DIRECTORS REPORT
Dear shareholders,
Your directors have pleasure in submitting the Annual report and Audited accounts of
the company for the financial year ended 31st march, 2012.
Financial Performance.
The company has incurred a Loss of Rs 16.18 lakhs as compared to the previous
year’s Profit of Rs 11.51 lakhs due to adverse market conditions and other
unavoidable extreme situations which prevented your company from doing its normal broking
business due to SEBI order and other legal litigations, during the year under preview but
the directors are hopeful of achieving much better results and performance in future.
| PARTCULARS |
YEAR ENDED 31-03-2012 |
YEAR ENDED 31-03-2011 |
|
(Rupees in Lacs) |
(Rupees in Lacs) |
| Turnover |
13.30 |
262.73 |
| Profit after Interest but before Depreciation & Tax |
(11.89) |
17.01 |
| Depreciation |
4.29 |
5.50 |
| Profit Before Tax |
(16.18) |
11.51 |
| Provision for Current Tax |
NIL |
NIL |
| Provision for Deferred Tax |
(0.21) |
(0.38) |
| Profit After Tax |
(15.97) |
11.89 |
| Prior year tax adjustment |
NIL |
NIL |
| Balance of profit B/f |
(16.05) |
(27.94) |
| Balance Carried Forward to Balance Sheet |
(32.02) |
(16.05) |
Personnel and industrial relations.
The company has not paid any remuneration attracting the provisions of Companies
(particular of employees) rules, 1075 read with section 217 (2A) of the companies act,
1956. No information is therefore, required to be appended to this report in this regard.
Dividend.
The directors have decided to conserve the reserves and hence, and hence no dividend is
declared for the year in view of loss.
Fixed Deposit
The company has not accepted deposits from the public during the year under review.
There are no overdue deposits for repayment on the date of this report.
Directors Responsibility Statement
Pursuant to requirement under section 217(2A) of the companies act, 1956 with respect
to the directors responsibility statement, it is hereby confirmed ;
That in the preparation of the accounts for the financial year ended 31st march, 2012,
the applicable accounting standards have been followed along with the proper explanation
relating to material departures. That the directors have selected such accounting policies
and applied them consistently and made judgment and estimates that were reasonable and
prudent so as to give a true and fair view of the state of affairs of the company at the
end of the financial year and of the profit or loss of the company for the year under
review. That the directors have taken proper and sufficient care for maintenance of the
adequate accounting records in accordance with the companies act, 1956 for safeguarding
assets of the company for preventing and detecting fraud and other irregularities. That
the directors have prepared the accounts for the financial year ended 31st March 2012 on a
going concern basis Your management is feeling immense pleasure in informing you that SEBI
vide its order dated 16th March, 2012 have revoked their earlier interim ex-parte order
dated 02nd December , 2010 against your company and have given clean chit in all
allegations made by them after the investigation of the matter. Your management is
expecting the normal business scenario and is trying its level best to bring the normalcy
in its core business of broking as early as possible.
Auditors
M/S. V. R. Bhabhara and Co. Chartered accountants, the auditors of the company hold
office till conclusion of the ensuing Annual General Meeting and being eligible their
reappointment for a period of one year till the next Annual General Meeting is
recommended.
Conservation Of Energy, Technology Absorption and Foreign Exchange
There is no information to be disclosed in accordance with the provisions of section
217 ( 1 ) ( e ) of the companies Act, 1956 read with the companies ( Disclosures of
particulars in the report of the Board of Directors ) rules, 1988 regarding conservation
of energy, technology absorption and foreign exchange and outgo.
Corporate Governance Code
A report as per the requirement of clause 49 of the listing agreement on the Corporate
Governance Practices followed by the company and the Auditors Certificate on Compliance of
mandatory requirements along with Management Discussions and Analysis is given as an
annexure to this report.
Acknowledgement
Your Directors take this opportunity to place their appreciation of the Company’s
Clients, Vendors , bankers and investors for their continued support during the year. The
Directors also take this opportunity to record their deep sense of gratitude to the
Financial Institutions, Banks Central state Government Authorities for their guidance and
support. The Directors also appreciate the perseverance and contribution made by the
employees at all levels who through their proficiency hard work and support have enabled
to realize better performance and look forward to their prolonged support in the future as
well. Your Directors are deeply grateful for the confidence and faith shown by all
shareholders of the company.
| Place : Mumbai |
For and on behalf of the Board |
|
Naresh Sharma |
| Date : 27th August, 2012 |
Director |