Mar 31, 2015
Dear Members,
The Directors hereby present the 25th Annual Report together with
Audited Statement of Accounts for the year ended on 31 March' 2015
which they trust, will meet with your approval.
(Amount in Rs)
Particulars 2014-15 2013-14
Profit before depreciation and tax 284887 110881
Less: Depreciation (14330) (3481)
Profit before Tax 270557 107400
Less: Provisions for Tax (28300) (27000)
Profit after Depreciation & Tax 242257 80400
OPERATIONS:
The Total Receipts and other income during the year have been Rs 64.18
lacs as compare to Rs 4.92 lacs during the previous year. The Profit
after tax of the Company has also increased to Rs 2.42 lacs as compared
to Rs 0.80 lacs in the previous year.
DIVIDEND:
With a view to conserve the resources for expansion of the business
activities and working capital requirements of the Company, the board
of directors of the company do not recommended any dividend for the
year under review.
FIXED DEPOSITS:
The Company has not invited any deposits from the public during the
year under review.
DIRECTOR'S RESPONSIBILITY STATEMENT:
As required under the provisions of Section 134 of the Act, your
Directors report that:
(a) In the preparation of the annual accounts, the applicable
accounting standards have been followed along with proper explanation
relating to material departures.
(b) 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 profits of
the Company for that period.
(c) 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.
(d) The Directors have prepared the annual accounts on a going concern
basis.
(e) The Directors have laid down internal financial controls to be
followed by the Company and such internal financial controls are
adequate and are operating effectively.
(f) The Directors have devised proper systems to ensure compliance with
the provisions of all applicable laws and such systems are adequate and
operating effectively.
PARTICULARS OF EMPLOYEES:
There was no employee drawing remuneration requiring disclosure under
the Rule 5 (2) of Companies (Appointment and Remuneration of Managerial
Personnel) Rules, 2014.
LISTING:
The Equity Shares of the Company are listed on Ahmedabad Stock
Exchange. The Company is regular in payment of listing fees. The
Company has paid the listing fees for the year 2015 - 2016.
AUDITORS AND AUDITORS REPORT:
The Auditors M/s. S. Kansal & Associates, Chartered Accountants,
Ahmedabad hold office until the conclusion of the ensuing Annual
General Meeting and have expressed their willingness to be reappointed.
The Company has received a letter from a member of the Company
proposing the name of M/s. S. Kansal & Associates, Chartered
Accountants as a Statutory Auditor of the Company. Members of the
Company at the 24 Annual General Meeting of the Company have appointed
M/s. S. Kansal & Associates, Chartered Accountants as auditors of the
Company up to 28 Annual General Meeting of the Company. In accordance
with the provision of Section 139 of the Companies Act, 2013 members
are requested to ratify the appointment of the auditors for the balance
term to hold office from the conclusion of the 25 Annual General
Meeting until the conclusion of the 28 Annual General Meeting on such
remuneration as may be fixed by the Board, apart from reimbursement of
out of pocket expenses as may be incurred by them for the purpose of
audit
The Company has received a certificate from the Auditors to the effect
that their appointment if made, would be within the prescribed limits
under Section 141(3)(g) of the Companies Act, 2013.
The Notes on Financial Statements referred to in the Auditor's Report
are Self-explanatory and do not call for any further comments.
There is no qualification, reservation or adverse remarks made in the
statutory auditors report
CONSERVATION OF ENERGY, TECHNOLOGY ABSORBTION AND FOREIGN EXCHANGE
EARNINGS AND OUTGO:
A. Conservation of Energy: N.A
B. Technology Absorption:
No Technology Absorption has been envisaged by your company during the
period under review.
DEMATERIALISATION OF SHARES:
The Company had appointed M/s Purva Sharegistry (India) Pvt. Ltd,
Mumbai as Share & Transfer Agent. The ISIN for the equity shares is
INE263R01010. As on 31st March, 2015 total 6,41,000 equity shares of
the Company have been dematerialized. Members of the Company are
requested to dematerialize their shares.
