e metals india ltd Directors report

E-METALS INDIA LIMITED ANNUAL REPORT 2002-2003 DIRECTORS REPORT To The Members, E-Metals India Limited, Your Director have pleasure in presenting in the Tenth Annual Report on the affairs of the Company along with audited accounts of the Company for the year ended 31st March, 2003. FINANCIAL RESULTS (Rs. in lacs) for the for the year ended year ended 2002-2003 2001-2002 Gross Income 64.70 38.56 Gross Profit/(Loss) 25.91 1.44 Less: Depreciation 0.79 1.20 Interest 0.01 0.01 Profit/(Loss) before Tax 25.11 0.23 Less: Provision for Income Tax - - Profit/(Loss) After Tax 25.11 0.23 Add/(Less): Balance brought (244.41) (244.64) forward from last year Balance Carried to balance sheet (219.30) (244.41) DIVIDEND: During the year under review there were inadequate profit an looking to the accumulated losses your Directors are unable to recommend any dividend for the year 2002-2003 REVIEW OF OPERATIONS During the year under review, the. Company had net profit of Rs. 25,10,483/- against net profit of Rs. 22,549/- in the last year. FUTURE OUTLOOK Due to recession prevailing in the financial Sector the Company had decided to enter into new business related to import, export, trading in Ferrous and Non-ferrous and precious metals & for that purpose, object clause of the Company has been changed and accordingly Nacre of the Company has also been changed to E-Metals India Ltd. from Daudayal Finvest Limited. Your Directors are hopeful for bright future of the Company in this new field. FIXED DEPOSIT During the year the Company leas not accepted any fixed deposit as per the provisions of Section 58A of the Companies Act, 1956 and rule 3 (2) (1) of the Companies (Acceptance of Deposits) Rules, 1975. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS AND OUTGO Information pursuant to Section 217 (1) (e) of the Companies Act, 1956, read with the Companies (Disclosure of Particulars in the Report of Board of Directors) Rules, 1988, relating to conservation of energy and technology absorption is not given as the Company has no activities relating to it. DIRECTORS RESPONSIBILITY STATEMENT In compliance to the Provision of Section 217 (2AA) in the Companies Act, 1956, your Directors state that: (i) in the preparation of Annual Accounts the applicable accounting standards had been followed along with proper explanation relating to material departures; (ii) that 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 profit or loss of the company for that period; (iii) that 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) that the directors had prepared the annual accounts on a going concern basis. CORPORATE GOVERNANCE The Securities & Exchange Board of India has introduced a code of corporate governance for the listed companies by an amendment to the listing agreement. Accordingly, all the stock exchange inserted a new clause 49 in the listing agreement on corporate governance, and the provisions thereof have been complied by your Company. The report on corporate governance is placed as Annexure A. PARTICULARS OF EMPLOYEES During the year under review, there was no employee drawing salary in excess of the limits prescribed under Section 217 (2A) of the Companies act, 1956, and the rules prescribed thereunder. DIRECTORS Mr. Sanjay Agrawal retire by rotation at the forthcoming Annual General Meeting and being eligible offer himself for re-appointment. AUDITORS M/s. ABN & CO., Chartered Accountants, Indore, hold office until the conclusion of this Annual General Meeting and being eligible, offer themselves for re-appointment. The observations of the Auditors in their report read with relevant notes to the Accounts forming part of this report are self-explanatory. ACKNOWLEDGEMENT Your Directors wish to place on record their appreciation for the assistance and co-operation that your Company received from the shareholders and all others whose continued support has been a source of strength to the Company. Your Directors also wish to place on record their sincere appreciation for the devotion and dedicated efforts put in by employees at all levels and look forward to their continued support to the Company. By Order of the Board (Neena Agrawaal) Whole-Time Director Indore Date : 12.08.2003