Mar 31, 2014
The Directors present the 20th Annual Report of the Company together
with the Audited accounts for the year-ended 31.03.2014.
Financial Highlights
The highlights of the financial performance of the company are as
follows:
Particulars 31.03.2014 31.03.2013
(Rs. In lakhs) (Rs. In lakhs)
Total Income - 0.57
Total Expenditure 1.80 2.26
Profit/ (Loss) before Tax (1.80) (1.69)
Deferred Tax Revenue/ (Expenses) 0.56 2.00
Profit/ (Loss) after Tax (1.24) 0.31
Balance in P&L A/c. brought forward (2.07) (2.37)
Surplus Carried forward to Balance
Sheet (3.31) (2.06)
Dividend
Due to non availability of profits during the financial year, your
Directors do not recommend any dividend for the financial year 2013 -
2014.
Operations
The Operations of the Company during the year under review was not
quite satisfactory. Though it is proposed to restructure the activities
carried on by the Company keeping in view the current market trends and
demand by entering into diversified business opportunities, the Company
has not ventured into such diversified business yet.
Your Company is hopeful of better performance and reasonable profits in
future.
Audit Committee
The Company has constituted an Audit Committee comprising of Mr. D.
Loganathan, Mr. Y. M. R. Prasoona and Mr. N. G. Anbumani as its
members. The chairman of the committee is Mr. N.G. Anbumani. The role,
terms of reference, authority and powers of Audit Committee are in
conformity with the provisions of the Companies Act, 1956 inserted by
Companies Amendment Act, 2000. The Audit committee has had their
meetings as per statutory requirements and has made no adverse
comments.
Directors
Mr. Y. Meera Reddy, Director liable to retire by rotation and being
eligible offers himself for re-appointment.
Auditors
The Auditors of the Company M/s. Ganesh Venkat & Co, Chartered
Accountants, retire at the conclusion of this meeting and being
eligible offer themselves for re-appointment to hold office till the
conclusion of the next Annual General Meeting.
Particulars of Employees
There are no employees drawing remuneration in excess of the limits
specified under Section 217 (2A) of the Companies Act, 1956 read with
Companies (Particulars of Employees) Rules 1975.
None of the Directors of the company are disqualified U/s. 274(1)(g) of
the Companies Act, 1956.
Directors Responsibility Statement U/s. 217(2AA) of the (Companies
Amendment) Act, 2000, indicating therein;
i. That in the preparation of the Annual Accounts, the applicable
accounting standards had been followed along with proper explanation
relating to material departures;
ii. That the directors had selected such accounting policies and
applied them consistently and made judgments and estimates that are
reasonable and prudent so as to give a true and fair view of the State
of affairs of the Company at the end of the financial year and of the
profit or loss of the Company for that period;
iii. That the directors had taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of this act for safeguarding the assets of the Company and
for preventing and detecting fraud and other irregularities;
iv. That the directors had prepared the annual accounts on a going
concern basis.
Public Deposits
The Company has not accepted any Public Deposits during the year.
Conservation of Energy, Technology Absorption & Foreign Exchange
Earnings and Outgo
As required under Section 217(1)(e) of The Companies Act, 1956, read
with Rule 2 of the Companies (Disclosure of Particulars in the report
of the Board of Directors) Rule 1988, the particulars relating to
Conservation of Energy, Technology Absorption and Foreign Exchange
Earnings and Outgo are furnished below:
A. Conservation of Energy - The Company is making sustained efforts
Continuously to minimize the consumption of
Electricity and Fuel wherever used.
B. Technology Absorption - Not Applicable
Depository System
Pursuant to the Directions of the Securities and Exchange Board of
India, the Company''s Securities has been dematerialized and also
admitted into National Securities Depository Limited and has been
allotted with ISIN - INE332F01018. The Company''s Shares are listed with
Madras Stock Exchange, The Stock Exchange Mumbai and The Bangalore
Stock Exchange..
Corporate Governance
The Corporate Governance report as set out in Annexure hereto form an
integral part of this report. A Certificate from a Practicing Company
Secretary, certifying compliance of the conditions of Corporate
Governance as stipulated in Clause 49 of the listing agreement with
stock exchanges is also annexed to the report on Corporate Governance.
COMPLIANCE CERTIFICATE:
Your directors have appointed M/s. S. Dhanapal & Associates, Practicing
Company Secretaries to issue a Compliance Certificate as required under
section 383A of the Companies Act, 1956. The Compliance Certificate
issued by them is annexed to this report.
BUY BACK OF SHARES:
The company has not bought back any shares during the year.
Acknowledgement
Your Directors place on record their appreciation for the valuable
services rendered by the Company''s Shareholders, Bankers and other
agencies associated with the Company. The Board expects much more
continuous support and co-operation in the future years to come.
For and on behalf of the Board of Directors
Place : Chennai
Date : 28.05.2014 Y. Meera Reddy Y.M.R. Prasoona
Managing Director Director
Mar 31, 2012
The Directors present the 18th Annual Report of the Company together
with the Audited accounts for the year-ended 31.03.2012.
