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Magna Colours Ltd.

BSE: 524270 Sector: Industrials
NSE: N.A. ISIN Code: INE283N01017
BSE LIVE 15:01 | 20 Jul Stock Is Not Traded.
NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 4.06
PREVIOUS CLOSE 4.27
VOLUME 500
52-Week high 4.06
52-Week low 0.00
P/E
Mkt Cap.(Rs cr) 5
Buy Price 0.00
Buy Qty 0.00
Sell Price 4.06
Sell Qty 10500.00
OPEN 4.06
CLOSE 4.27
VOLUME 500
52-Week high 4.06
52-Week low 0.00
P/E
Mkt Cap.(Rs cr) 5
Buy Price 0.00
Buy Qty 0.00
Sell Price 4.06
Sell Qty 10500.00

Magna Colours Ltd. (MAGNACOLOURS) - Director Report

Company director report

MAGNA COLORS LIMITED ANNUAL REPORT 2010-2011 DIRECTOR'S REPORT TO THE SHAREHOLDERS Your Directors have pleasure in presenting the Annual Report together with the Audited Accounts of the company for the year ended 31st March 2011 I FINANCIAL MATTERS: March 2011 March 2010 Total Income 165000 0 Total Expenses 93420 8989 Profit Before Depreciation & Tax 71580 (8989) Depreciation 0 0 Provision for Tax 24330 NIL Profit/Loss After Tax 47250 (8989) DIRECTORS RESPONSIBILITY STATEMENT In terms of Section 217(2AA) of the Companies Act, 1956, the Directors hereby confirm that: 1. The financial statements are prepared in accordance with the applicable Accounting Standards and the provisions of the Companies Act, 1956 with proper explanation relating to material departures, if any. 2. The Accounting policies as required have been followed by the Company and the judgments & estimates that are reasonable and prudent have been made so as to reflect a 'true and fair view' of the financial statements of the Company at the end of the financial year and of the Profit of the Company for the year ended on that date. 3. The financial statements have been prepared on a going concern basis. 4. The Directors had taken proper & sufficient care for maintenance of adequate accounting records in accordance with the provisions of this Act for safeguarding the Assets of the company and for preventing & detecting fraud & other irregularities. DIVIDEND To augment the resources, your Directors do not recommend the dividend. DIRECTORS Director of the company is retiring by rotation and being eligible, offer himself for reappointment, Board recommends his reappointment. FIXED DEPOSITS The Company has not accepted any deposits from the public within the meaning of Section 58 A of the Companies Act, 1956 and Rules made there under. PARTICULARS OF EMPLOYEES UNDER SECTION 217(2A) The provisions of section 217(2A) of the Companies Act, 1956 read with the Companies (particulars of Employees) Rules 1988, as amended are not applicable to the Company, as there are no employees whose remuneration is in excess of the limits prescribed. AUDITORS The Auditors M/s. Soumitro Mukherjee & Co., Chartered Accountants of the Company retire at this Annual General Meeting and being eligible, are recommended their reappointment as auditors of the company for the period from the conclusion of this Annual General Meeting upto the date of the next Annual General Meeting. AUDITORS REPORTS The observations of the Auditors in their Report and Notes attached to the accounts to the accounts are Self - Explanatory and do not require any further clarifications. LISTING Equity Shares of the company are listed on the Bombay Stock Exchange Limited (BSE). Company has paid the annual listing fees for the year 2011- 12 to the Exchange. Presently Shares of the company are suspended on the Exchange. FOREIGN EXCHANGE EARNINGS & OUTGO The company has not earned any foreign exchange or incurred any foreign exchange outgo. ACKNOWLEDGEMENT All the Directors would like to express their grateful appreciation for the sincere co-operation received from all the people concerned during the year under report. BY ORDER OF THE BOARD OF DIRECTORS Sd/- (CHAIRMAN) DATE : 05/09/2011 PLACE : Mumbai. MANAGEMENT DISCUSSION AND ANALYSIS Your Directors have the pleasure in presenting the Management Discussion and Analysis Report for the year ended March 31, 2011 INDUSTRY STRUCTURE AND DEVELOPMENT Pharmaceutical, Agro and Chemical sectors form the backbone of the country and need to grow faster. However, because of substantial investment requirements, the growth of the sector is not to the expected level. International Companies have started taking interest in Indian markets and hopefully there will be more growth. OPPORTUNITIES, THREATS AND RISKS The sector is showing healthy signs of growth. The fluctuation of the raw material price put pressure on the profitability. The company is trying to secure orders. SEGMENT WISE PERFORMANCE The Company has currently only one segment (viz. Trading activity) in line with the Accounting Standard on Segment reporting (AS-17). Accordingly, there are no separate reportable segments. INTERNAL CONTROL SYSTEM & THEIR ADEQUACY The company has adequate internal control system commensurate with the size. The committee reviews the implementation of management policies to ensure that transaction has been accurately recorded and promptly reported. OUTLOOK There is expected to be good demand for raw materials in pharmaceutical, agro product and chemical sectors as massive investments have been planned by industry majors. HUMAN RESOUCES & INDUSTRIAL RELATION The company has harmonious relation with its employees. There is continuous emphasis on development of human resources through training. The issues with employees, if any, are resolved in harmonious and cordial manner. TRADING STATUS ON THE STOCK EXCHANGE The company's equity shares are under suspension for trading purposes on Bombay Stock Exchange Limited. WHISTLE BLOWER POLICY The company does not have any Whistle Blower Policy as of now but no personnel are being denied any access to the Audit Committee. CODE OF CONDUCT The Board has laid down a code of conduct for all the Board Members and Senior Management of the company. All the Board Members and Senior Management Personnel have affirmed compliance with the Code on an annual basis. SECRETARIAL AUDIT A Qualified Practicing Company Secretary has carried out a secretarial audit of the total issued capital and listed capital. The secretarial audit report confirms that the total issued / paid up capital are in agreement with the total number of shares in Demat and physical form. CEO CERTIFICATION As provided under Clause 49 of the listing Agreement with the Stock Exchange the Managing Director of the Company has certified to the Board in compliance with Clause 49(V) regarding CEO/CFO certification. DECLARATION As provided under Clause 49 of the Listing Agreement with the Stock Exchanges, the Board Members and the Senior Management personnel have confirmed compliance with the code of conduct for the financial year ended 31st March 2011. FOR AND ON BEHALF OF THE BOARD OF DIRECTORS Sd/- CHAIRMAN & MANAGING DIRECTOR Place : Mumbai Date : 5th September, 2011.