Mar 31, 2015
Dear Members,
The Board hereby presents the Twenty Third Annual Report to gether with
Audited Financial Statements of the Company and Auditors Report for the
year ended 31s1 March 2015 in terms of section 134(3) of Companies
Act, 2013.
a) Extract of Annual Return
Extract of the Annual Return as provided under section 92(3) of the
Companies Act, 2013 in form MGT-9 is annexed as Annexure-I.
b) Numbers of Meetings of The Board
The Details are given in Para2(c) of Corporate Governance Report.
c) Directors Responsibility Statement
Directors hereby state that:
1. In the preparation of annual accounts, the applicable accounting
stan dards had been followed along with proper explanation relating to
mate rial departures;
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 and loss
of the company for that period:
3. The Directors had taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of this Act, safeguarding the assets of the company and for
preventing and detecting fraud and other irregularities;
4. The Directors had prepared the Annual Accounts on a going concern
basis; and
5. The Directors had laid down internal financial controls to be
followed by the company and that such internal financial controls are
adequate and were operating effectively; for ensuring the orderly and
efficient conduct of business, including adherence to company's
policies, the safeguarding its assets, prevention and detention of
frauds and errors, the accuracy and completeness of accounting records,
and the timely preparation of reliable financial information.
6. The Directors had devised proper systems to ensure compliance with
the provisions of all applicable laws and that such system were
adequate and operating effectively.
d) Statement of Declaration by Independent Directors (Section 149(6))
a) The Board of Directors of the Company is of the opinion that:
The independent directors are persons of integrity and possess relevant
expertise and experience,
b) The independent directors have given a statement on declaration that
i) None of the independent directors is or was a promoter of the
Company or its holding, subsidiary or associate company.
ii) None of the independent directors is related to promoters or
directors in the company, its holding, subsidiary or associate company.
iii) None of the independent directors has or had any pecuniary
relationship with the Company, its holding, subsidiary or associate
Company, or their promoters or directors, during the two immediately
preceding financial years or during the current financial year.
iv) None of the relatives of independent directors has or had pecuniary
relationship or transaction with the Company, its holding, subsidiary
or associate Company, or their promoters or directors, amounting to two
percent or more of its gross turnover or total income or Rupees Fifty
Lakhs, during the two immediately preceding financial years or during
the current financial year.
v) Neither any independent director nor his relatives:
(a) Holds or has held the position of a key managerial personnel or is
or has been employee of the company or its holding, subsidiary or
associate company in any of the three financial years.
(b) Is or has been an employee or proprietor or a partner, in any of
the three financial years immediately preceding the financial year; of:
i A firm of auditors or company secretaries in practice or cost
auditors of the company or its holding, subsidiary or associate
company; or
ii Any legal or a consulting firm that has or had any transaction with
the company, its holding, subsidiary or associate company amounting to
ten percent or more of the gross turnover of such firm;
(c) Holds together with his relatives two per cent or more of the total
voting power of the company; or
(d) Is a chief executive or director, by whatever name called, of any
non-profit organization that receives twenty-five per cent or more of
its receipts from the company, any of its promoters, directors or its
holding, subsidiary or associate company or that holds two percent or
more of the total voting power of the company.
e) Nomination and Remuneration Committee and Stakeholders Relationship
Committee(Section 178(1))
No remuneration has been paid or is being paid to any of the Directors
or key Managerial Personnel during the financial year. Therefore no
such committee meeting was held. The functions of Stakeholders
Relationship Committee are combined and entrusted with Audit Committee.
f)Audit Observations
(i) By the Auditor in his Audit Report:
No Qualifications, reservations or adverse remarks or disclaimer was
made by the auditor in his audit report.
