Your Directors hereby present the 26th Annual Report of the Company together with theAudited Accounts for the year ended 31st March, 2011.
Rs. In Lacs
| ||Year ended 31/03/2011 ||Year ended 31/03/2010 |
|Total Income ||441.67 ||314.92 |
|Total Expenditure ||295.68 ||218.20 |
|Operation Profit and loss before Depreciation ||145.99 ||96.72 |
|Depreciation ||15.35 ||10.73 |
|Written of Preliminary Expenses ||31.50 ||31.50 |
|Profit/Loss before tax ||99.14 ||54.48 |
|Provision for tax ||- ||- |
|Profit/Loss before tax ||99.14 ||54.48 |
This year also turnover of the company has been increased by 40% and earned net profitof Rs. 99.14 Lacs in comparision to previous year's net profit of Rs. 54.48 lacs.Directors are hopeful that this fiscal year plastic division will give good turnover andprofitability alog with existing business activities.
REISSUE OF FORFEITED SHARES
During the financial year to pay of various liabilities of the company Board of theDirectors of the company have reissued the 5712500 forfeited equity shares to promotersand other than promoters for Rs. 7 each. Listing of these shares are still pending withstock exchanges.
In order to set off previous year losses and inadequate profit, your directors notrecommended any dividend for the year under review.
During the year the company did not invite public deposits within the meaning ofsection 58A of the companies Act, 1956 and rules made thereunder.
During the year Smt. Shaila Jain and Shri Romil shah Directors of the company retiresby rotation at the forthcoming Annual General Meeting, and being eligible, offerthemselves for re-appointment.
DIRECTOR'S RESPONSIBILITIES STATEMENT.
Pursuant to the requirement under Section 217(2AA) of the Companies Act, 1956, withrespect to Director's Responsibility Statement, it is hereby confirmed:
i) that in the preparation of the annual accounts for financial year ended 31st March,2011 the applicable accounting standards have been followed along with proper explanationrelating to material departure;
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 at the end of financialyear and of the profit of the Company for the year and review.
iii) that the Directors have taken proper and sufficient care of the maintenance ofadequate accounting records in accordance with the provisions of this Act for safeguardingthe assets of the Company and for preventing and detecting fraud and other irregularities;
iv) that the Directors have prepared the annual accounts on a going concern basisdepends upon the restructuring of the project.
The Auditors S.N. Gadiya & Company, Chartered Accountants, statutory Auditors ofthe company, retires and being eligible, offer themselves for re-appointment.
The Auditors in their report have referred to the notes forming part of the Accountswhich are self-explanatory and do not require any explanation.
DISCLOSURE OF SPECIAL PARTICULARS
Information as per section 217 (1) (e) of the Companies Act, 1956 read with theCompanies (Disclosure of Particulars in the Report of the Board of Directors) Rules, 1988for the year ended 31st March 2011.
I. CONSERVATION OF ENERGY
The Company's operations do not involve substantial consumption of energy in comparisonto cost of production, however possible energy conservation measures have been implementedwith a view to conserve and optimize the use of energy.
II. TECHNOLOGY ABSORPTION
The Company has neither purchased within India nor imported any technology.
Foreign Exchange Earnings and Outgo:
|Foreign Exchange Earnings and Outgo ||: Rs. Nil |
|Total foreign exchange earned ||: Rs. Nil |
|Total foreign exchange used ||: Rs. Nil |
III. PARTICULARS OF THE EMPLOYEE
There was no employee during the year drawing remuneration attracting provisions ofsection 217 (2A) of the Companies Act, 1956 read with the companies (particulars ofEmployees) Rules 1975.
A Report on the Corporate Governance code along with a certificate from the Auditors ofthe Company regarding the compliance of conditions of Corporate Governance as stipulatedunder clause 49 of the Listing Agreement as also the Management Discussion and AnalysisReport are annexed to this report.
CODE OF CONDUCT
The Company has laid down a code of conduct for all Board members and senior managementof the Company. All the Board members and senior management personnel have affirmedcompliance with the code of conduct.
Under the provisions of Companies Act, 1956 and Listing Agreement with the StockExchanges an Audit Committee Comprises of Mr. Ramesh Chimanlal Shah, Mr. Navneet Bagreeand Ms. Shaila Jain.
Your Company's shares are tradable compulsory in electronic form and your Company hasconnectivity with both the Depositories i.e. National Securities Depository Limited (NSDL)and Central Depository Services (India) Limited (CDSL). In view of the numerous advantageoffered by the Depository System, members are requested to avail of the facility ofDematerialization of the Company's shares on either of Depositories as aforesaid.
GREEN INITIATIVES IN THE CORPORATE GOVERNANCE
In order to reduce cost of posting and speedy delivery of documents, service ofdocuments through electronic mode has been permitted under section 53 of the CompaniesAct, 1956 in place of service of document under certificate of posting. Similarly, toreduce the consumption of papers and speedy secure delivery, service of copies of BalanceSheets and Auditors Report etc., to the members of the company as required under section219 of the Companies Act, 1956 has been allowed to be served through electronic mode bycapturing their e-mail addresses available with the depositories or by obtaining directlyfrom the shareholders.
The Directors wish to place on record their appreciation for the devoted servicesrendered by the staff members of the Company. Your Company & Directors wish to extendsincere thanks to specially HLL, customers, Bank's, and professionals. Last but not least,the Directors would like to thank valuable shareholders for their co-operation, supportand contribution . We look forward to their continued support and co-operation in future.
|Place : Indore ||For and on behalf of the Board || |
|Date : 30/05/2011 ||Ramesh Shah ||Romil Shah |
| ||Managing Director ||Director |