Mar 31, 2015
Dear Members,
The Directors hereby present the 25th Annual Report for the year ended
on 31st March 2015. FINANCIAL RESULTS:
The summary of financial results of the Company are given here under:
(Rs. in Lakhs)
PARTICULAR 2014-15 2013-14
Turnover (Net) (including other income) Nil Nil
Profit/(Loss) before Interest, (5.72) (38.81)
Depreciation and Tax
Provision for Income Tax Nil Nil
(Including Deferred Tax)
Profit/(Loss) for the year (5.72) (38.81)
DIVIDEND
In view of loss, your directors do not recommended any dividend for the
under review.
FINANCE
(i) Share Capital
The paid up Equity Share Capital of the Company as on 31st March, 2015
is Rs. 163.279 Lacs During the year under review, the Company has
neither issued shares with differential voting rights nor granted stock
options or sweat equity.
(ii) Fixed Deposits
The Company has not accepted/renewed any public deposits during the
year under review.
(iii) Particulars of loans, guarantees or investments
Particulars of loans, guarantees and investments covered under the
provisions of Section 186 of the Companies Act, 2013 are given in the
Notes to the Financial Statements.
VIGIL MECHANISM/WHISTLE BLOWER POLICY
Pursuant to Section 177(9) of the Companies Act, 2013 and clause 49 of
the Listing Agreement, the Company has formulated a Whistle Blower
Policy to establish a vigil mechanism for directors and employees of
the Company. The purpose and objective of this Policy is to provide a
framework to promote responsible and secure whistle blowing. It
protects the employees wishing to raise a concern about serious
irregularities within the Company. The details of the Whistle Blower
Policy posted on the website of the Company www.ihfcl.com.
RELATED PARTY TRANSACTIONS
No Related Party Transactions were entered into during the financial
year 2014-15. All Related Party Transactions entered into in the past
were on an arm's length basis and were in the ordinary course of
business. There are no materially significant Related Party
Transactions made by the Company with promoters, directors, Key
Managerial Personnel or other designated persons which may have
potential conflict with the interests of the Company at large.
On the recommendation of the Audit Committee, the Board of Directors
has adopted a policy on Related Party Transactions, which is also
uploaded on the website of the Company (www.ihfcl.com) under the head
'Investor Relations'. The Policy envisages the procedure governing
related party transactions required to be followed to ensure compliance
with the applicable laws and regulations as well as to ensure that the
Related Party Transactions are managed and disclosed in accordance with
the strict legal and accounting requirements.
A statement of all related party transactions is presented before the
Audit Committee on a quarterly basis, specifying the nature, value and
terms & conditions of the transactions. The statement is supported by a
certificate from the CEO.
None of the Directors has any pecuniary relationships or transactions
vis-a-vis the Company.
SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS
There are no significant and material orders passed by the Regulators/
Courts which would impact the going concern status of the Company and
its future operations.
MATERIAL CHANGES AND COMMITMENT
No material changes and commitments affecting the financial position of
the Company occurred between the end of the financial year to which
these financial statements relate and on the date of signing of this
report.
INTERNAL FINANCIAL CONTROLS
The company has adequate internal financial control system with
reference to the Financial Statements.
DIRECTORS
(i) Appointment
The Board of Directors has appointed Mrs. Subhadraben Padsala as
Additional Director of the Company in the category of Non- Executive
Director with effect from 25th March, 2015 to hold office as Directors
upto the ensuing Annual General Meeting of the Company. The Company has
received notices together with requisite deposit as per Section 160 of
the Companies act, 2013, from the members of the Company proposing the
candidature of Mrs. Subhadraben Padsala for the office of Non -
Executive director liable to retire by rotation.
(ii) Retirement by rotation
In accordance with the provisions of the Companies Act, 2013 and
Articles of Association of the Company, Mr. Sandip B. Padsala retires
by rotation and is eligible for reappointment.
(iii) Declarations by Independent Directors
All Independent Directors have given declarations that they meet the
criteria of independence as laid down under Section 149(6) of the
Companies Act, 2013 and Clause 49 of the Listing Agreement.
