Himatsingka Motor Works Ltd. के निदेशक की रिपोर्ट

Mar 31, 2011

The Directors have pleasure in presenting the 59th Annual Report together with the Audited Accounts 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 1,86,92,573 6,67,47,604

Profit Before Depreciation 25,60,938 24,08,228

Depreciation 13,46,825 10,95,661

profit Before Taxation 12,14,113 13,12,567

Provision for Income Tax 2,17,111 92,720

Provision for Deferred Tax Liability (4,00,241) (67,550)

Profit After Taxation 13,97,243 12,87,397

Earnings Per Share 1.40 1.31

Cash Profit 23,43,827 23,15,508

Disbursement (H. P. Finance) 28,60,000 1,03,84,000

Hire Purchase Business Written During the 41,03,786 1,39,80,692 year

During the year under Review your Company's business has decreased and also the profit has been declined than that of previous year, as borne out by the above figures.

Your Board of Directors are actively investigating investment opportunities in new lines of business that are consistent with the inherent strength of the Company. Also, the Company is taking effective steps to realize its Non-performing Assets.

Dividend:

In view of the required investment in new lines and with the need to conserve fluids for the long-term benefit of the Company, no dividend has been recommended for the year.

Directors:

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

Accounts

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

Corporate Governance:

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

Director's Responsibility Statement:

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

i) That in the preparation of the annual accounts, the applicable accounting standards had been followed along with proper explanation relating to material departure if any:

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 & Loss of the Company for that period.

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 preventing and detecting frauds and other irregularities.

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

Auditors:

M/s. N. R. & Associates, Chartered Accountants, retire and are eligible for re-appointment.

Public Deposits:

The Company has not accepted any Public Deposit during the year falling within the purview of Section 58A of the Companies Act 1956 and rules framed there under. There were no unclaimed / unpaid deposits lying with the Company as on 31a 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:

Company has paid Annual Listing Fee for the F.Y.2009-10 to Guwahati and Mumbai Stock Exchanges.

Director's Observations:

Company has disclosed the relevant facts in the notes on accounts given in Schedule - 16 and the same are explanatory.

Secretarial Compliance:

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

Acknowledgement:

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

For and on behalf of the Board

Rajesh Kr. Himatsingka, Director

Kanishka Himatsingka, Director

Place: Guwahati

Dated the 30th June 2011