Mar 31, 2015
Dear MEMBERS,
The Directors have pleasure in presenting their 45th Annual Report
together with the Audited Accounts of the Company for the Year ended
March 31,2015.
HIGHLIGHTS
There were no production activities during the year, the Company has
not made any manufacturing profit during the year.
The Company has entered into the Real Estate sector in the earlier
years. The Company has earned revenue of Rs. 727.50 Lacs from selling
of lease plot rights of the Company during the year. Your directors are
hopeful of achieving better results in the current financial year.
FINANCIAL RESULTS
Particulars Year Ended on Year Ended on
31.03.2015 31.03.2014
(in Lakhs) (in Lakhs)
Total Income 886.08 733.71
Total Expenditure 761.68 584.04
Profit /Loss before exceptional 124.40 149.67
items and tax
Deferred Tax Assets /current 22.96 171.66
tax/income tax provision
Profit from continuing operation. 101.44 321.34
Profit after tax 8.00 321.34
Balance in Profit & Loss Account (6790.65) (7112.00)
brought forward from last Year
Balances Carried forward to (6782.65) (6790.65)
Balance Sheet
Due to accumulated losses in the company, no amount is being
transferred to the General Reserves.
Further, the Company has not recommended any dividend in the financial
year 2014-15.
STATE OF COMPANY''S AFFAIRS
Gross revenues increased to Rs. 886.08 lacs against Rs. 733.71 lacs in
the previous year. Profit before taxation was Rs. 124.40 lacs against
Rs. 149.67 lacs in the previous year. The net profit of the Company for
the year under review was placed at Rs. 8.00 lacs as against Rs. 321.34
lacs in the previous year.
EXTRACT OF ANNUAL RETURN
The details forming part of the extract of the Annual Return in form
MGT-9 is annexed herewith as "Annexure A". NUMBER OF MEETINGS OF THE
BOARD
During the year Four (04) Board Meetings and Five (05) Audit Committee
Meetings were convened and held. The intervening gap between the
Meetings was within the period prescribed under the Companies Act,
2013.
DIRECTOR''S RESPONSIBILITY STATEMENT
In terms of Section 134 (5) of the Companies Act, 2013, the directors
would like to state that:
(a) in the preparation of the annual accounts, 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;
(e) the directors had laid down internal financial controls 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.
STATEMENT ON DECLARATION GIVEN BY INDEPENDENT DIRECTORS UNDER SECTION
149 (6) OF COMPANIES ACT, 2013
Mr. Hartaj Sewa Singh & Mr. Alokendra Banerjee, both Directors of the
Company, retire by rotation and, being eligible, offer themselves for
re appointment. The Directors recommend Mr. Hartaj Sewa Singh & Mr.
Alokendra Banerjee for re-appointment.
All independent directors have given declarations that they meet the
criteria of independence as laid down under section 149(6) of the
Companies Act, 2013 and clause 49 of the Listing Agreement.
Mr. Atul Seksaria, an independent director submitted his resignation to
the Board on March 01,2015 due to his pre-occupation. The same was
accepted by the Board through Circular Resolution, which was further
noted in the Board Meeting held on 27.05.2015. The Board hereby places
on record its sincerest thanks and gratitude for the invaluable
contribution made by Mr. Atul Seksaria towards the growth and
development of the company during his tenure as a director.
The Board has appointed Ms. Purti Marwaha as an Independent Director of
the Company (in place of Mr. Atul Seksaria) with effect from 12th
February, 2015 to hold office for five consecutive years.
Board Evaluation
Pursuant to the provisions of the Companies Act, 2013, the Board has
carried out an evaluation of its own performance, the directors
individually as well as the evaluation of the working of its Audit,
Appointment & Remuneration Committees.
COMPANY''S POLICY ON DIRECTORS'' APPOINTMENT AND REMUNERATION, IF COMPANY
IS COVERED UNDER SECTION 178(1)
Functions and Terms of Reference of the Nomination and Remuneration
Committee of the Company are as per the Companies Act 2013 and the
listing agreement. Further, Company''s Remuneration policy is market led
and takes into account the competitive circumstance of the business so
as to attract and retain quality talent and leverage performance
significantly.
