Milk Specialities Ltd. के निदेशक की रिपोर्ट

Mar 31, 2010

The Directors have pleasure in presenting the 18th Annual Report together with Audited Accounts for the year ended 31th March, 2010.

1. FINANCIAL RESULTS (Rs. in Lacs)

PARTICULARS CURRENT YEAR PREVIOUS YEAR

(2009-2010) (2008-09)

Sales and Other income 5905.82 6515.06

Increase/Decrease in the stock 1854.97 563.77

Expenditure before Financial

Charges and Depreciation 7260.88 6621.53

Financial Charges 334.20 271.26

Profit/(Loss) Before Depreciation 165.70 186.06

Depreciation 115.53 116.12

Provision for Income Tax ----- 6.50

Net Profit/(Loss) for the year 50.17 63.44

Deferred Tax 12.52 14.41

Profit/(Loss) Brought Forward 736.05 684.73

Accumulated Profit/ (Loss) 795.84 736.05

FIXED DEPOSITS

The Company has not accepted any fixed deposits during the year under review.

PARTICULARS OF EMPLOYEES

The information required under Section 217 (2A) of the Companies Act, 1956, read with Companies (Particulars of Employees) Rules, 1975 is nil.

PARTICULARS REGARDING ENERGY CONSERVATION ETC.

The information required as per Section 217 (1)(e) of the Companies Act, 1956, read with Companies (Disclosure of Particulars in Directors Report) Rules, 1988 are given as Annexure forming part of this Directors Report.

DIRECTORS

Sh. Charan Singh and Sh. A. K. Mahajan would retire as directors at the forthcoming 18th Annual General Meeting of the Company. Being eligible, they have offered themselves for reappointment. The Board recommends their appointment.Sh. S. K. Sharma resigned from the Board of Director of your Company w.e.f. 10.06. 2010. Your Director place on record the valuable contribution by Sh. S. K. Sharma during his tenure.

AUDITORS

M/s S.Kumar Gupta & Associates, Chartered Accountants are the present Auditors of Company. In terms of the Provisions of Section 224 of the Companies Act, 1956, they would retire at the forthcoming 18th Annual General Meeting of the Company. Being eligible, they have offered themselves for re-appointment. The Board recommends their re-appointment as Auditors of the Company for the Financial Year 2010-2011.

CORPORATE GOVERNANCE

Auditors certificate on Compliance with the conditions of Corporate Governance and separate report on Corporate Governance and Management Discussion & Analysis are enclosed separately in this Annual Report.

FOREIGN EXCHANGE EARNINGS AND OUTGO

Your Company has exported goods worth Rs. 46.05 Lacs but has not incured any expenditure in Foreign Exchange during the financial Year under review.

LISTING OF SHARES

The Equity Shares of the Company are listed at the Stock Exchanges of Mumbai, Delhi, Ahmedabad and Ludhiana. However, the trading of the Shares of your Company are currently suspended in all the Stock Exchanges. The Company had filed applications for voluntary Delisting of its Shares from the Stock Exchanges of Delhi, Ahmedabad and Ludhiana but the same were subject to their confirmation.

DIRECTORS RESPONSIBILITY STATEMENT

Pursuant to Section 217 (2AA) of the Companies Act, 1956, it is stated

i) That in the preparation of the Annual Accounts, the applicable Accounting Standards had been followed alongwith proper explanation relating to material departures.

ii) That the Directors had 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 fare 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.

iii) That the Directors had 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 and for preventing and detecting fraud and other irregularities.

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

ACKNOWLEDGEMENTS

Your Directors record their appreciation and thanks for the support and assurance the Company has received from Banks, Central and State Governments, Raw Material suppliers and customers of the Company, the dedicated Employees and all other who are continuing to assist your Company.

For and on behalf of the Board of Directors of

M/s Milk Specialities Limited

Sd/- Sd/-

Dated: 27-08-2010 (JAGJEET SINGH) (CHARAN SINGH)

Place: Chandigarh MANAGING DIRECTOR DIRECTOR