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Directors Report of Steel Strips Infrastructures Ltd.

Mar 31, 2015

Dear Members,

The Directors are pleased to present the 42nd Annual Report of the Company together with Audited Accounts for the financial year ended 31st March, 2015.

FINANCIAL HIGHLIGHTS

(RS. in Lacs)

Particulars 2014-15

2013-14

Revenue from operations and 420.29 428.04 other Income

Gross Profit / (Loss) 137.12 150.05

Interest. & Financial Charges 86.80 101.12

Depreciation 14.80 14.67

Profit /(Loss) before tax after 35.52 34.26

interest & depreciation

Prior Period Adjustments (6.93) (12.91)

Profit /(Loss) before tax 42.45 47.17

Tax Expense (2.60) (1.99)

Profit/ (Loss) for the year 45.05 49.16 after tax

During the year under review, the gross revenue of the Company has reduced to '.420.29 Lacs as against '.428.04 Lacs during the previous year. The Company earned gross profit of '.137.12 Lacs and net profit of '.45.05 Lacs as against gross profit of '.150.05 Lacs and net profit of Rs.49.16 Lacs respectively in the previous year. Slow down in Real Estate business led to decline in business.

FINANCIAL STATUS

There is no change in the issued and subscribed capital of Rs. 864.30 lacs. There are no equity shares with differential rights or sweat equity or ESOP or scheme of purchase of Company shares by employees or their trustees.

DIVIDEND

As Company does not have any distributable profits computed under provisions of Companies Act, 2013, no dividend is being recommended.

FIXED DEPOSITS

The Company has not accepted any fixed deposits during the year under review. The Company has complied with the directives covered under chapter V of the Companies Act, 2013 read with Companies (Acceptance of Deposits) Rule, 2014 (as amended) as applicable with regard to the deposits accepted. There are no unpaid or unclaimed deposits of any previons years.

MATERIAL CHANGES AND COMMITMENTS, IF ANY- AFFECTING THE FINANCIAL POSITION OF THE COMPANY

There are no significant and material changes occurred subsequent to the close of the financial year to which the Financial Statements relate and upto the date of report that would impact the going concern status of the Company and its future operations.

CORPORATE SOCIAL RESPONSIBILITY AND GOVERNANCE COMMITTEE

Since the Company does not have net profits in any fi nancial year in accordance with Section 197/ 198 of the Companies Act, 2013, the Company is not required to undertake any activity under CSR Rules.

SUBSIDIARY COMPANY

There is no subsidiary Company reportable under Section 129(3) of the Companies Act, 2013. CORPORATE GOVERNANCE REPORT- DISCLOSURE REQUIREMENTS

The Company is continuously taking steps to attain higher levels of transparency, accountability and equity in order to enhance customer satisfaction and stakeholders' value. The Company not only complies with the regulatory requirements but is also responsive to the stakeholders' as well as customers' needs. The Company already has an Audit Committee, a Stakeholder Relationship Committee and Nomination and Remuneration Committee duly constituted by the Board to look after various activities. The Corporate Governance practices followed by the Company are enclosed as Annexure to this report.

EXTRACT OF THE ANNUAL RETURN The extract of the annual return as provided under Section 92(3) of the Act, in Form MGT-9, which forms part of the Board's report. (Annexure-4)

DIRECTORS' RESPONSIBILITY STATEMENT Pursuant to Section 134(5) of the Companies Act, 2013, the Directors' confirm that :

a. in the preparation of the annual accounts for the year ending 31st March, 2015, the applicable accounting standards had been followed along with proper explanation relating to material departures;

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 and loss of the Company for that period;

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

d. the Directors had prepared the annual accounts on a going concern basis; and

e. the Directors had laid down internal financial control to be followed by the Company and that such internal financial controls are adequate and were operating effectively.

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.

INTERNAL FINANCIAL CONTROL SYSTEMS AND THEIR ADEQUACY

The internal control systems and processes of the Company cover operational efficiency, accuracy and promptness in financial reporting, compliance with laws and regulations and development of mature, disciplined and effective processes. The processes are also designed to meet the goals of cost, schedule, functionality and quality, thus resulting in higher levels of customer satisfaction. An independent Audit Committee of the Board reviews the addequacy of internal controls. DIRECTORS

A) Changes in Directors and Key Managerial Personnel

Since the last Annual General Meeting, following changes have taken place in the Board of Directors.

