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KAJAL SYNTHETICS AND SILK MILLS LIMITED
ANNUAL REPORT 2004-2005
DIRECTOR'S REPORT
TO
THE SHARE HOLDERS
Dear Shareholders,
Yours Directors have pleasure in presenting to you the Seventeenth Annual
Report together with the Audited Accounts of the Company for the year ended
31st March, 2005.
FINANCIAL RESULTS: 2004-05 2003-04
Particulars Rs. Rs.
Profit before Tax 11,01,285 25,38,087
Less : Provision for Taxes
Current Tax 6,104 2,41,200
Profit after tax 10,95,181 22,96.887
Add / (Less) : Income Tax Adjustment NIL NIL
Add : Profit brought forward
from earlier years 33,43,430 20,80,142
Profit after Tax available
for appropriation 44,38,611 43,77,029
Appropriations:
Transfer to General Reserve 2,73,795 5,74,222
Transfer to Special Reserve
under RBI Act, 1934 2,19,036 4,59,377
Balance carried to Balance Sheet 39,45,779 33,43,430
DIVIDEND:
With a view to conserve the resources of the Company, your Directors do not
recommend any dividend for the year under review.
DIRECTORS:
Shri Naveen Bhatter, Director retires by rotation from the Board and being
eligible offers himself for reappointment.
DIRECTOR RESPONSIBILITY STATEMENT:
Your Directors confirm that:
i. in the preparation of the Annual Accounts, the applicable accounting
standards have been followed alongwith proper explanation relating to
material departures. if any;
ii. the Directors have selected such accounting policies and applied them
consistently and made judgements 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 financial year ended on 31st March, 2005 and of the
profit of the Company for that year;
iii. the Directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of the Companies Act, 1956, for safeguarding the assets of the
Company and for preventing and detecting fraud and other irregularities;
iv. the Directors have prepared the annual accounts on a going concern
basis.
PUBLIC DEPOSITS:
The Company has not accepted any deposits from the public during the year
under review.
EMPLOYEES:
The Company had no employees of the category specified in Section 217(2A)
of the Companies Act, 1956.
SUBSIDIARY COMPANIES:
As required under Section 212 of the Companies Act, 1956, the audited
statement of accounts along with the report of the Board of Directors and
Auditors' Report of your Company's subsidiaries namely.
i) Ghewar Investments & Trading Company Private Limited.
ii) Kanishtha Finance And Investment Private Limited,
iii) Naman Finance & Investment Private Limited, and
iv) Rutgers Investment And Trading Company Private Limited
are annexed to this report.
AUDITORS:
M/s S S Rathi & Co., Chartered Accountants, the Statutory Auditors of the
Company retire and being eligible offer themselves for re-appointment.
AUDITORS REPORT:
The observations made in the Auditors Report are self explanatory and
therefore, do not call for any further comments on the Auditors Report
under Section 217 of the Companies Act, 1956.
COMPLIANCE CERTIFICATE:
Pursuant to the proviso to Section 383A (1) of the Companies Act, 1956 read
with the Companies (Compliance Certificates) Rules, 2001 framed
thereunder, your Company has obtained a Compliance Certificate from Girish
Murarka and Company, Company Secretaries, Mumbai for the financial year
ended 31st March, 2005 confirming that the Company has complied with all
the provisions of the Companies Act, 1956. A copy of such certificate is
attached with this Report and forms an integral part. The observations made
in the Compliance Certificate are self explanatory and therefore do not
call for any comments.
REPORT ABOUT CONSERVATION OF ENERGY:
Since the Company is not having any manufacturing activity, Directors have
nothing to report on conservation of energy, research and development and
technology absorption.
FOREIGN EXCHANGE EARNINGS AND OUTGO:
Foreign Exchange earned during the year under review - Rs. Nil
Foreign Exchange spent during the year under review - Rs. Nil
APPRECIATION:
Your Directors place on record their deep appreciation of the assistance
and contribution received from their bankers, employees, etc.
For and on behalf of Board of Directors
Place : Mumbai
Date : 27/08/05 Director Director
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