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Ascent Exim (India) Ltd.

BSE: 511750 Sector: Others
NSE: N.A. ISIN Code: INE138E01012
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Ascent Exim (India) Ltd. (ASCENTEXIMI) - Director Report

Company director report

DIRECTORS

TO THE SHAREHOLDERS

Your Directors have great pleasure in presenting their 19th Annual Report together withthe Audited accounts for the year ended October 31, 2012.

FINANCIAL RESULTS: Year ended 31,10.2012 Year ended 31.10.2011
Rs. Rs.
Total Income 486,430 39,035
Profit/ (Loss) before tax 27,044 (531,028)
Tax Expense
- Current Tax 0 0
-Deferred Tax (38,160) (33,927)
- Excess/Short Provision of Tax 0 0
Balance carried Forward 65,204 (539,919)

DIVIDEND:

Due to no business activity on hand, and carry forward Losses, your Directors expresstheir inability to recommend any dividend for the year ended October 31, 2012.

OPERATIONS:

Your Company has achieved a Total Income of Rs. 4.86 Lacs as Compared to Rs. 0.39 Lacsfor the previous year. Your Company suffered a Net Loss of Rs 65,204/- in the currentyear.

Your board is confide it of achieving better results and better performance during thecurrent year.

BOARD OF DIRECTORS:

As per the provisions of the Companies Act, 1956, and in terms of the Articles ofAssociation of the Company, Mr. Ishwar Chand Jain, Director of the Company, retires byrotation and being eligible, offer himself for re-appointment.

DIRECTORS RESPONSIBILITY STATEMENT:

Pursuant to Section 217(2AA) of the Companies Act, 1956 the Directors confirm that:

1. In the preparation of the annual accounts, the applicable accounting standards havebeen followed.

2. Appropriate policies have been selected and applied consistently and judgments andestimates wherever made are reasonable and prudent so as to give a true and fair view ofthe state of affairs of the Company as at the end of the year.

3. Proper and sufficient care has been taken for the maintenance of adequate accountingrecords in accordance with the provisions of the Companies Act, 1956 for safeguarding theassets of the Company and for preventing and detecting fraud and other irregularities.

4. The annual accounts have been prepared on a going concern basis.

AUDITORS:

During the year M/s. NGS& CO., Chartered Accountants, Auditors of the Company havechanged their status from partnership firm into Limited Liability Firm [LLP] and now theirname stands as M/s. NGS & CO. LLP, Chartered Accountants.

M/s. NGS & CO. LLP, Chartered Accountants, Auditors of the Company retires byrotation and being eligible for re-appointment offers themselves for re-appointment.

The Company has received a certificate from them that they are qualified under section224 (1-B) of the Companies Act, 1956, for appointment as Auditors of the Company. Membersare requested to consider their appointment at a remuneration to be decided by the Boardof Directors for the financial year ending October 31, 2013 as set out in the Noticeconvening the Meeting.

AUDITORS' OBSERVATIONS:

The observations of the auditors contained in their Report have been adequately dealtwith in the Notes to the Accounts given in Notes 1-22, which are self explanatory and,therefore, do not call for any further comments.

AUDIT COMMITTEE:

In accordance with the provisions of the Listing Agreement and Corporate Governance theCompany had constituted an Audit Committee. The Audit Committee acts in accordance withthe terms of reference specified from time to time by the Board.

CORPORATE GOVERNANCE:

Your Company continued to practice good governance as set out by the Securities andExchange Board of India. In addition to the basic governance issues, the Board laid astrong emphasis on transparency, accountability and integrity. The detailed report oncompliance of Corporate Governance and Management Discussion Analysis as stipulated inClause 49 of the Listing Agreement \s enclosed and form part of this Report.

SECRETARIAL COMPLIANCE CERTIFICATE:

Pursuant to provisions of Section 383A of the Companies Act, 1956 and the rules madethereunder, the Company has obtained a Compliance Certificate from GMJ & Associates,Company

Secretaries. The same is attached herewith.

CODE OF CONDUCT:

Your Company is committed to conducting its business in accordance with the applicablelaws, rules and regulations and highest standards of business ethics. In recognitionthereof, the Board of Directors has implemented a Code of Conduct for adherence by theDirectors and Senior Management Personnel of the Company. This will help in dealing withethical issues and also foster a culture of accountability and integrity.

DEPOSITORY SERVICES:

The Company's Equity Shares are admitted to the depository mechanism of the NationalSecurities Depository Limited (NSDL) and also the Central Depository Services Limited(CDSL). As a result the investors have an option to hold the shares of the Company in adematerialised form in either of the two Depositories. The Company has been allottedISIN No. INE138E01012.

Shareholders' therefore are requested to take full benefit of the same and lodge theirholdings with Depository Participants [DPs] with whom they have their Demat Accounts forgetting their holdings in electronic form.

FIXED DEPOSITS:

The Company did not accept any fixed deposits during the year ended October 31, 2012.

PARTICULARS REGARDING CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGNEXCHANGE EARNING AND OUTGO:

The information pursuant to section 217 (I) (e) of the Companies Act, 1956 read withthe Companies (Disclosure of particulars in the Report of Board of Directors) Rules 1988are not applicable to the Company as the Company is not engaged in manufacturingactivities.

Foreign Exchange Earnings & outgo: Rs. NIL [Pr. Yr. NIL]

PARTICULARS OF EMPLOYEES:

None of the employees of the Company came within the purview of the informationrequired u/s 217 (2A) of the Companies Act, 1956 read with the Companies (particulars ofEmployees) Rules, 1975 as amended.

LISTING:

The Equity Shares of the Company are at present listed with the Bombay Stock ExchangeLimited, Phiroze Jeejeebhoy Towers, Dalai Street, Mumbai 400 001.

The Company is regular in payment of listing fee.

SAFETY, ENVIRONMENTAL CONTROL AND PROTECTION:

The Company has taken all the necessary steps for safety and environmental control andprotection at all its plants.

ACKNOWLEDGMENT:

The Directors wish to convey their appreciation to the Company's shareholders,customers, suppliers, bankers, distributors and all the technology partners for thesupport they have given to the Company and the confidence, which they have reposed in itsmanagement and the employees for the commitment and dedication shown by them.

Registered Office: For & on behalf of the Board
Capco Exports, For Ascent Exim [India] Limited
Jeevan Sahakar Building, 3rd Floor,
5, Homji Street, Fort,
Mumbai - 400 001. Sd/- Sd/-
January 31, 2013. Directo r Director

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