(ii) By the Company Secretay in practise in his Secretarial Audit
Report: No Qualifications, reservations or adverse remarks or
disclaimer was made by the secretarial auditor in his audit report.
g) Loans, Guarantees & Investment
During the year under review, the company has not provided any loan,
guar- antee or investment in terms of Section 186 of the Companies Act,
2013.
h) Related Party Transactions
No contract or arrangements with related parties were entered into by
the Company, in terms of Section 188 of the Companies Act, 2013.
i) State of Company's Af fairs
The Company had a total income of Rs. 5.31 lacs (Previous Year Rs. 5.09
Lacs); and after deducting the total expenditure of Rs. 4.72 Lacs
(Previous year Rs. 4.79 Lacs), the company had a net profit of Rs. 0.59
Lacs (Previous year Rs.0.29 lacs)
Total income basically comprise of commission of Rs. 5.07 lacs (
previous year Rs. 3.77 lacs). Interest Rs. 0.24 lacs (Previous year Rs.
0.13 lacs) and other income Rs. NIL (Previous year Rs. 1.19 Lacs)
j) Reserves
The net profit after tax of Rs. 58,683/- has been retained in the
profit & loss account and has been carried forward to the Balance Sheet
accordingly.
k) Dividend
In view of the accumulated losses and non availability of liquid funds,
dividend declaration is neither possible nor recommended forthe year
under review.
l) Material Changes and Commitment
No material changes and commitments occur ed, which may affect the
finan- cial position of the Company, between the end of the financial
year of the Company to which the financial statements relate and the
date of the report.
m) Conservation of Energy, Technology Absortion and foreign Exchange
Earnings & Outgo
(i) Conservation of energy-Company has closed its manufacturing
operations and sold its Bhiwadi unit; therefore provision relating to
disclosure of Conser- vation of Energy is not applicable to the
Company.
(ii) Technology absortion- During the year under review no new
technology was absorbed and no expenditure was incurred on Research &
Development.
(iii) Foreign exchange earnings and outgo - Foreign exchange earnings
and outgo were nil during the current year.
n) Risk Management Policy
The details are given in Para 12 of Corporate Governance Report.
o) Corporate Social Responsibility
During the year under review, the net worth of the Company is less than
Rs. 500.00 crore; turnover is less than Rs. 1000.00 crate; and net
profit is less than Rs. 5.00 crore; therefore constitution of corporate
Social Responsibility Com- mittee is not applicable in terms of section
135(1) of the Companies Act, 2013.
p) Formal Annual Evaluation of Board, Committee and the Directors
All the Directors have performed their duties well. Inspite of the fact
that no remuneration is being paid to any of the director, the Company
has earned an income of Rs. 5.31 lacs.
q) Other Matters
i) Change in Nature of Business - During the year under review, there
has been no change in the nature of business of the Company.
ii) Directors & Key Managerial Personnel - During the year, Shri R.K.
pandey had resigned from the Audit Committee and Board of Directors of
the company with effect from 30.09.2014. The Board expresses its
gratitude for the valuable services and contribution rendered by him
during his tenure with the company.
Ms Rashi Aggarwal has been appointed as a woman director u/s 161 of
Companies Act, 2013 and independent director with effect from
06.10.2014. She was also appointed as Company Secretary with effect
from 06.10.2014 in place of Shri D.C.Jain, director of the company who
resigned from the post of Company Secretaryship.
Shri M.L.Bhateja was formally designated as Chief Financial Officer of
the company with effect from 06.10.2014.
None of the directors is liable to retire by rotation.
iii) Subsidiaries. Joint ventures or Associate Companies - During the
period under review no Company became or ceased to be its susidiaries,
joint venture or associate company.
iv) Fixed Deposits under Chapter V - The Company had not accepted any
deposit from its Directors, employees or general pulic during the year,
and there is no unpaid or unclaimed deposit at the end of the year.
v) Material Court Orders - During the year no material court orders was
passed by any regulators, tribunals or courts which impact the going
concern & companys operation in future.
vi) Internal Control System and their Adequacy - The Company has
adequate system of internal control to safeguard and protect from loss,
unauthorised use or disposition of its assets. All the transactions are
properly authorized, re- corded and reported to the management. The
Company is following all the applicable Accounting Standards tor
properly maintaining the books of ac- counts and reporting financial
statements. The management of the company checks and verifies the
internal control and monitors them in accordance with policy adopted by
the company. Company continues to ensure proper and adequate systems
and procedures commensurate with its size and nature of its business.
vii) Auditors.- M/'s. M.K. Goswami & Co. holds the office as Auditors
till the conclusion of the forthcoming annual general meeting; and are
eligible tor re-appointment.
