Mar 31, 2010
The Directors have pleasure in presenting the 27th Annual Report of your Company together with the audited financial results for the year ended on 31st March, 2010.
FINANCIAL RESULTS (Rupees in lacs)
YEAR ENDED YEAR ENDED 31-03-10 31-03-09
Total Income 3.58 8.58
Total Expenditure 0.91 0.97
PROFIT BEFORE DEPRECIATION 2.67 7.61
Depreciation 0.75 0.76
PROFIT BEFORE TAX 1.91 6.85
Provision for taxation - 0.16
Addition in Deferred Tax Asset 0.29 0.30
Taxes of earlier year (0.34) -
NET SURPLUS TRANSFERRED TO BALANCE SHEET 1.87 699
Barring unforseen contingencies, the performance of the Company in the year 2010-11 is expected to be satisfactory.
In order to conserve resources, the Board of Directors regret their inability to recommend dividend for the year 2009-10.
Mr. Venugopal Nair retires by rotation at the ensuing Annual General Meeting and is eligible for reappointment.
The Company has not accepted fixed deposits from the public during the period under consideration.
PARTICULARS OF EMPLOYEES
During the year under report, the Company has not employed any employee whose particulars are required to be disclosed in this report pursuant to Section 217(2A) of the Companies Act, 1956 read with Companies (Particulars of Employees) Rules, 1975.
CONSERVATION OF ENERGY, FOREIGN EXCHANGE EARNING / OUTGO ETC.
The Company does not carry any activity so as to furnish any information within the meaning of section 217(1)(e) of the Companies Act, 1956 read with the Companies (Disclosure of Particulars in the Report of Board of Directors) Rules, 1988.
Statutory auditors Messrs H.H. Bandukwala & Co. retire at the conclusion of the ensuing Annual General Meeting and are eligible for re-appointment.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS AND OUTGO.
During the year under review, the Company had not carried out any activity, the particulars in respect of which are required to be disclosed in this report pursuant to section 217(1)(e) of the Companies Act, 1956 read with Companies (Disclosure of Particulars in the Report of Board of Directors) Rules, 1988.
Pursuant to section 383-A(1) of the Companies Act 1956, secretarial compliance certificate from secretary in whole time practice is attached with this report.
DIRECTORS RESPONSIBILITY STATEMENT The Directors confirm:
(a) That in the preparation of the annual accounts, the applicable accounting standards has been followed alongwith proper explanation relating to material departure.
(b) That the directors have selected such accounting policies and applied them consistently and made judgements & estimates that are reasonable and prudent, so as to give a true and fair view of the state of affairs of the Company as on 31-03-10 and of the profit of the Company for that year.
(c) That the directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of Companies Act, 1956 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities; and
(d) That the directors have prepared the annual accounts on a going concern basis.
For & on behalf of the Board of Directors
Dated : 28-05-2010 Director