Annual report for 2004/05 - Hemas Holdings, Ltd

Report of the DirectorsDIRECTOR’S SHAREHOLDINGDirect and indirect shareholdings of Directors of the Company and their spouses are as follows:Hemas Holdings Ltd As at 31/03/05 As at 31/03/04H N Esufally 16,323,366 16,323,366A N Esufally 17,026,960 17,022,860I A H Esufally 16,255,600 16,225,000M A H Esufally 16,224,907 16,224,907M S Fonseka 125,000 100,000S J Scarff Nil NilD Bhatnagar 4,000 NilM E Wickremesinghe 1,800 1,800L De Mel 4,400 4,400EMPLOYEE SHARE OPTION PLAN (ESOP)Details of the ESOP is disclosed in note 2.6 to the financial statements.EVENTS AFTER THE BALANCE SHEET DATEThere are no material post balance sheet events, that have arisen which would require adjustments to the financialstatements as at 31st March 2005.GOING CONCERNOn the basis of current financial projections and facilities available, the Directors are confident that the company hasadequate resources to continue business operations. Accordingly the Directors consider that it is appropriate to adopt thegoing concern basis in preparing the financial statements.AUDITORSThe retiring auditors M/s Ernst & Young are seeking re-appointment and in accordance with the companies Act No. 17 of 1982a resolution proposing their re-appointment as auditors of the company will be submitted at the Annual General Meeting.By Order of the BoardHemas Corporate Services (Pte) LtdSecretaries20th May 2005A N N U A L R E P O R T 2 0 0 4 - 2 0 0 5 33