HIMATSINGKA AUTO ENTERPRISES LIMITED
ANNUAL REPORT 2010-2011
To The Shareholders
Ladies and Gentlemen:
Your Directors have pleasure in presenting the 26th Annual Report together
with the Audited Accounts for the year ended 31st March 2011.
The Financial Results of the Company's working for the year ended 31st
March 2011 are tabulated as under:
Year Ended Year Ended
Operational Income 2,44,40,601 53,98,637
Profit Before Depreciation 61,98,528 22,14,692
Depreciation 43,66,208 16,95,830
Profit/(Loss) Before Taxation 18,32,320 5,18,862
Provision For Income Tax 3,38,519 1,40,741
Provision For Fringe benefit Tax 0 0
Provision For Deferred Tax (56,843) (23,386)
Profit After Taxation 15,50,644 4,01,508
Earning Per Share 1.03 0.27
Cash Profit/(loss) 61,98,528 22,14,692
Review of Operations, Future Prospects and Outlook of the Company
There are very limited opportunities for a small Company of our size
engaged in financing/ investment business. Hence the Company's earnings are
likely to remain low. Your Board of Directors proposes to cautiously make
investment of the Company's money even if it means low return on
The key objective of the Company was to restructure and set path for
profitable growth in future. Also, the Company is taking effective steps to
realize its Non-performing Assets.
Due to non-availability of surplus, the board regrets its inability to
recommend any dividend for the year under review.
Mr. Kanishka Himatsingka will retire by rotation at the ensuing Annual
General Meeting and being eligible, offer himself for reappointment. The
Directors recommend his re-appointment.
M/s. Salarpuria & Partners, Chartered Accountants, the Auditors of the
Company retire and are eligible for re-appointment.
Terms of Listing Agreement with Stock Exchanges the Company is not required
to comply with the Corporate Governance Provisions.
Director's Responsibility Statement:
Pursuant to Provisions of Section 217 (2AA) of the Companies (Amendment)
Act 2000, the Directors confirm:
i) That in preparation of the annual accounts, for the year ended 31st
March 2011, all the applicable accounting standards prescribed by the
Institute of Chartered Accountants of India, have been complied with along
with proper explanation to material departures if may:
ii) That the Directors had 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 as at the end of the financial year and of the Profit of the
Company for the year.
iii) That the Directors had taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of the Act for safeguarding the assets of the Company and for
preventing and detecting fraud and other irregularities.
iv) That the Directors had prepared the Annual accounts on a going concern
The notes on accounts in Schedule 16 are self-explanatory. Additional
information as required under Part IV of Schedule VI of the Companies Act,
the Balance Sheet abstract and Company's General Business Profile are in
Schedule 17 of the Accounts.
The Company has disclosed the relevant facts in the notes on accounts given
in Schedule-15 and the same are self-explanatory.
The Company has not accepted any deposit from Public during the year
falling within the purview of section 58A of the Companies Act 1956 and the
rules framed there under. There were no unclaimed / unpaid deposits lying
with the Company as on 31st March 2011.
There were no employees receiving remuneration aggregating to Rs.2,00,000/-
per month where employed for part of the year or Rs.24,00,000/- p.a. where
employed for the full year and hence particulars under section 217 (2 A) of
the Companies (Particulars of Employees) Rules, 1975 have not been given.
Foreign Currency Inflow/Outgo and Energy Conservation:
The nature of the Company's activities does not entail energy consumption
or outgo/inflow of foreign currency.
Listing Fee Payment:
The Company has paid Annual Listing Fee for the F.Y. 2010-2011 to Kolkata,
Mumbai and Guwahati Stock Exchanges.
The Company has obtained the necessary compliance certificate from a whole
time practicing company secretary as required under Section 383A (1) which
is annexed herewith the statement of accounts.
In conclusion, the Board places on record their appreciation of the support
given by the Bankers, Govt. Agencies, Staff and others for the working of
For and on behalf of the Board
Dated: the 30th June 2011