| The Members,
The Directors of your Company have pleasure in presenting the 28th
Annual Report of the Company with the Audited Annual Accounts for the
financial year ended on 31st March 2013.
FINANCIAL HIGHLIGHTS
The Financial Results of the Company for the year ended 31st March,
2013 are as under: (Rs. in Lacs)
Particulars For the Year For the Year
Ended on Ended on
31st March, 2013 31stMarch, 2012
Income/Revenue from Operations 7.32 -
Manufacturing & Administrative
Expenditures 40.12 4.10
(Loss) before Interest,
Depreciation & Tax (32.80) 4.10
Less: Interest, Depreciation & Tax - -
(Loss) After Interest, Depreciation
& Tax but Before
Exceptional Items (32.80) (4.10)
Exceptional Items - 0.44
(Loss) before Taxation (32.80) (4.54)
Net Loss for the year (32.80) (4.54)
OPERATIONS
During the year under review, the Company could not operate its
business satisfactorily due to non- availability of any business
opportunity. Further, the continued scarcity of good quality raw
material, steep rise in the overall cost of inputs, absence of working
capital finances have made the operations of the Company economically
unviable. The accumulated losses till end of the financial year have
amounted to Rs. 2595.79 Lacs. However, the Management explored various
feasible alternatives, but was forced to close down its manufacturing
unit in previous year.
FUTURE OUTLOOK
The management of the Company expects to commence operations at any
other alternate place and therefore any turning around of the Company
in the near future is very likely. Now, the Company has recommenced
trading activity for old stocks and various other business activities.
The Company expects to enhance its business activities in the days to
come.
DIVIDEND
In view of the accumulated losses, your Directors regret their
inability to recommend dividend for the year.
BOARD OF DIRECTORS
Mr. R. C. Soni, Director of your Company retires by rotation at the
ensuing Annual General Meeting and being eligible offers himself for
re-appointment.
STATUTORY AUDITOR
M/s. S M N P & Co., Chartered Accountants, Mumbai the Statutory
Auditors of the Company retire at the ensuing Annual General Meeting
and being eligible, offers themselves for reappointment.
COMPANY SECRETARY
During the year Board of Director appointed Ms. Surabhi Panwar, Company
Secretary of the Company dated 16th July, 2012. However, due to some
personal reason she expressed unwillingness to continue as a Company
Secretary in the company and tendered her resignation to the Board of
Director on 30th September, 2012 which was duly accepted by the board.
The Board places on record its deep appreciation for valuable
contributions rendered by Ms. Surabhi Panwar, during her tenure as
Company Secretary of the Company.
AUDITORS' REPORT
There are no specific observations in the Auditors' Report requiring
further comments under Section 217(3) of the Companies Act, 1956.
REPORT ON CORPORATE GOVERNANCE
The Company has fairly complied with the requirement of Corporate
Governance in terms of Clause 49 of the listing agreement. A detailed
report on Corporate Governance is given in the Annexure I which form
part of this report.
DIRECTORS' RESPONSIBILITY STATEMENT
Your Directors confirm that:
(i) in the preparation of the annual accounts, the applicable
accounting standards have been followed along with proper explanation
relating to material departures;
(ii) the accounting policies are consistently applied and reasonable,
prudent judgment and estimates are 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;
(iii) the Directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of this Act for safeguarding the assets of the Company and
for preventing and detecting fraud and other irregularities;
(iv) the Directors have prepared the annual accounts on a going concern
basis.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE
EARNINGS AND OUTGO
Information as required under section 217(1)(e) of the Companies Act,
1956, read with the Companies (Disclosures of particulars in report of
the Board of Directors) Rules, 1988, is not applicable on the Company
in consequence of closure of manufacturing operations in the company
during the year.
PARTICULARS OF EMPLOYEES
The Company had no employees in the category mentioned in Section 217
(2A) of the Companies Act, 1956.
FIXED DEPOSITS
The Company has not accepted any deposits from the public during the
year ended on 31st March, 2013.
APPRECIATION
The Directors are pleased to record their appreciation for the support
and contributions made by all the concerned agencies.
By order of the Board of Directors
For GLOBAL STONE INDIA LIMITED
K. N. GARG
CHAIRMAN
Place: Indore (M.P.)
Date: 21st August, 2013
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