Mar 31, 2015
Dear MEMBERS
The Directors have pleasure in presenting the Twenty Ninth Annual
Report together with the Audited Statement of Accounts of the Company
for the Year ended March 31, 2015.
1. FINANCIAL RESULTS: (Rs. in Lacs)
Particulars March March
31, 2015 31, 2014
Sales and Other Income 12.59 13.30
Profit before depreciation
& taxation (1.65) 1.91
Less: Depreciation 0.00 (19.21)
Less: Deferred Tax 16.59 4.43
Profit after taxation 14.93 (12.87)
Add: Balance brought forward
from previous year (818.19) (805.32)
Surplus available for appropriation (841.63) (818.19)
Appropriations
Deferred Tax Adjustment 17.11 0.00
Advance for FBT Written Off (0.10) 0.00
Transitional Provision for
Depreciation (55.38) 0.00
Balance carried to Balance sheet (841.63) (818.19)
2. OPERATIONAL REVIEW:
Your Company has, during the period under review not done much activity
on operation side. During the year under review, the Company has
incurred an operating Loss of Rs. 1.65 lakhs as against operating profit
of Rs. 1.91 lakhs for the previous year and the total profit of
Rs. 14.93 lakhs as against Loss of Rs. 12.87 lakhs in the previous year.
The Management is putting sincere efforts to start the operation at the
full scale. The Management has decided to keep overhead to bare minimum
till a new business plan with identified revenue streams is in place.
3. DIVIDEND:
Your Directors regret their inability to recommend any Dividend to
equity shareholders for the year 2014-2015.
4. SHARE CAPITAL:
The paid up equity capital as on march 31, 2015 was Rs. 520 Lakhs. The
company has not issued shares with differential voting rights nor
granted stock options nor sweat equity.
5. FINANCE:
Cash and cash equivalents as at March 31, 2015 was Rs. 7.06 lakhs. The
company continues to focus on judicious management of its working
capital, Receivables and other working capital parameters were kept
under strict check through continuous monitoring.
6. FIXED DEPOSITS:
Your Company has not accepted any deposits within the meaning of
Section 73 of the Companies Act, 2013 and the Companies (Acceptance of
Deposits) Rules, 2014.
7. PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS:
The company has not given any loans or guarantees covered under the
provisions of section 186 of the Companies Act, 2013.
The details of the investments made by company is given in the notes to
the financial statements.
8. 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 and & to the Board
Chairman & Managing Director.
The Internal Audit Department monitors and evaluates the efficacy and
adequacy of internal control system in the Company, its compliance with
operating systems, accounting procedures and policies at all locations
of the Company.
Based on the report of internal audit function, process owners
undertake corrective action in their respective areas and thereby
strengthen the controls. Significant audit observations and
recommendations along with corrective actions thereon are presented to
the Audit Committee of the Board.
9. CONSERVATION OF ENERGY:
Since the Company does not fall under the list of industries, which
should furnish this information in Form A annexed to the aforesaid
Rules, the question of furnishing the same does not arise.
10. TECHNOLOGY ABSORPTION:
Company's activities are production of advertisement film by using
in-house know how and no outside technology is being used for making
advertisement films. During the year the company does not get any
contract for production of advertisement films. Therefore no technology
absorption is required. The Company constantly strives for maintenance
and improvement in quality of its products and entire Research &
Development activities are directed to achieve the aforesaid goal.
11. FOREIGN EXCHANGE EARNINGS AND OUT-GO :
During the period under review there was no foreign exchange earnings
or out flow.
12. DIRECTORS:
Director Mr. Pradeep Kumar Daga (DIN 00080515) retire by rotation and,
being eligible, offer himself for re appointment.
