Himatsingka Auto Enterprises Ltd. के निदेशक की रिपोर्ट

Mar 31, 2011

The Directors have pleasure in presenting the 26th Annual Report together with the Audited Accounts for the year ended 31st March 2011.

FINANCIAL RESULTS:

The Financial Results of the Company's working for the year ended 31st March 2011 are tabulated as under: Year Ended 31/03/2011 Year Ended 31/03/2010 Rs. Rs.

Operational Income 2,44,40,601 53,98,637

Profit Before Depreciation 61,98,528 22,14,692

Depreciation 43,66,208 16,95,830

Profit/(loss) Before Taxation 18,32,320 5,18,862

Provision For Income Tax 3,38,519 1,40,741

Provision For Fringe benefit Tax 0 0

Provision For Deferred Tax (56,843) (23,386)

Profit After Taxation 15,50,644 4,01,508

Earning Per Share 1.03 0.27

Cash Profit/(loss) 61,98,528 22,14,692

Review of Operations, Future Prospects and Outlook of the Company

There are very limited opportunities for a small Company of our size engaged in financing/ investment business. Hence the Company's earnings are likely to remain low. Your Board of Directors proposes to cautiously make investment of the Company's money even if it means low return on investment.

The key objective of the Company was to restructure and set path for profitable growth in future. Also, the Company is taking effective steps to realize its Non-performing Assets.

Dividend

Due to non-availability of surplus, the board regrets its inability to recommend any dividend for the year under review.

Directors:

Mr. Kanishka Himatsingka will retire by rotation at the ensuing Annual General Meeting and being eligible, offer himself for reappointment. The Directors recommend his re-appointment.

Auditors:

M/s. Salarpuria & Partners, Chartered Accountants, the Auditors of the Company retire and are eligible for re-appointment.

Corporate Governance:

terms of Listing Agreement with Stock Exchanges the Company is not required to comply with the Corporate Governance Provisions.

Director's Responsibility Statement:

Pursuant to Provisions of Section 217 (2AA) of the Companies (Amendment) Act 2000, the Directors confirm:

i) That in preparation of the annual accounts, for the year ended 31st March 2011, all the applicable accounting standards prescribed by the Institute of Chartered Accountants of India, have been complied with along with proper explanation to material departures if may:

ii) That the Directors had 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 as at the end of the financial year and of the Profit of the Company for the year.

iii) That the Directors had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities.

iv) That the Directors had prepared the Annual accounts on a going concern basis.

Accounts:

The notes on accounts in Schedule 16 are self-explanatory. Additional information as required under Part IV of Schedule VI of the Companies Act, the Balance Sheet abstract and Company's General Business Profile are in Schedule 17 of the Accounts.

Auditor's Observation:

The Company has disclosed the relevant facts in the notes on accounts given in Schedule-15 and the same are self-explanatory.

Public Deposits:

The Company has not accepted any deposit from Public during the year falling within the purview of section 58A of the Companies Act 1956 and the rules framed there under. There were no unclaimed / unpaid deposits lying with the Company as on 31st March 2011.

Personnel:

There were no employees receiving remuneration aggregating to Rs. 2,00,000/- per month where employed for part of the year or Rs.24,00,000/- p.a. where employed for the full year and hence particulars under section 217 (2A) of the Companies (Particulars of Employees) Rules, 1975 have not been given.

Foreign Currency Inflow / Outgo and Energy Conservation:

The nature of the Company's activities does not entail energy consumption or outgo / inflow of foreign currency.

Listing Fee Payment:

The Company has paid Annual Listing Fee for the F.Y. 2010-2011 to Kolkata, Mumbai and Guwahati Stock Exchanges.

Secretarial Compliance:

The Company has obtained the necessary compliance certificate from a whole time practicing company secretary as required under Section 383A (1) which is annexed herewith the statement of accounts.

Acknowledgement:

In conclusion, the Board places on record their appreciation of the support given by the Bankers, Govt. Agencies, Staff and others for the working of the Company.

For and on behalf of the Board

R. K. Himatsingka

Managing Director

Kanishka Himatsingka

Director

Place: Kolkata

Dated the 30th June 2011