Mar 31, 2015
The Directors have pleasure in presenting the Annual Report together
with Audited Statement of Accounts for the financial year ended on
March 31, 2015.
FINANCIAL RESULTS:
Particulars Current Year Previous Year
March 31, 2015 March 31,2014
Total Revenue 28,80,000 23,16,000
Total Expenditure 19,73,000 20,65,000
Earnings before exceptional and
extraordinary items and tax 9,07,000 2,51,000
Earnings before extraordinary items and tax 9.07,000 2 51 000
Earnings before tax 9,07,000 2,51,000
Tax expenses 54,000 171,000
Earnings/(loss) from Discontinuing operations
(after tax) 276,000 79,000
OPERATIONAL REVIEW
The Net Profit of your company for the Current Financial Year 2014-15
is Rs.276,000
RESERVES
The company has transferred Rs. 276,000/- of profit to the reserves
DIVIDEND
In view of the Nominal Profit incurred during the financial year
2014-15, the Directors have not recommended any dividend for the year
under review.
FIXED DEPOSIT
The company has not accepted any fixed deposit within the meaning of
Section 73 of the Companies Act, 2013 and the rules made there under.
DIRECTORS
The Board of Directors in its meeting held on 3rd September, 2015
subject to approval of shareholders in ensuing Annual General Meeting
has approved the proposal for re-appointment of Mr. Sandeep Daga, the
Non Executive Independent Director and Mr. Naveen Kumar Banthia, the
Non Executive Independent Director of the company, with effect from
30th September 2015 A brief resume of such Directors is given further
in the Annual Report.
AUDIT COMMITTEE
The audit committee presently has 4 directors as members viz. Mr.
Sandeep Daga, Mr. Gaurav Kumar Bhandari, Mr. Kirty Kumar A. Shah and
Mr. Bharat Kumar Bhandari. Except Mr. Bharat Kumar Bhandari, all other
members of the audit committee are non-executive independent directors.
Mr. Sandeep Daga is the Chairman of the Audit Committee. The role,
terms of reference, the authority and power of the Audit Committee are
in conformity with the requirements of the Companies Act, 2013 and
Clause 49 of the listing agreement. More details of the audit committee
are provided in the report on Corporate Governance attached to this
annual report.
AUDITORS
M/S. T. Srinivasa & Co, Chartered Accountants, Bangalore, the statutory
Auditors of the Company Retire at the ensuing Annual General Meeting
and have Confirmed their eligibility under the provision of the
Companies Act 2013 and their willingness to accept office, if re-
appointment..
AUDITORS' REPORT
There are no qualifications observed in the auditor's report for the
Financial Year 2014-15.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND 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 furnished to this report.
A. CONSERVATION OF ENERGY
The operations of your company are not energy-intensive. However,
significant measures are taken to reduce energy consumption by using
energy-efficient computers and by the purchase of energy-efficient
equipment. Your company constantly evaluates new technologies and
invests to make its infrastructure more energy-efficient.
B. TECHNOLOGY ABSORPTION, ADOPTION AND INNOVATION.
This is not applicable to your company as the company is into real
estate business.
C. FOREIGN EXCHANGE EARNINGS AND OUTGO
Total Foreign Exchange earning and outgo for the financial year is as
follow:
a) Total foreign exchange earning : NIL
b) Total foreign exchange outgo : NIL
CORPORATE GOVERNANCE
Your company has incorporated appropriate standards for good corporate
governance and shall aim at exhibiting maximum transparency and
adequacy of reports /information provided under mandatory provisions or
otherwise. Pursuant to Clause 49 of the listing agreement a detailed
report on Corporate Governance is produced as a part of the Annual
Report which is further certified by the statutory auditor of the
company.
PARTICULARS OF EMPLOYEES
None of the employees of the Company were drawing emoluments more than
what has been specified under Section 134 of the Companies Act, 2013 a
part of our report attached herewith.
DIRECTORS' RESPONSIBILITY STATEMENT:
In accordance with the provisions of Section 134(5) of the Companies
Act, 2013 the Board hereby submit its responsibility Statement:
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 Company being unlisted, sub clause (e) of section 134(3) of the
Companies Act, 2013 pertaining to laying down internal financial
controls is not applicable to the Company; 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.
