Mar 31, 2015
Dear Members,
The Directors are pleased to present the 42nd Annual Report of the
Company together with Audited Accounts for the financial year ended
31st March, 2015.
FINANCIAL HIGHLIGHTS
(RS. in Lacs)
Particulars 2014-15
2013-14
Revenue from operations and 420.29 428.04
other Income
Gross Profit / (Loss) 137.12 150.05
Interest. & Financial Charges 86.80 101.12
Depreciation 14.80 14.67
Profit /(Loss) before tax after 35.52 34.26
interest & depreciation
Prior Period Adjustments (6.93) (12.91)
Profit /(Loss) before tax 42.45 47.17
Tax Expense (2.60) (1.99)
Profit/ (Loss) for the year 45.05 49.16
after tax
During the year under review, the gross revenue of the Company has
reduced to '.420.29 Lacs as against '.428.04 Lacs during the previous
year. The Company earned gross profit of '.137.12 Lacs and net profit
of '.45.05 Lacs as against gross profit of '.150.05 Lacs and net profit
of Rs.49.16 Lacs respectively in the previous year. Slow down in Real
Estate business led to decline in business.
FINANCIAL STATUS
There is no change in the issued and subscribed capital of Rs. 864.30
lacs. There are no equity shares with differential rights or sweat
equity or ESOP or scheme of purchase of Company shares by employees or
their trustees.
DIVIDEND
As Company does not have any distributable profits computed under
provisions of Companies Act, 2013, no dividend is being recommended.
FIXED DEPOSITS
The Company has not accepted any fixed deposits during the year under
review. The Company has complied with the directives covered under
chapter V of the Companies Act, 2013 read with Companies (Acceptance of
Deposits) Rule, 2014 (as amended) as applicable with regard to the
deposits accepted. There are no unpaid or unclaimed deposits of any
previons years.
MATERIAL CHANGES AND COMMITMENTS, IF ANY- AFFECTING THE FINANCIAL
POSITION OF THE COMPANY
There are no significant and material changes occurred subsequent to
the close of the financial year to which the Financial Statements
relate and upto the date of report that would impact the going concern
status of the Company and its future operations.
CORPORATE SOCIAL RESPONSIBILITY AND GOVERNANCE COMMITTEE
Since the Company does not have net profits in any fi nancial year in
accordance with Section 197/ 198 of the Companies Act, 2013, the
Company is not required to undertake any activity under CSR Rules.
SUBSIDIARY COMPANY
There is no subsidiary Company reportable under Section 129(3) of the
Companies Act, 2013. CORPORATE GOVERNANCE REPORT- DISCLOSURE
REQUIREMENTS
The Company is continuously taking steps to attain higher levels of
transparency, accountability and equity in order to enhance customer
satisfaction and stakeholders' value. The Company not only complies
with the regulatory requirements but is also responsive to the
stakeholders' as well as customers' needs. The Company already has an
Audit Committee, a Stakeholder Relationship Committee and Nomination
and Remuneration Committee duly constituted by the Board to look after
various activities. The Corporate Governance practices followed by the
Company are enclosed as Annexure to this report.
EXTRACT OF THE ANNUAL RETURN The extract of the annual return as
provided under Section 92(3) of the Act, in Form MGT-9, which forms
part of the Board's report. (Annexure-4)
DIRECTORS' RESPONSIBILITY STATEMENT Pursuant to Section 134(5) of the
Companies Act, 2013, the Directors' confirm that :
a. in the preparation of the annual accounts for the year ending 31st
March, 2015, the applicable accounting standards had been followed
along with proper explanation relating to material departures;
b. the Directors had selected such accounting policies and applied
them consistently and made judgments and estimates that are reasonable
and prudent so as to give a true and fair view of the state of affairs
of the Company at the end of the financial year and of the profit and
loss of the Company for that period;
c. the Directors had taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of this Act for safeguarding the assets of the Company and
for preventing and detecting fraud and other irregularities;
d. the Directors had prepared the annual accounts on a going concern
basis; and
e. the Directors had laid down internal financial control to be
followed by the Company and that such internal financial controls are
adequate and were operating effectively.
f. the Directors had devised proper systems to ensure compliance with
the provisions of all applicable laws and that such systems were
adequate and operating effectively.
