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Priya Ltd.

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Sep 24, 15:40
6.06 -0.31 (-4.87%)
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Dec 27, 11:22
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Priya is not listed on NSE

Annual Report

For Year :
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Director’s Report

Your Directors hereby present the 19th Annual Report along with the audited accounts for the financial year ended 31st March, 2006. FINANCIAL RESULTS (Rs. in Lakhs) Year Ended Year Ended 31-03-2006 31-03-2005 Sales Export 3936.19 4618.26 Local 9158.77 10673.24 13094.96 15291.50 Other Income 120.79 134.09 13215.75 15425.59 Profit/(Loss) before Tax and Extra Ordinary Item 83.08 89.48 Extra ordinary item - 0.30 Profit/(Loss) before Tax and after Extra Ordinary Items 83.08 89.18 Provision for taxation-Current Tax 17.54 6.88 Provision for Wealth Tax 5.00 4.70 Provision for taxation-Deferred Tax 12.72 37.47 Provision for taxation 7.25 - Fringe Benefit Tax Profit/(Loss) after tax 40.57 40.13 Taxation of earlier years - (20.59) Balance brought forward (101.33) (120.87) Balance carried to Balance Sheet (60.76) (101.33) DIVIDEND In view of the inadequate profit for the year & carried forward tosses, your directors regret their inability to recommend any dividend for the financial year 2005-06. OPERATIONS The aggregate turnover of your Company was Rs. 13,094.96 Lacs in the year 2005-06 as compared to Rs. 15,291.50 Lacs in the year 2004-05. The company has earned (profit before tax and after extra ordinary items) of Rs. 83.08 Lacs in 2005-06 as compared to Rs 89-18 Lacs in 2004-05. The company has not been able to perform better during the year on account of Local sales and exports of Electronic products. The reduction is mainly due to heavy flood on 26th July 2005 wherein It took about 2-3 months to stabilize the operations of the company. However we have been able to to cut down our costs and therefore the profitability of the company has improved as compared to previous year. Your Companys export business of dyestuffs, bulk pharmaceuticals and intermediates have shown reduction in turnover to Rs. 366 lacs in 2005-06 from Rs. 676 lacs in 2004-05. The reduction is mainly on account of sharp increase in raw material prices, which was caused by the oil and petrochemical price surge. We are exploring the possibility of exporting to other European countries. However your company has made remarkable progress in European market for export of computer products, which will show a major growth during the current financial year. In order to increase the business activities, your company is proceeding towards capturing greater market share in the key areas of computer peripherals such as CPUs, Monitors, Mother Boards, while also starting sales of software for Networking. All the branches are adequately equipped to provide complete support to the customers. Internal Control system has well established and cost consciousness in branch operations leads to improved profitability. Your Directors are hopeful of better results for the Company in the current year. Although there was a theft during the year but the amount involved is not very high and not significant. The police is investigating the matter. DIRECTORS Mr. M.H. Dalal, Director of the company resigned from the Board with effect from 29th June 2006. The Board places on record its appreciation for services rendered by him during his association with the company. As per the provisions of Section 256 of the Companies Act, 1956, Mr. A. K. Bhuwania, Mr. M. K. Arofa, Directors wilt retire by rotation at the ensuing Annual General Meeting and they, being eligible, offer themselves for re-appointment. The tenure tor reappointment of Mr. Aditya Bhuwania is due for reappointrnent w.e.f 1/09/2005, as Executive Director of the Company. Keeping in view his experience and expertise and the increased activities of the company, a resolution is proposed in the notice of the Annual General Meeting tor the reappointment of Mr. Aditya Bhuwania on terms detailed in the resolution. The proposed tenure of reappointment is for 5 years w.e.f. 1/09/2005. AUDITORS M/s. M. L. Bhuwania & Co., Chartered Accountants who are to retire at the conclusion of the forthcoming Annual General meeting, have offered themselves for re-appointment as Auditors of the Company. A written certificate to the effect that their appointment, if made, would be within the prescribed limits under Section-224(1B) of the Companies Act, 1956, has been obtained by the Company from them. The members are requested to consider their reappointment and fix their remuneration. HUMAN RESOURCE Employees relations throughout the Company were harmonious. The board wishes to place on record its sincere appreciation of the devoted efforts of all employees in advancing the companys vision and strategy to deliver best quality services to its valued customers. REPORT ON CORPORATE GOVERNANCE The company has, pursuant to Clause 49 of the Stock Exchange Listing Agreement, complied with the requirements of Corporate Governance. A Management Discussion and Analysis Report, a detailed report on Corporate Governance and a Certificate from the Auditors regarding the compliance of Corporate Governance conditions are made part of this Annual Report. INSURANCE All insurable assets of the Company including inventories, warehouse premises etc. are adequately insured. BANKS Your Directors wish to place on record their appreciation of the support from Companys bankers, Indian Bank, Bank of India and Union Bank. DIRECTORS RESPONSIBILITY STATEMENT In terms of Section 217 (2AA) of the Companies Act, 1956, the directors confirm that: i) In the preparation of the Annual Accounts, the applicable accounting standards have been followed; ii) Appropriate accounting policies have been selected and have 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 2005-06 and of the Profit of the company for that (he year ended on 31st March, 2006; iii) Proper and sufficient care has been taken for the maintenance of adequate accounting records, in accordance with the provisions of the Companies Act, for safeguarding the assets of the company and for preventing and detecting fraud and other irregularities; iv) The annual accounts have been prepared on a going concern basis. DEMATERIALIZATION Your company has tied up with National Securities Depository Ltd. (NSDL) and Central Depository Services (India) Ltd. (CDSL) to enable the shareholders to trade and hold shares in an electronic form. The shareholders are advised to take benefit of dematerializatton. LISTING OF SHARES Your companys shares have been listed with Bombay Stock Exchange Limited, (BSE). The company had applied for delisting of equity shares from Kolkata Stock Exchange Association Ltd. (CSE) and said de-listing permission is in process. The listing fee (of the financial year 2006-2007 was duly paid to BSE. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS AND OUTGO: CONSERVATION OF ENERGY: The scope for conservation of energy is limited in the type of industry in which your company is engaged. However, the company continues to accord high priority to conservation of energy by opting for more power effective replacements of equipment and electrical installations. No specific investment proposals are envisaged. Form `A of Companies (Disclosure of Particulars in the Report of Board of Directors) Rules, 1988 is not applicable as our industry is not included in the Schedule to the said Rules. TECHNOLOGY ABSORPTION : Your company continues to utilize the R & D facilities available with it The company has not imported any technology during the last five years. FOREIGN EXCHANGE EARNINGS AND OUTGO : The relevant information in respect of the foreign exchange earnings and outgo has been given in the Notes forming part of the Accounts for the year ended March 31st. 2006. PARTICULARS OF EMPLOYEES : During the year under review, none of the employees of the Company have drawn remuneration as specified under section 217(2A) of the Companies Act, 1956 read with the Companies (Particulars of Employees) Rules, 1975. APPRECIATION : Your Directors wish to place on record their grateful thanks to the Banks and various Government Authorities for their valuable assistance and co-operation and for the trust and confidence reposed in the company by the shareholders. For and on behalf of the Board Place : Mumbai A. K. Bhuwania Date : 29th June, 2006. Chairman

Director’s Report