(iv) Board Evaluation
In compliance with the provisions of the Companies Act, 2013 and Clause
49 of the Listing Agreement, the Board has carried out an annual
performance evaluation of its own performance, the directors
individually as well as the evaluation of the working of its Nomination
& Remuneration Committee. The manner in which the evaluation has been
carried out has been explained in the Corporate Governance Report.
(vi) Board Meetings
During the year, Seven (7) Board Meetings and four (4) Audit Committee
Meetings were convened and held. The details are given in the Corporate
Governance Report. The intervening gap between the Meetings was within
the period prescribed under the Companies Act, 2013.
DIRECTORS' RESPONSIBILITY STATEMENT
To the best of their knowledge and belief and according to the
information and explanations obtained by them, your Directors make the
following statements in terms of the Section 134(3) (c) of the
Companies Act, 2013:
(i) That in the preparation of the annual financial statements for the
year ended 31st March, 2015, the applicable accounting standards have
been followed along with proper explanation relating to material
departures, if any;
(ii) That such accounting policies, as mentioned in the Financial
Statements as 'Significant Accounting Policies' have been selected and
applied consistently and judgments and estimates have been made that
are reasonable and prudent so as to give a true and fair view of the
state of affairs of the company as at 31st March, 2015 and of the
profit of the Company for the year ended on that date;
(iii) That proper and sufficient care has been taken for the
maintenance of adequate accounting records in accordance with the
provisions of the Companies Act, 2013 for safeguarding the assets of
the Company and for preventing and detecting fraud and other
irregularities;
(iv) That the annual financial statements have been prepared on a going
concern basis;
(v) That proper internal financial controls were in place and that the
financial controls were adequate and were operating effectively;
(vi) That proper systems to ensure compliance with the provisions of
all applicable laws were in place and were adequate and operating
effectively.
AUDITORS
(i) Statutory Auditor
M/s. Naigam H. Shah & Co., Chartered Accountants, Ahmedabad, the
Statutory Auditors of the Company retire at the ensuing Annual General
Meeting and are eligible for re- appointment. They have furnished a
certificate regarding their eligibility for re-appointment as Statutory
Auditors of the Company, pursuant to Section 139(2) of the Companies
Act, 2013 read with Companies (Audit & Auditors) Rules, 2014. The Board
of Directors recommends their re-appointment for the year 2015-16 at
the ensuing Annual General Meeting.
(ii) Secretarial Auditor
Pursuant to the provisions of Section 204 of the Companies Act, 2013
and the Companies (Appointment and Remuneration of Managerial
Personnel) Rules, 2014, the Company has appointed Mr. Sachin Sinha,
Practicing Company Secretary, Ahmedabad (Mem. No.: 24045), to undertake
the Secretarial Audit of the Company. The Report of the Secretarial
Audit is annexed herewith as "Annexure - A".
EXPLANATION OR COMMENTS ON QUALIFICATIONS, RESERVATIONS OR ADVERSE
REMARKS OR DISCLAIMERS MADE BY THE STATUTORY AUDITOR AND THE
SECRETARIAL AUDITOR IN THEIR REPORTS
As regards point no. 1 of observation made by Secretarial Auditor, in
respect of non- appointment of Internal Auditor, the Directors state
that there are necessary control procedures prevailing within the
Company which is self-sufficient for exercising proper controls.
As regards point no. 2 of observation made by Secretarial Auditor, in
respect of non- appointment of Company Secretary as KMP of the Company,
the Directors state that the Company is looking for the suitable
candidate for the post of Company Secretary as Key Management Personnel
of the Company.
As regards point no. 3 of observation made by Secretarial Auditor, in
respect of non-appointment of Chief Financial Officer of the Company,
the Directors state that the Company is looking for the suitable
candidate for the post of Chief Financial Officer as Key Management
Personnel of the Company.
MANAGEMENT DISCUSSION AND ANALYSIS:
Industrial Overview
During the last year the Indian real estate sector continued to face a
challenging environment. With an overall decline in volumes, pricing
was a key issue in some geographies marked by over-supply and lack of
sustained economic activity. In current year, the top priority for most
realty companies will be to reduce debt, which could opportunities for
buyers. The Real Estate Regulatory, which seeks to bring transparency,
should encourage buyers. In India townships, housing, built-up
infrastructure & industrial park projects have attracted foreign direct
investment.
