| TO THE MEMBERS OF HIGHLAND INDUSTRIES LTD.
The directors have pleasure in presenting before you the Annual Report
of the company together with the Audited Statement of Accounts for the
year ended 31st March, 2011
FINANCIAL RESULTS 2010-2011 2009-2010
Turn Over 1,754,602,690 921,210,837
Profit(Loss) Before Tax 10,068,886 3,996,905
Provision for Taxation 3,300,000 1,235,000
Profit (Loss) After Tax 6,768,886 2,761,905
OPERATIONAL HIGHLIGHTS
During the year under review, company has posted a turnover of
Rs.175.46 cr as against previous year turnover of Rs 92.12 cr,
registering about 100% growth. company has made significant efforts in
creation of market and name for its quality, Further to report that
company is taken serious initiatives for development of business and
make dent in market share through good marketing strategies, your
directors are therefore confident of coming out with significant growth
in the future years and thereby wiping out losses incurred in the
previous years and posting a decent growth.
PUBLIC DEPOSITS
During the period under review the company did not accept deposits in
terms of section 58 A of the companies Act, 1956 and pursuant to the
provision of the Non-Banking financial Companies (Reserve Bank)
Direction 1997.
DIRECTORS
Mr.Sandip Sheth, Director of the company retires by rotation at this
Annual General Meeting and being eligible, offers himself for
re-appointment. The brief resume and other details of directors, who
are to be re-appointed as stipulated under clause 49 (IV)(G) of the
listing agreement, are furnished in the corporate Governance Report
forming Part of the Annual Report, During the year no Changes had taken
place in the constitution of the Board of Directors of the company.
AUDITORS
M/s. N.L.Upadhyaya, chartered Accountants, Mumbai, the Auditors of the
company retires at the conclusion of this Annual General Meeting. They
are eligible for reappointment and indicated their willingness to act
as an Auditor, if appointed and the appointment shall be in the limits
prescribed under the provision of the companies Act, 1956.
PARTICULARS OF EMPLOYEES
There was no employee in the company whose particulars are required to
be furnished as per section 217(2A) of the companies Act, 1956, read
with companies (Particulars of Employees) Rules, 1975 as amended upto
date.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNING/OUT GO.
The operations of the company are not enery-intensive. However adequate
measures have been taken to reduce energy consumption by using energy
efficient computers and equipments with the latest technologies. your
company constantly evaluates new technologies and invests in them to
make its infrastructure more energy- efficient currently your company
use.
During the year under review the company has no foreign exchange
earnings and outgo.
DIRECTORS' RESPONSIBILITY STATEMENT
Your Directors hereby report that:
(a) In the preparation of annual accounts, the applicable accounting
standards have been followed;
(b) Appropriated accounting policies have been selected and applied
consistently and judgments and estimates made that are responsibele and
prudent so as to give true and fair view of the state of affairs of the
company at the end of the financial year ended 31st March 2011;
(c) 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) Annual accounts have been prepared on a going concern basis.
CORPORATE GOVERNANCE AND COMPLIANCE
A report on corporate governance along with Management Discussion and
Analysis is annexed to this report as Annexure. Certificate from
Statutory Auditors with regards to the compliance of the corporate
governance, as stipulated in clause 49 of the Listing Agreement, by the
company is annexed to this report.
The company has fully complied with all mandatory requirements
prescribed under clause 49 of the listing agreement, In addition, the
company has also implemented some of the non mandatory provisions of
clause 49.
ACKNOWLEDGEMENT
The Board of Directors take the opportunity to thank the Bankers and
Government for the Co-operations and support by them from time to time
in the operation of the company during the year. The Board also place
on record its deep appreciation for the contribution made by the
employees at all levels.
Place : Mumbai By Order of the Board
Date : 05-08-20011 For Highland Industies Ltd.
SD/-
(Nimish Thakore)
Chairman |