| To, The Members
The Directors' present the Annual report on the business and operations
of your Company for the year 2011-2012.
FINANCIAL RESULTS AND OPERATIONAL REVIEW:
The Company has incurred loss of Rs. 3,55,87,102/- during the financial
year 2011-12. However, the Company incurred loss. Directors have
started to explore various other opportunities to improve the working
results in future.
PARTICULARS OF EMPLOYEES:
No employee of the Company was in receipt of remuneration above the
limit specified under Section 217(2A) of the Companies Act, 1956 as
amended from time to time.
DIRECTORS:
Mr. Nitin Kedia, Directors of the Company is liable to retire by
rotation at the ensuing Annual General Meeting and being eligible,
offer them for re- appointment.
RESPONSIBILITY STATEMENT:
As required u/s 217(2AA) of the Companies Act, 1956 your Director
confirms that in the preparation of the annual accounts.
The applicable accounting standards have been followed along with
proper explanation relating to material departures.
Such accounting policies have been selected and applied consistently
and reasonable and prudent judgments and estimates made, 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 the profit/loss of the company for that
period.
Proper and sufficient care has been taken for the maintenance of the
adequate accounting records in accordance with provisions of this act
for safeguarding the assets of the company and for preventing and
detecting fraud and other irregularities.
The annual accounts have been prepared on a going concern basis.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE:
As required under rule 3 of the Companies (Disclosure of Particulars in
the report of Board of Directors) Rules 1998, the particulars relating
to the conservation of energy, Technology absorption, and the foreign
exchange earnings and outgo are also Nil.
APPOINTMENT OF AUDITORS:
M/s. J H Ghumara & Co., Chartered Accountants, Mumbai the retiring
auditors being eligible offer themselves for re-appointment. Members
are requested to appoint them as auditors of the company for the next
year till the conclusion of next Annual General Meeting of the Company.
PUBLIC DEPOSITS
The Company has not accepted any deposits from the public during the
year under review. Your Company is listed with the Bombay Stock
Exchange.
MANAGEMENT DISCUSSION AND ANALYSIS:
Management discussion and analysis Report, pursuant to Clause 49 of the
Stock Exchange Listing agreement, forms part of this Report and the
same is annexed hereto.
REPORT ON CORPORATE GOVERNANCE:
A separate Report on Corporate Governance along with Certificate from
Auditors on its compliance as annexed hereto.
SEGMENT:
Your Company is engaged in a single segment only.
ACKNOWLEDGEMENT:
The management is grateful to the government authorities, Bankers,
Vendors for their continued assistance and co-operation. The directors
also wish to place on record the confidence of members in the company.
For & on behalf of the Board of Director
Date: 19/06/2012
Place: Mumbai Sd/- Sd/- Sd/-
(Santosh Karambelkar) (Umesh Ghelani) (Nitin Kedia)
Director Director Director |