Your Directors here by present the Eighteenth Annual Report on business and operationsof the Company together with the Audited statements of Accounts for the financial yearended on 31st March 2012.
Key aspects of Company financial performance for the year 2011-12 is tabulatedbelow:
| || ||[Amount in Rupees] |
|Particular ||2011-12 ||2010-11 |
|Total Income ||859500 ||767490 |
|Total Expenditure ||811452 ||430530 |
|Profit/(Loss) Before Extraordinary items and Taxation ||48048 ||336960 |
|Extraordinary items ||Nil ||Nil |
|Profit/(Loss) before Tax (PBT) ||48048 ||336960 |
|Less: current Tax ||16200 ||104121 |
|Net Profit/(Loss) after Tax for the year ||31848 ||232839 |
REVIEW OF OPERATIONS:
During the year under review due to sluggish market condition and company facesfinancial crisis .So company was unable to generate revenue from the operation of theCompany hence made net profit was Rs. 31848/- for the year ended 31st March, 2012.
Your Directors have not declared any dividend during the year under review dueinappropriate profit of the company.
The Company has not accepted any deposit from the public pursuant to the provisions ofSection 58A of the Companies Act, 1956.
MR. HASMUKH K. SENMA Director of the Company is retires by rotation at the ensuingAnnual General Meeting and being eligible, offer himself for reappointment.
MR. ANAND JIVANLAL PARDESHI was appointed as additional director of the Company witheffect from 11.11.2011 and is eligible for re-appointment as directors of the Company atthe forthcoming Annual General Meeting and whose period of office will be liable to retireby rotation.
MR. JIVANBHAI RAMANBHAI PARDESHI was ceased as a Director of the Company with effectfrom 11.11.2011 due to resignation. The management appreciated the services given by himduring the tenure of the office as a Director.
AUDITORS AND AUDITORS REPORT:
M/s. Y. D. & Co., Chartered Accountants, Ludhiana, Statutory Auditors of theCompany, hold office until the conclusion of the ensuing Annual General Meeting and areeligible for reappointment.
The observations made by the Auditors in their Auditors Report and theNotes on Accounts referred to in the Auditors Report are self-explanatory and do notcall for any further comments.
MANAGEMENT DISCUSSION AND ANALYSIS:
Management Discussion and Analysis forms part of the Annual Report to the shareholdersand it includes discussion on matters as required under the provisions of Clause 49 of thelisting agreement forming part of this report is annexed herewith. The Audit Committee ofthe Company has regularly reviewed internal Control System of the company.
PARTICULARS OF EMPLOYEES:
The statement showing particulars of employees under section 217(2A) of the CompaniesAct, 1956, read with the companies (Particulars of Employees) Rules, 1975, as amended, isnot required to be given as there were no employees coming within the purview of thissection.
CORPORATE GOVERNANCE REPORT:
Your Company perceives Corporate Governance as an endeavor for transparency and awholehearted approach towards continuous enhancement of shareholders value. YourCompany has been complying with the conditions of Corporate Governance as stipulated inClause 49 of the Listing Agreement. Further, the Board of Directors of your Companyconstituted a Committee known as Corporate Governance Committee, which recommends the bestpractices in the Corporate Governance.
A separate report on Corporate Governance along with Auditors Certificate oncompliance with the Corporate Governance norms and stipulated in Clause 49 of the ListingAgreement, forming part of this report is annexed herewith.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO:
The details of conservation of energy, technology absorption etc. as required to begiven under Section 217(1)(e) of the Companies Act 1956, are not applicable to ourCompany, as our Company in not engage in manufacturing activities.
The foreign exchange earning on account of the operation of the Company during the yearwas Rs. Nil.
DIRECTORS RESPONSIBILITY STATEMENT:
Pursuant to the provisions of Section 217(2AA) of the Companies Act, 1956, theDirectors of your Company confirm that:
i) in the preparation of the annual accounts, the applicable accounting standards havebeen followed along with proper explanation relating to material departures;
ii) the Directors have selected such accounting policies and applied them consistentlyand made judgments and estimates that were 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 and ofthe profit or loss of the Company for that period;
iii) the Directors have 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) Directors have prepared the accounts on a "going concern basis".
Your Directors would like to express their sincere appreciation for the assistance andco-operation received from the Banks, Government Authorities, Customers, and Shareholdersduring the year. Your directors also wish to take on record their deep sense ofappreciation for the committed services of the employees at all levels, which has made ourCompany successful in the business.
| ||For and on Behalf of the Board |
| ||For, MAHAVIR IMPEX LIMITED |
|PLACE: AHMEDABAD || |
|DATE: 01.09.2012 || |
| ||(HASMUKHBHAI SENMA) |
| ||CHAIRMAN |