The company has received a letter from M/s M.K. Goswami & Co.,
Chartered Accountants, that they hold peer review certificate from Peer
Review Board of the Institute of Chartered Accountants of India & their
appointment, if made at the forth- coming Annual General Meeting, would
be within the ceiling limits laid down under the Companies Act,2013 and
the rules made thereunder and they are eligible for appointment & not
disqualified to act as Auditors of the Company to Audit Accounts of the
Company for the Financial Year 2015-2016 and that there are no matters
of conduct pending against the firm or any of the auditor.
The Board recommends their appointment.
viii) Composition of Audit Committee - The details of composition of
Audit Committee, in terms of section 177(8) are given in Para 3(i) of
Corporate Governance report.
lx) Vjgil Mechanism Policy - The Company has no employee; and therefore
no Vigil Mechanism Policy/Whistle blower Mechanism has been
established, however the Directors of the Company can directly report
any grievances to the Board of the Company.
x) Prevention of Sexual Harassment of Women - During the period under
review, no woman was in employment of the company. Therefore no
internal complaint committee was set up under Sexual harassment of
Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013.
xi) Listing fee of Shares - The shares of the company are listed on a
recognized stock exchange- 'Bombay Stock Exchange' and up to date
Listing Fee is paid.
xii) Management Discussion Analysis & Corporate Governance Report -
Management Discussion & Analysis Report and a Report on Corporate
Governance along with the Auditors' Report are annexed and forms part
of the Annual Report in accordance with the terms of the Listing
Agreement.
xiii) Certificate tor Compliance of Corporate Governance - Certificate
from Practising Company Secretary regarding Compliance of Conditios of
Corpo- rate Governance as provided in clause 49 of the listing
agreement is annexed.
For & on behalf of Board of Directors
Place : Delhi Sudhir Chandra,
Date 27.04.2015 Mg. Director
(DIN :00323545)
RashiAggarwal
Directors Co. Secretary
(DIN:06978655)
Mar 31, 2014
Dear Members,
BOARD''S REPORT :
The Board hereby presents the Twenty Second Annual Report together with
Audited Financial Statements of the Company for the year ended 31st
March 2014.
STATE OF COMPANY''S AFFAIRS
The company had a total income of Rs. 5.08 lacs (previous year Rs. 5.35
Lacs) ; and after deducting the total expenditure of Rs. 4.79 lacs
(previous year figure Rs. 4.07 lacs), the company had a net profit of
Rs. 0.29 lacs (previous year Rs. 1.28 lacs).Total income basically
comprise of commision Rs. 3.76 lacs (Previous year Rs. 3.24 lacs),
Interest Rs. 0.13 lacs (Previous year Rs. 0.31 lacs) and other income
Rs. 1.19 (Previous year Rs. 1.78).
DIVIDEND
In view of the accumulated losses and non availability of liquid funds,
dividend declaration is neither possible nor recommended for the year
under review.
COMMENTS ON AUDIT REPORT AND SECRETARIAL AUDIT REPORT
There are no qualification or reservation or adverse remark or
disclaimer made by the auditors in their report.
DIRECTORS'' RESPONSIBILITY STATEMENT
Directors hereby state that:
1. Applicable accounting standards have been followed in the
preparation of Annual Accounts.
2. 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 that period;
3. The Directors had taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of the Companies Act, 1956/2013 for safeguarding the assets
of the company and for preventing and detecting fraud and other
irregularities;
4. The Directors had prepared the Annual Accounts on a going concern
basis.
