Mar 31, 2014
The Members,
The Directors have pleasure in presenting the 31st Annual Report on
the operations of the Company together with the Audited Accounts for
the year ended 31st March, 2014.
Financial highlights:
(Rs.in Lacs)
Particulars Year ended Year ended
31.03.2014 31.03.2013
Revenue from operations& other Income 90040.46 71412.37
Profit before Interest, Depreciation,
and Tax 1527.81 1702.98
Less: Finance cost 0.04 0.03
Less: Depreciation 50.16 52.15
Profit before Tax 1477.61 1650.80
Add/(Less): Provision for Taxation -- --
a) Current (300.00) (315.00)
Current tax expenses relating to the
prior years 1.97 (41.40)
b) Deferred tax for the year 25.53 8.98
Net Profit after Taxation 1205.11 1303.38
Add: Balance brought forward from
Previous Year 11747.09 10704.39
Less: Transferred to Reserved u/s
45 IC of RBI Act. 241.02 260.68
Balance carried to Balance Sheet 12711.18 11747.09
Dividend:
Your Directors do not recommend any dividend for the year ended on 31st
March 2014 with a view to conserve the resources for future.
Operations & Performance:
During the year ended 31st March, 2014, your Company achieved total
revenue aggregating to Rs. 90040.46 Lacs. After providing for
Depreciation, Finance Charges, the Company has registered a profit
before tax of Rs. 1477.61 Lacs. After making provision for tax for the
year; an amount of Rs. 1205.11 Lacs as net profit after tax has been
carried to the Balance sheet.
Although the Company maintains adequate internal control systems
covering all its operation areas, the Company''s Audit Committee
reviews these internal control systems in detail for their
effectiveness and their adequacy in the present scenario.
Directors:
Mr. V.V Sureshkumar, Director, retire by rotation and being eligible,
offers himself for re-appointment at the ensuing Annual General
Meeting.
Mrs. Vaishali Rajesh Dhuri was appointed as an Additional Director of
the Company w.e.f 7th August, 2014 pursuant to Section 161 of the
Companies Act, 2013 read with the Articles of Association of the
Company. She will hold the office as such till the ensuing Annual
General Meeting. The Company has received Notices under section 160 of
the said act from member of the company proposing her candidature for
the office of Director of the Company.
Under Section 149 of the Companies Act, 2013 and Rules made thereunder,
and as per Clause 49 of the Listing Agreement, an Independent Director
now shall hold office for a term of 5 (five) consecutive years on the
Board of the Company and is not subject to retire by rotation. In terms
of Section 149 and other applicable provisions of the Companies Act,
2013, and Rules made thereunder, Mr. Hatim F Harianawala being eligible
is offering himself for re-appointment. The Company has received
Notice under section 160 of the said act from the member of the company
proposing his candidature for office of Director of the Company and is
proposed to be re-appointed as Independent Directors of the Company for
a term of 5 (five) consecutive years. Mr. A. N. Nair resigned from the
company w.e.f. 7th August, 2014. The Board placed on record its
appreciation of the enormous contribution made by him during his tenure
as Director of the Company.
A brief profile of Director proposed to be re-appointed is given in the
notes to the Notice of the ensuing Annual General Meeting.
Directors'' Responsibility Statement:
Pursuant to the requirements of Section 217(2AA) of the Companies Act,
1956, your Directors confirm the following:
That in the preparation of the annual accounts, the applicable
accounting standards have been followed;
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 profit of
the Company as on that date;
that the Directors 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.
that the annual accounts for the year ended March 31,2014 have been
prepared on a going concern basis.
Public Deposits:
The Company has not accepted any deposits from public.
Particulars of Employees:
The Company does not have any employee in receipt of remuneration equal
to or exceeding the limits prescribed under Section 217(2A) of the
Companies Act, 1956, read with the Companies (Particulars of Employees)
Rules, 1975 as amended.
Corporate Governance:
A Report on Corporate Governance along with a certificate from M/s.
