ANNUAL REPORT 2005-2006
CHARTERED CARRIERS LIMITED
Yours Directors are pleased to present the Annual Report together with the
Audited Accounts of the Company for the year ended March 31st, 2006.
The Financial results for the year ended March 31st, 2006 are summarized as
Rs. in lacs
Total Income 4589.05 3387.26
Profit/(Loss) before depreciation and taxes 162.16 122.73
Less: Depreciation 93.18 96.46
Less: Provision for taxes 19.90 10.56
Less: Deferred Tax Credit 0.31 2.95
Less: Fringe Benefit Tax 2.12 0.00
Less: Current Tax 0.51 0.00
Excess (Short) Income Tax Provision in earlier 0.10 0.00
Profit (Loss) After Tax 46.24 12.76
In view of the results, the Board of Directors is unable to recommend any
dividend for the year 2005-2006.
The company had good year in terms of turnover as well as profit during the
year, its gross income increased to Rs.4589.05 lacs as against Rs.3387.26
lacs in previous year. During the year company has reported Net Profit of
Rs.46.24 lacs as against Net Profit of Rs.12.76 lacs in the previous year.
The Company expects that market condition will improve in the coming year
and perform reasonably well.
The company's shares are listed on Ahmedabad and Mumbai Stock Exchanges,
the company has paid necessary listing fees for the year 2006-2007.
In accordance with the provisions of the Companies Act, 1956 and the
Articles of Association of the company.
Mr. Mangilal Bohra and Mrs. Nisha Kalyan retires by rotation and being
eligible, offers themselves for reappointment.
DIRECTORS' RESPONSIBILITY STATEMENT:
In terms of Section 217(2AA) of the Companies Act, 1956 the Directors would
be state that:
1. In the preparation of the Annual Accounts, the applicable accounting
standards have been followed alongwith proper explanation relating to
2. The Directors have 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 the period;
3. The Directors have taken proper and sufficient care for the maintenance
of of accounting records in accordance with the provisions of this Act for
safeguards in accordance with the provisions of this Act for safeguarding
the assets of the company and for preventing and detecting frauds and other
4. The Directors have prepared the Annual Accounts on a going concern
During the year Company has not accepted any deposits under Section 58-A
the Companies Act, 1956.
PARTICULARS REQUIRED TO BE FURNISHED BY THE COMPANIES DISCLOSURE OF
PARTICULARS IN THE REPORT OF THE BOARD OF DIRECTORS) RULES, 1988:
The Company has no activities relating to conservation of energy or
technology absorption. There has been no foreign exchange earning or outgo
during the year under review.
PARTICULARS OF EMPLOYEES COVERED UNDER THE (PARTICULARS OF EMPLOYEES)
The company does not have any employee in the category as specified under
Section 217(2A) of the Companies Act, 1956.
AUDITORS AND AUDITORS' REPORT:
M/s. Raman M. Jain & Co., Chartered Accountants, retire as auditors of the
company at the ensuing Annual General Meeting and are eligible for re-
The notes to the accounts referred to in the Auditors Reports are self
explanatory, and therefore do not call for any further comments.
Your Directors record their appreciation for the valuable services rendered
by all the employees of the company, their gratitude to the Banks and to
the Members of the Company for their support.
For and on behalf of Board of Directors
Place: Ahmedabad Gyanchand Gandhi
Date : September 1, 2006 Chairman