Your Directors present the Eighteenth Annual Report along with Audited Statement of
Accounts for the period ended 31st March 2005.
1) FINANCIAL HIGHLIGHTS:
||(Rs .in '000)
||PERIOD ENDED ON 31-03-2005 (9 Months)
||YEAR ENDED ON 30-06-2004 (12 Months)
|Depreciation and Taxation
|Profit/(loss) before tax and extraordinary items
|Less: Provision for Taxation
|Profit/(loss) after tax
|Provision for Non Performing Assets
|Provision for Diminution in value of Investments Written Back
|Profit & (loss) after extraordinary items
|Net Profit (Loss) brought forward
|Net Profit/(Loss) carried to Balance Sheet
2) DIVIDENDS: -In view of the carried forward losses, the Board has
not recommend any dividend
3) OPERATIONS: -
The Indian Economy is on recovery path and that indicated in various indicators. Your
company in coming out of capital market operations entering into fee based service sector.
The Company has identified Mutual Funds distribution & Insurance sector and getting
good results in Mutual Fund distribution.
4) FUTURE SCENARIO: -
Your Company will expand its activities to Fee based service sector. The growth in
Mutual Fund & Insurance sector has created various opportunities for organized
players. The sector has seen good growth and with the opening of sector for Private and
global players more and more products are in offering to meet the specific requirements.
5) SUBSIDIARY COMPANIES: -
OLYMPIA SECURITIES LIMITED : The Annual Accounts of the Company for
the period ended 31st March 2005 have been attached herewith.
ATOZCARE.COM INDIA LIMITED : (Formerly known as Olympia Homfin
Limited. The Annual Accounts of the Company for the year ended 31st March 2005
are attached herewith
A statement required under Section 212 of the Companies Act, 1956 in respect of
Subsidiary Companies of the Company is attached with the Accounts of the Company.
6) AUDITORS: -
M/s. Dinesh Patel & Associates, Chartered Accountants, retire at the conclusion of
ensuing Annual General Meeting and are eligible for reappointment.
7) DIRECTORS: -
Shri Ramesh Nayak who retire by rotation at the ensuing Annual General Meeting and
being eligible offer himself for reappointment. The Board recommends his reappointment in
the company's interest
8) AUDIT COMMITTEE
An Audit Committee comprises Shri Vinod Pabuwal. Shri Ramesh Nayak, and Shri Sunil
9) FIXED DEPOSIT
During the year under review the company has not invited or accepted any fixed deposits
from the public.
10) DEPOSITORS SYSTEM
Companies share are available for dematrlisation with National Securities Depository
Ltd. (NSDL) and Central Depository Securities Ltd. (CDSL).
11) CORPORATE GOVERNANCE
A report on Corporate Governance along with compliance certificate from Auditors
thereon annexed hereto.
12) Consolidated financial statement as required under clause 32 of the listing
agreement and AS-21 of Institute of Chartered Accountants of India, Audited consolidated
financial statement as on 31st March, 2005 is annexed.
13) DIRECTORS' RESPONSIBILITY STATEMENT: -
We give below a Directors' Responsibility Statement as required under Section 217 (2A)
of the Companies Act, 1956.
i) We have followed the applicable accounting standards in the preparation of the
Annual Accounts and proper explanation relating to material departures have been given in
Schedule 'I' of Notes on accounts forming part of the accompanying Accounts.
ii) We have selected the Accounting Policies as given in Schedule 'I' of Notes on
Accounts and 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 as at 31st March, 2005 and of loss of the Company for the period ended
on that date.
iii) We have taken proper and sufficient care for the maintenance of adequate
accounting records in accordance with the provisions of Companies Act, 1956 for
safeguarding the Assets of the Company and for preventing and detecting fraud and other
iv) We have prepared the Annual Accounts for the period ended 31st March
2005 on a Going Concern basis.
14) PARTICULARS UNDER SECTION 217 OF THE COMPANIES ACT, 1956. :
There is no employee drawing remuneration in excess of the limits laid down under
section 217 (2A) of the Companies Act, 1956.
15) CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS
AND OUTGO: -
The information required under Rule 2 of the Companies (Disclosures of Particulars in
the Report of Board of Directors) Rules, 1988 relating to the conservation of energy and
technology absorption is run being given because the Company is not engaged in
manufacturing activity and therefore it is not applicable to the Company. The Company did
not earn any foreign exchange and did not spend any foreign exchange.
Your Directors wish to place on record their deep appreciation of the contribution made
by the Employees at all levels and Shareholders for their support and faith reposed in the
||By order of the Board,
|Mumbai, 02nd September 2005
||Ram Ratan Kanoongo