Mar 31, 2014
Dear Members,
The Directors presents their Twentysecond Annual Report and Audited
Accounts for the year ended 31st March 2014.
FINANCIAL RESULTS :
For the year ended For the year ended
March 31, 2014 March 31, 2013
(Rs. in Lakh) (Rs. in Lakh)
Income from operation 8.42 7.92
Profit before tax (8.29) (7.77)
Less: Deffered tax liablity 0.09 (0.06)
Profit after tax (8.20) (7.71)
Add: Profit brought forward (51.39) (43.68)
from last year
Profit available for (59.59) (51.39)
Appropriation
APPROPRIATIONS:
Balance Carried Forward (59.59) (51.39)
DIVIDEND :
In view of the losses, your Directors do not recommend any dividend.
OPERATIONS AND OUTLOOK :
The total income from operation increased to Rs.8.42 Lakh from Rs. 7.92
Lakh and the company incurred a loss of Rs. 8.20 Lakh, as against loss
of Rs.7.71 Lakh in the last year.
DIRECTORS'' RESPONSIBILITY STATEMENT
In accordance with provisions of Section 217(2AA) of the Com- panies
Act, 1956, with respect to the Directors'' Responsibility Statement, it
is hereby confirmed:
i. That in the presentation of the annual accounts for the financial
year ended 31st March, 2014, the applicable accounting standards had
been followed along with proper explanation relating to material
departure;
ii. That the directors had selected such accounting policies and
applied them consistently and made judgments and estimates that were
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 the year under review;
iii. That the directors had taken proper and sufficient care for the
maintenance of the adequate accounting records in accordance with the
provisions of the Companies Act, 1956 for safeguarding the assets of
the Company and for preventing and detecting fraud and other
irregularities;
iv. That the directors had prepared the accounts for the financial year
ended 31st March 2014 on a going concern Basis.
REPORT ON CORPORATE GOVERNANCE :
Pursuant to clause 49 of the Listing Agreement with Stock Exchanges, a
separate Section titled Corporate Governance has been included in this
report. The auditors certificate on compli- ance of clause 49 of the
listing Agreement by the Company is annexed to this report.
MANAGEMENT DISCUSSION AND ANALYSIS:
A brief note on management discussion and analysis is annexed which
forms part of the Directors Report and has been prepared in accordance
with clause 49 of the listing agreement.
FIXED DEPOSITS :
The Company has neither invited nor accepted any fixed deposits from
the public.
LISTING :
The equity shares of the company are listed at the Stock Ex- change,
Mumbai and Madras and listing fee for the financial year 2014-15 have
been paid to the concerned Stock Exchanges.
DIRECTORS :
In accordance with the provisions of Section 152 of the Compa- nies
Act, 2013 and the company''s Articles of Association, Shri Dinesh Gupta,
Director retire by rotation at the forthcoming An- nual General Meeting
and being eligible offer himself for reap- pointment. Your Board
recommends appointment of Mr. Dinesh Gupta as director liable to retire
by rotation.
The Board of Directors of the Company have decided to adopt the
provisions with respect to appointment and tenure of Independent
Directors which are consistent with the Companies Act, 2013 and the
Listing Agreement. Shri Dhiraj Mehta, Shri Brijesh Mathur and Shri
Kanaiyalal B. Agrawal are Non- Executive Independent Directors of the
Company. The period of office of these Directors was liable to
determination by retirement by rotation under the erstwhile applicable
provisions of the Companies Act, 1956. In terms of Section 149 and
other applicable provisions of the Companies Act.2013, Shri Dhiraj
Mehta, Shri Brijesh Mathur and Shri Kanaiyalal B. Agrawal being
eligible, offer themselves for appointment, and are proposed to be
appointed as Independent Directors for a term as stated in the
Resolutions. Your Board recommends the said appointments.
Shri Surendra Salgia resigned as a Director of the company with effect
from June 01,2014. The Board places on record its appreciation for the
valuable services rendered by Shri Surendra Salgia during his tenure as
Director.
AUDITORS:
M/s K.K. Gada & Co. Chartered Accountants, who are Statutory Auditors
of the company hold office upto the forthcoming Annual General Meeting
and are recommended for reappointment to audit the account of the
company for the financial year 2014-15. As required under the provision
of Section 139 of the Companies Act 2013 the company has obtained
written confir- mation from M/s K.K. Gada & Co. that their appointment,
if made, would be in conformity with the limits specified in the said
sec- tion and they satisfy the criteria specified in Section 141 of the
Companies Act, 2013 read with Rule 4 of the Companies (Audit &
Auditors) Rules 2014.
