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Turbotech Engineering Ltd.

BSE: 504358 Sector: IT
NSE: N.A. ISIN Code: INE764M01018
BSE 05:30 | 01 Jan Turbotech Engineering Ltd
NSE 05:30 | 01 Jan Turbotech Engineering Ltd

Turbotech Engineering Ltd. (TURBOTECHENGG) - Director Report

Company director report

Director Report

Dear Shareholders

Your Directors here by present the 31st Annual Report on business and operations of theCompany together with the Audited statements of Accounts for the financial year ended on31st March 2013.

OPERATIONS REVIEW:

During the year under review due to sluggish market condition and financial crisiscompany faces huge set back. So company not in position to generate any revenue from theoperation but due to some fixed cost company posted Net Loss of Rs. 390886/-. Themanagement has taken measures as part of its continuous improvements t o strengthenoperations andviability.

DIVIDEND:

Your Directors have not declared any dividend during the year under review due to lossincurred.

FIXED DEPOSIT:

The Company has not accepted any deposit from the public pursuant to the provisions ofSection 58A of the Companies Act 1956.

DIRECTORS:

Mr. Pratik Rameshchandra Shah Mr. Arun Bhanubhai Vaghasiya and Mr. Jehangir Joiya wareappointed as an additional directors of the Company by the Board of Directors with effectfrom 05.09.2012 21.05.2013 and 13.06.2013 respectively and be and are hereby appointed asa Director of the Company whose period of office will be liable to retire byrotation.

Mr. Shankar Prasad Bhagat Mr. NileshkumarTribhovandas Kava and Mr. Harleen SinghKathuria were resigned as a Director of the Company with effect from 07.09.200719.10.2007and 25.03.2010 respectively.

AUDITORS AND AUDITORS' REPORT:

M/s. Y. D. & Co. Chartered Accountants Ludhiana Statutory Auditors of theCompany hold office until the conclusion of the ensuing Annual General Meeting and areeligible for reappointment.

The observations made by the Auditors' in their Auditors' Report and the Notes onAccounts referred to in the Auditors' Report are self-explanatory and do not call for anyfurther comments.

MANAGEMENT DISCUSSION AND ANALYSIS:

Management Discussion and Analysis forms part of the Annual Report to the shareholdersand it includes discussion on matters as required under the provisions of Clause 49 of thelisting agreement forming part of this report is annexed herewith. The Audit Committee ofthe Company has regularly reviewed internal Control System of the company.

PARTICULARS OF EMPLOYEES:

The statement showing particulars of employees under section 217(2A) of theCompaniesAct 1956 read with the companies (Particulars of Employees) Rules 1975asamended is not required to be given as there were no employees coming within thepurview of this section.

CORPORATE GOVERNANCE REPORT:

Your Company has complied with the requirements of Clause 49 of the Listing Agreementon Corporate Governance. Pursuant to Clause 49 of the Listing Agreement with the StockExchanges Report on Corporate Governance along with the Auditors' Certificate on itscompliance is annexedseparately to this Annual Report.

CONSERVATION OF ENERGY TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO:

The details of conservation of energy technology absorption etc. as required to begiven under Section 217(l)(e) of the Companies Act 1956 are not applicable to ourCompany as our Company has not carried out in the manufacturing activities.

The foreign exchangeearning on account of the operation of the Company during the yearwas Rs.Nil.

DIRECTORS' RESPONSIBILITY STATEMENT:

Pursuant to the provisions of Section 217(2AA) of the Companies Act 1956 theDirectors of your Company confirm that:

i) in the preparation of the annual accounts the applicable accounting standards havebeen followed along with proper explanation relating to material departures;

ii) the Directors have selected such accounting policies and applied them consistentlyand made judgments and estimates that were reasonableand prudent so as to give a true andfair view of the state of affairs of the Company at the end of the financial year and ofthe profit or loss of the Company for that period;

iii) the Directors have taken proper and sufficient care for the maintenance ofadequate accounting records in accordance with the provisionsof the Companies Act 1956for safeguardingthe assets of the company andfor preventing and detecting fraud andotherirregularities;

iv) Directors have prepared the accounts on a "going concern basis".

ACKNOWLEDGEMENT:

Your Directors would like to expresstheir sincere appreciation for the assistance andco-operation received from the Banks Government Authorities Customers and Shareholdersduring the year. Your directors also wish to take on record their deep sense ofappreciation for the committed services of the employees at all levels which has made ourCompany successful in the business.

For and on Behalf of the Board
For TURBOTECH ENGINEERING LIMITED
PLACE: MUMBAI
DATE: 31.08.2013
(PRATIK SHAH)
CHAIRMAN