Your Directors are pleased to present their 18TH Annual Report together with theaudited statement of accounts for the year ended 31st March, 2011.
|1. FINANCIAL RESULTS : ||For the year ended 31.03.2011 ||For the year ended 31.3.2010 |
|Net Profit/(Loss) for the year ||(17,816,188.16) ||(19,952,096.32) |
2. DIVIDEND :
The Board of Directors regrets its inability to recommend any dividend for the yearunder review due to loss incurred by the Company during the year.
3. WORKING RESULTS :
The company has not undertaken any Business activity during the year.
4. FUTURE OUTLOOK:
Your Company is expected to do better during the current year with maximum utilisationof the plant capacity.
5. PARTICULARS OF EMPLOYEES:
There are no employees covered by Section 217(2A) of the Companies Act, 1956 read withCompanies (Particulars of Employees) Rules, 1975, as amended.
6. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNING ANDOUTGO:
The Particulars required under The Companies (Disclosures Of Particulars in the Reportof Board of Director) Rules, 1998 are not furnished as the Plant was non function duringthe year. There are no foreign exchange earnings and outgo.
7. DIRECTORS' RESPONSIBILITY STATEMENT AS PER THE PROVISIONS OF SECTION 217 AA THECOMPANIES ACT, 1956.
We, the Board of Directors Shayona Petrochem Limited, state :-
I) that in the preparation of the annual accounts, the applicable accounting standardshave been followed alongwith proper explanation relating to material departures.
ii) that the Directors have selected such accounting policies and applied themconsistently and made judgement 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 31st March, 2011and of the Company for the year ended 31st March, 2011.
iii) that the Directors have taken proper and sufficient care for the maintenance ofadequate account ing records in accordance with the provisions of the Companies Act, 1956for safe guarding the assets of the company and for preventing and detecting fraud andother irregularites.
iv) that the Directors have prepared the annual accounts on a going concern basis.
Your Directors place on record their appreciation for the overwhelming co-operation andassistance received from the Banks, Finanacial Institutions, Creditors, Clients,Governmental Authorities
Employees during the year under review.
The Auditors of your Company, M/s. purtha s shah, Charterd Accountants, Mumbai, holdoffice until the conclusion of this Annual General Meeting, and being eligible, offerthemselves for re-appoint ment
| ||For and on behalf |
| ||of the Board |
|Place :MUMBAI ||Kirit Patel |
|Date :11/08/2011 ||Director |