MONEYCARE FINANZ LIMITED
ANNUAL REPORT 1999-2000
Report of the Board of Directors to Members of the Company
Your Directors have pleasure in presenting herewith the Eight Annual
Report and the Audited Accounts of the Company for the year ended 31st
Due to the loss incurred by the Company, the Board of Directors has
refrained from recommending any dividend.
For another year running there were no operations. All the continued
efforts of the board to find a buyer were in vain.
The Company did not borrow any monies by way of fixed deposits during tire
year, and as at 31st March 2000, there were no outstanding fixed deposits
due to public.
The Company had no employee in service. There was no employee covered by
Section 217 (2A) of the Company's Act, 1956.
Mr. Ravi Sunderarajan and Mr. B C Ramamurthy left the Board of Directors
during the year. Mr. K Gopalakrishnan retires by rotation this year and
being eligible, offers himself for re-election. The Board wishes to place
its appreciation on record for the services rendered by them in the past.
The Management is pleased to inform the Members that since the Company had
no operations and revenue in the foreseeable future, they had requested and
the Auditors had accepted to retain their fees at Rs. 8,000 towards audit
fees and Rs.7,000 towards consultation on tax matters. M/s Manian Suresh
Sundar & Vittal, Chartered Accountants retire at the conclusion of this
Annual General Meeting and have expressed their willingness to be re-
appointed. A certificate under proviso to section 224(1) of the Companies
Act 1956, has been received from them. The Board of Directors recommends
that they be re-appointed on the above terms.
CONSERVATION OF ENERGY & TECHNOLOGY ABSORPTION
Since the Company is engaged in Portfolio Management Services, there is no
information for reporting in this regard.
FOREIGN EXCHANGE INFLOW AND OUTFLOW
During the year, there have been no foreign exchange income or outflow.
CASH FLOW STATEMENT
As required under Clause 32 of the listing Agreement, the cash flow
statement is enclosed as Annexure II.
The Board wishes to thank the Company's Shareholders and Stock Exchanges
for their co-operation and support during the year.
The Board thanks Mr. J Srinivasan, for continuing to act as Managing
Director without any remuneration and also for hosting the Registered
Office on a free of cost basis till further notice. The Board also thanks
Mrs. Noeline Srinivasan, Director, for her assistance in, keeping the work
of the company going, there being no employees.
By the Order of the Board of Directors
Bangalore J. Srinivasan
2nd September 2000 Managing Director