Mar 31, 2015
Dear Members,
The Directors have pleasure in submitting their Board Report of the
Company together with the Audited Statements of Accounts for the year
ended 31st March, 2015.
1. ANNUAL RETURN
The extracts of Annual Return pursuant to the provisions of Section 92
read with Rule 12 of the Companies (Management and administration)
Rules, 2014 is furnished below in Annexure- I (Form MGT 9) and attached
to this Report.
2. DIRECTORS RESPONSIBILITY STATEMENT
In accordance with the provisions of Section 134(5) of the Companies
Act, 2013 the Board hereby submit its responsibility Statement:Â
(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, in the case of a listed company, had laid down
internal financial controls to be followed by the company and that such
internal financial controls are adequate and were operating
effectively.- and
(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.
3. DECLARATION OF INDEPENDENT DIRECTORS
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.
4. EXPLANATION OR COMMENTS ON QUALIFICATIONS, RESERVATIONS OR ADVERSE
REMARKS OR DISCLAIMERS MADE BY THE AUDITORS AND THE PRACTICING COMPANY
SECRETARY IN THEIR REPORTS
There was no qualifications, reservations or adverse remarks made by
the Auditors in their report.
Pursuant to the provisions of Section 204 of the Companies Act, 2013
and The Companies (Appointment and Remuneration of Managerial
Personnel) Rules, 2014, the Company has appointed M/s. Sandeep P.
Parekh & Co., a firm of Company Secretaries in Practice to undertake
the Secretarial Audit of the Company. The Report of the Secretarial
Audit is annexed herewith as "Annexure B".
Following are the unfavourable remarks of Secretarial Audit Report and
our clarifications on the same are as follows:
1. NON- COMPLIANCE OF SECTION 203 OF THE COMPANIES ACT, 2013:
The turnover of company is not sufficient to meet the requirements
specified under Section 203 of the companies Act, 2013. Further, due to
non-operation in our business activity, Company is not in position to
comply with this requirement even if company wishes to comply. However,
the Company had appointed Mr. Kapil Nagpal as a Chief financial officer
of the Company and also proposed members in this Annual General
Meeting, to appoint him Managing Director of the Company.
Hence companies' economic conditions are not favorable to its current
market position due to which it is not able to appoint Company
Secretary, but, the Company would be appointing the same in future and
follow adequate requirements of the Companies Act, 2013.
2. NON- COMPLIANCE OF SECTION 149 OF THE COMPANIES ACT, 2013 AND CLAUSE
49 OF LISTING AGREEMENT:
The turnover of company was not sufficient to meet the requirements
specified under Section 149 of the companies Act, 2013 and SEBI
circular dated 17th April, 2014, for appointment of Women Director.
However, now Board has appointed Kritika Lalitkumar Nagpal as a Non-
executive Additional Director and proposed members to re-appoint her in
this Annual General Meeting.
3. NON- COMPLIANCE OF SECTION 138 OF THE COMPANIES ACT, 2013:
The turnover of company was not sufficient to meet the requirements
specified under Section 138 of the Companies Act, 2013, for appointment
of Internal Auditor. However, now Board has appointed Mr. Dharmil A.
Zaveri as a Internal Auditor of the Company.
4. NON- FILING OR DELAYED FILING OF RETURNS AND DOCUMENTS WITH THE
BOMBAY STOCK EXCHNAGE AS PER LISTING AGREEMENT:
The Company's business operations is not active, the management has not
device a separate and independent control system. Hence, the Company
has not and/or delayed filed some returns with Bombay Stock Exchange as
per listing agreement and SEBI Regulations, such as, Board Meeting
outcomes, Share Capital Audit Reports (under Regulation 55A), etc. due
to inadvertence and oversight. However, now, the Company is properly
filing all the documents with the Bombay Stock Exchange on time.