Nishant Jawasa & Associates, Practicing Company Secretary regarding
compliance of the requirements of Corporate Governance, pursuant to
Clause 49 of the Listing Agreement with the Stock Exchange are annexed
hereto.
Statutory Auditors:
M/s Ajmera Ajmera and Associates, Chartered Accountants, the Statutory
Auditors of the Company, retires at the ensuing Annual General Meeting
and being eligible, offer themselves for re- appointment. Your Company
has received intimation to the effect that the proposed re-appointment,
if made, would be within the prescribed limit under section 141 of the
Companies Act, 2013 and Rules made thereunder.
The said Auditors have confirmed their willingness to accept office, if
re-appointed. The Board on the recommendation of the Audit Committee
have proposed the re-appointment of M/s. Ajmera Ajmera and Associates
as Statutory Auditors of the Company to hold office from the conclusion
of this AGM till the conclusion of next AGM at such remuneration to be
decided by the Board of Directors in consultation with the said
Auditors
Members are requested to appoint auditors for the current year and to
authorize the Board to fix their remuneration.
Auditors'' Report:
The observations made by the Auditors in their Report read with the
relevant notes as given in the Notes on Accounts for the year ended
31st March, 2014 are self-explanatory and therefore do not call for any
further comments under Section 217(3) of the Companies Act, 1956 as it
does not contain any qualification in the same.
Secretarial Compliance Certificate:
The Secretarial Compliance Certificate issued by M/s. Nishant Jawasa &
Associates, Company Secretaries, pursuant to the requirement of proviso
to sub-section (1) of section 383A of the Companies Act, 1956 is
enclosed herewith.
Management''s Discussion and Analysis Report
The Management''s Discussion and Analysis Report for the year under
review, as stipulated in the Clause 49 of the Listing Agreement with
the Stock Exchange in India, is presented in the separate section
forming the part of Annual Report.
Conservation of Energy, Technology Absorption and Foreign Exchange
Earnings and Outgo:
A] Conservation of Energy and Technology Absorption:
The Company has not engaged in any manufacturing activity and had no
foreign collaboration and also has not imported or exported any goods
and services.
B] Foreign Exchange Earnings & Outgo:
(Rs. In Lacs)
PARTICULARS 2013-2014 2012-2013
Foreign Exchange Earning Nil Nil
Foreign Exchange Outgo Nil 6.54
Acknowledgements:
Your Directors take this opportunity to express their gratitude for the
support and co-operation from the investors, Financial Institutions,
Banks, and Statutory Authorities, Customers. Your Directors express
their deep appreciation to the Company''s employees at all levels for
their unstinted efforts and valuable contributions during the year.
For and on behalf of the Board
Sd/-
V.V. SURESHKUMAR
CHARIRMAN
Place : Mumbai
Dated : 7th August, 2014
Mar 31, 2013
The Members,
The Directors have pleasure in presenting the 30th Annual Report on
the operations of the Company together with the Audited Accounts for
the year ended 31st March, 2013.
Financial highlights: (Rs. in Lacs)
Year ended Year ended
Particulars 31/03/2013 31/03/2012
Revenue from operations& other Income 71412.37 81863.87
Profit before Interest, Depreciation,
and Tax 1702.98 1531.44
Less: Finance cost 0.03 17.29
Less: Depreciation 52.15 195.55
Profit before Tax 1650.80 1318.60
Add/(Less): Provision for Taxation
a) Current tax expense for current year 315.00 255.00
Current tax expenses relating to the
prior years 41.40 0.00
b) Deferred tax for the year (8.98) (61.33)
Net Profit after Taxation 1303.38 1124.93
Add: Balance brought forward from
Previous Year 10704.39 9804.44
Less: Transferred to Reserved u/s
45 IC of RBI Act. 260.67 224.98
Balance carried to Balance Sheet 11747.09 10704.39
Dividend:
Your Directors do not recommend any dividend for the year ended on 31st
March 2013 with a view to conserve the resources for future.
