K.J INTERNATIONAL LIMITED
ANNUAL REPORT 2008-2009
Your Directors have the pleasure in presenting the Annual Report and the
Audited Accounts of the Company for the year ending 31st March, 2009.
Review of operations
The Company is a Sick Company with in the meaning of Sick Industrial
Companies (Special Provisions) Act, 1985. Moreover the case of the Company
is pending with Debt Recovery Tribunal Chandigarh and Delhi. The Factories
has been closed for the last ten years. During the financial year company
is planning to start production and necessary plan in this regard is under
Board of Directors
Sh. Arun Kumar Arora, Director retire by rotation and being eligible offer
himself for re-appointment, the Board of Directors recommended the
appointment of Sh. Arun Kumar Arora as director.
In view of the current financial status and accumulated losses of the
Company the Board of directors are not in a position to recommended any
Dividend for the year under review.
Director's Responsibility Statement:
As required by sub-section (2AA) of section 217 of the Companies Act, 1956,
i. That in the preparation of the annual accounts, the applicable
accounting standards have been followed along with proper explanation
relating to material departure.
ii. That the Directors have 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 have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the provision
of the Companies Act, 1956 for safeguarding the assets of the Company and
for preventing and detecting fraud and other irregularities.
iv. That the Directors have prepared annual accounts on a going concern
Auditors and Auditor's Report
M/s L.N Malik & Co., Chartered Accountants, New Delhi the existing Auditors
of the Company, hold office till the conclusion of this Annual General
Meeting and being eligible for re-appoint, have offered themselves for
reappointment. Therefore the Board of Directors recommended the appointment
of M/s L.N Malik & Co. as the statutory Auditors to hold office from the
conclusion of this Annual General Meeting to conclusion of next Annual
General Meeting. The Company has received their letter to the effect that
their appointment, if made, would be within the prescribed limits under
Section 224 (1-B) of the Companies Act, 1956. The points of auditor's
report are self explanatory and do not require any further explanation.
During the year under review your Company has not invited any deposit from
public under Section -58A of the Companies Act 1956.
A report on Corporate Governance including Auditor's Certificate on
compliance with conditions of Corporate Governance under clause 49 of the
listing agreement is annexed with this report.
Conservation of Energy, Technology, Absorption, Foreign Exchange Earning
Since the Company has not carried out any production during the year so the
particulars as prescribed under subsection (1)(e) of section 217 of the
Companies Act 1956 read with Companies (Disclosure of Particulars in the
Report of the Board of Directors) Rules, 1988 are not applicable on the
Information under Section 217(2A) of the Companies Act,1956 read with
Companies (Particulars of Employees) Rules, 1975.
No employee received Salary exceeding the amount mentioned in the above
rules, therefore Information required under Section 217(2A) of the
Companies Act, 1956 read with Companies (Particulars of Employees) Rules,
1975 are not applicable on the Company.
Your directors would like to record their appreciation of the services
rendered by the members of the staff at all levels. We acknowledge the
support provided to us by Bankers, Central and State Govt., shareholders,
advisors, financial partners, and clients for their continued support and
confidence expressed in the Company.
For and on Behalf of the Board of Directors
K.J International Limited
Date : 21 .08 .2009 Arun Kumar Arora Raj Kumar Arora
Place : Amritsar Director Director