CORPORATE GOVERNANCE:
Pursuant to Clause 49 of the Listing Agreement with Stock Exchange,
Management Discussion & Analysis, Corporate Governance Report and
Auditor's Certificate regarding compliance to conditions of corporate
governance are made part of this Annual Report as "Annexure I & IIÂ
MATERIAL CHANGES AND COMMITMENTS:
There are no material changes and commitments, if any, affecting the
financial position of the Company subsequent to the date of the Balance
sheet and up to the date of the report.
RELATED PARTY TRANSACTIONS:
During the year, there was no transaction related party transaction.
Therefore requisite details in form AOC - 2, is not required to be
provided herewith.
DISCLOSURE UNDER RULE 8 (5) OF COMPANIES (ACCOUNTS) RULES, 2014 :
Change in Nature of Company Business:
The Company is engaged in the business of finance and other related
service . There is no change in nature of Company Business
Details of Directors / Key Managerial Personnel Appointed / Resigned:
In terms of provision of Section 152 (6) of the Companies Act, 2013 Mr.
Paresh Ghanshyambhai Patel retires by rotation and being eligible
offers himself for reappointment.
Further, in compliance with the provisions of Sections 149, 152,
Schedule IV and other applicable provisions, if any, of the Companies
Act, 2013 read with Companies (Appointment and Qualification of
Directors) Rules, 2014, Mr. Kunal Doshi and Mr. Jaydeep Suthar, were
appointed at the Annual General Meeting of the Company held on 30th
September, 2014 to hold office up to 5 (five) consecutive years.
During the year under the review, Mr. Ketan Ghaghada, Managing Director
and Mr. Jaydeep Suthar, Director has been resigned from Directorship
w.e.f 19thDecember, 2014.
During the year under the review, Mr. Kewal Krishna Goyal has resigned
w.e.f 11.07.2014. Also Mr. Rajesh Wadhera and Mr. Prem Singh has
resigned w.e.f. 09.07.2014.
Further, Mrs. Renuka Maunesh Devera and Mr. Paresh Ghanshyambhai Patel
have been appointed as Director w.e.f 19th December, 2014.
Details of Holding / Subsidary Companies / Joint Ventures / Associate
Companies:
During the year under review, there was no holding / Subsidary Company
/ Joint Ventures / Associate Companies.
Deposit :
The Company has not invited any deposit other than the exempted deposit
as prescribed under the provision of the Companies Act, 2013 and the
rules framed there under, as amended from time to time. Hence there are
no particulars to report about the deposit falling under Rule 8 (5) (v)
and (vi) of Companies (Accounts) Rules, 2014.
Details of Significant and Material Orders passed by Regulators or
Courts or Tribunals:
During the year under review there were no significant and material
orders passed by any Regulators or Court or Tribunals which may have
impact on the going concern status. No order has been passed by any
Regulators or Court or Tribunals which may have impact on the Company's
operation in future.
Internal Financial Controls:
The Company has adequate internal financial controls to support the
preparation of the financial statements.
PARTICULARS OF LOANS / GUARANTEES / INVESTMENT:
The Company has not given any loan / guarantee or provided any Security
or made any investment to any person (except those required for
business purpose).
RISK MANAGEMENT POLICY:
The Company has a structured risk management policy. The Risk
management process is designed to safeguard the organisation from
various risks through adequate and timely actions. It is designed to
anticipate, evaluate and mitigate risks in order to minimize its impact
on the business. The potential risks are inventoried and integrated
with the management process such that they receive the necessary
consideration during decision making. It is dealt with in greater
details in the management discussion and analysis section. The Risk
Management Policy is also available on the Company's website
DECLARATION BY INDEPENDENT DIRECTORS:
The following Directors are independent in terms of Section 149(6) of
the Companies Act, 2013 and Clause 49 of the Listing Agreement:
(a) Mr. Kunal Amarchand Doshi
(b) Mrs. Renuka Maunesh Devera
The Company has received requisite declarations/ confirmations from all
the above Directors confirming their independence.
