Your Directors present their 9th Annual Report together with the
Audited Accounts for the period ended 31st March 2003.
The profit & loss account shows a loss from operations of Rs. 4.87
Financial Results (Rs. lacs)
Net loss 4.87
As the Company made a loss, no dividend is being declared.
Due to severe constraints in cash flows the company could not undertake
any fruitful business activities during the year. During the year the
company has cleared a major portion of its current liabilities and the
only major liability remaining is on account of land sale advances
received for sale of part of its real estate stock and this will be
extinguished when final sale to purchasers takes place. Thus the
company has moved to a position of being free from any major
liabilities, while it had already become debt free during previous
years. Future company business would depend upon recovery of dues from
debtors as that would provide the cash for operations and earning
activities. Without cash flows the company can only wait for its stock
and assets to appreciate over the years and make a profit from sale of
the same. Delisting of shares from the stock exchanges would provide
saving of scarce cash resources and the same is being sought to be done
at the AGM as it would not be detrimental to shareholders in the
absence of any trading in the companys shares on the stock exchanges
over the past several years and the promoters, who are the single
largest block of shareholders, have accorded their assent to the same.
Mr.A.S.Thind and Jasjeev Singh Swani, Directors retire by rotation and
being eligible offers themselves for reappointment.
M/s Mehra & Sistani, Chartered Accountants, New Delhi retire at the
ensuing AGM and are eligible for reappointment. -
Auditors observations are self explanatory and/or suitably explained
in the notes on accounts.
Particulars of Employees
There were no employees of the Company drawing in excess of Rs.
2,00,000 per month or Rs. 24,00,000 per annum.
Particulars required to be disclosed under the Companies (Disclosure of
particulars in the report of Board of Directors) Rules 1988:
A. Conservation of Energy : Not applicable
B. Technology absorption : Not applicable
C. Foreign exchange earning And outgo :
i) Activities relating to exports : Nil
ii) Initiatives relating to exports : Nil
iii) Development of new export markets, effort made for exports &
export plan : Nil
DIRECTORS RESPONSIBILITY STATEMENT
In terms of section 217 (2AA) of the Companies Act, 1956, the directors
would like to state that :-
1) In the preparation of the annual accounts, the applicable accounting
standards have been followed.
2) The directors have selected such accounting policies and applied
them consistently and made judgement 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 and
loss of the company for that period.
3) The directors have 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.
4) The directors have prepared the annual accounts on a going concern
By order of the Board
Place: New Delhi. (RAJANTH1ND) (A.S.THIND)
Date: 30/06/2003 Director Director