ACK CAPITAL MANAGEMENT PRIVATE LIMITED
ANNUAL REPORT 2004-2005
DIRECTOR'S REPORT
To,
The members,
The Directors are pleased to present the Annual Report and the audited
statement of accounts for the year ended March 31, 2005
Financial Results:
Particulars Current year Previous year
31-03-2005 31-03-2004
Income 48,22,307 39,75,328
Expenditure 45,74,226 38,52,788
Profit/loss before tax 2,48,081 1,22,540
Short / Excess Provision for 4,98,738
Taxation of Earlier Years
Profit/Loss after Tax 2,48,081 (3,76,198)
Add: Profit of previous year b/f 9,56,478 12,90,857
Balance Available for Appropriation 12,04,559 9,14,659
Add: Deferred Tax of Current Year 56,131 41,819
Less: Deferred Tax Liability of - -
Previous Years
Balance Carried To Balance sheet 12,60,689 9,56,478
The total income of the company for the year was Rs. 48,22,307/- as against
Rs. 39,75,328/- of previous year. The company incurred net profit before
tax of Rs. 2,48,081/- as compared to Rs.1,22.540/- of Previous Year.
Dividend:
The company has not declared dividend for the year.
Deposits:
The company has not accepted any deposits from the Public.
Statement on companies (disclosure of particulars in the director's report)
of the board of directors rules 1988 :
The following clauses of the statement are not applicable in view of the
companies operation:
Clause A- Conservation of Energy.
Clause B- Technology Absorption.
Clause C :
Foreign Exchange earned : Rs. Nil
Foreign Exchange spent : Rs. Nil
Statement of Employees under section 217 (2A) of the Companies Act 1988 :
There are no employees covered drawing remuneration exceeding the limits
specified under section 217(2A) of the Companies Act 1988.
Auditors:
The Company's auditors M/s. Mehul Doshi & Co., Chartered accountants,
Mumbai Retire at the ensuing annual general meeting. The Company has
received a certificate pursuant to the provisions of Section 224 (1) of the
Companies Act, 1956 regarding the eligibility for reappointment from
M/s Mehul Doshi & Co. and Your Directors recommend their re-appointment.
Auditors Report:
The attention of the members is invited to Note no. 2 referred to in the
observation of the auditors. This note forming part of Schedule 17, self
explains the position.
Director's Responsibility Statement:
Pursuant to Section 217(2AA) of the Companies Act, 1956, the Board of
Directors of the Company Hereby state and confirm that:
i. In preparation of the annual accounts for the financial year ended 31st
March 2005, the applicable Accounting Standards have been followed with the
exception of Accounting Standard AS-2 'Valuation of Inventories' and
Accounting Standard AS-13 'Accounting of Investments' and an appropriate
explanation has been given in Notes 2 and 3 to Schedule 16;
ii. The Directors have 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 fair view of the state of affairs of the
company at the end of the company for the year under review;
iii. That the directors have taken, proper and sufficient care for the
maintenance of adequate accounting records in accordance of the provisions
of the Companies Act, 1956 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 for the financial
year ended 31st March, 2005 on a going concern basis.
Acknowledgement:
Your Directors acknowledge with gratitude the assistance and co-operation
rendered by the official of the Stock Exchange Mumbai (B.S.E.), OTC
Exchange of India, Bankers, Clients and Employees at all levels in the
company.
For and on behalf of the Board of Directors
Sunil A. Kamdar
Managing Director
Place: MUMBAI
Dated: 16-8-2005
Regd. Office :
106, Vikas Building,
11, Bank Street,
Fort, Mumbai- 400023.
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