webel communication industries ltd Directors report

WEBEL COMMUNICATION INDUSTRIES LIMITED ANNUAL REPORT 2008-2009 DIRECTORS REPORT Your Directors submit the 23rd Annual Report together with the Audited Accounts for the year ended 31st March 2009. The Company has stopped the production since May. 2003 due to unremunerative selling price, as a result of which there is no production and sales during the year. OPERATIONS: The invoiced value for the year Rs. Nil as against Rs.0.30 lacs in the previous year. In view of the unremunerative selling price ofEPBT manufacturing of the same is suspended since the month of May 2003. The company is exploring the possibility of other revenue earning activities through alternative products/services. PARTICULARS OF EMPLOYEES: The Company had no employee attracting the provision of Section 217(2A) of the Companies Act 1956. DIRECTORS RESPONSIBILITIES: i) While preparing the Annual Accounts, an applicable accounting system had been followed and there have been no materials departures. ii) The Directors have selected accounting policies and complied with them consistently for the period under review. Necessary systems and judgements have been made which are reasonable and prudent, so as to give a true and fair view of the state of affairs of the Company and also the Profit & Loss of the Company for that period. iii) The Directors have taken proper and sufficient care for the maintenance of the adequate accounting records in accordance with the provisions of this act safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities. iv) The Annual Accounts of the Company have been prepared on a going concern basis. DIRECTORS: The Board appointed Shri P. K. Das and Shri Shyamal Dasgupta as Additional Directors of the Company at its Board Meeting held on 30.03.2009 and 30.07.2009 respectively. They hold Office up to the date of the next Annual General Meeting on 30.09.2009 and being eligible offer themselves for re- election. Shri U. K. Mukherjee and Shri G. Bhattacharya both resigned from the Board on 30.01.2009 and also Dr. J. N. Maiti resigned from the Board on 30.07.2009. The Board placed on record their deep appreciation of the valuable guidance and services rendered by them during their association with the Company as a Director. Shri D. K. Pal retires from the Board by rotation and being eligible, offer himself for re-appointment. AUDITORS: M/s Singhi & Co., Chartered Accountants, retire and have expressed their willingness to continue in Office, if reappointed. For and on behalf of the Board SHYAMAL DASGUPTA DIRECTOR