GREEN INITIATIVE IN CORPORATE GOVERNANCE
The Ministry of Corporate Affairs (MCA) has recently taken a green
initiative in Corporate Governance by allowing paperless compliances by
the Companies and permitted the service of Annual Reports and documents
to the shareholders through electronic mode subject to certain
conditions. Your Company appreciates the initiative taken by MCA as it
strongly believes in a green environment. This initiative also helps in
prompt receipt of communication, apart from avoiding losses / delays in
postal transit. The Notice of Annual General Meeting, Annual Report and
all communications hitherto will be sent to the members in electronic
form at the e-mail address provided by them to the depositories or
Registrars & Transfer Agents of the Company. The same will be sent by
post physically to the Members, whose e-mail addresses are not
available. Members can also have access to the documents through the
Company's website. The documents will also be available to the members
for inspection at the Registered Office of the Company during the
office hours. Members are also entitled to be furnished with copies of
the abovementioned documents, free of cost, upon receipt of
requisition, at any point of time.
ACKNOWLEDGEMENTS
Your Directors wish to place on record their gratitude for the valuable
guidance and support given by Government of India, State Government
departments, Financial Institutions, Banks, and various stake holders,
such as, shareholders, customers, suppliers etc. Your Directors also
commend the continuing commitment and dedication of the employees at
all levels which has been critical for the Company's growth. The
Directors look forward to their continued support in future.
For and on behalf of the Board
Place: Bangalore Bharat Kumar Bhandari
Date : 03.09.2015 Managing Director
Mar 31, 2014
The Shareholders,
The Directors have pleasure in presenting the Annual Report together
with Audited Statement of Accounts for the financial year ended on
March 31, 2014.
FINANCIAL RESULTS:
Particulars Current Year Previous Year
March 31, 2014 March 31,2013
Total Revenue 2316000.00 --
Total Expenditure 2065000.00 (22,42,152)
Earnings before exceptional and 251000.00 (22,42,152)
extraordinary items and tax
Earnings before extraordinary items 251000.00 (22,42,152)
and tax
Earnings before tax 251000.00 (22,42,152)
Tax expenses 171000.00 Nil
Earnings/(loss) from Discontinuing 79000.00 (22,42,152)
operations (after tax)
OPERATIONAL REVIEW
The Net Profit of your company for the Current Financial Year 2013-14
is Rs.79000/-. The Company had incurred a Loss of Rs.22, 42,152/- in
the Previous Financial Year 2012-2013.
RESERVES
The company has transferred Rs.79000/- of profit to the reserves.
DIVIDEND
In view of the Nominal Profit incurred during the financial year
2013-14, the Directors have not recommended any dividend for the year
under review.
FIXED DEPOSIT
The company has not accepted any fixed deposit within the meaning of
Section 58A of the Companies Act, 1956 and the rules made there under.
DIRECTORS
The Board of Directors in its meeting held on 3rd September, 2014
subject to approval of shareholders in ensuing Annual General Meeting
has approved the proposal for re-appointment of Mr. Y.Ravindra Reddy,
the Non Executive Independent Director and Mr.Kirty Kumar.A.Shah, the
Non Executive Independent Director of the company, with effect from 1st
October 2014. A brief resume of such Directors is given further in the
Annual Report.
AUDIT COMMITTEE
The audit committee presently has 4 directors as members viz. Mr.
Sandeep Daga, Mr. Naveen Kumar Banthia, Mr.Kirty Kumar A. Shah and Mr.
Bharat Kumar Bhandari. Except Mr. Bharat Kumar Bhandari, all other
members of the audit committee are non-executive independent directors.
Mr. Sandeep Daga is the Chairman of the Audit Committee. The role,
terms of reference, the authority and power of the Audit Committee are
in conformity with the requirements of the Companies Act, 1956 and
Clause 49 of the listing agreement. More details of the audit committee
are provided in the report on Corporate Governance attached to this
annual report.
AUDITORS
The auditors M/s. Mishra & Co, Chartered Accountants, will retire at
the ensuing Annual General Meeting. It is proposed to appoint M/s
T.Srinivasa & co, as statutory auditors of the company to hold office
from the conclusion of the Thirty second annual general meeting and to
authorize the board of directors and find their remuneration. The
company has received a letter from M/s.T.Srinivasa & Co to the effect
that their appointment, if made, would be with in the limits prescribed
under the provision of the companies Act, 2013 and that they are not
disqualified for such appointment with the meaning of the side Act.
