To the Members,
The directors are pleased to present the Fifteenth Annual Report
together with the Audited Accounts for the year ended 31st March 2012.
FINANCIAL RESULTS
Rs. Rs.
Year ended Year ended
31.03.2012 31.03.2011
Profit/Loss before depreciation, Tax (26365) (603010)
Add/Less: Depreciation 63834 64892
Profit/Loss after depreciation (90199) (667902)
Provision for taxation 0 0
Profit/Loss after Tax (90199) (667902)
Previous year's loss transferred (31362045) (30694143)
Loss transferred to Balance Sheet (31500594) (31362045)
OPERATIONS:
Your Company has been focusing on flat promotion. The rising price of
raw materials including the phenomenal increase in the cost of land has
had an adverse effect on the Company s financial position. During the
current year the company has started operations again.
DIVIDEND:
The Board of Directors has not recommended any dividend.
DIRECTORS:
Mr. P. Prajeesh and Mr. Rs. Ghanesh, Directors are retiring by rotation
at the ensuing Annual General Meeting and are eligible for
re-appointment.
AUDITORS:
The Board of Directors recommends the appointment of M/s.
Vijayaraghavan and Associates, Chartered Accountants as the Auditors of
the Company for the financial year 2012-13.
DIRECTORS RESPONSIBILITY STATEMENT PURSUANT TO SECTION 217 (2AA) OF THE
COMPANIES ACT, 1956:
The Directors, to best of their knowledge and belief, confirm that:
1. that in the preparation of the annual accounts, the applicable
accounting standards have been followed and there has been no material
departure.
2. that the selected accounting policies were applied consistently and
the directors 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 2012 and of the Loss of the company for
the year ended on that date.
3 that proper and sufficient care has been taken 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.
4. that the annual accounts have been prepared on a going concern
basis.
During the year under review the Company has neither invited nor
received any deposits from the public.
AUDITORS REPORT:
The Report of the Auditors being self-explanatory needs no further
comments.
FOREIGN EXCHANGE EARNINGS AND OUTGO:
Foreign Exchange Earnings: Rs. NIL Foreign Exchange Outgo: Rs. NIL
(Previous year Rs. NIL) (Previous year Rs. NIL)
INFORMATION AS PER SECTION 217(1) (E) OF THE COMPANIES ACT, 1956:
The Company has no activity relating to conservation of energy or
technology absorption.
PARTICULARS OF EMPLOYEES
There are no employees drawing salary in excess of the monetary ceiling
prescribed under Section 217 '(2A) of the Companies Act, 1956 read
with the Companies (Particulars of - Employees) Rules, 1975 during the
financial year 2011-12.
INDUSTRIAL RELATIONS:
Industrial relations continued to be cordial.
LISTING:
The securities of the Company are listed on the Bombay Stock Exchange
Limited and Madras Stock Exchange Limited.
CORPORATE GOVERNANCE:
The Company has complied with the statutory provisions of Corporate
Governance as prescribed . under the Listing Agreement of the Stock
Exchanges with which the Company's shares have been listed. A
separate Report on Corporate Governance is enclosed as part of this
Annual Report. A certificate as to compliance with the conditions of
Corporate Governance as stipulated under Clause 49 of the Listing
Agreement is annexed to the Report on Corporate Governance.
AUDIT COMMITTEE:
In consonance with Corporate Governance norms, Mr. P. Magesh,
Independent Director of the Board, has been appointed as the Chairman
of the Audit Committee.
COMPLIANCE CERTIFICATE:
A certificate from the Auditors of the Company regarding compliance of
conditions of Corporate Governance as stipulated under Clause 49 of the
Listing Agreement is attached to this report. A Compliance Certificate
by a Company Secretary in whole-time practice, as required by section
383A of the Companies Act, 1956 is also attached to the Directors
Report.
CASH FLOW STATEMENT:
In conformity with the provision of Clause 32 of the Listing Agreement
with the Stock Exchanges, Cash Flow Statement for the year ended
2011-12 is annexed hereto.
ACKNOWLEDGEMENTS:
The Board of Directors place on records its application for the
assistance and co-operation received from the Government Authorities.
The Board also places on record its gratitude to the employees at all
levels for their commitment and dedicated efforts. The Directors are
also thankful to the shareholders for their continued support to the
Company.
By order of the Board
Place: Chennai
Date: 07.05.2012
T.N.T.Raajasekar
Managing Director |