You are here » Home » Companies » Company Overview » Hem Holdings & Trading Ltd

Hem Holdings & Trading Ltd.

BSE: 505520 Sector: Financials
NSE: N.A. ISIN Code: N.A.
BSE LIVE 05:30 | 01 Jan Stock Is Not Traded.
NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN
PREVIOUS CLOSE
VOLUME
52-Week high 0.00
52-Week low 0.00
P/E
Mkt Cap.(Rs cr) 0
Buy Price
Buy Qty
Sell Price
Sell Qty
OPEN
CLOSE
VOLUME
52-Week high 0.00
52-Week low 0.00
P/E
Mkt Cap.(Rs cr) 0
Buy Price
Buy Qty
Sell Price
Sell Qty

Hem Holdings & Trading Ltd. (HEMHOLDINGST) - Director Report

Company director report

HEM HOLDINGS AND TRADING LIMITED ANNUAL REPORT 2010-2011 DIRECTOR'S REPORT Dear members, Your Directors are pleased to present the 29th Annual Report and Accounts of your Company, for the year ended 31st March, 2011. FINANCIAL RESULTS: (Rs. in '000) Year ended Year ended 31-03-2011 31-03-2010 Total Income 937.76 811.93 Total Expenditure 325.03 277.75 Profit Before Tax 612.73 534.17 Provision for Taxation 145.00 122.00 Profit after Tax 467.73 412.17 DIVIDEND: In order to conserve funds of the Company, for future growth, the Board of Directors have decided not to recommend any dividend for the year under review. PERFORMANCE REVIEW: The total Income for the financial year 2010-2011 was Rs. 9.37 lacs as against Rs. 8.12 lacs for the year 2009- 2010. The profit before tax was Rs.6.12 lacs and profit after tax was Rs. 4.67 lacs for the year under review. FUTURE PROSPECTS: The Company have attained higher income for the year under review, due to increase in rental income, dividend income and interest received. In future your Company expects better result in comparison to the current year. Conservation of Energy, Technology & Foreign Exchange: The Company not being a manufacturing Company and there being no inflow and outgo of foreign exchange, conservation of energy, Technology & Foreign Exchange is not applicable, as such, information as required under 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), is not applicable. PUBLIC DEPOSITS: The Company has not accepted any deposit within the meaning of section 58A of the Companies Act, 1956 and the Rules made there under. PARTICULARS OF EMPLOYEES: Information as per Section 217(2A) of the Companies act, 1956 read with the Companies (Particulars of employees) Rules 1975 as amended, are not applicable, as none of the employees drew remuneration beyond the limits specified. BOARD OF DIRECTORS: Shri Shamji Mulji Shah, Director of the Company retires by rotation at the ensuing Annual General Meeting and being eligible offer himself for re- appointment. Your Directors recommend his appointment. DIRECTORS' RESPONSIBILITY STATEMENT: Pursuant to Section 217(2AA) of the Companies Act, 1956, the Directors confirm that: a) That in the preparation of the annual accounts for the year, the applicable accounting standards have been followed and that there are no material departures; b) They have selected such accounting policies and have 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 Company at the end of the financial year, and of the profit of the Company for the period ended 31st March, 2011. c) They have 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. d) They have prepared the annual accounts on a going concern basis. AUDITORS: M/s Parikh & Shah, Chartered Accountants, who are the Statutory Auditors of the Company, hold office until the ensuing Annual General Meeting. It is proposed to re-appoint them for the financial year 2011-2012. They have under section 224(1) of the Companies Act, 1956, furnished the certificate of their eligibility for re-appointment. AUDITORS REPORT: The observations made by the Auditors is self-explanatory, and, hence do not require any further explanations. ACKNOWLEDGMENTS: Your Directors wish to place on record their appreciation of the assistance and cooperation extended to the Company by Banks, employees, shareholders and all other persons who are associated with the Company. Date : 3rd August, 2011 For and on behalf of the, Board Place: Mumbai (H. C. SHAH) DIRECTOR MANAGEMENT DISCUSSION AND ANALYSIS THE INDIAN ECONOMY: Fiscal year 2010-11 was a mixed year for the Indian Economy. The economy began the year on a confidential note with high growth which however tapered off towards the closing of the year. Thus the GDP grew by 9.3% in the first Quarter (April-June 2010) which dropped to 7.8% in the last Quarter (Jan-March 2011) accompanied by a steep drop in investment levels. The biggest threat to the growth performance of the Indian economy was the rising inflation. As compared with the last fiscal year 2009-10 in which the performance of the Indian Economy greatly exceeded expectations, it was hard to visualize strong economic growth in the year 2010-11. The implications of this, for India's strategy to return to the 9.0 per cent growth trajectory, are that public policy must promote business confidence and facilitate increased investment. BUSINESS OVERVIEW: The objective of the business is to further enhance the rental portfolio of assets/premises and increase the rental revenue flow from these assets. Internal Control System and their Adequacy: The Company has adequate Internal Control System commensurate with the size and nature of the business. This system has been designed to ensure that; a. All assets are acquired economically, used efficiently and protected against loss, destruction or unauthorized use. b. All resources are used efficiently and effectively. c. Accounting, Financial, and other Operational information are accurate, reliable and provided timely, and d. All applicable laws and internal policies are complied with in true spirit. We have an internal audit function which is empowered to examine the adequacy and the compliance with policies and statutory requirements. The top management and the Audit Committee review the findings and recommendations in the Inter Audit Report, so that the corrective measures can be initiated as appropriate. Operational and Financial performance: The Company has achieved a considerable growth in the financial performance during the year. 1. Total Revenue: Total Income of the Company for the financial year 2010-11 amounts to Rs.937767.49 which was an increase of 13.42% over last year's figure. 2. Profit before Tax: Profit before tax for the year under review was Rs. 612735.98, an increase of 12.82% over the last year's figure. 3. Profit after Tax: Profit after tax for the year under review was Rs. 467735.66 which registered an increase of 11.88% over the last year's figure. Forward Looking Statements: The above report contains certain forward looking statements within the meaning of applicable security laws and regulations. The Company assumes no responsibility to publicly amend, modify or revise any forward looking statements, on the basis of any subsequent developments, information or events.