AUDITORS'' REPORT
There are no qualifications observed in the auditor''s report for the
Financial Year 2013-14.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS AND OUTGO
Particulars required to be finished under the Companies (Disclosure of
Particulars in the Report of Board of Directors) Rules, 1988 are as
under:-
A. CONSERVATION OF ENERGY
The operations of your company are not energy-intensive. However,
significant measures are taken to reduce energy consumption by using
energy-efficient computers and by the purchase of energy-efficient
equipment. Your company constantly evaluates new technologies and
invests to make its infrastructure more energy-efficient.
B. TECHNOLOGY ABSORPTION, ADOPTION AND INNOVATION.
This is not applicable to your company as the company is into real
estate business.
C. FOREIGN EXCHANGE EARNINGS AND OUTGO
Total Foreign Exchange earning and outgo for the financial year is as
follow:
a) Total foreign exchange earning: NIL
b) Total foreign exchange outgo: NIL
CORPORATE GOVERNANCE
Your company has incorporated appropriate standards for good corporate
governance and shall aim at exhibiting maximum transparency and
adequacy of reports /information provided under mandatory provisions or
otherwise. Pursuant to Clause 49 of the listing agreement a detailed
report on Corporate Governance is produced as a part of the Annual
Report which is further certified by the statutory auditor of the
company.
PARTICULARS OF EMPLOYEES
None of the employees of the Company were drawing emoluments more than
what has been specified under Section 217(2A) of the Companies Act,
1956 a part of our report attached herewith.
DIRECTORS'' RESPONSIBILITY STATEMENT:
Pursuant to Section 217 (2AA) of the Companies Act, 1956, the Board of
Directors of the Company hereby confirms that:
1. in the preparation of the annual accounts, the applicable accounting
standards have been followed and no material departures have been made
from the same;
2. 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 and of the profit or loss of the Company for that
period;
3. the directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of the Companies Act, 1956 for safeguarding the assets of
the Company and for preventing and detecting fraud and other
irregularities; and
4. The directors have prepared the accounts for the financial year on a
Going Concern'' basis.
GREEN INITIATIVE IN CORPORATE GOVERNANCE
The Ministry of Corporate Affairs (MCA) has recently taken a green
initiative in Corporate Governance by allowing paperless compliances by
the Companies and permitted the service of Annual Reports and documents
to the shareholders through electronic mode subject to certain
conditions. Your Company appreciates the initiative taken by MCA as it
strongly believes in a green environment. This initiative also helps in
prompt receipt of communication, apart from avoiding losses / delays in
postal transit. The Notice of Annual General Meeting, Annual Report and
all communications hitherto will be sent to the members in electronic
form at the e-mail address provided by them to the depositories or
Registrars & Transfer Agents of the Company. The same will be sent by
post physically to the Members, whose e-mail addresses are not
available. Members can also have access to the documents through the
Company''s website. The documents will also be available to the
members for inspection at the Registered Office of the Company during
the office hours. Members are also entitled to be furnished with copies
of the abovementioned documents, free of cost, upon receipt of
requisition, at any point of time.
ACKNOWLEDGEMENTS
Your Directors wish to place on record their gratitude for the valuable
guidance and support given by Government of India, State Government
departments, Financial Institutions, Banks, and various stake holders,
such as, shareholders, customers, suppliers etc. Your Directors also
commend the continuing commitment and dedication of the employees at
all levels which has been critical for the Company''s growth. The
Directors look forward to their continued support in future.
For and on behalf of the Board
Place: Bangalore Bharat Kumar Bhandari
Date: 03.09.2014 Managing Director
Mar 31, 2012
The Directors have pleasure in presenting the Annual Report together
with Audited Statement of Accounts for the financial year ended on
March 31, 2012.
FINANCIAL RESULTS:
Particulars Current Year Previous Year
March 31, 2012 March 31,2011
(Rs. in '000) (Rs. in 000)
Total Revenue 1,920.00 -
Total Expenditure 1,807.04 1,632.04
Earnings before exceptional 112.96 (1,632.04)
and extraordinary items and tax
Earnings before extraordinary items
and tax 112.96 (1,632.04)
Earnings before tax 21.53 (1,632.04)
Tax expenses 21.53 -
Earnings/(loss) from 91.44 (1,632.04)
Discontinuing operations (after tax)
OPERATIONAL REVIEW
The net earnings of your company for the Current Financial Year 2011 -
12 is Rs. 91.44 i.e. in positive figures, as compared the loss of Rs.
