Your Directors have pleasure in presenting their 10th Annual Report together with the
Audited Annual Accounts of the Company for the year ended 31st March, 2004.
||Year Ended 31st March, 2004
||Year Ended 31st March, 2003
||(Rs. in thousand)
||(Rs. in thousand)
|FINANCIAL RESULTS :
|Profit before Interest,
|Depreciation & Tax
|Less : Interest
|Profit before Tax
|Profit after Tax
|Add : Balance brought forward
|from previous year
|Profit Available for appropriation
|Balance Carried Forward
In view of the losses suffered, your directors regret their inability to recommend any
dividend or the year ended 31st March, 2004.
During the year under review, the Company has posted a net loss of Rs. 8.58 lacs
(previous year Rs. loss 32.44 lacs) after charging interest Rs. 0.97 (previous year Rs.
2.13 lacs) and depreciation Rs. 1.99 lacs (previous year Rs. 1.27 lacs) due to drastic and
prolonged downtrend in the Capital Market. The Company expects a better, result in the
Mr. Amit Khemka, the director of the Company retires by rotation at the conclusion of
the ensuing Annual General Meeting and being eligible offers himself for reappointment.
M/s Suprasanna & Associates.Chartered Accountants, hold office until the conclusion
of the 10th Annual General Meeting and are recommended for reappointment. The Company has
received a certificate from them to the effect that their reappointments made, would be
within the limits prescribed under Section 224(1 B) of the Companies Act, 1956.
DIRECTORS RESPONSIBILITY STATEMENT :
Pursuant to section 217(2AA) of the Companies Act, 1956, the Board of Directors states
(i) in the preparation of the annual accounts, the applicable accounting standards had
been followed along with proper explanation relating to material departures;
(ii) the Directors had selected such accounting policies and applied them consistently
and made judgements 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 Loss of the Company for the period ;
(iii) the Directors had taken proper and sufficient care for the maintenance of
adequate accounting records in accordance with the provisions of this Act for safeguarding
the assets of the Company and for preventing and detecting fraud and other irregularities
(iv) the Directors had prepared the annual accounts on a going concern basis.
CONSERVATION OF ENERGY AND TECHNOLOGY ABSORPTION
As the Company is dealing in shares & securities, there was no scope for
conservation of energy or technology absorption.
FOREIGN EXCHANGE EARNINGS/OUTGO :
There was no foreign exchange earning/outgo during the year under review.
The Company has not accepted any Deposit from the public during the year under review,
nor it holds any such deposit at the end of the year.
PARTICULARS OF EMPLOYEES :
No employee is covered by Section 217(2A) of the Companies Act, 1956.
CASH FLOW STATEMENT :
The Cash Flow Statement for the year ended 31 st March,2004 pursuant to clause 32 (as
amended)of the Listing Agreement with Stock Exchange is annexed herewith.
The Listing Fees of CSEAL (Calcutta), BSE (Mumbai). LSE (Ludhiana), CSE (Cochin),
BSEAL (Bhubaneswar), MSEA (Patna) and UPSEAL (Kanpur) has not been paid.
Pursuant to clause 49 of the listing agreement with the Stock Exchange, a
Management discussion and analysis and Corporate Governance Report together with the
certificate from the Auditors of the Company confirming compliance of the conditions of
the Corporate Governance are made part of the Annual Report.
Your Directors wish to thank the investors, for their whole hearted support,
contribution and trust reposed in your Company and place on record their appreciation for
the same. Your Directors wish to place on record their deep appreciation for the valuable
services and contributions made by the staff of the Company, for the help.support and
co-operation received from its Bankers, Clients, Govt./Semi-Govt. Agencies and all the
others associated with its functioning.
||For and on behalf of the Board
||ARUN KUMAR KHEMKA
|Dated, The 3rd September, 2004.