Mar 31, 2014
Dear Members,
The Directors have pleasure in presenting the 24th Annual Report
together with the Audited Statement of Accounts for the year ended on
31st March, 2014.
FINANCIAL RESULTS Year Ended Year Ended
31-03-2014 31-03-2013
GROSS INCOME 21,61,158 4,53,090
GROSS PROFIT/(LOSS) BEFORE
DEPRECIATION AND INCOME TAX (1,38,765) (8,57,284)
Less : Depreciation 16,989 21,055
Income Tax (including for earlier years) - -
Prior Period Expenses/(Income) - (13,365)
NET PROFIT/(LOSS) AFTER TAXES (1,55,754) (8,64,974)
DIVIDEND
In view of carried forward losses, your directors are unable to declare
dividend for the year under consideration.
OPERATIONS
During the year your company moderately participated in Capital Market
due to shortage of funds.
COMPLIANCE WITH REGULATIONS
The Company has complied with various regulations formulated from time
to time by the authorities.
LISTING
The Equity Shares of the Company are listed at Bombay Stock Exchange
(BSE), Calcutta Stock Exchange (CSE) and Madras Stock Exchange (MSE).
Listing fees for 2014-15 for all the Stock Exchanges have been paid.
DELISTING OF EQUITY SHARES FROM MADRAS STOCK EXCHANGE (MSE)
The Company has received a letter from MSE that the exchange has
decided to de-recognise itself and has applied to SEBI for the same.
MSE has therefore advised the company to seek voluntary delisting from
their exchange as the Company''s shares are listed on BSE having
nationwide trading terminals. Further in terms of SEBI (Delisting of
Equity Shares) Regulations, 2009 companies have been permitted to seek
voluntary delisting from Regional Stock Exchanges subject to terms and
conditions of such regulation. Moreover continued listing at MSE does
not provide any tangible advantage to shareholders and investors of the
Company. Hence the your Company should take voluntary delisting from
MSE and avoid unnecessary financial and administrative burden due to
multiple compliance of various exchanges from time to time.
CAPITAL OF THE COMPANY
During the year Authorised Capital of the Company stands at Rs.
6,00,00,000/- (Rupees Six Crores Only) divided into 60,00,000 Equity
Shares of Rs. 10/- each. Paid up Capital of the company is Rs.
2,20,76,000/- (Rupees Two Crores Twenty Lacs Seventy-six Thousands
Only) divided into 22,07,600 fully paid up Equity Shares of Rs. 10/-
each.
PARTICULARS OF EMPLOYEES
There is no employee whose remuneration exceeds the prescribed limit
and hence no disclosure is required.
CORPORATE GOVERNANCE
Since the paid up capital of the Company is less than 300 lacs
presentation of Corporate Governance Report is not required for the
Company.
RESPONSIBILITY STATEMENT
The Directors confirm:-
a) that in preparation of the annual accounts, the applicable
accounting standards have been followed and that no material departures
have been made from the same;
b) that they have selected such accounting policies and applied them
consistently and made judgements and estimates that are reasonable and
prudent so as to give a true and fair view of the state of the affairs
of the company at the end of the financial year and of the loss of the
company for the year;
c) that they have taken proper and sufficient care 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.
d) that they have prepared the annual accounts on a going concern
basis.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE
EARNINGS AND OUTGOINGS
The Company is not engaged in any manufacturing activities, therefore
there is no information to submit in respect of conservation of energy
and technology absorption. The Company has no foreign exchange earning
and outgoing during the year.
DIRECTORS
Sri Vinay Kumar Agarwal retires at the ensuing Annual General Meeting
and has expressed his unwillingness to his re-appointment. To fill the
vacancy of retiring Director your Company has received notice under
Section 160 of the Companies Act, 2013 from a member proposing Smt
Suman Agarwal proposing her candidature for the office of the Director
of the Company.
AUDITORS
At the Annual General Meeting, members are requested to appoint
Auditors for the current financial year and to fix their remuneration.
APPRECIATION
The Directors wish to place on record their appreciation of the
valuable support given by our clients, Bankers & shareholders.
Place : Kolkata
Dated : 31st July, 2014
For and on behalf of the Board For and on behalf of the Board
Vinay Kumar Agarwal Sanwarmal Agarwal
(Director) (Director)
Mar 31, 2013
The Directors have pleasure in presenting the 23rd Annual Report
together with the Audited Statement of Accounts for the year ended on
31st March, 2013.