- Smt. Manju Lakhanpal has been appointed as an Independent Director on 14.03.2015.

As per the provisions of Companies Act, 2013, Shri Humesh Kumar Singhal, Director, retires by rotation at the forthcoming Annual General Meeting and being eligible offers himself for re-appointment.

B) Declaration by an Independent Director(s) and re- appointment, if any

A declaration by Independent Directors stating that he/ they meet the criteria of independence as provided in sub-section (6) of Section 149 of the Companies Act, 2013 has been taken at the time of their appointment.

C) Formal Annual Evaluation of Board

The Board of Directors has carried out an annual evaluation of its own performance, Board committees and individual directors pursuant to the provisions of the Act and the corporate governance requirements as prescribed by Securities and Exchange Board of India ("SEBI") under Clause 49 of the Listing Agreements ("Clause 49").

The performance of the Board was evaluated by the Board after seeking inputs from all the directors on the basis of the criteria such as the Board composition and structure, effectiveness of board processes, information and functioning, etc.

The performance of the committees was evaluated by the Board after seeking inputs from the committee members on the basis of the criteria such as composition of committees, effectiveness of committee meetings, etc. The Board and the Nomination and Remuneration Committee ("NRC") reviewed the performance of the individual directors on the basis of the criteria such as the contribution of the individual director to the Board and committee meetings like preparedness on the issue to be discussed, meaningful and constructive contribution and inputs in meetings etc. In addition, the Chairman was also evaluated on the key aspects of his role.

In a separate meeting of Independent Directors, performance of non-independent directors, performance of the board as a whole and performance of the Chairman was evaluated, taking into account the views of executive directors and non-executive directors, The same was discussed in the Board meeting that followed the meeting of the Independent Directors, at which the performance of the Board, its committees and individual directors was also discussed.

NUMBER OF MEETINGS OF THE BOARD OF DIRECTORS

During the year under review, 4 Board Meetings were held, one each on 30th May 2014, 14th August 2014, 13th November 2014 and 14th February 2015.

POLICY ON DIRECTORS' APPOINTMENT AND REMUNERATION AND OTHER DETAILS The Company's policy on Directors' appointment and remuneration and other matters provided in Section 178(3) of the Act has been disclosed in the corporate governance report, which forms part of the Directors' Report.

AUDIT COMMITTEE

The Audit & Compliance Committee comprises of two Non-executive Independent Directors viz. Shri S S Virdi, Prof.(Dr.) B B Tandon and Shri H K Singhal. During the year, the committee held four meetings. Other details of the Audit Committee are included in the Corporate Governance Report which forms part of this report.

The Board had accepted all recommendation of the Audit Committee.

DETAILS OF ESTABLISHMENT OF VIGIL MECHANISM/ WHISTLE BLOWER POLICY FOR DIRECTORS AND EMPLOYEES

The Company has formulated and published a Whistle Blower Policy to provide vigil mechanism for employees including Directors of the Company to report genuine concerns. The provisions of this Policy are in line with the provisions of Section 177(9) of the Act and the revised Clause 49 of the Listing Agreement.

There are no cases reported during the year.

NOMINATION AND REMUNERATION COMMITTEE

The committee has been constituted to review and recommend compensation payable to the whole-time directors including Chairman and senior management of the Company. The committee reviews the overall compensation structure and policies of the Company with a view to attract, retain and motivate employees, reviewing compensation levels of the Company vis-a-vis other Companies and industry in general. PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS UNDER SECTION 186 There were no Loans/ Guarantee given or Investments made by the Company during the year.

PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES:

The particulars of every contract or arrangements entered into by the Company with related parties referred to in Sub-section (1) of Section 188 of the Companies Act, 2013 pursuant to Section 134(3)(h) of the Act read with rule 8(2) of the Companies (Accounts) rules 2014, including certain arms length transactions under third proviso thereto have been disclosed in the financial statements and are enclosed in Form No. AOC-2 and the same forms part of this report. (Annexure-1)

