suraj holdings ltd share price Directors report

SURAJ HOLDINGS LIMITED ANNUAL REPORT 2006-2007 DIRECTORS REPORT TO THE MEMBERS Your Directors have pleasure in submitting their Fifteen Annual report of the business and operation of your company together with the audited Statement of Accounts for the period ended 31st March 2007. FINANCIAL RESULTS: Year Ended Year Ended 31.03.2007 31.03.2006 (Rs. in Lac) (Rs. in Lac) Gross Receipts 69.36 46.63 Profit/(Loss) before Depreciation & Tax 50.98 19.65 Less: Depreciation 0.82 - Profit/(Loss) before Tax 50.16 19.65 Less: Provision for taxation (Current & Deffer) 15.04 6.46 Add: Adjustment for Earlier Years (4.08) 0.16 Profit/(Loss) after tax 39.21 13.34 Profit/(Loss) brought forward 25.35 12.00 Net Surplus carried to Balance Sheet 53.85 25.35 OPERATION REVIEW: Gross Receipts of the current year is increase to Rs. 69.366 lac as compared to the previous year of Rs 46.63 lac. The Company has net profit of Rs.32.01 lac against the net profit of Rs. 13.34 lac of previous year. DIVIDEND: Your directors do not recommended any dividend for the year. DEPOSITS: Your company has not accepted any deposit from public during the year under review. FUTURE PROSPECTUS: Your company is engaged in the activities of securities, finance, investment & consultancy. Your directors are expecting a good yield in all these activities. DIRECTORS: Mr. Amit Goel, Mr. Avlok Mittal and Mr. Sunil Kumar Garg Directors of the company retired by rotation at the ensuing annual meeting and being eligible, offers themselves for the reappointment. DIRECTORS RESPONSIBILITY STATEMENT: Pursuant to sub section 217 (2AA) of section 217 of the Companies Act 1956, the Board of Directors of the company hereby state and confirm that : i) In the preparation of the annual accounts, the applicable accounting standards have been followed along with proper explanations relating to material departures. ii) The directors had selected such accounting policies and applied them consistently and made judgements and estimates that are reasonable and prudent so as to give a true & fair view of the state of affairs of the company at the end of the profit or loss of the company for that period. iii) The directors had taken proper and sufficient care for the maintenance of adequate accounting control in accordance with the provisions of this Act for safeguarding the asset of the Company and for preventing and detecting fraud and other irregularities. iv) The directors had prepared the annual accounts as a going concern basis. AUDITORS: M/s Kansal & Associates, Chartered Accountants, Statutory Auditors of the Company retire and being eligible offers themselves for reappointment, Re- appointment, made, would be in accordance with Sec. 224 (1B) of the companies Act, 1956. AUDITORS REPORT: Auditors Report is self-explanatory and requires no comments. CORPORATE GOVERNANCE: The disclosures as required under the corporate Governance Reporting System have been furnished in the Annexure to the Directors Report under the head Corporate Governance and he company is complying with the various requirements under the new Corporate Governance Reporting System. PARTICULARS OF EMPLOYEES U/S-217 (2A) OF THE COMPANIES ACT, 1956: No Employees was employed during the financial year who has been receipt of remuneration in excess of the limit hit down under section 217(2A) of the Companies Act, 1956. ACKNOWLEDGEMENT: The board places on record its gratitude to Government Authorities, Bankers and the Shareholders for their support. The board also places on record its appreciation of the valuable services rendered by all Managers., Officers and other employees of the company. DATED: 25.08.2007 By order of the Board PLACE: New Delhi Sd/- (Sunil Kr. Garg) Chairman AUDITORS CERTIFICATE ON CORPORATE GOVERNANCE To The Members of Suraj Holdings Limited We have examined the compliance of conditions of Corporate Governance by Suraj Holdings Limited, for the year ended 31st march, 2007, as stipulated in Clause 49 of the Listing Agreement of the said Company, with Stock exchanges. The compliance of conditions of corporate governance is the responsibility of the management. Our examination has been limited to a review of procedures and implementation thereof, adopted by the Company for ensuring the compliance of the conditions of corporate governance as stipulated in the said clause. It is neither an audit nor an expression on opinion the financial statements of the Company. In our opinion and to the best of our information and according to the explanations given to us by the Directors and the Management, we certify that the Company has complied with the conditions of corporate governance stipulated in Clause 49 of the above mentioned Listing Agreement. Based on the certificate received form the Company and the minutes of the Share Transfer and Shareholders Grievance Committee, we state that no investor grievance is pending for a period exceeding one month. We further state that such compliance is neither an assurance as to the future viability of the Company nor of the efficiency or effectiveness with which the management has conducted the affairs of the Company. For KANSAL & Associates Chartered Accountants Sd/- AVNI GOEL PARTNER Place: New Delhi Date : 28.06.2007