Operations & Performance:
During the year ended 31st March, 2013, your Company achieved
totalrevenue aggregating to Rs. 71412.37 Lacs. After providing for
Depreciation, Finance Charges, the Company has registered a profit
before tax of Rs. 1650.80 Lacs. After making provision for tax for the
year; an amount of Rs. 1303.38 Lacs as net profit after tax has been
carried to the Balance sheet.
Although the Company maintains adequate internal control systems
covering all its operation areas, the Company''s Audit Committee reviews
these internal control systems in detail for their effectiveness and
their adequacy in the present scenario.
Directors:
Mr. Hatim Harianawala, Director, retire by rotation and being eligible,
offers himself for re- appointment at the ensuing Annual General
Meeting.
A brief profile of Director proposed to be re-appointed is given in the
notes to the Notice of the ensuing Annual General Meeting.
Directors'' Responsibility Statement:
Pursuant to the requirements of Section 217(2AA) of the Companies Act,
1956, your Directors confirm the following:
- That in the preparation of the annual accounts, the applicable
accounting standards have been followed;
- 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, 2013 and of the profit of the Company
for that date;
- that the Directors 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.
- that the annual accounts for the year ended March 31, 2013 have been
prepared on a going concern basis.
Public Deposits:
The Company has not accepted any deposits from public.
Particulars of Employees:
Information under Section 217(2A) of the Companies Act, 1956, read with
the Companies (Particulars of Employees) Rules, 1975 and rules made
thereunder is given in a separate annexure to this report. The employee
listed in the said Annexure is not related to any Director of the
company.
Corporate Governance:
A report on Corporate Governance along with a certificate from M/s.
Nishant Jawasa & Associates, Practicing Company Secretary regarding
compliance of the requirements of Corporate Governance, pursuant to
Clause 49 of the Listing Agreement with the Stock Exchange is annexed
hereto.
Auditors:
M/s. Ajmera Ajmera& Associates, Chartered Accountants, the Statutory
Auditors of the Company retires at the ensuing Annual General Meeting
and being eligible, offer themselves for re- appointment. Members are
requested to re-appoint auditors for the current year and to authorize
the Board to fix their remuneration.
Auditors'' Report:
The notes to the accounts and remarks referred in the Auditors'' report
are self-explanatory and therefore do not call for any further
comments.
The Auditors in their report remarked that subject to note no. 26.5
regarding nondisclosure of defined benefits as per AS-15, read together
with other notes and significant accounting policies there on give the
information required by the Act in the manner so required and give true
and fair view in conformity with the accounting principles generally
accepted in India
With regard to this Management would like to state that currently
company is not legally liable for providing these defined benefits to
the employees. As per the Company''s Policy these benefits are given to
employees at the time of their retirement.
Secretarial Compliance Certificate:
The Secretarial Compliance Certificate issued by M/s. Nishant Jawasa &
Associates, Company Secretaries, pursuant to the requirement of proviso
to sub-section (1) of section 383A of the Companies Act, 1956 is
enclosed herewith.
Management''s Discussion and Analysis Report
The Management''s Discussion and Analysis Report for the year under
review, as stipulated in the Clause 49 of the Listing Agreement with
the Stock Exchange in India, is presented in the separate section
forming the part of Annual Report.
Conservation of Energy, Technology Absorption and Foreign Exchange
Earnings and Outgo:
A] Conservation of Energy and Technology Absorption:
The Company has not engaged in any manufacturing activity and had no
foreign collaboration and also has not imported or exported any goods
and services.
B] Foreign Exchange Earnings & Outgo:
(Rs. in Lacs)
PARTICULARS 2012-2013 2011-2012
Foreign Exchange Earning Nil Nil
Foreign Exchange Outgo 6.54 Nil
Acknowledgements:
Your Directors take this opportunity to express their gratitude for the
support and co-operation from the investors, Financial Institutions,
Banks, and Statutory Authorities, Customers. Your Directors express
their deep appreciation to the Company''s employees at all levels for
their unstinted efforts and valuable contributions during the year.
For and on behalf of the Board of Directors
Sd/-
Place : Mumbai
V. V. SURESHKUMAR
Dated : 27th May, 2013 CHAIRMAN
Mar 31, 2012
The Directors have pleasure in presenting the 29th Annual Report on
the operations of the Company together with the Audited Accounts
for the year ended 31st March, 2012.
