Directors Report to the Members The Directors present herewith their Annual Report and Audited Statement of Accounts for the year ended 31st March, 2013. DIVIDEND Your Directors do not recommend any dividend on equity shares in view of loss incurred during the year. REVIEW OF OPERATIONS Your Company is exploring possibilities for joint venture or strategic partnership for business diversification. The management is hopeful to achieve better results in the years to come. FIXED DEPOSITS The company has not accepted any fixed deposits during the year under review. STATUTORY INFORMATION Employees The Company has no employee during the year under review whose particulars are required to be furnished herein under section 217(2A) of the Companies Act, 1956. Conservation of energy The Company does not use fuel, so the requirements of furnishing particulars relating to conservation of energy do not arise. Foreign exchange earnings and outgo The company has neither earned nor spent any foreign exchange in the course of its business. Research and development The company has not yet started a Research and Development Department. Technology absorption, adaptation and innovation The company has not imported any technology. Secretarial Compliance Certificate Secretarial Compliance Certificate dated 12"" July 2012 as obtained from Mr. Himanshu Agarwal, Company Secretary in whole time practice for the year ended 31^' March 2013 is attached herewith. Internal control system The Company has a sound and adequate system of internal controls to monitor and control all the activities. The Company complies with all internal control policies and procedures as also other regulatory requirements. Directors In accordance with the provisions of the Companies Act, 1956 and the Articles of Association of the company, Mr. Mr. Prakhar Misra and Mr. Nishant Agarwal retires by rotation and offers themselves for reappointment. Directors Responsibility Statement Pursuant to the requirement under Section 217(2AA) of the Companies Act, 1956 with respect to Directors Responsibility Statement, it is hereby confirmed'. (i) that in preparation if the annual accounts for the financial year ended 3l" March, 2013, the applicable accounting standards had been followed along with proper explanation relating to material departures; (ii) that the directors had selected such accounting policies and applied them consistently and made judgments and estimates that were reasonable and prudent so as to give a true and fair view of fne state ol; gffairs of the Company at the end of i'.he financial year and of the profit or loss of the Company for the year under review; (iii) that the directors had 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) that the Directors had prepared the accounts for the financial year ended 3l" March, 2013 on a going concern'basis. Auditors IVlembers are requested to appoint Auditors for the current year and fix their remuneration. IVI/5 Rani IVIaheshwari & Co. retires at the forthcoming Annual General IVleeting and they have expressed their willingness to be re appointed. Appreciation The Directors wish to sincerely thank their Bankers, employees and all associates for their help and co-operation. For and on behalf of the Board Ramakant Mishra Chairman Mumbai Date; 30th July, 2013 |