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One Global Service Provider Ltd.

BSE: 514330 | NSE: | Series: NA | ISIN: INE670O01013 | SECTOR: Textiles - General

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Dec 03, 16:00
21.00 1.00 (5.00%)
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1,650
30-Day
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Dec 27, 11:22
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One Global Service Provider is not listed on NSE

Annual Report

For Year :
2015 2014 2013 2012 2011 2008 2007 2006

Director’s Report

Your directors present 14th Annual Report and Audited Accounts for the year ended 31st March, 2006 together with the reports of the Auditors and Directors thereon. FINANCIAL RESULTS (Rs. in lakhs) PARTICULARS 2005-06 2004-05 Sales and Other Income 18.07 28.77 Prof it/(Loss) before depreciation (243.47) (14.01) Provision for depreciation (13.41) 25.23 Provision for deferred tax - - Prior period adjustments 5.92 (0.54) Extra Ordinary Items on account of OTS 419.30 128.85 Profit/(Loss) after tax 168.34 90.15 Add: Balance brought forward from previous year. (1029.01) (1119.17) Balance carried to Balance Sheet (860.67) (1029.01) OPERATIONS During the year under review, your company has achieved gross turnover of Rs. 18.07 lakhs as against Rs. 28.77 in the corresponding previous year. Your Company has already settled outstanding dues to Secured Creditors i.e. State Bank of Saurashtra under the One Time Settlement Scheme during the year under review. Your Company now owes no secured loan from and bank or financial Institutions. As a result of above settlement there is profit to the tune of Rs. 419.30 lakhs which is shown under extra ordinary Items In the Profit & Loss Account and rest amount will result In substantial savings In the interest payable to the said institutions. DIRECTORS Shri Dinkar H Patel, Director of the company would retire and being eligible offers himself for reappointment. Particulars of directors seeking re-appointment are given in the Corporate Governance, EXPLANATIONS ON THE REMARKS/OBSERVATIONS OF AUDITORS For the observations/qualifications made by the auditors, your directors submit their explanations as under: 1. As per the consistent practice followed by the company, the gratuity continued to be accounted for on cash basis. Due to high turnover of the employees, it is observed by the management that most of the employees do not put in qualifying services fur gratuity hence the same could not bo provided for. 2. Some of the debtors outstanding for long time and in the opinion of the management, not realizable, have been written off. However, the company has undertaken exercise to ascertain realization in some cases and tile balance would be written off in the current financial year hence not written off. 3. The remarks on the reconciliation of sundry debtors and creditors, etc. does not call for special remarks as it is customary to get balances confirmed and/or reconclled which hardly affects the financial statements. 4. As consistently followed from year to year, the management firmly believes that for the assets not put to use during the year, no provision for the depreciation is justified. Hence depreciation to the extent of Rs. 2,73,292 is not provided for in the books. DIRECTORS RESPONSIBILITY STATEMENT As required by Section 217(2AA) of the Companies Act, 1956, your directors confirm that: 1. In the preparation of the Annual Accounts, the applicable accounting standards have been followed. 2. your directors have selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent as to give a true and fair view of the state of affairs of the company as on 31st March, 2006 and the Profit and Loss Account for the year ended on that date (save and except provision of depreciation) 3. The directors have taken proper and sufficient care for the 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 the frauds and other irregularities. 4. The directors have prepared the annual accounts on a going concern basis. PARTICULARS OF EMPLOYEES Information pursuant to provisions of Section 217(2A) of the Companies Act, 1956 read with Companies (Particulars of Employees) Rules, 1975 as amended is NOT APPLICABLE as no employee of the company was in receipt of remuneration at the prescribed rate during the year under review. PARTICULARS OF ENERGY CONSERVATION ETC. As required by Section 217(l)(e) read with Companies (Disclosure of Particulars in the Report of Board of Directors) Rules 1988, the particulars are set out in the Annexure A and forms part of this report. AUDITORS M/s. Natvarlal Vepari & Co; Chartered Accountants retire at the ensuing Annual General Meeting and being eligible offer themselves for re appointment. INDUSTRIAL RELATIONS The Industrial relations at Ankleshwar Factory and Administrative Office at Surat remained cordial and peaceful. Your directors duty recognise and appreciate this valuable resource place on record their appreciation of the industrial peace. ACKNOWLEDGEMENTS Your Directors place on record their appreciation of this contribution made by emplouees at all level. Your directors also convey their grateful thanks to State Dank of Saurashtra for their support & OTS, Government Authorities, shareholders, Distributors and Dealers for their continued patronage and support. On behalf of the Board Sd/- sd/- DATE: 02/09/2005 ROHTT H PATEL DINKAR H PATEL PLACE: SURAT MG. DIRECTOR DIRECTOR

Director’s Report