| The directors have pleasure in presenting the 15th Annual Report
together with the Audited Accounts of your Company for the year ended
31st March 2007.
1. FINANCIAL RESULTS:
(Rupees in Lacs)
Particulars Year Ended Year Ended
31.03.2007 31.03.2006
Net Sales/Other Income 0.00 16.89
Profit before depreciation(-) 1.18 8.92
Depreciation 0.00 6.58
Net Profit/loss before tax(-) 1.18 2.16
Provision of Taxation/Income Tax W/Off 1.01 0.00
Profit after tax 1.17 2.16
2. PERFORMANCE REVIEW:
No activity of production of any kind and sales had taken place during
the year under review. Your Directors are making sincere efforts and
endeavoring to revive the manufacturing facility by in collaboration
with some strategic partner.
3 DIRECTORS:
Sh. Iqbal Singh, Director retire by rotation at the ensuing Annual
General Meeting and being eligible offers himself for re-appointment.
4. DIRECTORS RESPONSIBILITY STATEMENT
Pursuant to requirement under Section 217(2AA) of the Companies Act,
1956 with respect to Directors Responsibilities Statement, it is
hereby confirmed: -
a) that in the preparation of the annual accounts for the financial
year ended 31st March 2007, the applicable accounting standards had
been followed along with proper explanation relating to material
departures.
b) that the Directors had selected such accounting policies and applied
them consistently and made judgments and estimates that were 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 or
loss of the Company for the year under review.
c) that the Directors had 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.
d) that the Directors had prepared the accounts for the financial year
ended 31st March, 2007 on a going concern basis.
5. FIXED DEPOSITS:
The Company has not accepted any deposits under Section 58-A of the
Companies Act, 1956 during the year under review.
6. AUDITORS:
M/s P. C. Goyal & Co., Chartered Accountants, Ludhiana, statutory
auditors of the Company, retire at the conclusion of ensuing Annual
General Meeting and being eligible offer themselves for re-appointment.
7. INFORMATION PURSUANT TO SECTION 217(3) OF THE COMPANIES ACT, 1956
It is submitted that the Auditors Report and notes on accounts
referred to by the auditors in their report are self-explanatory.
Replies by the directors to queries raised by the auditors in their
report-dated 01.09.2007 are given as an addendum to directors report.
8. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNING AND OUTGO:
As required under Section 217(1)(e) of the Companies (Disclosure of
Particulars in the Report of Board of Directors) Rules, 1988, the
information in this regard is NIL as there was no activity of
production or sales during the year.
9. PARTICULARS OF EMPLOYEES:
None of the employees is covered under the provisions of Section
217(2A) of the Companies Act, 1956 read with the Companies (Particulars
of Employees) Rules, 1975.
10. ACKNOWLEDGEMENT:
The directors wish to place on record sincere thanks to the
shareholders of the company for the confidence reposed by them in the
management
For & on behalf of the Board
Place : Ludhiana SD/-
Mohinder Singh
Date : 01.09.2007 Director |