5. The Directors had laid down internal financial controls to be
followed by the company and that such internal financial controls are
adequate and were operating effectively.
6. The Directors had devised proper systems to ensure compliance with
the provisions of all applicable laws and that such system were
adequate and operating effectively.
STATEMENT OF DECLARATION BY INDEPENDENT DIRECTORS (Section 149(6) of
COMPANY''S ACT, 2013 The Board of Directors of the Company is of the
opinion that:
a) The independent directors are persons of integrity and possess
relevant expertise and experience.
b) The independent directors have given a statement on declaration
that: i) None of the independent directors is or was a promoter of the
Company or its holding, subsidiary or associate company.
ii) None of the independent directors is related to promoters or
directors in the company, its holding, subsidiary or associate company.
iii) None of the independent directors has or had any pecuniary
relationship with the Company, its holding, subsidiary or associate
Company, or their promoters or directors, during the two immediately
preceding financial years or during the current financial year.
iv) None of the relatives of independent directors has or had pecuniary
relationship or transaction with the Company, its holding, subsidiary
or associate Company, ortheir promoters or directors, amounting to two
percent or more of its gross turnover or total income or Rupees Fifty
Lakhs, during the two immediately preceding financial years or during
the current financial year.
v) Neither any independent director nor his relatives:
(i) Holds or has held the position of a key managerial personnel or is
or has been employee of the company or its holding, subsidiary or
associate company in any of the three financial years. (ii) Is or has
been an employee or proprietor ora partner, in any of the three
financial years immediately preceding the financial year; of:
a) A firm of audi tors or company secretaries in practice or cost audi
tors of the company or its holding, subsidiary or associate company; or
b) Any legal or a consulting firm that has or had any transaction with
the company, its holding, subsidiary or associate company amounting to
ten percent or more of the gross turnover of such firm;
(iii) Holds together with his relatives two per cent or more of the
total voting power of the company; or
(iv) Is a chief executive or director, by whatever name called, of any
non-profit organization that receives twenty-five per cent or more of
its receipts from the company, any of its promoters, directors or its
holding, subsidiary or associate company or that holds two percent or
more of the total voting power of the company.
NOMINATION AND REMUNERATION COMMITTEE AND STAKE- HOLDERS RELATIONSHIP
COMMITTEE No remuneration has been paid or is being paid to any of the
Directors or key Managerial Personnel during the financial year.
Therefore no such committee meeting was held.
FORMAL ANNUAL EVALUATION OF BOARD, COMMITTEES AND THE DIRECTORS
Paid up Capital of the Company is less than Rs. 25.00 Crore; therefore
formal annual evaluation of the Board, Committee and of individual
directors is not applicable in terms of section 134(3)(p) of the
Companies Act,2013. MANAGEMENT DISCUSSION ANALYSIS & CORPORATE
GOVERNANCE REPORT
Management Discussion & Analysis Report and a Report on Corporate
Governance along with the Auditors'' Report are annexed and forms part
of the Annual Report in accordance with the terms of the Listing
Agreement. Extract of annual return have been included in Corporate
Governance Report. DIRECTORS
Shri D.C. Jain is liable to retire by rotation and is eligible for
re-appointment. The Board recommends for his re-appointment.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS & OUTGO Company has closed its operations and sold its Bhiwadi
unit and therefore Information pursuant to Companies (Disclosure of
Particulars in Report of Board of Directors) Rules, 1988 is not
applicable. LISTING FEE OF SHARES
The shares of the company are listed on a recognized stock exchange-
''Bombay Stock Exchange'' and up to date Listing Fee is paid. AUDITORS
M/s. M.K. Goswami & Co. holds the office as Auditors till the
conclusion of the forthcoming annual general meeting; and are eligible
for re-appointment. The company has received a letterfrom M/s M.K.
