SEAGULL LEAFIN LIMITED
ANNUAL REPORT 2004-2005
DIRECTOR'S REPORT
Dear Shareholders
Your directors have pleasure in presenting the 14th Annual Report and the
Audited Statement of Accounts of the company for the financial year ended
31st March 2005.
(Rs.Lacs)
FINANCIAL RESULTS 2004-2005 2003-2004
Turnover 246.47 227.94
Gross Profit before interest
and depreciation 13.54 14.72
Less : Depreciation 11.15 11.14
Profit Before Tax 2.39 3.58
Less : Provision for Taxation NIL NIL
Profit After Tax 2.39 3.58
Prior Period Adjustments - 0.79
Balance B/F from previous year 40.12 35.73
Amount available for appropriation 42.51 40.12
DIVIDEND
Your directors do not recommend any dividend for the year 31st March 2005.
MANAGEMENT ANALYSIS AND DISCUSSIONS:
COMPANY PERFORMANCE
During the year under review, your company recorded total revenues of
Rs. 246.47 lakhs (Pre. Year Rs.227.95 lakhs) and Net Profit was Rs.2.39
lakhs (Pre. Year Rs.3.58 lakhs). During the year under review your company
tries it best to enhance the revenues. Although good progress was achieved
the margins had come under pressure.
REVIEW OF OPERATIONS
The year under review has been a comfortable for the Indian Industry. The
Board is planning to diversify the business in other IT enabled services
i.e. calls center and other e-solutions. In order to cater customers needs
today looking at vendors who can provide comprehensive solutions for all
their requirements.
FUTURE PLANS
Your company has business plans to access the IT related services
requirements of large corporate as the increasing costs of IT related
services.
MERGER AND SPLIT OF SHARES
Hon'ble High Court, A.P., Hyderabad had approved the merger of the company
with Bhamati Finance Limited as per scheme submitted by the company. The
Company has filed the listing application for listing with The Stock
Exchange, Mumbai and Hydprabad Stock Exchange Limited, Hyderabad. The
company has received listing/ trading permission from Hyderabad Stock
Exchange and also received listing approval in principle from The Stock
Exchange, Mumbai.
The Stock Exchange, Mumbai had given in principle trading permission vide
its letter dated 27th December 2004. However on an application by one Mr.
Gopal Auliya, an alleged shareholder, Who complained to the Stock Exchange,
Mumbai about the seizure of the shares by Anti Narcotics Department and
handed over to Income tax Department, for which the company is not having
any information and the Stock Exchange, Mumbai had suspended the trading of
the shares of the company with effect from 7th February 2005. The company
had paid the Listing fees and all other dues to the Stock Exchange at
Mumbai. The company had challenged the suspension of trading of the Equity
shares before the Securities Appellate Tribunal at Mumbai and the hearing
of same is in progress. The company is hope full of restarting of the
trading of the Equity shares.
FIXED DEPOSITS
The company has not accepted any deposit within the meaning of Section 58A
of the Companies Act, 1956 and the rules made there under.
DIRECTORS
Shri S.R. Pujari and Mr. P. Amolik have been re-appointed as Directors and
eligible for retirement by rotation at the ensuing Annual General Meeting.
Mr. Rajkumar K Sharma appointed as additional Director and requests the
shareholder for appointment of him as Director of the company. The company
had received Notice with requisite fees.
Mr. Vinodbhai D Patel appointed as additional Director and requests the
shareholder for appointment of him as Director of the company. The company
had received Notice with requisite fees.
The Board has noted the contribution made by Mr. A.N. Prasad and Mr.
S.N. Iyer as Directors for the growth of the company.
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
confirmed: -
* That in the preparation of the annual accounts for the financial year
ended 31st March, 2005 the Application Accounting Standards had been
followed along with proper explanation relating to material departures.
* That the Directors had 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.
* That the Director had 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.
* That the Directors had prepared the accounts for the financial year ended
31st March, 2005 on a going concern basis.
AUDITORS
M/s V. S. Parab & Associates, Chartered Accountants, Statutory Auditors of
the company hold office till the conclusion of the ensuing Annual General
Meeting and are eligible for appointment.
PERSONNEL
As there are no employees drawing remuneration, as per provisions of
Section 217(2A) of the Companies Act, 1956, and due to that, there is no
requirement to submit particulars of employees, as per the provisions of
Section 217 (2A) of the Companies Act, 1956 read with the provisions of
Companies (Particulars of Employees) Rules, 1975.
Conservation of Energy, Technology Absorption, Research & Development and
Foreign Exchange Earnings and Outgo: -
Conservation of Energy:
The Company's operations involve low energy consumption. However efforts to
conserve and optimize the use of energy through improved operational
methods and other means will continue.
Technology Absorption:
The Technology available and utilized is continuously being upgraded to
improve overall performance and productivity. . '
Research & Development:
Your company believes that Research & Development is continues process and
is key driver to scalable and sustained corporate excellence. Our Research
& Development activities help us gear for future opportunities and are
focused to provide unique benefits to our customers. Accordingly during the
year, several key focus areas were identified.
Foreign Exchange Earnings : Nil
Foreign Exchange Outgo : Nil
COMPLIANCE CERTIFICATE
A certificate from the auditors of the company regarding compliance of
conditions of Corporate Governance, as stipulated under Clause 49 of the
listing agreement with Stock Exchanges are attached to this report.
ACKNOWLEDGEMENT
Your Directors place on record their appreciation for the
assistance/support extended by all government authorities, financial
institutions, banks, consultants, solicitors, shareholders and debenture
holders of the company. Yours directors also wish to thank the management
and the staff of the promoter company for the continuous guidance and
support received from them. Your directors express their appreciation for
the dedicated and sincere services rendered by employees of the company.
For and on behalf of t he Board
S.R. PUJARE
Director
R SHARMA
Director
Dated : 8th August 2005
Place : HYDERABAD
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