INTERNAL FINANCIAL CONTROL SYSTEMS AND THEIR ADEQUACY
The internal control systems and processes of the Company cover
operational efficiency, accuracy and promptness in financial reporting,
compliance with laws and regulations and development of mature,
disciplined and effective processes. The processes are also designed to
meet the goals of cost, schedule, functionality and quality, thus
resulting in higher levels of customer satisfaction. An independent
Audit Committee of the Board reviews the addequacy of internal
controls. DIRECTORS
A) Changes in Directors and Key Managerial Personnel
Since the last Annual General Meeting, following changes have taken
place in the Board of Directors.
- Smt. Manju Lakhanpal has been appointed as an Independent Director on
14.03.2015.
As per the provisions of Companies Act, 2013, Shri Humesh Kumar
Singhal, Director, retires by rotation at the forthcoming Annual
General Meeting and being eligible offers himself for re-appointment.
B) Declaration by an Independent Director(s) and re- appointment, if
any
A declaration by Independent Directors stating that he/ they meet the
criteria of independence as provided in sub-section (6) of Section 149
of the Companies Act, 2013 has been taken at the time of their
appointment.
C) Formal Annual Evaluation of Board
The Board of Directors has carried out an annual evaluation of its own
performance, Board committees and individual directors pursuant to the
provisions of the Act and the corporate governance requirements as
prescribed by Securities and Exchange Board of India ("SEBI") under
Clause 49 of the Listing Agreements ("Clause 49").
The performance of the Board was evaluated by the Board after seeking
inputs from all the directors on the basis of the criteria such as the
Board composition and structure, effectiveness of board processes,
information and functioning, etc.
The performance of the committees was evaluated by the Board after
seeking inputs from the committee members on the basis of the criteria
such as composition of committees, effectiveness of committee meetings,
etc. The Board and the Nomination and Remuneration Committee ("NRC")
reviewed the performance of the individual directors on the basis of
the criteria such as the contribution of the individual director to the
Board and committee meetings like preparedness on the issue to be
discussed, meaningful and constructive contribution and inputs in
meetings etc. In addition, the Chairman was also evaluated on the key
aspects of his role.
In a separate meeting of Independent Directors, performance of
non-independent directors, performance of the board as a whole and
performance of the Chairman was evaluated, taking into account the
views of executive directors and non-executive directors, The same was
discussed in the Board meeting that followed the meeting of the
Independent Directors, at which the performance of the Board, its
committees and individual directors was also discussed.
NUMBER OF MEETINGS OF THE BOARD OF DIRECTORS
During the year under review, 4 Board Meetings were held, one each on
30th May 2014, 14th August 2014, 13th November 2014 and 14th February
2015.
POLICY ON DIRECTORS' APPOINTMENT AND REMUNERATION AND OTHER DETAILS The
Company's policy on Directors' appointment and remuneration and other
matters provided in Section 178(3) of the Act has been disclosed in the
corporate governance report, which forms part of the Directors' Report.
AUDIT COMMITTEE
The Audit & Compliance Committee comprises of two Non-executive
Independent Directors viz. Shri S S Virdi, Prof.(Dr.) B B Tandon and
Shri H K Singhal. During the year, the committee held four meetings.
Other details of the Audit Committee are included in the Corporate
Governance Report which forms part of this report.
The Board had accepted all recommendation of the Audit Committee.