RISK MANAGEMENT POLICY

The Company has policy to regularly review the repayment schedule of Banks, Creditors and Statutory dues etc. and manage its cash flow activity from time to time. As such the Company suffers no risk, if any, which may threaten the existence of the Company. MANAGEMENT DISCUSSION AND ANALYSIS Your Company is engaged in Infrastructure, Real Estate, Trading and Commission business. A detailed report on Management Discussion and Analysis pursuant to Clause 49 of the Listing Agreement is annexed to this report. (Annexure-5)

AUDITORS

As per the Provisions of Section 139 of Companies Act, 2013, M/s S.C. Dewan & Co., Chartered Accountants, were appointed as Statutory Auditors of the Company to hold office till the conclusion of Annual General Meeting to be held in the calendar year 2017(subject to ratification of their appointment at every AGM). The Company has received a certificate from them pursuant to Companies (Audit & Auditors) Rules 2014 read with Section 139 & 141 of the Companies Act, 2013, confirming their eligibility for reappointment, and that they were not disqualified for reappointment.

AUDITORS' REPORT AND SECRETARIAL AUDITORS' REPORT

The Auditors' Report and Secretarial Auditors' Report do not contain any qualifications, reservations or adverse remarks. Report of Secretarial Auditor is attached as an annexure which forms part of this report. (Annexure-2)

LISTING OF SHARES

Equity shares of the Company are listed and traded regularly on Mumbai Stock Exchange. Listing fee to the BSE has been paid in pursuance to clause 38 of the listing agreement.

DEMATERIALISATION

The equity shares of your Company are being compulsorily traded in dematerialized form. As on 31st March 2015, a total of 7056030 equity shares, representing 81.64% of equity share capital have been dematerialized and 4046 shareholders are holding shares in dematerialized form.

INSURANCE

All the assets of the Company have been adequately insured.

PARTICULARS OF EMPLOYEES

Relations with the employees during the period under review continued to be peaceful and harmonious.

MANAGERIAL REMUNERATION

The information required under Section 197 of the Act read with rule 5 of the Companies (Appointment and remuneration of managerial personnel) rules 2014 is enclosed with this report. (Annexure-3)

The Board expresses deep appreciation of all sections of employees for their support and for making efforts to increase efficiency and growth of the Company.

INDUSTRIAL RELATIONS

Industrial relations continued to be cordial during the year under review.

HEALTH, SAFETY AND ENVIRONMENT PROTECTION

Our Company has complied with all the applicable health & Safety standards, environment laws and labour laws and has been taking all necessary measures to protect the environment and provide workers a safe work environment. Our Company is committed for continual improvement in Health & Safety aswell as Environmental performance by involving all the employees to provide a Safety& healthy work environment to all its employees.

DISCLOSURE AS PER SEXUAL HARASSMENT OF WOMEN AT WORK PLACE (PREVENTION. PROHOBITION AND REDRESSAL) ACT, 2013

The Company has zero tolerance for sexual harassment at workplace and has adopted a policy against sexual harassment in line with the provisions of Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 and the rules framed thereunder.

During the financial year 2014-15, the Company has not received any complaint on sexual harassment and hence no complaints remain pending as on 31st March, 2015.

CONSERVATION OF ENERGY. TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO

Information in accordance with the provisions of Section 134(3)(m) of the Companies Act, 2013 regarding Conservation of Energy, Technology Absorption and Foreign Exchange Earnings and Outgo is not applicable as the Company did not have any manufacturing facility during the period under consideration. There were no foreign exchange earnings/ outgo during the period.

ACKNOWLEDGEMENT

Your Directors acknowledge with gratitude the assistance, co-operation and support received by the Company from Banks, Statutory/ Govt. Bodies, Customers and Shareholders of the Company.

For and on behalf of BOARD OF DIRECTORS

H.K.SINGHAL SANJAY GARG Place: CHANDIGARH DIRECTOR EXECUTIVE DIRECTOR Date : 30.05.2015 DIN-00044328 DIN-00030956


Mar 31, 2013

To The Members,

The Directors are pleased to present the 40th Annual Report of the Company together with Audited Accounts for the financial year ended 31st March, 2013.