1,632.04 attained in the Previous Financial Year 2010 - 2011.
With the main object of expanding operation in Real Estate and Infra
Structure Development, during the year under review the company focused
on the Real Estate business only. The Company has made significant in
roads in the Real estate business and currently in the process of
finalizing two new projects in the form in the form of partnership
firms namely M/s Hillsborough County and M/s Somerset County for
development of Residential villas and Apartments at Nandi hills near
Bangalore. The said projects have been done in separate Special Purpose
Vehicles (SPV) respectively, wherein the company has partnered with
other developers. Your directors are confident of achieving better
result in the coming years.
SHIFTING OF REGISTERED OFFICE
The Directors wishes to inform the Shareholders that the company has
received the order from Company Law Board, Kolkata dated 8th August
2012 approving the Shifting the Registered office of the company from
Kolkata, West Bengal to Bangalore, Karnataka. Hence the Registered
office of the company is shifted to No.17 4th Floor, Shah Sultan Bldg,
Ali Asker Road, Bangalore - 560052.
RESERVES
The company has not transferred any amounts of profit to the Reserves.
DIVIDEND
In view of the insufficient profit, the Directors decided to employ
such amount in the growth of the business of company and did not
recommend any dividend for the year under review.
FIXED DEPOSIT
The company has not accepted any fixed deposit within the meaning of
Section 58A of the Companies Act, 1956 and the rules made there under.
DIRECTORS
The Board of Directors in its meeting held on 26th July, 2012 subject
to approval of shareholders in ensuing Annual General Meeting has
approved the proposal for re-appointment of Mr. Y. Ravinder Reddy, the
non Executive Director and Mr. Kirthy Kumar Shah, The Non Executive
Independent Director of the company, with effect from 30th September
2012. A brief resume of such Directors is given further in the Annual
Report.
AUDIT COMMITTEE
The audit committee presently has 4 directors as members viz. Mr.
Sandeep Daga, Mr. Naveen Kumar Banthia, Mr. Kirthy Kumar A. Shah and
Mr. Bharat Kumar Bhandari. Except Mr. Bharat Kumar Bhandari, all other
members of the audit committee are non-executive independent directors.
Mr. Sandeep Daga is the Chairman of the Audit Committee. The role,
terms of reference, the authority and power of the Audit Committee are
in conformity with the requirements of the Companies Act, 1956 and
Clause 49 of the listing agreement. More details of the audit committee
are provided in the report on Corporate Governance attached to this
annual report.
AUDITORS
M/s. Mishra & Co., Chartered Accountants, the Statutory Auditors of the
Company, retire at the ensuing Annual General Meeting and have
confirmed their eligibility as per Sec 224 of the Companies Act, 1956
and their willingness to accept office, if re-appointed.
AUDITORS' REPORT
There were no disqualification stated in the Auditors Report for the
Financial Year 2011-12
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS AND OUTGO
Particulars required to be finished under the Companies (Disclosure of
Particulars in the Report of Board of Directors) Rules, 1988 are as
under:-
A CONSERVATION OF ENERGY
The operations of your company are not energy-intensive. However,
significant measures are taken to reduce energy consumption by using
energy-efficient computers and by the purchase of energy-efficient
equipment. Your company constantly evaluates new technologies and
invests to make its infrastructure more energy-efficient.
B TECHNOLOGY ABSORPTION, ADOPTION AND INNOVATION.
This is not applicable to your company as the company is into real
estate business.
C FOREIGN EXCHANGE EARNINGS AND OUTGO.
Total Foreign Exchange earning and outgo for the financial year is as
follow:
a) Total foreign exchange earning : NIL
b) Total foreign exchange outgo : NIL
CORPORATE GOVERNANCE
Your company has incorporated appropriate standards for good corporate
governance and shall aim at exhibiting maximum transparency and
adequacy of reports /information provided under mandatory provisions or
otherwise. Pursuant to Clause 49 of the listing agreement a detailed
report on Corporate Governance is produced as a part of the Annual
Report which is further certified by the statutory auditor of the
company.
