Mar 31, 2014
Dear Members,
The Directors have great pleasure in presenting the 24th Annual Report
of your Company together with the Audited Accounts for the year ended
31st March, 2014.
FINANCIAL PERFORMANCE
Particulars Year Ended on Year Ended on
31.03.2014 31.03.2013
(Rs. In Lacs) (Rs. In Lacs)
Turnover - -
Other Income - 185.90
Profit / (Loss) Before Dep.,
Preliminary Exp. W/off&
Financial Charges (3.28) 72.52
Financial Charges 5.81 10.75
Profit/(Loss) before Dep.
& Preliminary Exp. (9.09)
Depreciation 0.46 0.19
Preliminary Exp. W/off - -
Profit/(Loss) Before Tax (9.55) 61.58
IncomeTax and F.B.T - -
Deferred Tax - 114.92
Profit/(Loss) after Tax (9.55) 176.50
Due to decrease in total sales volume, steep fall in the sales prices,
adverse foreign exchange fluctuation, revision in the wages coupled
with labour unrest, substantial high price of imported raw material in
previous few years and also changes taken place regarding import rules
of raw material company could not generate sufficient funds to run
manufacturing activities, hence company''s management has discontinue
all the manufacturing activities.
DIVIDEND
Your directors consider it prudent not to recommend any dividend on the
equity shares of the company due to losses.
DIRECTORS
Shri Amool Dave retires by rotation at the forthcoming Annual General
Meeting and being eligible, offer himself for reappointment.
LISTING OF SECURITIES
Equity Shares of your company are listed at Bombay Stock Exchange,
Mumbai which has got nationwide coverage.
DIRECTOR''S RESPONSIBILITY STATEMENT
In accordance with the provisions of Section 217 (2AA) of the Companies
Act, 1956; your Directors confirm:
i) that in preparation of annual accounts, the applicable accounting
standards have been followed by your company along with proper
explanation relating to material departures, if any.
ii) that the Directors have selected such accounting policies and
applied them consistently and made judgments and estimates that are
reasonable and prudent so as to give a true and fair view of the state
of affairs of the Company at the end of the financial year and of the
loss of the com pany for that period.
iii) that the Directors have taken proper and sufficient care 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) that the Directors have prepared the annual accounts on a going
concern basis.
AUDITORS
M/s. Dhakar & Associates, Chartered Accountants, Udaipur, the Auditors
of the Company, retire at the conclusion of the ensuing Annual General
Meeting and being eligible offer themselves for reappointment.
AUDITOR''S REPORT
The Board has taken note on qualifications made by the auditors for
which necessary clarifications have been given in notes to the accounts
which is self explanatory and do not call for any further
clarifications.
ENVIRONMENT
Your company has discontinued all the manufacturing activities and
dismantled Plant & Machinery, therefore pollution control besides
health and safety measures are not required.
MAINTENANCE OF COST RECORDS
There is no business activity in the Company, hence Company is not
maintaining cost accounting records.
CORPORATE GOVERNANCE
In compliance with clause 49 of Listing Agreement with the Stock
Exchange, the management discussion and analysis report, a Corporate
Governance Report, and a certificate regarding compliance of the
conditions of Corporate Governance are made part of the Annual Report.
HUMAN RESOURCES & INDUSTRIAL RELATIONS
The human resource development functions of the company is guided by a
strong set of values and policies and plays a pivotal role in
maintaining company''s strength across all activity centers. The company
maintains healthy, cordial and harmonious industrial relations at all
levels. Resulted in peaceful settlement of dues of all employees etc.
PARTICULARS OF EMPLOYEES
There were no employees whose remuneration were in excess of the limits
prescribed under section 217 (2A) of the Companies Act 1956 read with
the Companies (Particulars of Employees) Rules, 1975.
PUBLIC DEPOSIT
The Company has neither invited nor accepted any deposit from the
public within the meaning of Section 58A & 58AA of the Companies Act
1956.