Review and Operations
During the year under review the Company has incurred loss of Rs. 5.72
lacs during the year under review as against loss of Rs. 38.81 lacs
during the previous year.
Opportunity and threats
Your Company believes that there is great potential in the Indian real
estate sector and that with economic stability, demand for residential
as well as commercial segment would further strengthen. Therefore, to
cater the burgeoning demand for quality real estate, your Company will
focus on timely execution of projects, without compromising on quality
and compliances.
The real estate business in India is impacted by, inter-alia,
regulatory and monetary policies and investment outlook. The Company's
operations and its ability for future development has to be viewed in
light of the above and resultant factors such as the availability of
real estate financing, uncertainty on monetary and fiscal policy
actions, changes in Government regulations, foreign direct investments,
approval processes, environment laws, actions of government land
authorities and legal proceedings.
Internal Control System
Your company continues to place considerable emphasis and effort on the
internal control systems. There is well - established internal control
system with clearly laid down powers and responsibilities, wherever
necessary, that can be exercised by various levels of the Management in
the Company.
Cautionary Statement
Statement in the Management Discussions and Analysis Report describing
the Company' objectives, projections, estimates, expectations or
predictions may be "forward looking statement" within the meaning of
applicable security laws and regulation. Actual results could differ
materially from those expressed or implied. Important factors that
could make a difference to the Company' operations include economic
conditions affecting demands and supply and price conditions in
domestic in which the Company operates. Changes in Government
regulations, tax regimes economic developments within India and other
incidental factors.
CORPORATE SOCIAL RESPONSIBILITY
The requirements of corporate social responsibility in terms of Section
135 of the Companies Act, 2013 does not apply to your company.
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".
COMPANY'S POLICY RELATING TO DIRECTORS APPOINTMENT, PAYMENT OF
REMUNERATION AND DISCHARGE OF THEIR DUTIES
The Company's Policy relating to appointment of Directors, payment of
Managerial remuneration, Directors' qualifications, positive
attributes, independence of Directors and other related matters as
provided under Section 178(3) of the Companies Act, 2013, the company
has constituted the Nomination and Remuneration Committee and their
policy and same approved by the Board. The Policy is attached at
"Annexure - C".
CORPORATE GOVERNANCE:
Pursuant to Clause 49 of the Listing Agreement with the Stock Exchange,
a separate section titled "Corporate Governance Report" is attached as
"Annexure -D" in this Annual Report.
The Managing Director who looks after finance function has submitted a
certificate to the Board regarding the financial statements and other
matters as required under Clause 49 (V) of the Listing Agreement.
REPORT ON THE SEXUAL HARRASSMENT OF WOMEN AT WORKPLACE (PREVENTION,
PROHIBITION AND REPRESSED ACT 2013.
In terms of section 22 of the SEXUAL HARRASSMENT OF WOMEN AT WORKPLACE
(PREVENTION, PROHIBITION AND REDRESSEL) ACT 2013 we report that, during
2014- 15, no case has been filed under the said act.
PARTICULARS OF EMPLOYEES:
The information required pursuant to Section 197 read with Rule, 5 of
The Companies (Appointment and Remuneration of Managerial Personnel)
Rules, 2014 in respect of employees of the Company is as follows:
The company has one Executive Director and due to financial constraints
being faced by the company he has forgone remuneration. Further, no
sitting fees has been paid to any director during the financial year
2014-15.
The particulars of the employees who are covered by the provisions
contained in Rule 5(2) and rule 5(3) of Companies (Appointment and
Remuneration of Managerial Personnel) Rules, 2014 are:
a) Employed throughout the year : Nil
b) Employed for part of the year : Nil
CONSERVATION OF ENERGY AND TECHNOLOGY ABSORPTION FOREIGN EXCHANGE
EARNING AND OUTGO:
The Company is not engaged in activities specified in Companies,
(Disclosure of Particulars in Report of Board of Directors) Rules 1988,
and as such the Company is not required to give information relating to
conservation of energy. The Company is not using any particular
technology and as such information relating to technology absorption is
not required to be given. There is no foreign exchange earnings and
outgo during the year under review.
ACKNOWLEDGMENT:
Your Directors also take this opportunity to place on record the
co-operation, assistance and continued support extended by the Banks,
Government Authorities and Shareholders during the year under review.
Regd. Office:
International Housing Finance BY THE BOARD OF DIRECTORS
Corporation Ltd. FOR INTERNATIONAL HOUSING
CIN: L65910GJ1990PLC014436 FINANCE CORPORATION LTD.
"Moorti Bunglows", 5 Ashok Nagar,
B/h Sundervan, Satellite,
Ahmedabad-380015, Gujarat
SANDIPBHAI B. PADSALA
CHAIRMAN & MANAGING DIRECTOR
DATE: 14/08/2015 (DIN: 01870595)
Mar 31, 2014
Dear Members
The Directors hereby present the Annual Report for the year ended on
31st March 2014.
FINANCIAL RESULTS :
The summary of financial results of the
Company are given here under : (Rs. in Lakhs)
PARTICULAR 2013-14 2012-13
Turnover (Net) (including other income) Nil Nil
Profit/(Loss) before Interest,
Depreciation and Tax (38.81) (2.46)
Provision for Income Tax (Including Deferred Tax) Nil Nil
Profit/(Loss) for the year (38.81) (2.46)
DIVIDEND :
In view of loss, your directors do not recommended any dividend for the
under review.
FIXED DEPOSITS :
The Company has not accepted any public deposits during the year under
review.
MANAGEMENT DISCUSSION AND ANALYSIS :
Industrial Overview :
During the last year the Indian real estate sector continued to face a
challenging environment. With an overall decline in volumes, pricing
was a key issue in some geographies marked by over-supply and lack of
sustained economic activity. In current year, the top priority for
most realty companies will be to reduce debt, which could opportunities
for buyers. The Real Estate Regulatory, which seeks to bring
transparency, should encourage buyers. In India townships, housing,
built-up infrastructure & industrial park projects have attracted
foreign direct investment.
Review and Operations :
During the year under review the Company has incurred loss of Rs. 38.81
lacs during the year under review as against loss of Rs. 2.46 lacs
during the previous year.
Opportunity and threats :
Your Company believes that there is great potential in the Indian real
estate sector and that with economic stability, demand for residential
as well as commercial segment would further strengthen. Therefore, to
cater the burgeoning demand for quality real estate, your Company will
focus on timely execution of projects, without compromising on quality
and compliances.
The real estate business in India is impacted by, inter-alia,
regulatory and monetary policies and investment outlook. The Company''s
operations and its ability for future development has to be viewed in
light of the above and resultant factors such as the availability of
real estate financing, uncertainty on monetary and fiscal policy
actions ,changes in Govern- ment regulations, foreign direct
investments, approval processes, environment laws, actions of
government land authori- ties and legal proceedings.
Internal Control System :
Your company continues to place considerable emphasis and effort on the
internal control systems. There is well - established internal control
system with clearly laid down powers and responsibilities, wherever
necessary, that can be exercised by various levels of the Management in
the Company.
Cautionary Statement :
Statement in the Management Discussions and Analysis Report describing
the Company''s objectives, projections, estimates, expectations or
predictions may be "forward looking statement" within the meaning of
applicable security laws and regulation. Actual results could differ
materially from those expressed or implied. Important factors that
could make a difference to the Company'' operations include economic
conditions affecting demands and supply and price conditions in
domestic in which the Company operates. Changes in Government
regulations, tax regimes economic developments within India and other
incidental factors.
CORPORATE GOVERNANCE :
Pursuant to Clause 49 of the Listing Agreement with the Stock Exchange,
a separate section titled "Corporate Governance Report" is attached in
this annual report.
CEO CERTIFICATION :
The Managing Director who looks after finance function has submitted a
certificate to the Board regarding the financial statements and other
matters as required under Clause 49 (V) of the Listing Agreement.
DIRECTORS :
Mr. Sandip B. Padsala retires by rotation at the ensuing Annual General
Meeting and being eligible, offer himself for reappointment pursuant to
provisions of Sections 149, 150, 152 and other applicable provisions of
the Companies Act, 2013 and Rules made thereunder, your Directors are
seeking appointment of Mr. Kamlesh Dhanopia, Mr. Prakash Shah and Mr.