Shri Manmohan R. Prahladka (DIN 05160917), a non-executive director
submitted his resignation to the Board on 11th November, 2014 due to
some unavoidable personal reason. The same was accepted by the Board in
its meeting held on 11th November 2014. The Board hereby places on
record its sincerest thanks and gratitude for the invaluable
contribution made by Shri Manmohan R. Prahladka (DIN 05160917) towards
the growth and development of the company during his tenure as a
director. The Board also on behalf of the members wishes to Shri
Manmohan R. Prahladka (DIN 05160917) a long and healthy life.
The Board appointed to Shri Utpal Dey (DIN 06931935) as an additional
director in its Board meeting held on 11th November 2014 under section
161 of the Companies Act, 2013, to hold the office up to the conclusion
of this AGM. The Company has received a notice in writing from a member
signifying his intention to propose Shri Utpal Dey (DIN 06931935) as
candidate for the office of Directors who if appointed be eligible to
retire by rotation.
13. BOARD EVALUATION
Pursuant to the provisions of the Companies Act, 2013 and Clause 49 of
the Listing Agreement, 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. The
manner in which the evaluation has been carried out has been explained
in the Corporate Governance Report.
14. REMUNERATION POLICY
The Board has, on the recommendation of the Appointment & Remuneration
Committee framed a policy for selection and appointment of Directors,
Senior Management and their remuneration. The Remuneration Policy is
stated in the Corporate Governance Report.
15. MEETINGS
A calendar of Meetings is prepared and circulated in advance to the
Directors. During the year twelve Board Meetings and four Audit
Committee Meetings were convened and held. The details of which are
given in the Corporate Governance Report. The intervening gap between
the Meetings was within the period prescribed under the Companies Act,
2013.
16. DIRECTOR'S RESPONSIBILITY STATEMENT:
In terms of Section 134 (5) of the Companies Act, 2013, the directors
would like to state that :
i) In the preparation of the annual accounts, the applicable accounting
standards have been followed.
ii) The directors have selected such accounting policies and applied
them consistently and made judgments and estimates that were 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 the profit or loss
of the Company for the year under review.
iii) 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) The directors have prepared the annual accounts on a going concern
basis.
v) 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.
vi) The directors had devised proper system to ensure compliance with
the provisions of all applicable laws and that such system were
adequate and operating effectively.
17. RELATED PARTY TRANSACTIONS:
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.
18. SUBSIDIARY COMPANIES:
The Company does not have any subsidiary, hence the compliance of
provisions of section 212 of the Companies Act, 1956 are not
applicable.
19. 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 Code has been
posted on the Company's website.
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 and in particular on matters relating to integrity in
the work place, in business practices and in dealing with stakeholders.
The Code gives guidance through examples on the expected behavior from
an employee in a given situation and the reporting structure.
All the Board Members and the Senior Management personnel have
confirmed compliance with the Code. All Management Staff were given
appropriate training in this regard.
20. VIGIL MECHANISM / WHISTLE BLOWER POLICY:
The Company has a vigil mechanism to deal with instance of fraud and
mismanagement, if any.
In staying true to our values of Strength, Performance and Passion and
in line with our vision of being one of the most respected companies in
India, the Company is committed to the high standards of Corporate
Governance and stakeholder responsibility.
The vigil mechanism ensures that strict confidentiality is maintained
whilst dealing with concerns and also that no discrimination will be
meted out to any person for a genuinely raised concern. The Chairman of
Audit and Chairman of the Board looks into the complaints raised.
21. PREVENTION OF INSIDER TRADING:
The Company has adopted a Code of Conduct for Prevention of Insider
Trading with a view to regulate trading in securities by the Directors
and designated employees of the Company. The Code requires
pre-clearance for dealing in the Company's shares and prohibits the
purchase or sale of Company shares by the Directors and the designated
employees while in possession of unpublished price sensitive
information in relation to the Company and during the period when the
Trading Window is closed. The Board is responsible for implementation
of the Code.
All Board Directors and the designated employees have confirmed
compliance with the Code.
