Your directors have pleasure in submitting the Annual report and Audited accounts ofthe company for the financial year ended 31st march, 2012.
The company has incurred a Loss of Rs 16.18 lakhs as compared to the previousyears Profit of Rs 11.51 lakhs due to adverse market conditions and otherunavoidable extreme situations which prevented your company from doing its normal brokingbusiness due to SEBI order and other legal litigations, during the year under preview butthe directors are hopeful of achieving much better results and performance in future.
|PARTCULARS ||YEAR ENDED 31-03-2012 ||YEAR ENDED 31-03-2011 |
| ||(Rupees in Lacs) ||(Rupees in Lacs) |
|Turnover ||13.30 ||262.73 |
|Profit after Interest but before Depreciation & Tax ||(11.89) ||17.01 |
|Depreciation ||4.29 ||5.50 |
|Profit Before Tax ||(16.18) ||11.51 |
|Provision for Current Tax ||NIL ||NIL |
|Provision for Deferred Tax ||(0.21) ||(0.38) |
|Profit After Tax ||(15.97) ||11.89 |
|Prior year tax adjustment ||NIL ||NIL |
|Balance of profit B/f ||(16.05) ||(27.94) |
|Balance Carried Forward to Balance Sheet ||(32.02) ||(16.05) |
Personnel and industrial relations.
The company has not paid any remuneration attracting the provisions of Companies(particular of employees) rules, 1075 read with section 217 (2A) of the companies act,1956. No information is therefore, required to be appended to this report in this regard.
The directors have decided to conserve the reserves and hence, and hence no dividend isdeclared for the year in view of loss.
The company has not accepted deposits from the public during the year under review.There are no overdue deposits for repayment on the date of this report.
Directors Responsibility Statement
Pursuant to requirement under section 217(2A) of the companies act, 1956 with respectto the directors responsibility statement, it is hereby confirmed ;
That in the preparation of the accounts for the financial year ended 31st march, 2012,the applicable accounting standards have been followed along with the proper explanationrelating to material departures. That the directors have selected such accounting policiesand applied them consistently and made judgment and estimates that were reasonable andprudent so as to give a true and fair view of the state of affairs of the company at theend of the financial year and of the profit or loss of the company for the year underreview. That the directors have taken proper and sufficient care for maintenance of theadequate accounting records in accordance with the companies act, 1956 for safeguardingassets of the company for preventing and detecting fraud and other irregularities. Thatthe directors have prepared the accounts for the financial year ended 31st March 2012 on agoing concern basis Your management is feeling immense pleasure in informing you that SEBIvide its order dated 16th March, 2012 have revoked their earlier interim ex-parte orderdated 02nd December , 2010 against your company and have given clean chit in allallegations made by them after the investigation of the matter. Your management isexpecting the normal business scenario and is trying its level best to bring the normalcyin its core business of broking as early as possible.
M/S. V. R. Bhabhara and Co. Chartered accountants, the auditors of the company holdoffice till conclusion of the ensuing Annual General Meeting and being eligible theirreappointment for a period of one year till the next Annual General Meeting isrecommended.
Conservation Of Energy, Technology Absorption and Foreign Exchange
There is no information to be disclosed in accordance with the provisions of section217 ( 1 ) ( e ) of the companies Act, 1956 read with the companies ( Disclosures ofparticulars in the report of the Board of Directors ) rules, 1988 regarding conservationof energy, technology absorption and foreign exchange and outgo.
Corporate Governance Code
A report as per the requirement of clause 49 of the listing agreement on the CorporateGovernance Practices followed by the company and the Auditors Certificate on Compliance ofmandatory requirements along with Management Discussions and Analysis is given as anannexure to this report.
Your Directors take this opportunity to place their appreciation of the CompanysClients, Vendors , bankers and investors for their continued support during the year. TheDirectors also take this opportunity to record their deep sense of gratitude to theFinancial Institutions, Banks Central state Government Authorities for their guidance andsupport. The Directors also appreciate the perseverance and contribution made by theemployees at all levels who through their proficiency hard work and support have enabledto realize better performance and look forward to their prolonged support in the future aswell. Your Directors are deeply grateful for the confidence and faith shown by allshareholders of the company.
|Place : Mumbai ||For and on behalf of the Board |
| ||Naresh Sharma |
|Date : 27th August, 2012 ||Director |