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Raasi Leasing Ltd.

BSE: 507823 Sector: Financials
NSE: N.A. ISIN Code: N.A.
BSE 05:30 | 01 Jan Raasi Leasing Ltd
NSE 05:30 | 01 Jan Raasi Leasing Ltd

Raasi Leasing Ltd. (RAASILEASING) - Director Report

Company director report

RAASI LEASING LIMITED ANNUAL REPORT 2001-2002 DIRECTOR'S REPORT Your Directors have pleasure in presenting the Eighteenth Annual Report on the business and operations of the Company and Financial accounts for the year ended 31st March, 2002. FINANCIAL RESULTS: (Rs. in Lakhs) Particulars 2001-2002 2000-2001 Income 12.80 15.28 Expenditure 13.46 9.41 Profit before Depreciation and Preliminary and Issue expenses 2.04 13.35 Less: 1. Depreciation 2.75 3.59 2. Preliminary & Issue expenses W/O 0.17 0.17 Profit before Taxation (0.88) 9.59 Less: Prior Period Adjustment - 5.28 Provision for Taxation - - Profit after Taxation (0.88) 4.31 Balance Brought Forward from previous year (120.53) (124.83) Profit Carried Balance Sheet (121.40) (120.53) The Directors are unable to recommend for any dividend since the Company is incurring losses. OPERATIONS The Company could not restart its operations since the finance business continued to be bad. Hence, it was engaged in recovering the dues from its earlier customers. DIRECTORS Sri A. Vijay Kumar Raju will retire by rotation at the ensuing Annual General Meeting and is eligible for reappointment. DEPOSITS Your company has not accepted any deposit from the public during the year under report. UNSECURED LOANS The Company had retired certain unsecured loans from various parties for a short term. However the same could not be repaid before the end of the financial year due To the liquidity crunch. The same have been repaid during the current year. AUDITORS M/s Ramesh & Co. Chartered Accountants, the statutory Auditors of the Company retire at the ensuing Annual General Meeting and are eligible for reappointment. PARTICULARS OF EMPLOYEES There were no employees coming under the purview of Section 217 (2A) of the Companies Act, 1956. ENERGY, TECHNOLOGY AND FOREIGN EXCHANGE Since the company is a finance company with respect to conservation and energy and Technology absorption as required under the Companies (Disclosures of particulars in the report of Board of Directors) Rules, 1988 are not furnished. There were no inflows/outflows of foreign exchange for the year ended 31-3-2002. CORPORATE GOVERNANCE: Securities and Exchange Board of India (SEBI) has recently announced a code of Corporate Governance to be practiced by Corporates. Some of these provisions have been made mandatory through the listing agreement with the Stock Exchanges. Your company is required to comply with the mandatory provisions within the Financial Year 2002-2003, but not later than March, 31st 2003. Your Board has initiated necessary action to ensure necessary Compliance by the end of the current financial year. DIRECTORS RESPONSIBILITY STATEMENT As required under the Companies Act, 1956, your Directors wish to state: a. That in the preparation of the annual accounts, the applicable Accounting standards had been followed along with proper explanation relating to material departures. b. That they have selected such accounting policies and applied them consistently and made Judgments 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. c. 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; and d. That they have prepared the accounts for the year ended 31st March, 2002 on a 'going concern' basis. PERSONNEL Your directors wish to thank the employees at all levels of the company for their excellent support and contribution made by them towards achieving the objectives of the Company. ACKNOWLEDGMENTS Your Directors would like to express their grateful appreciation for assistance and co-operation received from Bankers, Shareholders, Auditors, Customers and Staff of the Company during the year under review. By Order the Board For RAASI LEASING LIMITED Place: Hyderabad Sd/- Date : 02-12-2002 P.V.L. NARASIMHA RAJU MANAGING DIRECTOR