TO THE MEMBERS
Your Directors have pleasure in presenting the 20th Annual Report on theoperations of the Company and the Audited Statement of Accounts for the year ended 31stMarch 2013.
1. Financial Results and performance of the Company
|Particulars ||Current year ||Previous year |
| ||2012 -2013 ||2011 - 2012 |
| ||(Rs. in Lacs) ||(Rs. in Lacs) |
|Net Sales & Other Income ||NIL ||121.79 |
|Profit before depreciation and Tax ||(3.87) ||5.47 |
|Less : Depreciation ||NIL ||NIL |
|Profit/(Loss) before Extra Ordinary Item and Tax ||(3.87) ||5.47 |
|Profit/(Loss) before Tax ||(3.87) ||5.7 |
|Less: || || |
|a) Current Income Tax ||NIL ||11.15 |
|Profit/(Loss) after Tax ||(3.87) ||4.32 |
|Less: Balance being Loss brought forward From Previous Year ||(344.50) ||(349.17) |
|Balance being Profit/Loss carried to Balance Sheet ||(348.37) ||(344.50) |
During the year under review the Company has not earned any income as compared withthe results of previous year during which the company had earned a profit of Rs.431971.21/-. Though the operations of the Company are yet to start your Directors arevery much positive to revive the company. The Board is looking for further funding intothe Company to start business activities.
The Board of Directors does not recommend any dividend for the financial year 2012 -2013.
3. Public Deposit
The Company has not accepted any deposits including fixed deposits from the publicunder section 58A and 58AA of the Companies Act. 1956 read with Companies (Acceptance ofDeposit) Rules 1975 during the financial year.
4. Directors' Responsibility Statement
Pursuant to the requirement under Section 217 (2AA) of the Companies Act 1956 withrespect to Director's Responsibility Statement it is hereby confirmed:
That in preparation of the annual accounts for the financial year ended 31stMarch 2013 the applicable accounting standards had been followed along with properexplanation relating to material departures;
That the Directors have consulted in selection of the accounting policies thestatutory auditors and applied them consistently and made judgments and estimates thatwere reasonable and prudent so as to give true and fair view of the state of affairs ofthe Company at end of the financial year and of the profit or loss of the Company for theyear under review;
That 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; and
That the annual accounts for the FY ended 31st March 2013 have been prepared on a'going concern' basis.
During the year under review Mrs. Anupma Agarwal the executive Director of the companyretires by rotation at the ensuing Annual General Meeting and being eligible offersherself for reappointment to the Board of your Company.
6. Accounts and Auditors Report
The observations of the Auditors' Report read together with the relevant notes to theaccounts are self-explanatory and therefore do not call any further comments.
The Company's auditors M/s. Gupta Jalan & Associates Chartered Accountants retireat the conclusion of the ensuing Annual General Meeting of the Company. They beingeligible offer themselves for re-appointment. A certificate has been received from theAuditors to the effect that their appointment if made would be within the prescribedlimits under 224 (1B) of the Companies Act. 1956.
During the year no employee whether employed for the whole year or part of the yearwas drawing remuneration exceeding the limits as laid down under Section 217 of theCompanies Act 1956. Therefore the information as required under Section 217(2A) of theAct. read with the Companies (Particulars of Employees) Rules 1975 is not being given.
9. Conservation of Energy and Technology Absorption
The Company's (Disclosure of Particulars in the Report of the Board of Directors')Rules 1998 require the disclosure of particulars regarding Conservation of Energy inForm-A and Technology Absorption in Form-B prescribed by the Rules. During the year thecompany was not involved in any manufacturing activities which require consumption ofenergy or technology absorption.
10. Foreign Exchange Earnings & Outgo - NIL
11. Corporate Governance
Your Company has followed good corporate governance practices since inception inaccordance with the code of Corporate Governance. A separate section on CorporateGovernance and a Certificate from the Auditors of the Company regarding compliance ofconditions of Corporate Governance as stipulated under Clause 49 of the Listing Agreementswith the Stock Exchanges forms part of the Annual Report.
12. Secretarial Compliance Certificate
The Company has obtained a compliance certificate from a practicing Company Secretaryand the same is annexed hereto and forms part of the report.
13. Statement pursuant to Listing Agreements:
The Company's securities are presently listed at Delhi Stock Exchange Bombay StockExchange UP Stock Exchange- Kanpur Jaipur Stock/Exchange. Chennai Stock Exchange andKolkata Stock Exchange. The Company has paid Annual Listing Fees for the Bombay StockExchange.
The Company had sought during last financial year delisting form the UP StockExchange - Kanpur Jaipur Stock Exchange Chennai Stock Exchange and Kolkata StockExchange. After such delisting the equity shares of the Company will continue to remainlisted on the Bombay Stock Exchange and Delhi Stock Exchange. The Board is yet to decidefor further steps on this matter.
The Management's Discussion and Analysis in compliance with Clause 49 of the ListingAgreements forming part of this Report is attached hereto and forms part of this report.
Your Directors thank the Company's bankers/ financial institutions creditors stockexchanges RTA the shareholders and all other stakeholders for the continued support andco-operation and assistance extended by them to the Company and look forward for theircontinued support.
| ||For and On behalf of the Board of Directors || |
| ||For SUDEV INDUSTRIES LIMITED || |
| ||Rajiv Agarwal ||Anupma Agarwal |
| ||Director ||Director |
|Place: New Delhi || || |
|Date: 31/08/2013 || || |