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) |
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.
In view of the Loss your directors do not recommend any dividend for the current year.
The Company has not invited or accepted any deposits from the public.
During the year Mr.V.V.Naaraayan retires by rotation and being eligible offers himselffor reappointment.
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.
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.
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.
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 |