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Baffin Engineering Projects Ltd.
Market Cap. (Rs.) 0.64 Cr. P/BV -0.64 Book Value (Rs.) -0.50
52 Week High/Low (Rs.) 1/0 FV/ML 1/1 P/E(X) 0.00
Bookclosure 20/06/2011 EPS (Rs.) 0.00 Div Yield (%) 0.00
DIRECTOR'S REPORT
You can view full text of the latest Director's Report for the company.
Year End :2013-03 The Directors present the 18th Annual Report of your Company together with the Audited Annual Accounts for the financial year ended 31st March 2013.

Financial Highlights

                                                   (AMOUNT IN LACS)

                               FINANCIAL YEAR ENDED 
PARTICULARS

                                31st MARCH 2013     31st MARCH 2012

Total Turnover                       0.79               0.11

Total Expenditure                   12.65              30.01

Profit/ (Loss) before tax          (11.86)            (29.90)

Provision for tax:                  (0.06)              0.11
Deferred Tax

Profit/ (Loss) after tax           (11.78)            (30.02)

Transfer to Reserve                  NIL                 NIL

Paid-up Share Capital                 200                200
Year in retrospect and overview

This year, the total turnover of the company was 0.79 as against Rs 0.11 Lacs in the previous year. The company has suffered a loss of Rs 11.86 Lacs as against loss of Rs 29.90 Lacs in the previous year. Your Directors are putting in their best efforts to improve the performance of the Company.

The Management Discussion & Analysis Report is attached hereto with the Directors Report and should be read as part of this Directors Report.

Other Material Changes

Save as mentioned elsewhere in this Report, no material changes and commitments affecting the financial position of the Company have occurred between the end of the financial year of the Company 31st March, 2013 and the date of this Report.

Dividend

In view of loss suffered by the Company, your Directors regret their inability to recommend any dividend.

Public Deposits

During the year under report, your Company did not accept any deposits from the public in terms of the provisions of section 58A of the Companies Act, 1956.

Conservation of Energy, Technology Absorption, Foreign Exchange Earnings and Outgo

A. Conservation of Energy & Technology Absorption: Since the Company is not engaged in any manufacturing activity, issues relating to conservation of energy and technology absorption are not quite relevant to its functioning.

B. Export Activities: There was no export activity in the Company during the year under review. However, the Company is exploring the opportunities available to the Company in the international market

Directors

Mr. Ashok Kumar Chordia retires by rotation and being eligible offers himself for reappointment. Your directors recommend his re-appointment.

Mr. Suresh Mutha, Director was appointed as a Managing Director of the Company with effect from 1st August 2010 for a period of three years and his term will ended on 31st July 2013. The Board of Directors re-appointed him as Managing Director for a period of five years starting from 1st August 2013 under the provisions of Section 198, 269 and 309 of the Companies Act, 1956, subject to the approval of the members of the Company.

Mr. Karan Mutha was appointed as additional director as on 27th April 2013 and needs to regularize as Director of the Company at the ensuing Annual General Meeting under the provisions of Section 257 of the Companies Act, 1956.

Mr. Ramesh Kumar Arora was resigned from the Board of Directors with effect from 28th May 2013.

Appropriate resolution seeking your approval to the aforesaid appointments is appearing in the Notice convening the 18th Annual General Meeting.

Auditors

M/s Dhamija Sukhija & Co., Chartered Accountants, Statutory Auditors of the Company hold office until the conclusion of the ensuing Annual General Meeting and being eligible offer themselves for re-appointment. A certificate under section 224(1) of the Companies Act, 1956 regarding their eligibility for the proposed reappointment has been obtained from them. Your Directors recommend their reappointment.

Directors Responsibility Statement

In terms of the provisions of section 217(2AA) of the Companies Act, 1956, and to the best of their knowledge and belief and according to the information and explanations obtained by them and save as mentioned elsewhere in this Report, the attached Annual Accounts and the Auditors Report thereon, your Directors confirm that:

A. In preparation of the annual accounts, the applicable accounting standards have been followed;

B. 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 a true and fair view of the state of affairs of the Company as at 31st March, 2013 and of the loss of the Company for the year ended on that date;

C. The Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities; and

D. The Directors have prepared the Annual Accounts on a going concern basis.

Stock Exchange Listing

Presently, the shares of the Company are listed on the Bombay Stock Exchange and Ahmadabad Stock Exchange Ltd. The Company has already paid the listing fees to both of the stock Exchanges for the financial year 2012-13.

Acknowledgement

Your Directors take this opportunity to place on record their sincere appreciation for the co-operation and assistance the Company has received from Banks and various Government Departments. The Board also places on record its appreciation of the devoted services of the employees; support and co-operation extended by the valued business associates and the continuous patronage of the customers of the Company.

                                       For and on Behalf of the Board

                                  For Baffin Engineering Projects Ltd

                                                      Sd/-

                                               (Suresh Mutha)

Place: New Delhi                             Managing Director
Date: 2nd September, 2013

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Achiievers Equities Ltd (AEL) Member of NSE, BSE and MCX-SX
Reg. Office: 32/A, Diamond Harbour Road, Shakerbazar, Kolkata 700008 Tel: 033 2445 6442/66063000 Fax: 033 6606 3041
Email: info@achiieversequitiesltd.com , customer.care@achiieversequitiesltd.com
NSE Registration Nos.: NSE (Cash) : INB231395832 ; NSE (F&O) : INF231395832 ; NSE (Currency) : INE231395832 ; BSE (Cash) : INB011395838 ; BSE (F&O) : INF011395838 ; BSE(Currency) : INE011395838 | DSE Registration Nos. : INB051395839 | USE Registration Nos. : INE271395837
Achievers Commercial Pvt Ltd (ACPL) Members of MCX, ACE and NSEL. | SEBI Registration No. INZ000050830 | ACE: ACEL/TMC/CORP/0194 | NSEL: 40020 | SCORES
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