DIRECTORS REPORT The Directors present Twenty fifth Annual Report on the Business operations of the Company alongwith their Statement of Audited Accounts for the year ended 31s' March. 2008.. OPERATIONS: During the year under review, the Company earned income from its operations amounting to Rs. 6,47,502/- and earned a Net profit of Rs. 4,06,204/- compared to Rs.5,18,144/- and Rs.4,06,204/- of the previous financial year. Several business proposals are under consideration by the Company and your Directors are optimistic about further improvement in performance in the current financial year. DIVIDEND: With a view to conserve the resources for the future operation, your Directors have thought it prudent not to recommend any dividend for the year ended 31sl March 2008. DIRECTORS: Mr. Naresh Bahri, Director of the Company, retires by rotation at the forthcoming Annua] General Meeting and being eligible offers himself for re-appointment. DIRECTOR'S RESPONSIBILITY STATEMENT: As required under Section 217 (2AA) of the Companies Act, 1956, the Director's of Company furnish the following statement (i) That in the preparation of annual accounts, the applicable accounting standards had been followed along with proper explanation relating to material departures; (ii) That the directors had 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 profit of the Company for that year; (iii) That the directors had taken proper and sufficient care 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 and other irregularities; (iv) That the directors had prepared the annual accounts on a going concern basis. AUDITORS: M/s. Dhirajlal Desai & Co.,Chartered Accountants, Statutory Auditors of the Company retire at the ensuing Annual General Meeting and being eligible offer themselves for reappointment. AUDITORS' REPORT: Observation made in the Auditor Report are self explanatory and therefore, do not call for any further comments under section 217(3) of the Companies Act, 1956. SECRETARIAL COMPLIANCE CERTIFICATE: Secretarial Compliance Certificate as required under section 383A(1) of the Companies Act, 1956, as amended by Companies (Amendment) Act, 2000 issued by M7s. Rathi & Associates, Company Secretaries is attached herewith and forms part of the Report. FIXED DEPOSITS: The Company has not accepted or renewed any deposit from public during the year under review. PERSONNEL: As required under section 217 (2A) of the Companies Act. 1956 and the rules made thereunder, none of the employees was in receipt of remuneration aggregating Rs.24,00,000/- per annum or more if employed throughout the year or Rs.2,00,000/- per month or more, in case employed for part of the year. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS AND OUTGO: (A) Conservation of Energy and Technology Absorption, adaptation and Innovation Since the Company is engaged in leasing and security business, your Directors have nothing to state in connection with Conservation of Energy, Technology Absorption, etc. (B) Foreign Exchange Earnings & Outgo During the year under review, the Company did not have any Foreign Exchange earnings or outgo. ACKNOWLEDGMENT: The Board wishes to place on record its appreciation for the support & co-operation extended by Company's bankers, its clients and suppliers. The Board further expresses its appreciation of the untiring efforts, sincerity & loyalty of the employees at all levels. For and on behalf of the Board Director Date: 1st September, 2008 Place: Mum ha i |