Disclosure in board of directors report explanatoryFORBES ENVIRO SOLUTIONS LIMITED (Formerly known as Forbes Water Limited) REPORT OF THE DIRECTORS OF FORBES ENVIRO SOLUTIONS LIMITED To,The Members The Directors are pleased to submit their Report and the Audited Accounts of the Company for the period ended 31st March 201. 1. FINANCIAL RESULTS Particulars Current Previous Year Year Rs. Rs. Income from Operations and other income Nil Nil Profit / (loss) before Depreciation (27,987) (32,581) Less : Depreciation Nil Nil Profit / (loss) before Tax (27,987) (32,581) Less : Provision for Taxation Nil Nil Profit / (loss) after Tax (27,987) (32,581) Profit / (loss) brought forward from PY (174,737) (142,156) Balance Carried to Balance Sheet (202,724) (174,737) 2. OPERATIONS The Company has not yet commenced its commercial operations.During the year, the Company has made application for the take over of the operation of two of the subsidiary companies of its parent Company Eureka Forbes Limited, namely Radiant Energy Systems Pvt. ltd and Waterwings Equipment Pvt. Ltd. to the Hon'ble High Court , Mumbai on 30th January 2013. The process for the take over is expected to be completed during the second quarter of the financial year 2014-15. 3. CAPITAL During the year under review, there has been no change in the Share Capital of the Company and the subscribed and paid up capital of the Company stands at Rs.5,00,000 comprising of 50,000 equity shares of Rs.10 each 4. DIRECTORS Since the company is a public limited company, pursuant to section 256 of the Companies Act ,1956 one third of the Directors liable to retire by rotation must retire in the forthcoming Annual General Meeting .Mr. S.L.Goklaney will retire at the forthcoming Annual General Meeting of the Company and being eligible,offers himself for reappointment. 5. AUDITORS M/s Batliboi and Purohit, Chartered Accountants would retire in the current Annual General Meeting and have offered themselves for reappointment. 6. DIRECTORS' RESPONSIBILITY STATEMENT As required under Section 217 (2AA), your Directors confirm that :- (i) In the preparation of the Annual Accounts for the year ended March 31, 2013, the applicable accounting standards have been followed and that there are no material departures; (ii) They have 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 state of affairs of the Company at the end of the financial year and of the loss of the Company for the year. (iii) They have taken proper & sufficient care to the best of their knowledge and ability 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) They have prepared the Annual Accounts on a going concern basis. 7. PARTICULARS OF EMPLOYEES The company does not have any employees whose particulars are required to be annexed to the Directors' Report under section 217 (2A) of the Companies Act 1956, read with the Companies (Particulars of Employees) Rules, 1975, as amended. 8 INFORMATION PURSUANT TO COMPANIES (DISCLOSURE OF PARTICULARS IN THE REPORT OF THE BOARD OF DIRECTORS) RULES, 1988 : (a) CONSERVATION OF ENERGY AND TECHNOLOGY ABSORPTION Since the Company is yet to commence operations, there are no particulars under Section 217 (I) of the Companies (Disclosure of Particulars in the Report of the Board of Directors) Rules, 1988 regarding conservation of energy and technical absorption. (b) FOREIGN EXCHANGE EARNING AND OUTGO There are no earnings or expenses in Foreign Exchange. For and on behalf of the Board of Directors Mumbai Dated : APRIL 25, 2014 AV Suresh Director Since the Company is yet to commence operations, there are no particulars under Section 217 (I) of the Companies (Disclosure of Particulars in the Report of the Board of Directors) Rules, 1988 regarding conservation of energy and technical absorption. Details regarding foreign exchange earnings and outgoThere are no earnings or expenses in Foreign Exchange. Particulars of employees as per provisions of section 217The company does not have any employees whose particulars are required to be annexed to the Directors' Report under section 217 (2A) of the Companies Act 1956, read with the Companies (Particulars of Employees) Rules, 1975, as amended. Disclosures in director’s responsibility statementAs required under Section 217 (2AA), your Directors confirm that :- (i) In the preparation of the Annual Accounts for the year ended March 31, 2014, the applicable accounting standards have been followed and that there are no material departures; (ii) They have 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 state of affairs of the Company at the end of the financial year and of the loss of the Company for the year(iii) They have taken proper & sufficient care to the best of their knowledge and ability 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) They have prepared the Annual Accounts on a going concern basis |