The Board of Directors have pleasure in presenting the Annual Report
along with the audited accounts of the Company for the financial year
ended March 31, 2007.
The Company has earned the profit before tax of Rs. 3135.1 lacs during
the year ended March 31, 2007.
The Board of Directors are not recommending any dividend payment for
the year 2006-07 with a view to conserve the resources within the
Currently the Company is holding investments in Group Company viz.
Eicher Motors Limited as core / strategic long term investment. The
Company invested the surplus funds in the mutual funds and Inter
corporate deposits (ICDs) during the year. The Company plans to invest
in other projects of Group Companies as strategic long term investments
as may be undertaken by Eicher Group from time to time.
Delisting of equity shares of the Company from BSE & NSE.
During the year, the Company has delisted the shares from the Bombay
Stock Exchange (w.e.f. 231 February, 2007) and National Stock Exchange
(w.e.f. 13* March, 2007) as per SEBI (Delisting of Securities)
Guidelines, 2003.The delisting of shares was approved by Board of
Directors and the members of the Company in their respective meetings
held on 28* November, 2006 and 23rd December, 2006.
During the year under review, there were no deposits accepted, matured
and repaid. The Company does not intend to accept or hold public
deposits in the future also.
Board of Directors
During the year Mr Siddhartha Lal, Mr Vinod Aggarwal and Mr Ravi Sikka
were co-opted as Additional Directors and they hold office till the
date of the ensuing Annual General Meeting. Mr Siddhartha Lal has also
been appointed as the Managing Director of the Company w.e.f. 21
August, 2007 without payment of remuneration.
Mr S Sandilya-Director, retires by rotation and being eligible offers
himself for reappointment.
During the year Mr Priya Brat, Mr P N Vijay and Mr M J Subbaiah, ceased
to be Directors of the Company. The Board places on record its deep
appreciation for the valuable contributions made by Mr. Priya Brat, Mr.
P N Vijay and Mr. M J Subbaiah during their tenure as Directors of the
M/s VKGN & Associates, Chartered Accountants, have expressed their
willingness to continue in office if re-appointed. A certificate has
been obtained from them to the effect that the appointment, if made,
will be in accordance with the limits specified in sub-section (IB) of
section 224 of the Companies Act, 1956.
Conservation of Energy and Technology absorption
Conservation of Energy and Technology Absorption, is not applicable to
your Company. Hence the particulars as required have not been
Foreign Exchange Earnings / Expenditure
During the year, the Company has neither earned nor used any foreign
Particulars of Employees
There were no employees drawing remuneration as per limits specified
under sub-section (2A) of section 217 of the Companies Act, 1956, read
with Companies (Particulars of employees) Rules 1975, for the year
ended March 31, 2007.
Statement of Responsibility
As required under section 2I7(2AA) of the Companies (Amendment) Act,
2000, Board of Directors confirms that:
a) the applicable accounting standards have been followed in
preparation of the annual accounts;
b) the accounting policies have been applied consistently, judgments
and estimates have been reasonable and prudent thereby giving a true
and fair view of the state of affairs of the company at the end of
financial year and of the profit of the company for the year;
c) 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 frauds and other irregularities;
d) The annual accounts have been prepared on a going concern basis.
The Directors wish to thank and acknowledge the cooperation and
assistance extended by the Central Government and the concerned State
Governments, Financial Institutions and the Companys Bankers.
The Directors appreciate the dedicated and sincere services of the
employees of the Company and look forward to their continued
involvement and support.
For and on behalf of the Board
Place : New Delhi S Sandilya
Date : August 21, 2007 Chairman