shonkh technologies international ltd Directors report

SHONKH TECHNOLOGIES INTERNATIONAL LIMITED ANNUAL REPORT 2009-2010 DIRECTORS REPORT TO THE MEMBERS The Directors have pleasure in presenting their Twenty Fifth Annual Report together with Audited Annual Accounts for the period ending on March 31st 2010. FINANCIAL RESULTS (Rs. in Lacs) Period ended on Period ended on 31st March 2010 31st December (15 Months) 2008 (12 Months) Total Income 340.13 170.15 Interest .86 .52 Profit before tax & Depreciation (312.32) (1240.11) Depreciation 7.16 7.16 Loss (319.48) (1247.27) Provision for taxation - - Net Loss (319.48) (1247.27) Add: Loss brought forward from previous year (10437.06) (10316.99) Total Profit / Loss available for (10756.54) (11564.26) Appropriation: Appropriations 0.00 0.00 Proposed Dividend 0.00 0.00 Corporate Dividend tax 0.00 0.00 Transfer to General Reserve 0.00 0.00 Provision for deferred tax 0.00 0.00 Add: Provision for bad debts written back 546.67 1126.05 Less: Provision for FBT 0.00 1.15 Balance carried to B/S 10209.87 10437.06 PERFORMANCE REVIEW During the year under review, the company has achieved a turnover of Rs.18.14 Lacs as compared to Rs.34.15 Lacs in the corresponding previous year. DIVIDEND For the period under review the Board of Directors do not recommend any dividend due to absence of any distributable surplus. DIRECTORS Mr. Ram Pal Singh and Karan Anand, Directors retires by rotation and being eligible offers himself for re-appointment Due to sad demise of Mr. Dinesh Agarwal his name was removed from the Directorship w.e.f. 15.07.2009. AUDITORS M/S Dinesh Kalra & Associates, Chartered Accountant, Delhi have furnished a certificate under Section 224(1B) of the Companies Act, 1956 to the effect that their appointment, if made, at the ensuing Annual General Meeting of the Company will be within the limits as prescribed under the Companies Act, 1956. Yours Directors recommend for your approval the re-appointment of M/s Dinesh Kalra & Associates, Chartered Accountant, New Delhi as Statutory Auditors. AUDITORS QUALIFICATIONS The Auditors have remarked on the delay on payment of certain Statutory dues vide Point No. 9(a) and 9(b) of annexure to his report in the financial year ending 31st December 2010. Your Directors wish to bring to your kind notice the inability of the Company to make timely payments, for reasons of cash crunch and heavy losses incurred by the Company during previous financial years. LISTING Your Companys equity shares are listed with Bombay Stock Exchange Limited, Delhi Stock Exchange Association Limited and Calcutta Stock Exchange Association Limited. SUBSIDIARY COMPANIES The Company has no Subsidiary Company PARTICULARS OF EMPLOYEES None of the employees drew remuneration of Rs.24,00,000 or more per annum/ Rs.2,00,000 or more per month during the year. This information is furnished as required under Section 217(2A) of the Companies Act, 1956 read with the Companies (Particulars of Employees) Rules, 1975. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION,FOREIGN EXCHANGE EARNINGS AND OUTGOINGS The additional information required in accordance with sub-section (1)(e) of Section 217 of the Companies Act, 1956, read with the Company (Disclosure of Particulars in the Report of the Board of Directors) Rules, 1988, is appointed to and forms part of this report. CORPORATE GOVERNANCE Pursuant to Clause 49 of the Listing Agreement with the Stock Exchanges, a Certificate from the auditors of the company regarding compliance of the conditions of Corporate Governance as stipulated by Clause 49 of the Listing Agreement is attached to this report. FIXED DEPOSITS The company has not accepted any fixed deposits from the public/ shareholders, within the meaning of Section 58A of the Companies Act, 1956. DEPOSITORY SYSTEM The company has entered into an agreement with NSDL & CDSL to facilitate the holding/trading of the companys shares in electronic form. As per SEBI Notification, the companys Equity shares are being traded in Optional Decartelization Mode in the Stock Exchanges w.e.f. 7th August 2000, ISIN No. of the company is INE735B01011. INDUSTRIAL RELATIONS Industrial Relations remained cordial throughout the year under review. DIRECTORS RESPONSIBILITY STATEMENT Pursuant to Section 217(2AA) of the Companies Act, 1956 the Directors confirm: a. That in the preparation of the annual accounts, the applicable accounting standards have been followed along with proper explanation relating to material departures. b. That appropriate accounting policies have been selected and applied consistently and that the judgments and estimates made are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company as at March 31, 2010 and of the loss of the company for the said period. c. That proper and sufficient care has been taken 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. d. That the annual account has been prepared on a going concern basis. AUDIT COMMITTEE Complying with the requirement of Section 292A of the Companies Act, 1956 and Clouse 49 of the Listing Agreement with Stock Exchange Mumbai, the Audit Committee was reconstituted to review various areas of Accounts & Audit, including internal control systems and their adequacy, with the following members: Mr. Suresh Agarwal, Director - Chairman of the Audit Committee Mr. Ram Pal Singh, Director Mr. Tripurari Nath, Director ACKNOWLEDGMENT Your Directors would like to express their grateful appreciation for the assistance and sincere co-operation received from the Financial Institutions, Banks Central and State Government Authorities. Your Directors also place on record their deep sense of appreciation for the support and goodwill extended by the Employees and Shareholders of the Company. BY ORDER OF THE BOARD Sd/- Place : New Delhi DILIP KUMAR JHA Date : 05.08.2010 CHAIRMAN ANNEXURE-I TO THE DIRECTORS REPORT: PARTICULARS PURSUANT TO COMPANIES (DISCLOSURE OF PARTICULARS IN THE REPORT OF BOARD OF DIRECTORS) RULES, 1988. A. Details of Conservation of Energy : Not applicable to the Company. B. Technology Absorption : Not applicable to the Company. C. Foreign Exchange Earning and Outgo: Earning : Nil Outgo : Nil