DETAILS OF ESTABLISHMENT OF VIGIL MECHANISM/ WHISTLE BLOWER POLICY FOR
DIRECTORS AND EMPLOYEES
The Company has formulated and published a Whistle Blower Policy to
provide vigil mechanism for employees including Directors of the
Company to report genuine concerns. The provisions of this Policy are
in line with the provisions of Section 177(9) of the Act and the
revised Clause 49 of the Listing Agreement.
There are no cases reported during the year.
NOMINATION AND REMUNERATION COMMITTEE
The committee has been constituted to review and recommend compensation
payable to the whole-time directors including Chairman and senior
management of the Company. The committee reviews the overall
compensation structure and policies of the Company with a view to
attract, retain and motivate employees, reviewing compensation levels of
the Company vis-a-vis other Companies and industry in general.
PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS UNDER SECTION 186 There
were no Loans/ Guarantee given or Investments made by the Company during
the year.
PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES:
The particulars of every contract or arrangements entered into by the
Company with related parties referred to in Sub-section (1) of Section
188 of the Companies Act, 2013 pursuant to Section 134(3)(h) of the Act
read with rule 8(2) of the Companies (Accounts) rules 2014, including
certain arms length transactions under third proviso thereto have been
disclosed in the financial statements and are enclosed in Form No. AOC-2
and the same forms part of this report. (Annexure-1)
RISK MANAGEMENT POLICY
The Company has policy to regularly review the repayment schedule of
Banks, Creditors and Statutory dues etc. and manage its cash flow
activity from time to time. As such the Company suffers no risk, if
any, which may threaten the existence of the Company. MANAGEMENT
DISCUSSION AND ANALYSIS Your Company is engaged in Infrastructure, Real
Estate, Trading and Commission business. A detailed report on
Management Discussion and Analysis pursuant to Clause 49 of the Listing
Agreement is annexed to this report. (Annexure-5)
AUDITORS
As per the Provisions of Section 139 of Companies Act, 2013, M/s S.C.
Dewan & Co., Chartered Accountants, were appointed as Statutory
Auditors of the Company to hold office till the conclusion of Annual
General Meeting to be held in the calendar year 2017(subject to
ratification of their appointment at every AGM). The Company has
received a certificate from them pursuant to Companies (Audit &
Auditors) Rules 2014 read with Section 139 & 141 of the Companies Act,
2013, confirming their eligibility for reappointment, and that they
were not disqualified for reappointment.
AUDITORS' REPORT AND SECRETARIAL AUDITORS' REPORT
The Auditors' Report and Secretarial Auditors' Report do not contain
any qualifications, reservations or adverse remarks. Report of
Secretarial Auditor is attached as an annexure which forms part of this
report. (Annexure-2)
LISTING OF SHARES
Equity shares of the Company are listed and traded regularly on Mumbai
Stock Exchange. Listing fee to the BSE has been paid in pursuance to
clause 38 of the listing agreement.
DEMATERIALISATION
The equity shares of your Company are being compulsorily traded in
dematerialized form. As on 31st March 2015, a total of 7056030 equity
shares, representing 81.64% of equity share capital have been
dematerialized and 4046 shareholders are holding shares in
dematerialized form.
INSURANCE
All the assets of the Company have been adequately insured.
PARTICULARS OF EMPLOYEES
Relations with the employees during the period under review continued
to be peaceful and harmonious.
MANAGERIAL REMUNERATION
The information required under Section 197 of the Act read with rule 5
of the Companies (Appointment and remuneration of managerial personnel)
rules 2014 is enclosed with this report. (Annexure-3)
The Board expresses deep appreciation of all sections of employees for
their support and for making efforts to increase efficiency and growth
of the Company.
INDUSTRIAL RELATIONS
Industrial relations continued to be cordial during the year under
review.
HEALTH, SAFETY AND ENVIRONMENT PROTECTION
Our Company has complied with all the applicable health & Safety
standards, environment laws and labour laws and has been taking all
necessary measures to protect the environment and provide workers a
safe work environment. Our Company is committed for continual
improvement in Health & Safety aswell as Environmental performance by
involving all the employees to provide a Safety& healthy work
environment to all its employees.
