| To The Shareholders
The Directors hereby present the 63rd Annual Report and Audited
Accounts of the Company for the year ended 31 st March, 2013.
FINANCIAL RESULTS
Current Year Previous Year
(12 Months) (12 Months)
(Rs. in lacs) (Rs. in lacs))
After meeting all operating
and administrative expenses,
the working of the year shows
a deficit of (8.58) (3.64)
Add:
Depreciation 0.66 0.66
Profit / (Loss) for the year (9.24) (4.30)
Profit / (Loss) brought forward
from the previous year (190.72) (186.42)
Balance Carried to Balance
Sheet (Reserve Surplus) (199.96) (190.72)
PERFORMANCE
Your Company is an investment, leasing, finance and miscellaneous
services Company.
REHABILITATION SCHEME
Your Company has fully implemented the Sanctioned Scheme.
The application made to the Bombay Stock Exchange for re-listing of the
new Equity Shares issued to the existing Shareholders, is still pending
for approval.
AUDIT COMMITTEE
As per the requirement of Section 292A of the Companies Act, 1956, and
also the Listing Agreements with Bombay Stock Exchange Limited, Mumbai,
an Audit Committee of the Board of Directors is already in place.
During the year, the Committee held four meetings.
CORPORATE GOVERNANCE
Pursuant to Clause 49 (VI) of the Listing Agreement, a report on
Corporate Governance and Certificate from the Company's Auditors
confirming compliance is annexed hereto.
DIRECTORS
S/Shri LN. Chaturvedi and R.K. Kejriwal retire by rotation and, being
eligible, offer themselves for reappointment.
DIRECTORS'RESPONSIBILITY STATEMENT
The Board of Directors of the Company state:
(i) that in the preparation of the annual accounts, the applicable
accounting standards have been followed alongwith proper explanation
relating to material departures;
(ii) that 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 at the end of the financial year and of the
profit or loss of tho company for that period;
(iii) 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;
(iv) that the Directors have prepared the annual accounts as on 31 st
March, 2013, on a going concern basis.
DEPOSITS
The Company has not accepted any deposits from the public during the
year.
PARTICULARS OF EMPLOYEES
The Company has no employee, therefore the details specified under
Section 217(2A) of the Companies Act, 1956, read with the Companies
(Particulars of Employees) Rules, 1975, are not applicable.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS AND OUTGO
The Company has no manufacturing activity and therefore, the disclosure
of particulars as required under Section 217(1 )(e) of the Companies
Act, 1956, in so far as it relates to the conservation of energy,
technology absorption is not applicable. There is no foreign exchange
earnings and outgo during the year.
AUDITORS' REPORT
The observations made by the Auditors in their Report do not require
any comments as the same are either self explanatory or have been fully
explained in the notes attached to the Accounts.
APPOINTMENT OF AUDITORS
The retiring Auditor M/s. V.K. Beswal & Associates have furnished
certificates to the Company to the effect that their appointment, if
made, would be within the limits prescribed under the Companies Act,
1956. Shareholders are requested to appoint the Auditors and to fix
their remuneration.
APPRECIATION
The Directors wish to place on record their appreciation of the co-
operation received from the various departments of the Central and
State Governments, Bankers and Financial Institutions.
On behalf of the Board of Directors
S. K. Sharma P. Sharma
Director Director
Mumbai, the 30,h May, 2013.
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