To, The Members,
Your Directors are pleased to present the Annual Report with Audited Accounts of yourCompany for the year ended 31st March, 2012.
|FINANCIAL RESULTS || || |
| || ||(in Rs.) |
| ||2011-2012 ||2010-2011 |
|Profit before Financial Charges, || || |
|Depreciation and Taxation ||(1016944) ||(815179) |
|Less: Financial Charges ||( 3460) ||(2305) |
|Less: Depreciation ||0 ||0 |
|Profit before Taxation ||(1020404) ||(817484) |
|Less: Provision for Taxation ||0 ||0 |
|Profit after Taxation ||(1020404) ||(817484) |
The Company has not doing manufacturing activity during the previous year hence grossincome is Nil. How ever, The Companys net loss is Rs. (1020404)/-
The Directors have not proposed any Dividend for the year.
No Fix Deposit were accepted during the year under review. Particulars of UnclaimedDeposit
1) Unclaimed Deposit- NIL
2) No. Unclaimed Depositors- NIL
The observation made in the auditors report, read together with the relevantnotes there on are self explanatory and hence, do not call for any comments under section217of the Companies Act, 1956.
During the year under review there was no employee in the employment of the companyfalling within the purview of section 217(2A) of the Companies Act, 1956 read with rulesthere under.
Pursuant to the provisions of the Companies Act, 1956 and the Articles of Associationof Company the director of the company is to retire by rotation and being eligible offerhimself re- appointment.
The observations of the auditors in their report are explained in the notes on theaccounts, which are self-explanatory.
RAKSHIT M. SHAH & CO.. Chartered Accountants, Ahmedabad are the retiring Auditorand RAKSHIT M. SHAH & CO. Appointed as statutory auditor. The Company has obtained acertificate from auditor as required under Section 224 (1-B) of the Companies Act, 1956 tothe fact that their reappointment if made, would be in conformity with the limit specifiedin that section.
None of the employees of your Company is drawing remuneration exceeding the limit laiddown under section 217 (2A) of the Companies Act, 1956 read with Companies (Particulars ofEmployees) Rules, 1975 as amended.
DIRECTORS RESPONSIBILITY STATEMENT
Pursuant to Section 217 (2AA) of the Companies (Amendment) Act 2000, the Directorsconfirm that:
i) In the preparation of the annual accounts, the applicable accounting standards havebeen followed;
ii) Appropriate accounting policies have been selected and applied consistently andjudgments and estimates have been made that are reasonable and prudent so as to give atrue and fair view of the state of affairs of the Company as on march 31, 2012 and of theloss of the Company for the year ended March 31,2012;
iii) Proper and sufficient care has been taken for the maintenance of adequateaccounting records in accordance with the provisions of Companies Act, 1956 forsafeguarding the assets for your Company for preventing and detecting fraud and otherirregularities;
iv) The annual accounts have been prepared on a going concern basis.
The Directors wish to thank Companys Bankers and government authorities for allthe help and encouragement they extended to the Company. Your directors deeply acknowledgethe continued trust and confidence that our shareholders have placed in the Company.
| ||By order of the Board |
| ||For SWEATAMBER STEEL LTD. |
| ||Sd/- |
|Place : Baroda ||Bhupendra Shah |
|Date : 11/08/2012 ||CHAIRMAN |