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Moh Ltd.

BSE: 532089 Sector: Others
NSE: N.A. ISIN Code: INE179B01020
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Moh Ltd. (MOH) - Director Report

Company director report

MOH LIMITED ANNUAL REPORT 2004-2005 DIRECTOR'S REPORT To THE MEMBERS, Your Directors present herewith the Twelth Annual Report and the Audited Account of the Company for the period ended 31st March, 2005. 1. FINANCIAL RESULTS: Particulars 2004-2005 2003-2004 (Rs. Lacs) (Rs. Lacs) Sales & Other Income 102.84 239.54 Profit/(Loss) before Depreciation and Interest. 2.29 (230.98) Less: Depreciation & Write-off 0.34 19.72 : Interest - - Operating Profit/(Loss) 1.95 (250.70) Add: Provision for Diminution - 192.62 In value of Investment Net Profit/(Loss) for the Year 1.95 (443.32) 2. OPERATION: During the year under review, your Company has not performed well, due to cut throat competition. Industrial recession and over all liquidity crisis. Also Company has disposed off Land & Building alongwith machinery (Factory) during the current year on account of mounting losses and to repay the secured loan. 3. DIVIDEND: On account of loss, your Directors did not recommend any dividend. 4. DIRECTORS: Mr. Chetan Shah, who retires by rotation and he is eligible for reappointment. 5. AUDITORS: M/s. Madhusudan C. Mashruwala & Co., Chartered Accountant, Ahmedabad, Auditors of the Company retire an conclusion of ensuing Annual General Meeting and being eligible, offers themselves for appointment. 6. PERSONNEL: Company do not have any employee drawing remuneration in excess of Rs.2,00,000/- p.m. So Section 217(1)(e) need not be attracted. 7. DEPOSIT: During the year under review Company has not accepted any Public Deposit. 8. DIRECTOR'S RESPONSIBILITY STATEMENT: The Directors confirm that: (a) In preparing of the Annual Accounts, the applicable accounting standards have been followed along with proper explanation related to material departures. (b) The Director have selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give true and fair view of the state of affairs of the Company as at the end of March 31, 2005 and the profit for the year ended on that date. (c) The Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities. (d) The Directors have prepared the Annual Accounts on the going concern basis. 9. CORPORATE GOVERNANCE: A report on Corporate Governance is annexed to this report and is a part of Annual Report. 10. ENERGY, TECHNOLOGY, FOREIGN EXCHANGE: Details relating to energy, technology absorption is annexed to this report. During the year under review, there was foreign exchange earning and outgo as mention in Annexure to Director Report. 11. SUBSIDIARY COMPANY/ CONSOLIDATED ACCOUNTS: As required under Section 212 of the Companies Act 1956, the Audited statements of accounts along with the report of the Board of Directors and the Auditors Report thereon of the Subsidiary Company, Saturn Technologies Ltd. for the Financial Year ended 31st March, 2005 are enclosed. As required by the Accounting Standard 21, consolidated Financial Statements are also annexed herewith. 12. MANAGEMENT DISCUSSION AND ANALYSIS: A report on the Management Discussion and Analysis for the financial year under review is annexed and forms part of this report: 13. ACKNOWLEDGEMENT: The Board of Directors thankfully acknowledgement the co-operation and confidence of the shareholders, customers, banker and other Govt. Agencies. The Board conveys their gratitude towards GIIC for Sympathetic and considerate treatment to the Company, while repaying outstanding dues of the Company as a part of settlement. The Board of Directors wishes to place on record their appreciation and gratitude for the services rendered by the workers, staff and executives of the Company. For and on behalf of the Board Place: Ahmedabad Sunil M. Shah Date : 31st July, 2005. Chairman ANNEXURE TO DIRECTOR'S REPORT Particulars under Companies (Disclosure of Particulars in the Report of Board of Directors) Rules, 1988 for the year ended on 31st March 2005. FORM - A Disclosure of Particulars with respect to Conservation of Energy: Particulars 2004-2005 2003-2004 (A) Electricity: 1. Purchased Unit (KWH) 61983 97170 2. Total Amount (Rs.) 487329 645909 3. Rate/Unit (KWH) (Rs.) 7.86 6.65 (B) Diesel Oil: 1. Quantity (Ltrs.) 902 1095 2. Total Cost (Rs.) 24904 25264 3. Rate (Litre/Rs.) 27.60 23.07 Technology Absorption, Adaptation and Innovation: 1. Technology absorption and adaptation in new areas are under consideration. 2. The Company has planned monitoring of Plant performance, plant modification, efforts for plant reliability and better capacity utilization. Foreign Exchange Earnings and Outgo: 2004-2005 2003-2004 Rs. Rs. Foreign Exchange used - 72493 Foreign Exchange Earned 1427878 2972115 MANAGEMENT DISCUSSION AND ANALYSIS I. OVERALL REVIEW: The Overall performance during the year 2004-2005 has been satisfactory. 2. FINANCIAL REVIEW: The Sales for the year ended 31st March 2005 was Rs.42.68 lacs. This decrease was mainly on account of Global Technology recession. 3. INTERNAL CONTROL SYSTEM AND THEIR ADEQUACY: Considering the size of the Company, your Company has adequate system of internal control to provide reasonable assurance that assets are safeguarded and protected from unauthorized use or disposition. The Internal audit is carried our internally and reports reviewed by the Management at regular intervals. 4. BUSINESS ENVIRONMENT: The performance of the Company for the year under review was satisfactory. The Company is now on the range of verge venturing into various techno- innovative products. 5. RISK AND CONCERN: The Building, plant and machinery, vehicle and stock's of the Company are adequately insured. 6. CAUTIONARY STATEMENT: Statements in this report on management discussion and analysis may be forward looking statements within the meaning of applicable security laws or regulations. These statements are based on certain assumptions and expectations of future events. Actual results could however, differ materially, from. those expressed or implied. Important factors that could make a difference to the Company's operations include global and domestic demand supply conditions, finished goods prices, raw material cost and availability and changes in government regulation and tax structure, economic development within Indian and the countries with which. the Company has business contract and other factors such as litigation such as litigation and industrial relations. The Company assumes no responsibility in respect of forward looking statements, which may amended or modified in future on the basis of subsequent developments, information or events. For and on behalf of the Board Sunil M. Shah Chairman and Managing Director Place: Ahmedabad Date : 31st July, 2005.