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Liberal Finlease Ltd.

BSE: 531103 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.
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Liberal Finlease Ltd. (LIBERALFINLEASE) - Director Report

Company director report

LIBERAL FINLEASE LIMITED ANNUAL REPORT 2002-2003 DIRECTORS' REPORT Your Directors present their 9th Annual Report together with the Audited Accounts for the ended 31st March 2003. Financial Results The profit & loss account shows a loss from operations of Rs. 4.87 lakhs. Financial Results (Rs.lacs) Turnover 13.09 Expenditure 17.98 Net lose 4.87 Dividend As the Compare made a loss, no dividend is being declared. General Review Due to severe constrains in cash flows the company could not undertake any fruitful business activities of using the year. During the year the company has cleared a major portion of its rent liabilities and the only major liability remaining is on account of land sale advances received for sale of part of its real estate stock and this will be extinguished when final sale to purchasers take. place. Thus the company has over to a position of being free from any major liabilities, while it had already become debt free during previous years. Future company business would depend upon recovery of due from debtors as that would provide the cash for operations and earning activities. Without cash flows in company can only wait for its stock and assets to appreciate over his years and make a profit from sale of the same. Delisting of shares from the stock exchanges would provide saving of scarce cash resources and the same is being sought to be done at the AGM as would not be determental to shareholders in this absence of any trading in the company's shares on the stock exchanges over the past several years and this promoters, who are the single largest block of shareholders, have accounted assent to the same. Directors Mr.A.S Thind and Jasjeev Singh Swani, Directors retire by rotation end being eligible offers themselves for appointment. Auditor M/s Mehra & Sistani, Chartered Accountants, New Delhi retire at the ensuing AGM and are eligible offers reappointment. Auditors Report Auditors observations are self explanatory and/or suitably explained in the notes on accounts. Particulars of Employees There ware no employees of the Company drawing in excess of Rs.2,00,000 per month or Rs. 24,00,000 per annum. Particulars required to be disclosed under the companies (Disclosure of particulars in the report of Board of Directors) Rules 1988: A. Conservation of Energy Not applicable B. Technology absorption Not applicable C. Foreign exchange earning And outgo i) Activities relating to exports Nil ii) Initiatives relating to exports Nil iii) Development of new export market, effort made for exports & export plan Nil DIRECTOR'S RESPONSIBILITY STATEMENT In terms of section 217 (2AA) of the Companies Act, 1956, the directors would like to state that:- 1) In the preparation of the annual accounts, the applicable accounting standards have been followed. 2) The directors have selected such accounting process and applied them consistently and made judgement and estimates that are reasonable and prudent so as to give a true and fair view of the stale of affairs of the company and of the financial year and of the profit and loss of the company for that period. 3) The directors have taken proper and sufficient, care of the maintenance of adequate according records in accordance with the provisions of this act for safeguarding the assets of the company of the company for that period. 4) The directors have prepared the annual accounts on a going concern basis. By order of the Board Sd- Sd/- Place : New Delhi. Date : 30.06.2003 (RAJANTHIND) (A.S.THIND) Director Director