FINANCIAL RESULTS Year Ended Year Ended
31-03-2013 31-03-2012
GROSS INCOME 4,53,090 2,06,626
GROSS PROFIT/(LOSS) BEFORE
DEPRECIATION AND INCOME TAX (8,57,284) (2,54,058)
Less : Depreciation 21,055 21,055
Income Tax (including for earlier years) - 2,630
Prior Period Expenses/(Income) (13,365) -
NET PROFIT/(LOSS) AFTER TAXES (8,64,974) (2,77,743)
DIVIDEND
In view of carried forward losses, your directors are unable to declare
dividend for the year under consideration.
OPERATIONS
During the year your company moderately participated in Capital Market
due to shortage of funds.
COMPLIANCE WITH REGULATIONS
The Company has complied with various regulations formulated from time
to time by the authorities.
RESPONSIBILITY STATEMENT
The Directors confirm :- a) that in preparation of the annual accounts,
the applicable accounting standards have been followed and that no
material departures have been made from the same;
b) that they have selected such accounting policies and applied them
consistently and made judgements and estimates that are reasonable and
prudent so as to give a true and fair view of the state of the affairs
of the company at the end of the financial year and of the loss of the
company for the year;
c) that they have taken proper and sufficient care 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.
d) that they have prepared the annual accounts on a going concern
basis.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGNEXCHANGE EARNINGS
AND OUTGOINGS
The Company is not engaged in any manufacturing activities, therefore
there is no information to submit in respect of conservation of energy
and technology absorption. The Company has no foreign exchange earning
and outgoing during the year.
DIRECTORS
Sri Nirmal Kumar Agarwal retires at the ensuing Annual General Meeting
and being eligible offers himself for re- appointment. Your Company has
received notice under Section 257 of the Companies Act, 1956 from a
member proposing his candidature for the office of the Director of the
Company.
AUDITORS
At the Annual General Meeting, members are requested to appoint
Auditors for the current financial year and to fix their remuneration.
PARTICULARS OF EMPLOYEES
In compliance with the provisions of section 217(2A) of the Companies
Act, 1956 read with the Companies (particulars of employees) Rules,
1975 as amended from time to time, there is no such employee in receipt
of remuneration of more than the specified limit under the said act.
APPRECIATION
The Directors wish to place on record their appreciation of the
valuable support given by our clients, Bankers & shareholders.
Place : Kolkata For and on behalf of the
Board For and on behalf of the
Board
Dated : 29th May,
2013 Vinay Kumar Agarwal Sanwarmal Agarwal
(Director) (Director)
Mar 31, 2012
The Directors have pleasure in presenting the 22nd Annual Report
together with the Audited Statement of Accounts for the year ended on
31st March, 2012.
FINANCIAL RESULTS Year Ended Year Ended
31-03-2012 31-03-2011
GROSS INCOME 2,06,626 4,82,473
GROSS PROFIT/(LOSS) BEFORE
DEPRECIATION AND INCOME TAX (2,54,058) (3,56,097)
Less: Depreciation 21,055 30,624
Income Tax (including for
earlier years) 2,630 -
NET PROFIT/(LOSS) AFTER TAXES (2,77,743) (3,86,721)
DIVIDEND
In view of carried forward losses, your directors are unable to declare
dividend for the year under consideration. OPERATIONS
During the year your company moderately participated in Capital Market
due to shortage of funds.
COMPLIANCE WITH REGULATIONS
The Company has complied with various regulations formulated from time
to time by the authorities.
RESPONSIBILITY STATEMENT
The Directors confirm
a) that in preparation of the annual accounts, the applicable
accounting standards have been followed and that no material departures
have been made from the same;
b) that they have selected such accounting policies and applied them
consistently and made judgements and estimates that are reasonable and
prudent so as to give a true and fair view of the state of the affairs
of the company at the end of the financial year and of the loss of the
company for the year;
c) that they have taken proper and sufficient care for maintenanace 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.
d) that they have prepared the annual accounts on a going concern
basis.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION,
FOREIGNEXCHANGE EARNINGS AND OUTGOINGS
The Company is not engaged in any manufacturing activities, therefore
there is no information to submit in respect of conservation of energy
and technology absorption. The Company has no foreign exchange earning
and outgoing during the year.
DIRECTORS
Sri Vinay Kumar Agarwal retires at the ensuing Annual General Meeting
and being eligible offers himself for re- appointment. As your Company
has received notice under Section 257 of the Companies Act, 1956 from a
member proposing his candidature for the office of the Director of the
Company, he is appointed a Director of the Company from the date of
ensuing Annual General Meeting.
