The Members of Grenada Investment and Trading Co. Limited
Your Directors have pleasure in presenting their Annual Report together with the
Audited Accounts of your Company for the year ended 31st March, 2009.
||(Rs. in lacs)
|Gross Operating Profit
|Profit Before Tax
|Provision for :
|Deferred Tax Liability
|Fringe Benefit Tax
|Profit After Tax
|Add/ Less : Excess Provision/Short Provision
|Profit/ (Loss) brought forward from Previous year
|Surplus available for appropriations
|Tax on Dividend
|Balance carried forward
Your Directors are unable to recommend the Dividend on Equity Shares. Since the Company
wants to plough back its Profit in view of current scenario.
The financial year 2008-09 was challenging for the corporate India particularly the
finance sector with the global meltdown and a slowdown in Indian economy. As we pen this
report, the scenario has improved and we believe that the economy is once again gearing up
for 8-9% growth in GDP having achieved strong political stability.
The total income of the Company for the year ended 31st March, 2009 was Rs.14,81,384/-
as against Rs. 7,67,849/- reported as on 31st March, 2008. The Company has reported profit
after tax to the extent of 3,64,120/- as against (1,68,019/-) for the previous year ended
31st March, 2008.
The Company has made adequate tax provisions under the provisions of Income Tax Act,
The Equity Shares of the Company continue to be listed only on the BSE Stock Exchange.
The scrip code number of the equity shares of the Company on BSEis 511138. The Company has
paid up-to-date listing fees to the exchange. As the Scrip is suspended by the Stock
Exchange, the Company has made an application for Revocation of Suspension on 15th July
The equity shares of the Company can be held in dematerialized form. The Company has
signed the tripartite agreement with National Securities Depository Limited and existing
Registrar & Transfer Agent for dematerialization of existing holding of the
The International Securities Identification Number, allotted to the Company is
INE988F01017 the equity shares of the Company are listed on Bombay Stock Exchange Limited.
Presently 100% of equity capital of the company is in Physical mode.
Directors Responsibility Statement
In compliance with Section 217(2AA) of the Companies (Amendment) Act 2000, the
Directors state that:
(a) in the preparation of annual accounts, the applicable accounting standards have
been followed and proper explanation relating to material departures, if any, have been
(b) accounting policies as listed in Schedule "O" to the financial statements
have been selected and consistently applied and prudent judgments and estimates have been
made so as to give a true and fair view of the state of affairs of the company as on 31st
March, 2009 and of the Profit or Loss of the Company for the Accounting Year ended on that
(c) Proper and sufficient care for the maintenance of adequate accounting records has
been taken in accordance with the provisions of the said act so as to safeguard the assets
of the Company and to prevent and detect fraud and other irregularities.
(d) The annual accounts have been prepared on a going concern basis.
Your Directors acknowledge and appreciate the sincere efforts and effective services
rendered by the committed officers and staff of the company.
The information as required under section 217(2A) of the Companies Act, 1956 as
amended, read with the Companies (Particulars of Employees) Rules, 1975 and forming part
of the Directors Report is not applicable.
The Auditors have referred to certain routine matters in their report and the
respective notes to the accounts are self-explanatory.
Conservation of Energy and Technology Absorption
The Companies (Disclosure of Particulars in the Report of Board of Directors) Rules
1988 require disclosure of particulars regarding conservation of energy in Form A and
Technology Absorption in Form B prescribed by the rules. The Company not being a
manufacturing Company is advised that Form A and B are not applicable to it.
Foreign Exchange Earnings & Expenditure
During the year ended 31st March, 2009 the Company has not earned any Income i n
During the year ended 31st March, 2009 the Company had not accepted any Fixed Deposits
from the Public under Section 58-A of the Companies Act, 1956. The Company does not hold
any Fixed Deposits from the public.
Shri Manohar Mhatre Directors, retire by rotation at the ensuing Annual General Meeting
and being eligible, offer themselves for reappointment.
Your Directors recommend his re-appointment.
M/s. A. R Shetty & Co., Chartered Accountants and Statutory Auditors will retire at
the ensuing Annual General Meeting and being eligible offer themselves for re-appointment.
Members are requested to consider their re-appointment at a remuneration to be decided by
the Board of Directors for the financial year ending 31st March, 2010.
We take this opportunity to express our deep sense of gratitude to Securities and
Exchange Board of India, Bombay Stock Exchange Ltd., Registrar of Companies, National
Securities Depository Ltd., Central Depository Services (India) Ltd., for their continued
||For: and on behalf of the Board of Director
|Date : 20 th August 2009
||Shri . Nitesh Kothari