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Konkan Tyres Ltd.

BSE: 526379 Sector: Others
NSE: N.A. ISIN Code: INE730D01018
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Konkan Tyres Ltd. (KONKANTYRES) - Director Report

Company director report

DIRECTORS REPORT

To,

The Members,

Konkan Tyres Limited

Your Directors have great pleasure in presenting 20th ANNUAL REPORT along with theAudited Balance Sheet and Profit and Loss Account, for the year ended 31st March, 2012.

FINANCIAL RESULTS:

Year ended
Particulars 2012 2011
(Amount in Rs.) (Amount in Rs.)
Total Income 3,735,000.00 3,549,430.00
Depreciation -- --
Profit/(Loss) before Tax (38,900.00) (50,435.52)
Profit/(Loss) After Tax (38,900.00) (50,435.52)
Profit transfer to Balance Sheet (38,900.00) (50,435.52)

OPERATIONS:

The company is planning to restart the manufacturing activity shortly. Your Directorsare negotiating various alternate options available in the filed.

DIVIDEND:

The Board of Directors does not recommend any dividend for the year.

DEPOSITS:

Your company did not accept any deposits from the public during the current year.

DIRECTORS:

During the year Mr. Sunder Venkataraman, Director of the Company is retiring byrotation & being eligible offer himself for reappointment. You are requested toreappoint him

SUBSIDIARIES:

Since the Company has no subsidiaries, provision of section 212 of the Companies Act,1956 is not applicable.

CORPORATE GOVERNANCE CODE:

The Board has implemented Corporate Governance Code in pursuance of clause 49 oflisting agreement during the year. The report of corporate governance is annexed heretoforming part of this report. The requisite certificate from the statutory auditors of thecompany on implementation of requirements of the corporate governance is also annexedherewith forming part of this report.

AUDITORS:

M/s. Arun D. Kulkarni & Co., Chartered Accountants, Mumbai, Statutory Auditors ofyour Company hold office till the conclusion of the coming Annual General Meeting. Theyhave signified their willingness to be re-appointment as Statutory Auditor of the Company.

The aforesaid appointment is proposed for your approval at the forthcoming AnnualGeneral Meeting of the Company.

The significant Accounting policies & notes on Account are self explanatory henceno further explanations are required.

AUDITORS REPORT:

Directors’ comments on the qualifications in the Auditors Report dated August 17,2012 in para 3b, 7,10,11,12 and 16.

Since the Company has no operations during the year. The company has not taken any loanand advances during the year.

COMPLIANCE CERTIFICATE:

Compliance Certificate as required under section 383A of the Companies Act, 1956prepared and issued by K.S.V.N.S Kameswara Road & Associates, Company Secretaries isannexed hereto.

DIRECTORS RESPONSIBILITY STATEMENT:

The Board of Directors hereby confirms

i) That in the preparation of the Annual Accounts, the applicable accounting standardshave been followed along with proper explanation relating to material departures.

ii) That the Directors have selected such accounting policies and applied themconsistently and made judgments and estimates that are reasonable and prudent so as togive a true and fair view of the state of affairs of the company at the end of thefinancial 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 maintenances ofadequate accounting records in accordance with the provision of this Act for safeguardingthe assets of the Company and for preventing and detecting fraud and other irregularities.

iv) That the Directors have prepared the Annual accounts on a going concern basis.

PARTICULARS OF EMPLOYEES:

No details as required under Section 217 (2A) of the Companies Act, 1956 read with theCompanies (Particulars of Employees) Rules, 1975, are given, as there are no employeesdrawing remuneration in excess of the prescribed limits.

CONSERVATION OF ENERGY:

Since the manufacturing activities were suspended, the disclosure about conservation ofenergy is not made.

TECHNOLOGY OF ABSORPTION:

Your company has not imported any technology and is using its own in house technologyfor manufacturing of rubber products. Company proposes to set up R & D for makingimprovement in the quality of the product and for technology up gradation.

FOREIGN EXCHANGE EARNINGS & OUTGOING:

Foreign exchange earnings and outgoings details are in notes on accounts.

ACKNOWLEDGEMENTS:

Your Directors wish to place on record their appreciation of the support which theCompany has received from its promoters, lenders, business associates includingdistributors, vendors and customers, the press and the employees of the Company.

By Order of the Board of Directors
For KONKAN TYRES LIMITED
Sd/-
Place: Mumbai O.G SONI
Date: 17/08/2012 (CHAIRMAN)