PARTICULARS OF EMPLOYEES
None of the employees of the Company were drawing emoluments more than
what has been specified under Section 217(2A) of the Companies Act,
1956 a part of our report attached herewith.
DIRECTORS' RESPONSIBILITY STATEMENT:
Pursuant to Section 217 (2AA) of the Companies Act, 1956, the Board of
Directors of the Company hereby confirms that:
1. in the preparation of the annual accounts, the applicable
accounting standards have been followed and no material departures have
been made from the same;
2. 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 and of the profit or loss of the Company for that
period;
3. the directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of the Companies Act, 1956 for safeguarding the assets of
the Company and for preventing and detecting fraud and other
irregularities; and
4. The directors have prepared the accounts for the financial year on
a 'Going Concern' basis.
GREEN INITIATIVE IN CORPORATE GOVERNANCE
The Ministry of Corporate Affairs (MCA) has recently taken a green
initiative in Corporate Governance by allowing paperless compliances by
the Companies and permitted the service of Annual Reports and documents
to the shareholders through electronic mode subject to certain
conditions. Your Company appreciates the initiative taken by MCA as it
strongly believes in a green environment. This initiative also helps in
prompt receipt of communication, apart from avoiding losses / delays in
postal transit. The Notice of Annual General Meeting, Annual Report and
all communications hitherto will be sent to the members in electronic
form at the e-mail address provided by them to the depositories or
Registrars & Transfer Agents of the Company. The same will be sent by
post physically to the Members, whose e-mail addresses are not
available. Members can also have access to the documents through the
Company's website. The documents will also be available to the members
for inspection at the Registered Office of the Company during the
office hours. Members are also entitled to be furnished with copies of
the abovementioned documents, free of cost, upon receipt of
requisition, at any point of time.
ACKNOWLEDGEMENTS
Your Directors wish to place on record their gratitude for the valuable
guidance and support given by Government of India, State Government
departments, Financial Institutions, Banks, and various stake holders,
such as, shareholders, customers, suppliers etc. Your Directors also
commend the continuing commitment and dedication of the employees at
all levels which has been critical for the Company's growth. The
Directors look forward to their continued support in future.
By Order of the Board
Place : Bangalore Bharat Kumar Bhandari
Date : 1st September, 2012 Managing Director
Mar 31, 2011
REPORT OF THE DIRECTORS TO THE SHAREHOLDERS
The Directors have pleasure in presenting the 28th Annual Report
together with Audited Accounts of the Company for the year ended 31st
March 2011.
FINANCIAL RESULTS
(Rs. In '000) (Rs. In '000)
2010-2011 2009-2010
Profit/Loss before taxation (1632.04) (16.08)
Transfer from Investment Allowance
(Utilised) Reserve Nil Nil
Provision for Taxation Nil Nil
Balance brought forward from previous
year (3,456.14) (3,440.06)
Balance carried to Balance Sheet (5,088.19) (3,456.14)
OPERATIONS
With the main object of expanding operation in Real Estate and Infra
Structure Development, during the year under review the company focused
on the Real Estate business only. Loss from this segment amounted to
Rs. 16,32,041/-. The Company has made significant in roads in the Real
estate business and currently in the process of finalizing a number of
projects. During the year the company has entered into a SPV in the
form of partnership namely M/s.Excel Ventures and further the company
is in the process of entering into more of such SPV. Your directors are
confident of achieving better result in the coming years. The company
did not undertake any trading activity during the year.
DIVIDEND
In view of the carried forward losses, the Directors do not recommend
any dividend for the year under review.
FIXED DEPOSIT
The company has not accepted any fixed deposit within the meaning of
Section 58A of the Companies Act, 1956 and the rules made there under.
DIRECTORS
As per Article 134 of the Articles of Association of the Company,
one-third of such directors liable to retire by rotation shall retire
from office at each Annual General Meeting of the shareholders. A
retiring director is eligible for re-election. Sandeep Kumar Daga and
Naveen Kumar Banthia are liable to retire by rotation at the ensuing
Annual General Meeting and being eligible offer themselves for
re-appointment.
AUDIT COMMITTEE
The audit committee presently has 4 directors as members viz. Mr.
