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Directors Report of Radhe Developers (India) Ltd.

Mar 31, 2015

Dear Members,

The Directors are pleased to present the 21st Annual Report with the Audited Accounts of the Company for the year ended 31.3.2015.

FINANCIAL RESULTS:

The Operating results of your Company for the period under review are as follows:

(Rs. in Lacs)

Particulars Current Year Previous Year 2014-2015 2013-2014

Total Income 32.10 16.46

Profit / (Loss) before Depreciation & Interest (72.78) (44.65)

Depreciation 28.06 15.58

Interest 19.93 19.63

Extra- Ordinary Items 0.03 5.22

Profit / (Loss ) Before tax (120.80) (85.09)

Less : Current Year Tax - -

Deferred Tax (4.07) (1.38)

Net Profit / (Loss )after tax (116.73) (83.71)

Profit/(Loss) Brought Forward From Previous Year (524.37) (440.66)

Balance available for appropriations (641.10) (524.37)

FINANCIAL HIGHLIGHTS:

OPERATIONS:

During the year, the Company has carried out some activities. However, due to general economic slow down world over and bearish position in the real estate division, the Company has made loss for the financial year. The total income has been stood at Rs. 32.10 Lacs as compared to last year's Rs. 16.46 Lacs. The Company has incurred Net loss after tax of Rs.116.73 Lacs as compared to net loss of Rs. 83.71 Lacs of the last year.

DIVIDEND:

Your Directors regret their inability to recommend any dividend on the equity shares in view of the losses suffered by your Company during the year under review and carried forward losses of earlier years.

RESERVES:

In view of the losses incurred by your Company, no amount has been transferred to general reserve.

FUTURE PROSPECTS:

The Company has expertise in Civil, Construction, Structural Work, etc. of various types of commercial, residential and infrastructure projects. Major thrust on infrastructure development supported by regulatory reforms by the government will also provide considerable opportunities to your Company for achieving business growth in coming years.

BOARD OF DIRECTORS AND KEY MANAGERIAL PERSONNEL:

The Board consist of Six (6) members as on 31st March, 2015, Three(3) of whom are Promoter Directors, out of which one is Managing Director, who is also Executive Director and remaining Three(3) are Non-Executive Independent Directors. This results into proper constitution of the Board.

Board Meeting:

Regular meetings of the Board are held at least once in a quarter, inter-alia, to review the quarterly results of the Company. During the year under review, Board of Directors of the Company met 5 times, viz 30th May, 2014, 11th August, 2014, 14th November, 2014, 13th February, 2015 and 27th March, 2015.

The details of number of meetings of Committees held during the FY 2014-15 forms part of Corporate Governance Report.

APPOINTMENT, RESIGNATION AND CESSATION OF DIRECTORS:

Appointment of Independent Director at the AGM

During the year, at the 20th Annual General Meeting 3 (Three) Non-Executive Independent Director's namely Mr. Dineshsingh Kshatriya, Mr. Alok Vaidya and Mr. Nirav Desai were appointed as Independent Directors as per Section 149 of the Companies Act, 2013 to hold office for Five Consecutive years for a term up to 31st March, 2019, not liable to retire by rotation.

During the year, Mr. Nirav Desai has resigned as an Independent Director of the Company w.e.f. 14th November, 2014.

Further Pursuant to the provisions of Section 161(1) of the Companies Act, 2013 and Articles of Association of the Com- pany, Mr. Harish Rajput was appointed as an Independent Director designated as an Additional Director w.e.f. 14th Novem- ber, 2014. and he shall hold office up to the date of the ensuing Annual General Meeting. The Company has received requisite notice in writing from a member proposing Mr. Harish Rajput for appointment as an Independent Director.

Further Mrs. Jahnavi Patel was appointed as an Additional Director w.e.f 27th March, 2015 and shall hold office up to the date of the ensuing Annual General Meeting. The Company has received requisite notice in writing from a member propos- ing Mrs. Jahnavi Patel for appointment as a Director.

Re-appointments

In accordance with the provisions of the Articles of Association and of the Companies Act 2013, Mr. Praful Patel, Director of the Company, retire by rotation at the ensueing Annual General Meeting and being eligible, offer himself for re-appoint- ment.

Declaration by Independent Directors

As required under Section 149(7) all the Independent Directors on the Board of the Company have issued their annual declaration stating that they meet all the criteria of independence as required under the Act.

Details of Key Managerial Personnel:

During the year, Mr. Durgesh Patel has been appointed as the Chief Financial Officer of the Company with effect from 11th August, 2014 and thereafter he has been resigned w.e.f 31st October, 2014. On the same day, Mr. Pranav Patel has been appointed as the Chief Financial Officer of the Company, w.e.f 31st October, 2014.

Mr. Ashish Patel, CEO & Managing Director, Mr. Pranav Shah, Chief Financial Officer and Mr. Mehul Vyas, Company Secretary of the Company are the Key Managerial Personnel as per the provisions of the Companies Act, 2013.

Mr. Mehul Vyas, Company Secretary of the Company has resigned w.e.f 29th May, 2015.

NOMINATION AND REMUNERATION POLICY

A Nomination and Remuneration Policy has been formulated pursuant to the provisions of Section 178 and other applicable provisions of the Companies Act, 2013 and Rules thereto stating therein the Company's policy on nomination and remu- neration of Directors, Key Managerial Personnel and Senior Management and approved by the Board of Directors at its meeting held on 11.08.2014. The said policy may be referred to, at the Company's website at www.radheinfra.com.

BOARD EVALUATION

Clause 49 of the Listing Agreement mandates that the Board shall monitor and review the Board evaluation framework. The Companies Act, 2013 states that a formal annual evaluation needs to be made by the Board of its own performance and individual Director. Schedule IV of the Companies Act, 2013 states that the performance evaluation of independent directors shall be done by the entire Board of Directors excluding the director being evaluated.

A structured questionnaire was prepared after taking into consideration of the various aspects of the Board's functioning, Composition of the Board and Committees, culture, execution and performance of specific duties, obligation and gover- nance.

The evaluation of all the directors and the Board as a whole was conducted based on the criteria and framework adopted by the Board. The Board approved the evaluation results as collated by the nomination and remuneration committee.

