forbes bumi armada ltd Directors report

DIRECTORS

The Shareholders,

Your Directors submit their Report and the Audited Accounts of the Company for the year ended 31st March, 2013.

1. FINANCIAL RESULTS:

	Current Year	Previous Year
	Rs.	Rs.
PROFIT/(LOSS) BEFORE TAX	3,103,575	97,904
Less: Provision for Taxation
(i) Current Tax	964,584	-
(ii) Deferred Tax	(5,579)	(6,077)
PROFIT/(LOSS) AFTER TAX	2,144,570	103,982
Add: Balance brought forward from the last year	3,238,460	3,134,478
Balance carried to Balance Sheet	5,383,030	3,238,460

2. OPERATIONS:

During the year the Company submitted offers for charter hiring of vessels to various Exploration & Production (E&P) companies, Engineering Procurement, Installation Commissioning (EPIC) companies and Rig companies. However, no business was received during the year.

3. DIRECTORATE:

Mr. Ravishankar S and Mr. Hassan Basma are due to retire by rotation. Board of Directors commend their reappointment as Directors of the Company. Mr. Alvin Strang who was appointed as Additional Director on 16.08.2012, the board now commends his appointment as Director of the Company.

4. AUDITORS:

You are requested to appoint Auditors for the current year and authorise the Board to fix their remuneration. The retiring Auditors, M/s. U.V. Shah & Co., Chartered Accountants, offer themselves for re-appointment and they are not disqualified u/s.226 of the Companies Act, 1956.

5. PARTICULARS REGARDING EMPLOYEES:

The Company did not have any employee who was drawing a remuneration of Rs. 60,00,000 or more in aggregate, if employed throughout the financial year or Rs. 5,00,000 or more per month, if employed for a part of the financial year.

6. DIRECTORS RESPONSIBILITY STATEMENT:

Pursuant to Section 217(2AA) of the Companies Act, 1956, the Directors based on the representations received from the Operating Management confirm:-

(a) that in the preparation of the annual accounts, the applicable accounting standards have been followed and that there are no material departures;

(b) that they have selected such accounting policies 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 at the end of the financial year and of the profit or loss of the Company for that period ;

(c) that they have taken proper and sufficient care to the best of their knowledge and ability for the maintenance of adequate accounting records in accordance with the provisions of the Act, for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities ;

d. that they have prepared the annual accounts on a going concern basis;

7. INFORMATION REQUIRED UNDER THE COMPANIES (DISCLOSURE OF PARTICULARS IN THE REPORT OF BOARD OF DIRECTORS) RULES, 1988.

Conservation of energy and technology absorption:

The Companys operations involve low energy consumption. Efforts to conserve and optimise the use of energy through operational methods will continue.

Foreign exchange earnings and outgo:

The operating income in foreign currency aggregated to Rs NIL whereas the expenditure in foreign currency aggregated to Rs. 303,381 (previous year Rs. 555,369)

	For and on behalf of the
	Board of Directors
	(N. C. Singhal)
	Chairman
Mumbai, Dated: 23rd May, 2013.