Report of the Directors to the members of the Company
To The Members
Your Directors have pleasure in presenting the Thirtieth Annual Report on the businessand operations of your Company and the Audited Financial Results for the period ended 31stMarch 2012
|Financial Results ||Y.E. 31.03.2012 ||Y.E. 31.03.2011 |
|Profit/(Loss) before Tax ||28705.97 ||(5928207.25) |
|Current Tax Expense for Current Year || || |
|Net Current Tax Expense || ||1898.00 |
|Deferred Tax || || |
|Profit /(Loss) for the year ||28705.97 ||(5930105.25) |
In view of inadequate profit for the period under review your Directors do notrecommend any dividend.
During the period under the review the Company did not accept or invite any depositfrom public under the provisions of section 58A of the Companies Act 1956 and the Rulesmade thereunder and therefore the question of compliance or otherwise does not arise.
Pursuant to provision of Section 256 of the Companies Act1956 Mr. N. K. Pal retires byrotation but being eligible offer himself for re-appointment.
Mr. Hiranand Jha was appointed an additional Director of the Company.
Mr. G. Taparia resigned from the office of the Directors of the Company and the samewas notified to the Registrar of Companies u/s. 303 of the Companies Act 1956. Yourdirectors wish to place on record their appreciation for the able and efficient manner inwhich services were rendered by Mr. G. Taparia during his association with the company inthe office of Director.
Directors' Responsibility Statement
In accordance with the requirements of Section 217 (2AA) of the Companies Act 1956your Directors wish to confirm the following:
i) that the applicable accounting standards have been followed in the preparation ofthe annual accounts;
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 for the period underreview;
iii) that the Directors have taken proper and sufficient care for the maintenance ofadequate accounting records in accordance with the provisions of the Companies Act forsafeguarding the assets of the Company and for preventing and detecting fraud and otherirregularities.
iv) that the Directors have prepared the accounts for the period ended 31.03.2012 on agoing concern basis
Provisions relating to Conservation of Energy Technology Absorption Foreign ExchangeEarnings and Outgo are not applicable to your Company.
Particulars of Employees
The particulars as required under Section 217(2A) of the Companies Act 1956 read withthe Companies (Particulars of Employees) Rules 1975 do not apply to your company asthere was no employee drawing remuneration in excess of the amount prescribed underSection 217(2A) of the Companies Act 1956 during the period ended 31st March2012.
Auditors & Auditors Report
The statutory Auditors of the Company M/s. Naushad Ahmed & Co. CharteredAccountants Kolkata hold office until the conclusion of the forthcoming Annual GeneralMeeting of the company and being eligible offer themselves for reappointment.
The Auditors M/s. Naushad Ahmed & Co. have certified the Company's compliance ofthe requirements of Corporate Governance in terms of clause 49 of the Listing Agreement.The said certificate together with the management's discussion and analysis report isattached which forms part of this report.
Your Directors wish to place on record their appreciation for the support of members ofyour company the customers and constituents and the staff members of your company.
By order of the Board
Date: 22nd August 2012