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One Global Service Provider Ltd.

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

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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

The directors present 16th Annual Report and Audited Accounts for the year ended 31st March, 2008 together with the reports of the Auditors and Directors thereon. FINANCIAL RESULTS (Rs. In lakhs) PARTICULARS 2007-08 2006-07 Sales and Other Income 71.65 8.83 Profit/(Loss) before depreciation 8.11 3.09 Provision for depreciation 0.64 4.45 Provision for deferred tax - - Prior period adjustments 24.63 38.15 Extra Ordinary Items 10.32 - Provision for taxation Including FBT 0.07 0.08 Profit/(Loss) after tax (6.91) 45.77 Add: Balance brought forward from previous year. (906.44) (860.67) Balance carried to Balance Sheet (913.36) (906.44) OPERATIONS During the year under review, your company has achieved gross turnover of Rs.71.65 lakhs as against Rs. 8.83 in the corresponding previous year. Your Company has now concentrated on trading activities in the current year. However, your directors have chalked out a strategy to directly import the yarn and other textile goods from cheap sources such as China and Korea. This would lead to some profitable business. Your directors have also thought of changing the business activities to real estate field and are taking necessary action for the same. 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/OBSERVARIONS OF AUDITORS For the observations/qualifications made by the auditors, your directors submit their explanations as under: 1. Since the companys turnover is increased above Rs. 40 lakhs, the company has depended on the internal staff members for checking and no externa! agency was appointed to carry out internal audit to save on expenses. 2. Since the company has no production, no cost record Is required to be maintained under section 209(l)(d) of the Companies Act 1956. 3. As per the consistent practice followed by the company, the gratuity continued to be accounted for on cash basis. It Is observed by the management that most of the employees do not put in qualifying services for gratuity hence the same could not be provided for. A. 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 reconciled which hardly affects the financial statements. 5. 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. However for the use of assets except plant & machinery the depredation to the extent of Rs. 64,486/- is provided for in the books. 6. For the deferred tax - non compliance with AS 22, the management firmly believes that in the near future, there is no possibility of writing off the deferred tax assets. For the impairment of assets no provision is made as during the year some part of the assets were disposed off and would be treated accordingly in the current years accounts, reflecting a true and fair view, this year. 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 polides 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, 2008 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. Since the company was not engaged Into any production activities but only local trading, the information required by Section 217(l)(e) read with Companies (Disclosure of Particulars in the Report of Board of Directors) Rules 1988, being not applicable, is not furnished. AUDITORS M/s. Natvarlal Vepari & Co; Chartered Accountants retire at the ensuing Annual General Meeting and being eligible offer themselves for re-appointment The observations made by auditors in their report are explained herein above. Shareholders are requested to bring their copy of the Annual Report alongwith them at the meeting as copies of the Report will not be distributed at the meeting. Regd. Office: By Order of the Board Nutan Estate, for OVERSEAS SYNTHETICS LIMITED Vasta Devdi Road, Katargam, SURAT - 395 004. Sd/- Place: Surat Dinkar H. Patel Dale : 12/08/2008 Director

Director’s Report