Financial highlights: (Rs. in Lacs)
Year ended Year ended
Particulars 31/03/2012 31/03/2011
Revenue from operations & other Income 81863.87 76436.97
Profit before Finance cost,
Depreciation, and Tax 1531.44 1004.86
Less: Finance cost 17.29 73.80
Less: Depreciation 195.55 51.99
Profit before Tax 1318.60 879.07
Add/(Less): Provision for Taxation
a) Current 255.00 134.00
b)Deferred tax for the year (61.33) (20.78)
Net Profit after Taxation 1124.93 765.85
Add: Balance brought forward from
Previous Year 9804.45 9191.77
Less: Transferred to Reserved u/s
45 IC of RBI Act. 224.98 153.17
Balance carried to Balance Sheet 10704.40 9804.45
Dividend:
Your Directors do not recommend any dividend for the year ended on 31st
March 2012 with a view to conserve the resources for future.
Operations & Performance:
During the year ended 31st March, 2012, your Company achieved total
revenue aggregating to Rs. 81863.87 Lacs. After providing for
Depreciation, Finance Charges, the Company has registered a profit
before tax of Rs. 1318.60 Lacs. After making provision for tax for the
year; an amount of Rs. 1124.93 Lacs as net profit after tax has been
carried to the Balance sheet.
Although the Company maintains adequate internal control systems
covering all its operation areas, the CompanyÃs Audit Committee reviews
these internal control systems in detail for their effectiveness and
their adequacy in the present scenario.
Directors:
Mr. Atulkumar Shah, Director, retire by rotation and being eligible,
offers himself for re-appointment at the ensuing Annual General
Meeting.
A brief profile of Director proposed to be re-appointed is given in the
notes to the Notice of the ensuing Annual General Meeting.
Directors' Responsibility Statement:
Pursuant to the requirements of Section 217(2AA) of the Companies Act,
1956, your Directors confirm the following:
- That in the preparation of the annual accounts, the applicable
accounting standards have been followed;
- 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, 2012 and of the profit of the Company
for that date;
- that the Directors 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.
- that the annual accounts for the year ended March 31, 2012 have been
prepared on a going concern basis.
Public Deposits:
The Company has not accepted any deposits from public.
Particulars of Employees:
The Company does not have any employee in receipt of remuneration equal
to or exceeding the limits prescribed under Section 217(2A) of the
Companies Act, 1956, read with the Companies (Particulars of Employees)
Rules, 1975 as amended.
Corporate Governance:
A Report on Corporate Governance along with a certificate from M/s.
Nishant Jawasa & Associates, Practicing Company Secretary regarding
compliance of the requirements of Corporate Governance, pursuant to
Clause 49 of the Listing Agreement with the Stock Exchange are annexed
hereto.
Auditors:
M/s. Ajmera Ajmera & Associates, Chartered Accountants, the Statutory
Auditors of the Company retires at the ensuing Annual General Meeting
and being eligible, offer themselves for re- appointment. Members are
requested to re-appoint auditors for the current year and to authorize
the Board to fix their remuneration.
Auditors' Report:
The notes to the accounts and remarks referred in the Auditors' report
are self explanatory and therefore do not call for any further
comments.
The Auditors in their report remarked that subject to note no. 25.6
regarding nondisclosure of defined benefits as per AS-15, the Balance
Sheet, the Profit and Loss Account and Cash Flow Statement dealt with
by this report comply with the accounting standards referred to in sub-
section (3C) of section 211 of the Companies Act, 1956.
With regard to this Management would like to state that currently
company is not legally liable for providing these defined benefits to
the employees. As per the CompanyÃs Policy these benefits are given to
employees at the time of their retirement.
Secretarial Compliance Certificate:
The Secretarial Compliance Certificate issued by M/s. Nishant Jawasa &
Associates, Company Secretaries, pursuant to the requirement of proviso
to sub-section (1) of section 383A of the Companies Act, 1956 is
enclosed herewith.
