IMC FINANCE LIMITED
ANNUAL REPORT 2010-2011
Your Directors have pleasure in presenting Twenty Ninth Annual Report and
Audited Statement of Accounts for the year ended 31st March 2011.
The financial performance for the year is summarized below:
Profit before Tax 2,18,390.86
Less: Provision for taxation - Current -
Add: Balance B/fd from previous year 41,01,676.63
Less: Transfer to Statutory Reserve
as u/s 45IC of Reserve
Bank of India Act, 1934 1,25,188.00
Balance carried to Balance Sheet 41,85,135.49
Shri Sanjiv M Lele retires by rotation and being eligible offers himself
DIRECTORS' RESPONSIBILITY STATEMENT:
Pursuant to Section 217 (2AA) of the Companies Act, 2000, the Directors
state as under:
1. That in the preparation of the annual accounts. The applicable
accounting standards have been followed along with the proper explanation
relating to material departures.
2. 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 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 period.
3. That the directors have taken proper and sufficient care for the
maintenance of adequate accounting records hi accordance with the
provisions of this Act for safeguarding the assets of the Company and
preventing and detecting fraud and other irregularities.
4. That the directors have prepared the annual accounts on a going concern
In accordance with Section 383A of the Companies Act, 1956, and Companies
(Compliance Certificate) Rules, 2001, the Company has obtained a
certificate from a secretary in the whole time practice confirming that the
Company has complied with all the provisions of the Companies Act, 1956 and
a copy of such certificate is attached to this Reporter
M/s.B.L.Sarda & Co., Chartered Accountants, Auditors will retire at the
ensuing Annual General Meeting and offers themselves for re-appointment.
BY THE ORDER OF BOARD
DATED: 1ST SEPTEMBER, 2011