Lintas Mercantile Ltd. के निदेशक की रिपोर्ट

Mar 31, 2010

The Directors have pleasure in presenting herewith the 16th Audited Annual report of your Company for the financial year ended on 31st March 2010.

FINANCIAL HIGHLIGHTS :

During the year under review the financial performance of the Company is as under: (Amount in Rupees)

Particulars For the Year For the Year Ended on Ended on 31/03/2010 31/03/2009

Gross Income 1,65,959 1,50,243

Total Expenses 1,11,291 1,08,320

Profit Before Tax 54,668 41,923

Provision for Tax 0.00 5000

Adjustment of I.tax Of Earlier years 0.00 0.00

Provision for FBT 0.00 0.00

Net Profit After Tax / (Loss) for the Year 54,668 36,923

Deferred Tax Assets (Previous year liabilities) (10333) (13899)

Net Loss for the Year. 65,001 50,822

Previous year Balance B/f. 0.00 0.00

Total Profit Transferred to Balance Sheet 65,001 50,822

Earning Per Share 0.004 0.004

DIVIDEND :

As your company has earned very low profit during the year, your board of directors do no recommended any amount of dividend to the shareholder

UNPAID/UNCLAIMED DIVIDEND :

The Company does not have any outstanding unpaid/unclaimed dividend which is required to be transferred to the Investors Education and Protection funds as per the provision of Section 205C of the Companies Act, 1956. The Company does not have any outstanding liability on account of Interest and Principal on Deposits, Debentures or Share Application Money.

SHARE CAPITAL STRUCTURE :

There was no change in Authorized Capital, Issued Capital, Subscribed and Paid-up Capital of the Company during the year.

BUY BACK OF EQUITY SHARES :

The Company had not made any Buy Back of its paid up equity shares during the year in terms of section 77A, 77AA and 77B of the Companies Act 1956. Hence no specific disclosure is required to be made in this report.

YEAR UNDER REVIEW :

Company has earned a Total Income of Rs. 1,65,959/- (Previous year it was Rs 1,50,243/-). After all Administrative Expenditure and Depreciation of Rs 1,11,291/- (Previous year Rs. 1,08,320/-) the company has earned operational Profit before tax of Rs.54,668/- (Previous year Profit of Rs.41,923/-). The company has earned net profit after tax of Rs.54,668/- (Previous Year Profit Rs.36,923/-) After making necessary adjustments for Deffered Tax Your Company had a Net Profit for the year transferred to balance sheet is Rs.65,001/- (Previous year Profit of Rs. 50,822/-).

SETTLEMENT/LIQUIDATION OF FINANCIAL LIABILITIES :

The company has no any settlement/liquidation of Financial Liabilities It is not a sick company as per audited balance sheet for the current year.

FUTURE BUSINESS PLANS :

During the year Company is planning to find Business Opportunities to enable it to carry on the business of Planters, Growers, and dealers. Merchants, lenders, packers, importers and exporters of tea and coffee and their seeds and any products incidental their to and by products. For the purpose company has acquired, land blocks in the city of Ahmedabad for development

DEMATERIALISATION OF SECURITIES :

Your Companys equity shares are already admitted in the System of Dematerialization by both the Depositories namely NSDL and CDSL. The Company has already signed tripartite Agreement through Registrar and Share Transfer Agent M/s. Sharepro Services. The Investors are advised to take advantage of timely dematerialization of their securities. The ISIN allotted to your Company is INE 702 D 01017.

COMPLIANCE TO CODE OF CORPORATE GOVERNANCE :

The Complete Report on Corporate Governance is given separately after this report.

MANAGEMENTS DISCUSSION AND ANALYSIS :

Managements discussion and perceptions on existing business, future out look of the industry, future expansion and diversification plans of the Company and future course of action for the development of the Company are fully explained in a separate Para in Corporate Governance Report in Annexure-A forming part of this report and also report on Corporate Governance.

DEPOSITS :

During the year under review your company has neither invited nor accepted any public deposit or deposits from the public as defined under Section 58A of the Companies Act-1956. The Deposits were accepted from the Directors are exempt as per the provisions of Section 58A of the Companies Act 1956.

DIRECTORS :

During the year under review Shri Valay Piyushbhai Shah shall retire by rotation at the ensuing Annual General Meeting as provisions of Law. They are eligible for reappointment as director and has offered themselves for directorship of the company. Hence, your directors recommend reappointing them by passing resolutions.

DIRECTORS RESPONSIBLITY STATEMENT :

Pursuant to the provision contained in Section 217(2AA) of the Companies Act, 1956, the Directors of your Company confirm :

(A) That in the preparation of the annual accounts, the applicable accounting standards has been followed and no material departure has been made from the same;

(B) That they 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 affair of the company at the end of the financial year and of the profit or loss of the company for that period;

(C) That they have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of this Act for safeguarding the assets of the company for preventing and detecting fraud and other irregularities;

(D) That they have prepared the annual accounts on a going concern basis.

STATUTORY AUDITORS :

M/s. D J N V & CO., present Statutory Auditors of the company have given their letter of consent and confirmation under section 224(1 B) the Companies Act 1956 for reappointment as Statutory Auditors of the Company. Necessary

Resolution making their appointment as the Statutory Auditors and fixing their remuneration is proposed to be passed at the Annual General Meeting.

AUDITORS OBSERVATION :

There are no observations made by the Auditors in their report. However notes to the Accounts itself are clarificatory and self explanatory in the nature.

FORMATION OF AUDIT COMMITTEE :

In compliance to the Provisions of Section 292A of the Companies Act 1956 and clause 49 of the Listing Agreement on Corporate Governance in part, your directors have already formed an Audit Committee within the organization consisting of 3 independent directors, an advisor (Chartered Accountants) to internal audit Department and Practicing Company Secretary as advisors to the company. The area of operations and functional responsibilities assigned to the committee are as per the guidelines provided in Clause 49 of the Listing Agreement for implementation of code of corporate governance. The committee meets at least once in a quarter and gives its report of each meeting to the Board for its approval, record and information purpose.

EMPLOYEES:

There are no employees of the company who were in receipt of the remuneration of Rs.24, 00,000/- in the aggregate if employed for the year and in receipt of the monthly remuneration of Rs. 2,00,000/- in the aggregate if employed for a part of the year under review. Hence the information required under Section 217 (2A) of the Companies Act, 1956 being not applicable are not given in this report.

STATUTORY INFORMATION :

The Information required to be disclosed in the report of the Board of Directors as per the provisions of Section 217 (1)(e) of the Companies Act-1956 and the Companies (Disclosure of Particulars in the Report of Board of Directors) Rules 1988 regarding the conservation of energy, technology absorption, foreign exchange earnings and outgo, as the company is only trading in shares and no other transaction related to this section was made during the financial year being numerous the same are not furnished in this report.

MATERIAL CHANGES :

Except the information given in this report there are no material changes have taken place after completion of the financial year up to the date of this report which may have substantial effect on business and finances of the company.

APPRECIATION :

Your Directors take this opportunity to acknowledge the trust reposed in your company by its Shareholders, Bankers and Clients. Your Directors also keenly appreciate the dedication & commitment of all our employees, without which the continuing progress of the company would not have been possible.

On behalf of the Board of Directors of Lintas Mercantile Limited

SD/- DATE : 1st September, 2010 (Panalal C. Modi)

PLACE : Ahmedabad Chairman And Director