| Dear Members,
The Directors have pleasure in presenting the Annual Report together
with the Audited Statement of Accounts for the year ended 31 st March,
2013.
FINANCIAL RESULTS:
The summarized financial results for the year ended 31st March, 2013
are as under;
(Rs.in Lacs)
Particulars 2012-2013 2011-2012
Total Income 40.06 54.96
Total Expenditure 85.39 56.18
Profit / Loss before Depreciation, (45.33) (1.22)
Extra Ordinary Items & Taxation
Depreciation Nil Nil
Extra Ordinary items 140.44 Nil
Provision for taxation Nil Nil
Profit / Loss after Tax (185.77) (1.22)
DIRECTORS :
Mr Dilip B. Sheth, Director of the Company retires by rotation at this
annual generai meeting and being eligible, offer himself for
reappointment. The Board of Directors recommends his reappointment
Board of Directors of the company has appointed Mr. Hardik K. Patel as
additional director w.e.f. 01.03.2013 Board of Directors of the company
has also appointed Mr, Pinkal R Patel as additional director of the
company w.e.f. 24.04.2013. Accordingly they hold office upto the
ensuing annual general meeting. Company has received notices from
shareholders in writing proposing both these additional Director's
candidature for the office of the Directors. Board recommends their
appointment as Director of the Company.
Mr. Dinkar Shrimali, Director of the company has resigned from the post
of Directorship of the Company w.e.f. 01.03.2013.
DIVIDEND :
The director do not recommend dividend for the year
FIXED DEPOSITS:
The company has not accepted the public deposits during the year under
report.
AUDITORS :
Vishves A. Shah & Co., Auditors of the Company retires at the
conclusion of this Annual General Meeting and being eligible, are
recommended for reappointment.
AUDITORS REPORT:
The Auditors report is self-explanatory and so far, there is no
negative remark by the Auditors.
DIRECTORS RESPONSIBILITY STATEMENT :
Pursuant to the requirement under section 217 (2AA) of the Companies
Amendment Act, 2000 with respect to Director Responsibility Statement
it is hereby confirmed:
1. That in the preparation of the annual accounts for the financial
year ended 31st March, 2013 the applicable accounting standards had
been followed along with proper explanation relating to material
departures.
2. That the directors had selected such accounting policies and
applied them consistently and made judgments and estimates that were
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 of loss of the Company for the year under review.
3. That the directors had taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provision of the Companies Act, 1956 for safeguarding the assets of the
Company and for preventing and detecting fraud and other
irregularities.
4. That the directors had prepared the accounts for the financial year
ended 31st March, 2013 on a going concern basis.
CORPORATE GOVERNANCE :
As per Clause 49 of the Listing Agreement with the Stock Exchanges, a
separate section on Corporate Governance together with a certificate
from the Company's Auditors confirming compliance there to is set out
in the Annexure forming part of this report.
LISTING:
The shares of the Company are listed on Ahmedabad and Bombay Stock
Exchange Limited.
MANAGEMENT DISCUSSION & ANALYSIS:
The Management Discussion and Analysis Report is attached herewith and
forms part of the Director Report.
PARTICULARS OF THE EMPLOYEES :
The Company has no employee to whom the provision of Section 217(2A) of
the Companies Act, 1956 read with the Companies (Particulars of
Employees) Rules, 1975 apply and so it is not applicable to the
company.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS AND OUT GO :
The additional information required under Section 217(1)(e) of the
Companies Act, 1956 relating to Conservation of energy, technology
absorption and foreign exchange earnings or outgoes is not required as
the company has not do such type activities.
ACKNOWLEDGMENT:
The Directors wish to thank and deeply acknowledge the cooperation and
assistance received from the Bankers, Suppliers and shareholders. The
Director also wishes to place on record their appreciation of the
devoted services of employees of the Company.
DATE : 30.05.2013 FOR AND ON BEHALF OF THE
PLACE: MUMBAI BOARD OF DIRECTORS,
SD/-
CHAIRMAN |