Mar 31, 2009
The Directors are pleased to presenting the Sixteenth Annual Report
and Audited Accounts for the year ended March 31, 2009.
Financial Results
(Rs. in Lacs)
31st March,
2009 31st March,
2008
Total Income 954.70 996.06
Total expenditure 928.13 983.93
Operating profit (PBIDT) 26.57 (12.13)
Depreciation 8.25 34.45
Net Profit before Taxation/Prior
period Adjustment 18.32 (22.32)
Provision for Tax Nil Nil
Deferred Tax Nil Nil
Profit after Taxation Nil Nil
Add Balance Brought forward from
previous year 80.75 103.07
Amount available for appropriation Nil Nil
Less: Proposed Dividend Incl. Tax Nil Nil
Balance carried to Balance Sheet 99.07 80.75
Results of Operations
During the year under review, total revenue was Rs.954.70 lacs as
compared to Rs.996.06 lacs in the previous year in which there is
decrease of 4.15% and operating profit at Rs.18.32 lacs as compared to
Rs. (22.32) lacs in the previous year.
Dividend
In the view of conservative policy of the Management and the plough
back the profits earned, your directors don't recommend and dividend
for the year under review.
Management Discussions & Analysis Report
The recession across the world economy more particularly in automobile
sector. The more particularly plan has to be kept on the hold until the
scenario changes globally for the Company's product.
Company is planning to give more emphasis on trading only for the time
being.
The industry outlook seems to be lack lustre for the coming two years
and hence the management is of the view to lookout for growth business
in diversification.
Once the feasibility study is carries out and plans are frozen the
company will intimate the shareholders.
Corporate Governance
Your Company has been fully compliant with the SEBI Guidelines on
Corporate Governance, which have been incorporated in Clause 49 of the
Listing Agreement with the Stock Exchanges. A detailed report on the
subject forms part of this Report.
The Statutory Auditors of the company have examined the Company's
compliance, and have certified the same, as required under SEBI
Guidelines,. Such certificate is reproduced as part of this Report.
A Management Discussion and Analysis Report covering a wide range of
issues relating to performance, outlook etc., is given as a part of
this Report.
Fixed Deposits
Your company has not accepted any fixed deposits and, as such, no
amount of principal of interest was outstanding as of the balance
sheet date.
Directors
Mr. Jaysukh Gondalia and Mr. Babubhai Patel retires by rotation at the
forthcoming Annual General Meeting. Mr. Jaysukh Gondalia and Mr.
Babubhai Patel has offered himself for reappointment. The necessary
resolution is being placed before the members for approval of
re-appointment of Mr Jaysukh Gondalia and Mr. Babubhai Patel.
Auditors
The existing auditors M/s. C K Vyas & Co., Chartered Accountants,
retire at the ensuing Annual General Meeting and have shown their
willingness for re-appointment as the auditors of the Company.
The Board has obtained the confirmation from M/s. C K Vyas & Co.,
Chartered Accountants for their eligibility and willingness to be
appointed as the Statutory Auditors of the Company. A proposal seeking
their appointment is provided as a part of the Notice of the ensuing
Annual General Meeting.
The comments by the Auditors in their Report are self explanatory and
in the opinion of the Board, do not required any further
clarifications.
Secretarial Audit
As Directed by Securities Exchange and Board of India (SEBI),
Secretarial Audit is being carried out at the specified periodicity by
a Practicing Company Secretary. The results of Secretarial Audit were
satisfactory.
Directors' Responsibility Statement
Pursuant to the provisions under Section 217 (2AA) of the Companies
Act, 1956, Directors confirm that:-
a) In the preparation of annual accounts, the applicable accounting
standards have been followed along with proper explanations relating to
material departures;
b) They have 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 affairs of
the company at the end of the financial year and of the profit of the
Company for that period;
c) They have taken proper and sufficient care for the maintenance of
adequate accounting records in the 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;
d) They have prepared the annual accounts on a going concern basis.
Particulars of Employees:
Pursuant to the provisions of Section 217 (2A) of the Companies Act,
1956, read with the Companies (Particulars of the Employees) Rules,
1975 details of the personnel drawing salary or commission, which
exceeds the limit set out in the above section is attached herewith.
Statutory Disclosure
Information pursuant to Section 217(1)(e) of the Companies Act, 1956,
read with the Companies (Disclosure of Particulars in the Report of the
Board of Directors) Rules, 1988 is as under:
A. Conservation Of Energy:
The operations of the Company are not energy intensive. However, energy
conservation measures are being taken for regular preventive
maintenance of all equipments. This enhances productivity and
efficiency of the equipment resulting in power saving.
B. Technology Absorption:
As the Company has not acquired and technology, the question of
absorption of technology does not apply to the Company.
C. Foreign Exchange Earnings and Outgo:
Total Foreign Exchange earnings and outgo during the year.
FOB Value of Exports : Nil
CIF Value of Imports : Nil
Expenditure in foreign currency : Nil
Appreciation
The Directors wish to express their appreciation of the continued
co-operation of the Bankers, Customers, Dealers and Suppliers and also
the valuable assistance and advice received from major shareholders,
the employees for their contribution, support, and continued
co-operation through the year.
For and on behalf of the Board
Place : Rajkot Jaysukh Ravajibhai Gondalia
Date : 28.08.2009 Chairman
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