To, The Members of the Company,
The Directors have pleasure in presenting.before you the 22nd Annual
Report of the Company together with the Audited Statement of Accounts
for the year ended 31st March, 2012.
FINANCIAL RESULTS (Amt in Rupees)
2011-2012 2010-2011
Total Income 375,388 514,782
Total Expenditure 364,240 564,647
Profit before Tax 11,148 (49,865)
Profit after Tax 11,148 (49,865)
FINANCIAL & OPERATIONAL HIGHLIGHTS
Turnover of the Company reduced to 3.75 Lakhs from the 5.14 lakhs
achieved during the last year. However company reported profit for year
due to controlling the expenses. An active drive to increase the
business of the Company is undergoing and company expects to report
better results in forthcoming years.
DIVIDEND
The Board of Directors of the Company has not declared any dividend for
2011-2012.
FIXED DEPOSITS
The Company has not accepted deposits from the public during the year
attracting the provisions of section 58AoftheCo. Act, 1956 and Rules
framed there under.
AUDIT COMMITTEE
The Company has formed an Audit committee comprising of 3 directors.
The terms of the reference of the committee are in line with the
requirements specified u/s. 302A of the Co-Act, 1956 and Corporate
Governance as stated in Clause 49 of the Listing Agreement.
DIRECTORS
During the year under review, Pallavi Pandit, will retire by rotation
at the ensuing Annual General Meeting of the Company and being
eligible, offers himself for re-appointment.
Bhavik Badani Appointed as an Additional Director on 11/11/2011 and in
respect of his appointment company received a notice from a shareholder
and seeks the re-appointment. Board of directors expressed opinion that
with the appointment company will benefit a lot.
AUDITORS
M/s. Shirish Dalai & Associates, Chartered Accountants have given their
consent for re-appointment of Auditors of the Company.
PARTICULARS OF EMPLOYEES
There was no employee in the Company whose particulars are required to
be furnished as per section 217 (2A) of the Companies Act, 1956, read
with Companies (Particulars of Employees) Rules, 1975 as amended upto
date.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNING/OUTGO.
The information under section 217(1) (e) of the Companies Act, 1956 on
Conservation of Energy, Technology Absorption as required to be
disclosed is not applicable to your company since it is engaged in the
financial activities.
During the year under review the Company has no foreign exchange
earnings and outgo.
DIRECTORS'RESPONSIBILITY STATEMENT
Pursuant to section 217(2AA) of the Companies Act. 1956 the Directors
confirm :
(a) that in the preparation of annual accounts, the applicable
accounting standards have been followed;
(b) that the Directors have selected such accounting policies and
applied them consistently and made judgments and estimates that are
reasonable and prudent so as to give true and fair view of the state of
affairs of the Company at the end of the financial year and of the
profit of the Company for that period;
(c) that the Directors have taken proper "arid sufficient care for the
maintenance of adequate accounting records in accordance with the
provision of the Companies Act, 1956 for safeguarding the assets of the
company and for preventing and detecting fraud and other
irregularities;
(d) that the Directors have prepared the Annual Accounts on a going
concern basis.
CORPORATE GOVERNANCE AND COMPLIANCE
A report on corporate governance along with Management Discussion and
Analysis is annexed to this report. A certificate from Statutory
Auditors with regards to the compliance of the corporate governance, as
stipulated in Clause 49 of the Listing Agreement, by the company is
annexed to this report.
The company has fully complied with all mandatory requirements
prescribed under Clause 49 of the listing agreement. In addition, the
company has also implemented some of the non mandatory provisions of
Clause 49.
ACKNOWLEDGEMENT
Your Directors wish to express their sincere appreciation for the
co-operation and support received from Banks, shareholders, customers,
Officers and other employees ofthe Company throughout the year.
By order of the Board
For CROMAKEM LIMITED
Sd/-
Place : AHMEDABAD Bhavik Badani
Date : 31/08/2012 CHAIRMAN |