| The Directors have great pleasure in presenting 14th ANNUAL REPORT
along with the Audited Balance Sheet and Profit And Loss Account,
for,the year ended 31st March, 2007.
1. FINANCIAL RESULTS:
The financial Results are briefly indicated below:
(Amt. In Rs.)
YEAR ENDED
Particulars 2006-07 2005-06
Total Income 6,26,333 3,24,438
Depreciation 2,10,835 2,23,212
Profit/(Loss) before Taxation 40,616 (562,491)
Provision for Taxation - -
Less : Provision for Fringe Benefit Tax 9,471 17,796
Less : Deferred tax expenses 3,72,141 1,82,919
Profit/(Loss) after Tax (3,40,996) (763,206)
Balance of Profit.brought forward (10,98,285) (335,079)
Amount available for appropriations
Transfer to:
General reserve
Proposed Dividend - -
Balance carried to Balance-Sheet (14,39,281)(10,98,285)
2. FUTURE OUTLOOK:
The Companys main operation remains to be investments in shares and
securities. The Directors are very selective in making investment
decisions and in view of robust growth of Indian Capital Market, the
Directors foresee handsome returns ,on the investments made by the
Company.
3. DIVIDEND:
In the absence of sufficient profits, the Board as such recommends no
dividend.
4. FIXED DEPOSITS:
Your company has not accepted any fixed deposits within the meaning of
Section 58-A of the Companies Act, 1956 and the rules framed there
under.
5. SUBSIDIARIES:
Since the Company has no subsidiaries, provision of section 212 of the
Companies Act, 1956.
6. DIRECTORS:
During the year Shri. Kalpesh Shah is retiring by rotation & being
eligible offers himself for re-appointment. Shri. Hemang Jangal was
re-appointed as an Executive Director w.e.f. 1st July, 2007.
7. DIRECTORS RESPONSIBILITY STATEMENT:
The Board of Directors hereby confirm
i. That in the preparation of the Annual Accounts, the applicable
accounting standards have been followed along with proper explanation
relating to material departures.
ii. That the Directors have selected such accounting policies and
applied them consistently and made judgments 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
financial year and of the Profit or Loss of the Company for that
period. -
iii. That the Directors have taken proper and sufficient care for the
maintenances of adequate accounting records in accordance with the
provision of this Act for safeguarding the assets of the Company and
for preventing and detecting fraud and other irregularities.
iv. That the Directors have prepared the Annual accounts on a going
concern basis.
8. CORPORATE GOVERNANCE CODE:
The Board had implemented Corporate Governance Code in pursuance of
clause 49 of Listing Agreement during the year. The report on Corporate
Governance is annexed hereto forming part of this report. The requisite
certificate from statutory Auditors, on implementation of requirements
of the Corporate Governance is also annexed herewith forming part of
this report.
9. AUDITORS:
M/s. Shah Jain & Associates, Chartered Accountants, Mumbai Statutory
Auditors of your company holds office until the conclusion of the
forthcoming Annual General Meeting. He has signified his willingness to
accept re-appointment and has further confirmed his eligibility under
Section 224 (1B) of the Companies Act 1956.
10. AUDITORS REPORT:
The notes to the accounts are self explanatory and hence no explanation
is required from the Board as such.
11. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION:
Since the company is a service provider, the details of energy
conservation & Technology absorption are not applicable.
12. PARTICULARS OF EMPLOYEES:
In accordance with the provision of section 217 of the Companies Act,
1956, read with the Companies (Particulars of Employees) Amendment
Rules 1999 as amended up to date, there were no employees during the
whole or part of the year who were in receipt of remuneration in excess
of limits as mentioned in the section and hence no details are given as
such.
13. ACKNOWLDEGEMENT;
Your Directors wish to take this opportunity to thank the shareholders
Bankers for their co-operation and support extended to the company.
BY ORDER OF THE BOARD
HARVIC MANAGEMENT SERVICES (INDIA) LIMITED
DATE : 30th June, 2007. Sd/-
PLACE : Mumbai HEMANG JANGLA
(CHAIRMAN) | 