Your Directors have great pleasure in presenting the Twentieth Annual Report togetherwith the Audited Accounts of your Company for the financial year ended 31stMarch 2011
The financial results of the Company for the year ended 31st March 2011 issummarized below:
| || ||(Rs in Lacs) |
|Particulars ||Year ended 31st March 2011 ||Year ended 31st March 2010 |
|Income from Operations ||- ||- |
|Non-operating Income ||9.97 ||13.54 |
|Total Income ||9.97 ||13.54 |
|Total Expenditure ||28.10 ||26.09 |
|Profit/Loss before Depreciation, Interest and Taxation ||-18.13 ||-12.55 |
|Interest & Finance Charges ||0.00 ||0.00 |
|Depreciation ||0.16 ||0.23 |
|Profit/Loss before Tax ||0 ||-12.78 |
|Provision for Current Taxes ||0 ||0 |
|Provision for Deferred Taxes ||0 ||0 |
|Profit/Loss after Tax ||-18.29 ||-12.78 |
|Balance in Profit & Loss Account ||16.42 ||29.21 |
|Balance carried to Balance Sheet ||-1.87 ||16.42 |
Your Company has incurred a loss, of Rs. (18.29) lacs for the financial year 2010-11 ascompared to loss of Rs.(12.78) in the previous year 2009-10.
Since the company incurred Loss, no dividend is recommended for the current financialyear by the Board of Directors
The Company has not accepted any public deposits and, as such, no amount on account ofprincipal or interest on public deposit was out standing as on date of balance sheet.
Mr. S. P. Bharat Jain Tatia and Mr.E. Subbarayan , Directors retire by rotation andbeing eligible offer themselves for reappointment.
DIRECTORS RESPONSIBILITY STATEMENT
Pursuant to the requirement under Section 217(2AA) of the Companies Act, 1956 theDirectors hereby confirm that:
i) In the preparation of the Annual Accounts for the financial year ended 31stMarch, 2011 the applicable Accounting Standards have been followed and there are nomaterial departures;
ii) They have selected such accounting policies and applied them consistently and madejudgments and estimates that are reasonable and prudent so as to give a true and fair viewof the state of affairs of the company at the end of the financial year and of the profitand loss account of the company for that period;
iii) They have taken proper and sufficient care to the best of their knowledge andability for the maintenance of adequate accounting records in accordance with theprovisions of the Act for safeguarding the assets of the Company and for preventing anddetecting fraud and other irregularities;
iv) They have prepared annual accounts on a going concern basis.
The Audit Committee that was constituted pursuant to Section 292 A of the Companies Act, 1956 has Mr Gopal B Ahuja ( Chairman ) and Mr S. Pannnalal Tatia and Ms. C. Hemamalinias its Members.
M/s K Subramanyam & Co, Chartered Accountants, Auditors of the Company, retire atensuing Annual General Meeting and have furnished a certificate under Section 224(1B)regarding their eligibility for reappointment as the Companys Auditors for the year2011 - 12.
PARTICULARS OF EMPLOYEES
Particulars of the employees of the Company who were in receipt of remuneration, whichin aggregate exceeded the limits fixed under Section 217 (2A) of the Companies Act, 1956and Companies (Particulars of Employees) Rules 1975 is not applicable to the company forthe year.
PARTICULARS AS REQUIRED UNDER SECTION 217 (1) (E) OF THE COMPANIES ACT, 1956 READ WITHTHE COMPANIES (DISCLOSURE OF PARTICULARS IN THE REPORT OF BOARD OF DIRECTORS) RULES, 1988
Conservation of Energy
The Company had taken steps to conserve energy in its office use, consequent to whichenergy consumption has been minimized. No additional Proposals/Investments were made toconserve energy. Since the company has not carried on industrial activities, disclosuresregarding impact of measures on cost of production of goods, total energy consumption,etc., are not applicable.
The company has not adopted / intends to adopt any technology for its business andhence no reporting is required to be furnished under this heading.
Foreign Exchange Inflow & Outgo:-
Foreign Exchange inflow during the year :- Nil
Foreign Exchange outgo during the year :- Nil
MANAGEMENT DISCUSSION & ANALYSIS REPORT
The Management Discussion & Analysis Report for the year under review, asstipulated under Clause 49 of the Listing Agreements is presented in a separate sectionforming part of the Directors Report.
Your Company is committed to maintain the highest standards of Corporate Governance.Your Directors adhere to the requirements set out by the Securities Exchange Board ofIndias, Corporate Governance Practices and have implemented all the stipulationsprescribed. Report on Corporate Governance as stipulated in Clause 49 of the ListingAgreement is presented in a separate section forming part of the Directors Report.
EXPLANATION TO AUDITORS OBSERVATION
As regards the qualification given by the auditor in Point No. IX Annexure to AuditorReport . The Company has filed a writ petition and obtained stay order from the HonorableHigh Court of Madras.
REGISTRAR CUM TRANSFER AGENT
The Company appointed M/s Knack Corporate Services Limited as Registrar and TransferAgent (RTA) during the year . However M/s. Knack Corporate Services Limited have notcompleted all required formalities and provided connectivity on full basis. Only theNational Securities Depository Limited connectivity was shifted to M/s. Knack CorporateServices Limited. The Central Depository Services ( India) Limited connectivity is stillwith M/s. Cameo Corporate Services Limited due non completion of formalities by M/s KnackCorporate Services Limited . Hence due to the abnormal delay in complying the requiredformalities by M/s Knack Corporate Services Limited , resulting in undue hardship toinvestor , the company decided to stay back with M/s. Cameo Corporate Services Limited andthe formalities regarding shifting of National Securities Depository Limited connectivityback to M/S. Cameo Corporate Services Limited are under process and shall complete at theearliest.
The Company is making consistent efforts for appointment of whole time CompanySecretary. The Company has been availing services of practicing Company Secretary fromtime to time to ensure compliance of the provisions of the applicable acts and statutes .Also the Annual Return of the Company is being certified by practicing Company Secretaryfrom year to year and the company is also taking certification from them for StockExchanges Compliances .
Your Directors would like to express their grateful appreciation for assistance andco-operation received from the Financial Institutions, Banks, Government Authorities,Customers and Members during the year under review.
Your Directors also wish to place on record their deep sense of appreciation forcommitted and dedicated services of the workers, staff, and officers of the Company.
| ||BY THE ORDER OF THE BOARD |
| ||FOR ASHRAM ONLINE .COM LIMITED |
| ||Sd/- |
|PLACE: CHENNAI ||S. PANNALALTATIA |
|DATE : 31st August 2011 ||CHAIRMAN CUM EXECUTIVE DIRECTOR |