| The Directors have pleasure in presenting the 20th Annual Report on the
operations of the Company and the Audited Statement of Accounts for the
year ended 31st March, 2013.
1. Financial Results and performance of the Company
Particulars Current year Previous year
2012-2013 2011-2012
(Rs.in Lacs) (Rs. in Lacs)
Net Sales* Other Income NIL 121.79
Profit before depreciation and Tax (3.87) 5.47
Less : Depreciation NIL NIL
Profit/(Loss) before Extra Ordinary
Item and Tax (3.87) 5.47
Profit/(Loss) before Tax (3.87) 5.7
Less: a) Current Income Tax NIL 11.15
(Loss) after Tax (3.87) 432
Less: Balance, being Loss brought
forward From Previous Year (344.50) (349.17)
Balance, being Profit/Loss
carried to Balance Sheet (348.37) (344.50)
During the year under review, the Company has not earned any income as
compared with the results of previous year during which the company had
earned a profit of Rs. 4,31,971.21/-. Though the operations of the
Company are yet to start, your Directors are very much positive to
revive the company. The Board is looking for further funding into the
Company to start business activities.
2. Dividend
The Board of Directors does not recommend any dividend for the
financial year 2012-2013.
3. Public Deposit
The Company has not accepted any deposits including fixed deposits from
the public under section 58A and 58AA of the Companies Act. 1956 read
with Companies (Acceptance of Deposit) Rules, 1975, during the
financial year.
4. Directors' Responsibility Statement
Pursuant to the requirement under Section 217 (2AA) of the Companies
Act, 1956 with respect to Director's Responsibility Statement, it is
hereby confirmed:
That in preparation of the annual accounts for the financial year ended
31sl March, 2013 the applicable accounting standards had been followed
along with proper explanation relating to material departures;
That the Directors have consulted, in selection of the accounting
policies, the statutory auditors and applied them consistently and made
judgments and estimates that were reasonable and prudent so as to give
true and fair view of the state of affairs of the Company at end of the
financial year and of the profit or loss of the Company for the year
under review;
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; and
That the annual accounts for the FY ended 3 Is1 March, 2013 have been
prepared on a 'going concern' basis.
5. Directors
During the year under review Mrs. Anupma Agarwal, the executive
Director of the company retires by rotation at the ensuing Annual
General Meeting and, being eligible, offers herself for reappointment
to the Board of your Company.
6. Accounts and Auditors Report
The observations of the Auditors' Report read together with the
relevant notes to the accounts are self-explanatory and therefore. do
not call any further comments.
7. Auditors
The Company's auditors M/s. Gupta Jalan & Associates, Chartered
Accountants, retire at the conclusion of the ensuing Annual General
Meeting of the Company. They being eligible offer themselves for
re-appointment. A certificate has been received from the Auditors to
the effect that their appointment if made would be within the
prescribed limits under 224 (IB) of the Companies Act. 1956.
8. Personnel
During the year no employee, whether employed for the whole year or
part of the year, was drawing remuneration exceeding the limits as laid
down under Section 217 of the Companies Act, 1956. Therefore, the
information as required under Section 217(2A) of the Act. read with the
Companies (Particulars of Employees) Rules, 1975, is not being given.
9. Conservation of Energy and Technology Absorption
The Company's (Disclosure of Particulars in the Report of the Board of
Directors') Rules, 1998, require the disclosure of particulars
regarding Conservation of Energy in Form-A and Technology Absorption in
Form-B prescribed by the Rules. During the year the company was not
involved in any manufacturing activities, which require consumption of
energy or technology absorption.
10. Foreign Exchange Earnings & Outgo - NIL
11. Corporate Governance
Your Company has followed good corporate governance practices since
inception in accordance with the code of Corporate Governance. A
separate section on Corporate Governance and a Certificate from the
Auditors of the Company regarding compliance of conditions of Corporate
Governance as stipulated under Clause 49 of the Listing Agreements with
the Stock Exchanges forms part of the Annual Report.
12. Secretarial Compliance Certificate
The Company has obtained a compliance certificate from a practicing
Company Secretary and the same is annexed hereto and forms part of the
report.
13. Statement pursuant to Listing Agreements:
The Compan)'s securities are presently listed at Delhi Stock Exchange,
Bombay Stock Exchange, UP Stock Exchange- Kanpur. Jaipur
Stock'Exchange. Chennai Stock Exchange and Kolkata Stock Exchange. The
Company has paid Annual Listing Fees for the Bombay Stock Exchange.
The Company had sought, during last financial year, delisting form the
UP Stock Exchange - Kanpur, Jaipur Stock Exchange, Chennai Stock
Exchange and Kolkata Stock Exchange. After such delisting, the equity
shares of the Company will continue to remain listed on the Bombay
Stock Exchange and Delhi Stock Exchange. The Board is yet to decide for
further steps on this matter.
The Management's Discussion and Analysis in compliance with Clause 49
of the Listing Agreements forming part of this Report is attached
hereto and forms part of this report.
14. Acknowledgement
Your Directors thank the Company's bankers/ financial institutions,
creditors, stock exchanges, RTA, the shareholders and all other
stakeholders for the continued support and co-operation and assistance
extended by them to the Company and look forward for their continued
support.
For and On behalf of the
Board of Directors
For SUDEV INDUSTRIES LIMITED
Rajiv Agarwal Anupma Agarwal
Director Director
Place: New Delhi
Date: 31 08 2013
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