| The directors have pleasure in presenting the Twenty Third Annual
Report and the Audited Accounts for the financial year ended 31st March
2013.
FINANCIAL RESULTS: 2012-2013 2011-2012
(Rupees in lakhs)
Sales
Other income
Total income
Profit/(Loss) before
Depreciation and tax (7.85) (3.04)
LESS: Depreciation
Net Profit / (Net Loss) (7.85) (3.04)
Tax expenses: Deferred tax 39.52
Profit/(Loss) aftertax 31.67 (3.04)
ADD: Surplus/(Deficit) brought forward
from previousyear (501.15) (498.11)
Net Profit / (Loss) carried to
Balance sheet (469.47) (501.15)
ACTIVITIES
The Board of Directors of your Company are pleased to inform you that
they were successful in restoring the trading in the equity shares of
your Company on Bombay Stock Exchange. The Exchange has revoked the
suspension earlier imposed on the trading of the securities of your
Company w.e.f. 14th September, 2012.
DIVIDEND
In view of the Loss, your directors do not recommend any dividend for
the current year.
DEPOSITS
The Company has not invited or accepted any deposits from the public.
DIRECTORS:
During the year, Mr.V.V.Naaraayan retires by rotation and being
eligible offers himself for reappointment.
AUDITORS:
M/s B.P. Jain & Co., Chartered Accountants, Chennai, retire at the
forthcoming Annual General Meeting and being eligible offer themselves
for reappointment.
PARTICULARS OF EMPLOYEES:
There is no employee during the year under review whose particulars are
required to be given as per the provisions of Section 217 (2A) of the
Companies Act, 1956.
DIRECTORS' RESPONSIBILITY STATEMENT
Your Directors confirm:
i. that in the preparation of the annual accounts, the applicable
accounting standards have been followed;
ii. 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 profits of
the Company for that year;
iii. that 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, 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 on a going
concern basis.
CORPORATE GOVERNANCE
As per the listing agreement with the Stock Exchanges, a separate
discussion on Corporate Governance is appended.
LISTING OF EQUITY SHARES
The Company's equity shares are listed on the Chennai and Bombay Stock
Exchanges.
STATUTORY DISCLOSURE
Information required under Section 217(1 )(e) of the Companies Act,
1956 read with the Companies (Disclosure of particulars in the report
of the Board of Directors) Rules, 1988.
1. Conservation of Energy, Technology absorption and Research and
Development
The Company has no activity relating to conservation of energy,
technology absorption and Research and Development during the year.
2. Foreign Exchange Earnings and Outgo
During the year, the Company had no earnings or outgo in foreign
exchange.
ACKNOWLEDGEMENTS
Your directors wish to place on record their appreciation for the
co-operation received from the State and Central Government
organizations and also from the dedicated management team.
For and on behalf of the Board
Place : Chennai Gopichand Idandas
Date : 29.05.2013 Chairman |