k j international ltd share price Directors report

K.J INTERNATIONAL LIMITED ANNUAL REPORT 2008-2009 DIRECTORS REPORT To Our Shareholders, Your Directors have the pleasure in presenting the Annual Report and the Audited Accounts of the Company for the year ending 31st March, 2009. Review of operations The Company is a Sick Company with in the meaning of Sick Industrial Companies (Special Provisions) Act, 1985. Moreover the case of the Company is pending with Debt Recovery Tribunal Chandigarh and Delhi. The Factories has been closed for the last ten years. During the financial year company is planning to start production and necessary plan in this regard is under way. Board of Directors Sh. Arun Kumar Arora, Director retire by rotation and being eligible offer himself for re-appointment, the Board of Directors recommended the appointment of Sh. Arun Kumar Arora as director. Dividend In view of the current financial status and accumulated losses of the Company the Board of directors are not in a position to recommended any Dividend for the year under review. Directors Responsibility Statement: As required by sub-section (2AA) of section 217 of the Companies Act, 1956, Directors state: i. That in the preparation of the annual accounts, the applicable accounting standards have been followed along with proper explanation relating to material departure. ii. That the Directors 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. iii. That the Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provision of the Companies Act, 1956 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities. iv. That the Directors have prepared annual accounts on a going concern basis. Auditors and Auditors Report M/s L.N Malik & Co., Chartered Accountants, New Delhi the existing Auditors of the Company, hold office till the conclusion of this Annual General Meeting and being eligible for re-appoint, have offered themselves for reappointment. Therefore the Board of Directors recommended the appointment of M/s L.N Malik & Co. as the statutory Auditors to hold office from the conclusion of this Annual General Meeting to conclusion of next Annual General Meeting. The Company has received their letter to the effect that their appointment, if made, would be within the prescribed limits under Section 224 (1-B) of the Companies Act, 1956. The points of auditors report are self explanatory and do not require any further explanation. Fixed Deposit During the year under review your Company has not invited any deposit from public under Section -58A of the Companies Act 1956. Corporate Governance A report on Corporate Governance including Auditors Certificate on compliance with conditions of Corporate Governance under clause 49 of the listing agreement is annexed with this report. Conservation of Energy, Technology, Absorption, Foreign Exchange Earning and outgo: Since the Company has not carried out any production during the year so the particulars as prescribed under subsection (1)(e) of section 217 of the Companies Act 1956 read with Companies (Disclosure of Particulars in the Report of the Board of Directors) Rules, 1988 are not applicable on the Company. Information under Section 217(2A) of the Companies Act,1956 read with Companies (Particulars of Employees) Rules, 1975. No employee received Salary exceeding the amount mentioned in the above rules, therefore Information required under Section 217(2A) of the Companies Act, 1956 read with Companies (Particulars of Employees) Rules, 1975 are not applicable on the Company. ACKNOWELDGEMENT Your directors would like to record their appreciation of the services rendered by the members of the staff at all levels. We acknowledge the support provided to us by Bankers, Central and State Govt., shareholders, advisors, financial partners, and clients for their continued support and confidence expressed in the Company. For and on Behalf of the Board of Directors K.J International Limited Date : 21 .08 .2009 Arun Kumar Arora Raj Kumar Arora Place : Amritsar Director Director