The Directors hereby present their report on the business and
operations of the Company for the year ended on 31st March, 2002. The
working results are summarised here in below:
Current Year Previous Year
Profit before depreciation & income Tax 719114 648149
Less: Depreciation 260 260
Provision for Tax 32500 38200
Net Profit for the year 686354 609689
Add: Profit brought forward from previous Year 1389441 1068974
Less: Prior Period Adjustment - 14863
Less: Transfer to General Reserves 171589 152422
Less: Transfer to Statutory Reserves
(as per NBFC Guidelines) 137271 121938
Net surplus carried in the Balance Sheet 1766935 1389440
No dividend is being declared during the year under review.
Shri Navin Bhattar retire by rotation and being eligible, offers
himself for re-appointment. The re-appointment of Shri Navin Bhattar
is recommended to the members of the Company.
As required under Section 212 of the Companies Act, 1956 the Accounts
of the subsidiary companies are annexed.
CONSERVATION OF ENERGY, TECHNOLOGY, ABSORPTION & ADAPTATION, FOREIGN
EXCHANGE EARNINGS & OUTGO:
Information pursuant to Section 217 (1) (C) of the Companies Act, 1956
read with Rules made thereunder is not applicable to the Company and
hence not given. There is no foreign exchange earnings and out go
during the year under review.
PARTICULARS OF EMPLOYEES:
During the year under review there was no employee who was in receipt
of remuneration exceeding Rs. 24,00,000/- per annum or Rs. 2,00,000/-
per month if employed for the year.
M/s. S. S. Rathi & Co. Chartered Accountants, the retiring auditors are
eligible for reappointment and have indicated their willingness to
continue, if re-appointed.
A Compliance certificate from a Practicing Company Secretary as
required under Section 383A of the Companies Act, 1956 is annexed
DIRECTORS RESPONSIBILITY STATEMENT:
The Directors hereby state that in preparation of Annual Accounts for
the year ended 31st March, 2002 the applicable Accounting Standards
have been followed. The Directors have selected applicable accounting
policies and applied them consistently and made judgements and
estimates that are reasonable and prudent so as to give a true and fair
view of the state of the affairs of the Company as at 31st March, 2002
and the Profit for the period ended on 31st March, 2002. The Directors
have taken proper and sufficient care to maintain adequate accounting
records in accordance with the provisions of the Companies Act, 1956
for safeguarding the assets of the Company and for preventing and
detecting fraud and other irregularities. The Accounts have been
prepared on a going concern basis.
For and on behalf of the Board
G. M. Loyalka Shailesh Daga
Date: 3rd September, 02