22. AUDITOR'S:
Statutory Audit:
The observation made in 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.
M/s. Maroti & Associates, Chartered Accountants, (Firm Registration
Number 322770E) as the Statutory Auditors for a period of 3 years to
hold office from the conclusion of the ensuing Annual General Meeting
(2015) till the Annual General Meeting (2017), subject to ratification
of their appointment at every AGM, during the term of their office.
They have confirmed their eligibility and willingness for appointment
as Statutory Auditors for the aforesaid period, as per Section 141 of
the Companies Act, 2013. The Board of Directors recommends their
appointment to the shareholders.
Secretarial Audit:
As required under section 204 (1) of the Companies Act, 2013 the
Company has obtained a secretarial audit report.
Pursuant to 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. P. Doleswar Rao, of company
Secretaries in practice (C.P. No. 14385) to undertake the Secretarial
Audit of the Company. The Secretarial Audit report for the financial
year ended 31st March, 2015 is annexed herewith as "Annexure A" to this
report. The Secretarial Audit Report does not contain any
qualification, reservation and adverse remark.
23. EXTRACT OF ANNUAL RETURN:
The details forming part of the extract of the Annual Return in form
MGT-9 is annexed herewith as " Annexure B".
24. PARTICULARS OF EMPLOYEES: ( rule 5(2) & rule 5(1) )
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 reports and
accounts 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
ensuing Annual General Meeting. If any member is interested in
inspecting the same, such member may write to the company secretary in
advance.
CORPORATE GOVERNANCE AND MANAGEMENT DISCUSSION & ANALYSIS REPORTS
The Corporate Governance and Management Discussion & Analysis Report,
which form an integral part of this Report, are set out as separate
Annexures, together with the Certificate from the auditors of the
Company regarding compliance with the requirements of Corporate
Governance as stipulated in Clause 49 of the Listing Agreement.
ACKNOWLEDGEMENTS:
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 cooperation and assistance.
For and on behalf of the
Board of Directors
Vinita Daga
Place : Kolkata Managing Director
Date : May 26, 2015 (DIN 00080647)
Mar 31, 2014
Dear Members,
The Board of Directors of Cinerad Communications Limited are pleased to
present the 28th Annual Report for the year ended March 31, 2014,
together with the Auditors'' Report and Audited Accounts for the
Financial year 2013-14.
Financial Results
The financial results of the company are as under:
Rs. in Lakhs
Year ended Year ended
31.03.2014 31.03.2013
Profit/(Loss) before depreciation
and taxation 1.92 (0.06)
Depreciation (19.21) (19.21)
Tax Expenses (Deferred Tax) 4.43 (19.23)
Profit/(Loss) after depreciation & Tax (12.87) (38.50)
General Reserve Transferred 0.00 (7.27)
Balance brought forward from previous year (805.33) (759.56)
Balance carried forward (818.19) (805.33)
The Year under Review
Your Company has, during the period under review not done much activity
on operation side. During the year under review, the Company has
incurred an operating Profit of Rs. 1.92 lakhs as against operating
loss of 0.06 lakhs for the previous year and the total operating loss
of Rs. 12.87 lakhs as against operating Loss of Rs. 38.50 lakhs in the
previous year. The Management is putting sincere efforts to start the
operation at the full scale. The Management has decided to keep
overhead to bare minimum till a new business plan with identified
revenue streams is in place.
Dividend
Your Directors regret their inability to recommend any Dividend to
equity shareholders for the year 2013-2014.
Deposits
Your Company has not accepted any deposits during the year within the
meaning of Section 58A & 58AA of the Companies Act, 1956 and the Rules
made there under.
Subsidiary Companies
Your Company do not have any subsidiary company, hence the compliance
of provisions of section 212 of the Companies Act, 1956 are not
applicable.
Auditors
Your company has received letter from retiring statutory auditor M/s.