Financial Highlights
The highlights of the financial performance of the company are as
follows :
Particulars 31.03.2012 31.03.2011
(Rs. In lakhs) (Rs. In lakhs)
Total Income - 0.014
Total Expenditure 10.50 4.66
Profit / (Loss) before Tax (10.50) (4.65)
Deferred Tax Revenue / (Expenses) 0.82 1.24
Profit / (Loss) after Tax (9.67) (3.41)
Balance in P & LA/c. brought forward 7.29 10.70
Surplus Carried forward to Balance Sheet (2.38) 7.29
Dividend
Due to non availability of profits during the financial year your
Directors do not recommend any dividend for the financial year 2011 -
2012.
Operations
The Operations of the Company during the year under review was not
quite satisfactory. Though it is proposed to restructure the activities
carried on by the Company keeping in view the current market trends and
demand by entering into diversified business opportunities, the Company
has not ventured into such diversified business yet.
Your Company is hopeful of better performance and reasonable profits in
future.
Audit Committee
The Company has constituted an Audit Committee comprising of Mr. D.
Loganathan, Mr. Y. M. R. Prasoona and Mr. N. G. Anbumani as its
members. The chairman of the committee is Mr. N. G. Anbumani. The role,
terms of reference, authority and powers of Audit Committee are in
conformity with the provisions of the Companies Act, 1956 inserted by
Companies Amendment Act, 2000. The Audit committee has had their
meetings as per statutory requirements and has made no adverse
comments.
Directors
Mr. D. Loganathan, Director liable to retire by rotation being eligible
offers himself for re-appointment.
Auditors
The Auditors of the Company M/s. Ganesh Venkat & Co, Chartered
Accountants, retire at the conclusion of this meeting and being
eligible offer themselves for re-appointment to hold office till the
conclusion of the next Annual General Meeting.
Particulars of Employees
There are no employees drawing remuneration in excess of the limits
specified under Section 217 (2A) of the Companies Act, 1956 read with
Companies (Particulars of Employees) Rules 1975.
None of the Directors of the company are disqualified U/s. 274(1 )(g)
of the Companies Act, 1956.
Directors Responsibility Statement U/s. 217(2AA) of the (Companies
Amendment) Act, 2000, indicating therein;
i. That in the preparation of the Annual Accounts, the applicable
accounting standards had been followed along with proper explanation
relating to material departures;
ii. That the directors had selected such accounting policies and
applied them consistently and made judgments and estimates that are
reasonable and prudent so as to give a true and fair view of the State
of affairs of the Company at the end of the financial year and of the
profit or loss of the Company for that period;
iii. That the directors had taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of this act for safeguarding the assets of the Company and
for preventing and detecting fraud and other irregularities;
iv. That the directors had prepared the annual accounts on a going
concern basis.
Public Deposits
The Company has not accepted any Public Deposits during the year.
Conservation of Energy, Technology Absorption & Foreign Exchange
Earnings and Outgo
As required under Section 217(1 )(e) of The Companies Act, 1956, read
with Rule 2 of the Companies (Disclosure of Particulars in the report
of the Board of Directors) Rule 1988, the particulars relating to
Conservation of Energy, Technology Absorption and Foreign Exchange
Earnings and Outgo are furnished below:
A. Conservation of Energy - The Company is making sustained efforts
Continuously to minimize the consumption of Electricity and Fuel
wherever used.
B. Technology Absorption - Not Applicable
C. Foreign Exchange Earnings - Nil
D. Foreign Exchange Outgo - Nil
Depository System
Pursuant to the Directions of the Securities and Exchange Board of
India, the Company's Securities has been dematerialized and also
admitted into National Securities Depository Limited and has been
allotted with ISIN - INE332F01018. The Company's Shares are listed with
Madras Stock Exchange, The Stock Exchange Mumbai and The Bangalore
Stock Exchange. Your company has paid the Annual listing Fees up to-
date and there are no arrears.
Corporate Governance
The Corporate Governance report as set out in Annexure hereto form an
integral part of this report. A Certificate from a Practicing Company
Secretary, certifying compliance of the conditions of Corporate
Governance as stipulated in Clause 49 of the listing agreement with
stock exchanges is also annexed to the report on Corporate Governance.
Acknowledgement
Your Directors place on record their appreciation for the valuable
services rendered by the Company's Shareholders, Bankers and other
agencies associated with the Company. The Board expects much more
continuous support and co-operation in the future years to come.
For and on behalf of the Board of Directors
Place : Chennai
Date . 31.08.2012 Managing Director Director
Mar 31, 2009
The Directors are pleased to present the 15th Annual Report of the
Company together with the Audited accounts for the year ended
31.03.2009.