DISCLOSURE AS PER SEXUAL HARASSMENT OF WOMEN AT WORK PLACE (PREVENTION.
PROHOBITION AND REDRESSAL) ACT, 2013
The Company has zero tolerance for sexual harassment at workplace
and has adopted a policy against sexual harassment in line with the
provisions of Sexual Harassment of Women at Workplace (Prevention,
Prohibition and Redressal) Act, 2013 and the rules framed thereunder.
During the financial year 2014-15, the Company has not received any
complaint on sexual harassment and hence no complaints remain pending
as on 31st March, 2015.
CONSERVATION OF ENERGY. TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS AND OUTGO
Information in accordance with the provisions of Section 134(3)(m) of
the Companies Act, 2013 regarding Conservation of Energy, Technology
Absorption and Foreign Exchange Earnings and Outgo is not applicable as
the Company did not have any manufacturing facility during the period
under consideration. There were no foreign exchange earnings/ outgo
during the period.
ACKNOWLEDGEMENT
Your Directors acknowledge with gratitude the assistance, co-operation
and support received by the Company from Banks, Statutory/ Govt.
Bodies, Customers and Shareholders of the Company.
For and on behalf of BOARD OF DIRECTORS
H.K.SINGHAL SANJAY GARG
Place: CHANDIGARH DIRECTOR EXECUTIVE DIRECTOR
Date : 30.05.2015 DIN-00044328 DIN-00030956
Mar 31, 2013
To The Members,
The Directors are pleased to present the 40th Annual Report of the
Company together with Audited Accounts for the financial year ended
31st March, 2013.
FINANCIAL HIGHLIGHTS
(Rs. in Lacs)
PARTICULARS 2012-13 2011-12
Revenue from operations
and other Income 449.10 554.20
Gross Profit / (Loss) 83.60 60.06
Interest. & Financial Charges 84.08 26.52
Depreciation 22.95 20.91
Profit /(Loss) before tax after
interest & depreciation (23.43) 12.63
Diminution in value of Investment (10.73) (120.62)
Profit /(Loss) before tax (34.16) (107.99)
Tax Expense 4.17 (4.86)
Profit/ (Loss) for the year
after tax (29.99) (112.85)
During the year under review, the gross revenue of the Company has
reduced to Rs.449.10 Lacs as against Rs.554.20 Lacs during the previous
year. The company earned gross profit of Rs.83.60 Lacs and incurred
net loss of Rs. 29.99 Lacs as against gross profit of Rs.60.06 Lacs and
net loss of Rs.112.85 Lacs respectively in the previous year. Slow
down in Real Estate business led to decline in business.
DIRECTORS
In accordance with the provisions of Companies Act, 1956, Shri S S
Virdi and Shri H K Singhal retire by rotation at the forthcoming Annual
General Meeting and are eligible for re-appointment.
FINANCIAL STATUS
There is no change in the issued and subscribed capital of Rs.864.30
lacs
INTERNAL CONTROL SYSTEMS
The Company has adequate Internal Control procedures commensurate with
its size and nature of business. These internal policies ensure
efficient use and protection of assets and resources, compliance with
policies and statutes, and ensure reliability as well as promptness of
financial and operational reports.
CORPORATE GOVERNANCE
A separate section on Corporate Governance forms part of the Directors''
Report in pursuance to Clause 49 of the Listing Agreement and is
included in the Annual Report.
FIXED DEPOSITS
The Company has accepted deposits from the public within the meaning of
the provisions of Section 58A of the Companies Act, 1956. There are no
unpaid or unclaimed deposits as at the end of the year.
