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Gee Gee Granites Ltd.

BSE: 515097 Sector: Others
NSE: N.A. ISIN Code: INE164F01015
BSE 05:30 | 01 Jan Gee Gee Granites Ltd
NSE 05:30 | 01 Jan Gee Gee Granites Ltd

Gee Gee Granites Ltd. (GEEGEEGRANITES) - Director Report

Company director report

Your directors have pleasure in presenting the Twenty Third Annual Report and theAudited Accounts for the financial year ended 31st March 2013.

FINANCIAL RESULTS: 2012-2013 2011-2012

(Rupees in lakhs)

Sales
Other income
Total income
Profit/(Loss) before Depreciation and tax (7.85) (3.04)
LESS: Depreciation
Net Profit/(Net Loss) (7.85) (3.04)
Tax expenses: Deferred tax 39.52
Profit/(Loss) aftertax 31.67 (3.04)
ADD: Surplus/(Deficit) brought forward from previous year (501.15) (498.11)
Net Profit / (Loss) carried to Balance sheet (469.47) (501.15)

ACTIVITIES

The Board of Directors of your Company are pleased to inform you that they weresuccessful in restoring the trading in the equity shares of your Company on Bombay StockExchange. The Exchange has revoked the suspension earlier imposed on the trading of thesecurities of your Company w.e.f. 14th September 2012.

DIVIDEND

In view of the Loss your directors do not recommend any dividend for the current year.

DEPOSITS

The Company has not invited or accepted any deposits from the public.

DIRECTORS:

During the year Mr.V.V.Naaraayan retires by rotation and being eligible offers himselffor reappointment.

AUDITORS:

M/s B.P. Jain & Co. Chartered Accountants Chennai retire at the forthcomingAnnual General Meeting and being eligible offer themselves for reappointment.

PARTICULARS OF EMPLOYEES:

There is no employee during the year under review whose particulars are required to begiven as per the provisions of Section 217 (2A) of the Companies Act 1956.

DIRECTORS' RESPONSIBILITY STATEMENT

Your Directors confirm:

i. that in the preparation of the annual accounts the applicable accounting standardshave been followed;

ii. that the Directors have selected such accounting policies and applied themconsistently and made judgments and estimates that are reasonable and prudent so as togive a true and fair view of the state of affairs of the Company as at 31stMarch 2013 and of the profits of the Company for that year;

iii. that the Directors had taken proper and sufficient care for the maintenance ofadequate accounting records in accordance with the provisions of the Companies Act 1956for safeguarding the assets of the Company and for preventing and detecting fraud andother irregularities;

iv. that the Directors have prepared the annual accounts on a going concern basis.

CORPORATE GOVERNANCE

As per the listing agreement with the Stock Exchanges a separate discussion onCorporate Governance is appended.

LISTING OF EQUITY SHARES

The Company's equity shares are listed on the Chennai and Bombay Stock Exchanges.

STATUTORY DISCLOSURE

Information required under Section 217(1)(e) of the Companies Act 1956 read with theCompanies (Disclosure of particulars in the report of the Board of Directors) Rules 1988.

1. Conservation of Energy Technology absorption and Research and Development

The Company has no activity relating to conservation of energy technology absorptionand Research and Development during the year.

2. Foreign Exchange Earnings and Outgo

During the year the Company had no earnings or outgo in foreign exchange.

ACKNOWLEDGEMENTS

Your directors wish to place on record their appreciation for the co-operation receivedfrom the State and Central Government organizations and also from the dedicated managementteam.

For and on behalf of the Board
Place : Chennai Gopichand Idandas
Date : 29.05.2013 Chairman