Goswami & Co., Chartered Accountants, that they hold peer review
certificate from Peer Review Board of the Institute of Chartered
Accountants of India & their appointment if made at the forth coming
Annual General Meeting, would be within the ceiling limits laid down
under the Companies Act,2013 and the rules made thereunder and they are
eligible for appointment & not disqualified to act as Audi tors of the
Company to Audit Accounts of the Company for the Financial Year 2014-
2015 and that there are no matters of conduct pending against the firm
or any of the auditor. The Board recommends their appointment.
For & on behalf of the Board of Directors
Place : Delhi SudhirChandra D.C.Jain
Date : 21.04.2014 Mg. Director Director
Mar 31, 2013
The Board hereby presents the Twenty First Annual Report together with
Audited Statements of Account of the Company lor the year ended 31st
March 2013.
FINANCIAL RESULTS
The company had commission income of Rs. 5.35 lacs (previous year
figure Rs. 19.05 Lacs); and after deducting the total expenditure of Rs.
4.07 lacs (previous year figure Rs. 29.33 lacs), the company had a net
profit of Rs. 1.28 lacs (previous year loss Rs. to.28 lacs).
DIVIDEND
In view of the accumulated losses and non availability of liquid funds,
dividend declaration is neither possible nor recommended for the year
under review.
DIRECTORS'' RESPONSIBILITY STATEMENT
Directors hereby state that:
1. Applicable accounting standards have been followed in the
preparation of Annual Accounts.
2. We have selected such accounting policies and applied them
consistency 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 / loss
o1 the company for that period;
3. We have taken proper and sufficient care for the maintenance of
adequate accounting records in accordance with the provisions of the
Companies Act, 1956 for safeguarding the assets of the company and for
preventing and detecting fraud and other irregularities;
4. We have prepared the Annual Accounts on a going concern basis.
DIRECTORS
Shri R.K. Pandey & Shri S.S. Dhanoa are liable to retire by rotation
and are eligible for re-appointment. The 8oard recommends 1or their
re-appointment.
PARTICULARS OF EMPLOYEES
During the year ended 31st March, 2013, no employee of the
company was drawing a remuneration in excess of the limits specified
under section 217{2A) of the Companies Act, 1956.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS & 0UTQ0
Company has closed its operations and sold its Bhiwadi unit and
therefore Information pursuant to Companies (Disclosure of Particulars
in Report of Board of Directors) Rules, 1988, is not applicable.
LISTING FEE OF SHARES
The shares of the company are listed on a recognized stock exchange
''Bombay Stock Exchange'' and up to date Listing Fee is paid.
MANAGEMENT DISCUSSION ANALYSIS & CORPORATE GOVERNANCE REPORT
Management Discussion & Analysis Report and a Report on Corporate
Governance along with the Auditors'' Report are annexed and forms part
of the Annual Report in accordance with the terms of the Listing
Agreement.
AUDITORS
M/s. M.K. Goswami & Co. holds the office as Auditors till the
conclusion of the forthcoming annual general meeting; and are eligible
for re-appointment
The company has received a letter from Ws M.K. Goswami & Co., Chartered
Accountants, that they hold peer review certificate from Peer Review
Board of the Institute of Chartered Accountants of India & their
appointment, if made at the forthcoming Annual General Meeting, would
be within the ceiling limits prescribed under section 224(1-B) of the
Companies Act, 1956 and that they were not disqualified to act as
Auditors of the Company for the year 2013-14.
The Board recommends their appointment
For & on behalf of the Board of Directors
Place: Delhi Sudhirchandra D.C.jain
Date : 27.04.2013 Mfg.Director Director
Mar 31, 2012
The Board hereby presents the Twentieth Annual Report together with
Audited Statements of Account of the Company for the year ended 31st
March 2012,
FINANCIAL RESULTS
The financial results are as under:
Figures in Rs. Lacs
Particulars 2011-12 2010-11
Sales - 87
Other Income 19 242
Total Income 19 329
Expenditure 29 154
Interest - 3
Depreciation - 36
Profit/Loss after-tax (10) 136
The Company had no business activity during the year. Income of the
company basically comprises of interest earned on deposit with bank and
excess provision written back. The company had a loss of Rs. 10 lacs as
against profit of Rs. 136 lacs in last year. Expenses were kept under
control and reduced from Rs. 154 lacs to Rs. 29 lacs. The company has
no liquid funds to run business of the company; therefore, the company
has been searching for financial partner or collaborator to come out
from such situation.