EXTRACT OF THE ANNUAL RETURN:
Pursuant to provision of Section 92 and 134 and other applicable
provision of the Companies Act, 2013 and of Rule 12 ( 1 ) of Companies
( Management and Administration ) Rules, 2014 the extract of the Annual
Return in form MGT 9 for the Financial Year ended on 31st March, 2015
is annexed as "Annexure IIIÂ to this Report.
NUMBER OF BOARD MEETINGS:
During the year, requisite Board Meeting has been called. The details
of the Board Meetings are provided in the Corporate Governance Report.
CORPORATE SOCIAL RESPONSIBILITY:
The Company is not covered under the criteria of the provision of
Section 135 of the Companies Act, 2013 read with the Companies
(Corporate Social Responsibility Policy) Rules, 2014, and therefore it
is not mandatory for the Company to have the Corporate Social
Responsibility.
DISCLOSURE UNDER THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE
(PREVENTION, PROHIBITION AND REDRESSAL) ACT, 2013
The Company has in place an Anti-harassment policy in line with the
requirements of the Sexual Harassment of Women at Workplace
(Prevention, Prohibition and Redressal) Act, 2013. Internal Complaint
Committee are set up at shop floor level to redress complaints received
regularly and are monitored by women line supervisors who directly
report to the Chairman. All employees (permanent, contractual,
temporary, trainees) are covered under the policy. There was no
compliant received from any employee during the financial year 2014-15
and hence no complaint is outstanding as on 31.03.2015 for redressal.
SECRETARIAL AUDIT REPORT:
Pursuant to Section 204 of the Act, the Secretarial Audit Report for
the Financial Year ended 31st March, 2015 given by Ms. Niki Patawari,
Practising Company Secretary is attached herewith which forms part of
the Directors Report. The observations are self-explanatory.
EQUITY SHARE CAPITAL
During the year, under review, the Company had increased its Authorized
Share Capital from 35,00,000 equity shares to 50,00,000 equity shares
having face value of Rs. 10/- each. Further, the Company had allotted
13,00,000 equity shares as preferential allotment on 31st March, 2015
at face value of Rs. 10/- each.
ANNUAL PERFORMANCE EVALUATION:
In compliance with the provisions of the Act and Clause 49 of the
Listing Agreement, the performance evaluation was carried out as under:
Board:
In accordance with the criteria suggested by The Nomination and
Remuneration Committee, the Board of Directors evaluated the
performance of the Board, having regard to various criteria such as
Board composition, Board processes, Board dynamics etc. The Independent
Directors, at their separate meetings, also evaluated the performance
of the Board as a whole based on various criteria. The Board and the
Independent Directors were of the unanimous view that performance of
the Board of Directors as a whole was satisfactory.
Committees of the Board:
The performance of the Audit Committee, the Nomination and Remuneration
Committee and the Stakeholders Relationship Committee was evaluated by
the Board having regard to various criteria such as committee
composition, committee, processes, committee dynamics etc. The Board
was of the unanimous view that all the committees were performing their
functions satisfactorily and according to the mandate prescribed by the
Board under the regulatory requirements including the provisions of the
Act, the Rules framed there under and the Listing Agreement.
Individual Directors:
(a) Independent Directors: In accordance with the criteria suggested by
The Nomination and Remuneration Committee, the performance of each
independent director was evaluated by the entire Board of Directors
(excluding the director being evaluated) on various parameters like
engagement, leadership, analysis, decision making, communication,
governance and interest of stakeholders. The Board was of the unanimous
view that each independent director was a reputed professional and
brought his/her rich experience to the deliberations of the Board. The
Board also appreciated the contribution made by all the independent
directors in guiding the management in achieving higher growth and
concluded that continuance of each independent director on the Board
will be in the interest of the Company.
