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Asutosh Enterprises Ltd.

BSE: 512433 Sector: Agri and agri inputs
NSE: N.A. ISIN Code: N.A.
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Asutosh Enterprises Ltd. (ASUTOSHENTERPRI) - Director Report

Company director report

ASUTOSH ENTERPRISES LIMITED ANNUAL REPORT 2010-2011 DIRECTOR'S REPORT To the Members, Your Directors have pleasure in presenting their Annual Report together with the Audited Accounts of the Company for the financial year ended 31st March, 2011. FINANCIAL RESULTS 31.03.2011 31.03.2010 (Rs.) (Rs.) Net Profit before Taxation 24,76,129 45,49,414 Less: Provision for Income Tax 3,85,000 7,45,500 Net Profit after Taxation 20,91,129 38,03,914 Less: Transfer to RBI Reserve Fund 4,19,025 7,60,780 Add: Balance brought forward 3,87,33,440 3,56,90,306 Balance Carried forward to Balance Sheet 4,04,05,544 3,87,33,440 COMPANY PERFORMANCE In the light of challenging business conditions, the working results of your Company during financial year ended on 31st March, 2011 was satisfactory. DIVIDEND The Directors have considered to plough back the profit in the business for better financial strength and as such they have not recommended any dividend for the financial year under review. DIRECTORS Shri R. K. Agarwal, Director retires by rotation and being eligible offers himself for re-appointment. DIRECTORS' RESPONSIBILITY STATEMENT Pursuant to the requirement under Section 217(2AA) of the Companies Act, 1956 with respect to Directors' Responsibility Statement, it is hereby confirmed:- (i) That in the preparation of the Annual Accounts for the financial year ended 31st March, 2011 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 judgements and estimates that were 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 or loss of the Company for the year under review; (iii) That the Directors had taken proper and sufficient care 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; (iv) That the Directors had prepared the accounts for the financial year ended 31st March, 2011 on a 'going concern' basis. AUDITORS Messrs Salarpuria & Partners, Chartered Accountants, Auditors of the Company, hold office till the conclusion of this Annual General Meeting. They have expressed their willingness to continue as the Statutory Auditors of the Company, if so reappointed and have furnished to the Company the requisite certificate to the effect that their re-appointment if affected would be within the limits prescribed under section 224(1 B) of the Companies Act, 1956. Accordingly, approval of the Shareholders will be sought at the ensuring Annual General Meeting of the Company to the re- appointment of and remuneration payable to Messrs Salarpuria & Partners, Chartered Accountants as Statutory Auditors to hold office from the conclusion of this Annual General Meeting till the conclusion of next Annual General Meeting. FIXED DEPOSIT Your Company has not invited and/or accepted any deposits from the General Public under Sections 58A and 58AA of the Companies Act, 1956. PARTICULARS OF EMPLOYEES Information required to be given pursuant to the provisions of section 217(2A) of the Companies Act, 1956 read with the Companies (Particulars of Employees) Rules, 1975 are not applicable to your Company. INTERNAL CONTROL The Company has an Internal Control System commensurate with the nature and size of its business. The objective of these procedures are to ensure efficient use and protection of the Company's resources, accuracy in financial reports and due compliance of statutes and Company policies and procedure. INDUSTRIAL RELATION Industrial Relation between the Management and Employees within the Organization was cordial. The Directors look to the future in confidence. COMPANIES (DISCLOSURE OF PARTICULARS IN THE REPORT OF BOARD OF DIRECTORS) RULES, 1988 In terms of Section 217(1)(e) of the Companies Act, 1956 read with the Companies (Disclosure of Particulars in the Report of Board of Directors) Rules, 1988 in respect of Conservation of Energy, Technology absorption, Earnings and outgo of Foreign Exchange, the requisite information are furnished below :- a) Conservation of Energy : Not Applicable b) Technology Absorption : Not Applicable c) Foreign Exchange Earnings NIL d) Foreign Exchange used : 6,50,285/- ACKNOWLEDGEMENTS Your Directors would like to thank shareholders, customers, dealers, suppliers, bankers, employees union and all other business associates for the continuous support given by them to the Company and their confidence in its management. For and on behalf of the Board V.N. AGARWAL Place: Kolkata K.K. GANERIWALA Date : 28th May, 2011 Directors

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