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Numero Uno Projects Ltd.

BSE: 531983 Sector: Infrastructure
NSE: N.A. ISIN Code: INE411A01011
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Numero Uno Projects Ltd. (NUMEROUNOPROJ) - Director Report

Company director report

NUMERO UNO PROJECTS LIMITED ANNUAL REPORT 2003-2004 DIRECTOR'S REPORT To The Shareholders, NUMERO UNO PROJECTS LTD. Your Directors have pleasure in presenting the Thirtieth Annual Report together with the Audited Statement Accounts for the year ended 31st March, 2004. FINANCIAL RESULTS The financial results of the company are as under: Current Year Previous year Rs. Rs. 31.03.2004 31.03.2003 Profit / (Loss) Before Depreciation and tax (300.347) (2.310,060) Less : Depreciation 1,353 1,353 Profit / (Loss) before taxes (301,700) (2,311,403) Less: Provision for taxation NIL NIL Profit / (Loss) After Taxation (301,700) (2,311,403) Balance brought forward from earlier years (29,203,389) (26,891,966) Balance carried forward to Balance Sheet (29,505,099) (29,203,389) OPERATION During the year under review, the Company has not been able to perform well because of a general slump Market Conditions. Efforts would continue to generate increase in the volume of business in the year 2003-04. During the year under review, your company had token material handling and labour contracts on behalf other construction companies. All the income for the year has been generated through such contracts same is expected to increase in the year 2003-04. FUTURE OUTLOOK Some signs of recovery are being felt and the sane is predicted by the trade organizations in the near future Based on the above perception your Company is expected to do better in the year 2003-2004. DIVIDEND Your Directors do not recommend payment of any dividend to the shareholders for the year under review account of lose and accumulated losses of earlier years. DIRECTORS Mr. Shrikant, Ghanti, in accordance with the provisions of the Companies Act, 1956 and the Articles of Association, retires by rotation and is eligible for reappointment. CORPORATE GOVERNANCE : The Corporate Governance Report along with the auditor's certificate regarding compliance of the conditions of the corporate Governance as stipulated in clause 49 of the Listing Agreement of the Stock Exchange is attached herewith. PARTICULARS OF EMPLOYEES Particulars of Employees, in accordance with the provision of section ?1? (2A) of the Companies Act, 1956, read with Companies (Particulars of Employees) Rules, 1988, are not given since no Employee was paid remuneration exceeding Rs.12,00,000/- per annum or Rs.100,0001- per month INFORMATION PURSUANT TO SECTION 21? (1) (e) Information pursuant to section 217 (1) (e) of the Companies Act, 1956 read with Companies (Disclosure of particulars in the report of the Hoard of Directors) Rules, 1988, (1) CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN -EXCHANGE EARNINGS AND OUTGO. Adequate measures have been taken to avoid wastage of energy Other parties of these Rules are not applicable to the Company. INDUSTRIAL RELATIONS: The company continues to maintain harmonious &; cordial relation with its customers, Clients, workers, supervisors & Offices at all levels. DIRECTORS RESPONSIBILITY STATEMENT U/S 217 (2AA) The Directors would like to assure the Members that the financial statements for the year under review, confirm in their entirety to the requirements of the Companies Act, 1956. The Directors confirm: 1) That in the preparation of the annual accounts, the applicable accounting standards have been followed and that no material departures have been made from the same 2) That the directors have selected the accounting policies and replied upon them consistently and have the made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of tire company at the end of the financial year and of the profit and loss of the company for that period; 3) That the directors have taken proper and sufficient care for maintenance of adequate accounting records in accordance with the provision of the Companies Act, 1956 for the safeguard of the assets of the Company and for preventing and detecting fraud and other irregularities and 4) That the Directors had prepared the annual accounts of going concern basis. PUBLIC FIXED DEPOSITS : The Company has no public deposit of and will not accept any deposit without prior approval of the statutory authorities concerned. INFORMATION PURSUANT TO CLAUSE 32 The Cash flow statement pursuant to clause 32 of the listing agreement is provided along with the notes to accounts. AUDITORS M/s. Kaushik Joshi Associates, Chartered Accountants, retire at the ensuing Annual General Meeting of the Company and eligible for re-appointment. The observation of the Auditors in the report has been dealt with in the dotes forming parts of the Accounts. Your Directors recommend the re-appointment of M/s.Kaushik Joshi Associates as Auditors of the s Company to hold office until the conclusion of the Next Annual General Meeting of the Company, ACKNOWLEDGMENET The Directors wish to convey their gratitude to the company's clients, bankers, shareholders and employees for their valued support extended to the Company. FOR AND ON BEHALF OF THE BOARD HARISH D. RUPAREL CHAIRMAN PLACE: Mumbai DATED: 15.07.2004