BAFNA SPINNING MILLS & EXPORTS LIMITED
Your Directors have pleasure in presenting the 21st Annual Report of theCompany together with the Audited Accounts for the financial year ended on 31stMarch 2012.
|1. Financial Results || ||(Rs. in Lacs) |
|Particulars ||2011-12 ||2010-11 |
|Sales ||45.25 ||- |
|Other income ||- ||6.4 |
|Depreciation ||0.33 ||1.18 |
|Other Expenditure ||43.86 ||3.6 |
|Profit/ Loss before Tax ||1.05 ||2.8 |
|Profit/Loss after Tax ||0.70 ||1.06 |
During the current year your company has achieved a reasonable level of growth. We arehoping that the phenomenal growth shall be achieved during the next coming years.
Mrs. Uma Bafna, Director of the company retires at the ensuring Annual General meetingand eligible for re-appointment.
Your directors' wish to place on record their appreciation for the contribution togrowth of the business made by employees at all levels. Information as required pursuantto section 217(2A) of the companies Act, 1956 has not been given, as it is not applicable.
4. Sub-division of Equity Shares:
In order to improve liquidity of the Company's Shares in the Stock Market and to makeit affordable to the small investors, the Board of Directors of the Company at theirmeeting held on 08/03/2011 considered it desirable to sub-divide the nominal value of theequity portion of the Authorized capital of the Company. This requires alteration ofClause V of Memorandum of Association. Hence, permission of shareholders for such wastaken in the duly convene Extra Ordinary General Meeting of the Company held on 1stApril, 2011. After that, equity Shares of the Company including the paid up Equity Sharesare sub divided such that each existing Equity Shares in the Authorized Share Capitalhaving face value of Rs. 5/-(Rupees Five) each sub-divided into 5(five) equity shares ofthe face value of Rs.l/-(Rupees One) each.
Your Company has filed necessary e-forms on MCA portal regarding sub division of Equityshares.
M/s K R Shah & Associates, Chartered Accountants, Ahmadabad, Auditor of the Companyretire at the conclusion of ensuing Annual General Meeting and being eligible, offerthemselves for Re-appointment.
During the year, Company has not accepted inter corporate Deposits, which falls underSection 58A of Companies Act, 1956.
7. Energy. Technology And Foreign Exchange
The additional information required to be disclosed in terms of notification No.1029dated 31st December, 1998 issued by the Department of Company Affairs, Ministryof Finance is not applicable.
8. Directors' Responsibility Statement
Pursuant to Section 217(2A) of Companies Act, 1956, the Directors confirm that:
i. In the preparation of Annual Accounts, appropriate accounting standard have beenfollowed.
ii. Appropriate accounting policies have been selected and applied consistently andjudgments and estimates made that are reasonable and prudent so as to give true and fairview of state of affairs of the company at the end of financial year ended 31st March,2012.
iii. Proper and sufficient care has been taken for the maintenance of adequateaccounting records in accordance with the provisions of Companies Act, 1956 for safeguarding the assets of the company and for preventing and detecting fraud and otherirregularities.
iv. The Annual Accounts have been prepared on going concern basis.
9. Auditor's Qualification
Auditors have qualified their report to the members of the Company. In this connectiondirectors of the Company have discussed the same at arm's length on the recommendation ofaudit committee and have imitated to take necessary action so as to show fair view ofstate of affairs of the company in the coming financial year.
10. Report on Corporate Governance
Compliance Report on Corporate Governance is a part of Annual Report is annexedherewith.
Your Directors wish to please on record their appreciation of the whole heartedco-operation extended to company from various departments of the central and stategovernments, company' bankers and financial institutions and employees of the company andlook forward for the same cordial relationship in coming years.
|PLACE: COIMBATORE ||FOR AND ON BEHALF OF THE BOARD |
|DATE : 01/09/2012 ||Sd/- |
| ||CHAIRMAN |