inlac granston ltd Directors report

INLAC GRANSTON LIMITED ANNUAL REPORT 2008-2009 DIRECTORS REPORT TO THE MEMBERS OF INLAC GRANSTON LIMITED The Directors of your Company presents the Sixteenth Annual Report and the Audited Statement of Accounts for the year ended 31st March, 2009. FINANCIAL RESULTS PARTICULARS CURRENT YEAR YEAR ENDED ENDED 31.03.2009 31.03.2008 Sales & Other income - - Gross profit/(loss) for the year - - Interest - - Cash Profit/(loss) (-) 2.65 (-) 7.36 Depreciation - - Prior period adjustments - - Profit/(loss) before Tax (-) 2.65 (-) 7.36 Provision for Tax - - Profit/(Loss) after Tax (-) 2.65 (-) 7.36 (Loss) from the previous year (-) 1587.62 (-) 1580.26 (Loss) carried forward to balance sheet (-) 1590 27 (-) 15 87 62 OPERATION AND OVERALL SITUATION There were no operations during the year. CORPORATE GOVERNANCE Your Company has been practicing the principles of good corporate governance The Board of Directors supports the principles of corporate governance. In addition to the basic governance issues, the Board lays emphasis on transparency, accountability and integrity. Formal detailed report on Corporate Governance and also Certificate of the Auditors of your Company regarding compliance of the conditions of Corporate Governance as stipulated in Clause 49 of the listing agreement(s) with Stock Exchanges, are enclosed. MANAGEMENT DISCUSSION AND ANALYSIS REPORT In Compliance with the Listing Agreement with Stock Exchange(s), where the equity shares of the Company are listed, the Code of Corporate Governance has been implemented during the financial year 2008-09. A separate report providing in formation/status on the Corporate Governance to the extent possible is enclosed as a part of the Annual Report. DIRECTORS RESPONSIBILITY STATEMENT: In terms of Section 217(2AA) of the Companies Act, 1956, the Directors would like to state that; i) that in the preparation of the annual accounts, the applicable Accounting Standards have been followed and that no material departures have been made from the same; ii) 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 loss of the Company for the year under review; iii) that they have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 1956 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities; and iv) that they have prepared the Annual Accounts on a going concern basis. DIRECTORS: Mr. G.L. Srivastava retires at the ensuing Annual General Meeting and being eligible, offers himself for re-appointment. AUDITORS & AUDITORS REPORT M/s. Onkar Tandon & Co., Auditor of the Company, is retiring at the ensuing Annual General Meeting and being eligible, offer themselves for re- appointment. In respect of the observation made by the Auditors in their report, your Directors wish to state that the respective Notes to the Accounts are self explanatory and do not call for ally further comments. PARTICULARS OF EMPLOYEES: There is no employee whose particulars are required to be furnished in terms of Section 217(2A) of the Companies Act, 1956 and rules made thereunder. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS/ OUTGO: The Company has no activities relating to conservation of energy or technology absorption. During the period under review, the Company did not earn and use any Foreign Exchange. STOCK EXCHANGE LISTING The equity shares of your company are listed at Mumbai, Delhi and Bangalore Stock Exchanges. However the Company intends to delist its shares from Delhi and Bangalore Stock Exchanges. ACKNOWLEDGEMENT Your Directors appreciate the valuable co-operation extended by the Central and State Government Authorities for their continued assistance, guidance and support. Your Directors grateful to the Shareholders and general public for their support and confidence reposed in the management. FOR AND ON BEHALF OF THE BOARD G.L. SRIVASTAVA BINOD KUMAR SHROFF Director Director Place : Mumbai Date :