(b) Non-Independent Directors: The performance of each of the
non-independent directors (including the chair person) was evaluated by
the Independent Directors at their separate meeting. Further, their
performance was also evaluated by the Board of Directors. The various
criteria considered for the purpose of evaluation included leadership,
engagement, transparency, analysis, decision making, functional
knowledge, governance and interest of stakeholders. The Independent
Directors and the Board were of the unanimous view that each of the
non- independent directors was providing good business and people
leadership
POLICY ON DIRECTORS APPOINTMENT AND REMUNERATION:
The Company is not paying any Remuneration to Managing Director or any
of the executive directors. Thus, the requisite details as required by
Section 134(3)(e), Section 178(3) & (4) and Clause 49 of the Listing
Agreement is not required to be provided. However, the Company affirm
that as and when the Remuneration will be payable to any of the
Director, the same would be as per Remuneration Policy.
MATERIAL CHANGES AND COMMITMENTS:
There are no material changes and commitments, if any, affecting the
financial position of the Company subsequent to the date of the Balance
sheet and up to the date of the report.
APPRECIATION:
Your Directors acknowledge the continued support and co-operation
received from all the Department, Shareholders, Banks and other
Lenders, suppliers and Dealers.
The Board also wishes to record its sincere appreciation of the total
commitment, dedication and hard work, put in by every member of the
Company.
By order of the board of directors
Place: Chandigarh Paresh Patel
Date : 01.09.2015 (Chairman cum Managing Director)
Mar 31, 2014
Dear Members,
The Directors hereby present the 24th Annual Report together with
Audited Statement of Accounts for the year ended on 31st March' 2014
which they trust, will meet with your approval.
(Amount in Rs.)
Particulars 2013-14 2012-13
Profit before depreciation and tax 1,10,881 23,005
Less: Depreciation 3481 0
Profit before Tax 1,07,400 23,005
Less: Provisions for Tax 27,000 9075
Profit after Depreciation & Tax 80,400 13,930
2. OPERATIONS:
The Total Receipts and other income during the year have been Rs. 4.92
lacs as compare to Rs. 2.05 lacs during the previous year. The Profit
after tax of the Company has also increased to Rs. 80,400.00 as
compared to Rs. 13,930.00 in the previous year.
3. DIVIDEND:
With a view to conserve the resources for expansion of the business
activities and working capital requirements of the Company, the board
of directors of the company do not recommended any dividend for the
year under review.
4. FIXED DEPOSITS:
The Company has not invited any deposits from the public during the
year under review.
5. DIRECTORS:
Shri Bharat Bhushan Goyal, Director of the Company retire by rotation
and being eligible offers themselves for reappointment. Shri Jaydeep J.
Suthar was appointed as an additional director and in respect of whom
the Company has received a notice in writing for the appointment as a
Director of the Company.
Shri Rajesh Wadhera and Shri Prem Singh Rana have resigned from the
Board with effect from 08th July, 2014. Shri Kewal Krishan Goyal, has
also resigned from the Board.
In terms of the provisions of the Companies Act, 2013 the independent
directors are not liable to retire by rotation. Accordingly the Board
has ascertained the Directors who are liable to retire by rotation
keeping in view the provisions of the Companies Act, 2013. The Board
recommends for their reappointment.
6. DIRECTOR'S RESPONSIBILITY STATEMENT:
Pursuant to section 217 (2AA) of the Companies (Amendment) Act, 2000,
the Directors confirm that,
1. In the preparation of the Annual Accounts for the year ended on 31st
March' 2014, the applicable accounting standards have been followed and
there has been no material departure.
2. 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 of the
Company for the year under review.
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 for safeguarding the assets of the
Company and preventing and detecting fraud and other irregularities.
