TO THE MEMBERS
Your Directors are pleased to place before you the Thirty-Third Annual Report and theAudited Accounts of the Company for the year ended 31st March 2017.
1. OPERATIONS & FINANCIAL RESULTS
| Year ended 31-03-2017 | Year ended 31-03-2016 |
| Rupees | Rupees |
| Profit/(Loss) before Depreciation | (403614) | (461817) |
| Less : Depreciation provided for the year | | |
| Profit/(Loss) before Tax | (403614) | (461817) |
| Less : Provision for Tax | | |
| Profit/(Loss) after Tax | (403614) | (461817) |
| Add : Balance brought forward from the previous year | (25534137) | (25072320) |
| Amount carried to balance sheet | (25937751) | (25534137) |
2. DIVIDEND
In view of the accumulated losses your Directors regret their inability to recommendany dividend for the year.
3. OPERATIONS & PROSPECTS
There is no business activity carried out by the company. The management does notforesee any prospect of carrying out any business in the near future till the financialposition of the company improves.
4. FIXED DEPOSITS
The company does not hold any Fixed Deposits from the Public as on 31st March 2017.
5. DIRECTORS
In accordance with the provisions of the Act and the Articles of Association of thecompany Mr. Samir H. Shah. Director retires by rotation at the forthcoming AnnualGeneral Meeting and being eligible offers himself for re-appointment.
6. DIRECTORS RESPONSIBILITY STATEMENT
Your Directors confirm
a) that in the preparation of the annual accounts the applicable accounting standardshave been followed and there has been no material departure;
b) that the Directors have selected such accounting policies and applied themconsistently and made judgements and estimates that are reasonable and prudent so as togive a true and fair view of the state of affairs of the company at the end of thefinancial year ended 31 st March 2017 and of the loss of the company for that period;
c) that the Directors have taken proper and sufficient care for the maintenance ofadequate accounting records in accordance with the provisions of the Act for safeguardingthe assets of the company and for preventing and delecting fraud and other irregularities;
d) that the Directors have prepared the annual accounts on a going concern basis
e) that the Directors have laid down internal financial controls to be followed by thecompany and that such internal financial controls are adequate and were operatingeffectively; and
f) that the Directors have devised proper systems to ensure compliance with theprovisions of all applicable laws and that such systems were adequate and operatingeffectively.
7. AUDITORS
Messrs. A.B. Modi & Associates Chartered Accountants Auditors of your companyretire at the conclusion of the ensuing Annua! General Meeting and being eligible offerthemselves for re-appointment.
8. AUDITORS' REPORT
The report is self-explanatory and does not call for any further comments.
9. SECRETARIAL AUDITORS'REPORT
The Board has appointed Mr. Ravindra V. Joshi Practicing Company Secretary to conductSecretarial Audit for the financial year 2016-17 The Secretarial Audit Report for thefinancial year ended 31st March 2017 is annexed as Annexure I to this report The reportis self-explanatory and does not call for any further comments.
10. PARTICULARS OF EMPLOYEES
There were no employees drawing salary as prescribed under Section 197(12} of the Actread with Rules 5(1) of the Companies (Appointment and Remuneration of ManagerialPersonnel) Rules 2014.
11. CONSERVATION OF ENERGY TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS ANDOUTGO
Information in accordance with Section 134 of the Act read with Rule 8 of theCompanies (Accounts) Rules 2014 is not given as it is not applicable to the company.
12. MEETINGS OF THE BOARD
The Board of Directors duly met four (4) times on (1) 30th May 2016 (2) 11th August2016 (3) 8th November 2016 and (4) 6th February 2017 in respect of which meeting propernotices were given and the proceedings were properly recorded and signed in the MinutesBook maintained for the purpose.
13. DIRECTOR'S APPOINTMENT AND REMUNERATION
Since the company has no business activity and huge accumulated losses the company isnot in a position to give any remuneration to the Managing Director and/or its Directors.
14. LOANS GUARANTEES OR INVESTMENTS
No loans guarantees or investments under section 186 of the Act has been made by thecompany.
15. CONTRACTS OR ARRANGEMENTS WITH RELATED PARTY
No contracts or arrangements with related parties referred to in sub-section (1) ofsection 188 of the Act have been entered by the company.
16. RISK MANAGEMENT POLICY
In the opinion of the Directors of the company there is no element of risk and forthat reason the board has not appointed a Risk Management Committee.
17. MANAGEMENT DISCUSSION & ANALYSIS AND CORPORATE GOVERNANCE REPORT
The said information and report is not given as it is not applicable to the company.
18. CORPORATE SOCIAL RESPONSIBILTY (CSR)
The said information and report is not given as it is not applicable to the company.
19. EXTRACT OF ANNUAL RETURN
Extract of Annual Return of the Company is annexed herewith and marked as Annexure IIto this report.
20. ACKNOWLEDGMENT
Your Directors take this opportunity to express their warm appreciation of thededicated services rendered by the personnel of the Company. The Directors also place onrecord their sincere thanks for the co-operation and support extended to your Company bythe Bankers and the Shareholders.
| By Order of the Board of Directors |
| H. D. SHAH |
| Managing Director |
| Place : Mumbai | |
| Date : 18th May 2017 | |