Financial Highlights
The highlights of the financial performance of the company are as
follows:
Particulars 31.03.2009 31.03.2008
(Rs. In lakhs) (Rs. In lakhs)
Total Income 19.25 508.50
Total Expenditure 63.53 524.05
Profit/(Loss) before Tax (44.28) (15.54)
Provision for deferred tax 2.64 4.88
Profit/ (Loss) after tax (41.84) (11.79)
Balance in P&L A/c. brought
forward 50.36 62.15
Surplus Carried forward to
Balance Sheet 8.52 50.36
Dividend
Due to non availability of profits during the financial year your
Directors do not recommend any dividend for the financial year 2008 -
2009.
Operations
The Operations of the Company during the year under review was not
quite satisfactory. The reasons may be attributed to sluggish market
conditions. Though it is proposed to restructure the activities carried
on by the Company keeping in view the current market trends and demand
by entering into diversified business opportunities in the field of
development of infrastructure projects, the Company has not ventured
into such diversified business yet. However the Company has almost
discontinued its export activities during this year.
Your Company is hopeful of better performance and reasonable profits in
future.
Audit Committee
The Company has constituted an Audit Committee comprising of Mr.
U.Subramanian, Y.M.R.Prasoona and Mr.Y.Meera Reddy as its members. The
role, terms of reference, authority and powers of Audit Committee are
in conformity with the provisions of the Companies Act, 1956 inserted
by Companies Amendment Act, 2000. The Audit committee has had their
meetings as per statutory requirements and has made no adverse
comments.
Directors
Smt. Y.M.R. Prasoona, Director liable to retire by rotation being
eligible offers herself for re- appointment.
Auditors
The Auditors of the Company M/s. Ganesh Venkat & Co, Chartered
Accountants, retire at the conclusion of this meeting and being
eligible offer themselves for re-appointment to hold office till the
conclusion of the next Annual General Meeting.
PARTICULARS OF EMPLOYEES AS PER SECTION 217 (2A) & 217 (2AA) OF THE
COMPANIES ACT, 1956 AND COMPANIES (AMENDMENT) ACT, 2000.
There are no employees drawing remuneration in excess of the limits
specified under Section 217 (2A) of the Companies Act, 1956 read with
Companies (Particulars of Employees) Rules 1975.
None of the Directors of the company are disqualified U/s. 274(1 )(g)
of the Companies Act, 1956.
Directors Responsibility Statement U/s.217(2AA) of the (Companies
Amendment) Act, 2000, indicating therein;
i. That in the preparation of the Annual Accounts, the applicable
accounting standards had been followed along with proper explanation
relating to material departures;
ii. That the directors had selected such accounting policies and
applied them consistently and made judgements and estimates that are
reasonable and prudent so as to give a true and fair view of the State
of affairs of the Company at the end of the financial year and of the
profit or loss of the Company for that period;
iii. That the directors had taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of this act for safeguarding the assets of the Company and
for preventing and detecting fraud and other irregularities;
iv. That the directors had prepared the annual accounts on a going
concern basis.
Public Deposits
The Company has not accepted any Public Deposits during the year.
Conservation of Energy, Technology Absorption & Foreign Exchange
Earnings and Outgo
As required under Section 217(1)(e) of The Companies Act, 1956, read
with Rule 2 of the Companies (Disclosure of Particulars in the report
of the Board of Directors) Rule 1988, the particulars relating to
Conservation of Energy, Technology Absorption and Foreign Exchange
Earnings and Outgo are furnished below:
A. Conservation of Energy - The Company is making sustained
efforts
continuously to minimise the
consumption of
Electricity and Fuel wherever used.
B. Technology Absorption - Not Applicable
C. Foreign Exchange Earnings - Rs. 265,365/- (Previous year
Rs.42,029,248/-)
D. Foreign Exchange Outgo
- Purchase of Lobster &
- Transhipment charges - Nil (Previous year Rs. 2,53,280/-)
- CIF Value of Imports on
Capital Account - Nil
- Foreign Travel Expense - Nil (Previous year Nil)
Depository System
Pursuant to the Directions of the Securities and Exchange Board of
India, the Companys Securities has been dematerialised and also
admitted into National Securities Depository Limited and has been
allotted with ISIN - INE332F01018. The Companys Shares are listed with
Madras Stock Exchange, The Stock Exchange Mumbai and The Bangalore
Stock Exchange. Your company has paid the Annual listing Fees
up-to-date and there are no arrears.
Corporate Governance
The Corporate Governance report as set out in Annexure hereto form an
integral part of this report. A Certificate from the auditors of the
Company certifying compliance of the conditions of Corporate Governance
as stipulated in Clause 49 of the listing agreement with stock
exchanges is also annexed to the report on Corporate Governance.
Acknowledgement
Your Directors place on record their appreciation for the valuable
services rendered by the Companys Shareholders, employees, Bankers and
other agencies associated with the Company. The Board expects much more
continuous support and co-operation in the future years to come.
for & on behalf of the Board
Place : Chennai Sd/-
Date : 24.06.2009
Y. Meera Reddy Y.M.R.Prasoona
Managing Director Director