AUDITORS
M/s S.C. Dewan & Co. was appointed as Statutory Auditors of the Company
to hold office till the conclusion of the ensuing Annual General
Meeting of the Company. The Auditors retire at the said meeting and,
being eligible, have offered themselves for re-appointment. The company
has received a certificate from them pursuant to Section 224 (IB) of
the Companies Act, 1956, confirming their eligibility for reappointment
INSURANCE
All Properties and insurable interests of the Company including
Buildings and Plant & Machinery are adequately insured.
MANAGEMENT DISCUSSION AND ANALYSIS
Your Company is engaged in infrastructure, real estate, trading and
commission agency business. The long term objective of the Company is
to be a strong player in these segments and the company is continuously
exploring various opportunities for growth.
DIRECTORS'' RESPONSIBILITY STATEMENT
Pursuant to Section 217(2AA) of the Companies Ac, 1956, the Directors''
confirm that :
i) In preparation of the Annual Accounts, the applicable accounting
standards have been followed.
ii) Appropriate accounting policies have been selected and applied
consistently, judgments and estimates made are reasonable and prudent
so as to give true and fair view of the state of affairs of the Company
as at the end of the financial year and the Loss for that period.
iii) Proper and sufficient care has been taken for maintenance of
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..
iv) The annual accounts have been prepared on a going concern basis.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS AND OUTGO
The provisions of Section 217 (1)(e) of the Companies Act, 1956 with
regard to conservation of Energy and Technology Absorption are not
applicable as the company is engaged in Real Estate and Trading &
Agency Business. Further, during the year, there was no foreign
exchange earning & out go.
PARTICULARS OF EMPLOYEES
The statement of employees, as required under Section 217 (2A) of the
companies Act, 1956 is not applicable as there was no employee who was
drawing a salary of Rs.60,00,000/- and above per annum if employed for
full year, or a salary of Rs.5,00,000/- and above per month if employed
for a part of the year.
ACKNOWLEDGMENTS
Your Directors wish to place on record their appreciation for the
continued co-operation the Company received from various departments of
the Central and State Government, Bankers, Financial Institutions,
Dealers and Suppliers, and also acknowledge the contribution made by
the employees.
The Board also wishes to place on record its gratitude to the valued
Customers, Members and Investing public for their continued support and
confidence reposed in the Company.
For and on behalf of
BOARD OF DIRECTORS
CHANDIGARH H.K.SINGHAL SANJAY GARG
25.05.2013 DIRECTOR EXECUTIVE DIRECTOR
Mar 31, 2012
The Directors are pleased to present the 39th Annual Report of the
Company together with Audited Accounts for the financial year ended
31st March, 2012.
FINANCIAL HIGHLIGHTS
(Rs. In Lacs)
Particulars 2011-12 2010-11
Revenue from operations
and other Income 554.20 372.93
Gross Profit /
(Loss) 60.06 79.63
Interest. & Financial Charges 26.52 39.30
Depreciation 20.91 20.70
Profit /(Loss) before tax
after interest & depreciation 12.63 19.63
Diminution in value of Investment (120.62) 20.72
Profit /(Loss) before tax (107.99) 40.35
Tax Expense (4.86) (14.94)
Profit/ (Loss) for the year after tax (112.85) 25.41
During the year under review, the gross revenue of the Company has
increased to Rs.554.20 Lacs as against Rs.372.93 Lacs. Despite increase
in volumes, company earned gross profit Rs.60.06 Lacs and incurred net
loss of Rs.112.85 Lacs as against gross profit of Rs.79.63 Lacs and net
profit of Rs.25.41 Lacs respectively in the previous year. Slow down
in Real Estate business and higher maintenance costs led to decline in
profits.
DIRECTORS
In accordance with the provisions of Companies Act, 1956, Shri B.B
Tandon and Shri S S Dawra retire by rotation at the forthcoming Annual
General Meeting and are eligible for re- appointment.
