Your Directors have pleasure in presenting their 25th Annual Report on the business andoperation of the company and Financial accounts for the year ended 31st March, 2010.
SUMMARISED FINANCIAL RESULTS:
| || ||(Rs.) |
| ||Year ended 31.3.2010 ||Year ended 31.3.2009 |
|Income from Operation ||- ||- |
|Other Income ||821,417 ||691,878 |
|Expenditure ||550,503 ||111,802,069 |
|Profit/(Loss) Before tax ||(286,063) ||(11,307.665) |
|Profit / (Loss) After Taxes ||(750,735) ||(11,080,097) |
THE YEAR UNDER REVIEW
Due to change in political scenario and alternative choices of the occupants of the SRAproject and considering the profitability, future litigation and execution problem thecompany decided to assign and transfer at cost to cot basis the redevelopment project toother Realty developers.
The Board feels that the Future of India lies with the Infrastructure Development ofthe country to develop India. Considering the Growth of the Company and taking intoaccount the available opportunities in the Infrastructure Business, the Board hasrecommended to venture into new Infrastructure projects.
ENERGY,TECHNOLOGY AND FOREIGN EXCHANGE:
As required under section 217(1)(e) of the Companies Act, 1956 read with the companies(Disclosure of Particulars in the Report of Board of Directors) Rules, 1988 the relevantinformation pertaining to conservation of energy, technology absorption, foreign exchangeearnings and outgo are as follows:
A) CONSERVATION OF ENERGY: The Company continues its policy of encouraging energyconservation measures. The regular review of energy consumption arid the systems installedto control utilization of energy is undertaken.
RESEARCH reliability and quality through in-house R&D efforts.
B) TECHNOLOGY ABSORPTION: The Company has not imported any technology
C) FOREIGH EXCHANGE EARNINGS & OUTGO:
| ||2009-2010 ||2008-2009 |
| ||(Rs. Lacs) ||(Rs. Lacs) |
|a. Foreign Exchange Used ||Nil ||Nil |
|b. Foreign Exchange Earned ||Nil ||Nil |
Mr. Santoshkumar Pandey who retire by rotation and being eligible offered himself forre-appointment.
Considering the profitability of the Company, your Board has not recommended anydividend for the year ended 31st March 2010.
Relevant notes on accounts are self-explanatory and are as per Annexure to theAuditors' Report.
The Company has not paid any remuneration attracting the provisions (Particulars ofEmployees) Rules, 1975 read along with section 217(2A) of the Companies Act, 1956. Henceno information is required to be appended to this report in this regard.
The company has received a letter from the present auditor M/s. Tushar Parekh &Associates.- Chartered Accountants, Mumbai to the effect that their appointment, if made ,would be within the prescribed limits under section 224(1-B) of the Companies Act 1956.Your Director recommend their re-appointment.'
Your Directors would like to place on record their deep appreciation of all employeesfor rendering quality services to every constituent of the company.
Your Directors convey their sincere thanks to the Government, Banks, BSE, SEBI,Shareholders and customers for their continued support extended to the company at alltimes.
The Directors further express their deep appreciation to all employees for commendableteamwork, high degree of professionalism and enthusiastic effort displayed by them duringthe year
DIRECTORS' RESPONSIBILITY STATEMENT
Pursuant to the requirement under section 217(2AA) of the Companies Act, 1956, withrespect to Directors' Responsibility Statement, it is hereby confirmed:
(i) That in the preparation of the accounts for the financial year ended 31st March,2009, the applicable accounting standards have been followed along with proper explanationrelating to material departures,
(ii) That the Directors have 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 of the profit and loss of the Company for the year under review;
(iii) That the Directors have taken proper and sufficient care for the maintenance ofadequate account ting records in accordance with the provisions of the Companies Act, 1956for safeguarding the assets of the Company and for preventing and detecting fraud andother irregularities;
(iv) That the Directors have prepared the accounts for the financial year ended 31stMarch 2009 on a 'going concern' basis.
| ||On behalf of the Board of Directors. || |
| ||Director ||Director |
|Place: Mumbai || || |
|Dated: 2nd August, 2010 || || |