DIRECTORS' REPORT The Members of Parekh Distributors Limited Your Directors have pleasure in presenting their Report for the financial year ended 31st March, 2011. 1. Dividend: In view of the loss of the current financial year and unabsorbed losses of the previous financial years, your Directors regret to recommend dividend for the financial year ended 31st March, 2011. 2. Directors: (i) Mr. Vivek S. Agnihotri, Director of the Company, retires by rotation and being eligible, offers himself for re-appointment. (ii) None of the Directors of the Company is disqualified from being appointed as Director under Clause (g) of Sub-section (1) of Section 274 of the Companies Act, 1956. 3. Directors' Responsibility Statement: Pursuant to Section 217 (2AA) of the Companies Act, 1956, your Directors state that: (i) in preparation of the Annual Accounts, the applicable accounting standards have been followed. (ii) they have selected such accounting policies and consistently applied the accounting policies 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 Profit and Loss for the period. (iii) they have 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) they have prepared the annual accounts on going concern basis.(Ref Note No.7 of Schedule 9) 4. Auditors and Auditors' Report: M/s Doshi Doshi & Associates, Chartered Accountants, who were appointed as the Statutory Auditors of the Company at an Extra Ordinary General Meeting held on 6th May, 2011, hold office until the conclusion of the ensuing Annual General Meeting and are eligible for reappointment. With respect to the Remarks contained in the Auditors' Report, the Notes on Accounts referred to in the Auditors' Report are self explanatory and do not require any further comments. 5. Particulars of Employees: There being no employee employed by the Company during the financial year ended 31st March, 2011, nothing is required to report under Section 217(2A) of the Companies Act, 1956 and the Rules made there under. 6. Fixed Deposits: The Company has not accepted any fixed deposits within the meaning of the provisions of Section 58A of the Companies Act, 1956 during the financial year ended 31st March, 2011. 7. Conservation of Energy, technology absorption, Foreign Exchange Earnings and outgo: There is nothing to report with respect to particulars as prescribed under Section 217(l)(e) of the Companies Act, 1956 and any Rules made there under. 8. Secretarial Compliance Certificate: Pursuant to the proviso to Section 383A(1) of the Companies Act, 1956 together with the Companies (Compliance Certificate) Rules, 2001 notified by the Central Government, the Secretarial Compliance Certificate certified by the Company Secretary in whole time practice is attached to this report. 9. Acknowledgement: Your Directors wish to place on record their deep sense of appreciation for the services and cooperation received from the bankers, statutory authorities, etc. The Directors also thank all the shareholders and investors for reposing continued confidence in the Company. For and on behalf of the Board of Directors Vivek Agnihotri Mumbai Dated : 30th May, 2011 |