Maroti & Associates, Chartered Accountants expressing their willingness
to be reappointed and to the effect that their appointment, if made,
would be within the prescribed limits under section 141(3)(g) of the
Companies Act, 2013 and that they are not disqualified for appointment.
The matter is placed for consideration of members in this Annual
General Meeting to pass the Resolutions at Item Nos. 3 of the Annual
General Meeting Notice.
Auditors Report
The observations as have been made and taken in the Auditors Report in
the light with the Notes on the Accounts are self explanatory and do
not require any further clarification.
Directors
Mrs. Vinita Daga retires by rotation and being eligible, offers
themselves for re- appointment.
As per the provisions of Section 149 of the Act, which has came into
force with effect from 1st April, 2014, an Independent Director is
required to be appointed and shall hold office for a term up to maximum
of five consecutive years on the Board of a company and shall not be
liable to retire by rotation. In compliance with the provisions of
Section 149 the company propose to appoint Mr. Dilip Kumar Hella and
Mr. Bishambar Pachisia as Independent Director to hold office for three
consecutive years with effect from 20th September, 2014 up to 30th
September, 2017. The Company has received a notice in writing from a
member proposing their candidature for the office of Director and do
hereby place before the Members in General Meeting for their approval
to appoint them as Independent Directors.
Statutory Disclosures
None of the Directors of the Company are disqualified as per the
provisions of Section 164 of the Companies Act, 2013.
Directors'' Responsibility Statement
Pursuant to Section 217 (2AA) of the Companies Act, 1956 with respect
to Directors confirm that:
In the preparation of annual accounts the applicable accounting
standards have been followed;
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 31st March, 2014 and the
profit of the company for the year;
That the Directors had taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of the Act for safeguarding the assets of the company and
for preventing and detecting fraud and other irregularities.
That the Directors have prepared the annual accounts on a ''going
concern'' basis.
Compliance Certificate
A separate section on Corporate Governance forming part of the
Director''s Report and the certificate from the Company''s Auditors
confirming the compliance of conditions on Corporate Governance as
stipulated in ''Clause 49'' of the Listing Agreement is included in the
Annual Report.
Cash Flow Statement
In accordance with the requirement of Clause 32 of the Listing
Agreement of the Stock Exchange, Cash Flow statement duly verified by
the Auditors is annexed herewith.
Accounting Policies
There were no employees covered by the provisions of section 217(2A) of
the Companies Act, 1956 read with Companies (Particular of Employees)
Rules 1975, as amended.
Accounting Policies
The major accounting policies of the Company are annexed to the
Accounts.
Information Pursuant To Section 217(1)(e)
Provisions of Section 217(1)(e) of the Companies Act, 1956 read with
the Companies (Disclosure of particulars in the Report of the Board of
Directors) Rules, 1988 are not applicable to the Company, in respect of
Conservation of Energy and Technology Absorption and Research &
Development.
Foreign Exchange Earnings and Outgo
(Amount in Lakhs)
31.03.2014 31.03.2013
Total Foreign exchange earned Nil Nil
Total Foreign exchange used Nil Nil
Acknowledgement
Your Directors wish to place on record their appreciation of the
contribution of employees at all levels. Your Directors also take this
opportunity to thank the Company''s Bankers, Shareholders and all others
concerned for their valuable support and co-operation extended to the
Company.
Place: Kolkata
Date: 27th Day of May, 2014 Pradeep Kumar Daga Vinita Daga
Managing Director Director
Mar 31, 2012
The Board of Directors of Cinerad Communications Limited are pleased to
present the 26th Annual Report for the year ended March 31, 2012,
together with the Auditors' Report and Audited Accounts for the
Financial year 2011-12.
