MANOR FLOATEL LIMITED
ANNUAL REPORT 2007-2008
Your Directors have pleasure in presenting the Twenty First Annual Report
of the Company together with audited statement of accounts and Auditors'
Report thereon for the year ended 31st March, 2008.
Company has commenced Commercial Operation on and from 1st October, 2007.
Trial Run of the operation which commenced from 23rd November, 2006 had
continued till 30th September, 2007. Therefore, Accounts of the year
partially reflect capital expenses which are all being carried forward as
'Pre-operative Expenses' and the revenue / expenditure between 1st April,
2007 to 30th September, 2007 which is Trial Run period has reflected
appropriately in the Balance Sheet.
In the year 2007-200!3, Floatel continued Trial Run till September, 2007
Commercial Operation commenced from 1st October, 2007. Financial
performance of the Company is reflected from the Final Accounts for the
financial year from which it is apparent that the company has been able to
service the term loan and cash credit account.
Mr. Richard Bright and Mr. M. Pal retire by rotation in accordance with the
Article of Association of the Company at the forthcoming Annual General
Meeting, and being eligible offer themselves for re-appointment.
Directors' Responsibility Statement:
Pursuant to the requirement under Section 217 (2AA) of the Companies Act,
1956, with respect to Directors' Responsibility Statement, it is hereby
(i) That in the preparation of the accounts for the financial year ended
31st March, 2008, the applicable accounting standards have been followed
along with proper explanation relating to material departures;
(ii) That the Directors have selected such accounting policies and applied
them consistently and made judgements and estimates that were 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 the year under review ;
(iii) That 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) That the Directors have prepared the accounts for the financial year
ended 31st March, 2008 on a 'going concern' basis.
The observation made in the Auditors' Report are self-explanatory and
therefore, do not call for any further comments under Section 217 of the
Companies Act, 1856.
M/s. N.K. Roychowdhury & associates Chartered Accountants, Kolkata,
Auditors of the Company for the year 2007-2008, being eligible have offered
themselves for re-appointment as auditors of the Company for the year 2008-
2009. Your Directors recommend re-appointment of M/s. N.K. Roychowdhury &
PARTICULARS OF EMPLOYEES:
During the year under review, none of the employees of the Company is in
receipt of remuneration requiring disclosure pursuant to Section 217(2A) of
the Companies Act, 1956 read with the Companies (Particulars of Employees)
Rules, 1975 hence particulars not appended.
ENERGY CONSERVATION, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNING AND
OUTGO CONSERVATION OF ENERGY AND TECHNOLOGY ABSORPTION:
Since Commercial production has commenced till the date of this report, the
provision regarding this disclosure is applicable.
FOREIGN EXCHANGE EARNINGS : RS. (IN LACS) 2091032.00
FOREIGN EXCHANGE OUTGO : NIL
Your Directors wish to place on record their grateful appreciation of the
continued support given by the several departments of the Government of
India and the Government of West Bengal, the Company's Bankers and the
financial institutions, Calcutta Port Trust and other agencies, and the
various contractors and suppliers working at site. Your directors also wish
to place on record their deep appreciation for the services rendered by the
officers and staff of the Company at all levels for their dedication and
loyalty. The relationship with the employees continues to be cordial.
Place : Kolkata For and on behalf of the Board
Dated : 14.08.2008