COMPLIANCE OF COMPANY LAW MATTERS
The Company was having whole time Company Secretary but she resigned on
15.07.2013. Company made all efforts and took necessary action for
filling the vacancy of Company secretary but post of Company Secretary
remained vacant and hence balance sheet and accounts for the year could
not be got signed from Company Secretary. However, Directors of the
company confirm that company has complied with all the provisions of
the Companies Act 1956, and Companies Act 2013 and Rules made
thereunder.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION
The company has discontinued all the manufacturing activities and
dismantled Plant & Machinery, therefore actions are not possible in
this regard.
FOREIGN EXCHANGE EARNING & OUT GO
a. Earnings Rs. Nil
b. Outgo Rs. Nil
ACKNOWLEDGMENT
The Board wishes to place on records its sincere appreciation for the
continued assistance and support extended to the company by the
customers, bankers and vendors, Government authorities and employees.
Your Directors acknowledge with gratitude the encouragement and support
extended by our valued shareholders.
For and on behalf of the Board of Directors,
Place: Udaipur (Ashok Kumar Mehta) (AniIVyas)
Dated: 5th Sept.,2014 Managing Director Director
Mar 31, 2013
The Directors have great pleasure in presenting the 23rd Annual Report
of your Company together with the Audited Accounts for the year ended
31st March, 2013.
FINANCIAL PERFORMANCE
Year Ended on Year Ended on
31.03.2013 31.03.2012
(Rs. in Lacs) (Rs. in Lacs)
Turnover - -
Other Income 185.90 41.20
Profit/(Loss) Before Dep., Preliminary
Exp. W/off & Financial Charges 72.52 27.88
Financial Charges 10.75 17.04
Profit/(Loss) before Dep.
& Preliminary Exp. - 10.84
Depreciation 0.19 23.10
Preliminary Exp. W/off - -
Profit/(Loss) Before Tax 61.58 (12.26)
Income Tax and F.B.T - -
Deferred Tax 114.92 (9.59)
Profit/(Loss) after Tax 176.50 (2.67)
Due to decrease in total sales volume, steep fall in the sales prices,
adverse foreign exchange fluctuation, revision in the wages coupled
with labour unrest, substantial high price of imported raw material in
previous few years and also changes taken place regarding import rules
of raw material company could not generate sufficient funds to run
manufacturing activities, hence company''s management has discontinue
all the manufacturing activities.
DIVIDEND
Your directors consider it prudent not to recommend any dividend on the
equity shares of the company due to losses.
DIRECTORS
Shri Ranjeet Singh Saruparia retires by rotation at the forthcoming
Annual General Meeting and being eligible, offer himself for
reappointment.
Shri Chakarpani Goswami retires by rotation at the forthcoming Annual
General Meeting and being eligible, offer himself for reappointment.
The Company has received notices pursuant to Section 257 of the
Companies Act, 1956 from two members proposing the candidature of Shri
Anil Vyas and Shri Amool Dave for appointment as Directors of the
Company. The Board recommends the appointment of Shri Anil Vyas and
Shri Amool Dave as Director.
The brief resume of the new directors proposed to be appointed at the
annual general meeting as under :-
Name Shri Anil Vyas Shri Amool Dave
Age 47 Years 43 Years
Education B.Sc. B.Com
Experience Worked as Manager Worked as Manager
in specific area (Works) in Public (Marketing) in Public
Limited Company Limited Company
Date of appoint- 20.05.2013 20.05.2013
ment on Board
Name of other Nil Nil
companies in which
directorship is held
(as per Section 275
and 278 of the
Companies Act,1956)
LISTING OF SECURITIES.
Equity Shares of your company are listed at Bombay Stock Exchange,
Mumbai which has got nationwide coverage.