FINANCIAL HIGHLIGHTS

(Rs. in Lacs)

PARTICULARS 2012-13 2011-12

Revenue from operations

and other Income 449.10 554.20

Gross Profit / (Loss) 83.60 60.06

Interest. & Financial Charges 84.08 26.52

Depreciation 22.95 20.91

Profit /(Loss) before tax after interest & depreciation (23.43) 12.63

Diminution in value of Investment (10.73) (120.62)

Profit /(Loss) before tax (34.16) (107.99)

Tax Expense 4.17 (4.86)

Profit/ (Loss) for the year after tax (29.99) (112.85)

During the year under review, the gross revenue of the Company has reduced to Rs.449.10 Lacs as against Rs.554.20 Lacs during the previous year. The company earned gross profit of Rs.83.60 Lacs and incurred net loss of Rs. 29.99 Lacs as against gross profit of Rs.60.06 Lacs and net loss of Rs.112.85 Lacs respectively in the previous year. Slow down in Real Estate business led to decline in business.

DIRECTORS

In accordance with the provisions of Companies Act, 1956, Shri S S Virdi and Shri H K Singhal retire by rotation at the forthcoming Annual General Meeting and are eligible for re-appointment.

FINANCIAL STATUS

There is no change in the issued and subscribed capital of Rs.864.30 lacs

INTERNAL CONTROL SYSTEMS

The Company has adequate Internal Control procedures commensurate with its size and nature of business. These internal policies ensure efficient use and protection of assets and resources, compliance with policies and statutes, and ensure reliability as well as promptness of financial and operational reports.

CORPORATE GOVERNANCE

A separate section on Corporate Governance forms part of the Directors'' Report in pursuance to Clause 49 of the Listing Agreement and is included in the Annual Report.

FIXED DEPOSITS

The Company has accepted deposits from the public within the meaning of the provisions of Section 58A of the Companies Act, 1956. There are no unpaid or unclaimed deposits as at the end of the year.

AUDITORS

M/s S.C. Dewan & Co. was appointed as Statutory Auditors of the Company to hold office till the conclusion of the ensuing Annual General Meeting of the Company. The Auditors retire at the said meeting and, being eligible, have offered themselves for re-appointment. The company has received a certificate from them pursuant to Section 224 (IB) of the Companies Act, 1956, confirming their eligibility for reappointment

INSURANCE

All Properties and insurable interests of the Company including Buildings and Plant & Machinery are adequately insured.

MANAGEMENT DISCUSSION AND ANALYSIS

Your Company is engaged in infrastructure, real estate, trading and commission agency business. The long term objective of the Company is to be a strong player in these segments and the company is continuously exploring various opportunities for growth.

DIRECTORS'' RESPONSIBILITY STATEMENT

Pursuant to Section 217(2AA) of the Companies Ac, 1956, the Directors'' confirm that :

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

ii) Appropriate accounting policies have been selected and applied consistently, judgments and estimates made are reasonable and prudent so as to give true and fair view of the state of affairs of the Company as at the end of the financial year and the Loss for that period.

iii) Proper and sufficient care has been taken for maintenance of 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) The annual accounts have been prepared on a going concern basis.

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

The provisions of Section 217 (1)(e) of the Companies Act, 1956 with regard to conservation of Energy and Technology Absorption are not applicable as the company is engaged in Real Estate and Trading & Agency Business. Further, during the year, there was no foreign exchange earning & out go.

PARTICULARS OF EMPLOYEES

The statement of employees, as required under Section 217 (2A) of the companies Act, 1956 is not applicable as there was no employee who was drawing a salary of Rs.60,00,000/- and above per annum if employed for full year, or a salary of Rs.5,00,000/- and above per month if employed for a part of the year.

ACKNOWLEDGMENTS

Your Directors wish to place on record their appreciation for the continued co-operation the Company received from various departments of the Central and State Government, Bankers, Financial Institutions, Dealers and Suppliers, and also acknowledge the contribution made by the employees.

The Board also wishes to place on record its gratitude to the valued Customers, Members and Investing public for their continued support and confidence reposed in the Company.

For and on behalf of

BOARD OF DIRECTORS

CHANDIGARH H.K.SINGHAL SANJAY GARG 25.05.2013 DIRECTOR EXECUTIVE DIRECTOR


Mar 31, 2012

The Directors are pleased to present the 39th Annual Report of the Company together with Audited Accounts for the financial year ended 31st March, 2012.