Financial Results
The financial results of the company are as under:
Year ended 31.03.2012 Year ended 31.03.2011
Profit/Loss before
depreciation and
taxation (31.98) 23.72
Less: Depreciation 25.93 20.01
Less: Provision for
Taxation - -
Profit/(Loss) after
depreciation & Tax (57.91) 3.71
Balance brought
forward from
previous yr (701.64) (705.35)
Balance carried
forward (759.56) (701.64)
The Year under Review
Your Company has, during the period under review not done much activity
on operation side. During the year under review, the Company has
incurred an operating loss of Rs. 31.98 lakhs as against operating
profit of 23.72 lakhs for the previous year and the total operating
loss of Rs. 57.91 lakhs as against operating profit of Rs. 3.71 lakhs
in the previous year. The Management is putting sincere efforts to
start the operation at the full scale. The Management has decided to
keep overhead to bare minimum till a new business plan with identified
revenue streams is in place.
Fixed Deposits
The Company has not accepted any Fixed Deposits from the Public during
the financial year under review.
Open Offer for acquisition of equity shares of the Company
Mr. Pradeep Kumar Daga and Mrs. Vinita Daga (the "Acquirers") have
entered into Share Purchase Agreement dated 4th January, 2012 with
India Emerging Capital Private Limited (the "Erstwhile Promoter") to
acquire in aggregate 23,53,222 (Twenty Three Lacs Fifty Three Thousand
Two Hundred and Twenty Two Only) equity shares of Rs. 10/- each
representing 45.25% of the total equity and voting share capital of the
Company at a price of Rs. 6.05 per fully paid-up equity share,
requiring them to make an Open Offer for 26.00% of the equity and
voting share capital of the Company in compliance with SEBI
(Substantial Acquisition of Shares and Takeover) Regulations, 2011.
Pursuant to the aforesaid Agreement and completion of the Open Offer
formalities, Mr. Pradeep Kumar Daga and Mrs. Vinita Daga acquired
23,54,122 equity shares representing 45.27% of the equity and voting
share capital of the Company and were inducted as the new Promoters of
the Company w.e.f 27th April, 2012. Consequently, the management
control vested in the favour of the new Promoters.
Subsidiary Companies
Your Company do not have any subsidiary company, hence the compliance
of provisions of section 212 of the Companies Act, 1956 are not
applicable.
Directors
- Mr. Manmohan Prasad Prahladka was appointed as the Additional
Director of the Company w.e.f. 1st January, 2012. He will hold office
of the Director upto the conclusion of ensuring Annual General Meeting.
- Pursuant to the provisions contained in the Share Purchase Agreement
dated 4th January, 2012, Mr. Pradeep Kumar Daga and Mrs. Vinita Daga
were inducted as the Additional Directors on the Board of the Company
on 4th February, 2012. They will hold office of the Director upto the
conclusion of ensuing Annual General Meeting.
- Mr. Abhineet Gupta, Managing Director of the Company resigned w.e.f
27th April, 2012. The Board places on record its high appreciation of
the valuable services rendered by Mr. Abhineet Gupta during his tenure
as Managing Director of the Company.
- Mr. Diwakar Gandhi resigned w.e.f 27th April, 2012. The Board places
on record valuable services rendered by him during his tenure as
Director of the Company.
DIRECTORS' RESPONSIBILITY STATEMENT
Pursuant to Section 217 (2AA) of the Companies Act, 1956 with respect
to Directors confirm that:
- In the preparation of annual accounts the applicable accounting
standards have been followed;
- 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 31st March, 2012 and the
profit of the company for the year;
- That the Directors had taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of the Act for safeguarding the assets of the company and
for preventing and detecting fraud and other irregularities.
- That the Directors have prepared the annual accounts on a 'going
concern' basis.
COMPLIANCE CERTIFICATE
A separate section on Corporate Governance forming part of the
Director's Report and the certificate from the Company's Auditors
confirming the compliance of conditions on Corporate Governance as
stipulated in 'Clause 49' of the Listing Agreement is included in the
Annual Report.
