Dear Members,
The Directors are pleased to present the Eighteenth Annual Report
together with the Audited Accounts for the year ended 30th September,
2013 and also in highlighting the performance of the Company in the
previous year along with the scope of the profit generating capacity of
the Company in the years to come.
REVIEW OF OPERATIONS:
The working results of the company for the year are furnished as
follows:
Particulars Year ended Year ended
2012-2013 2011-2012
Net Profit/(Loss) (7,25,730) (7,23,955)
Less: Depreciation 62,004 62,004
Profit/(Loss) before Taxation (6,63,726) (6,61,951)
Less: Provision for Taxation
Less: Deferred Tax (1,63,203)
Profit / (Loss) After Tax (6,63,726) (8,25,154)
Add: Provision written back
Balance Transfer last year (12,26,102) (4,00,952)
Balance Carried Forward (18,89,832) (12,26,106)
OVERALL PERFORMANCE:
The Company in the year under consideration has survived the
competition and managed to maintain and perform its business
activities. The Company has consolidated its business activities in
order to remove those which were having a negative impact on the
Turnover of the Company. The company's portfolio of activities includes
those activities wherein Company has emerged as a competitive
organization and wherein Company can integrate its Business.
During the Financial Year under consideration i.e. 2012-2013, the
Company has incurred a loss/profit before tax of Rs (8,25,154)
DIVIDEND:
With a view to conserve the resources of the Company, the board has not
recommended any dividend to the members this year.
PUBLIC DEPOSITS:
The Company has not accepted any deposits from public in accordance
with Section 58A of the Companies Act, 1956.
AUDITORS:
M/s Agarwal Jain & Gupta, Chartered Accoutants, Jaipur and auditors of
the Company retires as Statutory Auditors of the Company at the
conclusion of the ensuring Annual General Meeting. Statutory Auditors
have confirmed their eligibility and willingness to accept the office
on re -appointment. The necessary resolution seeking your approval for
re-appointment of Statutory Auditor has been incorporated in the Notice
convening the Annual General Meeting.
NOTES ON ACCOUNTS:
With reference to the point no. 4(iv) of the Auditors Report we would
like to state that:
For qualification of Auditor of the Company on AS -6 few assets of the
Company are not actually use in the operations of the Company and
Company have also received advances against such assets and are likely
to be disposed off in the next year.
For qualification of Auditor of the Company on AS-15: There is no any
employee on whom Gratuity Act is applicable so, provision for gratuity
is not required.
EMPLOYEES:
There are no employees who are in receipt of remuneration exceeding the
limit specified under Section 217(2A) of the Companies Act, 1956 read
with Companies (Particular of Employees) Rules, 1975 as amended.
CONSERVATION OF, ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE
EARNINGS AND OUTGO.
Consumption of Energy & Technology absorption:
The details as required under Section 217(1) (e) of the Companies Act,
1956, read with the Companies (Disclosure of Particulars in the report
of the Board of Directors) Rules, 1988 in respect of conservations of
energy, technology absorption are not applicable.
DIRECTORATE:
During the year under review Mr. Anurag Prasad and Ms. Neha Londhe
retire by rotation as Director of the Company at the ensuing Annual
General Meeting and being eligible, offers themselves for re
-appointment. During the year Mr.Manoj Kumar Dubey and Mr.Rakesh Kumar
Sharma was appointed as additional directors of the company.
CORPORATE GOVERNANCE:
Pursuant to Clause 49 of the listing agreement with the Stock Exchange,
the Corporate Governance Report along with Certificate by the
Practicing Company Secretary on its compliance, Management Discussion
and Analysis Report forms a part of this Annual Report.
DIRECTORS RESPONSIBILITY STATEMENT:
Pursuant to the requirement under Section 217(2AA) of the Companies
Act, 1956 with respect to Directors' Responsibilities Statement, the
Directors of the company hereby state and confirm that:
1. In the preparation of the annual accounts, the applicable
accounting standards have been followed along with proper explanation
relating to material departures:
2. The Company has 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 loss/profit of the
Company for the period under review;
3. The Company has 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
4. The accountants for the year ended 30th September, 2013 are
prepared on a "Going Concern Basis".
ACKNOWLEDGEMENT:
The Board places on record the appreciation of the sincere and devoted
services rendered by all the employees and the continued support and
confidence of the Shareholders. The Board also expresses their sincere
thanks to the banks and all other well wishers for theirtimely support.
By Order of the Board
Sd/- Sd/-
Place: Ahmedabad Salman Ansari Anurag Prasad
Date: 02/12/2013 Managing
Director Director |