The performance evaluation of the Independent Directors was completed. During the year under review, the Independent Directors met on 27th March, 2015 interalia, to discuss:

* Performance evaluation of Non Independent Directors and Board of Directors as a whole;

* Performance evaluation of the Chairman of the Company;

* Evaluation of the quality of flow of information between the Management and Board for effective performance by the Board.

The Board of Directors expressed their satisfaction with the evaluation process.

COMMITTEE OF BOARD

Your Company has several Committees which have been established as part of the best Corporate Governance practices and are in compliance with the requirements of the relevant provisions of applicable laws and statutes.

The Company has following Committees of the Board:

* Audit Committee

* Nomination and Remuneration Committee

* Stakeholders' Grievances and Relationship Committee

* Share Transfer Committee

A detailed note on the committees with respect to Meeting, composition, powers, terms of reference is provided under the corporate governance report section in this Annual Report.

SUBSIDIARY, JOINT-VENTURE AND ASSOCIATES COMPANIES:

Your Company does not have any subsidiary, joint venture or associate company for the year ended 31st March, 2015. PUBLIC DEPOSITS:

During the period under review, the Company has not accepted deposits from Shareholders and Public falling within the ambit of Section 73 of the Companies Act, 2013 and rules made there under. Further, As per Section 74 of the Companies Act, 2013, the Company has repaid all the existing Deposit accepted under the Companies Act, 1956. There were no deposits, which were claimed and remained unpaid by the Company as on March 31,2015.

SHARE CAPITAL:

The Paid up Equity Share Capital as at 31st March, 2015 stood at Rs. 2518/- Lacs. During the year under review, the Company has not issued any further Share Capital.

VIGIL MECHANISM:

The Company has established a vigil mechanism and accordingly framed a Whistle Blower Policy. The policy enables the employees to report to the management instances of unethical behavior, actual or suspected fraud or violation of Company's Code of Conduct. Further the mechanism adopted by the Company encourages the Whistle Blower to report genuine concerns or grievances and provide for adequate safe guards against victimization of Whistle Blower who avails of such mechanism and also provides for direct access to the Chairman of the Audit Committee, in exceptional cases. The function- ing of vigil mechanism is reviewed by the Audit Committee from time to time. None of the Whistle blowers has been denied access to the Audit Committee of the Board. The Whistle Blower Policy of the Company is available on the website of the Company.

RISK MANAGEMENT

The Company has set up a risk management framework to identify, monitor, minimize, mitigate and report and also to identify business opportunities. The executive management oversees the risk management framework and the Audit Com- mittee evaluates internal financial controls and risk management systems. In the opinion of Board, there are no risk which may threaten the existence of the Company. _

SEXUAL HARASSMENT OF WOMEN AT WORKPLACE:

There were no incidences of sexual harassment reported during the year under review, in terms of the provisions of the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013.

CORPORATE GOVERNANCE:

Pursuant to clause 49 of the Listing Agreement with the Stock Exchange, a separate section on Corporate Governance and certificate obtained from practicing Chartered Accountant confirming its compliance, is provided separately and forming part of this Report. The Board of Directors supports the basic principles of corporate governance. In addition to this, the board lays strong emphasis on transparency, accountability and integrity.

MANAGEMENT DISCUSSION AND ANALYSIS REPORT:

Your attention is drawn to the perception and business outlook of your management for your company for current year and for the industry in which it operates including its position and perceived trends in near future. The Management Discussion and Analysis Report as required under clause 49 of the Listing Agreement with the Stock Exchange is attached and forms part of this Directors' Report.

PARTICULARS OF LOANS, GUARANTEES AND INVESTMENTS:

Details of Loans, Guarantees and Investments covered under the provisions of Section 186 of the Companies Act, 2013 are given in the notes to the Financial Statement.

MATERIAL CHANGES AND COMMITMENT AFFECTING FINANCIAL POSITION OF THE COMPANY:

There are no material changes and commitments, affecting the financial position of the Company which has occurred between the end of financial year of the Company i.e. 31st March, 2015 and the date of Director's Report i.e. 14th August, 2015.

EXTRACT OF ANNUAL RETURN:

Pursuant to sub-section 3(a) of Section 134 and sub-section (3) of Section 92 of the Companies Act, 2013 read with Rule 12 of Companies (Management and Administration) Rules, 2014 the extract of the Annual Return as at 31st March, 2015 in Form MGT-9 forms part of this Annual Report as Annexure-1.

CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES:

All the related party transactions that were entered during the financial year were in the Ordinary course of business of the Company and were on arm's length basis. There were no materially significant related party transactions entered by the Company with its Promoters, Directors, Key Managerial Personnel or other persons which may have potential conflict with the interest of the Company.

All Related Party transactions are placed before the Audit Committee for approval, wherever applicable. Prior omnibus approval for normal business transactions is also obtained from the Audit Committee for the related party transactions which are of repetitive nature and accordingly the required disclosures are made to the Committee on quarterly basis in terms of the approval of the Committee.

The policy on Related Party Transactions as approved by the Board of Directors is uploaded on the website of the Company All the related party transactions entered into by the Company were in the Ordinary Course of business and were on an arm's length basis as provided in Annexure -2

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

Information relating to Conservation of Energy, Technology Absorption and Foreign Earning and Outgo, as required under Section 134(3)(m) of the Companies Act, 2013 forms part of this annual report as Annexure -3.

PARTICULAR OF EMPLOYEES:

The ratio of remuneration of each Director to the median employee's remuneration and other details in terms of sub-section 12 of Section 197 of the Companies Act, 2013 read with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 are forming part of this Annual Report as Annexure - 4.

The details as required under section 197(12) of the Companies Act, 2013, read with Rule 5(2) of the Companies (Appoint- ment and Remuneration of Managerial Personnel), 2014 is not applicable as there is no employee in the company em- ployed throughout the financial year with salary above Rs.60 Lacs p.a. or employed part of the financial year with average salary above Rs. 5 Lacs per month.

Further, there is no employee employed throughout Financial year or part thereof, was in receipt of remuneration of in aggregate is in excess of that drawn by the Managing Director or Whole Time Director or Manager and holds by himself or along with his spouse and dependent children, not less than Two percent (2%) of the Equity Shares of the Company.