FINANCIAL HIGHLIGHTS

(Rs. In Lacs)

Particulars 2011-12 2010-11

Revenue from operations and other Income 554.20 372.93 Gross Profit /

(Loss) 60.06 79.63

Interest. & Financial Charges 26.52 39.30

Depreciation 20.91 20.70

Profit /(Loss) before tax after interest & depreciation 12.63 19.63

Diminution in value of Investment (120.62) 20.72

Profit /(Loss) before tax (107.99) 40.35

Tax Expense (4.86) (14.94)

Profit/ (Loss) for the year after tax (112.85) 25.41

During the year under review, the gross revenue of the Company has increased to Rs.554.20 Lacs as against Rs.372.93 Lacs. Despite increase in volumes, company earned gross profit Rs.60.06 Lacs and incurred net loss of Rs.112.85 Lacs as against gross profit of Rs.79.63 Lacs and net profit of Rs.25.41 Lacs respectively in the previous year. Slow down in Real Estate business and higher maintenance costs led to decline in profits.

DIRECTORS

In accordance with the provisions of Companies Act, 1956, Shri B.B Tandon and Shri S S Dawra retire by rotation at the forthcoming Annual General Meeting and are eligible for re- appointment.

FINANCIAL STATUS

There is no change in the issued and subscribed capital of Rs.864.30 lacs

INTERNAL CONTROL SYSTEMS

The Company has adequate Internal Control procedures commensurate with its size and nature of business. These internal policies ensure efficient use and protection of assets and resources, compliance with policies and statutes, and ensure reliability as well as promptness of financial and operational reports.

CORPORATE GOVERNANCE

A separate section on Corporate Governance forms part of the Directors' Report in pursuance to Clause 49 of the Listing Agreement and is included in the Annual Report.

FIXED DEPOSITS

The Company has accepted deposits from the public within the meaning of the provisions of Section 58A of the Companies Act, 1956. There are no unpaid or unclaimed deposits as at the end of the year.

AUDITORS

M/s S.C. Dewan & Co. were appointed as Statutory Auditors of the Company to hold office till the conclusion of the ensuing Annual General Meeting of the Company. The Auditors retire at the said meeting and, being eligible, have offered themselves for re-appointment. The company has received a certificate from them pursuant to Section 224 (IB) of the Companies Act, 1956, confirming their eligibility for reappointment.

INSURANCE

All Properties and insurable interests of the Company including Buildings and Plant & Machinery are adequately insured.

MANAGEMENT DISCUSSION AND ANALYSIS

Your Company is engaged in infrastructure, real estate, trading and commission agency business. The long term objective of the Company is to be a strong player in these segments and is continuously exploring various opportunities for growth.

DIRECTORS' RESPONSIBILITY STATEMENT

Pursuant to Section 217(2AA) of the Companies Ac, 1956, the Directors' confirm that :

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

ii) Appropriate accounting policies have been selected and applied consistently, judgments and estimates made are reasonable and prudent so as to give true and fair view of the

state of affairs of the Company as at the end of the financial year and the Loss for that period.

iii) Proper and sufficient care has been taken for maintenance of 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) The annual accounts have been prepared on a going concern basis.

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

The provisions of Section 217 (1)(e) of the Companies Act, 1956 with regard to conservation of Energy and Technology Absorption are not applicable as the company is engaged in Real Estate and Trading & Agency Business. Further, during the year, there was no foreign exchange earning & out go.

PARTICULARS OF EMPLOYEES

The statement of employees, as required under

Section 217 (2A) of the companies Act, 1956 is not applicable as there was no employee who was drawing a salary of Rs.60,00,000/- and above per annum if employed for full year, or a salary of Rs.5,00,000/- and above per month if employed for a part of the year.

ACKNOWLEDGMENTS

Your Directors wish to place on record their appreciation for the continued co-operation the Company received from various departments of the Central and State Government, Bankers, Financial Institutions, Dealers and Suppliers, and also acknowledge the contribution made by the employees.

The Board also wishes to place on record its gratitude to the valued Customers, Members and Investing public for their continued support and confidence reposed in the Company.

For and on behalf of

BOARD OF DIRECTORS

CHANDIGARH H.K.SINGHAL SANJAY GARG

29.05.2012 DIRECTOR EXECUTIVE DIRECTOR


Mar 31, 2010

The Directors are pleased to present the 37th Annual Report of the Company together with Audited Accounts for the financial year ended 31 st March, 2010.