AUDITOR''S REPORT/ SECRETARIAL AUDIT REPORT:
a. AUDITORS:
The Auditors M/s SANMARKS & Associates, Chartered Accountants, retire
at the conclusion of the ensuing Annual General Meeting and being
eligible offer themselves for re-appointment.
The Auditors'' Report read together with relevant notes thereon are self
explanatory and hence, do not call for any further comments under
Section 134 of the Companies Act, 2013.
b. SECRETARIAL AUDIT:
Pursuant to provisions of section 204 of the Companies Act, 2013 and
Companies (Appointment and Remuneration of Managerial Personnel) Rules,
2014 the company has appointed Mr. Naveen K. Rastogi of M/s. N.K.
Rastogi & Associates, a firm of company Secretaries in practice to
undertake the Secretarial Audit of the Company. The Secretarial Audit
report is annexed herewith as "Annexure B".
PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS UNDER SECTION 186 OF
THE COMPANIES ACT, 2013
The company has not given any loans or guarantees and has not made any
investments covered under the provisions of section 186 of the
Companies Act, 2013.
PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES UNDER
SECTION 188 OF THE COMPANIES ACT, 2013
All related party transactions that were entered into during the
financial year were on arm''s length basis and were in the ordinary
course of the business. There are no materially significant related
party transactions made by the company with Promoters, Key Managerial
Personnel or other designated persons which may have potential conflict
with interest of the company at large.
DEPOSITS
During the year under review, Your Company has not accepted any
deposits in terms of section 73 of the Companies Act, 2013 read with
the Companies (Acceptance of Deposit) Rules, 2014, and also no amount
was outstanding on account of principal or interest thereon, as on the
date of the Balance Sheet.
MATERIAL CHANGES AND COMMITMENTS, IF ANY
There are no material changes and commitments noticed by the Board
between the end of the financial year of the company, i.e., 31.03.2015
and the date of the report.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION & FOREIGN EXCHANGE
EARNINGS AND OUT-GO:
In the absence of any manufacturing activities during the year under
review, no steps were required to be taken for conservation of energy
and technology absorption.
Further, there were no foreign exchange earnings and outgo during the
year under review.
BUSINESS RISK MANAGEMENT:
Pursuant to section 134 (3) (n) of the Companies Act, 2013, the Company
regularly maintains a proper check in normal course of its business
regarding Risk Management.
At present the Company has not identified any element of risk which may
threaten the existence of the company. CORPORATE SOCIAL RESPONSIBILITY
INITIATIVES
As per Section 135 of Companies Act, 2013, the Company does not fulfil
the criteria of net worth or turnover for Corporate Social
Responsibility, hence the same is not applicable to the Company.
SUBSIDIARY COMPANIES:
The Company does not have any subsidiary.
VIGIL MECHANISM / WHISTLE BLOWER POLICY:
The Company has approved vigil Mechanism in its Board Meeting to deal
with instance of fraud and mismanagement, if any.
CORPORATE GOVERNANCE REPORT
As per Circular No. CIR/CFD/POLICY CELL/7/2014 dated September 15, 2014
in continuation to circular No. CIR/CFD/POLICY CELL/2/2014 dated April
17, 2014; the SEBI has exempted the applicability of clause 49 of the
Listing Agreement to the Companies having paid up equity share capital
not exceeding Rs. 10 Crores and Net Worth not exceeding Rs. 25 Crores,
as on the last day of the previous financial year.
Hence, Clause 49 is not applicable to the Company since the Paid up
capital of Company as on the last day of the previous financial year is
Rupees 3.90 Crores and the net worth does not exceed Rupees 25 Crores.
However, the company has still presented a Corporate Governance Report
as a matter of better Corporate Governance Practice, which have been
highlighted in the Boards'' Report also.
INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY
The Company has an Internal Control System, commensurate with the size,
scale and complexity of its operations. The scope and authority of the
Internal Audit function is defined in the Internal Audit Manual. To
maintain its objectivity and independence, the Internal Audit function
reports to the Chairman of the Audit Committee of the Board .
The management monitors and evaluates the efficacy and adequacy of
internal control system in the Company, its compliance with operating
systems, accounting procedures and policies. Based on the report of
internal audit function, process owners undertake corrective action in
their respective areas and thereby strengthen the controls.