FORMATION OF VARIOUS COMMITTEES:

Details of various committees constituted/ reconstituted by the Board of Directors are given in the Corporate Governance Report annexed which forms part of this report.

AUDITORS & AUDITORS REPORT:

At the 20th Annual General Meeting held on 30th September, 2014 the members had approved appointment of M/s. R. Choudhary & Associates, Chartered Accountants,Ahmedabad (Firm Registration No. 101928W) to hold office from the conclusion of the 20th Annual General Meeting until the conclusion of the 23rd Annual General Meeting, (subject to ratifica- tion of the appointment by the members, at every Annual General Meeting held after the every 20th Annual General Meeting) on such remuneration plus service tax, out-of-pocket expenses, travelling and living expenses etc., as may be determined by the Board of Directors of the Company.

In accordance with Section 139 of the act, Members are requested to ratify the appointment of the auditors for further one year and accordingly they continue to hold office from the conclusion of the 21st Annual General Meeting until the conclu- sion of 22nd Annual General Meeting.

Notes forming part of the accounts are self-explanatory and therefore, do not require any further comments.

INTERNAL AUDIT:

M/s. Shah & Patel has been internal Auditor of the Company for the F.Y 2014-15. Internal Auditors are appointed by the Board of Directors of the Company on yearly basis, based on the recommendation of the Audit Committee. The Internal Auditor reports their findings on the internal Audit of the Company to the Audit Committee on a quarterly basis. The Scope of Internal audit is approved by the Audit Committee.

The Company has appointed M/s. Salawat Hundlani and Co., Chartered Accountants, Ahmedabad as an Internal Auditor for the FY 2015-16 in the Board meeting held on 30th May 2015, after obtaining his willingness and eligibility letter for appoint- ment as Internal Auditor of the Company.

SECRETARIAL AUDITOR & THEIR REPORT:

Pursuant to the provisions of Section 204 of the Companies Act, 2013 and The Companies (Appointment and Remunera- tion of Managerial Personnel) Rules, 2014, your Company had appointed Mr. Tapan Shah, Practicing Company Secretary to undertake the Secretarial Audit of the Company for the FY 2014-15. The Report of the Secretarial Audit Report for the FY 2014-15 is annexed to this Annual Report as Annexure-5.

DIRECTORS' RESPONSIBILITY STATEMENT:

As stipulated in Section 134(3)(c) read with sub section 5 of the Companies Act, 2013, Directors subscribe to the "Direc- tors' Responsibility Statement" and confirm that:

a) In preparation of annual accounts for the year ended 31st March, 2015, the applicable accounting stan- dards have been followed and that no material departures have been made from the same;

b) 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 and of the profit or loss of the Company for that year;

c) The Directors had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 2013, for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;

d) The Directors had prepared the annual accounts for the year ended 31st March, 2015 on going concern basis.

e) The Directors had laid down the internal financial controls to be followed by the Company and that such Internal Financial Controls are adequate and were operating effectively; and

f) 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.

GENERAL

Your Directors state that no disclosure or reporting is required in respect of the following items as there were no transac- tions on these items during the year under review:

1. Issue of equity shares with differential rights as to dividend, voting or otherwise

2. Issue of shares (including sweat equity shares) to employees of the Company under any scheme includ- ing Employee Stock Option Scheme.

3. Provision of money by company for purchase of its own shares by employees or by trustees for the benefit of employees.

4. Managing Director of the Company is not receiving any remuneration or commission from any other entity, as the Company does not have any subsidiary.

5. No significant and material orders were passed by the Regulators or Courts or Tribunals which impact the going concern status and Company's operations in future

ACKNOWLEDGEMENT:

Your Directors take this opportunity to express their gratitude for the valuable assistance and co-operation extended by the Bankers, vendors, customers, advisors, the general public and for the valued efforts and dedication shown by the Company employees at all levels. Your Directors also sincerely acknowledge the confidence and faith reposed by the shareholders of the Company.

Date: 14.08.2015 FOR RADHE DEVELOPERS (INDIA) LIMITED

REGISTERED OFFICE:

First Floor, Chunibhai Chambers, B/H. City Gold (Old Dipali Theatre) Ashram Road, Sd/- Ahmedabad - 380 009. Praful Patel Chairman




Mar 31, 2014

Dear Shareholder:

The Directors are pleased to present the 20th Annual Report with the Audited Accounts of the Company for the year ended 31.3.2014.

FINANCIAL RESULTS:

The Operating results of your Company for the period under review are as follows:

(Rs. in Lacs)

Particulars Current Year Previous Year 2013-2014 2012-2013

Total Income 16.46 37.45

Profit/(Loss) before Depreciation & Tax (64.28) (64.63)

Less : Depreciation 15.58 11.23

Profit/(Loss) Before Tax (79.86) (75.86)

Less : Provision for Tax

Deferred Tax (1.38) (1.05) Current Tax - - Prior Period Expenses(Net off) 5.23 -

Net Profit/(Loss) After Tax (83.71) (74.81)

Balance brought forward (440.66) (365.85)

Balance carried to Balance sheet (524.37) (440.66)

Earnings per share (0.33) (0.30)

FINANCIAL HIGHLIGHTS:

OPERATIONS:

During the year, the Company has carried out some activities. However, due to general economic slow down world over and bearish position in the real estate division, the Company has made loss for the financial year. The total income has been stood at Rs.16.46 Lacs as compared to last year''s Rs. 37.45 Lacs. The Company has incurred Net loss after tax of Rs.83.71 Lacs as compared to net loss of Rs. 74.81 Lacs of the last year.

DIVIDEND:

Your Directors do not recommended any dividend for the year, due to loss incurred for the year.

FUTURE PROSPECTS:

The Company has expertise in Civil, Construction, Structural Work, etc. of various types of commercial, residential and infrastructure projects. Major thrust on infrastructure development supported by regulatory reforms by the government will also provide considerable opportunities to your Company for achieving business growth in coming years.

STATUTORY DISCLOSURE:

Particulars required to be furnished by the Companies (Disclosure of particulars in the report of the Board of Directors) Rule, 1988.