5. NON- COMPLIANCE OF SECTION 149 OF THE COMPANIES ACT, 2013 FOR
FULFILLMENT OF CRITERIA OF INDEPENDENT DIRECTOR:
Mr. Ashwin Gajanan Pandya alongwith his wife was holding more than 2%
Equity Shares in the Company, which is restricted for Independent
Directors as per Section 149 of the Companies Act, 2013. However, Now,
Mr. Ashwin Gajanan Pandya has transferred his all the Shares and also
some Shares by his wife. Therefore, the total shareholding Mr. Ashwin
Gajanan Pandya alongwith his wife comes down to less than 2% of the
total Share Capital.
6. NON- COMPLIANCE IN FILING FOREIGN LIABILITIES AND ASSET RETURN AS
PER THE FOREIGN EXCHANGE MANAGEMENT ACT, 1999:
The Company's business operations is not active, the management has not
device a separate and independent control system. The Company is unable
to locate original source of information based on which classification
of Shares has arrived. Now, the Board has taken the matter into
consideration.
5. PARTICULARS OF EMPLOYEES
The information required pursuant to Section 197 read with Rule, 5 of
The Companies (Appointment and Remuneration of Managerial Personnel)
Rules, 2014 in respect of employees of the Company, will be provided
upon request. In terms of Section 136 of the Act, the Report and
Financial Statements are being sent to the Members and others entitled
thereto, excluding the information on employees' particulars which is
available for inspection by the Members at the Registered Office of the
Company during business hours on working days of the Company up to the
date of the ensuing Annual General Meeting. If any Member is interested
in obtaining a copy thereof, such Member may write to the Company in
this regard.
6. PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS MADE UNDER SECTION
186 OF THE COMPANIES ACT, 2013
The Company has made an investment in 2000 equity shares of Rs. 10 each
amounting to Rs. 20,000/- in Kesar Petro Products Limited under Section
186 of the Companies Act, 2013, during the year under review.
7. PARTICULARS OF CONTRACTS OR ARRANGEMENTS MADE WITH RELATED PARTIES
The Company has not entered into related party transactions during the
period under review.
8. STATE OF COMPANY'S AFFAIRS
The Company is presently inactive in its operations.
9. THE AMOUNT, WHICH IT RECOMMENDS SHOULD BE PAID BY WAY OF DIVIDEND:
The Company has not declared any Dividend form the financial year
2014-15.
10. BOARD EVALUATION:
Pursuant to the provisions of the Companies Act, 2013 and Clause 49 of
the Listing Agreement, the Board has carried out an annual performance
evaluation of its own performance, the directors individually as well
as the evaluation of the working of its Audit, Nomination &
Remuneration and other Committees.
The Board's performance for the current year was assessed on the basis
of participation of directors, quality of information
provided/available, quality of discussion and contribution etc. A
structured questionnaire was prepared after taking into consideration
inputs received from the Directors, covering the aforesaid aspects of
the Board's functioning. The overall performance of the Board and
Committee's of the Board was found satisfactory.
The overall performance of Chairman, Executive Directors and the
Non-executive Directors of the Company is satisfactory. The review of
performance was based on the criteria of performance, knowledge,
analysis, quality of decision making etc.
11. MATERIAL CHANGES AND COMMITMENT IF ANY AFFECTING THE FINANCIAL
POSITION OF THE COMPANY OCCURRED BETWEEN THE END OF THE FINANCIAL YEAR
TO WHICH THIS FINANCIAL STATEMENTS RELATE AND THE DATE OF THE REPORT
There was no material changes and commitments affecting the financial
position of the Company occurred between the end of the financial year
to which this financial statements relate and the date of the report.
However, the Company had started process of delisting of its Shares
from Ahemdabad Stock Exchange.