CODE OF CONDUCT
The Board of Directors has approved a Code of Conduct which is
applicable to the Members of the Board and all employees in the course
of day to day business operations of the company. The Company believes
in "Zero Tolerance" against bribery, corruption and unethical dealings
/ behaviours of any form and the Board has laid down the directives to
counter such acts.
The Code lays down the standard procedure of business conduct which is
expected to be followed by the Directors and the designated employees
in their business dealings and in particular on matters relating to
integrity in the work place, in business practices and in dealing with
stakeholders.
All the Board Members and the Senior Management personnel have
confirmed compliance with the Code.
PARTICULARS OF EMPLOYEES
There was no employee in the Company and also drawing salary more than
Rupees 60 lacs in the Company and as such no details are required to be
given.
ACKNOWLEDGEMENT
Your Company and its Directors wish to extend their sincerest thanks to
the Members of the Company, Bankers, State Government, Local Bodies,
Customers, Suppliers, Executives, Staff and workers at all levels for
their continuous co-operation and assistance.
For and on behalf of the Board
For Swadeshi Polytex Limited
Sd/- Sd/-
Place : New Delhi (S.B. Singh) (B. Mehrotra)
Dated: 27th May,2015 Director Director
(DIN No. 03225016) (DIN No. 03279399)
Mar 31, 2014
Dear Members,
The Directors have pleasure in presenting the 44th Annual Report along
with Audited Accounts and annexure attached thereto for the year ended
31st March, 2014.
HIGHLIGHTS
The factory of the Company located at Ghaziabad is closed since 1998.
Since there were no production activities during the year, the Company
has not made any manufacturing profit during the year. The Company had
also not made any trading of products during the last financial year.
The Company has entered into the Real Estate sector in the earlier
year. The Company has earned a revenue of Rs. 649.75 Lacs from selling
of lease plot rights of the Company during the year. Your directors are
hopeful of achieving better results in the current financial year.
FINANCIAL REPORT
The Financial Results of the Company for the year 2013-2014 are
summarized below:
Year Ended on Year Ended on
Particulars 31.03.2014 31.03.2013
(in Lakhs) (in Lakhs)
Total Income 733.71 1429.45
Total Expenditure 584.04 1446.72
Profit /Loss before exceptional 149.67 (17.26)
items and tax
Deferred Tax Assets /current tax/ 171.66 152.54
income tax provision
Profit from continuing operation 321.34 135.27
Profit after tax 321.34 135.27
Balance in Profit & Loss Account (7112.00) (7247.27)
brought forward from last Year
Balances Carried forward to (6790.65) (7112.00)
Balance Sheet
DIVIDEND
Your Directors do not recommend any dividend for the year under review
due to accumulated loss in the Company.
CORPORATE GOVERNANCE REPORT AND MANAGEMENT DISCUSSION & ANALYSIS
REPORT.
As per clause 49 of the Listing Agreements entered into with the Stock
Exchanges, Corporate Governance Report with auditors'' certificate
thereon and Management Discussion and Analysis report are attached and
form part of this report.
DIRECTORS'' RESPONSIBILITY STATEMENT
Pursuant to the requirement of section 217(2AA) of the Companies Act,
1956, and based on the representations received from the management,
the directors hereby confirm that:
(i) in the preparation of the annual accounts for the financial year
2013-14, the applicable accounting standards have been followed and
there are no material departures;
(ii) they 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 the financial year;
(iii) they have taken proper and sufficient care to the best of their
knowledge and ability for the maintenance of adequate accounting
records in accordance with the provisions of the Companies Act, 1956.
They confirm that there are adequate systems and controls for
safeguarding the assets of the Company and for preventing and detecting
fraud and other irregularities;
(iv) they have prepared the annual accounts on a going concern basis.
DIRECTORS
In terms of the provisions of Section 149 and other applicable
provisions of the "Companies Act, 2013'''' an independent director
shall hold office up to a term of five consecutive years on the Board
of the Company and shall not be liable to retire by rotation. In
accordance with the provisions Mr. Atul Seksaria, Mr. Yezdezard
Jehangir Dastoor, Mr. Niranjan Kumar Gupta, Mr. Naveen Aggarwal and Mr.
