Your Directors have pleasure in presenting their Annual Report together with theAudited Statement of Accounts for the Financial Year ended on 31st March 2012.
(1) FINANCIAL AND WORKING RESULTS:
|PARTICULARS ||2011-2012 (9 months) ||2010-2011 (15 months) |
| ||(Rs.) ||(Rs.) |
|PROFIT BEFORE DEPRECIATION AND TAX : ||699656 ||9929277 |
|(LESS) : Depreciation ||(615893) ||(1602003) |
|PROFIT BEFORE TAXATION : ||83763 ||7785482 |
|(LESS): Current Tax ||(15850) ||(250000) |
|PROFIT FOR THE YEAR ||67913 ||7535482 |
The Company has not accepted deposits during the year within the meaning of theprovisions of Companies (Acceptance of Deposits) Rules 1975.
In view of long term interests of the Company your Directors do not recommend anydividend.
(4) PARTICULARS OF EMPLOYEES:
There was no employee drawing remuneration of Rs.6000000 p.a. or Rs.500000 p.m. forpart of the year or more and hence no particulars have been furnished as required underSection 217(2A) of the Companies Act 1956.
(5) PARTICULARS RELATING TO CONSERVATION OF ENERGY:
A. CONSERVATION OF ENERGY:
The Company does not have material information required under Section 217 (I) (e) ofthe Companies Act 1956 read with the Companies (Disclosures of Particulars in the Boardof Directors) Rules 1988 to offer and hence no particulars have been furnished.
B. FOREIGN EXCHANGE EARNING & OUTGO:
During the year the Company has neither earned nor spent any amount on foreignexchange during the year.
Mr. Santosh Kahar Mr. Sombhai Thakkar & Mr. Bachubhai Thakkar retire at thisAnnual General Meeting and being eligible offer themselves for reappointment as Directorliable to retire by rotation.
(7) DIRECTORS' RESPONSIBILITY STATEMENT:
(i) The Directors have followed the applicable accounting standards along with properexplanation relating to material departure while preparing the annual accounts;
(ii) The Directors have selected such accounting policies and applied them consistentlyand made judgments and estimates that were reasonable and prudent so as to give true andfair view of the state of affairs of the Company at the end of financial year and of theprofit of the Company for the period;
(iii) The Directors have taken proper and sufficient care for the maintenance ofadequate accounting records in accordance with the provisions of this Act for safeguardingthe assets of the Company and for preventing and detecting fraud and other irregularities;
(iv) The Directors have prepared the annual accounts on a going concern basis.
M/s. N.R. Parikh & Co. Chartered Accountants Vadodara Auditors of the Companyretire at the conclusion of this Annual General Meeting. They have confirmed that theirreappointment if made would be within the limit under section 224(1B) of the CompaniesAct 1956. You are requested to appoint Auditor and fix their remuneration.
Your Directors wish to thank the Government Authorities Banks Customers Suppliersand Shareholders for their continued support. Your Directors also take this opportunity torecord their appreciation for the contributions made by all the employees to theoperations of the Company during the year.
For and on behalf of the board
(Jayesh Raichandbhai Thakkar)
Place : Vadodara
Date : 01.09.2012