Vinod Shah as Independent Directors of the Company for five consecutive
years upto 31st March, 2019. Details of Directors being
appointed/re-appointed are given in the Explanatory Statement to the
Notice convening the Annual General Meeting. The Board of Directors
recommends their appointment/re-appointment for the approval of the
share- holders at the ensuing Annual General Meeting.
DIRECTORS'' RESPONSIBILITY STATEMENT :
As required by Section 217 (2AA) of the Companies Act, 1956, in
relation to the financial statement for FY 2013-14, the Directors state
:
1. That in preparation of the annual accounts the applicable
accounting standards have been followed alongwith proper explanation
relating to material departures, if any;
2. That the directors have selected such accounting policies and
applied them consistently and made judgments and estimates that are
reasonable and prudent so as to give a true and fair view of the State
of affairs of the Company as at 31st March, 2014 and of the loss for
the year ended on that date;
3. That the directors have taken proper and sufficient care for
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 financial statements have been prepared on a going concern
basis;
PARTICULARS OF EMPLOYEES :
The Company has not paid remuneration attracting the provisions of
Section 217 (2A) of the Companies Act, 1956 read with Companies
(Particulars of Employees) Rules, 1975. Hence the Company is not
required to give information as per the said Rules.
AUDITORS :
M/s. Naigam H. Shah & Co., Chartered Accountants, Ahmedabad, the
Statutory Auditors of the Company retire at the ensuing Annual General
Meeting and are eligible for re-appointment. They have furnished a
certificate regarding their eligibility for re-appointment as Statutory
Auditors of the Company, pursuant to Section 139 (2) of the Companies
Act, 2013 read with Companies (Audit & Auditors) Rules, 2014. The Board
of Directors recommends their re-appointment for the year 2014-15 at
the ensuing Annual General Meeting.
CONSERVATION OF ENERGY AND TECHNOLOGY ABSORPTION FOREIGN EXCHANGE
EARNING AND OUTGO :
The Company is not engaged in activities specified in Companies,
(Disclosure of Particulars in Report of Board of Directors) Rules 1988,
and as such the Company is not required to give information relating to
conservation of energy. The Company is not using any particular
technology and as such information relating to technology absorption is
not required to be given. There is no foreign exchange earnings and
outgo during the year under review.
INSURANCE :
All fixed assets and movable assets of the Company are adequately
insured.
ACKNOWLEDGMENT :
Your Directors also take this opportunity to place on record the
co-operation, assistance and continued support extended by the Banks,
Government Authorities and Shareholders during the year under review.
Regd. Office :
International Housing Finance
Corporation Ltd. BY THE BOARD OF DIRECTORS
CIN : L65910GJ1990PLC014436 FOR INTERNATIONAL HOUSING
"Moorti Bunglows", 5 Ashok Nagar, FINANCE CORPORATION LTD.
B/h Sundervan, Satellite,
Ahmedabad-380015, Gujarat. SANDIPBHAI B. PADSALA
CHAIRMAN & MANAGING DIRECTOR
DATE : 13/08/2014 (DIN : 01870595)
Mar 31, 2013
To The Shareholders of International Housing Finance Corporation Limited
The Directors are pleased to present the Annual Report of your Company
together with the Audited Statement of Accounts for the year ended on
31st March, 2013.
FINANCIAL RESULTS :
The summary of financial results of the Company are given here under :
(Rs Lakhs)
Particulars 2012-13 2011-12
Turnover (Net)
(including other income) Nil Nil
Profit/(Loss) before Interest,
Depreciation and Tax (2.46) (4.55)
Provision for Income Tax
(Including Deferred Tax) Nil Nil
Profit/(Loss) for the year (2.46) (4.55)
DIVIDEND :
In view of loss, your directors do not recommended dividend for the
under review.
FIXED DEPOSITS :
The Company has not accepted any public deposits during the year under
review.
CORPORATE GOVERNANCE :
Pursuant to Clause 49 of the Listing Agreement with the Stock Exchange,
a separate section titled "Corporate Governance Report is attached in
this Annual Report.
CEO CERTIFICATION :
The Director who looks after finance function has submitted a
certificate to the Board regarding the financial statements and other
matters as required under clause 49 (V) of the Listing Agreement.
DIRECTOR :
Pursuant to provisions of Section 256 of the Companies Act, 1956 Mr.
Prakash Shah retire by rotation and being eligible offers himself for
re-appointment.
DIRECTORS'' RESPONSIBILITY STATEMENT :
Pursuant to Section 217 (2AA) of the Companies Act, 1956, your
Directors state that :
In the presentation of Annual Accounts, the applicable Accounting
Standards have been followed along with proper explanation relating to
material departure.
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 true and fair view of the state of affairs of the
Company at the end of financial year and of the loss of the Company for
the period.
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 preventing and detecting fraud and other
irregularities.
The Directors have prepared the annual accounts on a going concern
basis.
PARTICULARS OF EMPLOYEES :
No employee is drawing remuneration more than the specified limit
prescribed u/s.217(2A) of the Companies Act, 1956 read with Companies
(Particulars of Employees) Rules, 1975. Hence, the information in terms
of Section 217(2A) of the Companies Act, 1956 read with Companies
(Particulars of Employees) Rules, 1975 are not required to be given.
AUDITORS :
M/s. Naigam H Shah & Co., Chartered Accountant, statutory Auditors of
the Company hold office until the conclusion of the ensuing Annual
General Meeting and are eligible for re-appointment. The Company has
received certificate from M/s Naigam H Shah & Co., Chartered
Accountant, to the effect that their appointment, if made would within
the prescribed limits under section 224(1B) of the Companies Act, 1956
and that they are not disqualified from such appointment within the
meaning of section 226 of the Companies Act, 1956. The proposal for
their re-appointment as Auditor is included in the notice of Annual
General Meeting.
CONSERVATION OF ENERGY AND TECHNOLOGY ABSORPTION FOREIGN EXCHANGE
EARNING AND OUTGO :
The Company is not engaged in activities specified in Companies,
(Disclosure of Particulars in Report of Board of Directors) Rules 1988,
and as such the company is not required to give information relating to
conservation of energy. The Company is not using any particular
technology and as such information relating to technology absorption is
not required to be given. There is no foreign exchange earnings and
outgo during the year under review.
ACKNOWLEDGMENT :
Your Directors also take this opportunity to place on record the
co-operation, assistance and continued support extended by the Banks,
Government Authorities and Shareholders during the year under review.
For and on behalf of the Board of Directors
Date : 14/08/2013 Sandip B. Padsala
Place : Ahmedabad Chairman & Managing Director
Mar 31, 2010
The Directors have pleasure in presenting herewith the Annual Report
and audited accounts of your Company for the year ended 31st March
2010.
Financial Results:
The financial highlights of the Company for the year under review are
as follows:
Particulars 2009- 2010 2008-2009
Amount (Rs) Amount (Rs)
Turnover (Net)
(including other income) 0,00 8,26,610
Profit/(Loss) before
Depreciation and Tax (26,16,803) 5,64,123
Provision for Income Tax
(Including Deferred Tax) 0.00 1,85,000
Profit/(Loss) for the year (26,16,803) 3,79,123
Balance brought forward (1,43,30,828) (1,27,78,131)
Less : Prior Period
Adjustment A/c 0.00 19,31,820
Balance carried
to Balance Sheet (1,69,47,631) (1,43,30,828)
Operations:
During the year, the Company has incurred a net profit of Rs.
26,16,803/- and after adjusting the same against the brought forward
loss of Rs. 1,43,30,828/- the balance of Rs. 1,69,47,631/- is being
carried forward to Balance Sheet.
Dividend:
In view of losses incurred during the year under review, your Directors
regret being unable to give declare any dividend on the equity shares
for the year ended on 31st March, 2010.
Public Deposits :
During the year, your Company has not invited/accepted any deposits
within the meaning of section 58-A of the Companies Act, 1956 and/or
any rules made thereunder.
Personnel :
No employee is drawing remuneration more than the specified limit
prescribed u/s.217(2A) of the Companies Act, 1956, (Particulars of
Employees) Rules,1975.Hence, the information required in terms of
Section 217(2A) of the Companies Act, 1956 (Particulars of Employees)
Rules, 1975 is not applicable to us.