Management's Discussion and Analysis Report
The ManagementÃs Discussion and Analysis Report for the year under
review, as stipulated in the Clause 49 of the Listing Agreement with
the Stock Exchange in India, is presented in the separate section
forming the part of Annual Report.
Conservation of Energy, Technology Absorption and Foreign Exchange
Earnings and Outgo:
A) Conservation of Energy and Technology Absorption:
The Company has not engaged in any manufacturing activity and had no
foreign collaboration and also has not imported or exported any goods
and services.
Acknowledgements:
Your Directors take this opportunity to express their gratitude for the
support and co-operation from the investors, Financial Institutions,
Banks, and Statutory Authorities, Customers. Your Directors express
their deep appreciation to the CompanyÃs employees at all levels for
their unstinted efforts and valuable contributions during the year.
For and on behalf of the Board of Directors
Sd/-
V. V. SURESHKUMAR
CHAIRMAN
Place : Mumbai
Dated : 29th May, 2012
Mar 31, 2011
Dear Members,
The Members, Your Directors have pleasure in presenting the 28th Annual
Report on the operations of the Company together with the Audited
Accounts for the year ended 31st March, 2011.
FINANCIAL HIGHLIGHTS:
(Rs. in Lacs)
Year ended Year ended
Particulars
31/03/2011 31/03/2010
Sales and other Income 76436.97 77699.47
Profit before Interest, 1004.86 3864.32
Depreciation and Tax
Less: Interest 73.80 24.07
Less: Depreciation 51.99 52.44
Profit before Tax 879.07 3787.81
Add/(Less): Provision for
Taxation
a) Current 134.00 611.00
b) Deferred tax for the year (20.78) (16.91)
Net Profit after Taxation 765.85 3193.72
Add: Balance brought forward 9191.77 6636.79
from Previous Year
Less : Transferred to Reserved 153.17 638.74
u/s 45 IC of RBI Act.
Balance carried to Balance Sheet 9804.45 9191.77
Dividend:
Your Directors do not recommend any dividend for the year ended on 31st
March 2011 with a view to conserve the resources for future.
Operations & Performance:
During the year ended 31st March, 2011, your Company achieved a total
income aggregating to Rs. 76436.97 Lacs. After providing for
Depreciation, Finance Charges and Taxation, the Company has registered
a profit before tax of Rs. 879.07 Lacs. The profit after tax i.e. Rs.
765.85 Lacs has been carried to the Balance sheet.
Although the Company maintains adequate internal control systems
covering all its operation areas, the Company's Audit Committee reviews
these internal control systems in detail for their effectiveness and
their adequacy in the present scenario. The Directors are putting in
their efforts and are hopeful of improved working during the years to
come.
Barring unforeseen circumstances, your Directors are confident of
achieving better results in the ensuing year.
Directors:
Shri V. V. Sureshkumar, retire by rotation and being eligible, offer
himself for re-appointment at the ensuing Annual General Meeting.
A brief profile of Director proposed to be re-appointed is given in the
notes to the Notice of the ensuing Annual General Meeting.
Directors' Responsibility Statement:
Pursuant to the requirements of Section 217(2AA) of the Companies Act,
1956, your Directors confirm the following:
- That in the preparation of the annual accounts, the applicable
accounting standards have been followed;
- 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, 2011 and of the profit of the Company
for that period;
- that the Directors 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.
- that the annual accounts for the year ended 31st March, 2011 have
been prepared on a going concern basis.
Public Deposits:
The Company has not accepted any deposits from public.
Particulars of Employees:
In terms of the provisions of Section 217 (2A) of the Companies Act
1956, read with the Companies (Particulars of Employees), Rules 1975,
as amended, the names and other particulars of the employees are set
out in the annexure to the Directors' Report. Having regard to the
provisions of Section 219 (1) (b) (iv) of the said Act, the Annual
Report excluding the aforesaid information is being sent to all the
members of the Company and others entitled thereto. Any member
interested in obtaining such particulars may write to the Compliance
Officer at the registered office of the Company.
