Sweatamber Steel Ltd. के निदेशक की रिपोर्ट

Mar 31, 2012

To, The Members,

The Directors are pleased to present the Annual Report with Audited Accounts of your Company for the year ended 31st March, 2012.

FINANCIAL RESULTS

(in Rs.)

2011-2012 2010-2011

Profit before Financial Charges, Depreciation and Taxation (1016944) (815179)

Less: Financial Charges (3460) (2305)

Less: Depreciation 0 0

Profit before Taxation (1020404) (817484)

Less: Provision for Taxation 0 0

Profit after Taxation (1020404) (817484)

OPERATIONS

The Company has not doing manufacturing activity during the previous year hence gross income is Nil. How ever, The Company''s net loss is Rs. (1020404)/-

DIVIDEND

The Directors have not proposed any Dividend for the year.

PUBLIC DEPOSIT

No Fix Deposit were accepted during the year under review.

Particulars of Unclaimed Deposit

1) Unclaimed Deposit- NIL

2) No. Unclaimed Depositors- NIL

AUDITORS REPORT

The observation made in the auditor''s report, read together with the relevant notes there on are self explanatory and hence, do not call for any comments under section 217of the Companies Act, 1956.

PERSONNEL

During the year under review there was no employee in the employment of the company falling within the purview of section 217(2A) of the Companies Act, 1956 read with rules there under.

DIRECTORS

Pursuant to the provisions of the Companies Act, 1956 and the Articles of Association of Company the director of the company is to retire by rotation and being eligible offer himself re- appointment.

AUDITORS OBSERVATIONS

The observations of the auditors in their report are explained in the notes on the accounts, which are self-explanatory.

AUDITORS

RAKSHIT M. SHAH & CO.. Chartered Accountants, Ahmedabad are the retiring Auditor and RAKSHIT M. SHAH & CO. Appointed as statutory auditor. The Company has obtained a certificate from auditor as required under Section 224 (1-B) of the Companies Act, 1956 to the fact that their reappointment if made, would be in conformity with the limit specified in that section.

EMPLOYEES

None of the employees of your Company is drawing remuneration exceeding the limit laid down under section 217 (2A) of the Companies Act, 1956 read with Companies (Particulars of Employees) Rules, 1975 as amended.

DIRECTORS'' RESPONSIBILITY STATEMENT

Pursuant to Section 217 (2AA) of the Companies (Amendment) Act 2000, the Directors confirm that:

i) In the preparation of the annual accounts, the applicable accounting standards have been followed;

ii) Appropriate accounting policies have been selected and applied consistently and judgments and estimates have been made that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company as on march 31, 2012 and of the loss of the Company for the year ended March 31,2012;

iii) Proper and sufficient care has been taken for the maintenance of adequate accounting records in accordance with the provisions of Companies Act, 1956 for safeguarding the assets for your Company for preventing and detecting fraud and other irregularities;

iv) The annual accounts have been prepared on a going concern basis.

Acknowledgement

The Directors wish to thank Company''s Bankers and government authorities for all the help and encouragement they extended to the Company. Your directors deeply acknowledge the continued trust and confidence that our shareholders have placed in the Company.

By order of the Board

For SWEATAMBER STEEL LTD.

Sd/-

Place : Baroda Bhupendra Shah

Date : 11/08/2012 CHAIRMAN

---

Mar 31, 2011

The Directors have pleasure in presenting before you the 21ST Annual Report of the Company together with the Audited Statement of Accounts for the year ended 31st March, 2011.

FINANCIAL RESULTS (Amt Rs. In Lakhs ) 2010-2011 2009-2010

Total Income 24.31 24.64

Total Expenditure 32.48 31.77

Profit before Tax (8.17) (7.13)

Profit after Tax (8.17) (7.13)

DIVIDEND

The Board of Directors of the Company has not declared any dividend for 2010-2011.

FIXED DEPOSITS

The Company has not accepted deposits from the public during the year attracting the provisions of section 58A of the Co. Act, 1956 and Rules framed there under.

SSI DUES

The Company has no dues outstanding for more than 30 days to any small scale undertaking.

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. 292A of the Co-Act, 1956 and Corporate Governance as stated in Clause 49 of the Listing Agreement.

DIRECTORS

During the year under review, Mr. Jagruti Shah, will retire by rotation at the ensuing Annual General Meeting of the Company and being eligible, offer themselves for re-appointment..

AUDITORS

M/s. Rajesh D. Shah & 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 and 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 of the Company throughout the year.

By order of the Board

For SWEATAMBER STEEL LTD.

Sd/- Place : Baroda Bhupendra Shah

Date : 05/09/2011 CHAIRMAN