12. CONSERVATION OF ENERGY, TECHNOLOGY OBSORPTION, FOREIGN EXCHANGE
EARNINGS AND OUTGO
The information pertaining to conservation of energy, technology
absorption, Foreign exchange Earnings and outgo as required under
Section 134 (3)(m) of the Companies Act, 2013 read with Rule 8(3) of
the Companies (Accounts) Rules, 2014 is as follows:
Foreign Exchange Earnings : NA
Foreign Exchange outgo : NA
Energy Absorption : NA
A. the steps taken or impact on conservation of energy:
NA
B. the steps taken by the Company for utilizing alternate source of
energy:
NA
C. the Capital investment on energy conservation equipments:
NA
Technology Absorption : NA
A. the efforts made towards technology absorption:
NA
B. the benefits derived like product improvement, cost reduction,
product development or import substitution:
NA
C. In case of imported technology (imported during the last three
years reckoned from the beginning of the financial year):
a) the details of technology imported:
NA
b) the year of import:
NA
c) whether the technology been fully absorbed:
NA
d) the expenditure incurred on Research and Development:
NA
13. STATEMENT CONCERNING DEVELOPMENT AND IMPLEMENTATION OF RISK
MANAGEMENT POLICY OF THE COMPANY
In the view of the company have not undertaken any activity, the Risk
and concern factor has not been of much significance.
14. DETAILS OF POLICY DEVELOPED AND IMPLEMENTED BY THE COMPANY ON ITS
CORPORATE SOCIAL RESPONSIBILITY INITIATIVES
The Company has not developed and implemented any Corporate Social
Responsibility initiatives as the said provisions are not applicable to
the Company.
15. SUBSIDIARIES. JOINT VENTURES AND ASSOCIATE COMPANIES
The Company does not have any Subsidiary, Joint venture or Associate
Company.
16. FINANCIAL SUMMARY AND HIGHLIGHTS
The Company's financial performance for the year under review alongwith
previous years figures are given hereunder:
Amount in Rupees
31/03/2015 31/03/2014
Particulars (In Rupees) (In Rupees)
Profit/Loss before depreciation and
amortization (25000) (25000)
Depreciation and amortization
for the year 0 0
Net Profit/Loss after
depreciation and (25000) (25000)
amortization
Exceptional Items 0 0
Profit before extraordinary
items and tax 0 0
Extraordinary Items
(Prior Period Income) 0 0
Profit before tax (25000) (25000)
Current tax expense 0 0
Less: MAT Credit Entitlements 0 0
Deferred tax expense 0 0
Short Provision of Tax of earlier years 0 0
Profit/Loss for the period from
continuing (25000) (25000)
operations 0 0
Profit/Loss from discontinuing operations 0 0
Tax expense of discontinuing operations 0 0
Profit/Loss from discontinuing
operations (after tax) 0 0
Profit/Loss transferred/adjusted to General 0 0
Reserve 0 0
Basic earnings per equity share 0 0
Diluted earnings per equity share 0 0
17. THE CHANGE IN NATURE OF BUSINESS, IF ANY:
There was no change in business of the Company during the period under
review.
18. THE DETAILS OF DIRECTORS OR KEY MANAGERIAL PERSONNEL WHO WERE
APPOINTED OR HAVE RESIGNED DURING THE YEAR:
There was no appointment or resignation of Directors or Key Managerial
Personnel.
Your Directors proposes to the members to appoint Mr. Kapil Lalitkumar
Nagpal (Director Identification Number: 01929335), as a Managing
Director of the Company for the term of five years, with effect from
30th September, 2015 to 29th September, 2020, on such terms and
conditions as may be decided by the Board from time to time, in the
forthcoming Annual General Meeting.
Mr. Kapil Lalitkumar Nagpal (Director Identification Number: 01929335)
is retiring by rotation and being eligible offer themselves for
reappointment. You are requested to appoint him.
As required under the Listing Agreement, particulars of Directors
seeking reappointment at the ensuing Annual General Meeting have been
given under Corporate Governance Report.
None of the Directors are disqualified from being appointed as
Directors, as specified in Section 164 of the Companies Act, 2013.
