DHARNENDRA OVERSEAS LTD
10TH DIRECTORS' REPORT FOR THE YEAR ENDED 31ST MARCH, 2004
Your Directors have pleasure in presenting the Tenth Annual Report together
with the Audited Statement of Accounts of the company for the year ended
31st March, 2004.
1. FINANCIAL RESULTS YEAR ENDED YEAR
Sales and Other Income 7,87,85,305
Profit before Depreciation 25,00,778
Less : Depreciation 10,675
Profit after Depreciation 24,90,103
Less : Provision for Taxation
Current Tax 1,95,000
Deferred Tax (1,363)
Profit after Tax 22,96,466
Add : Excess provision for taxation of earlier year 1,036
Add : Balance profit brought forward from previous year 13,27,446
Surplus carried to Balance Sheet 36,24,948
2. WORKING RESULTS
The company has earned an income of Rs.787.85 lacs as compared to Rs.31.67
lacs in the previous year. The company has earned a profit of Rs.22.98 lacs
as compared to a profit of Rs.5.94 lacs in the the previous year. Your
Directors are hopeful of achieving much better results during current year.
3. PARTICULARS OF EMPLOYEES
Particulars of employees within the meaning of Section 217 (2A) of the
Companies Act, 1956 read with The Companies (Particulars of Employees)
Rules, 1975 as amended have not been furnished as there was no employee in
the aforesaid category.
4. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS AND OUTGO
Information pursuant to Section 217 (1)(e) of the Companies Act, 1956, read
with The Companies (Disclosure of particulars in the Report of the Board of
Directors) Rules, 1988:
A. Conservation of Energy : Not Applicable
B. Technology Absorption : Not Applicable
C. Foreign Exchange Earnings and outgo
Foreign Exchange Earned : Nil
Foreign Exchange Outgo : Nil
5. LISTING REQUIREMENTS
The Equity Shares of the company are listed with
i. Pune Stock Exchange Limited, Pune
ii. The Stock Exchange Ahmedabad, Ahmedabad
The company is regular in paying listing fees to both the exchanges where
the company is listed.
6. CORPORATE GOVERNANCE
The company is in the process of implementing good corporate governance and
trying to find suitable persons for being appointed on the Board of
7. DIRECTORS RESPONSIBILITY STATEMENT
In compliance of Section 217(2AA) as incorporated by the Companies
(Amendment) Act, 2000, your Directors confirm that :
i. in the preparation of annual accounts all the applicable accounting
standards have been followed except for Accounting Standard 2 on valuation
ii. the accounting policies selected by them have been applied consistently
and judgements and estimates that are reasonable and prudent have been made
except for valuation of inventories SO its to give it true and lair view of
the State of affairs of the company as at 31st March 2004 and of the profit
of the company for the year ended on that date.
iii. they have taken proper and sufficient care for the maintenance of
adequate accounting records in accordance with the provisions of Companies
Act, 1956 for safeguarding the assets of the Company and for preventing and
detecting fraud and other irregularities.
iv. the annual accounts have been prepared on a going concern basis.
Mr. Sanjeev Maheshwari, Director of the company retires by rotation from
the Board of Directors and being eligible, offers himself for
9. AUDITORS REMARKS
The observations made in the Auditors Report are self explanatory and
therefore do not call for any further comments from the Directors.
M/s. P. K. Soni & Associates, Chartered Accountants, the Auditors of the
company retire at the conclusion of this Annual General Meeting and are
eligible for re-appointment.
Your Directors place on record their appreciation of the valuable
co-operation and support of Shareholders and company's Bankers. The Board
also places on record its profound admiration and sincere appreciation of
the continued hard work put in by the employees at all levels.