Mar 31, 2010
The Directors hereby present their Nineteenth Annual Report and the Audited Accounts for the year ended 31st March, 2010.
(Amount in Rupees)
Year ended Year ended 31-03-2010 31-03-2009
Sales and Other Income 43,753,446 852,160
Profit before Interest and Depreciation 77,48,680 642060
Less: Interest 0 0
Less: Depreciation 52,340 52340
Profit/(Loss) before Tax 76,96,340 589720
Less: Provision for Taxation 0 9050
Profit/(Loss) After Tax 76,96,340 580,670
Balance Brought Forward (25,640,528) (26,221,198)
Balance carried over (17,944,188) (25,640,528)
Turnover of the Company during the year under consideration was Rs. 4.05 crores as against Rs. 4.92 lacs previous year. The Company has generated net profit after tax, of Rs. 76.96 lacs for the year under consideration as compared to profit of Rs. 5.89 lacs in the previous year.
In order to conserve resources for future, your Directors do not recommend any dividend for the year under review.
The Company has neither invited nor accepted any deposits from public during the year under review under the Companies (Acceptance of Deposit) Rules, 1975 read with Section 58A of the Companies Act, 1956.
The Company has been continuously attempting to improve employee skills and productivity. Industrial relations generally remained cordial and satisfactory.
PARTICULARS OF EMPLOYEES.
Information in accordance with the provisions of Section 217 (2A) of the Companies Act, 1956 read with Companies (Particulars of Employees) (Amendment) Rules, 1975 as amended, is not applicable as none of the employees is entitled to a remuneration of Rs. 24 lacs or more per year or Rs. 2 lacs or more per month.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNING AND OUTGO:
Provisions of Section 217(l)(e) read with the Companies (Disclosure of particulars in report of the Board of Directors) Rule, 1988 are not applicable to the Company.
Auditors, M/s. P. R. Agarwal & Awasthi, Chartered Accountants, retire and offer themselves for re-appointment.
The observation made by the Auditors of the Company in their report read with the notes on Accounts, are self-explanatory and do not require any further clarification.
SECRETARIAL COMPLIANCE CERTIFICATE
The Compliance Certificate received in accordance with the provisions of section 383A (1) of the Act read with the Companies (Compliance Certificate) Rules 2001 is being attached to the Directors Report.
DIRECTORS RESPONSIBILITY STATEMENT:
As required under Section 217 (2AA) of the Companies Act, 1956, your Directors confirm that:
(a) in the preparation of the annual accounts, the applicable accounting standards have been followed;
(b) appropriate accounting policies have been selected and applied consistently and that judgments and estimates made are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company as at March 31, 2010 and of its profit for the year ended on that date;
(c) proper and sufficient care has been taken 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.
(d) the annual accounts have been prepared on a going concern basis.
Your directors would like to place on record their gratitude for the continuous support and co-operation received from the, bankers, creditors and Government authorities. The Directors place on record their appreciation of the contribution made by the employees and the management.
FOR AND ON BEHALF OF THE BOARD, SELLAIDS PUBLICATIONS (INDIA) LTD.
Place: Mumbai Dated: 30th June, 2010.
(Mangala Rathod) Director