FINANCIAL HIGHLIGHTS

(Rs. in Lacs)

Particulars 2009-10 2008-09

Gross income & increase/ 313.75 407.50

(decrease) in Value

of property & traded goods

Gross Profit /(Loss) 122.38 170.28

Interest & Financial Charges 50.52 65.59

Depreciation 21.33 21.33

Diminution in value of (5.92) -

Investment

Profit/(Loss) before tax 50.54 83.37

Profit/(Loss) for the 37.63 58.18

year after tax

During the year under review, the gross income of the Company has declined to Rs. 313.75 Lacs as against Rs. 407.50 Lacs. The gross profit and net profit have also decreased to Rs. 122.38 Lacs and 50.54 Lacs as against Rs. 170.28 Lacs and Rs. 83.37 Lacs respectively in the previous year. Due to slow down in real estate business, the Company suffered lower sales and decline in profits.

DIRECTORS

In accordance with the provisions of Companies Act, 1956, Shri S S Dawra and Prof.(Dr.) B B Tandon retire by rotation at the forthcoming Annual General Meeting and are eligible for re- appointment.

FINANCIAL STATUS

There is no change in the issued and subscribed capital of Rs.864.30 lacs

INTERNAL CONTROL SYSTEMS

The Company has adequate Internal Control procedures commensurate with its size and nature

of business. These internal policies ensure efficient use and protection of assets and resources, compliance with policies and statutes, and ensure reliability as well as promptness of financial and operational reports.

CORPORATE GOVERNANCE

A separate section on Corporate Governance forms part of the Directors Report in pursuance to Clause 49 of the Listing Agreement and is included in the Annual Report.

FIXED DEPOSITS

The Company has not accepted any fresh deposits from the public during the year. Deposits of Rs. 134.50 lacs were brought forward from previous year; During the year, the Company has repaid Rs.50.00 lacs and renewed Rs.24.50 lacs out of these deposits. There are no unpaid or unclaimed deposits as at the end of the year.

AUDITORS

M/s S.C. Dewan & Co.were appointed as Statutory Auditors of the Company to hold office till the conclusion of the ensuing Annual General Meeting of the Company. The Auditors retire at the said meeting and, being eligible, have offered themselves for re-appointmerit. The Company has received a certificate from them pursuant to Section 224 (IB) of the Companies Act, 1956, confirming their eligibility for reappointment.

INSURANCE

All Properties and insurable interests of the Company including Buildings and Plant & Machinery are adequately insured.

MANAGEMENT DISCUSSION & ANALYSIS

Your Company is engaged in infrastructure, real estate, trading and commission agency business. The long term objective of the Company is to be a strong player in these segments and is continuously exploring various opportunities for growth.

DIRECTORS RESPONSIBILITY STATEMENT

Pursuant to Section 217(2AA) of the Companies Ac, 1956, the Directors confirm that:

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

ii) Appropriate accounting policies have been selected and applied consistently, judgments and estimates made are reasonable and prudent so as to give true and fair view of the state of affairs of the Company as at the end of the financial year and the Profit for that period.

iii) Proper and sufficient care has been taken for maintenance of 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) The annual accounts have been prepared on a going concern basis.

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

The provisions of Section 217 (1)(e) of the Companies Act, 1956 with regard to conservation of Energy and Technology Absorption are not applicable because during the year the Company was engaged in Real Estate and Trading & Agency Business. Further, during the year there was no

foreign exchange earning & out go.

PARTICULARS OF EMPLOYEES

The statement of employees, as required under Section 217 (2A) of the Companies. Act, 1956 is not applicable as there was no employee who was drawing a salary of Rs.24,00,0007- and above per annum if employed for full year, or a salary of Rs.2,00,0007- and above per month if employed for a part of the year.

ACKNOWLEDGMENTS

Your Directors wish to place on record their appreciation for the continued co-operation the Company received from various departments of the Central and State Government, Bankers, Financial Institutions, Dealers and Suppliers; and also acknowledge the contribution made by the employees.

The Board also wishes to place on record its gratitude to the valued Customers, Members and Investing public for their continued support and confidence reposed in the Company.

For and on behalf of BOARD OF DIRECTORS

CHANDIGARH H.K.SINGHAL SANJAY GARG

31.05.2010 DIRECTOR EXECUTIVE DIRECTOR



 
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