olympia capitals ltd Directors report

OLYMPIA CAPITALS LIMITED ANNUAL REPORT 2000-2001 DIRECTORS REPORT Dear Shareholders, Your Directors present the Fourteenth Annual Report alongwith Audited Statement of Accounts for the year ended 31st March, 2001. 1) DIVIDEND:- In view of the loss incurred by the Company during the year under review, your Directors are unable to declare any Dividend. 2) OPERATIONS:- During the year under review the Company could not do any fund based activity due to paucity of available funds with the Company and therefore carried out trading in Shares and Securities. However, the Company incurred a Loss in the Share Trading activity due to a highly volatile and unstable conditions prevailing in the Capital Market. 3) FUTURE SCENARIO :- Presently, the Financial Services Industry is passing through a very difficult phase. In the present circumstances, it is very difficult for a small or medium sized finance Company to exist and compete profitably. Your Company plans in future to diversify its activities to newer areas. 4) SUBSIDIARY COMPANIES :- OLYMPIA SECURITIES LIMITED : (Formerly known as Investnet Securities India Limited ) This Company continues to do good business and in the process has carved a strong foothold for itself in the Broking Industry. The Company now operates with VSATs spread over various centers located across the country. The Company has commenced online trading of Shares and Securities through Internet. The Company expects a high growth in volumes due to the Internet Broking. The Annual Accounts of the Company for the year ended 31st March, 2001 are not yet ready therefore the same could not be attached herewith. ATOZCARE COM INDIA LIMITED : (Formerly known as Olympia Homfin Limited). The Annual Accounts of the Company for the year ended 31st March, 2001 are not yet ready therefore the same could not be attached herewith. A statement required under Section 212 of the Companies Act, 1956 in respect of Subsidiary Companies of the Company is attached with the Accounts of the Company. 5) AUDITORS:- M/s. L. Choudhary & Co. Chartered Accountants, retire at the conclusion of the ensuing Annual General Meeting and being eligible, offer themselves for reappointment. 6) DIRECTORS Shri D. C. Gami and Shri Navin Pansari Directors of the j Company, retire by rotation at the ensuing Annual General Meeting and being eligible offer themselves for re appointment. The Board recommends their re-appointment in the Companys interest. 7) DIRECTORS RESPONSIBILITY STATEMENT :- We give below a Directors Responsibility Statement as required under Section 217 (2AA) of the Companies Act, 1956. i) We have followed the applicable accounting standards in the preparation of the Annual Accounts and proper explanation relating to material departures have been given in Schedule P of Notes on accounts forming part of the accompanying Accounts. ii) We have selected the Accounting Policies as given in Schedule P of Notes on Accounts 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 as at 31st March, 2001 and of loss of the Company for the year ended on that date. iii) We have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of Companies Act, 1956 for safeguarding the Assets of the Company and for preventing and detecting fraud and other irregularities. iv) We have prepared the Annual Accounts for the year ended 31st March, 2001 on a Going Concern basis. 8) PARTICULARS UNDER SECTION 217 OF THE COMPANIES ACT, 1956. :- There is no employee drawing remuneration in excess of the limits laid down under section 217 (2A) of the Companies Act, 1956. 9) CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS AND OUTGO.- The information required under Rule 2 of the Companies (Disclosures of Particulars in the Report of Board of Directors) Rules, 1988 relating to the conservation of energy and technology absorption is not being given because the Company is not engaged in manufacturing activity and therefore it is not applicable to the Company. The Company did not earn any foreign exchange and did not spend any foreign exchange. 10) ACKNOWLEDGEMENT :- Your Company is grateful to the Bankers for their cooperation and assistance and the Customers for their patronage. Your Directors wish to place on record their deep appreciation of the contribution made by the Employees at all levels and Shareholders for their support and faith reposed in the Company. By order of the Board, Dhirajlal C Gami PLACE : MUMBAI CHAIRMAN Dated : 1st September, 2001