DIRECTORS
Dear Members,
Your Directors have pleasure in placing before you the 19TH Annual Report
and Audited Accounts for the financial year ended on 31st March, 2012.
FINANCIAL HIGHLIGHTS
The summarised financial results are as under :
Amnts.in Rupees
| Particulars |
2011-12 |
2010-11 |
| Turnover |
99,342,604.00 |
148,723,734.00 |
| Expenditure |
99,295,711.00 |
147,620,335.00 |
| Profit/ Loss Before Tax |
46,893.00 |
1,103,399.00 |
| Profit / Loss After Tax |
46,893.00 |
1,103,399.00 |
DIVIDEND
Your Director’s regret their inability to recommend any dividend.
REVIEW OF OPERATIONS
The Company stopped manufacturing activity since last 3 year after disposing off the
properties and trying to approach new areas of working. The company is actively in the
market of cotton and textiles and is an active supplier of cotton in the open market.
However due to turnover of the Company reduced by around 33% year to year on basis.
Company is trying to retain its market with best quality of product and with better trade
policies.
DEPOSITS
The Company has not accepted any deposits within the meaning of the provisions of
Section 58-A of the Companies Act, 1956.
DIRECTORS
Ankur Shah and Mr.Kirit Kumar Shah, Directors of the Company will retire by rota tion
at the forthcoming Annual General Meeting and being eligible offers himself for the
reappointment.
AUDITORS
M/s L. N. Patel & Co., Chartered Accountants, Ahmedabad, the Statutory Auditors of
the Company retire at the forthcoming Annual General Meeting and be ing eligible offers
himself for re-appointment. The notes referred to by Auditors in the report are self
explanatory and hence do not require any explanation.
PERSONNEL
The Employee relation remained cordial throughout the year. Your Di rectors wish to
place on record their appreciation of the committed service rendered by all the staff
members of the Company. There are no employees who particulars are required to be shown in
terms of provisions of section 217(2A) of the Companies Act, 1956 read with Companies
(Particulars of Employees) Rules 1975 as amended.
Information pursuant to Section 217(1)(e) of the Companies Act, 1956.
A. Conservation of Energy
In house study was made for identifying areas for opti mum utilisation of power and
fuel . No additional investment has been made or proposed to for reduction of consumption
of energy.
B. Research, Development and Technology Absorption
The company did not carry any activi ty of Research and Development (R & D)
programme and also no effort has been made towards technology absorption, adaptation and
innovation.
C. Foreign Exchange Earning & Outgo
The Company did not have any Foreign Exchange earning / Outgo during the year under
review.
DIRECTORS’ RESPONSIBILITY STATEMENT
Pursuant to provisions of section 217 (2AA) of the Companies Act, 1956, the Board of
Directors hereby state and confirm that:
i) In the preparation of the Annual Accounts, the applicable accounting standards had
been followed alongwith proper explanation relating to material departures.
ii) The Directors had selected such accounting policies and applied them consistently
and made judgements and estimates that are reasonable and prudent so as to give a true and
fair view of the Company at the end of the financial year and of the profit of the Company
for that period.
iii) The Directors had taken proper and sufficient care 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.
iv) The Directors had prepared the annual accounts on a going concern basis
ACKNOWLEDGEMENTS
The Board of Directors convey their sincere appreciati on and gratitude to their
Employees, Bankers, Shareholders, Customers and various agencies for their continued
support and co-operation to the company.
|
For and on behalf of the Board |
|
SD/ |
| Place : Baroda |
Jagdish Jani |
| Dated : 31-08-2012 |
Chairman |
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