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Cromakem Ltd.

BSE: 526181 Sector: Engineering
NSE: N.A. ISIN Code: N.A.
BSE LIVE 05:30 | 01 Jan Stock Is Not Traded.
NSE LIVE 05:30 | 01 Jan Stock Is Not Traded.
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Cromakem Ltd. (CROMAKEM) - Director Report

Company director report

CROMAKEM LIMITED ANNUAL REPORT 2009-2010 DIRECTOR'S REPORT To, The Members of the Company, Your Directors have pleasure in presenting before you the 18TH Annual Report of the Company together with the Audited Statement of Accounts for the year ended 31 March, 2008. (Amt. Rs. In Lakhs) FINANCIAL RESULTS 2009-2010 2008-2009 Total Income 2.81 2.41 Total Expenditure 2.94 2.89 Profit before Tax -0.13 -0.48 Profit after Tax -0.13 -0.48 FINANCIAL & OPERATIONAL HIGHLIGHTS The Company achieved satisfactory performance and there is hope to do better in future also. DIVIDEND The Board of Directors of the Company has not declared any dividend for 2009-2010. FIXED DEPOSITS The Company has not accepted deposits from the public during the year attracting the provisions of section 58A of the Co. Act, 1956and Rules framed there under. AUDIT COMMITTEE The Company has formed an Audit committee comprising of 3 directors. The terms of the reference of the committee are in line with the requirements specified u/s. 302A of the Co Act, 1956 and Corporate Governance as stated in Clause 49 of the Listing Agreement. DIRECTORS During the year under review, MUKESH J SHAH will retire by rotation at the ensuing Annual General Meeting of the Company and being eligible, offers himself for re-appointment. AUDITORS M/s. Shirish Dalal & Associates, Chartered Accountants have given their consent for reappointment of Auditors of the Company. PARTICULARS OF EMPLOYEES There was no employee in the Company whose particulars are required to be furnished as per section 217 (2A) of the Companies Act, 1956, read with Companies (Particulars of Employees) Rules, 1975 as amended upto date. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNING/OUTGO The information under section 217(1)(e) of the Companies Act, 1956 on Conservation of Energy, Technology Absorption as required to be disclosed is not applicable to your company since it is engaged in the financial activities. During the year under review the Company has no foreign exchange earnings and outgo. DIRECTORS' RESPONSIBILITY STATEMENT Pursuant to section 217 (2AA) of the Companies Act, 1956 the Directors confirm: (a) That in the preparation of annual accounts, the applicable accounting standards have been followed; (b) That the Directors have selected such accounting policies and applied them consistently and made judgements and estimates that are reasonable and prudent so as to give 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 period; (c) That the Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provision of the Companies Act, 1956 for safeguarding the assets of the company and for preventing and detecting fraud and other irregularities; and (d) That the Directors have prepared the Annual Accounts on a going concern basis. CORPORATE GOVERNANCE AND COMPLIANCE A report on corporate governance along with Management Discussion and Analysis is annexed to this report. A certificate from Statutory Auditors with regards to the compliance of the corporate governance, as stipulated in Clause 49 of the Listing Agreement, by the company is annexed to this report. The company has fully complied with all mandatory requirements prescribed under Clause 49 of the listing agreement. In addition, the company has also implemented some of the non mandatory provisions of Clause 49. ACKNOWLEDGEMENT Your Directors wish to express their sincere appreciation for the co- operation and support received from Banks, shareholders, customers, Officers and other employees of the Company throughout the year. By order of the Board For CROMAKEM LIMITED Sd/- Place: AHMEDABAD KIRIT SHAH Date : 04/09/2010 CHAIRMAN MANAGEMENT DISCUSSION AND ANALYSIS The Company is in the business of financial activity. The key issues of the Management Discussion and Analysis are given below. (a) Industry Structure and Developments The company is engaged in consultancy, share broking and share trading mainly. The fortunes of the Finance industry are, to a large extent, linked to the growth of the Industry and Investment sentiments of the people. The Industry is facing intense competition from the Foreign Financial Institution. (b) Strength The strength of the company is known from its reputation which the company has earned due to its quality business and cordial relation with its clients and presently the company's financial position is sound due to boom in capital market because of governmental support. (c) Comment on Current year's performance Receipts The Receipt has significantly increased. Operating Expenses The operating Expenses are well under control. Operating Profits The Operating Profits are up to industry mark. Indirect Expenses The Indirect Expenses are under control. Depreciation Reasonable amount of Depreciation is provided. Profit before tax Profit before tax is also showing an improving trend. Taxation Taxation is Provided as per Income Tax Act. Debtor/Sales Debtors are reasonable and realization period has decreased due to the policy of the Company. Creditors/Purchase The Company has an established credit. d) Opportunities and Threats The impact of boom in capital market and real estate market due to government support has provided a boost to the economy and it is set to grow at 8% to 9% supported by a smart growth in manufacturing and services sectors. This brings prosperity to a country and more and more people go for investment in Share market. Outlook for the year 2011 is positive. While the overall demand outlook for the year 2010 remains good, the Company expects the pressure on quality customers to continue due to competition. (e) Segment wise performance The business of the Company falls under a single segment i.e. Share broking, Investment and trading in shares and derivatives for the purpose of Accounting Standard AS-17. (f) Outlook The continual growth in the Finance sector is expected to give the necessary support to the Finance industry. The Company is making all efforts to accelerate growth of its business. It expects to improve its position in the market by focusing on technologically advanced and more profitable products/market segments and working aggressively in the areas of productivity, efficiency and cost reductions. (g) Risk and concerns The menace of local Finances and play of angadia has further compounded the problems of the organised Finance Industry as they use inferior way of transferring funds. The Stock market is also a risky place to put one's fund. The pull back of FIIs will also have an adverse effect on the share market. (h) Internal control system Internal audit and other controls have been found to be adequate. These are reviewed periodically by the Audit Committee and found the performance satisfactory. (i) Developments in human resources and industrial relations Information as per Section 217(2A) of the Companies Act, 1956 read with the Companies (Particular of Employees) Rules, 1975 is not required to be given as no employee falls under it. The Company continued to have cordial relations with all the employees.

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