FINANCIAL STATUS
There is no change in the issued and subscribed capital of Rs.864.30
lacs
INTERNAL CONTROL SYSTEMS
The Company has adequate Internal Control procedures commensurate with
its size and nature of business. These internal policies ensure
efficient use and protection of assets and resources, compliance with
policies and statutes, and ensure reliability as well as promptness of
financial and operational reports.
CORPORATE GOVERNANCE
A separate section on Corporate Governance forms part of the Directors'
Report in pursuance to Clause 49 of the Listing Agreement and is
included in the Annual Report.
FIXED DEPOSITS
The Company has accepted deposits from the public within the meaning of
the provisions of Section 58A of the Companies Act, 1956. There are no
unpaid or unclaimed deposits as at the end of the year.
AUDITORS
M/s S.C. Dewan & Co. were appointed as Statutory Auditors of the
Company to hold office till the conclusion of the ensuing Annual
General Meeting of the Company. The Auditors retire at the said meeting
and, being eligible, have offered themselves for re-appointment. The
company has received a certificate from them pursuant to Section 224
(IB) of the Companies Act, 1956, confirming their eligibility for
reappointment.
INSURANCE
All Properties and insurable interests of the Company including
Buildings and Plant & Machinery are adequately insured.
MANAGEMENT DISCUSSION AND ANALYSIS
Your Company is engaged in infrastructure, real estate, trading and
commission agency business. The long term objective of the Company is
to be a strong player in these segments and is continuously exploring
various opportunities for growth.
DIRECTORS' RESPONSIBILITY STATEMENT
Pursuant to Section 217(2AA) of the Companies Ac, 1956, the Directors'
confirm that :
i) In preparation of the Annual Accounts, the applicable accounting
standards have been followed.
ii) Appropriate accounting policies have been selected and applied
consistently, judgments and estimates made are reasonable and prudent
so as to give true and fair view of the
state of affairs of the Company as at the end of the financial year and
the Loss for that period.
iii) Proper and sufficient care has been taken for maintenance of
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.
iv) The annual accounts have been prepared on a going concern basis.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS AND OUTGO
The provisions of Section 217 (1)(e) of the Companies Act, 1956 with
regard to conservation of Energy and Technology Absorption are not
applicable as the company is engaged in Real Estate and Trading &
Agency Business. Further, during the year, there was no foreign
exchange earning & out go.
PARTICULARS OF EMPLOYEES
The statement of employees, as required under
Section 217 (2A) of the companies Act, 1956 is not applicable as there
was no employee who was drawing a salary of Rs.60,00,000/- and above
per annum if employed for full year, or a salary of Rs.5,00,000/- and
above per month if employed for a part of the year.
ACKNOWLEDGMENTS
Your Directors wish to place on record their appreciation for the
continued co-operation the Company received from various departments of
the Central and State Government, Bankers, Financial Institutions,
Dealers and Suppliers, and also acknowledge the contribution made by
the employees.
The Board also wishes to place on record its gratitude to the valued
Customers, Members and Investing public for their continued support and
confidence reposed in the Company.
For and on behalf of
BOARD OF DIRECTORS
CHANDIGARH H.K.SINGHAL SANJAY GARG
29.05.2012 DIRECTOR EXECUTIVE DIRECTOR
Mar 31, 2010
The Directors are pleased to present the 37th Annual Report of the
Company together with Audited Accounts for the financial year ended 31
st March, 2010.
FINANCIAL HIGHLIGHTS
(Rs. in Lacs)
Particulars 2009-10 2008-09
Gross income & increase/ 313.75 407.50
(decrease) in Value
of property & traded goods
Gross Profit /(Loss) 122.38 170.28
Interest & Financial Charges 50.52 65.59
Depreciation 21.33 21.33
Diminution in value of (5.92) -
Investment
Profit/(Loss) before tax 50.54 83.37
Profit/(Loss) for the 37.63 58.18
year after tax
During the year under review, the gross income of the Company has
declined to Rs. 313.75 Lacs as against Rs. 407.50 Lacs. The gross
profit and net profit have also decreased to Rs. 122.38 Lacs and 50.54
Lacs as against Rs. 170.28 Lacs and Rs. 83.37 Lacs respectively in the
previous year. Due to slow down in real estate business, the Company
suffered lower sales and decline in profits.