19. NOMINATION AND REMUNERATION POLICY AND EVALUATION CRITERIA OF
INDEPENDENT DIRECTORS:
The Board has, on the recommendation of the Nomination & Remuneration
Committee framed a policy for selection and appointment of Directors,
Key Managerial Personnel, Senior Management and their remuneration and
evaluation criteria for performance of Independent Directors. The
Nomination and Remuneration Policy and evaluation criteria of
Independent Directors have been provided under Corporate Governance
Report.
20. DEPOSITS
The Company has neither accepted nor renewed any deposits during the
year under review.
21. THE DETAILS OF SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE
REGULATORS OR COURTS OR TRIBUNALS IMPACTING THE GOING CONCERN STATUS
AND COMPANY'S OPERATIONS IN FUTURE:
There are no significant and material orders passed by the regulators
or courts or tribunals impacting the going concern status and company's
operations in future:
22. THE DETAILS IN RESPECT OF ADEQUACY OF INTERNAL FINANCIAL CONTROLS
WITH REFERENCE TO THE FINANCIAL STATEMENT:
The Company has an Internal Control System, commensurate with the size,
scale and complexity of its operations.
23. STATUTORY AUDITORS
M/s A C. Javeri & Associates, Chartered Accountants, the retiring
auditors of the Company are eligible for reappointment have been
appointed as Statutory Auditors for a period of 1 year in the Annual
General Meeting held on 15th day of September, 2014. Their re-
appointment and payment of remuneration are to be confirmed and approved
in the ensuing Annual General Meeting. The Company has received a
certificate from the above Auditors to the effect that if they are
re-appointment, it would be in accordance with the provisions of Section
141 of the Companies Act, 2013.
24. MEETING OF BOARD AND COMMITTEES OF DIRECTORS
During the year 5 (five) Board Meetings and 5 (five) Audit Committee
Meetings were convened and held. The details of the same along with
other Committee's of Board are given in the Corporate Governance
Report. The intervening gap between the Meetings was within the period
prescribed under the Companies Act, 2013.
25. DISCLOSURE OF COMPOSITION OF AUDIT COMMITTEE AND PROVIDING VIGIL
MECHANISM
Pursuant to Section 177 of the companies Act, 2013 and clause 49 of the
listing Agreement the Audit committee was formed, the said committee
consist of 3 (Three) Independent Directors, which are as follows:
Mr. Ashwin Pandya - Chairman & Independent, Non Executive Director
Mr. Anil Goyal - Member & Independent Director
Mr. Kishor Tank - Member & Independent Non Executive Director
The Company has a vigil mechanism named Whistle Blower Policy to deal
with instance of fraud and mismanagement, if any. The objective of the
Policy is to explain and encourage the directors and employees to raise
any concern about the Company's operations and working environment,
including possible breaches of Company's policies and standards or
values or any laws within the country or elsewhere, without fear of
adverse managerial action being taken against such employees.
26. CORPORATE GOVERNANCE
As required under Clause 49 of the Listing Agreement, a detailed Report
on Corporate Governance is given as a part of Annual Report. The
Company is in full compliance with disclosures that have to be made in
this regard.
27. MANAGEMENT DISCUSSION AND ANALYSIS
A detailed review of the operations, performance and future outlook of
the Company and its business is given in the Management's Discussion
and Analysis Report which forms a part of this report.
28. SHARES
a) BUY BACK OF SECURITIES
The Company has not bought back any shares during the year under
review.
b) SWEAT EQUITY
The Company has not issued any Sweat Equity shares during the year
under review.
c) BONUS SHARES
No Bonus Shares were issues during the year under review.
d) EMPLOYEES STOCK OPTION PLAN
The Company has not provided any Stock Option scheme to the employees.
