| TO THE MEMBERS
The Directors has pleasure in presenting before you the ANNUAL REPORT
together with Audited Statement of Accounts for the year ended 31st
March 2012.The financial statements for the year 2011-12, are enclosed
with the reports of the auditors which are self explanatory need no
further comments. The significant accountings policies on which the
financial statements of the company are drawn up as well as the
explanatory notes on the accounts are also attached. The financial
statements have been prepared in accordance with the provision of the
Companies Act,
1956, in the manner required, and exhibit a true and fair view of the
state of affairs of the operating results.
1. FINANCIAL RESULT
Profit or Loss before Taxation Rs. (10,58,493.91)
Deferred Tax Exps / Savings Rs. (1,364.92)
Provision for Bad Debts written back Rs. 43,20,727.83
Profit or (Loss) B/F from
Previous year Rs. (1,82,48,087.81)
Profit or Loss C/F to Balance Sheet Rs. (1,49,42,218.81)
2. PERFORMANCE
Your Directors are informing you that the company has incurred a loss
during the year. The Directors are very positive that the company will
make the profit in the coming year.
3. DIVIDEND
Your Directors have not recommended any dividend due to loss incurred
during the year.
4. EMPLOYEES REMUNERATION
The Company has no employees receiving remuneration is excess of Rs.
6000000/- (Rupees Sixty Lacs Only) during the year Or Rs. 500000/- (Rs.
Five Lacs Only) per month and hence particulars u/s 217 (2A) of The
Companies (Particulars of Employees) Rules 1975 as amended have not
been given.
5. AUDITORS
M/s S.K. Nayak & Co., Chartered Accountants, the Statutory Auditors of
the Company retires at the ensuing Annual General Meeting and is
eligible for re-appointment. The members are requested to consider
their re-appointment for the current financial year 2012-13 and
authorize the Board of Directors to fix their remuneration. The
retiring auditor have, under section 224 (1B) of the Companies Act,
1956, furnished certificate of their eligibility for the appointment.
6. ENERGY CONSERVATION. TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS AND OUT GO
The disclosures of particulars regarding energy conservation technology
absorption and foreign exchange earning out go as required in The
Companies (Disclosures of particulars in the report of Board of
Directors ) Rules 1988 in term of section 217 (1) (c) of The Companies
Act, are at present not applicable to the Company.
7. DIRECTORS RESPONSIBILITY STATEMENT
The Directors state that:
i) In the preparation of the annual accounts, the applicable accounting
standards have been followed.
ii) The Directors have selected such accounting policies and applied
them consistently and made judgments and estimate 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, 2012 and of the Profit or Loss of the
company for the year ended 31st March, 2012.
iii) 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 defecting fraud and other
irregularities; and
iv) The Directors have prepared the annual accounts ongoing concern
basis.
8. COMPOSITION OF BOARD OF DIRECTORS
There is change in the composition of the Board of Directors during the
year. Shri Om Prakash Tiwary has been appointed as an Independent
Director in the Company and Shri Sushil Kumar Sureka ceased to be the
Director of the Company w.e.f. 28.01.2012.
9. SECTRETARIAL COMPLIANCE CERTIFICATE
The compliance certificate obtained from Company Secretary in
whole-time practice in accordance with section 383(A) of the Companies
Act, 1956 and the rules made there under is annexed to this report.
10. ACKNOWLEDGEMENT
Your Directors wish to express their sincere appreciation for the
co-operation and support received from Government authorities,
Suppliers, customers and shareholders. The Directors also place on
record their appreciation for the dedication and commitment of all
employees of the Company.
For and on Behalf of the
Board of Directors of
M/s MS Securities Ltd
Manoj Kumar Saraf
Director
Place : Patna
Date : 11.08.2012
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