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Vijay Shanthi Finance Directors Report, Vijay Shanthi Reports by Directors

Vijay Shanthi Finance

BSE: 530597|SECTOR: Finance - Leasing & Hire Purchase
Vijay Shanthi Finance is not listed on BSE
Vijay Shanthi Finance is not listed on NSE
Directors Report Year End : Mar '03   
FINANCIAL RESULTS                                     (Rupees in Lakhs)
                                                 Year ended   Year ended
                                                  31.3.2003    31.3.2002
 (Operations & Other Income)                         125.35       340.81
 Gross Profit (Before Int, Dep. & Tax)              (26.77)     (128.27)
 Depreciation                                                     (0.06)
 Profit Before Tax                                  (26.77)     (128.33)
 Provision for Tax                                    21.93        30.32
 Net Profit/(Loss)                                  (48.70)     (158.65)
 Add:surplus from previous year                    (138.81)        21.79
 Profit/Loss) available for
 Appropriation                                     (187.51)     (136.86)
 Transfer to General Reserve                            Nil          Nil
 Balance Carried Forward                           (187.51)     (136.86)
 In view of accumulated losses it is proposed not to recommend any
 Dividend for the year ended 31.03.2003.
 The future prospects of the Company is viewed with cautious optimism.
 Pursuant to the requirement under section 217 (2AA) of the Companies
 Act, 1956 with respect to Directors Responsibility Statement, it is
 hereby confirmed:
 (i) that in the preparation of the annual acounts for the financial
 year ended 31st March 2003, the applicable accounting standards had
 been followed along with proper explanation relating tomaterial
 (ii) that the directors had selected such accounting policies and
 applied them consistently and made judgements and estimates that were
 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 year under review.
 (iii) that the directors had 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 deeding fraud and other
 (iv) that the Directors had prepared the accounts for the financial
 year ended 31st March, 2003 on a going concern basis.
 An Audit Committee consisting of the following non-executive Directors
 has been formed during the Board Meeting held on 19th April 2001:
 1. Shri. Naresh Kumar 2. Shri. Suresh Kumar 3. Shri. Chandan Kumar
 During the year under review, Mr.V.C. Jain, Chairman & Managing
 Director of the Company died on 9.3.2003. The Board of Directors desire
 to convey their deepest condolences to the breaved family. They also
 wish to place on record their sincere appreciation of the yeoman
 services rendered by Mr. V.C.Jain in steering this Company to this
 level by stint of his hard work and devotion.
 Pursuant to the provion of the Companies Act, 1956 and the Articles of
 Association of the Company, the Director, Mr. Suresh Kumar retire by
 rotation and being eligible offer themselves for reappointment.
 The Board in its Meeting held on 6th March 2003 appointed Shri. Chandan
 Parmar as Additional Director of the Company. Notice has been received
 under Section 257 of the Companies Act, 1956 along with the requisite
 deposit proposing the candidature to appoint Shri. Chandan Parmar as a
 Director of the Company in the ensuing Annual general meeting.
 M/s.V.Ramaratnam & Co., Chartered Accountants, Chennai - 18 appointed
 as Statutory Auditors at the Seventh annual general Meeting held on
 September, 2002 retire at the conclusion of the Eighth Annual General
 Meeting and are eligible for reappointment.
 Prescribed information, regarding conservation of Energy, Technology
 absorption and Foreign Exchange Earnings and outgo pertaining to
 section 217 (1) (e) of the Companies Act, 1956 is not provided as the
 same Is not applicable to your Company.
 Furnishing of particulars as required under the provision of section
 217 (2A) of the Companies Act, 1956 does not arise during the year
 under review as none of the employees is drawing as remuneration more
 than the limit mentioned in the said section.
 Your Directors wish to place on record their appreciation of the timely
 assistance received from the bankers and shareholders.
 Your Directors also wish to place on record their appreciation to the
 excellent contribution made by the employees of the Company at all
 levels during the year under review and expect that they continue to
 maintain the same dedication, zeal and enthusiasm during the coming
 years also.
                                               By the order of the Board
 Place: Chennai -2
 Date: 31.7.03                                            Chandan Parmar
Source : Dion Global Solutions Limited
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