The Director have pleasure in presenting the Tenth Annual Report on the
affairs of the Company alongwith audited accounts of the Company for
the year ended 31st March, 2003.
FINANCIAL RESULTS (Rs. in Lacs)
for the for the
year ended year ended
Gross Income 64.70 38.56
Gross Profit/(Loss) 25.91 1.44
Less: Depreciation 0.79 1.20
Interest 0.01 0.01
Profit/(Loss) before Tax 25.11 0.23
Less: Provision for Income Tax - -
Profit/(Loss) After Tax 25.11 0.23
Add/(Less): Balance brought (244.41) (244.64)
forward from last year
Balance Carried to balance sheet (219.30) (244.41)
During the year under review there were inadequate profit and looking
to the accumulated losses your Directors are unable to recommend any
dividend for the year 2002-2003.
REVIEW OF OPERATIONS;
During the year under review, the Company had net profit of
Rs. 25,10,483/- against net profit of Rs. 22,549/- in the last year.
Due to recession prevailing in the Financial Sector the Company had
decided to enter into new business related to import, export, trading
in Ferrous and Non-Ferrous and precious metals & for that purpose,
object clause of the Company has been changed and accordingly Name of
me Company has also been changed to E-Metals India Ltd. from Daudayal
Finvest Limited. Your Directors are hopeful for bright future of the
Company in this new field.
During the year the Company has not accepted any fixed deposit
as per the provisions of Section 58A of the Companies Act,
1956, and rule 3(2)(I) of the Companies (Acceptance of
Deposits) Rules, 1975.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE
EARNINGS AND OUTGO
Information pursuant to 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, relating to conservation of energy and
technology absorption is not given as the Company has no activities
relating to it.
DIRECTORS RESPONSIBILITY STATEMENT
In compliance to the Provision of Section 217 (2AA) in the Companies
Act, 1956, your Directors state that:
(i) in the preparation of Annual Accounts the applicable accounting
standards had been followed along with proper explanation relating to
(ii) that the directors had 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 at the end of the financial year and of the
profit or loss of the company for mat period;
(iii) that the directors had taken proper and sufficient care 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 and other irregularities;
(iv) that the directors had prepared the annual accounts on a going
DEMATERIALISATION OF SHARES
In view of the weak financial position, there is a slight delay in
process of dematerialisation of shares of your Company, however, your
Directors are hopeful to implement the same shortly.
The Securities & Exchange Board of India has introduced a code of
corporate governance for the listed companies by an amendment to the
listing agreement. Accordingly, all the stock exchanges inserted a new
Clause 49 in the listing agreement on corporate governance, and the
provisions thereof have been complied by your Company. The report on
corporate governance is placed as Annexure A.
PARTICULARS OF EMPLOYEES
During the year under review, there was no employee drawing salary in
excess of the limits prescribed under Section 217(2A) of the Companies
Act, 1956, and the rules prescribed thereunder
Mr. Sanjay Agrawaal retire by rotation at the forthcoming Annual
General Meeting and being eligible offer himself for re-appointment.
M/s. ABN & Co., Chartered Accountants, Indore, hold office until the
conclusion of this Annual General Meeting and being eligible, offer
themselves for re-appointment The observations of the Auditors in their
report read with relevant notes to the Accounts forming part of this
report are self-explanatory.
The Directors wish to place on record their appreciation for the
assistance and co-operation mat your Company received from the
shareholders and all others whose continued support has been a source
of strength to the Company. Your Directors also wish to place on record
their sincere appreciation for the devotion and dedicated efforts put
in by employees at all levels and look forward to their continued
support to the Company.
By Order of the Board
Indore (Neena Agrawaal)
Date: 12.08.2003. Whole-Time Director