Shyam Sunder Madan Directors are being appointed as Independent
Directors for a period of five consecutive years up to March 31, 2019.
The Company has received declarations from all the independent
directors confirming that they meet with the criteria of independence
as prescribed under Section 149(6) of the "Companies Act, 2013" and
Clause 49 of the Listing Agreement. The details of the proposal for
appointment of independent directors are mentioned in the statement
under Section 102 of the Companies Act'''' 2013'''' annexed to the Notice
of the Annual General Meeting of the Company.
In terms of the provisions of Section 152 of the Companies Act, 2013,
Mr. Gaurav Swarup (DIN 00374298) Directors and Mr. Shamsher Bahadur
Singh Kathpal (DIN 03225016), retire by rotation and being eligible
have offered themselves for re-appointment.
AUDITORS
M/s SANMARKS & Associates, Chartered Accountants, who are the statutory
auditors of the Company, hold office till the conclusion of the
forthcoming AGM and are eligible for re-appointment.
AUDITORS REPORT
The observations made by the Auditors in the Annexure to the Auditors''
Report in point no. iii(g) are :
"In respect of the secured loan, in our opinion the interest of
Rs.127.18 lac is overdue for payment." Management reply on the above
observation:
The management had made adequate provision in the Balance Sheet for the
interest accrued and due of Rs. 127.18 lac on secured loan and the same
now has been paid by the Company.
PARTICULARS OF EMPLOYEES
There are no employees who are in receipt of remuneration for which
particulars are required to be disclosed as required under section 217
(2A) of the Companies Act, 1956 read with the Companies (Particulars of
Employees) Rules 1975.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION & FOREIGN EXCHANGE
EARNINGS & OUTGO
In the absence of any manufacturing activities during the year under
review, no steps were required to be taken for conservation of energy,
technology absorption and research & development and as such the
information relating thereto may be taken as nil. There were no foreign
exchange earnings and outgo during the year under review.
PUBLIC DEPOSITS:
During the year under review, Your Company has not accepted any
deposits in terms of section 58A of the Companies Act, 1956 read with
the Companies (Acceptance of Deposit) Rules, 1975, and also no amount
was outstanding on account of principal or interest thereon, as on the
date of the Balance Sheet.
ACKNOWLEDGEMENT
Your Directors wish to convey their sincere thanks to all the
shareholders for the trust they have reposed in the Company and its
board.
For and on behalf of the Board
FOR SWADESHI POLYTEX LIMITED
Sd/- Sd/-
Place: New Delhi (P. C. Vaish) (B. Mehrotra)
Date : 5th August, 2014 Director Director
DIN No. 03440470 DIN No.03279399
Mar 31, 2013
Dear Members,
The Directors have pleasure in presenting the 43rd Annual Report along
with Audited Accounts and annexure attached thereto for the year ended
31st March, 2013.
HIGHLIGHTS
The factory of the Company located at Ghaziabad is closed since 1998.
Since there were no production activities during the year, the Company
has not made any manufacturing profit during the year.
The Company continued with the business i.e. trading of textiles during
the year.
The Company has entered into the Real Estate sector in the last year.
The Company has got the approval of sub division of the plot of the
existing land of the Company and in the process of the selling the plot
of the Company. Your directors are hopeful of achieving better results
in the current financial year.
FINANCIAL REPORT
The Financial Results of the Company for the year 2012-2013 are
summarized below:
Year Ended on Year Ended on
Particulars 31.03.2013 31.03.2012
(Rs.) (Rs.)
Total Income 142,945,847 55,452,719
Total Expenditure 144,672,315 202,796,901
Loss before exceptional items and tax (1,726,469) (147,344,182)
Deferred Tax Assets /current tax/
income tax provision (15,254,213) 84,210,640
Profit from period from continuing
operation. 13,527,744 (63,133,542)
Profit from Discontinuing operation. - 28,075,465
Profit after tax 13,527,744 (35,058,077)
Balance in Profit & Loss Account
brought forward from last Year (724,727,895) (689,669,818)
Balances Carried forward to
Balance Sheet (711,200,151) (724,727,895)
DIVIDEND
Your Directors do not recommend any dividend for the year under review
due to accumulated losses in the Company.
