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Dharnendra Overseas Ltd.

BSE: 523331 Sector: Industrials
NSE: N.A. ISIN Code: N.A.
BSE 05:30 | 01 Jan Dharnendra Overseas Ltd
NSE 05:30 | 01 Jan Dharnendra Overseas Ltd

Dharnendra Overseas Ltd. (DHARNENDRAOVERS) - Director Report

Company director report

DHARNENDRA OVERSEAS LTD 10TH DIRECTORS' REPORT FOR THE YEAR ENDED 31ST MARCH, 2004 Your Directors have pleasure in presenting the Tenth Annual Report together with the Audited Statement of Accounts of the company for the year ended 31st March, 2004. 1. FINANCIAL RESULTS YEAR ENDED YEAR ENDED 31/3/2004 31/3/2003 Rupees Rupees Sales and Other Income 7,87,85,305 31,67,322 Profit before Depreciation 25,00,778 6,50,270 Less : Depreciation 10,675 28,509 Profit after Depreciation 24,90,103 6,21,761 Less : Provision for Taxation Current Tax 1,95,000 50,600 Deferred Tax (1,363) (7,236) 1,93,637 42,764 Profit after Tax 22,96,466 5,78,997 Add : Excess provision for taxation of earlier year 1,036 14,806 22,97,502 5,93,803 Add : Balance profit brought forward from previous year 13,27,446 7,33,643 Surplus carried to Balance Sheet 36,24,948 13,27,446 2. WORKING RESULTS The company has earned an income of Rs.787.85 lacs as compared to Rs.31.67 lacs in the previous year. The company has earned a profit of Rs.22.98 lacs as compared to a profit of Rs.5.94 lacs in the the previous year. Your Directors are hopeful of achieving much better results during current year. 3. PARTICULARS OF EMPLOYEES Particulars of employees within the meaning of Section 217 (2A) of the Companies Act, 1956 read with The Companies (Particulars of Employees) Rules, 1975 as amended have not been furnished as there was no employee in the aforesaid category. 4. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO Information pursuant to Section 217 (1)(e) of the Companies Act, 1956, read with The Companies (Disclosure of particulars in the Report of the Board of Directors) Rules, 1988: A. Conservation of Energy : Not Applicable B. Technology Absorption : Not Applicable C. Foreign Exchange Earnings and outgo Foreign Exchange Earned : Nil Foreign Exchange Outgo : Nil 5. LISTING REQUIREMENTS Listing The Equity Shares of the company are listed with i. Pune Stock Exchange Limited, Pune ii. The Stock Exchange Ahmedabad, Ahmedabad Listing Fees The company is regular in paying listing fees to both the exchanges where the company is listed. 6. CORPORATE GOVERNANCE The company is in the process of implementing good corporate governance and trying to find suitable persons for being appointed on the Board of Directors. 7. DIRECTORS RESPONSIBILITY STATEMENT In compliance of Section 217(2AA) as incorporated by the Companies (Amendment) Act, 2000, your Directors confirm that : i. in the preparation of annual accounts all the applicable accounting standards have been followed except for Accounting Standard 2 on valuation of inventories, ii. the accounting policies selected by them have been applied consistently and judgements and estimates that are reasonable and prudent have been made except for valuation of inventories SO its to give it true and lair view of the State of affairs of the company as at 31st March 2004 and of the profit of the company for the year ended on that date. iii. they have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of Companies Act, 1956 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities. iv. the annual accounts have been prepared on a going concern basis. 8. DIRECTORS Mr. Sanjeev Maheshwari, Director of the company retires by rotation from the Board of Directors and being eligible, offers himself for re-appointment. 9. AUDITORS REMARKS The observations made in the Auditors Report are self explanatory and therefore do not call for any further comments from the Directors. 10. AUDITORS M/s. P. K. Soni & Associates, Chartered Accountants, the Auditors of the company retire at the conclusion of this Annual General Meeting and are eligible for re-appointment. 11. ACKNOWLEDGEMENTS Your Directors place on record their appreciation of the valuable co-operation and support of Shareholders and company's Bankers. The Board also places on record its profound admiration and sincere appreciation of the continued hard work put in by the employees at all levels.