Your Directors are pleased to present the 17th Annual Report with the Audited Accountsof the Company for the year ended 31.3.2011.
The Operating results of your Company for the period under review are as follows:
| || ||(Amt.Rs. in Lacs) |
|Particulars ||Current Year ||Previous Year |
| ||2010-2011 ||2009-2010 |
|Total Income ||105.87 ||24.49 |
|Profit /(Loss) before Depreciation & Tax ||(51.15) ||(137.44) |
|Less : Depreciation ||8.53 ||8.69 |
|Profit /(Loss) Before Tax ||(59.68) ||(146.13) |
|Less :Provision for Tax || || |
|Deferred Tax ||- ||(0.46) |
|Current Tax ||- ||- |
|Income tax of earlier year ||- ||- |
|Fringe Benefit Tax ||- ||- |
|Net Profit/(Loss) After Tax ||(59.68) ||(145.67) |
|Prior Period Expenses ||- ||0.19 |
| ||(59.68) ||(145.86) |
|Balance brought forward ||(188.30) ||(42.44) |
|Balance carried to Balance sheet ||(247.98) ||(188.30) |
|Earnings per share ||(0.02) ||(0.07) |
During the year, due to increase in price of the properties and bullish position in thereal estate division, the total turnover has been increased and stood at Rs.105.87 Lacs ascompared to last years Rs. 24.49 Lacs. Same way, due to increase in Administrative,Operation and General Expenses, the Company has incurred Net loss after tax of Rs. 59.68Lacs as compared to net loss of Rs.145.67 Lacs of the last year.
Your Directors do not recommended any dividend for the year, due to loss incurred forthe year.
The Company has Expertise in Civil, Construction, Structural Work, etc. of varioustypes of commercial, residential and infrastructure projects.
The Company has planned to build Township near Ahmedabad. Major thrust oninfrastructure development supported by regulatory reforms by the government will alsoprovide considerable opportunities to your Company for achieving business growth in comingyears.
(Information under section 217(1)(e) of the Companies Act, 1956.)
The company has no Manufacturing activities. Hence no information is require to begiven in respect of conservation of Energy, Research and Development & Technologyabsorption.
FOREIGN EXCHANGE EARNINGS & OUTFLOW :
There is no foreign exchange earnings and outgo of the company (last year also Nil)
In accordance with the provisions of the Articles of Association and of the CompaniesAct 1956, Mr. Prakash Shah and Mr. Praful Patel, Directors of the Company, are liable toretire by rotation at the ensuing Annual General Meeting and being eligible, offerthemselves for re-appointment.
The Company has re-appointed and revised the remuneration terms of Mr. Ashish Patel,CEO and Managing Director of the Company, w.e.f. 1st January 2011, for further period of 5years at its Board Meeting held on 9th February 2011, subject to the approval of themembers in general meeting.
The brief particulars of all directors, for which approval of members for theirappointment or re-appointment are sought, have been provided in the Notice of CorporateGovernance report pursuant to Clause 49 of the Listing Agreement.
During the period under review, the Company has accepted deposits from Public withinthe prescribed limits under the Act. As on March 31, 2011, deposits from Public stood atRs. 48.37 Lacs. All the Deposits were paid in time and there were no deposits, which wereunclaimed or claimed and remained unpaid by the Company as on March 31, 2011.
Pursuant to clause 49 of the Listing Agreement with the Stock Exchange, a separatesection on Corporate Governance and certificate obtained from practicing CharteredAccountant confirming its compliance, is provided separately and forming part of thisReport. The Board of Directors supports the basic principles of corporate governance. Inaddition to this, the board lays strong emphasis on transparency, accountability andintegrity.
Report on Management Discussion and Analysis is provided in separate section andforming part of this report.
FORMATION OF VARIOUS COMMITTEES:
Details of various committees constituted by the Board of Directors are given in theCorporate Governance Report annexed which forms part of this report.
Considering the bearish market condition, the Company has cancelled its Rights Issue.However, the Company continue to explore fund raising programs through Rights Issue, forthe various future projects.
PARTICULARS OF EMPLOYEES UNDER SECTION 217(2A):
The provisions of section 217(2A) of the Companies Act, 1956, read with Companies(Particulars of Employees) Rules, 1988 as amended are not applicable to the company, asthere are no employees whose remuneration is in excess of the limits prescribed.
DIRECTORS RESPONSIBILITY STATEMENT:
Pursuant to Section 217 (2AA) of the Companies Act, 1956 I would like to state thefollowing:
In the preparation of the Annual Accounts, the applicable accounting standards havebeen followed.
The Directors have selected such accounting policies and applied them consistently andmade judgments and estimates that are reasonable and prudent so as to give a true and fairview of the state of affairs of the Company, at the end of the financial year ended on31st March. 2011.
The Directors have taken proper and sufficient care for the maintenance of adequateaccounting records in accordance with the provisions of this act for safeguarding theassets of the Company and for preventing and detecting fraud and other irregularities.
The Directors have prepared the attached statements of accounts for the year ended 31stMarch, 2011 on a going concern basis.
AUDITORS & AUDITORS REPORT:
M/s. R. Choudhary & Associates; Chartered Accountants, retire at the forthcomingAnnual General Meeting and have confirmed their eligibility and willingness to accept theoffice, if re-appointed.
Notes forming part of the accounts are self-explanatory and therefore, do not requireany further comments.
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 |
| ||For RADHE DEVELOPERS (INDIA) LIMITED |
|Date : 10-8-2011 || |
|Place : Ahmedabad ||PRAFUL C. PATEL |
| ||CHAIRMAN |