DIRECTORS
In accordance with the provisions of Companies Act, 1956, Shri S S
Dawra and Prof.(Dr.) B B Tandon retire by rotation at the forthcoming
Annual General Meeting and are eligible for re- appointment.
FINANCIAL STATUS
There is no change in the issued and subscribed capital of Rs.864.30
lacs
INTERNAL CONTROL SYSTEMS
The Company has adequate Internal Control procedures commensurate with
its size and nature
of business. These internal policies ensure efficient use and
protection of assets and resources, compliance with policies and
statutes, and ensure reliability as well as promptness of financial and
operational reports.
CORPORATE GOVERNANCE
A separate section on Corporate Governance forms part of the Directors
Report in pursuance to Clause 49 of the Listing Agreement and is
included in the Annual Report.
FIXED DEPOSITS
The Company has not accepted any fresh deposits from the public during
the year. Deposits of Rs. 134.50 lacs were brought forward from
previous year; During the year, the Company has repaid Rs.50.00 lacs
and renewed Rs.24.50 lacs out of these deposits. There are no unpaid or
unclaimed deposits as at the end of the year.
AUDITORS
M/s S.C. Dewan & Co.were appointed as Statutory Auditors of the Company
to hold office till the conclusion of the ensuing Annual General
Meeting of the Company. The Auditors retire at the said meeting and,
being eligible, have offered themselves for re-appointmerit. The
Company has received a certificate from them pursuant to Section 224
(IB) of the Companies Act, 1956, confirming their eligibility for
reappointment.
INSURANCE
All Properties and insurable interests of the Company including
Buildings and Plant & Machinery are adequately insured.
MANAGEMENT DISCUSSION & ANALYSIS
Your Company is engaged in infrastructure, real estate, trading and
commission agency business. The long term objective of the Company
is to be a strong player in these segments and is continuously
exploring various opportunities for growth.
DIRECTORS RESPONSIBILITY STATEMENT
Pursuant to Section 217(2AA) of the Companies Ac, 1956, the Directors
confirm that:
i) In preparation of the Annual Accounts, the applicable accounting
standards have been followed.
ii) Appropriate accounting policies have been selected and applied
consistently, judgments and estimates made are reasonable and prudent
so as to give true and fair view of the state of affairs of the Company
as at the end of the financial year and the Profit for that period.
iii) Proper and sufficient care has been taken for maintenance of
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. ,
iv) The annual accounts have been prepared on a going concern basis.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS AND OUTGO
The provisions of Section 217 (1)(e) of the Companies Act, 1956 with
regard to conservation of Energy and Technology Absorption are not
applicable because during the year the Company was engaged in Real
Estate and Trading & Agency Business. Further, during the year there
was no
foreign exchange earning & out go.
PARTICULARS OF EMPLOYEES
The statement of employees, as required under Section 217 (2A) of the
Companies. Act, 1956 is not applicable as there was no employee who was
drawing a salary of Rs.24,00,0007- and above per annum if employed for
full year, or a salary of Rs.2,00,0007- and above per month if employed
for a part of the year.
ACKNOWLEDGMENTS
Your Directors wish to place on record their appreciation for the
continued co-operation the Company received from various departments of
the Central and State Government, Bankers, Financial Institutions,
Dealers and Suppliers; and also acknowledge the contribution made by
the employees.
The Board also wishes to place on record its gratitude to the valued
Customers, Members and Investing public for their continued support and
confidence reposed in the Company.
For and on behalf of
BOARD OF DIRECTORS
CHANDIGARH H.K.SINGHAL SANJAY GARG
31.05.2010 DIRECTOR EXECUTIVE DIRECTOR