WILLARD INDIA LIMITED
ANNUAL REPORT 2010-2011
Your Directors present the Thirty Seventh Annual Report together with the
Annual Accounts of the Company for the year ended 31st March 2011. The
working results for the year are as under:
Working Results (Rs. in lakhs)
Current year Previous Year
Total Income 44.51 7.60
Profit/(Loss) before tax & Extra 23.34 (32.15)
Extra Ordinary Income/Loss 82.24 -
Profit/(loss) before tax 105.58 (32.15)
Less: Provision for Income Tax - -
Proflt/(loss) after tax 105.58 (32.15)
The Board of Directors informed that the company has been able to clear all
debts of the State Financial Institution and become debt free. The Income
during the year consists of Write off liabilities & Provisions which are no
longer required to be carried forward. The Board of Directors would be able
to explore new business opportunities.
The Board of Directors does not recommend any dividend for the year 2010-
Conservation of Energy
The information on conservation of energy, technology, absorption, foreign
exchange and outgo as required to be disclosed in terms of section
217(1)(e) of the Company's Act, 1956 read with the Companies (Disclosure of
Particulars in the Report of Director(s) Rules 1988 is not applicable to
Particulars of Employees
Information in accordance with the provisions of section 217(2A) of the
Companies Act, 1956 read with the Companies (Particulars of Employee)
Rules, 1975, as amended regarding employees is not applicable as none of
the employees are covered under this section.
Pursuant to the provisions of Section 255 and 256 of the Companies Act,
1956 Mr. Raj Kumar Sehgal, one of the Directors of the Company retires by
rotation and being eligible offer himself for re-appointment. However Mr.
Nand Kishore Rawat, one of the Directors of the company has resigned from
the directorship of the company during the financial year. The Board of
Directors would like to thanks Mr. Nand Kishore Rawat, for providing their
services to the company. There was no further change in constitution of the
Board of Directors during the financial year under review.
Investments in Perfect Career Consultants Private Limited, a subsidiary of
the company, are presently held temporarily with a view to its divestment
in near future; hence the same has been classified as current investments
and the financial statements of the same has not been consolidated in terms
of AS-21.. However one of the subsidiaries, the Willard Storage Battery
Limited is under Liquidation, so the audited accounts and Directors Report
of that company is not attached to the Annual Return.
Compliance of Accounting Standards
As required by section 211(3C) of the Companies Act, 1956, the accounts of
the Company for the year under review has been made in conformity with the
Accounting Standards prescribed by the Institute of Chartered Accountants
of India except deviations have been specifically expressed by the Auditors
of the Company.
The present Auditors M/s. Sushil Jeetpuria & Co., Chartered Accountant
retires at the Annual General Meeting and are eligible for reappointment.
The observations in the Auditor's Report have been dealt with by making
relevant notes in the account.
As required by Clause 49 of the listing agreements, a separate section
containing the report on the Corporate Governance together with the
certificate on the compliance with the conditions of corporate governance
issued by a practicing company secretary is appended thereto and they form
part of this Annual Return.
Directors Responsibility Statement
As stipulated in Section 217(2AA) of the Companies Act, 1956, your
Directors subscribe to the 'Directors' Responsibility Statement' and
confirm as under:-
i) that in the preparation of the annual accounts, the applicable
accounting standards have been followed along with proper explanation
relating to material departures except (a) non-provision of gratuity &
leave encashment to the extent stated in note no. 4 of the notes on account
as against requirement of As-15 *(Accounting for Retirement benefits) and
(b) non-provision of diminution in the value of investment as stated in
note no. 11 of schedule 14B as against requirement of AS-13 (Accounting for
ii) that the directors have selected such accounting policies and applied
them consistently and made judgments 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 the financial year.
iii) that the directors have taken proper and sufficient care of the
maintenance of adequate accounting records in accordance with the
provisions of this Act for safeguarding the assets of the company and for
preventing and detecting fraud and other irregularities;
iv) that the directors have prepared the annual accounts on a going concern
Dematerialization of Shares:
The shares of the company have been mandate for compulsory trading in demat
from valid demat request provided by the company are confirmed within the
stipulated time from date of receipt of document from the DP.
The Company promptly intimates the DP in the event of any deficiency and
the shareholders are also kept informed. The pending demat request in the
records of the Depositories, if any, are continually reviewed and
appropriate action initiated
The Directors would like to acknowledge and record their appreciation of
the held and assistance provided by the Financial Institutions and the
Company Banker's, from time to time, as also of the employees at all levels
for their dedication and commitment to the company.
Date : 11-08-2011 For and on behalf of the Board
Place: New Delhi