AUDITORS
The Statutory Auditor of the Company, i.e., M/s. Rastogi Narain & Co.,
Chartered Accountants, is due for retirement at
the conclusion of 26th Annual General Meeting.
PARTICULARS OF EMPLOYEES
There were no employees covered by the provisions of section 217(2A) of
the Companies Act, 1956 read with Companies (Particular of Employees)
Rules 1975, as amended.
INFORMATION PURSUANT TO SECTION 217(1)(e)
Provisions of Section 217(1)(e) of the Companies Act, 1956 read with
the Companies (Disclosure of particulars in the Report of the Board of
Directors) Rules, 1988 are not applicable to the Company, in respect of
Conservation of Energy and Technology Absorption and Research &
Development.
FOREIGN EXCHANGE EARNINGS AND OUTGO
(Amount in Lakhs)
31.03.2012 31.03.2011
Total Foreign exchange earned Nil Nil
Total Foreign exchange used Nil Nil
ACKNOWLEDGEMENT
Your Directors wish to place on record their appreciation of the
contribution of employees at all levels. Your Directors also take this
opportunity to thank the Company's Bankers, Shareholders and all others
concerned for their valuable support and co-operation extended to the
Company.
Pradeep Kumar Daga Vinita Daga
Director Director
Place: Kolkata
Date: 29th May, 2012
Mar 31, 2011
Dear Members
The Directors present the 25th Annual Report of the Company along with
the Audited Accounts for the year ended 31st March 2011.
FINANCIAL RESULTS
The financial results of the company are as under:
(Rs.in Lakhs)
Year ended Year ended
31-03-2011 31-03-2010
Profit/Loss before depreciation
and taxation 23.72 (56.40)
Less: Depreciation 20.01 19.38
Less: Provision for Taxation - -
Profit/(Loss) after depreciation & Tax 3.71 (75.78)
Balance brought forward from previous yr. (705.35) (629.57)
Balance carried forward (701.64) (705.35)
In view of Negligible profit, the Directors do not recommend payment of
dividend for the year ended 31-03-2011.
Fixed Deposits
The Company has not accepted any Fixed Deposits from the Public during
the financial year under review.
Directors
Mr. S.C.Sachdeva who was appointed as director & is liable to retire by
rotation during the year is being eligible offer himself for
reappointment. Your Directors recommend his reappointment.
DIRECTORS' RESPONSIBILITY STATEMENT
Pursuant to Section 217 (2AA) of the Companies Act, 1956 with respect
to Directors confirm that:
- In the preparation of annual accounts the applicable accounting
standards have been followed;
- 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 31st March, 2011 and the
profit of the company for the year;
- That the Directors had taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of the Act for safeguarding the assets of the company and
for preventing and detecting fraud and other irregularities.
- That the Directors have prepared the annual accounts on a 'going
concern' basis.
COMPLIANCE CERTIFICATE
A separate section on Corporate Governance forming part of the
Director's Report and the certificate from the Company's Auditors
confirming the compliance of conditions on Corporate Governance as
stipulated in 'Clause 49 of the Listing Agreement is included in the
Annual Report.
AUDITORS
The Auditors M/s Rastogi Narain & Co., Chartered Accountants, retires
at this Annual General Meeting and are eligible for re-appointment.
They have confirmed that their appointment, if made, will be accordance
with the limits specified in Section 224(1-B) of the Companies Act,
1956.
PARTICULARS OF EMPLOYEES
There were no employees covered by the provisions of section 217(2A) of
the Companies Act, 1956 read with Companies (Particular of Employees)
Rules 1975, as amended.
INFORMATION PURSUANT TO SECTION 217(l)(e)
Provisions of Section 217(l)(e) of the Companies Act, 1956 read with
the Companies (Disclosure of particulars in the Report of the Board of
Directors) Rules, 1988 are not applicable to the Company, in respect of
Conservation of Energy and Technology Absorption and Research &
Development.