4. The Directors have prepared the annual accounts for the year ended
on 31st March 2014 on a going concern basis.
7. PARTICULARS OF EMPLOYEES:
The Company has no employee in the category specified under section
217(2A) of the Companies Act, 1956, read with the Companies
(Particulars of Employees) Rules, 1975, as amended.
8. LISTING:
The Equity Shares of the Company are listed on Ahmedabad Stock
Exchange. The Company is regular in payment of listing fees. The
Company has paid the listing fees for the year 2014 - 2015.
9. AUDITORS:
M/s. S. KANSAL & ASSOCIATES, Chartered Accountant, retire as Statutory
Auditors of the Company and being eligible offer themselves for
re-appointment. Members are requested to take the note of the same and
authorize board to fix their remuneration.
The Company has received a certificate from the Auditors to the effect
that their appointment if made, would be within the prescribed limits
under Section 141(3)(g) of the Companies Act, 2013
The Notes on Financial Statements referred to in the Auditor's Report
are Self-explanatory and do not call for any further comments.
10. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS AND OUTGO:
A. Conservation of Energy: N.A
B. Technology Absorption
No Technology Absorption has been envisaged by your company during the
period under review.
C. Foreign Exchange Earning & Out Go:
Total Foreign Exchange Used : NIL
Total Foreign Exchange Earned : NIL
11. DEMATERIALISATION OF SHARES:
The Company had appointed M/s Purvasharegistry (India) Pvt. Ltd, Mumbai
as Share & Transfer Agent. The Company has applied for the connectivity
in both NSDL and CDSL. And as and when, the ISIN will be allotted to
the Company; the shareholders can demat their shares accordingly.
15. CORPORATE GOVERNANCE:
Pursuant to Clause 49 of the Listing Agreement with the Stock
Exchanges, Management Discussion & Analysis, Corporate Governance
Report and Auditor's Certificate regarding compliance to conditions of
corporate governance are made part of this Annual Report.
16. MATERIAL CHANGES AND COMMITMENTS:
There are no material changes and commitments, if any, affecting the
financial position of the Company subsequent to the date of the Balance
sheet and up to the date of the report.
17. APPRECIATION:
Your Directors acknowledge the continued support and co-operation
received from all the Department, Shareholders, Banks and other
Lenders, suppliers and Dealers.
The Board also wishes to record its sincere appreciation of the total
commitment, dedication and hard work, put in by every member of the
Company.
Registered Office: By order of the board of directors
SCO- 23-24-25, IInd Floor
Sector 34- A Chandigarh - 160022
Place: Chandigarh Shri KetanKumar R. Ghaghada
Date : 19/08/2014 (Chairman cum Managing Director)
Mar 31, 2013
Dear Members,
The Directors have pleasure in presenting the 23rd Annual Report along
with the audited accounts for the year ended on 31st March, 2013.
FINANCIAL RESULTS:
(Amount in Rs.)
Particulars 2012-13 2011-12
Profit before depreciation and tax 23,005 (26,418)
Less: Depreciation 0 0
Profit before Tax 23,005 (26,418)
Less: Provisions for Tax 9,075 0
Profit after Depreciation & Tax 13,930 (26,418)
OPERATIONS:
The total sales and other income during the year have been Rs. 2.05 lacs
as compare to Rs. NIL during the previous year. The Profit after tax of
the Company has also increased to Rs. 13,930.00 as compared to Rs.
(26,418.00) in the previous year.
AUDITORS:
M/s. S. KANSAL & ASSOCIATES, Chartered Accountant, retire as Statutory
Auditors of the Company and being eligible offer themselves for
re-appointment. Members are requested to take the note of the same and
authorize board to fix their remuneration.
AUDITORS REPORT:
The observation made in the Auditors Report are self explanatory and
therefore do not call for any further comments under section 217(3) of
the companies Act, 1956.