EMPLOYEES:
None of the employee of the company is falling under the Category
specified in section 217 (2A) of the Companies Act 1956.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNING AND OUTGO.
The provision of Section 217(1)(e) of the Companies Act, 1956 read with
the Companies (Disclosure in the Report of Board of Directors) Rules
1988 are not applicable to your Company, since your company is not a
scheduled industries as per said rules.
Your Company neither earned nor spent any foreign exchange during the
year.
ACKNOWLEDGEMENT
The Board wishes to express its deep appreciation to the entire staff
members, Bankers, shareholders and clients for their valuable support
to the Company.
For and on behalf of the Board
DINESH GUPTA SATISH KUSUMBIWAL
Managing Director Jt. Managing Director
Place: Mumbai
Date: August 28, 2014
Mar 31, 2013
The Directors presents theirTwentyfirst Annual Report and Audited
Accounts for the year ended 31st March 2013.
FINANCIAL RESULTS :
For the year ended For the year ended
March 31, 2013 March 31, 2012
(Rs. in Lakh) (Rs. in Lakh)
Income from operation 7.92 27.97
Profit before tax (7.77) (0.64)
Less: Earlier Year Item --- 0.08
Deffered tax liablity (0.06) (0.01)
Profit after tax (7.71) (0.71)
Add: Profit brought forward (43.68) (42.97)
from last year
Profit available for (51.39) (43.68)
Appropriation
APPROPRIATIONS:
Balance Carried Forward (51.39) (43.68)
DIVIDEND :
In view of the losses, your Directors do not recommend any dividend.
OPERATIONS AND OUTLOOK :
The total income from operation decreased to Rs.7.92 Lakh from Rs.27.97
Lakh and the company incurred a loss of Rs. 7.71 Lakh, as against loss
of Rs.0.71 Lakh in the last year.
DIRECTORS'' RESPONSIBILITY STATEMENT
In accordance with provisions of Section 217(2AA) of the Companies Act,
1956, with respect to the Directors'' Responsibility Statement, it is
hereby confirmed:
i. That in the presentation of the annual accounts for the financial
year ended 31st March, 2013, the applicable accounting standards had
been followed along with proper explanation relating to material
departure;
ii. That the directors had selected such accounting policies and
applied them consistently and made judgments and estimates that were
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 the year under review;
iii. That the directors had taken proper and sufficient care for the
maintenance of the adequate accounting records in accordance with the
provisions of the Companies Act, 1956 for safeguarding the assets of
the Company and for preventing and detecting fraud and other
irregularities;
iv. That the directors had prepared the accounts for the financial year
ended 31st March 2013 on a going concern basis.
REPORT ON CORPORATE GOVERNANCE :
Pursuant to clause 49 of the Listing Agreement with Stock Exchange, a
separate Section titled Corporate Governance has been included in this
report. The auditors certificate on com- pliance of clause 49 of the
listing Agreement by the Company is annexed to this report.
MANAGEMENT DISCUSSION AND ANALYSIS:
A brief note on management discussion and analysis is annexed which
forms part of the Directors Report and has been prepared in accordance
with clause 49 of the listing agreement.
FIXED DEPOSITS :
The Company has neither invited nor accepted any fixed deposits from
the public.
LISTING :
The equity shares of the company are listed at the Stock Ex- change,
Mumbai and Madras and listing fee for the financial year 2013-14 have
been paid to the concerned Stock Ex- changes.
DIRECTORS :
Shri Dhiraj Mehta and Shri Surendra Salgia retire by rotation and
eligible for reappointment, which the directors recommend.
AUDITORS AND AUDITORS REPORT :
Shareholders are requested to appoint the Auditors of the Company. M/s
K. K. Gada & Co, Chartered Accountants, retiring Auditors have informed
the Company that being eligible they offer themselves for
reappointment, and have certified that their appointment, if made, will
be in accordance with the limits specified in Section 224 (1-B) of the
Companies Act, 1956.
The observations of the Auditors in their Report read together with
notes to accounts are self explanatory and do not call for any further
information & explanation under section 217 (3) of the Companies Act,
1956.
EMPLOYEES :
None of the employee of the company is falling under the Category
specified in section 217 (2A) of the Companies Act 1956.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNING AND OUTGO.