Corporate Governance:
A Report on Corporate Governance along with a certificate from M/s.
Nishant Jawasa & Associates, Practicing Company Secretary regarding
compliance of the requirements of Corporate Governance, as also a
Management Discussion & Analysis Report pursuant to Clause 49 of the
Listing Agreement with the Stock Exchanges are annexed hereto.
Auditors:
M/s. Ajmera Ajmera & Associates, Chartered Accountants, the Statutory
Auditors of the Company retire at the ensuing Annual General Meeting
and being eligible, offer themselves for re- appointment. Members are
requested to appoint auditors for the current year and to authorize the
Board to fix their remuneration.
Auditors' Report:
The observations made by the Auditors in their Report read with the
relevant notes as given in the Notes on Accounts for the year ended
31st March, 2011 are self explanatory and therefore do not call for any
further comments under Section 217(3) of the Companies Act, 1956.
Secretarial Compliance Certificate:
The Secretarial Compliance Certificate issued by M/s. Nishant Jawasa &
Associates, Company Secretaries, pursuant to the requirement of proviso
to sub-section (1) of section 383A of the Companies Act, 1956 is
enclosed herewith.
Conservation of Energy, Technology Absorption and Foreign Exchange
Earnings and Outgo:
A] Conservation of Energy and Technology Absorption:
The Company has not engaged in any manufacturing activity and had no
foreign collaboration and also has not imported or exported any goods
and services. Hence the particulars as required under 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 are not
applicable.
B] Foreign Exchange Earnings & Outgo:
(Rs. in Lacs)
PARTICULARS 2010-2011 2009-2010
Foreign Exchange Earning Nil Nil
Foreign Exchange Outgo 0.45 Nil
Acknowledgements:
Your Directors take this opportunity to express their gratitude for the
support and co-operation from the investors, Financial Institutions,
Banks, Statutory Authorities and Customers. Your Directors express
their deep appreciation to the CompanyÃs employees at all levels for
their unstinted efforts and valuable contributions during the year.
For and on behalf of the Board
V. V. SURESHKUMAR
CHAIRMAN
Place : Mumbai
Date : 12th August, 2011
Mar 31, 2010
The Directors have pleasure in presenting the 27th Annual Report on the
operations of the Company together with the Audited Accounts for the
year ended 31st March, 2010.
Financial Highlights : (Rs. in Lacs)
Particulars Year ended Year ended
31/03/2010 31/03/2009
Sales and other Income 77699.47 21894.45
Profit before Interest,
Depreciation, and Tax 3860.95 457.45
Less: Interest 20.70 275.59
Less: Depreciation 52.44 59.72
Profit before Tax 3787.81 122.14
Add/(Less): Provision for Taxation
a) Current 611.00 20.00
b) Deferred tax for the year (16.91) (17.02)
c) Fringe Benefit tax 0.00 0.06
Net Profit after Taxation 3193.72 119.09
Add/(Less): Excess/(Short)
Provision for FBT 0.00 2.02
and Income Tax for earlier years
3193.72 117.07
Add: Balance brought forward
from Previous Year 6636.79 6544.55
Less : Transferred to Reserve u/s
45 IC of RBI Act. 638.74 24.83
Balance carried to Balance Sheet 9191.77 6636.79
Dividend :
Your Directors do not recommend any dividend for the year ended on 31st
March 2010 with a view to conserve the resources for future.
Operations & Performance :
During the year ended 31st March, 2010, your Company achieved a total
income aggregating to Rs. 77699.47 Lacs. After providing for
Depreciation, Finance Charges and Taxation, the Company has registered
a profit before tax of Rs. 3787.81 Lacs after making provision for tax
in respect of current year amounting to Rs. 594.09 Lacs. The profit
after tax of Rs. 3193.72 Lacs has been carried to the Balance sheet.
Although the Company maintains adequate internal control systems
covering all its operation areas, the Companys Audit Committee reviews
these internal control systems in detail for their effectiveness and
their adequacy in the present scenario. The Directors are putting in
their efforts and are hopeful of improved working during the years to
come.
