United Leasing & Industries Ltd

The Board of Directors present the 27th Annual Report together with the Auditedaccounts of the Company for the year ended on 31st March, 2011.

FINANCIAL RESULTS

Financial results of the Company for the year ended 31st March 2011 are as follows:

OPERATIONS

During the year, the turnover decreased from Rs.41.77 lac to Rs.36.11 Lac and theprofit before interest, depreciation and tax also decreased from Rs.38.42 lac to Rs.30.44Lac. The company earned cash profit this year of Rs.3.63 Lac against a profit of Rs. 10.03Lac previous year.

DIVIDEND

Company has not declared any dividend this year.

DEPOSITS

Total public deposits as on 31st March, 2011 were Rs.128.78 lacs.

INDUSTRY SCENARIO

Currently, the company is only undertaking the activity of leasing of its movable/immovable assets.

OPERATIONS

The company continues to put its assets to suitable alternate use so that these do notlie idle.

THREATS, RISK AND CONCERNS

The Indian industrial scenario continues to put pressure on the operational efficiencyof the company. The company continues to put efforts towards cost reduction andoperational efficiency

INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY

Company has implemented proper and adequate internal Control systems based on theclearly defined roles and responsibilities across all Levels. The company regularlymonitors the compliance of laid down standards both at the divisional and corporate levelthat form the foundation of Internal control process.

DIRECTORS

Mr Virendra Kumar Batra and Mr.Vipin Bali .Director of the Company, retires at theensuing Annual General Meeting,pursuant to clause 108 of the Articles of the Associationof the Company and being eligible offers himself for re-appointment.

DIRECTORS' RESPONSIBILITY STATEMENT

In pursuance of Sec. 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 accounts, the applicable accounting standardshad been followed along with proper explanation relating to material departures;

(ii) That the directors had selected such accounting policies and applied themconsistently and made judgments and estimates that are reasonable and prudent so as togive a true and fair view of the state of affairs of the company at the end of thefinancial year and of the profit or loss of the company for that period;

(iii) That the directors had taken proper and sufficient care for the maintenance ofadequate accounting records in accordance with the provisions of this Act for safeguardingthe assets of the company and for preventing and detecting fraud and other irregularities;

(iv) That the directors had prepared the annual accounts on a going concern basis.

CONSERVATION OF ENERGY

The Company does not belong to the category of power intensive industries and henceconsumption of power is not significant However, the management is aware of the importanceof conservation of energy and also reviews from time to time the measures taken/to betaken for reduction of consumption of energy.

FOREIGN EXCHANGE EARNINGS AND OUTGO

PARTICULARS OF EMPLOYEES

The company had no employee during the financial year under review whose particularsare required to be given under section 217(2A) of the Companies Act, 1956.

AUDITORS

Varad Khanna, Chartered Accountants, Auditors of the company, retire at the conclusionof the forthcoming Annual General Meeting and being eligible offer themselves forre-appointment.

ACKNOWLEDGEMENTS

Yours Directors take the opportunity to express their gratitude for the assistance andcontinued cooperation extended by Banks, Depositors and Customers. Your Directors alsowish to thank the shareholders for their confidence in the Company and express their deepappreciation for the devoted and sincere services rendered by all the employees of theCompany at all levels.