| The Directors are pleased to present their Annual Report for the
financial year ended on 31st March 2013.
FINANCIAL RESULTS:
PARTICULARS 31st March 2013 31st March 2012
( Rs. In Lacs) ( Rs. In Lacs)
Total Income 118.74 374.28
Profit Before Depreciation (3.35) 17.54
Depreciation 16.38 14.53
Net Profit/(loss) (19.73) 3.01
Extraordinary Items Nil (391.11)
Transfer to Balance sheet (19.73) (388.10)
Due to the market constraints the turnover of the company has fallen
sharply during the current financial year resulting in higher operation
losses.
DIVIDEND:
In the absence of any adequate profits, the management has decided not
to declare any dividend.
FIXED DEPOSIT:
The Company has not accepted any deposit from the public with in the
meaning of section 58-A of the Companies Act, 1956.
DIRECTORS:
Ms. Parminder Kaur, Director of the company who retire at the ensuing
Annual General Meeting and being eligible offers herself for
reappointment. Mr. Devender Singh, Ms. Paramjit Kaur, Ms. Reeta Devi
and Mr. Balwinder Singh ceased from the directorship during the current
financial year.
ALLOTMENT OF SHARES ON PREFERENTIAL BASIS
During the year under review, the company has allotted 80,00,000
(Eighty Lacs) equity shares upon conversion of equal number of warrants
on preferential basis.
LISTING:
The company is listed with Bombay Stock Exchange Limited. The shares
are being regularly traded there. The company is regular in payment of
listing fees and complying with other listing requirements. The other
stock Exchanges namely Delhi Stock Exchange and Ludhiana Stock Exchange
are not active and no trading is being taking place there. The company
has applied for delisting of securities from these Delhi Stock Exchange
and Ludhiana Stock Exchange.
AUDITORS:
M/s N Kumar & Co, Chartered Accountants hold office until the
conclusion of the ensuing Annual General Meeting and are recommended
for re-appointment. The company has received a letter from them that
their appointment if made will be within the limits as prescribed in
the section 224 (1B).
AUDITORS REPORT:
Observation in the Auditors Report are dealt with in the notes to the
Accounts and being self explanatory need no further clarifications..
CORPORATE GOVERNANCE REPORT:
As required under listing agreement the Corporate Governance Report
along with Auditors certificate regarding compliance of conditions of
corporate governance report is enclosed.
MANAGEMENT DISCUSSION & ANALYSIS REPORT
As required under clause 49 (E) of Listing Agreement the Management
Discussion & Analysis forms an integral part of the Directors Report.
PARTICULARS OF EMPLOYEES
None of the employees is covered Under Section 217(2A) of the Companies
Act ,1956 read with Companies (Particulars of Employees) Rules ,1975 as
amended.
c. Technology Absorption:
The Company is using indigenous technologies in the manufacturing of
process. The updation of technology is an ongoing process and Company
is complying with all the statutory guidelines in this regard.
d. Foreign Exchange earnings and Outgo:
The Company has not earned any income or incurred any expenditure in
foreign exchange during the financial year.
DIRECTORS RESPONSIBILITY STATEMENT :
As required u/s 217 ( 2AA) of the companies Act ,1956 the Directors
states that :
1. That in the preparation of annual accounts, the applicable
accounting standards had been followed along with proper explanation
relating to material departures.
2. That Directors had selected such accounting policies and applied
them consistently and made judgments 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 profit or
loss of the company for that period.
3. That Directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of the Act for safeguarding the assets of the company and
for preventing and detecting fraud and other irregularities.
4. That Directors have prepared the annual accounts on going concern
basis.
ACKNOWLEDGEMENT
The Directors, place on record their appreciation for the support and
assistance received from all concerned during the period under review.
For Board of Directors
DATE : 04/09/2013 Sd/-
PLACE : Mohali CHAIRMAN CUM MG DIRECTOR |