THE MEMBER OF SUNDAY EXPORTS LIMITED.
Yours Directors have pleasure in presenting the 18th Annual Report together with theAudited Accounts of the company for the financial year ended on 31st March 2012.
|PARTICULARS ||2011-2012 ||2010-2011 |
|Income for the Year ||170.26 ||346.82 |
|Profit/(Loss) before interest and depreciation and Taxation ||3.30 ||6.08 |
|Less : Interest & Financial Charges ||0.18 ||0.19 |
|Depreciation ||2.86 ||2.86 |
|Profit/(Loss) before Tax ||0.32 ||3.02 |
|Less : provision for taxation || || |
|Profit/(Loss) after Tax ||0.32 ||3.02 |
|Add : Accumulated Profit/loss ||108.21 ||105.19 |
|Surplus carried to Balance Sheet. ||108.53 ||108.21 |
In view of the previous loss incurred by the company and to conserve resources theDirectors unable to recommend any dividend during the year under review.
RIVIEW OF BUSINESS OPERATIONS
The turnover of the Company was Rs.170.26 Lacs as compared to 346.82 lacs of previousfinancial year. During the financial year ended 31.03.2012 company has not made anyexports. Your company has incurred the profit of Rs.0.32 Lacs as compared to net profit ofRs.3.02 Lacs that of previous financial year. Your directors are hopeful to start exportof Garments and Diamond Ornaments business in gulf countries.
In accordance with provisions of section 255 and section 256 of the Companies Act1956and the Articles of Association of the Company Shri. Fulain A. Reshamwala retire byrotation at the ensuring Annual General meeting and being eligible offer themselves forre-appointment.
DIRECTORS RESPONSIBILITY STATEMENT.
Pursuant to the requirement under Section 217(2AA) of the Companies Act 1956 withrespect to Directors responsibility statement it is hereby confirmed.
a) That in the preparation of the annual accounts for the financial year ended 31stMarch 2012 all applicable accounting standards have been followed along with properexplanation relating to material departures if any have been furnished.
b) That the Directors have selected appropriate accounting policies and applied themconsistently and made judgments and estimates that were responsible and prudent so as togive a true and fair view of the state of affairs of the company at the end of of thefinancial year and of the profit of the company for the year under review.
c) That the Directors have taken proper and sufficient care to the best of theirknowledge and ability for the maintenance of adequate accounting records in accordancewith the provisions of the companies Act1956 for safeguarding the assets of the companyand for preventing and detecting fraud and other irregularities ;
d) That the Directors have prepared the annual accounts on a 'Going Concern' basis.
AUDITORS AND AUDITORS REPORT.
M/s. Jagasheth & Co. Chartered Accountants Statutory Auditors of the Companyretire at ending Annual General meeting and have confirmed their eligibility andwillingness to accept the office of the Statutory Auditors if re-appointed. They haveissued a certificate stating that their re-appointment if made would be within theprescribed limits under section 224(18) of the companies Act 1956.
The observations made in the Auditors Report read together with the relevant notesthereon are self explanatory and therefore do not call for any further comments orexplanations under Section 217 of the companies Act 1956.
PARTICULARS OF EMPLOYEES
There are no employees whose particulars are required to be shown in terms ofprovisions of section 217 (2A) of the companies Act 1956 read with companies (Particularsof Employees) Rules 1975 and amended.
CORPORATE GOVERNANCE :
As required under the clause 49 of Listing Agreement executed with Stock ExchagesReport on " Corporate Governance " as well as "Management discussion andAnalysis" are attached herewith and forming part of the report of Annual Report ofthe company.
A certificate as issued by M/s. Jagasheth & Co. Chartered Accountants StatutoryAuditors of the Company for compliance of the conditions of the Corporate governance asstipulated under clause 49 of the Listing Agreement executed by the company with theExchanges is annexed to the Annual Report on Corporate Governance.
CONSERVATION OF ENERGY THECHNOLOGY ABSORPTION FOREIGN EXCHANGEEARNINGSAND OUTGO:
The additional information required to be disclosed pursuant to Section 217 (1) of theCompanies Act read with the companies (Disclosures of particulars in the Report of Boardof Directors) Rules 1988 is given in the Annexure-l forming part of this Report.
Your Directors express their gratitude to the continued support extended to the companyby Bankers its valued customers various Government Semi-Government Local AuthoritiesSuppliers Business Associates and devoted employees for their contribution to the growthand progress of the company.
The Directors also take an opportunity to thank the shareholders across the country forthe confidence reposed in the Management.
For and on behalf of Board
|Place : Surat ||(Rameshchandra I. Gandhi) |
|Date : August 29 2012 ||Chairman & Managing Director. |
ANNEXURE TO THE DIRECTORS REPORT.
Information under section 217(e) of the Companies Act 1956 read with Companies(Disclosure of particulars in the Report of Board Directors) Rules 1988 forming part ofthe Directors report for the year ended as on 31st March 2012.
A. CONSERVATION OF ENERGY.
The operators of your company are not energy intensive. Nonetheless energyoptimization measures continue to be pursued during the year too.
B. TECHNOLOGY ABSORPTION ADAPTATIONAND INNOVATION .
The company has not maintained any separate R & D cell. It has a quality assurancedepartment to check constantly adopt measures to enhance the quality. As there is noimported/foreign technology involved question of its adoption/absorption does not arise.
C. FOREIGN EXCHANGE EARNINGS AND OUTGO.
| ||2011-2012 ||2010-2011 |
|i) Foreign Exchange Earnings || || |
|ii) Foreign Exchange Outgo || || |
| ||For and on behalf of Board |
|Place : Surat ||(Rameshchandra I. Gandhi) |
|Date : August 29 2012 ||Chairman & Managing Director |