Report of the Directors
To the members of the Company
Your Directors have pleasure in presenting the 25st Annual Report on thebusiness and operations of your Company and the Audited Financial Results for the yearended 31st March, 2010
|Financial Results ||31st March 2010 ||31st March 2009 |
| ||(Rs. In lakhs) ||(Rs. In lakhs) |
|Income from operations ||117.21 ||117.22 |
|Net Profit/(Loss)(before depreciation year) ||(3.04) ||(3.03) |
|Less: Depreciation ||14.35 ||37.23 |
|Profit/(Loss) before tax ||(31.84) ||(40.26) |
|Less: Taxation ||Nil ||Nil |
|Profit / (Loss) after Tax ||(31.84) ||(40.26) |
In view of the inadequacy of profits your Directors do not recommend any dividend forthe year under review.
Management Discussion and Analysis Report.
The Board of Directors of the Company during the year have explored all thepossibilities to develop the business so as to get the maximum returns to itsshareholders. The Company during the financial year traded in financial securities lookingto the present scenario of overall economic growth.
During the year under the review, the Company has not accepted or invited any depositsfrom public under the provisions of section 58A of the Companies Act, 1956 and the rulesmade there under and therefore the question of compliance or otherwise does not arise.
In accordance with the requirement of the Companies Act, 1956 and pursuant to Articleof the Articles of the Association, Mr. OmPrakash Jha and Joybrata Sen retire by rotationat the ensuing Annual General meeting and being eligible, offer themselves forre-appointment.
Directors' Responsibility Statement
In accordance with the requirements of Section 217 (2AA) of the Companies Act, 1956,your Board of Directors wish to confirm the following:
i) that the applicable accounting standards have been followed in the preparation ofthe annual accounts;
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 for the year underreview;
iii) that the Directors have taken proper and sufficient care for the maintenance ofadequate accounting records in accordance with the provisions of the Companies Act forsafeguarding the assets of the Company and for preventing and detecting fraud and otherirregularities.
iv) that the Directors have prepared the annual accounts on a 'going concern' basis
Particulars of Employees
The particulars as required U/s. 217(2A) of the Companies Act, 1956, read with theCompanies (Particulars of Employees) Rules, 1975, there was no employee drawingremuneration in excess of the amount prescribed under Section 217(2A) of the CompaniesAct, 1956 during the year ended 31st March, 2010.
Auditors & Auditors Report
The statutory Auditors of the Company M/s. J. K. Shah & Associates, CharteredAccountants, Mumbai, hold office until the conclusion of the forthcoming Annual GeneralMeeting of the Company and being eligible offer themselves for reappointment.
The Auditors M/s. J. K. Shah & Associates have certified the Company's complianceof the requirements of Corporate Governance in terms of clause 49 of the ListingAgreement. The said certificate together with the management discussions and analysisreport is attached and forms part of this report.
Conservation of Energy, Technology Absorption and foreign exchange earnings and outgo.
The Company has no manufacturing activities. Hence there is no information to submit inrespect of conservation and absorption of technology.
Your Directors take this opportunity to express their gratitude for the valuableassistance and co-operation extended by the Bankers, vendors, customers, advisors, thegeneral public and for the valued efforts and dedication shown by the Company employees atall levels. Your Directors also sincerely acknowledge the confidence and faith reposed bythe shareholders of the Company.
| ||By order of the Board |
| ||Sd/- |
|Place: Mumbai ||(Joybrata Sen) |
|Date : 14th Day of August 2010 ||Director |