AUDITORS
At the Annual General Meeting, members are requested to appoint
Auditors for the current financial year and to fix their remuneration.
PARTICULARS OF EMPLOYEES
In compliance with the provisions of section 217(2A) of the Companies
Act, 1956 read with the Companies (particulars of employees) Rules,
1975 as amended from time to time, there is no such employee in receipt
of remuneration of more than the specified limit under the said act.
APPRECIATION
The Directors wish to place on record their appreciation of the
valuable support given by our clients, Bankers & shareholders.
Place : Kolkata For and on behalf of the Board
Dated : 29th June, 2012 Sanwarmal Agarwal
(Director)
Mar 31, 2011
The Directors have pleasure in presenting the 20th Annual Report
together with the Audited Statement of Accounts for the year ended on
31st March, 2011.
FINANCIAL RESULTS Year Ended Year Ended
31-03-2011 31-03-2010
GROSS INCOME 4,82,473 21,39,997
GROSS PROFIT/(LOSS) BEFORE
DEPRECIATION AND INCOME TAX (3,56,097) 1,96,995
Depreciation 30,624 59,810
Provision for Taxes - 21,195
NET PROFIT/(LOSS) AFTER TAXES (3,86,721) 1,15,990
DIVIDEND
In view of carried forward losses, your directors are unable to declare
dividend for the year under consideration.
OPERATIONS
During the year your company moderately participated in Capital Market
due to shortage of funds.
COMPLIANCE WITH REGULATIONS
The Company has complied with various regulations formulated from time
to time by the authorities.
RESPONSIBILITY STATEMENT
The Directors confirm :-
a) that in preparation of the annual accounts, the applicable
accounting standards have been followed and that no material departures
have been made from the same;
b) that they have selected such accounting policies and applied them
consistently and made judgements and estimates that are reasonable and
prudent so as to give a true and fair view of the state of the affairs
of the company at the end of the financial year and of the loss of the
company for the year;
c) that they have taken proper and sufficient care for maintenanace 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.
d) that they have prepared the annual accounts on a going concern
basis.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE
EARNINGS AND OUTGOINGS
The Company is not engaged in any manufacturing activities, therefore
there is no information to submit in respect of conservation of energy
and technology absorption. The Company has no foreign exchange earning
and outgoing during the year.
DIRECTORS
Sri Nirmal Kumar Agarwal was appointed as Non Executive Independent
Director on the Board of your Company to replace Mr Sunil Kumar Periwal
who resigned from the Board. As per the provisions of Section 260 of
the Companies Act, 1956 Mr. Agarwal holds office only till the date of
ensuing Annual General Meeting. As your Company has received notice
under Section 257 of the Companies Act, 1956 from a member proposing
his candidature for the office of the Director of the Company, he is
appointed a Director of the Company from the date of ensuing Annual
General Meeting.
AUDITORS
At the Annual General Meeting, members are requested to appoint
Auditors for the current financial year and to fix their remuneration.
PARTICULARS OF EMPLOYEES
In compliance with the provisions of section 217(2A) of the Companies
Act, 1956 read with the Companies (particulars of employees) Rules,
1975 as amended from time to time, there is no such employee in receipt
of remuneration of more than the specified limit under the said act.
APPRECIATION
The Directors wish to place on record their appreciation of the
valuable support given by our clients, Bankers & shareholders.
For and on behalf of the Board
Sanwarmal Agarwal
(Director)
Place : Kolkata
Dated : 31st May, 2011
Mar 31, 2010
The Directors have pleasure in presenting the 19th Annual Report
together with the Audited Statement of Accounts for the year ended on
31st March. 2010.
FINANCIAL RESULTS Year Ended Year Ended
31-3-2010 31-3-2009
GROSS INCOME 21.39.997 44,48.725
GROSS PROFIT/(LOSS) BEFORE
DEPRECIATION AND INCOME TAX 1,96.995 (2,31.428)
Depreciation 59,810 59.810
Provision for Taxes 21.195 -
NET PROFIT/(LOSS) AFTER TAXES 1.15.990 (2,91,238)
DIVIDEND
In view of carried forward losses, your directors are unable to declare
dividend for the year under consideration.
OPERATIONS
During the year your company moderately participated in Capital Market
due to shortage of funds.
COMPLIANCE WITH REGULATIONS
The Company has complied with various regulations formulated from time
to time by the authorities.