FOREIGN EXCHANGE EARNINGS AND OUTGO (Amount in Lakhs)
31-03-2011 31-03-2010
Total Foreign exchange earned NIL NIL
Total Foreign exchange used NIL NIL
ACKNOWLEDGEMENT
Your Directors wish to place on record their appreciation of the
contribution of employees at all levels. Your Directors also take this
opportunity to thank the Company's Bankers, Shareholders and all others
concerned for their valuable support and co-operation extended to the
Company.
FOR AND ON BEHALF OF THE BOARD OF DIRECTORS
Diwakar Gandhi
Chairman
Place : New Delhi
Date : 30.05.2011
Mar 31, 2010
The Directors present the 24th Annual Report of the Company along with
the Audited Accounts for the year ended 31st March 2010.
FINANCIAL RESULTS
The financial results of the company are as under:
(Rs.in Lakhs)
Year ended Year ended
31-03-2010 31-03-2009
Loss before depreciation
and taxation (56.40) (43.84)
Less: Depreciation 19.38 18.74
Less: Provision for Taxation - 1,17
Profit/(Loss) after
depreciation & Tax (75.78) (63.75)
Balance brought forward
from previous yr. (629.57) (565.82)
Balance carried forward (705.35) (629.57)
In view of losses incurred, the Directors do not recommend payment of
dividend for the year ended 31-03-2010.
Fixed Deposits
The Company has not accepted any Fixed Deposits from the Public during
the financial year under review,
Directors
Mr. Mukesh Pathak who was appointed as director & is liable to retire
by rotation during the year is being eligible offer himself for
reappointment. Your Directors recommend his reappointment.
DIRECTORSRESPONSIBILITY STATEMENT
Pursuant to Section 217 (2AA) of the Companies Act, 1956 with respect
to Directors confirm that:
- In the preparation of annual accounts the applicable accounting
standards have been followed;
- 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 31st March, 2010 and the
loss of the company for the year;
- That the Directors had taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of the Act for safeguarding the assets of the company and
for preventing and detecting fraud and other irregularities.
- That the Directors have prepared the annual accounts on a going
concern basis,
COMPLIANCE CERTIFICATE
A separate section on Corporate Governance forming part of the
Directors Report and the certificate from the Companys Auditors
confirming the compliance of conditions on Corporate Governance as
stipulated in Clause ; 49 of the Listing Agreement is included in the
Annual Report.
AUDITORS
The Auditors M/s Rastogi Narain & Co., Chartered Accountants, retires
at this Annual General Meeting and are eligible for re-appointment.
They have confirmed that their appointment, if made, will be in
accordance with the limits specified in Section 224(1-B) of the
Companies Act, 1956,
PARTICULARS OF EMPLOYEES
There were no employees covered by the provisions of section 217(2A) of
the Companies Act, 1956 read with Companies (Particular of Employees)
Rules 1975, as amended.
INFORMATION PURSUANT TO SECTION 217(l)(e)
Provisions of Section 217(1 )(e) of the Companies Act, 1956 read with
the Companies (Disclosure of particulars in
the Report of the Board of Directors) Rules, 1988 are not applicable to
the Company, in respect of Conservation of Energy and Technology
Absorption and Research & Development,
FOREIGN EXCHANGE EARNINGS AND OUTGO
(Amount in Lakhs) (Amount in Lakhs)
31-03-2010 - 31-03-2009
Total Foreign exchange earned NIL NIL
Total Foreign exchange used NIL 4.52
ACKNOWLEDGEMENT
Your Directors wish to place on record their appreciation of the
contribution of employees at all levels. Your Directors also take this
opportunity to thank the Companys Bankers, Shareholders and all others
concerned for their valuable support and co-operation extended to the
Company.
FOR AND ON BEHALF OF THEBOARD OF DIRECTORS
Diwakar Gandhi
Chairman
Place:New Delhi
Date:29.05.2010
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