The provision of Section 217(1)(e) of the Companies Act, 1956 read with
the Companies (Disclosure in the Report of Board of Directors) Rules
1988 are not applicable to your Company, since your company is not a
scheduled industries as per said rules.
Your Company neither earned nor spent any foreign exchange during the
year.
ACKNOWLEDGEMENT
The Board wishes to express its deep appreciation to the entire staff
members, bankers, shareholders and clients for their valu- able support
to the Company.
By order of the Board
DINESH GUPTA SATISH KUSUMBIWAL
Managing Director Jt. Managing Director
Place : Mumbai
Date : August 14, 2013.
Mar 31, 2012
The Directors presents theirTwentieth Annual Report and Audited
Accounts for the year ended 31st March 2012.
FINANCIAL RESULTS :
For the year ended For the year ended
March 31, 2012 March 31, 2011
(Rs. in Lakh) (Rs. in Lakh)
Income from operation 27.97 30.57
Profit before tax (0.64) (0.88)
Less: Earlier Year Item 0.08 0.04
Deffered tax liablity (0.01) (0.06)
Profit aftertax (0.71) (0.86)
Add: Profit brought forward (42.97) (42.11)
from last year
Profit available for (43.68) (42.97)
Appropriation
APPROPRIATIONS:
Balance Carried Forward (43.68) (42.97)
DIVIDEND :
In view of the losses, your Directors do not recommend any dividend.
OPERATIONS AND OUTLOOK :
The total income from operation decreased to Rs.27.97 Lakh from Rs.
30.57 Lakh and the company incurred a loss of Rs. 0.64 Lakh , as
against loss of Rs.0.88 Lakh in the last year.
DIRECTORS' RESPONSIBILITY STATEMENT
In accordance with provisions of Section 217(2AA) of the Companies Act,
1956, with respect to the Directors' Responsibility Statement, it is
hereby confirmed :
i. That in the presentation of the annual accounts for the financial
year ended 31st March, 2012, the applicable accounting standards had
been followed along with proper explanation relating to material
departure;
ii. That the directors had selected such accounting policies and
applied them consistently and made judgments and estimates that were
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 the year under review;
iii. That the directors had taken proper and sufficient care for the
maintenance of the adequate accounting records in accordance with the
provisions of the Companies Act, 1956 for safeguarding the assets of
the Company and for preventing and detecting fraud and other
irregularities;
iv. That the directors had prepared the accounts for the financial
year ended 31st March 2012 on a going concern basis.
REPORT ON CORPORATE GOVERNANCE :
Pursuant to clause 49 of the Listing Agreement with Stock Exchange, a
separate Section titled Corporate Governance has been included in this
report. The auditors certificate on compliance of clause 49 of the
listing Agreement by the Company is annexed to this report.
MANAGEMENT DISCUSSION AND ANALYSIS:
A brief note on management discussion and analysis is annexed which
forms part of the Directors Report and has been prepared in accordance
with clause 49 of the listing agreement.
FIXED DEPOSITS :
The Company has neither invited nor accepted any fixed deposits from
the public.
LISTING :
The equity shares of the company are listed in the Stock Exchange,
Mumbai and Madras and listing fee for the financial year 2012-13 have
been paid to the concerned Stock Exchanges.
DIRECTORS :
Shri Dinesh Gupta and Shri Satish Kusumbiwal retire by rotation and
eligible for reappointment, which the directors recommend.
AUDITORS :
Shareholders are requested to appoint the Auditors of the Company. M/s.
K. K. Gada & Co, Chartered Accountants, retiring Auditors have informed
the Company that being eligible they offer themselves for
reappointment, and have certified that their appointment, if made, will
be in accordance with the limits specified in Section 224 (1-B) of the
Companies Act, 1956.
The observations of the Auditors in their Report are self explanatory.
EMPLOYEES :
None of the employee of the company is falling under the Cat- egory
specified in section 217 (2A) of the companies Act 1956.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNING AND OUTGO.
The provision of Section 217(1)(e) of the Companies Act, 1956 read with
the Companies (Disclosure in the Report of Board of Directors) Rules
1988 are not applicable to your Company, since your company is not a
scheduled industries as per said rules.
Your Company neither earned nor spent any foreign exchange during the
year.
ACKNOWLEDGEMENT
The Board wishes to express its deep appreciation to the entire staff
members, bankers, shareholders and clients for their valuable support
to the Company.