DIVIDEND
In view of the accumulated losses and non availability of liquid funds,
dividend declaration is neither possible nor recommended for the year
under review.
DIRECTORS RESPONSIBILITY STATEMENT
Directors hereby state that:
1. Applicable accounting standards have been followed in the
preparation of Annual Accounts.
2. We 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 profit / loss
of the company for that period;
3. We have taken proper and sufficient care for the maintenance of
adequate accounting records in accordance with the provisions of the
Companies Act, 1956 for safeguarding the assets of the company and for
preventing and detecting fraud and other irregularities;
4. We have prepared the Annual Accounts on a going concern basis.
DIRECTORS
Shri D.C.Jain,the managing director of the company had resigned from
the position of managing directorship with effect from 15.01.2012 and
is holding position as a non-executive director and honorary company
secretary. The term of appointment of Shri D.C.Jain was up to
20.08.2012, Therefore, shareholders approval is being sought for his
re-appointment as Ordinary Director, retire able by rotation. Shri
Sudhir Chandra, a director of the company has been appointed as
non-whole time Honorary managing director of the company with effect
from 1.02.2012 Shri M.L. Bhateja & Shri D.C.Jain are liable to retire
by rotation and are eligible for re-appointment. The Board recommends
for their re-appointment.
PARTICULARS OF EMPLOYEES
During the year ended 31st March, 2012, no employee of the company was
drawing a remuneration in excess of the limits specified under section
217(2A) of the Companies Act, 1956.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS & OUTGO
Company has closed its operations and sold its Bhiwadi unit and
therefore Information pursuant to Companies (Disclosure of Particulars
in Report of Board of Directors) Rules, 1988, is not applicable.
LISTING FEE OF SHARES
The shares of the company are listed on a recognized stock exchange
'Bombay Stock Exchange' and up to date Listing Fee is paid.
MANAGEMENT DISCUSSION ANALYSIS & CORPORATE GOVERNANCE REPORT
Management Discussion & Analysis Report and a Report on Corporate
Governance along with the Auditors' Report are annexed and forms part
of the Annual Report in accordance with the terms of the Listing
Agreement.
COST AUDIT
Factory of the Company was sold. The company had no manufacturing
activity. Therefore no person was required to be appointed in terms of
section 233(1 B) of Companies Act, 1956 and Cost Audit Rules.
AUDITORS
M/s. M.K. Goswami & Co. holds the office as Auditors till the
conclusion of the forthcoming annual general meeting; and are eligible
for re-appointment.
The company has received a letter from M/s M.K. Goswami & Co.,
Chartered Accountants, that they hold peer review certificate from Peer
Review Board of the Institute of Chartered Accountants of India & their
appointment, if made at the forthcoming Annual General Meeting, would
be within the ceiling limits prescribed under section 224(1-B) of the
Companies Act, 1956 and that they were not disqualified to act as
Auditors of the Company for the year 2012-13.
The Board recommends their appointment.
For & on behalf of the Board of Directors
Place : Delhi R.K.Panday D.C.Jain
Date : 27.04.2012 Chairman Director
Mar 31, 2011
The Board hereby presents the Nineteenth Annual Report together with
Audited Statements of Account of the Company for the year ended 31st
March 2011.
