| The directors take pleasure in presenting the Fourteenth Annual Report
of the Company together with the Audited Statement of Accounts and the
Auditors Report thereon for the Year ended 31 st March, 2007. The
summarised financial results are as under :-
FINANCIAL HIGHLIGHTS
31.03.2007 31.03.2006
(In Rs.) (In Rs.)
PROFIT BEFORE TAXATION 80,109.06 170,341.67
Provision for Taxation 22,747.00 28,678.00
Provision for F.B.T. 42,793.00 -
Deffered Tax (4,723.00) 19,489.00
PROFIT AFTER TAXATION 19,292.06 122,174.67
Special Statutory Reserve (2,954.00) (24,608.00)
Balance brought forward 1,397,635.67 1,300,069.00
Surplus carried to Balance Sheet 1,413,973.73 1,397,635.67
DIVIDEND
In view of the marginal profit earned by the company, your directors do
not recommend any dividend for the year under review.
DIRECTORS
Mr. Deepak Patwari retires by rotation at the ensuing Annual General
Meeting and being eligible offers himself for re-appointment.
DIRECTORS RESPONSIBILITY STATEMENT
As required under Section 217(2AA) of the Companies Act, 1956, your
directors hereby confirm that during the year ended on 31 st March,
2007 :
i) The company had followed applicable accounting standards for the
preparation of annual accounts;
ii) That the directors had selected such accounting policies and
applied them consistently and made judgements and estimates that were
reasonable and prudent so as to give a true and fair view of the state
of affairs of the company and of the profit of the company;
iii) That proper and sufficient care had 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;
iv) That the annual accounts have been prepared on a going concern
basis.
AUDITORS
M/s. A. K. Basu & Co., Chartered Accountants, retires and being
eligible, offers themselves for re- appointment. Your Directors
recommend their re-appointment.
PARTICULARS OF EMPLOYEES
None of the employees was in receipt of remuneration in excess of the
limit prescribed under Section 217(2A) of the Companies Act, 1956.
STATUTORY INFORMATION
The Company being basically in the financial sector, requirement
regarding disclosure of Particulars of conservation of energy and
technology absorption prescribed under Section 217(1)(e) of the
Companies Act, 1956 read with Companies (Disclosure of particulars in
the report of the Board of Directors) Rules, 1988 is not applicable.
CORPORATE GOVERNANCE
As stipulated under clause 49 of the listing agreement, Corporate
Governance report along with auditors certificate and Management
Discussion & Analysis thereon is enclosed as AnnexureA and form part
of this report.
LISTING OF SHARES
The Companys equity shares are listed on the Mumbai & Calcutta Stock
Exchanges.Your Company has paid the annual listing fees to each of
these stock exchanges.
FOREIGN EXCHANGE
The Company has had no foreign exchange outflow or inflow during the
year under review.
APPRECIATION
The Board expresses its sincere gratitude to the shareholders, Bankers,
Employees and its clients for their continued faith and support reposed
in us.
For & on behalf of the Board
Place : Kolkata (Sunil Kumar Poddar) (Deepak Patwari)
(Dilip Kumar Agrawal)
Dated: 30th June, 2007 Director Director Managing Director |