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BSE: N.A. Sector: N.A.
NSE: N.A. ISIN Code: N.A.
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. () - Director Report

Company director report

UNIQUE ESTATES DEVELOPMENT COMPANY LIMITED ANNUAL REPORT 2003-2004 DIRECTOR'S REPORT To The Members, Your Directors present the Thirty first Annual Report together with the Audited Statements of Accounts of the Company for the year ended 31st March 2004. 1. FINANCIAL RESULTS: A B KEY FINANCIAL INDICATORS Net Profit 118,435,198.62 158,030,924.53 Less: Provision. for Tax 9,600,000.00 13,000,000.00 Net Profit After Tax 108,835,198.62 145,030,924.53 Add/ (Less) : Previous Year Adjustment (Net) (649,139.00) (773,128.00) 108,186,059.62 144,257,796.53 Less: i) Transfer To General Reserve 15,000,000.00 22,000,000.00 ii) Proposed dividend @ 500 % i.e. 2,500,000.00 2,500,000.00 @ Rs. 50/- (Previous Year @ 500 % i.e. @ Rs. 50/- per Equity Share) on 50,000 shares. iii) Corporate Tax on Dividend 326,718.00 320,313.00 90,359,341.62 119,437,483.53 Add: Balance Brought Forward 347,934,536.00 228,497,052.47 Balance Carried Forward 438,293,877.62 347,934,536.00 A = FIGURES FOR THE YEAR ENDED 31ST MARCH 2004 RS. PS. B = FIGURES FOR THE YEAR ENDED 31ST MARCH 2003 RS. PS. 2. OPERATIONS: The progress of work for all projects is quite satisfactory. The Company has completed the projects which were being developed by its undertaking Classique Developers & Nest Developers which are 801 B of the Income Tax Act, 1961, and therefore the profit for the current years reflect the same. The Company has continued the construction work of Super Mall-cum-Multiplex unit during the year & is expected to start commercial operations in the next financial year. The Company is considering to have move such Malls- cum-Multiplex in future. 3. DIVIDEND: Your Directors recommend payment of dividend of Rs.50/- per share. 4. DEPOSITS: The Company has accepted deposits froth the public within the provisions of Section 58A of the Companies Act, 1956. There are no unclaimed Deposits as at the end of the year. 5. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNING AND OUTGO: a) Particulars regarding conservation of energy and technology absorption are not furnished as the same are not applicable to the Company. b) Foreign Exchange earnings and outgo:- Earnings in Foreign Exchange (Sales Collection) : Rs. 1,73,47,687 /Expenditure in Foreign Exchange (Membership): Rs. 8,473/- &. (Material Purchases for Capital Work In Progress) : Rs.2,79,66,494 /- 6. PARTICULARS OF EMPLOYEES: The information required to be submitted under Section 217(2A) of the Companies Act, 1956 read with the Companies (Particulars of Employees) Rules, 1975 as amended till date are not applicable as there is no employee drawing the stipulated remuneration. 7. DIRECTORS RESPONSIBILITY STATEMENT: The Directors confirm: a) that in the preparation of the annual accounts, the applicable accounting standards have been followed and that tile reasons for material departures if any have been explained in tile notes to accounts; b) 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 a 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 that period. c) that to the best of their knowledge and information, 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 annual accounts oil a going concern basis. 8. DIRECTORATE: Mr. Sandeep G. Raheja & Mrs. Sonali N. Arora, Directors of the Company retires by rotation under Section 256 of the Companies Act, 1956 at the ensuing Annual General Meeting and being eligible offers themselves for re- appointment. 9. AUDITORS: M/s. K. N. Gandhi & Co., Chartered Accountants, the present Auditors of the Company retires at the ensuing Annual General Meeting & being eligible, offer themselves for re-appointment. FOR & ON BEHALF OF UNIQUE ESTATES DEVELOPMENT CO. LTD. DIRECTOR Place : MUMBAI Dated : 3 SEP 2004 MANAGEMENT DISCUSSION AND ANALYSIS The Director's Report includes details of Management Discussion and Analysis of the business of the Company. In addition, the Company has good internal control systems, the adequacy of which have been reported by its auditors in their report a$ required wider the Manufacturing & Other Companies (Auditor's Report ) Order., 1988. The discussion, on financial performance of the Company is covered in the Director's Report. Segment Wise reporting is not given as the income of the Company is mainly from its core activity of property development.