BALGOPAL HOLDING AND TRADERS LIMITED ANNUAL REPORT 2004-2005 DIRECTOR'S REPORT TO The members, BALGOPAL HOLDING AND TRADERS LIMITED Your Directors have pleasure in presenting their Twenty-fourth Annual Report and Audited Balance Sheet and Profit and Loss Account for the year ended 31st March, 2005. FINANCIAL HIGHLIGHTS: Current year Previous year Rs. in Lacs Rs. in Lacs Gross receipts 97.15 114.35 Profit before tax 89.39 103.18 Provision for Tax 3.16 0.83 Profit after Tax 86.23 102.35 Transferred to Reserve 46.35 10.23 Deferred Tax Liabilities 0.12 Nil Total retained Profit 39.76 92.12 DIVIDEND: Your directors do not propose any Dividend on Equity Shares of the Company for the year under review. DIRECTORS: Smt. Sunita V. Poddar retires by rotation and being eligible offer herself for reappointment. The Board recommends her appointment at the ensuing Annual General Meeting. PUBLIC DEPOSIT: The Company has not accepted any Deposits from Public during the Year under report. PARTICULARS OF EMPLOYEES: The information of Employees Pursuant to Section 217(2A) of the Companies Act, 1956 in Nil. CONSERVATION OF ENERGY: The Company did not had any power consumption during the year. As such information regarding conservation of energy is not applicable. TECHNOLOGY ABSORPTION : Nil FOREIGN EXCHANGE EARNINGS AND OUTGO: Nil DIRECTORS RESPONSIBILITY STATEMENT: The board of Directors hereby declares: i. That in the preparation of the annual accounts, the applicable accounting standards has been followed along with proper explanation relating to material departures. ii. That the directors has selected such accounting policies and applied them consistently and made judgments and estimates that are 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 that period. iii. 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 safeguarding the assets of the company and for preventing and detecting fraud and other irregularities. iv. That the directors has prepared the annual accounts on a going concern basis. COMPLIANCE CERTIFICATE: A report from M/s. J.H. Fatehchandka & Company, Company Secretaries regarding compliance u/s. 383A(1) of the Companies Act, 1956 is appended. AUDITORS: The auditors of the Company M/s. B.L. Sarda & Associates, Chartered Accountants, Mumbai retires at the conclusion of the Current Annual General Meeting and are being eligible for re-appointment. ACKNOWLEDGMENT: The Directors record their appreciation of the Co-operation from the Employees and Bankers during the year. FOR AND ON BEHALF OF THE BOARD FOR BALGOPAL HOLDING & TRADERS LIMITED SD/- DIRECTOR PLACE: Mumbai DATED: 27th June, 2005.