Your Directors have pleasure in presenting the 27th Annual Report and Audited BalanceSheet as at 31st March, 2011 and the Profit & Loss Account for the year ended 31stMarch, 2011.
FINANCIAL RESULTS :
| ||31.03.2011 ||31.03.2010 |
| ||(Rs. in lacs) ||(Rs. in lacs) |
|Total Income ||121.78 ||179.59 |
|Profit before Tax ||3.38 ||26.22 |
|Profit after tax (PAT) ||6.54 ||18.88 |
As reported earlier, the Company completed the construction work of itscommercial-cum-shopping complex at Noida using the modern technologies and facilities. TheCompany is working on industrial and dedicated township projects at Bokaro where the workis in progress.
Considering the facts and prevailing circumstances, the Board of Directors of theCompany have not recommended any dividend for the year.
Sh. Suresh Kumar Agarwal, Director is to retire by rotation at the 27th Annual GeneralMeeting and being eligible offers himself for re-appointment.
Brief resume of the above retiring Director, nature of his expertise in specificfunctional areas and names of companies in which he holds the other directorships, asrequired by clause 49 of the Listing Agreement with the stock exchange, are given in thesection on Corporate Governance elsewhere in this Annual Report.
Your company has not invited / accepted any fixed deposits as stipulated under Section58A of the Companies Act, 1956.
M/s. Doogar & Associates, Chartered Accountants, the Auditors of the Company willretire at the conclusion of the 27th Annual General Meeting and being eligible offerthemselves for reappointment.
Auditors' observations are self explanatory and are suitably explained in the notes tothe accounts.
LISTING OF SECURITIES
The securities of the Company are presently listed on Bombay Stock Exchange.
SHARE TRANSFER SYSTEM:
M/s. Beetal Financial & Computer Services (P) Limited engaged by the Company areacting as Registrar and Share Transfer Agents of the Company. Transfers, Transmission etc.of shares are approved by the Shareholders/Investors Grievance Committee of Directorswhich meets at a regular interval.
PARTICULARS OF EMPLOYEES:
No employee of the Company is in receipt of excess remuneration of the limits asstipulated under Section 217 (2A) of the Companies Act, 1956 read with Companies(Particulars of Employees) Rules, 1975.
CORPORATE GOVERNANCE-CLAUSE 49 OF THE LISTING AGREEMENT:
In compliance with Clause 49 of the Listing Agreement with the Stock Exchange, a reporton Corporate Governance along with Auditors certificate regarding compliance of CorporateGovernance as stipulated under Clause 49 of the Listing Agreement and ManagementDiscussion and Analysis are annexed as a part of this Annual Report.
SECRETARIAL COMPLIANCE CERTIFICATE
Secretarial Compliance Certificate pursuant to section 383A of the Companies Act, 1956issued by VLA & Associates, Company Secretaries is annexed herewith.
PARTICULARS OF CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGEEARNINGS & OUTGO:
As stipulated under Section 217(1)(e) of the Companies Act, 1956 read with theCompanies (Disclosure of Particulars in the Report of Board of Directors) Rules, 1988,information is enclosed.
DIRECTORS RESPONSIBILITY STATEMENT :
In compliance with Section 217 (2AA) of the Companies Act, 1956, it is herebyconfirmed:-
(i) That in the preparation of the accounts for the financial year ended 31st March2011 the applicable accounting standards have been followed along with proper explanationsrelating to material departure;
(ii) That the Directors had selected such accounting policies and applied themconsistently and made judgments and estimates that were reasonable and prudent so as togive a true and fair view of the state of affairs of the Company at the end of thefinancial year and the profit and loss of the Company for the year ended under review;
(iii) That the Directors had taken proper and sufficient care for the maintenance ofadequate accounting records in accordance with the provisions of the Companies Act, 1956for safeguarding the assets of the
Company and for preventing and detecting fraud and other irregularities; and
(iv) That the Directors had prepared the accounts for the financial year ended 31stMarch 2011 on a going concern basis except to the extent as noted in the Auditors' Report.
Your Directors place on record, their sincere thanks to the Bankers of the Company andall the employees for their co-operation and support.
|For and on behalf of the Board |
|Place : New Delhi ||MADHUSUDAN ||CHOKHANI |
|Date : 30-07-2011 || ||Chairman |
| ||DIN-00307234 |
ANNEXURE TO DIRECTORS REPORT
1. 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, 1988as on 31st March, 2011:
A. CONSERVATION OF ENERGY :
This is a service industry. Hence, provisions for conservation of energy are notapplicable.
B. TECHNOLOGY ABSORPTION, ADOPTION & INNOVATION :
Efforts made in technology absorption as per form B of the annexure to the rules.
1. Research & Development:-
|a) ||Specific area in which R & D carried out by the Company. ||Nil |
|b) ||Benefits derived as a result of the above R & D ||Nil |
|c) ||Future plan of action ||Nil |
|d) ||Expenditure on R & D ||Nil |
2. No technology was imported or purchased during the year.
C. FOREIGN EXCHANGE EARNINGS & OUTGO :
a) Activities relating to exports, initiatives taken to increase exports, developmentof new export market for products and services and exports plan.
b) Total Foreign Exchange used and earned including as supporting manufacturer.
| ||2010-11 ||2009-10 |
|Used ||Rs. 2,29,448 ||Rs. 1,55,660/- |
|Earned ||NIL ||NIL |
D. INFORMATION REGARDING TECHNOLOGY IMPORTED DURING THE LAST FIVE YEARS: