NILKANTH ENGINEERING LIMITED
ANNUAL REPORT 2006-2007
Yours Directors have pleasure in presenting to you the 25th Annual Report
together with the Audited Accounts of the Company for the year ended 31st
Particulars Rs. Rs.
Income 55,68,175 20,93,241
Expenditure 2,20,587 1,33,319
Profit / (Loss) before Tax 53,47,588 19,59,922
Add / (Less ) : Provision for Taxes
Current Tax (7,00,000) (2,75,000)
Income Tax Adjustments for earlier years 71 ,776
Profit / (Loss) after Tax 47,19,364 16,84,922
Add / (Less) : Excess Provision for Earlier Nil NIL
Less : Transfer to Special Reserve u/s 45 IC 9,43,873 3,36,984
of Reserve Bank of India Act, 1934
Add : Profit / (Loss) brought forward from 22,27,93,787 2,14,45,849
Balance of Profit / (Loss) carried to Balance 2,65,69,279 2,27,93,787
With a view to conserve the resources of the Company, your Directors do not
recommend any dividend for the year under review.
Shri L P Goenka retire by rotation from the Board and being eligible offer
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, 2007 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
The Company has not accepted any deposits from the public during the year
The Company had no employees of the category specified in Section 217(2A)
of the Companies Act, 1956.
M/s M K Sureka & Co., Chartered Accountants, the Statutory Auditors of the
Company retire and being eligible offer themselves for re- appointment.
The observations made in the Auditors Report regarding no provision for
diminution in the value of investments have been duly explained in Note No.
2 in Schedule 10 to the accounts.
Other observations are self explanatory and therefore, do not call for any
further comments on the Auditors Report under Section 217 of the Companies
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, 2007 confirming that the Company has complied with ail 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
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
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
Date : 03/09/07.