Mar 31, 2010
The Directors have pleasure in presenting their Twenty Sixth Annual Report together with the Audited Accounts for the financial year ended on 31st March, 2010.
(Rs. in Lacs)
Profit before Taxation 1.65 0.90
Less : Provision for taxation
- Current Tax 0.50 0.31
Profit after Taxation 1.15 0.59
Add : Surplus profit brought forward from previous year 21.43 21.97 Balance available for appropriation 22.58 22.56
Transferred to Reserve Fund 0.23 0.12
Income Tax payment for earlier years - 1.01
Balance carried over to next year 22.35 21.43
WORKING OF THE COMPANY
During the year under review, your Directors have consistently tried their best to improve the financial condition of the Company by investing its fund in the field of trading in textiles goods. The Company recorded a turnover of Rs. 2,993.04 lacs and a net profit of Rs. 1.15 lacs during the financial year 2009-10, in spite of severe competition in the industry.
RETIRES BY ROTATION
In accordance with the Articles of the Company and the provisions of the Companies Act, 1956, Mr. S. S. Chatterjee, Director of your Company will retire by rotation at the ensuing Annual General Meeting and is eligible for re-appointment in the Board.
The Board has not declared any Dividend during the year under review.
DIRECTORS RESPONSIBILITY STATEMENT
Pursuant to Section 217(2A) of the Companies Act, 1956 your Directors make the following statement to the best of thei knowledge and belief and according to the information and explanations obtained by them:
i. in the preparation of the annual accounts, the applicable accounting standards had been followed along-with propei explanations relating to material departures, if any.
ii. that such accounting policies have been selected and applied consistently and judgments and estimates have beer made that are reasonable and prudent 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. that proper and sufficient care has been taken 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 anc other irregularities.
iv. that the Annual Accounts have been prepared on a going concern basis.
AUDITORS & AUDITORS REPORT
M/s. G. Sah & Company, Chartered Accountants, Statutory Auditors of the Company hold office until the conclusion of the ensuing Annual General Meeting and are recommended for re-appointment. The Company has received a certificate frorr the above Auditors to effect re-appointment, if made, would be within the prescribed limit under section 224(1 B) of the Companies Act, 1956.
The observation made by the Auditors are self-explanatory and do not require any further clarification.
PARTICULARS OF CONSERVATION OF ENERGY & TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO
Since the Company at present is not engaged in any manufacturing activity, the information as required under sectior 217(1 )(e) of the Companies Act, 1956 read with particulars in the Companies (Disclosure of particulars in the Report of the Board of Directors) Rules, 1988 are not applicable.
PARTICULARS OF EMPLOYEES
During the year under review, none of the employees were covered under the provisions of Section 217(2A) of the Companies Act, 1956 read with Companies (Particulars of Employees) Rules, 1975 as amended.
Your Directors express their deep appreciation to all concerned who have made contribution in the growth of the Company.
Yours faithfully, For G. SAH & COMPANY Chartered Accountants Firm Registration No.323378E
P-8,Chowringhee Square Gajadhar Sah 1 st Floor, Kolkata - 700 069 Partner Date : 29th May, 2010 Membership No. 055864