DIRECTOR''S RESPONSIBILITY STATEMENT
In accordance with the provisions of Section 217 (2AA) of the Companies
Act, 1956; your Directors confirm:
i) That in preparation of annual accounts, the applicable accounting
standards have been followed by your company along with proper
explanation relating to material departures, if any.
ii) that the Directors have selected such accounting policies and
applied them consistently and made judgments and estimates that are
reasonable and prudent so as to give a true and fair view of the state
of affairs of the Company at the end of the financial year and of the
profit of the company for that period.
iii) that the Directors have taken proper and sufficient care 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) that the Directors have prepared the annual accounts on a going
concern basis.
AUDITORS
M/s. Dhakar & Associates, Chartered Accountants, Udaipur, the Auditors
of the Company, retire at the conclusion of the ensuing Annual General
Meeting and being eligible offer themselves for reappointment.
AUDITOR''S REPORT
The Board has taken note on qualifications made by the auditors for
which necessary clarifications have been given in notes to the accounts
which is self explanatory and do not call for any further
clarifications.
ENVIRONMENT
Your company has discontinued all the manufacturing activities and
dismantled Plant & Machinery, therefore pollution control besides
health and safety measures are not required.
MAINTENANCE OF COST RECORDS
Company is maintaining cost accounting records as required under
Section 209 (1)(d).
CORPORATE GOVERNANCE
In compliance with clause 49 of Listing Agreement with the Stock
Exchange, the management discussion and analysis report, a Corporate
Governance Report, and a certificate regarding compliance of the
conditions of Corporate Governance are made part of the Annual Report.
HUMAN RESOURCES & INDUSTRIAL RELATIONS
The human resource development functions of the company is guided by a
strong set of values and policies and plays a pivotal role in
maintaining company''s strength across all activity centers. The
company maintains healthy, cordial and harmonious industrial relations
at all levels. Resulted in peaceful settlement of dues of all employees
etc.
PARTICULARS OF EMPLOYEES
There were no employees whose remuneration were in excess of the limits
prescribed under section 217 (2A) of the Companies Act 1956 read with
the Companies (Particulars of Employees) Rules, 1975.
PUBLIC DEPOSIT
The Company has neither invited nor accepted any deposit from the
public within the meaning of Section 58A & 58AA of the Companies Act
1956.
COMPLIANCE OF COMPANY LAW MATTERS
The company has appointed Ms. Pooja Bafna a qualified Company
Secretary.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION
The company has discontinued all the manufacturing activities and
dismantled Plant & Machinery, therefore actions are not possible in
this regard.
FOREIGN EXCHANGE EARNING & OUT GO
a. Earnings Rs. Nil
b. Outgo Rs. Nil
ACKNOWLEDGMENT
The Board wishes to place on records its sincere appreciation the
continued assistance and support extended to the company t the
customers, bankers and vendors, Government authorities anc employees.
Your Directors acknowledge with gratitude the encouragement and support
extended by our valued shareholders.
For and on behalf of the Board of Directors,
Place: Udaipur (Ashok Kumar Mehta) (Anil Vyas)
Dated: 30th May,2013 Managing Director Director
Mar 31, 2012
To, The Members,
The Director''s have great pleasure in presenting the 22nd Annual
Report of your company together with the Audited Accounts for the year
ended 31st March 2012.
FINANCIAL PERFORMANCE
Year Ended on Year Ended on
31.03.2012 31.03.2011
(Rs. in Lacs) (Rs. in Lacs)
Turnover 102.19
Other Income 41.20 190.72
Profit/(Loss) Before
Dep., Preliminary 27.88 83.00
Exp. W/off & Financial Charges
Financial Charges 17.04 33.37
Profit/(Loss)before
Dep. & Preliminary Exp. 10.84 49.63
Depreciation 23.10 55.50
Preliminary Exp. W/off
Profit/(Loss) Before Tax (12.26) (5.87)
Income Tax and F.B.T.
Deferred Tax (9.59) (9.96)
Profit/(Loss) After Tax (2.67) 4.09
Due to decrease in total sales volume, steep fall in the sales prices,
adverse foreign exchange fluctuation, revision in the wages coupled
with labour unrest, substantial high price of imported raw material in
previous few years and also changes taken place regarding import rules
of raw material company could not generate sufficient funds to run
manufacturing activities, hence company''s management has discontinue
all the manufacturing activities. DIVIDEND
Your directors consider it prudent not to recommend any dividend on the
equity shares of the company due to losses.