29. ACKNOWLDEGEMENTS
Your Directors place on record their sincere thanks to bankers,
business associates, consultants, and various Government Authorities
for their continued support extended to your Companies activities
during the year under review. Your Directors also acknowledges
gratefully the shareholders for their support and confidence reposed on
your Company.
FOR AND ON BEHALF OF THE BOARD OF DIRECTORS
Director Director
DIN: 01929335 DIN: 03270119
Kapil Lalitkumar Nagpal Ashwin Gajanan Pandya
Date: 14th August, 2015
Place: Mumbai
Mar 31, 2014
Dear Members
The directors have pleasure in presenting their annual report together
with the audited balance sheet as at 31st March, 2014.
FINANCIAL RESULTS
2013-14 2012-13
Profit/(Loss) before depreciation and taxation (25000) (25000)
Profit/(Loss) before tax (25000) (25000)
Less-provision for tax - -
Profit/(Loss) after tax (25000) (25000)
Director''s Responsibility Statement pursuant to sec. 217 (2aa) of
Companies Act. 1956.
The Directors hereby confirm:-
(a) That in the preparation of the accounts for the Financial Year
ended on 31st March 2014, the applicable accounting standards had been
followed along with proper explanation relating to material departures:
(b) That 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 as at 31st March 2014 and of the profit of
the company for that period.
(c) That 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) That the directors had prepared the annual accounts on a going
concern basis.
AUDITORS
M/s. A. C. Jhaveri & Associates, Chartered Accountants, retiring
auditor, being eligible for re-appointment, have signified their
willingness to accept the appointment, if made and have further
confirmed their eligibility under section 224 (1B) of the Companies
Act, 1956.
PARTICULARS OF EMPLOYEES
The employees covered by the section 217 (2A) of the Companies Act,
1956 read with the Companies (Particulars of Employee) Rules 1975 are
mentioned in Annexure A.
CONSERVATION OF ENERGY & TECHNOLOGY ABSORPTIONS FOREIGN EXCHANGE
EARNINGS AND OUT GO:
I. Energy Conservation and Technology Absorption - N A
II. Foreign Exchange Earning - NIL
III. Foreign Exchange Outgo - NIL
ACKNOWLEDGMENT
The directors take this opportunity to thank members, banker and all
the other associated with the company for their co-operation and
assistance.
BY ORDER OF BOARD OF DIRECTOR
TULASEE BIO-ETHANOL LIMITED
PLACE: Raigad Sd/-
DATE: 18/08/2014 DIRECTOR
Mar 31, 2012
THE MEMBERS OF TULASEE BIO- ETHANOL LIMITED
The directors have pleasure in presenting their annual report together
with the audited balance sheet as at 31st March, 2012
FINANCIAL RESULTS
Particulars 2011-12 2010-11
Profit/(Loss) before depreciation and
taxation (25000) (21488)
Profit/(Loss) before tax (25000) (21488)
Less - provision for tax - -
Profit/(Loss) after tax (25000) (21,488)
Director's Responsibility Statement pursuant to sec. 217 (2aa) of
Companies Act. 1956.
The Directors hereby confirm:-
(a) That in the preparation of the accounts for the Financial Year
ended on 31st march 2012, the applicable accounting standards had been
followed along with proper explanation relating to material departures.
(b) That 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 as at 31st March 2012 and of the profit of
the company for that period.
(c) That 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) That the directors had prepared the annual accounts on a going
concern basis.
BOARD OF DIRECTORS
MR. ASHWIN PANDYA retire from office by rotation, and being eligible,
offer himself for re- appointment at the ensuing annual general meeting
of the company.
AUDITORS
M/s. A. C. Jhaveri & Co. Chartered Accountants, retiring auditor, being
eligible for re- appointment, have signified their willingness to
accept the appointment, if made and have further confirmed their
eligibility under section 224 (1B) of the Companies Act, 1956.