By order of the Board
DINESH GUPTA SATISH KUSUMBIWAL
Managing Director Jt. Managing Director
Place : Mumbai
Date : August 29, 2012.
Mar 31, 2010
The Directors presents their Eighteenth Annual Report and Audited
Accounts for the year ended 31st March 2010.
FINANCIAL RESULTS :
For the year ended For the year ended
March 31, 2010 March 31, 2009
(Rs. in Lakh) (Rs. in Lakh)
Income 83.99 99.38
Profit before tax (7.51) (31.62)
Less: Provision for tax - -
Provision for Fringe benifit tax - 0.06
Earlier Year Item 1.29 -
Deffered tax liablity (0.22) 0.10
Profit after tax (8.58) (31.78)
Add: Profit brought forward (33.53) (1.74)
from last year
Profit available for (42.11) (33.52)
Appropriation
APPROPRIATIONS:
Balance Carried Forward (42.11) (33.52)
DIVIDEND :
In view of the losses, your Directors do not recommend any Dividend.
OPERATIONS AND OUTLOOK :
The total income decreased to Rs.83.99 Lakhs from Rs. 99.38 Lakhs and
the company incurred a loss of Rs. 7.51 Lakhs, as against Loss of
Rs.31.62 Lakhs in the last year.
DIRECTORS RESPONSIBILITY STATEMENT
In accordance with provisions of Section 217(2AA) of the Companies Act,
1956, with respect to the Directors Responsibility Statement, it is
hereby confirmed :
i. That in the presentation of the annual accounts for the financial
year ended 31st March, 2010, the applicable accounting standards had
been followed along with proper explanation relating to material
departure;
ii. That the directors had selected such accounting policies and
applied them consistently and made judgments and estimates that were
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 the year under review;
iii. That the directors had taken proper and sufficient care for the
maintenance of the adequate accounting records in accordance with the
provisions of the Companies Act, 1956 for safeguarding the assets of
the Company and for preventing and detecting fraud and other
irregularities;
iv. That the directors had prepared the accounts for the financial year
ended 31st March 2010 on a going concern basis.
REPORT ON CORPORATE GOVERNANCE :
Pursuant to clause 49 of the Listing Agreement with Stock Exchange, a
separate Section titled Corporate Governance has been included in this
report. The auditors certificate on compliance of clause 49 of the
listing Agreement by the Company is annexed to this report.
MANAGEMENT DISCUSSION AND ANALYSIS:
A brief note on management discussion and analysis is annexed which
forms part of the Directors Report and has been prepared in accordance
with clause 49 of the listing agreement.
FIXED DEPOSITS :
The Company has neither invited nor accepted any fixed deposits from
the public.
LISTING :
The equity shares of the company are listed in the Stock Exchange,
Mumbai and Madras and listing fee for the financial year 2010-11 have
been paid to the concerned Stock Exchanges. The approval of Delhi Stock
Exchange for voluntary delisting is still awaited meanwhile company has
not made payment of listing fee to Delhi Stock Exchange.
DIRECTORS :
Shri Dhiraj Mehta and Shri Surendra Salgia retire by rotation and
eligible for reappointment, which the directors recommend.
AUDITORS :
Shareholders are requested to appoint the Auditors of the Company. M/s
K. K. Gada & Co, Chartered Accountants, retiring Auditors have informed
the Company that being eligible they offer themselves for
reappointment, and have certified that their appointment, if made, will
be in accordance with the limits specified in Section 224 (1-B) of the
Companies Act, 1956.
The observations of the Auditors in their Report are self explanatory.
EMPLOYEES :
None of the employee of the company is falling under the Cat- egory
specified in section 217 (2A) of the companies Act 1956.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNING AND OUTGO.
The provision of Section 217(1)(e) of the Companies Act, 1956 read with
the Companies (Disclosure in the Report of Board of Directors) Rules
1988 are not applicable to your Company, since your company is not a
scheduled industries as per said rules.
Your Company neither earned nor spent any foreign exchange during the
year.
ACKNOWLEDGEMENT
The Board wishes to express its deep appreciation to the entire staff
members, bankers, shareholders and clients for their valuable support
to the Company.
By order of the Board
DINESH GUPTA SATISH KUSUMBIWAL
Managing Director Jt. Managing Director
Place : Mumbai
Date : 30h August, 2010.