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Lakhani India Directors Report, Lakhani India Reports by Directors
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Lakhani India
BSE: 531085|ISIN: INE935C01015|SECTOR: Leather Products
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Download Annual Report PDF Format 2011
Directors Report Year End : Mar '11    « Mar 10
The Directors have pleasure in presenting the Twenty Ninth Annual
 Report of your Company together with Audited Accounts for the year
 ended 31st March, 2011.
 
 FINANCIAL RESULTS                                       (Rs. in Lacs)
 
 PARTICULARS                                 2010-11      2009-10
 
 Sales & Other Income                       34695.99      28073.03
 
 Profit before Depreciation                 (1664.98)      1241.44
 
 Less: Depreciation                           762.96        702.02
 
 Profit before Tax                          (2427.94)       539.42
 Provision for Tax :
 
 Current                                        0.00        100.00
 
 Prior period                                    -            -
 
 Deferred                                      64.46        111.76
 
 Net Profit after Tax                       (2492.40)       327.66
 
 Add: Balance Brought Forward                1617.66       1289.99
 
 Balance Carried to Balance Sheet            (874.74)      1617.65
 
 DIVIDEND
 
 No dividend is recommended for the period ended 31st March, 2011.
 
 DEPOSITS
 
 During the year the Company has not accepted any Deposits under Section
 58A of the Companies Act, 1956 read with the Companies (Acceptance of
 Deposits) Rules, 1975.
 
 AUDITORS
 
 M/s Sameer Charu & Associates, Statutory Auditor of the Company had
 resigned on 23.05.2011 and thus causing casual vacancy in the office of
 Statutory Auditor of the Company. M/s Rakesh Gupta & Associates,
 Chartered Accountants, Delhi has been appointed as Statutory Auditors
 of the Company through postal ballot conducted as per section 192 A of
 the Companies Act, 1956 to hold office until the conclusion of the
 ensuing 29th Annual General Meeting.
 
 M/s Rakesh Gupta & Associates, Chartered Accountants, offer themselves
 for appointment as Statutory Auditors from conclusion of this Annual
 General Meeting to the conclusion of the next Annual General Meeting.
 The Company has also received a Certificate from the Auditors to the
 effect that their appointment, if made, would be in accordance with
 Section 224(1B) of the Companies Act, 1956. The Report of the Auditors
 is self explanatory and does not call for any further comment.
 
 COST AUDITORS
 
 Pursuant to the directives of the Central Government and provisions of
 Section 233B of the Companies Act, 1956 M/s K. V. Sharma & Co., Cost
 Accountants, have been appointed to conduct the Cost Audit of the
 foot-wear manufactured by the Company for the year 2011-2012, the Cost
 Audit Report will be directly submitted to the Central Government.
 
 DIRECTORS
 
 Mr. S. K. Kundra was appointed as additional director pursuant to
 section 260 of companies act, 1956 in the board meeting held on
 15.11.2011. He holds office up to forthcoming Annual General Meeting of
 the company. Your company has received notice from a member seeking his
 appointment as Director of your Company pursuant to Section 257 of the
 Companies Act, 1956.
 
 Mr. Narendra Kumar Pandey has resigned from the directorship w.e.f.
 09.09.2011. Your Directors place on record their appreciation for the
 valuable services rendered by Dr. N.K. Pandey during his tenure on the
 board.  Mrs. Suman Lakhani, Director of the Company, retires by
 rotation at the ensuing Annual General Meeting and being eligible
 offers herself for re-appointment.
 
 DIRECTORS'' RESPONSIBILITY STATEMENT
 
 Pursuant to the provisions under Section 217(2AA) of the Companies Act,
 1956, the Directors confirm that in preparation of Annual Accounts for
 the Financial Year ended 31st March, 2011:
 
 (i) the applicable Accounting Standards have been followed along with
 proper explanation relating to material departures;
 
 (ii) the appropriate Accounting policies have been selected and applied
 consistently, judgments and estimates made are reasonable and prudent
 so as to give true and fair view of the state of affairs of the Company
 at the end of the financial year 31st March, 2011 and of the Profit and
 Loss Account of the company for that period;
 
 (iii) the proper and sufficient care has been taken for maintenance of
 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;
 
 (iv) the Annual Accounts for the financial year ended on 31st March,
 2011 have been prepared on a going concern basis.
 
 SUBSIDIARY AND CONSOLIDATED FINANCIAL STATEMENT
 
 The Ministry of Corporate Affairs vide its General Circular No.2/2011,
 dated February 08, 2011 has granted a general
 
 exemption under Section 212(8) of the Companies Act, 1956 to all the
 Companies from annexing the annual accounts and other statements of
 subsidiary companies with the annual report of the holding company.
 
 A statement setting out important financials of the subsidiary company
 is attached and forms a part of this Annual Report.
 
 The Annual Accounts of the subsidiary are also available for inspection
 for any member/ investor, during business hours, at the Registered
 Office of the Company.
 
 The Consolidated Accounts of the Company are annexed to this report.
 
 REPORT ON CORPORATE GOVERNANCE AND MANAGEMENT DISCUSSION AND ANALYSIS
 REPORT
 
 A separate statement on Corporate Governance and Management Discussion
 & Analysis Reports along with Auditors'' Certificate is enclosed as an
 annexure.
 
 PARTICULARS OF EMPLOYEES
 
 There were no Employees who were in receipt of remuneration in excess
 of the Limits prescribed under Section 217(2A) of the Companies Act,
 1956 read with the Companies (Particulars of Employees) Rules, 1975, as
 amended.
 
 CONSERVATION OF ENERGY
 
 The particulars required under Section 217(1) (e) of the Companies Act,
 1956 read with the Companies (Disclosure of Particulars in the Report
 of the Board of Directors) Rules, 1988 are set out in the Annexure,
 forming part of this report.
 
 ACKNOWLEDGEMENT
 
 The Board acknowledges with gratitude the co-operation and assistance
 provided to your Company by the bankers and authorities of State
 Government from time to time. The Board wishes to place on record its
 appreciation to the contribution made by employees of the Company. Your
 Directors thank the customers, clients, vendors and other business
 associates for their continued support. Your Directors are thankful to
 the shareholders for their continued patronage.
 
                        For and on behalf of Board of Directors
 
                                                  P. D. Lakhani
 Place : Faridabad                                   Chairman &
 
 Dated :15th November, 2011                    Managing Director
Source : Dion Global Solutions Limited
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