PARTICULARS OF EMPLOYEES
The particulars of employees pursuant to provisions of section 217(2A)
of the Companies
Act, 1956 read with the Companies (Particulars of Employees) Rules is
NIL.
CONSERVATION OF ENERGY & TECHNOLOGY ABSORPTIONS
Since there are no industrial manufacturing activity as specified in
section 217(1)(e), information pursuant to section 217(1)(e) of the
Companies Act, 1956 read together with the Companies (Disclosure of
Particulars in Report of Board of Directors) Rules, 1988 is not given.
ACKNOWLEDGMENT
The directors take this opportunity to thank members, banker and all
the other associated with the company for their co-operation and
assistance.
BY ORDER OF BOARD OF DIRECTOR
TULASEE BIO-ETHANOL LIMITED
DIRECTOR
PLACE : Raigad
DATE : 22/05/2012
Mar 31, 2011
To The Members of TULASEE BIO-ETHANOL LIMITED
The Directors have great pleasure in presenting 23rd Annual Report
along with the Audited Balance Sheet and Profit And Loss Account, for
the year ended 31st March, 2011.
1, FINANCIAL RESULTS: (Amt. In Rs.)
PARTICULARS Year ended
2011 2010
Total Income - -
Total Expenditure (Excluding Depreciation) 21,488 20,137
Gross Profit/(Loss) before Depreciation & Tax (21,488) (20,137)
Add/Less: Depreciation (Net) - -
Profit/(Loss) before Taxation - -
Less: Provision for Taxation - -
Provision for income Tax & FBT - (1000)
Deferred Tax (130,461)
Net Profit/(Loss) after Taxation (21,488) 111,324
Transfer from General Reserve - -
Balance Brought forward from previous year (45,721,545) (45,832,869)
Balance carried forward to Balance Sheet (45,743,033) (45,721,545)
DIVIDEND:
In order to conserve the resources, your Directors do not recommend any
dividend for this year.
3. DEPOSITS:
Your Company did not accept any deposits from the public during the
current year
4. AUDITORS:
M/s Mulraj D Gala, Chartered Accountants, Mumbai Auditors of the
Company are holding the office till the conclusion of ensuing Annual
General Meeting and have confirmed their availability for their
re-appointment.
5. SUBSIDIARIES:
Since the Company has no subsidiaries, provision of Section 212 of the
Companies Act, 1956 is not applicable.
6. DIRECTORS:
During the year Mr. Kishor Tank is retiring by rotation and being
eligible offers himself for reappointment in pursuance of provisions of
the Articles of Association of the Company.
7. DIRECTORS RESPONSIBILITY STATEMENT:
The Board of Directors hereby confirms,
A) That in the preparation of the Annual Accounts, the applicable
accounting standards have been followed along with proper explanation
relating to material
b) 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
financial year and of the Profit or Loss of the company for that period.
c) That the Directors have taken proper and sufficient care for the
maintenances of adequate accounting records in accordance with the
provision of this Act safeguarding the assets of the Company and for
preventing and detecting fraud and other irregularities.
d) That the Directors have prepared the Annual accounts on a going
concern basis.
8. MANAGEMENT DISCUSSION AND ANALYSIS,:
Management Discussion and Analysis of Financial Condition and Results
of Operation of the Company for the year under review, as stipulated in
Clause 49 of the Listing Agreement with the Stock Exchanges, is given
as a separate statement in this Annual Report (Annexure 1)
9. CORPORATE GOVERNANCE CODE:
Corporate Governance along with the Certificate of the Auditors of your
Company pursuant to Clause 49 of the Listing Agreement with the Stock
Exchange has been included in this report as Annexure. Your Company has
been practicing the principle o good Corporate Governance over the
years. The Board of Directors supports the board principles of
Corporate Governance over the years. In addition to the basic governing
issues, the board lays strong emphasis on transparency, accountability
and integrity
10. PARTICULARS OF EMPLOYEES:
There were no employees employed during the whole or part of the year
who were in receipt of remuneration aggregating to Rs.2,00,000/- p.m.
or Rs.24,00,000/- p.a. hence no particulars are given.