Sandeep Daga, Mr. Naveen Kumar Banthia, Mr. Kirthy Kumar A. Shah and
Mr. Bharat Kumar Bhandari. Except Mr. Bharat Kumar Bhandari, all other
members of the audit committee are non-executive independent directors.
Mr. Sandeep Daga is the Chairman of the Audit Committee. The role,
terms of reference, the authority and power of the Audit Committee are
in conformity with the requirements of the Companies Act, 1956 and
Clause 49 of the listing agreement. More details of the audit committee
are provided in the report on Corporate Governance attached to this
annual report.
AUDITORS
M/s. Mishra & Co., Chartered Accountants, the Statutory Auditors of the
Company, retire at the ensuing Annual General Meeting and have
confirmed their eligibility as per Sec 224 of the Companies Act, 1956
and their willingness to accept office, if re-appointed.
AUDITORS' REPORT
There was a qualifications observed in the auditor's report for the
Financial Year 2010-11. The response to the observations made by the
auditors in their report is as follows:
Non availability of Documents for verification
During the financial year 2008-09 the Company had changed hands and a
new management had taken over effective 30/09/2008. Hence many
documents yet continue to remain with the old management and as such
those could not be produced at the time of audit. However, efforts are
on to obtain the documents.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS AND OUTGO
Particulars required to be finished under the Companies (Disclosure of
Particulars in the Report of Board of Directors) Rules, 1988 are as
under: -
A CONSERVATION OF ENERGY
The operations of your company are not energy-intensive. However,
significant measures are taken to reduce energy consumption by using
energy-efficient computers and by the purchase of energy-efficient
equipment. Your company constantly evaluates new technologies and
invests to make its infrastructure more energy-efficient
B TECHNOLOGY ABSORPTION, ADOPTION AND INNOVATION.
This is hot applicable to your company as the company is into real
estate business.
C FOREIGN EXCHANGE EARNINGS AND OUTGO
Total Foreign Exchange earning and outgo for the financial year is as
follow:
a) Total foreign exchange earning : NIL
b) Total foreign exchange outgo : NIL
CORPORATE GOVERNANCE
Your company has incorporated appropriate standards for good corporate
governance and shall aim at exhibiting maximum transparency and
adequacy of reports /information provided under mandatory provisions or
otherwise.
A separate report on Corporate Governance is produced as a part of the
Annual Report. Given the nature of business of the company, the
Management Discussion and Analysis are generic in nature.
The statutory auditor have certified that conditions of corporate
governance as stipulated under Clause 49 of the Listing Agreement are
complied by the company and their certificate is annexed to the Report
on Corporate Governance.
PARTICULARS OF EMPLOYEES
None of the employees of the Company were drawing emoluments more than
what has been specified under Section 217(2A) of the Companies Act,
1956 a part of our report attached herewith.
DIRECTORS' RESPONSIBILITY STATEMENT
Pursuant to the requirement under Section 217 (2AA) of the Companies
Act, 1956, with respect to Directors' Responsibility Statement, it is
hereby confirmed that:-
a) In the preparation of the annual accounts, the applicable accounting
standards have been followed.
b) The Directors have selected such accounting policies and applied
them consistently and made judgments and estimate that are reasonable
and prudent so as to give a true and fair view of the state of affair
of the company at the end of the financial year and of the profit or
loss of the company for the year under review.
c) The Directors have taken proper and sufficient care for the
maintenance of adequate accounting record in accordance with the
provisions of the Act, 1956 for safeguarding the assets of the Company
and for preventing and detecting fraud and other irregularities, and
d) The Directors have prepared the annual accounts of the company on
going concern basis.
ACKNOWLEDGEMENT
Your Directors wish to place on record their sincere gratitude to the
shareholders, bankers, business associates and Government and other
regulatory agencies for their continued support for the growth of the
company.
Place: Kolkata
Date: 6th September, 2011
FOR AND ON BEHALF OF THE BOARD
BHARAT KUMAR BHANDARI
MANAGING DIRECTOR
Mar 31, 2010
The Directors have pleasure in presenting the 27th Annual Report
together with Audited Accounts of the Company for the year ended 31st
March 2010.