Part A& B pertaining to Conservation of Energy and technology absorption is not applicable to the Company, as the Company has no Manufacturing activities. The Company has however, used information technology in its operation.

During the year, there is no foreign exchange earnings and outgo. (last year also Nil)

DIRECTORS:

As per the provisions of the Companies Act 2013 and Articles of Association of the Company, Mr. Praful Patel, Director of the Company, will retire in the ensuing Annual General Meeting and being eligible, seeks re-appointment. The Board of Directors recommends his re-appointment.

The Board has renewed remuneration terms of Mr. Ashish P. Patel, Managing Director of the Company till his terms expires as on 31st December, 2015.

Details of Director seeking appointment/ re-appointment as required under Clause 49(VI) of the Listing Agreement are provided in the notice forming part of this Annual Report. Their re-appointments are appropriate and in the best interest of the Company.

Impending notification of section 149 and other applicable provisions of the companies Act, 2013, your directors seeking appointment of Mr. Dineshsingh Kshatriya, Mr. Alok Vaidya and Mr. NIrav Desai as independent Director for five consecutive years for a term up to 31st March, 2019. The Company has received declarations from all the Independent Directors confirming that they meet the criteria of independence as prescribed in the above Section.

None of the Directors of the Company is disqualified for being appointed as Director as Specified in section 164(2) of the Companies Act, 2013.

For the perusal of shareholders, a brief resume of the above said director, nature of his expertise, his shareholding in the company and other required details of all directors, for which approval of members for their appointments or re-appointments are sought, are given in the section of Corporate Governance Report elsewhere in the Annual Report.

CHANGE IN LEGISLATION GOVERNING COMPANIES IN INDIA:

During the year under review, the provisions of the new Companies Act have been made effective replacing Companies Act, 1956 vintage by the introduction of the Companies Act, 2013. The Government has notified 287 sections out of total 470 sections which cover all the material provisions of the new Companies Act, 2013.

However, as Clarified by the Ministry of Corporate Affairs, the provisions of Companies Act, 1956 would remain applicable in respect of Financial Accounts, Auditor''s Report and Director''s report thereon for the financial year ended on 31st March, 2014.

PUBLIC DEPOSITS:

During the period under review, the Company has accepted deposits from Public within the prescribed limits under the Act. As on March 31, 2014, deposits from Public stood at Rs. 176.85 Lacs. All the Deposits were paid in time and there were no deposits, which were unclaimed or claimed and remained unpaid by the Company as on March 31, 2014. The Company has stopped accepting new deposits and as per the new Companies Act and all the deposits are being repaid on maturity dates.

CORPORATE GOVERNANCE:

Pursuant to clause 49 of the Listing Agreement with the Stock Exchange, a separate section on Corporate Governance and certificate obtained from practicing Chartered Accountant confirming its compliance, is provided separately and forming part of this Report. The Board of Directors supports the basic principles of corporate governance. In addition to this, the board lays strong emphasis on transparency, accountability and integrity. Report on Management Discussion and Analysis is provided in separate section and forming part of this report.

FORMATION OF VARIOUS COMMITTEES:

Details of various committees constituted/ reconstituted by the Board of Directors are given in the Corporate Governance Report annexed which forms part of this report.

CHANGE IN NOMENCLATURE OF COMMITTEES AND ENHANCED THEIR SCOPE:

Pursuant to introduction of the Companies, Act, 2013 and rules there under, the Nomenclature of the Shareholders Grievance Committee has been changed to "Stakeholders Grievance and Relationship Committee" and the Nomenclature of Remuneration Committee has been changed to "Nomination and Remuneration Committee"

The scope of terms of reference/ scope for Audit Committee has been enhanced in line with provisions of Section 117 of the Companies Act, 2013 with additional Scope on vigil mechanism, Safeguards against victimization of persons who use such mechanism, direct access to chairperson of audit committee in appropriate or exceptional cases etc.

PARTICULARS OF EMPLOYEES UNDER SECTION 217(2A):

The provisions of section 217(2A) of the Companies Act, 1956, read with Companies (Particulars of Employees) Rules, 1988 as amended are not applicable to the company, as there are no employees whose remuneration is in excess of the limits prescribed.

DIRECTORS'' RESPONSIBILITY STATEMENT:

Pursuant to Section 217 (2AA) of the Companies Act, 1956 I would like to state the following:

In the preparation of the Annual Accounts, the applicable accounting standards have been followed.

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 on 31st March. 2014.

The 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.

The Directors have prepared the attached statements of accounts for the year ended 31st March, 2014 on a going concern basis.

AUDITORS & AUDITORS REPORT:

The Statutory Auditors of the Company, M/s. R. Choudhary & Associates; Chartered Accountants, Ahmedabad (Firm Registration No. 101928W) will retire at Conclusion of ensuing Annual General Meeting and being eligible, have offered themselves for re-appointed.

The Company has received a written Certificate from Auditors stating their appointment, if made would be within the limit under Section 139(1) of the Companies Act, 2013 and the rules made there under. The Board, on the recommendation of the Audit Committee, has also proposed that M/s. R. Choudhary & Associates; Chartered Accountants, Ahmedabad, be reappointed as Auditor of the Company.

Your Directors request you to re-appoint the Auditors to hold the office from the Conclusion of the 20th AGM to the Conclusion of 23rd AGM. (Subject to rectification of the appointment by the members at every AGM held after this AGM) and fix their remuneration.

Notes forming part of the accounts are self-explanatory and therefore, do not require any further comments.

INTERNAL AUDIT:

M/s. Shah & Patel has been internal Auditor of the Company. Internal Auditors are appointed by the Board of Directors of the Company on yearly basis, based on the recommendation of the Audit Committee. The Internal Auditor reports their findings on the internal Audit of the Company, to the Audit Committee on a quarterly basis. The Scope of Internal audit is approved by the Audit Committee.

ACKNOWLEDGEMENT:

Your Directors take this opportunity to express their gratitude for the valuable assistance and co-operation extended by the Bankers, vendors, customers, advisors, the general public and for the valued efforts and dedication shown by the Company employees at all levels. Your Directors also sincerely acknowledge the confidence and faith reposed by the shareholders of the Company.

