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Maple Circuits Ltd.

BSE: 523256 Sector: Engineering
NSE: N.A. ISIN Code: N.A.
BSE 05:30 | 01 Jan Maple Circuits Ltd
NSE 05:30 | 01 Jan Maple Circuits Ltd

Maple Circuits Ltd. (MAPLECIRCUITS) - Director Report

Company director report

MAPLE CIRCUITS LIMITED ANNUAL REPORT 2005-2006 DIRECTORS' REPORT To the Shareholders Your Directors present their Twenty-first Annual Report with the Audited Statement of Accounts for the year ended 31st March, 2006. Operations The operations at the plant at Srinagar continued to remain suspended during the year under review, in view of the law and order situation prevailing in the state of Jammu & Kashmir. Your Directors are continuously monitoring the situation and necessary steps shall be taken to resume operations as and when it is possible to do so. Finance We understand that the financial institutions have frozen interest from the date of suspension of operations. Banks have also stopped charging interest. Listing Fees Your Company's Equity Shares are listed on the Calcutta Stock Exchange. No Listing fees is outstanding. Directors Mr. Manab Chaudhuri retires by rotation and is eligible for re-appointment. Auditors Messrs. Tarmaster & Company, Chartered Accountants, Auditors of the Company, also retire at the ensuing Annual General Meeting and are eligible for re-appointment. Auditors' Report Regarding Auditors' comments, your Directors draw your attention to Notes 4, 5, 6, 7, 8, 11, 12, 17 and 18 in Schedule 12 forming part of the Accounts, which are self-explanatory. Employees The provisions of Section 217(2A) of the Companies Act, 1956 are not applicable as no employee was in receipt of remuneration laid down therein. Director's Responsibility Statement As required by Section 217(2AA) of the Companies Act, 1956, your Directors confirm the following: i) that in the preparation of the annual accounts, the applicable accounting standards had been followed along with proper explanation relating to material departures; ii) that they 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 the financial year ended 31st March, 2006 and of the loss of the Company for that period ; iii) that they 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 they have prepared the accounts on a going concern basis. Conservation of Energy, Technology Absorption and Foreign Exchange Earnings and Outgo The information relating to conservation of energy, technology absorption and foreign exchange earnings and outgo, as required by Section 217(1)(e) of the Companies Act, 1956 read with Rule 2 of the Companies (Disclosure of Particulars in the Report of the Board of Directors) Rules, 1988, has not been furnished, as the Company's plant did not operate during the year under review. Acknowledgment Your Directors thank the Government of India and the Jammu & Kashmir Government for their sympathetic understanding of the Company's problems. They also thank the J & K SIDCO, Financial Institutions, Bankers and the Shareholders for their patience and understanding during such difficult time. R. K. Jha Kolkata, M. Chaudhuri 29th June, 2006 Directors