DIRECTORS' REPORT To, The Members The Directors' present the Annual report on the business and operations of your Company for the year 2011-2012. PARTICULARS OF EMPLOYEES: There is no employee receiving salary of Rs. 24 Lac per annum or Rs. 2 Lac per month during the 12 Months period ended 31st March, 2012, the details as required to be furnished under section 217(2A) of the companies Act 1956 read with the Companies (Particulars of employee) Rules, 1975 as amended. DIRECTORS: Mrs. Dipti Shah, Directors of the Company is liable to retire by rotation at the ensuing Annual General Meeting and being eligible, offer them for re-appointment. RESPONSIBILITY STATEMENT: As required u/s 217(2AA) of the Companies Act, 1956 your Director confirms that in the preparation of the annual accounts. The applicable accounting standards have been followed along with proper explanation relating to material departures. Such accounting policies have been selected and applied consistently and reasonable and prudent judgments and estimates made, 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 the profit/loss of the company for that period. Proper and sufficient care has been taken for the maintenance of the adequate accounting records in accordance with provisions of this act for safeguarding the assets of the company and for preventing and detecting fraud and other irregularities. The annual accounts have been prepared on a going concern basis. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE: As required under rule 3 of the Companies (Disclosure of Particulars in the report of Board of Directors) Rules 1998, the particulars relating to the conservation of energy, Technology absorption, and the foreign exchange earnings and outgo are also Nil. APPOINTMENT OF AUDITORS: M/S. P. Dalal & Co., Chartered Accountants, Ahmedabad, the retiring auditors being eligible offer themselves for re-appointment. Members are requested to appoint them as auditors of the company for the next year till the conclusion of next Annual General Meeting of the Company. PUBLIC DEPOSITS The Company has not accepted any deposits from the public during the year under review. Your Company is listed with the Bombay Stock Exchange. MANAGEMENT DISCUSSION AND ANALYSIS: Management discussion and analysis Report, pursuant to Clause 49 of the Stock Exchange Listing agreement, forms part of this Report and the same is annexed hereto. REPORT ON CORPORATE GOVERNANCE: A separate Report on Corporate Governance along with Certificate from Auditors on its compliance as annexed hereto. SEGMENT: Your Company is engaged in a single segment only. ACKNOWLEDGEMENT: The management is grateful to the government authorities, Bankers, Vendors for their continued assistance and co-operation. The directors also wish to place on record the confidence of members in the company. For & on behalf of the Board of Director Dipti Shah Director Dilip Shah Director Bakan Shah Director Date: 31/07/2012 Place: Ahmedabad |