By Order of the Board For RADHE DEVELOPERS (INDIA) LIMITED

Date : 11th August, 2014 Sd/- Place : Ahmedabad PRAFUL C. PATEL CHAIRMAN


Mar 31, 2013

Dear Shareholder:

The Directors are pleased to present the 19th Annual Report with the Audited Accounts of the Company for the year ended 31.3.2013.

FINANCIAL RESULTS:

The Operating results of your Company for the period under review are as follows:

(Rs. in Lacs) Particulars Current Year Previous Year 2012-2013 2011-2012

Total Income 37.45 2.45

Profit /(Loss) before Depreciation & Tax (64.63) (107.93)

Less : Depreciation 11.23 9.82

Profit /(Loss) Before Tax (75.86) (117.75)

Less :Provision for Tax

Deferred Tax (1.05) 0.78

Current Tax

Income tax of earlier year

Fringe Benefit Tax

Net Profit/(Loss) After Tax (74.81) (118.53)

Prior Period Expenses

(74.81) (118.53)

Balance brought forward (365.85) (247.32)

Balance carried to Balance sheet (440.66) (365.85)

Earnings per share (0.30) (0.47)

FINANCIAL HIGHLIGHTS:

OPERATIONS:

During the year, the Company has carried out some activities. However, due to general economic slow down world over and bearish position in the real estate division, the Company has made loss for the financial year. The total income has been stood at Rs.37.45 Lacs as compared to last year''s Rs. 2.45 Lacs. The Company has incurred Net loss after tax of Rs. 74.81 Lacs as compared to net loss of Rs.118.53 Lacs of the last year.

DIVIDEND:

Your Directors do not recommended any dividend for the year, due to loss incurred for the year.

FUTURE PROSPECTS:

The Company has expertise in Civil, Construction, Structural Work, etc. of various types of commercial, residential and infrastructure projects. Major thrust on infrastructure development supported by regulatory reforms by the government will also provide considerable opportunities to your Company for achieving business growth in coming years.

STATUTORY DISCLOSURE :

Particulars required to be furnished by the Companies (Disclosure of particulars in the report of Board of Directors) Rules, 1988.

Part A & B pertaining to Conservation of Energy & Technology absorption is not applicable to the Company, as the Company has no manufacturing activities. The Company has however, used information technology in its operation.

During the year, there is no foreign exchange earnings and outgo. (Last year also Nil)

DIRECTORS:

During the year Mr. Prakash shah was resigned from the Director of the Company w.e.f 14th August, 2012 and Mr. Dineshsingh U. Kshatriya Appointed as an additional Director of the Company w.e.f. 9th November, 2012

In accordance with the provisions of the Articles of Association and of the Companies Act 1956, Mr. Praful Patel, Directors of the Company, is liable to retire by rotation at the ensuing Annual General Meeting and being eligible, offer himself for re- appointment.

The Board appreciate the contribution made by the outgoing Director, during his tenure.

PUBLIC DEPOSITS:

During the period under review, the Company has accepted deposits from Public within the prescribed limits under the Act. As on March 31, 2013, deposits from Public stood at Rs. 134.11 Lacs. All the Deposits were paid in time and there were no deposits, which were unclaimed or claimed and remained unpaid by the Company as on March 31, 2013.

CORPORATE GOVERNANCE:

Pursuant to clause 49 of the Listing Agreement with the Stock Exchange, a separate section on Corporate Governance and certificate obtained from practicing Chartered Accountant confirming its compliance, is provided separately and forming part of this Report. The Board of Directors supports the basic principles of corporate governance. In addition to this, the board lays strong emphasis on transparency, accountability and integrity.

Report on Management Discussion and Analysis is provided in separate section and forming part of this report.

FORMATION OF VARIOUS COMMITTEES:

Details of various committees constituted/ reconstituted by the Board of Directors are given in the Corporate Governance Report annexed which forms part of this report.

PARTICULARS OF EMPLOYEES UNDER SECTION 217(2A):

The provisions of section 217(2A) of the Companies Act, 1956, read with Companies (Particulars of Employees) Rules, 1988 as amended are not applicable to the company, as there are no employees whose remuneration is in excess of the limits prescribed.

DIRECTORS'' RESPONSIBILITY STATEMENT:

Pursuant to Section 217 (2AA) of the Companies Act, 1956, I would like to state the following:

In the preparation of the Annual Accounts, the applicable accounting standards have been followed.

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 on 31st March, 2013.

The 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.

The Directors have prepared the attached statements of accounts for the year ended 31st March, 2013 on a going concern basis.

AUDITORS & AUDITORS REPORT:

M/s. R. Choudhary & Associates; Chartered Accountants, retire at the forthcoming Annual General Meeting and have confirmed their eligibility and willingness to accept the office, if re-appointed.

Notes forming part of the accounts are self-explanatory and therefore, do not require any further comments.

ACKNOWLEDGEMENT:

Your Directors take this opportunity to express their gratitude for the valuable assistance and co-operation extended by the Bankers, vendors, customers, advisors, the general public and for the valued efforts and dedication shown by the Company employees at all levels. Your Directors also sincerely acknowledge the confidence and faith reposed by the shareholders of the Company.

By Order of the Board

For RADHE DEVELOPERS (INDIA) LIMITED

Date : 9th August, 2013 Sd/-

Place : Ahmedabad PRAFUL C. PATEL

CHAIRMAN


Mar 31, 2012

The Directors are pleased to present the 18th Annual Report with the Audited Accounts of the Company for the year ended 31.3.2012.

FINANCIAL RESULTS:

The Operating results of your Company for the period under review are as follows:

(Rs. in Lacs) Particulars Current Year Previous Year 2011-2012 2010-2011

Total Income 2.45 105.87

Profit /(Loss) before Depreciation & Tax (107.93) (51.15)

Less : Depreciation 9.82 8.53

Profit /(Loss) Before Tax (117.75) (59.68)

Less : Provision for Tax Deferred Tax 0.78 (0.66)

Current Tax

Income tax of earlier year

Fringe Benefit Tax

Net Profit/(Loss) After Tax (118.53) (59.02)

Prior Period Expenses (118.53) (59.02)

Balance brought forward (247.32) (188.30)

Balance carried to Balance sheet (365.85) (247.32)

Earnings per share (0.47) (0.02)

FINANCIAL HIGHLIGHTS: OPERATIONS:

During the year, due to general economic slow down world over and bearish position in the real estate division, the total income has been decreased and stood at Rs.2.45 Lacs as compared to last year's Rs. 105.87 Lacs. Same way, due to increase in Administrative, Operation and General Expenses the Company has incurred Net loss after tax of Rs. 118.53 Lacs as compared to net loss of Rs.59.02 Lacs of the last year.

