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Sai Television Ltd.

BSE: 521321 Sector: Media
NSE: SAITELE ISIN Code: INE294C01017
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Sai Television Ltd. (SAITELE) - Director Report

Company director report

SAI TELEVISIONS LIMITED ANNUAL REPORT 2006-2007 DIRECTOR'S REPORT To The Members of Sai Televisions Limited Your Directors have pleasure in presenting the Twentieth Annual Report with Audited Accounts for your Company for the financial year ended 31st March, 2007. FINANCIAL HIGHLIGHTS: Rs. in lakhs Year Ended 31.03.2007 31.03.2006 Income from operation - - Other Income - - Operating Expenses 162.16 21.92 Profit / (Loss) before Depreciation and Taxation (162.16) (21.92) Depreciation 1.72 2.04 Profit / (Loss) before taxation (163.88) (23.96) Provision for Taxation: Deferred Tax Asset/(Liability) 6.83 6.93 Profit / (Loss) after Tax (157.06) (17.02) Prior Period Adjustment Balance of Profit/(Loss) (157.06) (17.02) Balance Profit / (Loss) brought Forward (701.73) (684.71) Net Profit / (Loss) carried to Balance Sheet (858.78) (701.73) OPERATIONS: The Company could not generate any revenue during the year due to absence of any operations. Your Company continues to explore steps to improve the performance. Considering the current situations, there may not be significant developments in the coming year. DIVIDEND: The Directors do not recommend dividend for the year ended 31st March 2007, in view of the loss incurred by the Company. DIRECTORATE: Mr. Raikumar and Mr. Ravi Prakash retire by rotation at the forthcoming Annual General Meeting and being eligible, offer themselves for re- appointment to the Board. Mr. K. Ramesh lain has resigned from the Board during the current year. Further, at the ensuing annual general meeting of the cortpany, the company has received notices from two members of the company as required under section 257 of the Companies Act, 1956 proposing the names of Mr. Rakesh Gupta and Mr. S. Rajendran, to be considered for the post of the directorship of the company and necessary resolutions are placed before the members for their consideration. PARTICULARS OF EMPLOYEES: No employee of the Company was paid remuneration in excess of limits prescribed under Section 217(2A) of the Companies Act, 1956, read with the relevant rates as amended. AUDITORS: M/s. L.S. Rajaram & Associates, Chartered Accountants, Auditors of the Company retire at the conclusion of the forth coming Annual General Meeting. However, they are eligible for reappointment and have given their consent to act as the auditors of your Company, if appointed. REMARKS ON AUDITOR'S QUALIFICATIONS: With regard to para 4(g)(i) of Auditor's report and note no.II-2 in Schedule 9 regarding confirmation of balances and reconciliations, the Company has counterclaim as well as additional claims realisable etc., and such claims are under reconciliation. Hence, the confirmation of balances have not been obtained, However, it may be noted that after due reconciliation is over, the assets and liabilities of your Company will not have any material change. With regard to 4(g)(ii) and note no. II-4 in Schedule 9, the Management is hopeful of its recovery and hence not considered as doubtful requiring provision therefor. With regard to para (vii) of Annexure to the Auditors Report, Considering the present level of operations the Company could not implement the suggestion to put in place a formal internal audit system. This will be reviewed in due course of time. However, the Audit Committee of the Board reviews the quarterly and annual financial statements before submission to the Board, the internal audit function, internal controls and other related matters. DIRECTOR'S RESPONSIBILITY STATEMENT: In compliance with Section 217(2AA) of the Companies Act, 1956, the Directors confirm that: - in the preparation of annual accounts the applicable Accounting Standards have been followed. - the Accounting Policies selected and applied on a consistent basis, give a true and fair view of the affairs of the Company and of the loss for the financial year; - proper and sufficient care has been taken for the maintenance of adequate accounting records in accordance with the provisions of the aforesaid Act for safeguarding the assets of the company; and for prevention and detection of fraud and other irregularities; - the Annual Accounts have been prepared on a going concern basis. DELISTING OF EQUITY SHARES OF THE COMPANY FROM STOCK EXCHANGES OTHER THAN THE NSE: The Company proposes to delist the equity shares of the company, from the stock exchanges other than the National Stock Exchange of India Limited (NSF). The members are aware that with the extension of the NSE terminals to other cities as well, investors have access to online dealings in the Company's equity shares across the country. Earlier the trading in the Company's equity shares took place on the NSE. However, the depth and liquidity of trading in the Company's equity shares on the other Stock Exchanges (viz. on the Calcutta Stock Exchange and Madras Stock Exchange), were either nil or insignificant. It is, therefore, proposed to get the shares delisted from the Stock Exchanges other than the NSE. The Company has no intention to give an exit option to the shareholders of the regions where the stock exchanges are situated from which delisting is sought due to availability of extensive networking of NSE terminals across the country. CORPORATE GOVERNANCE: A detailed report on this subject forms part of this Report. FIXED DEPOSITS: Your Company has not accepted any fixed deposits as defined under section 51A of the Companies Act, 1956, from the public during the year under review. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO: Your Company has not consumed energy of any significant level and accordingly no measures were necessary for conservation of energy and no additional investment was required thereof. There was no opportunity for absorption of technology during the year under review. The Company earned foreign exchange income of Rs. Nil. and expended foreign exchange of Rs.Nil caring the financial year 2006-2007. INDUSTRIAL RELATIONS: Your Company continues to maintain harmonics and cordial relations will its employees. ACKNOWLEDGEMENT: Your Directors wish to place on record their appreciation for the co- operation that they have received during the year from its Bankers and Employees. For and on behalf of the Board of Sal Televisions Limited Place: Chennai Ravi Prakash Date : 30-07-2007 Chairman MANAGEMENT DISCUSSION AND ANALYSIS: BUSINESS REVIEW AND OUTLOOK: The Company could not generate any revenue during the year due to absence of any operations. Your Company continues to explore steps to improve the performance. Considering the current situations, there may not be significant developments in the coming year. INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY: The Company's systems and internal controls address the following: - Operational efficiency - Protection and conservation of resources - Accuracy and promptness in financial reporting - Compliance with laws and regulations The Audit Committee of the Board of Directors reviews the internal audit reports and the adequacy of internal controls. FINANCIAL PERFORMANCE: Rs. in lakhs Particulars 31.03.2006 31.03.2006 31.03.2005 Income from operation - - - Other Income - - - Operating Expenses 162.16 21.92 20.11 Profit / (Loss) before (162.16) (21.92) (20.11) Depreciation and Taxation Depreciation 1.72 2.04 2.04 Profit / (Loss) before taxation (163.88) (23.96) (22.16) Provision for Taxation: Deferred Tax Asset / (Liability) 6.83 6.93 7.53 Profit / (Loss) after Tax (157.06) (17.02) (14.63) Prior Period Adjustment - - - Balance of Profit / (Loss) (157.06) (17.02) (14.63) Balance Profit / (Loss) brought Forward (701.73) (684.71) (670.09) Net Profit / (Loss) carried to Balance Sheet (858.78) (701.73) (684.72)