MAPLE CIRCUITS LIMITED
ANNUAL REPORT 2005-2006
To the Shareholders
Your Directors present their Twenty-first Annual Report with the Audited
Statement of Accounts for the year ended 31st March, 2006.
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.
We understand that the financial institutions have frozen interest from the
date of suspension of operations. Banks have also stopped charging
Your Company's Equity Shares are listed on the Calcutta Stock Exchange. No
Listing fees is outstanding.
Mr. Manab Chaudhuri retires by rotation and is eligible for re-appointment.
Messrs. Tarmaster & Company, Chartered Accountants, Auditors of the
Company, also retire at the ensuing Annual General Meeting and are eligible
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.
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
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
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
R. K. Jha
Kolkata, M. Chaudhuri
29th June, 2006 Directors