DIVIDEND:

Your Directors do not recommended any dividend for the year, due to loss incurred for the year.

FUTURE PROSPECTS:

The Company has Expertise in Civil, Construction, Structural Work, etc. of various types of commercial, residential and infrastructure projects.

The Company has planned to build Township around Ahmedabad. Major thrust on infrastructure development supported by regulatory reforms by the government will also provide considerable opportunities to your Company for achieving business growth in coming years.

ENERGY CONSERVATION:

(Information under section 217(1)(e) of the Companies Act, 1956.)

The company has no Manufacturing activities. Hence no information is to submit in respect of conservation and absorption of technology

FOREIGN EXCHANGE EARNINGS & OUTFLOW:

There is no foreign exchange earnings and outgo of the company (last year also Nil)

DIRECTORS:

In accordance with the provisions of the Articles of Association and of the Companies Act 1956, Mr. Alok Vaidya and Mr. Nirav D. Desai, Directors of the Company, are liable to retire by rotation at the ensuing Annual General Meeting and being eligible, offer themselves for re-appointment.

The brief particulars of all directors, for which approval of members for their appointment or re-appointment are sought, have been provided in the Notice of Annual General Meeting pursuant to Clause 49 of the Listing Agreement relating to Corporate Governance.

PUBLIC DEPOSITS:

During the period under review, the Company has accepted deposits from Public within the prescribed limits under the Act. As on March 31, 2012, deposits from Public stood at Rs. 102.49 Lacs. All the Deposits were paid in time and there were no deposits, which were unclaimed or claimed and remained unpaid by the Company as on March 31, 2012.

CORPORATE GOVERNANCE:

Pursuant to clause 49 of the Listing Agreement with the Stock Exchange, a separate section on Corporate Governance and certificate obtained from practicing Chartered Accountant confirming its compliance, is provided separately and forming part of this Report. The Board of Directors supports the basic principles of corporate governance. In addition to this, the board lays strong emphasis on transparency, accountability and integrity.

Report on Management Discussion and Analysis is provided in separate section and forming part of this report. FORMATION OF VARIOUS COMMITTEES:

Details of various committees constituted by the Board of Directors are given in the Corporate Governance Report annexed which forms part of this report.

CONSOLIDATION OF SHARES:

With a View to Give a better Picture of earning per Share to the equity share holders of the Company, Financial Institutions and Institutional Investors, your Company has Consolidated equity Shares from 10 (Ten) Equity Shares of the Company of Re. 1/- (Rupee One) each to 1 (One) Equity Share of Rs.10/- (Rupees Ten) each. Necessary Listing of the new Shares was also took place during the year.

PARTICULARS OF EMPLOYEES UNDER SECTION 217(2A):

The provisions of section 217(2A) of the Companies Act, 1956, read with Companies (Particulars of Employees) Rules, 1988 as amended are not applicable to the company, as there are no employees whose remuneration is in excess of the limits prescribed.

DIRECTORS' RESPONSIBILITY STATEMENT:

Pursuant to Section 217 (2AA) of the Companies Act, 1956 I would like to state the following:

In the preparation of the Annual Accounts, the applicable accounting standards have been followed.

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 on 31st March. 2012.

The 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.

The Directors have prepared the attached statements of accounts for the year ended 31st March, 2012 on a going concern basis.

AUDITORS & AUDITORS REPORT:

M/s. R. Choudhary & Associates; Chartered Accountants, retire at the forthcoming Annual General Meeting and have confirmed their eligibility and willingness to accept the office, if re-appointed.

Notes forming part of the accounts are self-explanatory and therefore, do not require any further comments. ACKNOWLEDGEMENT:

Your Directors take this opportunity to express their gratitude for the valuable assistance and co-operation extended by the Bankers, vendors, customers, advisors, the general public and for the valued efforts and dedication shown by the Company employees at all levels. Your Directors also sincerely acknowledge the confidence and faith reposed by the shareholders of the Company.

By Order of the Board For RADHE DEVELOPERS (INDIA) LIMITED

Date : 30th August, 2012 Sd/-

Place : Ahmedabad PRAFUL C. PATEL

CHAIRMAN


Mar 31, 2011

Dear Shareholder:

The Directors are pleased to present the 17th Annual Report with the Audited Accounts of the Company for the year ended 31.3.2011.

FINANCIAL RESULTS:

The Operating results of your Company for the period under review are as follows:

(Amt.Rs. in Lacs)

Particulars Current Year Previous Year 2010-2011 2009-2010

Total Income 105.87 24.49

Profit /(Loss) before Depreciation & Tax (51.15) (137.44)

Less : Depreciation 8.53 8.69

Profit /(Loss) Before Tax (59.68) (146.13)

Less :Provision for Tax

Deferred Tax - (0.46)

Current Tax - -

Income tax of earlier year - -

Fringe Benefit Tax - -

Net Profit/(Loss) After Tax (59.68) (145.67)

Prior Period Expenses - 0.19

(59.68) (145.86)

Balance brought forward (188.30) (42.44)

Balance carried to Balance sheet (247.98) (188.30)

Earnings per share (0.02) (0.07)

FINANCIAL HIGHLIGHTS:

OPERATIONS:

During the year, due to increase in price of the properties and bullish position in the real estate division, the total turnover has been increased and stood at Rs.105.87 Lacs as compared to last year's Rs. 24.49 Lacs. Same way, due to increase in Administrative, Operation and General Expenses, the Company has incurred Net loss after tax of Rs. 59.68 Lacs as compared to net loss of Rs.145.67 Lacs of the last year.

DIVIDEND :

Your Directors do not recommended any dividend for the year, due to loss incurred for the year.

FUTURE PROSPECTS:

The Company has Expertise in Civil, Construction, Structural Work, etc. of various types of commercial, residential and infrastructure projects.

