LIBERAL FINLEASE LIMITED
ANNUAL REPORT 2002-2003
Your Directors present their 9th Annual Report together with the Audited
Accounts for the ended 31st March 2003.
The profit & loss account shows a loss from operations of Rs. 4.87 lakhs.
Financial Results (Rs.lacs)
Net lose 4.87
As the Compare made a loss, no dividend is being declared.
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.
Mr.A.S Thind and Jasjeev Singh Swani, Directors retire by rotation end
being eligible offers themselves for appointment.
M/s Mehra & Sistani, Chartered Accountants, New Delhi retire at the ensuing
AGM and are eligible offers reappointment.
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
By order of the Board
Place : New Delhi.
Date : 30.06.2003 (RAJANTHIND) (A.S.THIND)