FINANCIAL RESULTS
The financial results are as under:
Figures in Rs. Lacs
Particulars 2010 - 11 2009 - 1010
Sales 9 41
Other Income 298 116
Total Income 307 157
Expenditure 154 219
Interest 3 75
Depreciation 36 40
Profit after tax 114 (177)
Company made a profit of Rs.114 lacs as against loss of Rs.177 lacs
last year. Sales of the company came down from Rs. 41 lacs to Rs. 9
lacs due to discontinuation of business by a customer. Other income
increased mainly on account of profit on sale of assets at a price more
than its depreciated value. Expenses were kept under control and
reduced from Rs. 219 lacs to Rs. 154 lacs. Bank had withdrawn the
working capital limits; interest came down from Rs. 75 lacs to Rs. 3
lacs. In normal course, depreciation came down to Rs. 36 lacs as
against Rs. 40 lacs last year.
The Bank had refused to renew the credit facilities and therefore
Company was forced to clear its liabilities of Bank. Company has sold
its Bhiwadi unit and cleared complete dues of creditors including bank.
Sale proceeds of Bhiwadi unit were inadequate to pay off its creditors;
and therefore debt- ors, receivables etc. have also been assigned in
settlement of creditors. Balance amount payable to creditors has been
writ- ten off in the books of accounts, and conveyed to creditors.
DIVIDEND
In view of the accumulated losses non availability of liquid funds,
dividend declaration is not recommended for the year under review.
DIRECTORS RESPONSIBILITY STATEMENT
Directors hereby state that:
1. Applicable accounting standards have been followed in the
preparation of Annual Accounts.
2. We 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 profit / loss
of the company for that period;
3. We have taken proper and sufficient care for the maintenance of
adequate accounting records in accordance with the provisions of the
Companies Act, 1956 for safeguarding the assets of the company and for
preventing and detecting fraud and other irregularities;
4. We have prepared the Annual Accounts on a going concern basis.
DIRECTORS
Shri S.N.P Ojha, the whole time works director of the company resigned
on 25.04.2011 due to closure of Bhiwadi factory. Shri R.K. Pandey
being longest in office is liable to retire by rotation and is eligible
for re-appointment. The Board recommends his re-appointment.
SUBSIDIARY COMPANIES
Loan of its subsidiary company A.K. Laboratories Ltd. was paid off &
settled nearly for half the amount; keeping in view the availability of
funds. The shares of the company were also sold. Company has therefore
no subsidiary company.
PARTICULARS OF EMPLOYEES
During the year ended 31st March, 2011, no employee of the company was
drawing a remuneration in excess of the limits specified under section
217(2A) of the Companies Act, 1956.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS & OUTGO
Company has closed its operations and sold its Bhiwadi unit and
therefore Information pursuant to Companies (Disclosure of Particulars
in Report of Board of Directors) Rules, 1988, has become redundant
LISTING FEE OF SHARES
The shares of the company are listed on a recognized stock ex- change
Bombay Stock Exchange and up to date Listing Fee is paid.
MANAGEMENT DISCUSSION ANALYSIS & CORPORATE GOVERNANCE REPORT
Management Discussion & Analysis Report and a Report on Corporate
Governance along with the Auditors Report are annexed and forms part
of the Annual Report in accordance with the terms of the Listing
Agreement.
COST AUDIT
The company had no manufacturing activity of its own products.
An application for grant of exemption for appointment of cost auditor,
in terms of section 233(1B) of the Companies Act, 1956, was made to the
Central Government; and therefore, no person was appointed as cost
auditor.
AUDITORS
M/s. M.K. Goswami & Co. holds the office as Auditors till the
conclusion of the forthcoming annual general meeting; and are eligible
for re-appointment.
The company has received a letter from M/s M.K. Goswami & Co.,
Chartered Accountants, that they hold peer review certificate from Peer
Review Board of the Institute of Chartered Accountants of India & their
appointment, if made at the forthcoming Annual General Meeting, would
be within the ceiling limits prescribed under section 224(1-B) of the
Companies Act, 1956 and that they were not disqualified to act as
Auditors of the Company for the year 2011-12.
The Board recommends their appointment.
For & on behalf of the Board of Directors
D. C. Jain, Chairman
Place : Delhi
Date : 10.05.2011
Mar 31, 2010
Not Available
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