| We have pleasure in presenting the Annual Report of the Company
alongwith the audited statements of Accounts for the year ended 31st
March, 2004.
FINANCIAL PERFORMANCE:
FINANCIAL RESULTS 2003-2004 2002-2003
(Rs. in lacs) (Rs. in Lacs)
OPERATING PROFITS BEFORE 2.17 3.34
FINANCIAL EXPENSES & DEPRECIATION
FINANCIAL EXPENSES NIL NIL
DEPRECIATION 0.04 0.05
NET PROFIT (LOSS) 2.13 3.02
OPERATIONS:
During the year under review company has achieved a profit of Rs.
1,96,796/- as compared to proft of Rs. 3,02,394/- for the previous year.
However, your company has diversified its activities and ventured into
business of Television Entertainment business, but the commercial
activities are yet to start. Your Directors are hopeful to start
commercial activities very shortly and are hopeful for achieving more
better results in the coming year.
DIVIDEND
In view of the inadequate profit the directors are unable to recommend
dividend for the year under review.
DEPOSITS
The Company has not accepted any Deposits from the public within the
meaning of Section 58A of the Companies Act, 1956 and Rules made
thereunder.
DIRECTORS
At the ensuing Annual General Meeting Mr. Chandrakant Mehta will retire
by rotation and being eligible for offers himself for reappointment.
Therebeing no other changes made in the Directorship of the Company
during the year under review.
DIRECTORS REPONSIBILITY STATEMENT:
Pursuant to the requirement under section 217(2AA) of the Companies
Act. 1956, which requires company to give a Directors Responsibility
statement, your directors hereby confirm-
That in preparation of annual accounts, the applicable accounting
standards had been followed alongwith proper explanation relating to
material departure.
That Company has selected Mercantile accounting policies and applied
them consistently and made judgements and estimates that 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 or
loss of the company for that period.
That the directors has taken proper and sufficient care for the
maintainance of adequate accounting records in accordance with the
provisions of this Act for the safeguarding the assets of the company
and for preventing and detecting fraud and other irregulations.
That the Directors had prepared the annual accounts on a going concern
basis.
AUDITORS :
The Auditors M/s. Surana Maloo & Co., Chartered Accountants, Ahmedabad,
retire at the conclusion of the ensuing Annual General Meeting and
offer themselves for reappointment. You are requested to appoint
auditors and to fix their remuneration.
COMMENT ON AUDITORS REPORT
The notes to the Accounts referred to in the Auditors Report are
self-explanatory and therefore do not call for any further explanation
under Section 217(3) of the Companies Act, 1956.
PARTICULARS OF EMPLOYEES AND OTHERS
The company does not have any employee receiving remuneration of
Rs.200000/- per month or Rs.2400000/- per annum and therefore, no
particulars are required to be furnished under section 217(2A) of the
Companies Act, 1956.
INFORMATION ON ENERGY CONSERVATION, TECHNOLOGY ABSORPTION AND FOREIGN
EXCHANGE EARNING
As the company is not engaged in any manufacturing activities,
Particulars regarding conservation of energy, Technology upgradation
and Foreign Exchange earnings and outgo, pursuant of Companies
(Disclosure of particulars in the report of Board of directors) Rules,
1988 is Nil
APPRECIATION
The company places on record its deep appreciation for all those who
have been associated with the company and have continued their support
towards the growth and stability of the company.
PLACE : AHMEDABAD For & on behalf of the
DATE : 3rd September, 2004 Board of/Directors
Sd/-
Chandrakant Mehta
CHAIRMAN |