Dear Members,
The Directors have pleasure in presenting the 19th Annual Report along
with the Audited Accounts of the Company for the year ended 31st March
2013.
FINANCIAL RESULTS
(In Rupees)
Particulars 2012-13 2011-12
Gross Income from Operation 2,24,000 7,12,500
Other Income Nil Nil
TOTAL INCOME 2,24,000 7,12,500
Employee benefits expense 1,90,317 3,73,467
Depreciation 83,309 1,35,192
Other Expenses 9,11,330 1,76,491
TOTAL EXPENDITURE: 11,84,956 6,85,150
NET PROFIT BEFORE TAX (9,34,896) 27,350
NET PROFIT AFTER TAX (9,34,896) 86,740
Add/Less: Balance brought forward (3,29,43,259) (3,30,29,999)
Balance Carried to Balance Sheet (3,38,78,155) (3,29,43,259)
PERFORMANCE
The year under review has not been good like some past few years solely
due to financial constraints which your company is facing acutely and
trying hard to overcome the situation. During the year under review,
the Total Tumover/Sales and Other Income of the Company was Rs.
2,24,000/- as against Rs. 7,12,500/- during the previous financial
year. The Company recorded a net loss of Rs. 9,34,896/-) against a net
profit of Rs. 86,740/- during the previous financial year.
DIVIDEND
In view of the loss recorded by the Company during the year, your Board
of Directors do not recommend any dividend for the financial year
2012-13.
DIRECTORS
In accordance with the Article of Association of the Company and the
provision of Companies Act 1956, Mr. Rajiv Reshamia, the Director of
the Company, retire by rotation and being eligible offer himself for
re-appointment.
Your Directors recommend the re-appointment of-the aforesaid Director.
AUDITORS
M/s. D. N. Kanabar & Co., Chartered Accountants, the Statutory Auditor
of the Company retire at the ensuing Annual General Meeting and have
confirmed their eligibility and willingness to accept office if
re-appointed.
The Company has received a letter from M/s. D. N. Kanabar & Co., to the
effect that their re-appointment, if made would be within the limits
specified under Section 224(1 B) of the Companies Act, 1956 and that
they are not disqualified within the meaning of Section 226 of the
Companies Act, 1956 for such re-appointment.
PUBLIC DEPOSITS
The Company has not accepted Public Deposits from public within the
purview of section 58A, of the Companies Act, 1956, during the year
under review.
PARTICULARS OF EMPLOYEES
There are no employees whose particulars are required to be shown in
terms of provisions of Section 217 (2A) of the Companies Act, 1956 read
with the Companies (Particulars of Employees) Rules, 1975 as amended.
CORPORATE GOVERNANCE AND MANAGEMENT DISCUSSION AND ANALYSIS
As required by the Clause 49 of the Listing Agreement entered in to by
your Company with the BSE Limited and Ahmadabad Stock Exchange Limited,
a detailed Report on Corporate Governance together with a report on
Management Discussion Analysis is included in the Annual Report. The
Auditors have certified the Company's Compliance with the Listing
Agreement and the same is annexed to the report on Corporate
Governance.
DIRECTORS RESPONSIBILITY STATEMENT
Pursuant to the requirement under section 217 (2AA) of the Companies
Act, 1956, your Directors state that:-
1) In the preparation of the annual accounts, the applicable accounting
standards have been followed along with proper explanation relating to;
material departures, if any.
2) The Directors have 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 as at the end of the financial year and profit for the
year under review.
3) The Directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of the act for safeguarding the assets of the Company and
for the preventing and detecting fraud and other irregularities.
4) The Directors have prepared th^accdtihtTfolThc financial year ended
31s' March 2013 on a "going concern" basis.
CONSERVATION OF ENERGY TECHNOLOGY ABSORPTION
The Company did not carry out any Business activities in reladon to
conservation of energy, technology absorption in accordance with the
Companies (Disclosure of Particulars in the report of Board of
Directors) Rules 1988.
FOREIGN EXCHANGE EARNINGS AND OUTGO
During the year under review Company has:
Foreign exchange earnings : NIL
Foreign exchange outgo : NIL
ACKNOWLEDGEMENTS
The Board wishes to place on the record its sincere appreciation of the
effort put in by your company's senior management team , executives
and consultants at all levels, with your wishes and trust we endeavors
to delivers long term shareholder value.
Your Directors would like to thank all investors, customers, financial
institutions, vendors, banks, government authorities, the registrars,
business /alliance and technology partners for the support.
By Order of the Board of Directors
Munir Gazi
Chairman
Place: Mumbai
Date: 29th May, 2013
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