RAASI LEASING LIMITED
ANNUAL REPORT 2001-2002
Your Directors have pleasure in presenting the Eighteenth Annual Report on
the business and operations of the Company and Financial accounts for the
year ended 31st March, 2002.
(Rs. in Lakhs)
Particulars 2001-2002 2000-2001
Income 12.80 15.28
Expenditure 13.46 9.41
Profit before Depreciation
and Preliminary and Issue
expenses 2.04 13.35
Less: 1. Depreciation 2.75 3.59
2. Preliminary & Issue
expenses W/O 0.17 0.17
Profit before Taxation (0.88) 9.59
Less: Prior Period Adjustment - 5.28
Provision for Taxation - -
Profit after Taxation (0.88) 4.31
Balance Brought Forward from
previous year (120.53) (124.83)
Profit Carried Balance Sheet (121.40) (120.53)
The Directors are unable to recommend for any dividend since the Company is
The Company could not restart its operations since the finance business
continued to be bad. Hence, it was engaged in recovering the dues from its
Sri A. Vijay Kumar Raju will retire by rotation at the ensuing Annual
General Meeting and is eligible for reappointment.
Your company has not accepted any deposit from the public during the year
The Company had retired certain unsecured loans from various parties for a
short term. However the same could not be repaid before the end of the
financial year due To the liquidity crunch. The same have been repaid
during the current year.
M/s Ramesh & Co. Chartered Accountants, the statutory Auditors of the
Company retire at the ensuing Annual General Meeting and are eligible for
PARTICULARS OF EMPLOYEES
There were no employees coming under the purview of Section 217 (2A) of the
Companies Act, 1956.
ENERGY, TECHNOLOGY AND FOREIGN EXCHANGE
Since the company is a finance company with respect to conservation and
energy and Technology absorption as required under the Companies
(Disclosures of particulars in the report of Board of Directors) Rules,
1988 are not furnished. There were no inflows/outflows of foreign exchange
for the year ended 31-3-2002.
Securities and Exchange Board of India (SEBI) has recently announced a code
of Corporate Governance to be practiced by Corporates. Some of these
provisions have been made mandatory through the listing agreement with the
Stock Exchanges. Your company is required to comply with the mandatory
provisions within the Financial Year 2002-2003, but not later than March,
31st 2003. Your Board has initiated necessary action to ensure necessary
Compliance by the end of the current financial year.
DIRECTORS RESPONSIBILITY STATEMENT
As required under the Companies Act, 1956, your Directors wish to state:
a. That in the preparation of the annual accounts, the applicable
Accounting standards had been followed along with proper explanation
relating to material departures.
b. That they have selected such accounting policies and applied them
consistently and made Judgments and estimates that were reasonable and
prudent so as to give a true and fair view of the state of affairs of the
Company at the end of the financial year and of the profit or loss of the
Company for the year under review.
c. That they have taken proper and sufficient care for the maintenance of
adequate accounting records in accordance with the provisions of the
Companies Act, 1956 for safeguarding the assets of the Company and for
preventing and detecting fraud and other irregularities; and
d. That they have prepared the accounts for the year ended 31st March, 2002
on a 'going concern' basis.
Your directors wish to thank the employees at all levels of the company for
their excellent support and contribution made by them towards achieving the
objectives of the Company.
Your Directors would like to express their grateful appreciation for
assistance and co-operation received from Bankers, Shareholders, Auditors,
Customers and Staff of the Company during the year under review.
By Order the Board
For RAASI LEASING LIMITED
Place: Hyderabad Sd/-
Date : 02-12-2002 P.V.L. NARASIMHA RAJU