RESPONSIBILITY STATEMENT
The Directors confirm :-
a) that in preparation of the annual accounts, the applicable
accounting standards have been followed and that no material departures
have been made from the same;
b) that they have selected such accounting policies and applied them
consistently and made judgements and estimates that are reasonable and
prudent so as to give a true and fair view of the state of the affairs
of the company at the end of the financial year and of the loss of the
company for the year;
c) that they have taken proper and sufficient care for maintenanace 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.
d) that they have prepared the annual accounts on a going concern
basis.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGNEXCHANGE EARNINGS
AND OUTGOINGS
The Company is not engaged in any manufacturing activities, therefore
there is no information to submit in respect of conservation of energy
and technology absorption. The Company has no foreign exchange earning
and outgoing during the year.
DIRECTORS
Sri Aran Kumar Sharma as appointed as Non Executive Independent
Director on the Board of your Company w.e.f 10/05/2010 to expand the
Board. As per the provisions of Section 260 of the Companies Act. 1956
Mr. Sharma holds office only till the date of ensuing Annual General
Meeting. As your Company has not received any notice under Section 257
of the Companies Act. 1956 from any member proposing his candidature
for the office of the Director of the Company, he ceases to be a
Director of the Company from the date of ensuing Annual General
Meeting.
Sri Sunil Periwal, retire by rotation at the ensuing Annual General
Meeting and being eligible, offer himself for re- appointment.
AUDITORS
At the Annual General Meeting, members are requested to appoint
Auditors for the current financial year and to fix their remuneration.
PARTICULARS OF EMPLOYEES
In compliance with the provisions of section 217(2 A) of the Companies
Act. 1956 read with the Companies (particulars of employees) Rules.
1975 as amended from time to time, there is no such employee in receipt
of remuneration of more than the specified limit under the said act.
APPRECIATION
The Directors wish to place on record their appreciation of the
valuable support given by our clients. Bankers & shareholders.
Place : Kolkata For and on behalf of the Board
Dated : 31st May, 2010 VINAY K AGARWAL
(Director)
Mar 31, 2009
The Directors have pleasure in presenting the 18th Annual Report
together with the Audited Statement of Accounts for the year ended on
31st March, 2009.
FINANCIAL RESULTS Year Ended Year Ended
31-3-2009 31-3-2008
GROSS INCOME 44,48,725 1,00,28,903
GROSS PROFIT/(LOSS) BEFORE
DEPRECIATION AND INCOME TAX (2,31,428) 9,600
Depreciation 59,810 59,810
Provision for Taxes
NET PROFIT/(LOSS) AFTER TAXES (2,91,238) (50,210)
DIVIDEND
In view of carried forward losses, your directors are unable to declare
dividend for the year under consideration.
OPERATIONS
During the year your company moderately participated in Capital Market
due to shortage of funds.
COMPLIANCE WITH REGULATIONS
The Company has complied with various regulations formulated from time
to time by the authorities.
RESPONSIBILITY STATEMENT
The Directors confirm :-
a) that in preparation of the annual accounts, the applicable
accounting standards have been followed and that no material departures
have been made from the same;
b) that they have selected such accounting policies and applied them
consistently and made judgements and estimates that are reasonable and
prudent so as to give a true and fair view of the state of the affairs
of the company at the end of the financial year and of the loss of the
company for the year;
c) that they have taken proper and sufficient care for maintenanace 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.
d) that they have prepared the annual accounts on a going concern
basis.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGNEXCHANGE EARNINGS
AND OUTGOINGS
The Company is not engaged in any manufacturing activities, therefore
there is no information to submit in respect of conservation of energy
and technology absorption. The Company has no foreign exchange earning
and outgoing during the year.
DIRECTORS
Sri Sanwarmal Agarwal, retire by rotation at the ensuing Annual General
Meeting and being eligible, offer himself for re-appointment.
AUDITORS
At the Annual General Meeting, members are requested to appoint
Auditors for the current financial year and to fix their remuneration.
PARTICULARS OF EMPLOYEES
In compliance with the provisions of section 217(2A) of the Companies
Act, 1956 read with the Companies (particulars o* employees) Rules,
lyvs as amended from tune to time, there is no sucft employee in
receipt of remuneration of more than the specified limit under the said
act.
APPRECIATION
The Directors wish to place on record their appreciation of the
valuable support given by our clients, Bankers & shareholders.
Place : Kolkata For and on behalf of the Board
Dated : 31st July, 2009 SD/-
VINAYKAGARWAL
(Director)
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