chokhani securities ltd Directors report

DIRECTORS

TO THE SHAREHOLDERS

Your Directors have great pleasure in presenting their 19th Annual Report together with the Audited accounts for the year ended October 31, 2012.

FINANCIAL RESULTS:	Year ended 31,10.2012	Year ended 31.10.2011
	Rs.	Rs.
Total Income	486,430	39,035
Profit/ (Loss) before tax	27,044	(531,028)
Tax Expense
- Current Tax	0	0
-Deferred Tax	(38,160)	(33,927)
- Excess/Short Provision of Tax	0	0
Balance carried Forward	65,204	(539,919)

DIVIDEND:

Due to no business activity on hand, and carry forward Losses, your Directors express their inability to recommend any dividend for the year ended October 31, 2012.

OPERATIONS:

Your Company has achieved a Total Income of Rs. 4.86 Lacs as Compared to Rs. 0.39 Lacs for the previous year. Your Company suffered a Net Loss of Rs 65,204/- in the current year.

Your board is confide it of achieving better results and better performance during the current year.

BOARD OF DIRECTORS:

As per the provisions of the Companies Act, 1956, and in terms of the Articles of Association of the Company, Mr. Ishwar Chand Jain, Director of the Company, retires by rotation and being eligible, offer himself for re-appointment.

DIRECTORS RESPONSIBILITY STATEMENT:

Pursuant to Section 217(2AA) of the Companies Act, 1956 the Directors confirm that:

1. In the preparation of the annual accounts, the applicable accounting standards have been followed.

2. Appropriate policies have been selected and applied consistently and judgments and estimates wherever made are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company as at the end of the year.

3. Proper and sufficient care has been taken for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 1956 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities.

4. The annual accounts have been prepared on a going concern basis.

AUDITORS:

During the year M/s. NGS& CO., Chartered Accountants, Auditors of the Company have changed their status from partnership firm into Limited Liability Firm [LLP] and now their name stands as M/s. NGS & CO. LLP, Chartered Accountants.

M/s. NGS & CO. LLP, Chartered Accountants, Auditors of the Company retires by rotation and being eligible for re-appointment offers themselves for re-appointment.

The Company has received a certificate from them that they are qualified under section 224 (1-B) of the Companies Act, 1956, for appointment as Auditors of the Company. Members are requested to consider their appointment at a remuneration to be decided by the Board of Directors for the financial year ending October 31, 2013 as set out in the Notice convening the Meeting.

AUDITORS OBSERVATIONS:

The observations of the auditors contained in their Report have been adequately dealt with in the Notes to the Accounts given in Notes 1-22, which are self explanatory and, therefore, do not call for any further comments.

AUDIT COMMITTEE:

In accordance with the provisions of the Listing Agreement and Corporate Governance the Company had constituted an Audit Committee. The Audit Committee acts in accordance with the terms of reference specified from time to time by the Board.

CORPORATE GOVERNANCE:

Your Company continued to practice good governance as set out by the Securities and Exchange Board of India. In addition to the basic governance issues, the Board laid a strong emphasis on transparency, accountability and integrity. The detailed report on compliance of Corporate Governance and Management Discussion Analysis as stipulated in Clause 49 of the Listing Agreement \s enclosed and form part of this Report.

SECRETARIAL COMPLIANCE CERTIFICATE:

Pursuant to provisions of Section 383A of the Companies Act, 1956 and the rules made thereunder, the Company has obtained a Compliance Certificate from GMJ & Associates, Company

Secretaries. The same is attached herewith.

CODE OF CONDUCT:

Your Company is committed to conducting its business in accordance with the applicable laws, rules and regulations and highest standards of business ethics. In recognition thereof, the Board of Directors has implemented a Code of Conduct for adherence by the Directors and Senior Management Personnel of the Company. This will help in dealing with ethical issues and also foster a culture of accountability and integrity.

DEPOSITORY SERVICES:

The Companys Equity Shares are admitted to the depository mechanism of the National Securities Depository Limited (NSDL) and also the Central Depository Services Limited (CDSL). As a result the investors have an option to hold the shares of the Company in a dematerialised form in either of the two Depositories. The Company has been allotted ISIN No. INE138E01012.

Shareholders therefore are requested to take full benefit of the same and lodge their holdings with Depository Participants [DPs] with whom they have their Demat Accounts for getting their holdings in electronic form.

FIXED DEPOSITS:

The Company did not accept any fixed deposits during the year ended October 31, 2012.

PARTICULARS REGARDING CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNING AND OUTGO:

The information pursuant to section 217 (I) (e) of the Companies Act, 1956 read with the Companies (Disclosure of particulars in the Report of Board of Directors) Rules 1988 are not applicable to the Company as the Company is not engaged in manufacturing activities.

Foreign Exchange Earnings & outgo: Rs. NIL [Pr. Yr. NIL]

PARTICULARS OF EMPLOYEES:

None of the employees of the Company came within the purview of the information required u/s 217 (2A) of the Companies Act, 1956 read with the Companies (particulars of Employees) Rules, 1975 as amended.

LISTING:

The Equity Shares of the Company are at present listed with the Bombay Stock Exchange Limited, Phiroze Jeejeebhoy Towers, Dalai Street, Mumbai 400 001.

The Company is regular in payment of listing fee.

SAFETY, ENVIRONMENTAL CONTROL AND PROTECTION:

The Company has taken all the necessary steps for safety and environmental control and protection at all its plants.

ACKNOWLEDGMENT:

The Directors wish to convey their appreciation to the Companys shareholders, customers, suppliers, bankers, distributors and all the technology partners for the support they have given to the Company and the confidence, which they have reposed in its management and the employees for the commitment and dedication shown by them.

Registered Office:	For & on behalf of the Board
Capco Exports,	For Ascent Exim [India] Limited
Jeevan Sahakar Building, 3rd Floor,
5, Homji Street, Fort,
Mumbai - 400 001.	Sd/-	Sd/-
January 31, 2013.	Directo r	Director