The Company has planned to build Township near Ahmedabad. Major thrust on infrastructure development supported by regulatory reforms by the government will also provide considerable opportunities to your Company for achieving business growth in coming years.

ENERGY CONSERVATION:

(Information under section 217(1)(e) of the Companies Act, 1956.)

The company has no Manufacturing activities. Hence no information is require to be given in respect of conservation of Energy, Research and Development & Technology absorption.

DIRECTORS:

In accordance with the provisions of the Articles of Association and of the Companies Act 1956, Mr. Prakash Shah and Mr. Praful Patel, Directors of the Company, are liable to retire by rotation at the ensuing Annual General Meeting and being eligible, offer themselves for re-appointment.

The Company has re-appointed and revised the remuneration terms of Mr. Ashish Patel, CEO and Managing Director of the Company, w.e.f. 1st January 2011, for further period of 5 years at its Board Meeting held on 9th February 2011, subject to the approval of the members in general meeting.

The brief particulars of all directors, for which approval of members for their appointment or re-appointment are sought, have been provided in the Notice of Corporate Governance report pursuant to Clause 49 of the Listing Agreement.

PUBLIC DEPOSITS:

During the period under review, the Company has accepted deposits from Public within the prescribed limits under the Act. As on March 31, 2011, deposits from Public stood at Rs.48.37 Lacs. All the Deposits were paid in time and there were no deposits, which were unclaimed or claimed and remained unpaid by the Company as on March 31, 2011.

CORPORATE GOVERNANCE:

Pursuant to clause 49 of the Listing Agreement with the Stock Exchange, a separate section on Corporate Governance and certificate obtained from practicing Chartered Accountant confirming its compliance, is provided separately and forming part of this Report. The Board of Directors supports the basic principles of corporate governance. In addition to this, the board lays strong emphasis on transparency, accountability and integrity.

Report on Management Discussion and Analysis is provided in separate section and forming part of this report.

FORMATION OF VARIOUS COMMITTEES:

Details of various committees constituted by the Board of Directors are given in the Corporate Governance Report annexed which forms part of this report.

RIGHTS ISSUE:

Considering the bearish market condition, the Company has cancelled its Rights Issue. However, the Company continue to explore fund raising programs through Rights Issue, for the various future projects.

PARTICULARS OF EMPLOYEES UNDER SECTION 217(2A):

The provisions of section 217(2A) of the Companies Act, 1956, read with Companies (Particulars of Employees) Rules, 1988 as amended are not applicable to the company, as there are no employees whose remuneration is in excess of the limits prescribed.

DIRECTORS' RESPONSIBILITY STATEMENT:

Pursuant to Section 217 (2AA) of the Companies Act, 1956 I would like to state the following:

In the preparation of the Annual Accounts, the applicable accounting standards have been followed.

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 on 31st March. 2011.

The 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.

The Directors have prepared the attached statements of accounts for the year ended 31st March, 2011 on a going concern basis.

AUDITORS & AUDITORS REPORT:

M/s. R. Choudhary & Associates; Chartered Accountants, retire at the forthcoming Annual General Meeting and have confirmed their eligibility and willingness to accept the office, if re-appointed.

Notes forming part of the accounts are self-explanatory and therefore, do not require any further comments.

ACKNOWLEDGEMENT:

Your Directors take this opportunity to express their gratitude for the valuable assistance and co-operation extended by the Bankers, vendors, customers, advisors, the general public and for the valued efforts and dedication shown by the Company employees at all levels. Your Directors also sincerely acknowledge the confidence and faith reposed by the shareholders of the Company.

By Order of the Board

For RADHE DEVELOPERS (INDIA) LIMITED

Date : 10-8-2011

Place : Ahmedabad PRAFUL C. PATEL

CHAIRMAN


Mar 31, 2010

The Directors have pleasure for presenting you the 16th Annual Reports of the Company together with the Audited Accounts for the year ended on March 31,2010.

FINANCIAL RESULTS:

The Operating results of your Company for the period under review are as follows:

(Amt. in Rs.)

Particulars Current Year Previous Year

31.03.2010 31.03.2009

Total Income 2449399.80 4765208.10

Profit/(Loss)before Depreciation & Tax (13743965.10) (3381142.93)

Less: Depreciation (868988.00) (848949.00)

Profit/(Loss) Before Tax (14612953.10) (4230091.93)

Less : Provision for Tax

Deferred Tax (46398.00) (88293.00)

Current Tax - -

Income tax of earlier year - -

Fringe Benefit Tax - -

Net Profit/(Loss) After Tax (14566555.10) (4141798.93)

Prior Period Expenses 19118.00 696332.00

(14585673.10) (4838130.93)

Balance brought forward (4244223.83) 593907.10

Balance carried to Balance sheet (18829896.93) (4244223.83)

Earnings per share (0.07) (0.04)

FINANCIAL HIGHLIGHTS:

OPERATIONS:

During the year, due to general economic slow down world over and bearish position in the real estate division, the total turnover has been decreased and stood at Rs.24.49 Lacs as compared to last years Rs. 47.65 Lacs, Same way, due to higher provision for depreciation and increase in Administrative, Operation and General Expenses the Company has in- curred Net loss after tax of Rs.145.67 Lacs as compared to net loss of Rs.41.42 Lacs of the last year.

DIVIDEND:

Your Directors do not recommended any dividend for the year, due to loss incurred for the year.

FUTURE PROSPECTS:

The Company has Expertise in Civil, Construction, Structural Work, etc. of various types of commercial, residential and infrastructure projects.

The Company has planned to build Township near Ahmedabad. Major thrust on infrastructure development supported by regulatory reforms by the government will also provide considerable opportunities to your Company for achieving business growth in coming years.

ENERGY CONSERVATION:

(Information under section 217(1 )(e) of the Companies Act, 1956.)

The company has no Manufacturing activities. Hence no information is to submit in respect of conservation and absorption of technology

FOREIGN EXCHANGE EARNINGS & OUT FLOW:

There is no foreign exchange earning and outgo of the company (last year also Nil)

DIRECTORS:

In accordance with the provisions of the Articles of Association and of the Companies Act 1956, Mr. Alok Vaidya and Mr. Nirav D. Desai, Directors of the Company, retiring by rotation at the ensueing Annual General Meeting and being eligible, offer themselves for re-appointment.

The Company has revised the terms and conditions of remuneration of Mr. Ashish Patel, CEO and Managing Director of the Company, w.e.f. 1st April 2010, at its Board Meeting held on 30th April, 2010, subject to the approval of the members in general meeting.

The brief particulars of all directors, for which approval of members for their appointment or re-appointment are sought, have been provided in the Notice of Annual General Meeting pursuant to Clause 49 of the Listing Agreement relating to Corporate Governance.

PUBLIC DEPOSITS:

The Company has launched its Fixed Deposit Scheme and started accepting deposits from shareholders and others from February, 2010, which is within the prescribed limits. As on March 31,2010, deposits stood at Rs.18.61 lacs. There were no deposits, which were claimed and remained unpaid by the company as on March 31,2010.

FURTHER ALLOTMENT OF SHARES:

The Company has allotted 1,50,00,000 equity shares on conversion of Equity warrants, through preferential allotment to promoters and Non Promoters of the Company and thus the promoters have brought additional funds and making total paid- up capital of Rs.25,17,99,000/-

SUB -DIVISION (STOCK SPLIT) OF SHARES:

With a View to provide more liquidity and encourage active participation of the retail investors, your Company has subdi- vided equity shares from 1 (one) equity share of the company of Rs. 10/- (Rupees Ten) each to 10(Ten) equity shares of Rs.1/-(Rupees One) each. Necessary Listing of the new shares was also took place during the year.

PROPOSED RIGHTS ISSUE:

The Company recognizes tremendous scope and potential of the Housing, real estate development and infrastructure construction industry in India - especially given the high impetus given by the Government of India to Housing and Infra- structure sector. This gives us access to continued growth opportunity. The Company has many such big projects in pipeline, which requires major investment in capital equipment and needs to augment its long-term working capital re- sources.

In view of the above, your directors propose to issue shares on a rights basis to existing shareholders, after obtaining necessary approval from the SEBI and relevant applicable authorities.

INCREASE IN AUTHORISED CAPITAL:

The Company will need to increase its present Authorized Capital of the Company, creating provision for additional shares to be issued, under the proposed Rights Issue.

The Board of Directors therefore proposes to increase the Authorized Share Capital to Rs. 81,00,00,000/- (Rupees Eighty one crore) divided into 81,00,00,000 equity shares of Rs. 1/- each and accordingly, clause V of Memorandum and appli- cable Articles of Association requires amendment and approval from the members..

ADOPTION OF NEW SET OF ARTICLE OF ASSOCIATION:

The Company was incorporated 15 years back and during this period many amendment came under the Companies Act, 1956. The Company has changed its Articles in the past, as and when required. Looking at the present provisions, the Board has decided to change the whole set of Articles, so that it covers all the provisions under the Companies Act,1956 and accordingly the same has been placed before the members for their approval.

CAPITAL REDUCTION:-

The Company was under the bonafide belief that the revision of accounts for the year 2000-2001, 2001-2002,2002-2003 and 2003-2004 pursuant to the resolution passed by the shareholders in the Extra Ordinary General Meeting held in March,

2005 is sufficient to reverse the allotment of shares in respect of which the Bombay Stock Exchange refused the listing. However, the Company is now advised that the paid-up equity share capital of the Company can be cancelled/ reduced only subject to the approval of the Honble High Court of Gujarat as per the provisions of Sec. 100 r/w. Sec. 101 of the Companies Act, 1956, after the shareholders approval through special resolution as required in such provision. This Capital reduction is for the old capital and it does not affect, in any way, the present capital structure of the Company.

DELISTING OF THE SHARES OF THE COMPANY:-

It was observed that since last few years, there has been no trading of Companys shares on Ahmedabad Stock Exchange. To reduce cost of the Company, the Board have decided to delist the shares of the Company from the Ahmedabad Stock Exchange. The same has been approved by the Ahmedabad Stock Exchange and shares have been Delisted from the said Exchange, w.e.f. 09/07/2010.

CORPORATE GOVERNANCE:-

Pursuant to clause 49 of the Listing Agreement with the Stock Exchange, a separate section on Corporate Governance and certificate obtained from Chartered Accountant confirming its compliance, is provided separately and forming part of this Report. The Board of Directors supports the basic principles of corporate governance. In addition to this, the board lays strong emphasis on transparency, accountability and integrity.

Report on Management Discussion and Analysis is provided in separate section and forming part of this report.

FORMATION OF VARIOUS COMMITTEES:-

Details of various committees constituted by the Board of Directors are given in the Corporate Governance Report annexed which forms part of this report.

PARTICULARS OF EMPLOYEES UNDER SECTION 217(2A):-

The provisions of section 217(2A)of the Companies Act, 1956, read with Companies (Particulars of Employees) Rules, 1988 as amended are not applicable to the company, as there are no employees whose remuneration is in excess of the limits prescribed.

DIRECTORS RESPONSIBILITY STATEMENT: -

Pursuant to Section 217 (2AA) of the Companies Act, 1956 I would like to state the following:

In the preparation of the Annual Accounts, the applicable accounting standards have been followed.

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 on 31st March. 2010.

The 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.

The Directors have prepared the attached statements of accounts for the year ended 31st March, 2010 on a going concern basis.

AUDITORS & AUDITORS REPORT: -

M/s. R. Choudhary & Associates; Chartered Accountants, retire at the forthcoming Annual General Meeting and have confirmed their eligibility and willingness to accept the office, if re-appointed.

Notes forming part of the accounts are self-explanatory and therefore, do not require any further comments.

ACKNOWLEDGEMENT:

Your Directors take this opportunity to express their gratitude for the valuable assistance and co-operation extended by the Bankers, vendors, customers, advisors, the general public and for the valued efforts and dedication shown by the Company employees at all levels. Your Directors also sincerely acknowledge the confidence and faith reposed by the shareholders of the Company.



By Order of the Board

For RADHE DEVELOPERS (INDIA) LIMITED



Date: 26/07/2010 Sd/-

Place: Ahmedabad PRAFUL C. PATEL

CHAIRMAN

 
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