PARTICULARS OF EMPLOYEES
There are no employees who are in receipt of remuneration for which
particulars are required to be disclosed as required under section 217
(2A) of the Companies Act, 1956 read with the Companies (Particulars of
Employees) Rules 1975.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION & FOREIGN EXCHANGE
EARNINGS & OUTGOING
In the absence of any manufacturing activities during the year under
review, no steps were required to be taken for conservation of energy,
technology absorption and research & development and as such the
information relating thereto may be taken as nil. There were no foreign
exchange earnings and outgo during the year under review.
DIRECTORS
Mr. R.K. Sharma, Mr. P.C. Vaish and Mr. Bipin Behari Mehrotra retire by
rotation and being eligible, have offered themselves for
re-appointment.
LISTING OF SHARES
The Bombay Stock Exchange had revoked the suspension of the Companies
equity shares listed at their exchange. Now the Companies shares have
started trading in Bombay Stock Exchange. The depositories for the
Company''s shares are NSDL & CDSL. The listing fee of Mumbai Stock
Exchange has also been paid by the Company till 2013- 2014. The
Bangalore Stock Exchange has also delisted the Companies equity shares
from their exchange on request of the Company. The Company requested
the other regional Stock exchanges to delist the Companies shares as
the shares of the Company are listed with the national wide Exchange
i,e Bombay Stock Exchange.
AUDITORS
M/s SANMARKS & ASSOCIATES, Chartered Accountants, the Statutory
Auditors of the Company retires at the forthcoming Annual General
Meeting. A letter has been received from M/s SANMARKS & ASSOCIATES,
Chartered Accountants confirming that their appointment, if made, will
be in conformity with the provisions of Section 224 (1-B) of the
Companies Act, 1956. As per section 224A of the Companies Act 1956,
members are requested to pass the special resolution.
COMMENTS ON AUDITORS'' REPORT
The management view on the auditors Comments are as follow.
Sl. No. AUDITORS COMMENTS MANAGEMENT VIEW
1 The TDS on contract payments of Rs. 1,25,341/- The TDS is now settled
and there is no remaining outstanding for more than six months
outstanding as of now. as at 31st March, 2013 from the date it was
payable.
2 In respect of secured loan, the principal amount The matter is under
discussion and the of Rs. 2363.21 lacs and interest of Rs. 82.99 lacs is
Company is confident of settling the dues in overdue for payment. the
current year from the monetization of its real estate assets.
AUDIT COMMITTEE
The Audit Committee held four (4) meetings during the year. The Members
of the Audit Committee are:- - Mr. Naveen Aggarwal - Chairman
- Mr. B. Mehrotra - Member
- Mr. N.K. Gupta - Member
- Mr. P.C. Vaish - Member
Mr. Naveen Aggarwal, Chairman of the Committee has adequate financial
and accounting knowledge. Internal Auditor and the Statutory Auditors
of the Company are permanent invitees to the meetings of the Audit
Committee.
PUBLIC DEPOSITS
During the year under review, Your Company has not accepted any
deposits in terms of section 58A of the Companies Act, 1956 read with
the Companies (Acceptance of Deposit) Rules, 1975, and also no amount
was outstanding on account of principal or interest thereon, as on the
date of the Balance Sheet.
CORPORATE GOVERNANCE
The report on Corporate Governance and the certificate from the Company
Secretary in Practice regarding compliance with the conditions of
Corporate Governance have been furnished in the Annual Report and forms
part of the Annual Report.
COMPLIANCE CERTIFICATE
N.K. Rastogi & Associates, Company Secretaries, has given the
compliance certificate as required under section 383 A of the Companies
Act, 1956. The Copy of the same is enclosed and form part of this
report.
DIRECTORS'' RESPONSIBILITY STATEMENT
(As per section 217 (2AA) of the Companies Act, 1956)
The Directors hereby confirm:
i) That in the preparation of the Annual Accounts, the applicable
accounting standards had been followed along with proper explanations
relating to material departures;
ii) That the Directors have selected such accounting policies and
applied them consistently and made judgment 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
Profit/loss 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 this Act 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.