DIRECTORS
Shri Naval Singh Khamesara retires by rotation at the forthcoming
Annual General Meeting and being eligible, offer himself for
reappointment.
Shri Gheesu Lai Chandalia retires by rotation at the forthcoming Annual
General Meeting and being eligible, offer himself for reappointment.
LISTING OF SECURITIES
Equity Shares of your company are listed at Bombay Stock Exchange,
Mumbai which has got nationwide coverage.
DIRECTORS'' RESPONSIBILITY STATEMENT
In accordance with the provisions of Section 217 (2AA) of the
Companies Act, 1956; your Directors confirm:
i) that in preparation of annual accounts, the applicable accounting
standards have been followed by your company along with proper
explanation relating to material departures, if any.
ii) that the Directors have selected such accounting policies and
applied them consistently and made judgments and estimates that are
reasonable and prudent so as to give a true and fair view of the state
of affairs of the Company at the end of the financial year and of the
profit of the company for that period.
iii) that the Directors have taken proper and sufficient care 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) that the Directors have prepared the annual accounts on a going
concern basis.
AUDITORS
M/s. Dhakar & Associates, Chartered Accountants, Udaipur the Auditors
of the Company, retire at the conclusion of the ensuing Annual General
Meeting and being eligible offer themselves for reappointment.
AUDITOR''S REPORT
The Board has taken note on qualifications made by the auditors for
which necessary clarifications have been given in notes to the accounts
which is self explanatory and do not call for any further
clarifications.
ENVIRONMENT
Your company accord high priority to pollution control besides health
and safety of the employees. All the pollution control measures taken
by the company are operating effectively. Company is also member of the
common hazardous waste treatment facility developed by the UCCI. We
measure, monitor and record environmental performance to demonstrate
our commitment to regulatory compliance.
MAINTENANCE OF COST RECORDS
Company is maintaining cost accounting records as required under
Section 209(1) (d).
CORPORATE GOVERNANCE
In compliance with clause 49 of Listing Agreement with the Stock
Exchange, the management discussion and analysis report, a Corporate
Governance Report, and a certificate regarding compliance of the
conditions of Corporate Governance are made part of the Annual Report.
HUMAN RESOURCES & INDUSTRIAL RELATIONS
The human resource development functions of the company is guided by a
strong set of values and policies and plays a pivotal role in
maintaining company''s strength across all activity centers. The
company maintains healthy, cordial and harmonious industrial relations
at all levels. Resulted in peaceful settlement of dues of all employees
etc.
PARTICULARS OF EMPLOYEES
There were no employees whose remuneration were in excess of the limits
prescribed under section 217 (2A) of the Companies Act 1956 read with
the Companies (Particulars of Employees) Rules, 1975.
PUBLIC DEPOSIT
The Company has neither invited nor accepted any deposit from the
public within the meaning of Section 58A & 58AA of the Companies Act
1956.
COMPLIANCE OF COMPANY LAW MATTERS
The Company has appointed Ms. Pooja Bafna a qualified Company
Secretary.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION
The utmost priority has been given for the conservation of energy in
the plant and appropriate actions are being taken for the conservation
of energy and effective absorption of technology.
The technology adopted by the company for extracting metals is
environment friendly and cost effective.
FOREIGN EXCHANGE EARNING & OUT GO
a. Earnings Rs. Nil
b. Out go Rs. Nil
ACKNOWLEDGMENT
The Board wishes to place on records its sincere appreciation for the
continued assistance and support extended to the company by the
customers, bankers and vendors, Government authorities and employees.
Your Directors acknowledge with gratitude the encouragement and support
extended by our valued shareholders.
For and on behalf of the Board of Directors,
(Ashok Kumar Mehta) Managing Director
Place: Udaipur
Dated: 3rd Sept., 2012
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