TMT (INDIA) LIMITED
ANNUAL REPORT 2006-2007
We have pleasure in presenting the Annual Report and the Audited statement
of Accounts of your Company for the year ended 31st March, 2007.
FINANCIAL RESULTS (Rs. in lakhs)
For the For the
year ended year ended
Sales & other income 4.14 8.30
Loss for the year before Interest 262.39 915.10
Loss for the year after Interest 263.25 916.52
Less: Extra ordinary and Prior period Income (Net) 248.20 904.39
Loss before Tax 15.05 12.13
Provision for Tax (Fringe Benefit Tax) 0.87 0.53
Loss after Tax 15.92 12.66
Loss Brought forward from previous year 929.04 916.38
Loss carried to Balance Sheet 944.96 929.04
There were meager operations/transactions during the year under report and
the company has incurred net loss after tax of Rs. 15.92 lakhs as against
Rs. 12.66 lakhs in earlier year.
The Company is slowly turning around. The dues to the financial
institutions are settled. The Company has identified new business
opportunities and in this process acquired technical know-how from Demerara
Distillers Limited, a Joint Venture Company for manufacturer of EIDorado
Branded Rums. This is expected to generate revenues from financial year
With the settlement of its dues to institutions and the Company is putting
all its efforts and concentrating on reviving present business activities,
particularly in view of the present boom in the paper market. The Company
is making efforts to turn around by raising additional resources, disposing
off floriculture unit in Bangalore. Technical Know-how for manufacture of
proprietary ingredients for EIDorado brand of Rums, the Company is taking
all necessary steps for its future operations.
The Company has no Fixed Deposits.
Mr. A. Panduranga and Mr. NJ Rao will retire by rotation at the ensuing
Annual General Meeting and being eligible, offer themselves for re-
In view of the loss, your Directors are unable to recommend dividend for
PARTICULARS OF EMPLOYEES:
None of the employees was in receipt of aggregate remuneration as
prescribed under Sec.217 (2A) of the Companies Act, 1956.
DIRECTORS' RESPONSIBILITY STATEMENT:
As required under Section 217 (2AA) of the Companies Act., I956, your
Directors confirm that:
1. In the preparation of the annual accounts, the applicable accounting
standards have been followed and there were no material departures.
2. The accounting policies selected have been applied consistently and
reasonable, prudent judgments and estimates have been made so as to give a
true and fair view of the state of affairs of the company as at 31st March,
2007 and of the loss of the company for the year ended 31st March, 2007.
3. 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
preventing and detecting fraud and for other irregularities.
4. The annual accounts have been prepared on a going concern basis.
In view of the financial position of the Company and due to meager
operations during the year under report, your Company was not able to
implement Corporate Governance guidelines. However, the Company has
complied with statutory requirements to the extent it is practicable to do
QUALIFICATIONS IN AUDITORS' REPORT:
As the Company is functioning with bare minimum staff, physical
verification of stocks and fixed assets was not carried out, but the
Company's assets are well guarded. The negotiations with the parties for
the settlement of clues are going on. The effect of reconciliations and
write off of balances, if any will be taken up as and when the balances of
creditors & debtors are reconciled. Gratuity is accounted on payment basis,
since most of the employees have left the Company.
M/s Brahmayya & Company, Chartered Accountants, Adoni will retire at the
conclusion of the forthcoming Annual General Meeting and are eligible for
During the period under consideration power consumption is very meager and
attempts are being made to conserve power.
The Company has competent in-house research and development facilities
including CAD centers for designing and developing the paper projects of
FOREIGN EXCHANGE EARNINGS AND OUTGO:
During the year under report, the Company has not earned any foreign
exchange but has spent Rs.2.94 lakhs towards foreign traveling and
Your Directors place on record their appreciation for the valuable
assistance and guidance received from IDBI and other institutions who have
been associated with the Company.
For and on behalf of the
Board of Directors
T.G. VEERA PRASAD
Date : 16th August 2007