MANAGEMENT DISCUSSION AND ANALYSIS: 1) INDUSTRY STRUCTURE & DEVELOPMENT: With the improvement in primary market sentiment and also vastly improved secondary market, the investment climate in the country leaves the Management with much scope for new business activities in the future. 2) OPPORTUNITIES & THREATS, RISKS & CONCERNS AND BUSINESS OUTLOOK: The Capital Market is expected to continue its upward trend. Consequently, the Management will explore opportunities in Trading in securities and other related activities. 3) INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY: The internal control system followed by the Company is considered adequate reviewing the operations of the Company regularly. The recommendations made by Audit Committee are reviewed and monitored towards its successful implementation: 4) HUMAN RESOURCES: The company is managed by a professional team under the guidance of the Managing Director. Frequent meetings are arranged to upgrade the knowledge of the employees and to strengthen their managerial capabilities. DIVIDEND: In view of losses, your Directors do not recommend any dividend during the year. DEPOSITS: The Company has not accepted any deposit from the public during the year. RESPONSIBILITY STATEMENT: As required u/s 217(2AA) of the Companies Act, 1956 your Director confirms that in the brparation of the annual accounts: The applicable accounting standards have been followed along with proper explanation relating to material.departures. Such accounting policies have been selected and applied consistently and reasonable and prudent judgments and estimates made, 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 the profit/loss of the company for that period. Proper and sufficient care has been taken for the maintenance of the adequate accounting records in accordance with provisions of this act for safeguarding the assets of the company and for brventing and detecting fraud and other irregularities. The annual accounts have been brpared on a going concern basis. APPOINTMENT OF AUDITORS: M/S P. DOSHI & ASSOCIATES, Chartered Accountants the retiring auditors being eligible offer themselves for re-appointment. Members are requested to appoint them as auditors of the company. MANAGEMENT DISCUSSION AND ANALYSIS: Management discussion and analysis Report, pursuant to Clause 49 of the Stock Exchange Listing agreement, forms part of this Report and the same is annexed hereto. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE: As required under rule 3 of the companies (Disclosure of Particulars in the report of Board of Directors) Rules 1998, the particulars relating to the conservation of energy, Technology absorption, and the foreign exchange earnings and outgo are also Nil. REPORT ON CORPORATE GOVERNANCE: A separate Report on Corporate Governance along with Certificate from Auditors on its compliance as annexed hereto. SEGMENT: Your Company is engaged in a single segment only. ACKNOWLEDGEMENT: The management is grateful to the government authorities, Bankers, Vendors for their continued assistance and co-operation. The directors also wish to place on record the confidence of members in the company. FOR AND ON BEHALF OF THE COMPANY Bharati B. Patel Chairmanperson Date : 12.06.2008 Place : Ahmedabad |