DIRECTORS
In accordance with the provisions of the Companies Act, 1956 and
Articles of Association of your Company Mr. Prem Singh retires by
rotation at the ensuring Annual General meeting and being eligible
offers himself for re-appointment.
DIVIDEND:
With a view to conserve the resources for expansion of the business
activities and working capital requirements of the Company, the board
of directors of the company do not recommended any dividend for the
year under review.
DEPOSITS:
The company has not accepted deposits from public within the meaning of
Section 58A and 58AA of the Companies Act, 1956 read with the Companies
(Acceptance of Deposit) Rule, 1975 as amended up to date.
PARTICULARS OF EMPLOYEES:
None of the employees of the Company was in receipt of remuneration
exceeding Rs. 60, 00,000/-p.a., if employed throughout the year, or Rs.
5,00,000/- p.m. if employed for part of the year. Therefore, the
provision of disclosure of Particulars of employees as required under
section 217 (2A) of the Companies Act, 1956 read with the Companies
(Particulars of Employees) rules, 1975 as amended, is not applicable to
the company.
COMPANIES (DISCLOUSURE OF PARTICULARS IN THE REPORT OF DIRECTORS)
RULES, 1988.
A. Conservation of Energy: N.A
B. Technology Absorption
No Technology Absorption has been envisaged by your company during the
period under review.
C. Foreign Exchange Earning & Out Go:
Total Foreign Exchange Used : NIL
Total Foreign Exchange Earned : NIL
DIRECTOR'S RESPONSIBILITY STATEMENT PURSUANT TO SEC 217(2AA)
OF COMPANIES ACT, 1956:
The Directors hereby confirm that -
a. That in the preparation of the Annual Accounts, 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 at the end of the financial year and of the profit or
loss 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.
ACKNOWLEDGEMENT:
The Board is grateful to all the members for their continual support
and trust in us. The Board also would like to put on record its
appreciation for the professional services offered by the Company's
Legal Advisers, Management and Tax Consultants, Bankers and Statutory
Auditors for their co-operation and their valuable guidance. We take
this opportunity to express our gratitude to our members, depositors,
clients, employees at all levels and well wishers for their valuable
support.
FOR ON BEHALF OF THE BOARD OF DIRECTORS
S/d
Place: Chandigarh
Date: 30th May, 2013 (DIRECTOR)
Mar 31, 2012
Dear Members,
The directors have pleasure in submitting the 22nd annual report along
with the audited accounts of your company for the period ended on
31.03.2012.
FINANCIAL RESULT 2011-12 2010-11
* Expenditure : 0.26 lacs 155.84 lacs
* Net profit/(loss) before tax : (0.26) lacs (155.84)lacs
* Net profit/(loss) after tax : (0.26) lacs (155.84) lacs
DIVIDEND
Your company has not recommended any dividend this year.
PUBLIC DEPOSITS
The company has not accepted any deposits from public during the year.
DIRECTORS
In accordance with the provisions of the Companies Act, 1956 and
Articles of Association of your Company Mr. Rajesh Wadhera, retires by
rotation at the ensuring annual general meeting and being eligible,
offers him self for re-appointment.
PARTICULARS OF EMPLOYEES
The company did not have any employee drawing remunerations exceeding
limit as per the requirements of Section 217(2A) of the Companies
Act,1956 and rules frame there under.
ACKNOWLEDGEMENT
Your directors place on record sincere thanks to Banks, employees and
shareholders for their continued support, co-operation and assistance.
DIRECTORS RESPONSBILITY STATEMENT
In accordance with the provisions of section 217(2AA) of the Companies
Act, 1956, your Directors state:
1. That in the preparation of the annual account, the applicable
accounting standards have been followed;
2. That your directors have selected such accounting policies and
applied them consistently and made judgment and estimates that are
reasonable and prudent so as to give a true and fair view of the state
of affairs of the Company at the end of the financial year and of the
profit or loss of the Company for that period.
