| The Directors have pleasure in presenting their Twenty Sixth Annual
Report together with the Audited Accounts for the financial year ended
on 31st March, 2010.
FINANCIAL RESULTS
(Rs. in Lacs)
2009-10 2008-09
Profit before Taxation 1.65 0.90
Less : Provision for taxation
- Current Tax 0.50 0.31
Profit after Taxation 1.15 0.59
Add : Surplus profit brought
forward from previous year 21.43 21.97
Balance available for
appropriation 22.58 22.56
Appropriation :
Transferred to Reserve Fund 0.23 0.12
Income Tax payment for
earlier years - 1.01
Balance carried over to next year 22.35 21.43
22.58 22.56
WORKING OF THE COMPANY
During the year under review, your Directors have consistently tried
their best to improve the financial condition of the Company by
investing its fund in the field of trading in textiles goods. The
Company recorded a turnover of Rs. 2,993.04 lacs and a net profit of
Rs. 1.15 lacs during the financial year 2009-10, in spite of severe
competition in the industry.
RETIRES BY ROTATION
In accordance with the Articles of the Company and the provisions of
the Companies Act, 1956, Mr. S. S. Chatterjee, Director of your Company
will retire by rotation at the ensuing Annual General Meeting and is
eligible for re-appointment in the Board.
DIVIDEND
The Board has not declared any Dividend during the year under review.
DIRECTORS RESPONSIBILITY STATEMENT
Pursuant to Section 217(2A) of the Companies Act, 1956 your Directors
make the following statement to the best of thei knowledge and belief
and according to the information and explanations obtained by them:
i. in the preparation of the annual accounts, the applicable accounting
standards had been followed along-with propei explanations relating to
material departures, if any.
ii. that such accounting policies have been selected and applied
consistently and judgments and estimates have beer made 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.
iii. that proper and sufficient care has been taken for the maintenance
of adequate accounting records in accordance with the provisions of
this Act for safeguarding the assets of the Company and for preventing
and detecting fraud anc other irregularities.
iv. that the Annual Accounts have been prepared on a going concern
basis.
AUDITORS & AUDITORS REPORT
M/s. G. Sah & Company, Chartered Accountants, Statutory Auditors of the
Company hold office until the conclusion of the ensuing Annual General
Meeting and are recommended for re-appointment. The Company has
received a certificate frorr the above Auditors to effect
re-appointment, if made, would be within the prescribed limit under
section 224(1 B) of the Companies Act, 1956.
The observation made by the Auditors are self-explanatory and do not
require any further clarification.
PARTICULARS OF CONSERVATION OF ENERGY & TECHNOLOGY ABSORPTION AND
FOREIGN EXCHANGE EARNINGS AND OUTGO
Since the Company at present is not engaged in any manufacturing
activity, the information as required under sectior 217(1 )(e) of the
Companies Act, 1956 read with particulars in the Companies (Disclosure
of particulars in the Report of the Board of Directors) Rules, 1988 are
not applicable.
PARTICULARS OF EMPLOYEES
During the year under review, none of the employees were covered under
the provisions of Section 217(2A) of the Companies Act, 1956 read with
Companies (Particulars of Employees) Rules, 1975 as amended.
ACKNOWLEDGEMENT
Your Directors express their deep appreciation to all concerned who
have made contribution in the growth of the Company.
Yours faithfully,
For G. SAH & COMPANY
Chartered Accountants
Firm Registration No.323378E
P-8,Chowringhee Square Gajadhar Sah
1 st Floor, Kolkata - 700 069 Partner
Date : 29th May, 2010 Membership No. 055864 | 