| Our Directors present the Nineteenth Annual Report of the company
along with the Audited Accounts for the year ended 31st March 2003.
FINANCIAL HIGHLIGHTS
Rs.in Lac
Particulars 2002-2003 2001-2002
Sales & other income 469 1398
Profit/Loss before depreciation & interest (101) (74)
Less : depreciation 696 696
Interest 1296 996
Profit/Loss before tax (2092) (1766)
Provision for tax - -
Profit/Loss after tax (2092) (1766)
Profit allocated to investment Scheme - -
Balance (2092) (1766)
Add: Balance brought forward from previous Year (2332) (567)
Appropriations:
Less: Transferred to General Reserves
Net Loss for the year carried to the (4424) (2333)
Balance Sheet
Performance:
The turnover during the year under review which is slightly lower to
Rs. 469 Lac as against Rs.1398 Lac in previous year and Loss before tax
was Rs. 2092 Lac against Rs.1766 Lac in the previous year.
FINANCE & ACCOUNTS
1. Income Tax Assessments
The Companys Income tax assessments are completed upto the Assessment
year 2000-2001. Assessment for the Assessment for the year 2001-2002
is in progress. Various appeals before the Appellate Authorities are
being pursued.
DIVIDEND
In view of the loss the directors do not recommend any dividend during
the year.
DIRECTORS RESPONSIBILITY STATEMENT:
Pursuant to Section 217 (2AA) of the Companies Act, 1956 the Directors
confirm that: -
1. In the preparation of the accounts, the applicable accounting
standards have been followed:
2. Appropriate accounting policies have been selected and applied
consistently and judgements and estimates that are reasonable and
prudent have been made so as to give a true and fair view of the state
of affairs of the company as at 31st March 2003 and of the loss of the
company for the period.
3. Proper and sufficient care has 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.
4. The accounts have been prepared on a going concern basis.
CORPORATE GOVERNANCE
In terms of the Corporate Governance guidelines issued by the Stock
Exchange, a report for the year 2002-2003 is enclosed by way of
Annexure "A" to this report.
ENERGY CONSERVATION, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS
AND OUTGO
As the company has minimal manufacturing activity the consumption of
energy is minimal. Hence no separate details of energy consumption is
provided in the report. The company has taken all possible steps in
conserving the energy. Strict monitoring of the energy consumption at
all units and educating the staffs to the awareness of conserve the
energy conservation is done on a continuous basis. The company and its
management is closely monitoring the energy consumption at all units
and all steps are being initiated to conserve the energy to the extent
possible.
The company has not adopted any foreign technology during the year.
The company has not earned nor spent any foreign exchange during the
year.
FIXED DEPOSITS:
The company has not taken any fixed deposits attracting the provisions
of section 58A of the Companies Act 1956 and the rules made thereunder.
PARTICULARS OF EMPLOYEES
During the year there were no employees drawing remuneration attracting
the provisions of section 217 of the Companies Act 1956 and the rules
made thereunder.
OUTSTANDING GDRS/ADRS/WARRANTS: -
The company has not issued any GDRs/ADRs during the year. However
there are payments due to the investors under the various schemes of
the company which are being honored gradually.
AUDITORS:
Shri Dedhia Talak Devji, Chartered Accountant, Mumbai Auditors of the
company retires at the conclusion of the ensuing Annual General meeting
and being eligible offers themselves for re- appointment.
DETAILS OF THE STOCK EXCHANGE REQUIREMENT
The additional details as required by the stock exchanges is provided
in the Annexure "A" forming part of their report.
ACKNOWLEDGMENTS:
Your Directors hereby thank the employees, bankers and shareholders of
the company for their valued co-operation and confidence reposed with
the board.
By Order Of the Board
For Suman, Motels Limited
Place : Mumbai (Surendpa M Khandhar)
Dated : 25.06.2003 Managing Director | 