| Your Directors have pleasure in submitting the Annual Report together
with the Audited Accounts for the year ended 31st March, 2005.
Current Year Previous Year
(Rs.) (Rs.)
FINANCIAL RESULTS :
Profit Before Taxation 37,72,916.00 21,37,411.00
Provision for Taxes
Current Tax 290,185.00 8,57,190.00
Deferred Tax 9,25,368.00 (90,396.00)
Profit after Taxation 25,55,643.00 7,43,485.00
Transfer to Statutory Reserve
Income Tax paid for earlier year 1,720.00 6,27,132.00
Brought Forward from Prev. year 71,95,049.00 64,51,564.00
Balance carried to Balance Sheet 97,50,692.00 71,95,049.00
FUTURE PERFORMANCE
During the year under review, the company have made of Rs. 25,55,643.00
(PAT) in comparison to that previous year of Rs. 7,43,485.00. Your
Directors are implementing various cost reduction programmes and the
benefit of those are reflected in the financial statements and they
will result more profitability in the coming years.
DIVIDEND
In view of nominal profit, your Directors do not recommend any dividend
for the year.
AUDITORS
The retiring Auditors A. Pandey & Associates, Chartered Accountants,
Kolkata hold office till the conclusion of the Annual General Meeting
and is eligible for re-appointment.
DIRECTORS
Shri Binod Suhasaria, retires by rotation and being eligible for
reappointment. None of the Directors of the company is disqualified
from being appointed as the Director of the Company.
CORPORATE GOVERNANCE
As required under clause 49 of the listing agreement with the Stock
Exchange, the report on Corporate Governance together with Auditors
View regarding compliance of the SEBI Code of Corporate Governance is
annexed herewith.
PERSONNEL
Your Directors place on record the sense of appreciation for the
valuable contribution made by the staff members of the Company and hope
that their continued support will help in achieving the goals of the
Company. In accordance with the requirement of Section 217(2A) of the
Companies Act, 1956, it is stated that no employee of the Company is in
receipt of remuneration aggregating to Rs. 24,00,000/- or more for the
year and Rs. 2,00,000/- or more per month for the part of the year.
STATUTORY INFORMATION
Particulars required to be furnished by the companies (Disclosure of
particulars in the Report of the Board of Directors) Rules, 1988 :
CONSERVATION OF ENERGY : Nil TECHNOLOGY ABSORPTION & ADOPTION : Nil
FOREIGN EXCHANGE EARNING AND OUTGO : Nil RESPONSIBILITY STATEMENT
i) in perception of the annual accounts, the applicable Accounting
Standards have been followed along with proper explanation relating to
material departures.
ii) The Directors have selected such accounting policies and have
applied them which 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 of the company for that period.
iii) The Directors have taken proper and sufficient care 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.
iv) The Directors have prepared the annual accounts on going concern
basis.
ACKNOWLEDGEMENTS
The Board wishes to place on record their gratitude for the
co-operation and assistance received all those who contributed by some
means or other for the performance of the Company and expect the same
in the future.
By order of the Board
Place : Kolkata
Date : 25.07.2005 Director |