FINANCIAL RESULTS
(Rs. In 000) (Rs. In 000)
2009-2010 2008-2009
Profit/Loss before taxation (16.08) 278.62
Transfer from Investment
Allowance (Utilised) Reserve NIL NIL
Provision for Taxation NIL 83.58
Balance brought forward from
previous year (3,440.06) (3,635.10
Balance carried to Balance Sheet (3,456.14) (3,440.06)
OPERATIONS
With the main object of expanding operation in Real Estate and Infra
Structure Development. During the year under review the company focused
on the Real Estate business only. Income from this segment amounted to
Rs.24,00,000/-, however the management decided to write off old sundry
debtors/advances amounting to Rs. 12,10,142/- since in the management
view these debts/advances are not recoverable. After this adjustment
the annual result shows a loss of Rs. 16,080/-.The Company has made
significant in roads in the Real estate business and currently in the
process of finalizing number of projects. Your directors are confident
of achieving better result in the coming years. The company did not
undertake any trading activity during the year.
DIVIDEND
In view of the carried forward losses the Directors do not recommend
any dividend for the year under review.
FIXED DEPOSIT
The company has not accepted any fixed deposit within the meaning of
Section 58A of the Companies Act, 1956 and the rules made there under.
REGISTERED OFFICE
Companys registered office has been shifted to 60B, Chowringhee Road,
Kolkata - 700 020. A separate Corporate office has been set up in
Bangalore as the major projects in Real Estate segment undertaken by
the company are situated in southern states.
DIRECTORS RESPONSIBILITY STATEMENT
Pursuant to the requirement under Section 217 (2AA) of the Companies
Act, 1956, with respect to Directors Responsibility Statement, it is
hereby confirmed that:-
a) In the preparation of the annual accounts, the applicable accounting
standards have been followed.
b) The Directors have selected such accounting policies and applied
them consistently and made judgments and estimate that are reasonable
and prudent so as to give a true and fair view of the state of affair
of the company at the end of the financial year and of the profit or
loss of the company for the year under review.
c) The Directors have taken proper and sufficient care for the
maintenance of adequate accounting record in accordance with the
provisions of the Act, 1956 for safeguarding the assets of the Company
and for preventing and detecting fraud and other irregularities, and
d) The Directors have prepared the annual accounts of the company on
going concern basis.
DIRECTORS
Mr. Kirthy Kumar A Shah retires by rotation at the forthcoming Annual
General Meting and being eligible offers himself for re-appointment.
Mr. Y.Ravinder Reddy appointed as Additional Director during the year
hold the office till the ensuing AGM and eligible offers himself to be
reappointed.
The Board recommends above appointments.
AUDITORS AND AUDITORS REPORT
Mr.Nilmadhab Mishra, Chartered Accountants, the Auditor of the Company,
retire at the conclusion of this annual general meeting and Mishra & Co
(proprietor, Mr.Nilmadhab Mishra) being eligible have offered
themselves for re-appointment.
Auditors Observation
1. Non availability of Documents for verification
During the financial year 2008-09 the Company had changed hands and a
new management had taken over effective 30/09/2008. Hence many
documents yet continue to remain with the old management and as such
those could not be produced at the time of audit. However, Efforts are
on to obtain the documents.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS AND OUTGO
Particulars required to be finished under the Companies (Disclosure of
Particulars in the Report of Board of Directors) Rules, 1988 are as
under:-
1. Part A and B pertaining to conversation of energy and technology
absorption are not applicable to the company as there was no
manufacturing activity during the year.
2. Total Foreign Exchange earning and outgo for the financial year is
as follow:
a) Activities relating to exports, initiatives taken to increase
exports, development of new export markets for products and services;
and export plans : NIL
b) Total foreign exchange earning : NIL
c) Total foreign exchange outgo : NIL
CORPORATE GOVERNANCE
Corporate Governance pursuant to clause 49 of the listing agreement is
not applicable for the Company during the year under review.
PARTICULARS OF EMPLOYEES
None of the employees of the Company were drawing emoluments more than
what has been specified under Section 217(2A) of the Companies Act,
1956 a part of our report attached herewith.
ACKNOWLEDGEMENT
Your Directors wish to place on record their sincere gratitude to the
shareholders, bankers, business associates and Government and other
regulatory agencies for their continued support for the growth of the
company.
Registered Office For and on behalf of the Board
60B ChowriegSiee Road
Kolkata - 700 020
Dated 7th September, 2010 Bharat Kumar Bhandari
Managing Director
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