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Oasis Media Matrix Ltd.

BSE: 531782 Sector: Financials
NSE: N.A. ISIN Code: INE335D01024
BSE LIVE 05:30 | 01 Jan Stock Is Not Traded.
NSE 05:30 | 01 Jan Stock Is Not Traded.
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Oasis Media Matrix Ltd. (OASISMEDIA) - Director Report

Company director report

OASIS MEDIA MATRIX LIMITED ANNUAL REPORT 2005-2006 DIRECTOR'S REPORT Dear Members, We have pleasure in presenting the Annual Report of the Company along with the audited statements of Accounts for the year ended 31st March, 2006. FINANCIAL PERFORMANCE: FINANCIAL RESULTS 2005-06 2004-05 (Rs. In Lacs) (Rs. In Lacs) OPERATING PROFIT BEFORE (5.75) (0.08) FINANCIAL EXPENSES & DEPRECIATION FINANCIAL EXPENSES NIL NIL DEPRECIATION 0.01 0.02 NET PROFIT (LOSS) (5.74) (0.06) OPERATIONS: During the year under review company has not started its diversified commercial activities which results in to a sharp decline in its profit. During the Year under review company has suffered a loss of Rs. 5,74,295/- as compared to loss of Rs. 6694/- for the previous year. Your Directors are hopeful to start commercial activities very shortly and are hopeful for achieving more better results in the coming year. DIVIDEND: In view of the inadequate profit the directors are unable to recommend dividend for the year under review. DEPOSITS: The Company has not accepted any Deposits from the public within the meaning of Section 58A of the Companies Act, 1956 and Rules made thereunder. DIRECTORS: At the ensuing Annual General Meeting Mr. Vasant C. Shah will retire by rotation and being eligible for offers himself for reappointment. There being no other changes made in the Directorship of the Company during the year under review. DIRECTOR'S RESPONSIBILITY STATEMENT: Pursuant to the requirement under section 217(2AA) of the Companies Act, 1956 , which requires company to give a Directors Responsibility statement, your directors hereby confirm. That in preparation of annual accounts, the applicable accounting standards had been followed along with proper explanation relating to material departure. That Company has selected Mercantile accounting policies and applied them consistently and made judgements and estimates that are reasonable and prudent so as to give a true and fair view of the sale of affairs of the company at the end of the financial year and of the profit or loss of the company for that period. That the directors has taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of this Act for the safeguarding the assets of the company and for preventing and detecting fraud and other irregularities. That the Directors had prepared the annual accounts on a going concern basis AUDITORS: The Auditors M/s. Surana Maloo & Co., Chartered Accountants have shown their inability to continue as Auditor of the Company and therefore M/S. Anand Gupta & Co., Chartered Accountants proposed as Auditors of the Company till the Conclusion of the Next Annual General Meeting. COMMENT ON AUDITORS' REPORT: The notes to the Accounts referred to in the Auditor's Report are self- explanatory and therefore do not call for any further explanation under Section 217(3) of the Companies Act, 1956. PARTICULARS OF EMPLOYEES AND OTHERS: The company does not have any employee receiving remuneration of Rs.200000/- per month or Rs.2400000/-per annum and therefore, no particulars are required to be furnished under section 217(2A) of the Companies Act, 1956. INFORMATION ON ENERGY CONSERVATION, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNING: As the company is not engaged in any manufacturing activities, Particulars regarding conservation of energy, Technology upgradation and Foreign Exchange earnings and outgo, pursuant of Companies (Disclosure of particulars in the report of Board of directors) Rules, 1988 is Nil. APPRECIATION: The company places on record its deep appreciation for all those who have been associated with the company and have continued their support towards the growth and stability of the company. PLACE: AHMEDABAD For & on behalf of the DATE : 3rd September, 2006 Board of Directors Sd/- Chandrakant Mehta CHAIRMAN