TO THE SHAREHOLDERS
Your Directors have pleasure in presenting the 19th Annual Report of the Company alongwith the Audited Accounts for the year ended 31St March, 2013.
(Rs. in Lakhs)
|PARTICULARS ||CURRENT YEAR ||PREVIOUS YEAR |
| ||(2012 - 2013) ||(2011 -2012) |
|Profit before Depreciation & Finance Charges || ||(203.43) || ||(4.95) |
|Less : Finance Charges ||0.00 || ||0.00 || |
|Depreciation ||35.30 ||35.30 ||35.30 ||35.30 |
|Net Profit after Depreciation & Finance Charges || ||(238.73) || ||(40.25) |
|Appropriations || || || || |
|Provision for Taxation || ||0.00 || ||0.00 |
|Deferred Tax || ||(5.56) || ||(14.55) |
|General Reserve || ||0.00 || ||0.00 |
Your Directors express their inability to recommend any dividend for the year underreview, due to cash losses incurred in the current and previous years.
CURRENT YEAR WORKING
Your Directors envisage that in the Current year the Company may make efforts tore-start the business operations.
DISCLOSURE UNDER LISTING AGREEMENT
The Equity Shares of the Company are now listed only at the Bombay Stock Exchange Ltd.and the Company has paid the listing fee of the exchange. The Shares of the Company arestill in physical form.
Shri Imtiaz Ahmad, Director of the Company, retire by rotation at the ensuing AnnualGeneral Meeting & being eligible offers himself for re-appointment.
Shri Naresh Kumar Chairman & Mg. Director of the Company ceased to be a Director ofthe Company due to his untimely demise on February 13, 2013. He was the promoter directorand was associated with the Company since its incorporation. None of the Directors of theCompany is disqualified under Section 274(1)(g) of the Companies Act, 1956.
The Audit Committee functioned in respect of the matters provided in clause 49 of theListing Agreement and Section 292A of the Companies Act, 1956. The Audit Committeecomprised of Mr. Imtiaz Ahmed, Chairman, Mr. Dharam Pal and Mr. Mohit Kumar as members ofthe Committee.
DIRECTORS' RESPONSIBILITY STATEMENT
Pursuant to the provisions of Section 217(2AA) of the Companies Act, 1956, theDirectors give hereunder the Directors' Responsibility Statement relating to the Accountsof the Company:
a) All the applicable Accounting Standards have been followed in the preparation of theaccompanying accounts;
b) The Directors have selected such accounting policies and applied them consistentlyand made judgments and estimates that are reasonable and prudent so as to give a true andfair view of the state of affairs of the Company at the end of the financial year on March31, 2013 and of the Profit and Loss of the Company for the said period;
c) The Directors have taken proper and sufficient care for the maintenance of adequateaccounting records in accordance with the provisions of the Companies Act, 1956 forsafeguarding the assets of the Company and for preventing and detecting fraud and otherirregularities; and
d) The Directors have prepared the Annual Accounts on a going concern basis.
The Auditors M/s A.K.G. & Associates, Chartered Accountants, retire at theconclusions of the forthcoming Annual General Meeting and being eligible offer themselvesfor re-appointment. The Company has received the consent and the requisite Certificateunder Section 224(16) of the Companies Act, 1956 from them.
During the period under review, your Company has not taken any Fixed Deposit within themeaning of Section 58A of the Companies Act, 1956 and the rules made there under.
In terms of the Listing Agreement, Management Discussion and Analysis Report isannexed and forms part of the Annual Report. A report on Corporate Governance along withthe Auditors Certificate on its compliance also annexed forming part of the Annual Report.
PARTICULARS OF EMPLOYEES
None of the employee of your Company is covered under section 217(2A) of the CompaniesAct, 1956 read with the Companies (Particulars of Employees) Rules, 1975 as amended.
CONSERVATION OF ENERGY,TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO
The information relating to conservation of energy, technology absorption and foreignexchange earnings and outgo as required under Section 217(1)(e) of the Companies Act, 1956read with Companies(Disclosure of particulars in the report of Board of Directors) Rules,1988 is annexed and forms part of this report.
Your Directors appreciated the dedicated services rendered by all concerned associatedwith the Company at all levels.
| || ||For & on behalf of the Board |
|Place : Kamal ||Mohi t Kumar ||Imtiaz Ahmad |
|Date : May 30,2013 ||Director ||Directo r |
ANNEXURE TO DIRECTORS' REPORT
INFORMATION AS PER SECTION 217(1 He) READ WITH COMPANIES (DISCLOSURE OF PARTICULARS INTHE REPORT OF BOARD OF DIRECTORS) RULES, 1988 AND FORMING PART OF THE DIRECTORS' REPORTFOR THE YEAR ENDED 31ST MARCH, 2013
(I) CONSERVATION OF ENERGY: The Company has not carried out any production duringthe year; hence no efforts were required for conservation of energy.
A. POWER AND FUEL CONSUMPTION:
| ||Current Year 2012-13 ||Previous Year 2011-12 |
|a) Purchased Units ||Nil ||Nil |
|Total Amount(Rs.) ||Nil ||Nil |
|Rate/Unit (Rs.) ||Nil ||Nil |
|b) Own Generation(Through DG Sets) || || |
|Units (approx.) ||Nil ||Nil |
|Units per Itr. of Diesel Oil ||Nil ||Nil |
|Cost/Unit(Rs.) ||Nil ||Nil |
|B. CONSUMPTION PER UNIT(M.T.) OF PRODUCTION || || |
|Production Unit(M.T.) ||Nil ||Nil |
|Finished Unit (M.T.) ||Nil ||Nil |
|Electricity ||Nil ||Nil |
(II) TECHNOLOGY ABSORPTION RESEARCH AND DEVELOPMENT
1. Specific Areas in which R & D carried out by the Company: Nil.
2. Benefit derived as a result of the above R & D: NIL
3. Future Plan of Action: To compete and enter in the quality conscious markets in theworld.
(III) FOREIGN EXCHANGE EARNINGS AND OUTGO
| ||Current Year ||Previous Year |
| ||2012-13 ||2011-12 |
|Foreign Exchange Earnings (Rs.) ||Nil ||Nil |
|Foreign Exchange Outgo (Rs.) ||Nil ||Nil |
| || ||For & on behalf of the Board |
|Place : Karnal ||Mohit Kumar ||Imtiaz Ahmad |
|Date : May 30, 2013 ||Director ||Director |