ACKNOWLEDGEMENT
Your Directors wish to convey their sincere thanks to all the
shareholders for the trust they have reposed in the Company and its
board.
For and on behalf of the Board
FOR SWADESHI POLYTEX LIMITED
Sd/- Sd/-
Place:New Delhi (R.K.SHARMA) (B.MEHROTRA)
Date :5th August 2013 Director Director
Mar 31, 2010
The directors have pleasure in presenting the 40th Annual Report along
with Audited Accounts and annexure attached thereto for the year ended
31st March 2010.
HIGHLIGHTS
The factory of the company located at Ghaziabad is closed since 1998.
Since there were no production activities during the year, the Company
has not made any manufacturing profit during the year.
The Company continued with the business trading of yarn/textiles during
the year.
The Company is also exploring other business possibilities in the area
of terry towel production, power generation and in real estate
development.
FINANCIAL REPORT
The Financial Results of the Company for the year 2009-2010 are
summarized below:
Year Ended on Year Ended on
31.03.2010 31.03.2009
Total Income 2,81,86,665 77,72,952
Net Loss before tax 4,48,78,176 14,28,82,124
Loss After Tax 4,48,78,176 14,28,82,124
Balance in Loss Account brought
forward from last Year 61,28,69,289 46,99,87,165
Balances Carried forward to
Balance Sheet 65,77,47,465 61,28,69,289
DIVIDEND
Your directors do not recommend any dividend for the year under review,
due to brought forward losses in the Company.
FIXED DEPOSIT
Unclaimed Deposits which had matured for a total amount of Rs 4.74/-
Lac could not be paid as not claimed by the deposit holders. As per the
requirement of the Companies Act 1956, this amount was transferred to
the Investor Protection Fund of the Central Government.
The Company has not taken any fresh deposits during the year.
PARTICULARS OF EMPLOYEES
There are no employees who are in receipt of remuneration for which
particulars are required to be disclosed as required under section 217
(2A) of the Companies Act, 1956 read with the Companies (Particulars of
Employees) Rules 1975.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION & FOREIGN EXCHANGE
EARNINGS & OUTGOING
In the absence of any manufacturing activities during the year under
review, no steps were required to be taken for conservation of energy,
technology absorption and research & development and as such the
information relating thereto may be taken as nil. There were no foreign
exchange earnings and outgo during the year under review.
COMMENTS ON AUDITORS REPORT
The auditors comments and remarks have been adequately explained by
the management in the "Notes to Accounts".
DIRECTORS
Mr. Gaurav Swarup, Mr R.K. Sharma & Mr S.B. Singh retire by rotation
and being eligible, have offered themselves for re-appointment.
LISTING OF SHARES
The shares of the Company are listed in all major stock Exchanges of
the Country. However due to the critical financial condition of the
Company, the Company was unable to comply with some of the listing
requirements. Your Company is making all efforts to de-list the shares
from the regional stock exchanges and to get the shares listed for
trading in the Mumbai Stock Exchange. Your Director had also taken
steps to comply various clauses of the listing agreement.
AUDITORS
M/S Suresh Bansal & Co., Chartered Accountants, the Statutory Auditors
of the Company retire at the forthcoming Annual General Meeting. A
letter has been received from Suresh Bansal & Co. Chartered Accountants
confirming that their appointment, if made, will be in conformity with
the provisions of Section 224 (1-B) of the Companies Act, 1956. As per
section 224A of the Companies Act 1956, members are requested to pass
the special resolution.
DIRECTORS RESPONSIBILITY STATEMENT
(As per section 217 (2AA) of the Companies Act 1956)
The Directors hereby confirm:
i) That in the preparation of the Annual Accounts, the applicable
accounting standards had been followed along with proper explanations
relating to material departures; ii) That the directors have selected
such accounting policies and applied them consistently and made
judgment 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
period. iii) That 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. iv)
That the directors have prepared the Annual Accounts on a going concern
basis.
ACKNOWLEDGEMENT
Your directors wish to convey their sincere thanks to all the
shareholders for the trust they have reposed in the Company and its
board.
For and on behalf of the Board
Place: New Delhi (H. S. Singh) (R. K. Sharma)
Date : 9th August, 2010 Director Director