Business Activities and Industrial Scenario :
High priority had been accorded by the government to the housing Sector
during the 9th five year plan and is continued to be one of the main
focus during the 10th five year plan. Indias housing policy started
receiving a focused approach from the government only during the past
few years.. A number of positive policy measures have been initiated on
the financial, fiscal and legislative fronts which are targeted to be
fulfilled by the forth coming years.
Once rural housing programme is initiated, the infusion of investments
in housing would have spillover effect through increase in employment
and rural incomes. This in turn would gear up the rural economy to take
up new projects and programmes like rural roads, irrigation work etc.
Thus, rural housing through income effect can make rural prosperity an
additional engine of economic growth.
In India cumulative residential demand is estimated to be over 7.5
million units by 2013 across all categories including the economically
weaker sections, affordable, mid and luxury segments.
Corporate Governance :
The Companys philosophy on Corporate Governance is built on a rich
legacy of fair, transparent and effective governance. This includes
respect for human values, individual dignity and adherence to honest,
ethical and professional conduct. This enables customers and all stake
holders to be partners in the Companys growth and prosperity. The
Company ensures not only compliance with the Company Law, the
provisions of the listing agreement with Stock Exchange and other laws,
and also ensures exemplary Corporate Governance.
The report on the Corporate Governance, along with a certificate from a
Practicing Company Secretary confirming compliance, is annexed and
forms part of the Directors Report.
CFO Certification :
The Executive Director who looks after finance function has submitted a
certificate to the Board regarding the financial statements and other
matters as required under clause 49 (V) of the Listing Agreement.
Directors :
Pursuant to provisions of Section 256 of the Companies Act, 1956 Shri
Kamlesh Dhanopia , who retires by rotation at the Annual General
Meeting but being eligible offers himself for reappointment.
Directors Responsibility Statement:
In terms of the provisions of Section 217(2AA) of the Companies Act,
1956,your directors confirm :
1. that in the preparation of the annual accounts, the applicable
accounting standard had been followed along with proper explanation
relating to material departures;
2. 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
3. that the Directors had taken proper and sufficient care for
maintenance of adequate accounting records in accordance with the
provisions of the Act for safeguarding the assets of your Company and
for preventing and detecting fraud and other irregularities; and
4. that the Directors had taken prepared the annual accounts on a
going concern basis.
Disclosure of Particulars :
Information pursuant to section 217 (1) (e) of the Companies Act, 1956,
read with the Companies (Disclosure of Particulars in the Report of
Board of Directors) Rules, 1988 relating to conservation of energy and
technology absorption are not applicable to the Company. There is no
foreign exchange earnings and outgo during the year under review.
Auditors :
M/s. Naigam H Shah & Co., Chartered Accountants, Auditors holds office
until the conclusion of the ensuing Annual General Meeting and are
elligible for re-appointment. The Company has received the certificate
from the Auditors under Section 224(1) of the Companies Act, 1956. You
are requested to re-appoint them as auditors and fix their
remuneration.
CONSERVATION OF ENERGY AND TECHNOLOGY ABSORPTION FOREIGN EXCHANGE
EARNING AND OUTGO :
The year under review, there are no manufacturing activities undertaken
by the Company. The activity of the Company under review is land
development activities and is of such a nature that it requires minimum
amount of energy. Information pursuant to section 217 (1) (e) of the
Companies Act, 1956, read with the Companies (Disclosure of Particulars
in the Report of Board of Directors) Rules, 1988 relating to
conservation of energy and technology absorption are not applicable to
the Company. There is no foreign exchange earnings and outgo during the
year under review.
Acknowledgement :
Your Directors take this opportunity to express their appreciation for
the co-operation extended by the bankers of the Company and members and
look forward to their continued patronage. Your Directors take this
opportunity to place on record their gratitude and appreciation for the
committed services of the employees at all levels of the Company.
For and on behalf of the Board of Directors
Sd/-
Date : 15/07/2010 Sandip B.Padsala
Place : Ahmedabad Chairman &
Managing Director
Mar 31, 2009
NOt Available
Disclaimer: This is 3rd Party content/feed, viewers are requested to use their discretion and conduct proper diligence before investing, GoodReturns does not take any liability on the genuineness and correctness of the information in this article