DIRECTOR'S REPORT To, The Members TITAN TRADING AND AGENCIES LIMITED Yours directors have pleasure in presenting the Thirty Second Annual Report together with the Audited Statement of Accounts for the year ended 31st March, 2012. FINANCIAL RESULTS: During the year under review, the Company has incurred loss of Rs.86,785/- as against Previous year loss of Rs. 88,346/-. In view of loss, the directors do not recommend any dividend for the period ended March 31, 2012. FIXED DEPOSITS: The company has not accepted Fixed Deposits from the Public during the year and no deposits remain outstanding for repayment. PARTICULARS OF EMPLOYEES: There are no employees of the Company whose particulars are required to be reported under Section 217(2A) of the Companies Act, 1956 and Rules thereunder. CONSERVATION OF ENERGY & TECHNOLOGICAL ABSORPTION: Since the Company is not engaged in the manufacturing activity, the particulars in respect of conservation of Energy and Technology Absorption and Foreign Exchange Earnings and Outgo are not furnished. CORPORATE GOVERNANCE: Since the paid up capital of the Company is less than Rs.3 crores, it is not mandatory for your company to attach report on Corporate Governance as required under Clause 49 of the Listing Agreement. Hence your Company has not attached report on Corporate Governance. SUBSIDIARY COMPANY: Statement pursuant to section 212 of the Companies Act, 1956 in respect of the Company's subsidiary company is appended to the balance sheet. DIRECTORS: Shri Atul Choksey and Shri. Nishith Parekh retires by rotation and being eligible, offer them selves for reappointment. LISTING ARRANGEMENTS: The Company is listed on the Stock Exchange - Mumbai and the listing fees is paid till date. DIRECTORS RESPONSIBILITY STATEMENT: In accordance with the provisions of Section 217 (2AA) of the Companies Act, 1956, your directors state that: i. In the preparation of accounts, the applicable accounting standards have been followed. ii. Accounting policies selected were applied consistently. Reasonable and prudent judgements and estimates were made so as to give a true and fair view of the state of affairs of the corporation as at the end of March 31, 2012 and of the Loss of the company for the year ended on that date. iii. Proper and sufficient care has been taken 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 frauds and other irregularities. iv. The annual accounts of the Company have been prepared on a going concern basis. COMPLIANCE CERTIFICATE: In accordance with sub-section (1) of Section 383A of the Companies Act, 1956, the Secretarial Compliance Certificate from M/s. Manish Ghia & Associates, Practicing Company Secretary, is attached to this report. AUDITORS: The Company's Auditors M/s. Ravi A. Shah & Associates, Chartered Accountants, Mumbai, retire at the conclusion of the ensuing Annual General Meeting of the Company and being eligible offer themselves for re-appointment. ON BEHALF OF THE BOARD OF DIRECTORS Atul Choksey Chairman Mumbai 14th August, 2012 |