11. PARTICULARS OF CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND
FOREIGN EXCHANGE EARNING AND OUTGO AS PER SECTION 217(1) COMPANIES
(DISCLOSURE OF PARTICULARS IN THE KFPORT OF BOARD OF DIRECTORS) RULES,
1988:
A) Conservation of energy:
The Operations of the Company are energy-intensive, therefore adequate
measures have been taken to conserve and reduce energy consumption by
using energy-efficient hardware and other equipment in line with the
our philosophy is that energy saved is energy produced.
B) Technology absorption, research and development:
In its endeavor to obtain and deliver the best, your Company
successfully deployed a growing and diverse team of R & D specialist
with expertise covering hardware, networking systems software, and
database and application software. This helped the Company leverage
the latest technologies and deploy/absorb cutting-edge technologies
wherever feasible, relevant and appropriate. No separate record of the
expenditure incurred on R & D is maintained.
C) There are no Foreign Exchange earnings and outgoings during the
year.
12. APPRECIATION:
The Directors take this opportunity to thank all the employees, Banks
and Customers for their contribution to the company's performance
during the year under review.
BY ORDER OF THE BOARD
TULASEE BIO-ETHANOL LIMITED
Sd/-
KAPIL NAGPAL
(Managing Director)
DATE: 12th August, 2011
PLACE: Raigad
Mar 31, 2010
TO THE MEMBERS OF TULASEE BIO- ETHANOL LIMITED
The directors have pleasure in presenting their annual report together
with the audited balance sheet as at 31si March, 2010.
FINANCIAL RESULTS
2009-10 2008-09
Profit / (Loss) before depreciation
and taxation (20137) (545608)
Profit / (Loss) before tax (20137) (545608)
Less - provision for tax 131461 _
Profit / (Loss) after tax 111324 (545608)
Particulars of Employees
The Section 217(2A) of the Companies Act 1956, read with the Companies
(particulars of Employees) Rule,1975 is not given. as the company has
not employed any person whose particulars are required to be given.
Director's Responsibility Statement pursuant to sec. 217 (2aa) of
Companies Act. 1956. The Directors hereby confirm:-
(a) That in the preparation of the accounts for the Financial Year
ended on 31st march 2010, the applicable accounting standards had been
followed along with proper explanation relating to material departures
:
(b) That 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 as at 31st March 2010 and of the profit of
the company for that period.
(c) That 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) That the directors had prepared the annul! accounts on a going
concern basis.
BOARD OF DIRECTORS
MR. ASHWIN PANDYA retire from office by rotation, and being eligible,
offer himself for re- appointment at the ensuing annual general meeting
of the company.
AUDITORS
M/s MULRAJ D. GALA, Chartered Accountants, retiring auditor, being
eligible for re- appointment, have signified their willingness to
accept the appointment, if made and have further confirmed their
eligibility under section 224 (1B) of the Companies Act, 1956.
PARTICULARS OF EMPLOYEES
The particulars of employees pursuant to provisions of section 217(2A)
of the Companies Act, 1956 read with the Companies (Particulars of
Employees) Rules is NIL.
CONSERVATION OF ENERGY & TECHNOLOGY ABSORPTIONS
Since there are no industrial manufacturing activity as specified in
section 217(1){e), information pursuant to section 217{1)(e) of the
Companies Act, 1956 read together with the Companies (Disclosure of
Particulars in Report of Board of Directors) Rules, 1988 is not given.
ACKNOWLEDGMENT
The directors take this opportunity to thank members, banker and all
the other associated with the company for their co-operation and
assistance.
BY ORDER OF BOARD OF DIRECTOR
TULASEE BIO- ETHANOL LIMITED
PLACE : Mumbai
DATE : 01/09/2010 DIRECTOR