3. That your 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 your Company and
for preventing and detecting fraud and other irregularities.
4. That your directors have prepared the annual accounts on a going
concern basis.
AUDITORS
The report of the Statutory Auditors, read with the notes on accounts
being self- explanatory, needs no further clarification.
M/S A K Kalia & Associates, Chartered Accountants, Chandigarh the
auditors of the company, retire at conclusion of this Annual General
Meeting and are eligible for re- appointment for the financial year
ending 31st March, 2013.
Your company has obtained a certificate from them as required under
section 224 (1B) of the Companies Act, 1956 to the effect that their
reappointment, if made, would be in conformity with the limits
specified in that section.
PARTICULARS REGARDING ENERGY CONSERVATION
These particulars are not applicable to the Company.
FOR ON BEHALF OF THE
BOARD OF DIRECTORS.
Sd/- Sd/-
DATED : 25/08/2012 Prem Singh Rana Rajesh Wadhera
PLACE : CHANDIGARH (DIRECTOR) (DIRECTOR )
Mar 31, 2011
Dear Members,
The directors have pleasure in submitting the 21st annual report along
with the audited accounts of your company for the period ended on
31.03.2011.
FINANCIAL RESULT 2010-11 2009-10
* Expenditure : 155.84 lacs 0.26 lacs
* Net profit/(loss) before tax : (155.84) lacs (0.26) lacs
* Net profit/(loss) after tax : (155.84) lacs (0.26)lacs
DIVIDEND
Your company has not recommended any dividend this year.
PUBLIC DEPOSITS
The company has not accepted any deposits from public during the year.
DIRECTORS
In accordance with the provisions of the Companies Act, 1956 and
Articles of Association of your Company Mr. Kewal Krishan Goyal,
retires by rotation at the ensuring annual general meeting and being
eligible, offers him self for re-appointment.
PARTICULARS OF EMPLOYEES
The company did not have any employee drawing remunerations exceeding
limit as per the requirements of Section 217(2A) of the Companies
Act,1956 and rules frame there under.
ACKNOWLEDGEMENT
Your directors place on record sincere thanks to Banks, employees and
shareholders for their continued support, co-operation and assistance.
DIRECTORS RESPONSBILITY STATEMENT
In accordance with the provisions of section 217(2AA) of the Companies
Act, 1956, your Directors state:
1. That in the preparation of the annual account, the applicable
accounting standards have been followed;
2. That your directors have selected such accounting policies and
applied them consistently and made judgment and estimates that are
reasonable and prudent so as to give a true and fair view of the state
of affairs of the Company at the end of the financial year and of the
profit or loss of the Company for that period.
3. That your 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 your Company and
for preventing and detecting fraud and other irregularities.
4. That your directors have prepared the annual accounts on a going
concern basis.
AUDITORS
The report of the Statutory Auditors, read with the notes on accounts
being self- explanatory, needs no further clarification.
The present Statutory Auditors i.e.,M/S Pawan Chagti & Associates,
Chartered Accountants, have expressed their inability to continue as
Statutory Auditors of the company. In view of the above, directors
recommend M/s A K Kalia & Associates, Chartered Accountants may be
appointed as Statutory Auditors of the company at the forthcoming
Annual General Meeting. M/s A K Kalia & Associates, Chartered
Accountants has confirmed their eligibility and willingness to act as
Statutory Auditors of the company, if appointed. The directors place on
record their appreciation for the outgoing auditors'' cooperation and
support.
PARTICULARS REGARDING ENERGY CONSERVATION
These particulars are not applicable to the Company.
FOR ON BEHALF OF THE
BOARD OF DIRECTORS.
Sd/- Sd/-
DATED : 02/08/2011 Prem Singh Rana Rajesh Wadhera
PLACE : CHANDIGARH (DIRECTOR) (DIRECTOR )
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