Barring unforeseen circumstances, your Directors are confident of
achieving better results in the ensuing year.
Directors :
Shri A.N. Nair, Director, retire by rotation and being eligible, offers
himself for re-appointment at the ensuing Annual General Meeting.
Shri Hatim Fakharuddin Hariyanawala and Shri Atulkumar Jayshukhlal Shah
were appointed as additional directors of the Company on 14th January,
2010.
Shri Jagdish Jhan and Shri Narendra Kumar Jain were resigned as
directors of the Company on 14th January, 2010. The Board placed on
record its appreciation of the enormous contribution made by the
resigning Directors during their tenure as Director of the Company.
A brief profile of Directors Proposed to be re-appointed is given in
the notes to the Notice of the ensuing Annual General Meeting.
Directors Responsibility Statement:
Pursuant to the requirements of Section 217(2AA) of the Companies Act,
1956, your Directors confirm the following:
- That in the preparation of the annual accounts, the applicable
accounting standards have been followed;
- 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 31" March, 2010 and of the profit of the Company
for that period;
- that the Directors 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.
- that the annual accounts for the year ended March 31, 2010 have been
prepared on a going concern basis.
Public Deposits :
The Company has not accepted any deposits from public.
Voluntary De-listing of Equity Shares of the company from The Calcutta
Stock Exchange Limited (CSE)
As we know that the Companys shares are listed on Bombay Stock
Exchange Limited (BSE) and The Calcutta Stock Exchange Limited (CSE).
The Board has reviewed the past records and found that none of the
shares of the company were traded on the CSE for the last few years.
Therefore it was now proposed by the Board of Directors to get its
shares voluntarily de-listed from CSE and continued with their listing
at BSE only. The Company is now proposing to get necessary approvals
for this delisting from its members and CSE.
Particulars of Employees :
The Company does not have any employee in receipt of remuneration equal
to or exceeding the limits prescribed under Section 217(2A) of the
Companies Act, 1956, read with the Companies (Particulars of Employees)
Rules, 1975 as amended.
Corporate Governance:
A Report on Corporate Governance along with a certificate from M/s.
Nishant Jawasa & Associates, Practicing Company Secretary regarding
compliance of the requirements of Corporate Governance, as also a
Management Discussion & Analysis Report pursuant to Clause 49 of the
Listing Agreement with the Stock Exchange are annexed hereto.
Auditors :
M/s. Ajmera Ajmera & Associates, Chartered Accountants, the Statutory
Auditors of the Company retire at the ensuing Annual General Meeting
and being eligible, offer themselves for re- appointment. Members are
requested to appoint auditors for the current year and to authorize the
Board to fix their remuneration.
Auditors Report :
The observations made by the Auditors in their Report read with the
relevant notes as given in the Notes on Accounts for the year ended
31st March, 2010 are self explanatory and therefore do not call for any
further comments under Section 217(3) of the Companies Act, 1956.
Secretarial Compliance Certificate :
The Secretarial Compliance Certificate issued by M/s. Nishant Jawasa &
Associates, Company Secretaries, pursuant to the requirement of proviso
to sub-section (1) of section 383A of the Companies Act, 1956 is
enclosed herewith.
Conservation of Energy, Technology Absorption and Foreign Exchange
Earnings and Outgo:
A] Conservation of Energy and Technology Absorption:
The Company has not engaged in any manufacturing activity and had no
foreign collaboration and also has not imported or exported any goods
and services.
B] Foreign Exchange Earnings & Outgo :
PARTICULARS 2009-2010 2008-2009
Foreign Exchange Earning Nil Nil
Foreign Exchange Outgo Nil Nil
Acknowledgements :
Your Directors take this opportunity to express their gratitude for the
support and co-operation from the investors, Financial Institutions,
Banks, and Statutory Authorities, Customers. Your Directors express
their deep appreciation to the Companys employees at all levels for
their unstinted efforts and valuable contributions during the year.
For and on behalf of the Board
Place : Mumbai V. V. SURESHKUMAR
Date : 29th May, 2010 CHAIRMAN
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