| Your Directors present the Fourteenth Annual Report alongwith Audited
Statement of Accounts for the year ended 31st March, 2001
1) FINANCIAL HIGHLIGHTS :-
(Rs. In Lacs)
Year Year
Ended Ended
31/03/2001 31/03/2000
Turnover 56963.51 55293.84
Profit/(Loss) Before Tax (478.72) (139.63)
Provision for Tax -- 1.25
Income Tax for earlier year 0.85 --
Net Profit/(Loss) for the year (479.57) (140.88)
Balance of Profit and Loss
Account brought forward (267.52) (126.63)
Appropriations: Balance carried
to Balance Sheet (747.05) (267.52)
2) DIVIDEND :-
In view of the loss incurred by the Company during the year under
review, your Directors are unable to declare any Dividend.
3) OPERATIONS :-
During the year under review the Company could not do any fund based
activity due to paucity of available funds with the Company and
therefore carried out trading in Shares and Securities. However, the
Company incurred a Loss in the Share Trading activity due to a highly
volatile and unstable conditions prevailing in the Capital Market.
4) FUTURE SCENARIO :-
Presently, the Financial Services Industry is passing through a very
difficult phase.
In the present circumstances, it is very difficult for a small or
medium sized finance Company to exist and compete profitably.
Your Company plans in future to diversify its activities to newer
areas.
5) SUBSIDIARY COMPANIES :-
OLYMPIA SECURITIES LIMITED (Formerly known as Investnet Securities
India Limited)
This Company continues to do good business and in the process has
carved a strong foothold for itself in the Broking industry.
The Company now operates with VSATs spread over various centers located
across the country.
The Company has commenced online trading of Shares and Securities
through Internet. The Company expects a high growth in volumes due to
the Internet Broking.
The Annual Accounts of the Company for the year ended 31st March, 2001
are not yet ready therefore the same could not be attached herewith.
ATOZCARE COM INDIA LIMITED : (Formerly known as Olympia Homfin
Limited).
The Annual Accounts of the Company for the year ended 31st March, 2001
are not yet ready therefore the same could not be attached herewith.
A statement required under Section 212 of the Companies Act, 1956 in
respect of Subsidiary Companies of the Company is attached with the
Accounts of the Company.
6) AUDITORS :-
M/s. L. Choudhary & Co. Chartered Accountants, retire at the conclusion
of the ensuing Annual General Meeting and being eligible, offer
themselves for reappointment.
7) DIRECTORS :-
Shri D. C. Garni and Shri Navin Pansari Directors of the Company,
retire by rotation at the ensuing Annual General Meeting and being
eligible offer themselves for re-appointment. The Board recommends
their re-appointment in the Company's interest.
8) DIRECTORS' RESPONSIBILITY STATEMENT :-
We give below a Directors' Responsibility Statement as required under
Section 217 (2AA) of the Companies Act, 1956.
i) We have followed the applicable accounting standards in the
preparation of the Annual Accounts and proper explanation relating to
material departures have been given in Schedule 'P' of Notes on
accounts forming part of the accompanying Accounts.
ii) We have selected the Accounting Policies as given in Schedule 'P'
of Notes on Accounts 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 as at 31st March, 2001
and of loss of the Company for the year ended on that date.
iii) We have taken proper and sufficient care for the maintenance of
adequate accounting records in accordance with the provisions of
Companies Act, 1956 for safeguarding the Assets of the Company and for
preventing and detecting fraud and other irregularities.
iv) We have prepared the Annual Accounts for the year ended 31st March,
2001 on a Going Concern basis.
9) PARTICULARS UNDER SECTION 217 OF THE COMPANIES ACT, 1956. :-
There is no employee drawing remuneration in excess of the limits laid
down under section 217 (2A) of the Companies Act, 1956.
10) CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE
EARNINGS AND OUTGO :-
The information required under Rule 2 of the Companies (Disclosures of
Particulars in the Report of Board of Directors) Rules, 1988 relating
to the conservation of energy and technology absorption is not being
given because the Company is not engaged in manufacturing activity and
therefore it is not applicable to the Company. The Company did not earn
any foreign exchange and did not spend any foreign exchange.
11) ACKNOWLEDGEMENT :-
Your Company is grateful to the Bankers for their cooperation and
assistance and the Customers for their patronage. Your Directors wish
to place on record their deep appreciation of the contribution made by
the Employees at ail levels and Shareholders for their support and
faith reposed in the Company.
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