directors
would like to state that:
(i) In the preparation of the annual account, the applicable accounting
standards has been followed along with proper explanation relating to
material departures;
(ii) the director had selected such accounting policies and applied
them consistently and made judgements and estimates that are reasonable
and prudent so as to give a true and fair view of the state of afairs
of the company at the end of the financial year covered under this
Report and of the profit / loss of the Company for the year;
(iii) the directors had 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) the directors had prepared the annual accounts on a going concern
basis.
FIXED DEPOSITS Your Comapny has not accepted any deposit within the
meaning of section 58A of the Comapanies Act, 1956 and the Rules made
there under.
APPRECIATION
The directors sincerely express their deep appreciation to the
employees at all levels, Bankers, Customers and Shareholders for their
sustained support and co-operation and hope that the same will continue
in future.
BY ORDER OF THE BOARD
Sd/- Sd/-
Anurag Shrma Harpal Singh
Jt. Managing director Director
PLACE : AHMEDABAD
DATE : 31 ST AUGUST, 2002
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