Infrastrucure 2007.pmd - Afcons Infrastructure Ltd.

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SSS ELECTRICALS (INDIA) PRIVATE LIMITEDDIRECTORS’ REPORTTO THE MEMBERS OFSSS ELECTRICALS (INDIA) PRIVATE LIMITEDMUMBAIYour Directors are pleased to present the Twenty First Annual Report of the Company together with the audited statements of Accounts for the year 31stMarch, 2007.1. BUSINESS REVIEWThe Company was successful in securing repeat orders from the existing clients and also obtained jobs from some new clients. The turnoverincreased from Rs.1,21,17,983/- to Rs.1,60,61,206/- and the Net Profit for the year is Rs.6,67,409/-. The Company continues efforts to secure morejobs by making its offers more competitive without compromising with quality and its corporate policies.2. DIVIDENDIn order to plough back the profits for the growth, Directors have not proposed dividend for the financial year under review.3. DIRECTORSMr.Stephan Possekel and Mr.Hans Koch have been appointed as an Additional Directors of the Company with effect from 15th May 2007. Theyholds office only upto the date of ensuing Annual General Meeting of the Company. A notice in writing under Section 257 of the Companies Act,1956 along with a deposit of Rs.500/- each has been received from a member signifying his intention to propose Mr. Stephan Possekel andMr.Hans Koch as a candidate for the office of a Director of the Company at the ensuing Annual General Meeting of the Company.Mr.Gerd Zimmerman resigned as a director of the Company with effect from 15th May 2007.Mr.Ramesh Nagar who was an Alternate Director toMr.Gerd Zimmerman also ceased to be a Director from the same date.Mr. Ramesh Nagar has been appointed as Alternate Director to Mr.Stephan Possekel with effect from 21st May 2007.Mr.S.Paramasivan retires by rotation and being eligible, offers himself for reappointment.4. DIRECTORS’ RESPONSIBILITY STATEMENTPursuant to the requirement under Section 217(2AA) of the Companies Act, 1956, with respect to Directors' Responsibility Statement, it is herebyconfirmed:i. that in the preparation of the annual accounts for the year ended 31st March, 2007, the applicable accounting standards had been followedalong with 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 arereasonable and prudent so as to give a true and fair view of the state of affairs of the Company at the end of the financial year and the profitand loss of the Company for the year under review;iii. that the directors had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with theprovisions of the Companies Act 1956, for safeguarding the assets of the Company and for preventing and detecting fraud and otherirregularities;iv. that the directors had prepared the annual accounts for the year ended 31st March, 2007 on a going concern basis.5. CONSERVATION OF ENERGY, TECHNOLOGY ADOPTION, FOREIGN EXCHANGE EARNING AND OUTGO:The information in accordance with the provision of section 217(1)(e) of the Companies Act,1956 read with Companies (Disclosure of Particularsin the Report of Directors) Rules 1988, the relative regarding conservation of energy , technology absorption and foreign exchange earnings aregiven in Annexure 1 forming part of this report.6. PARTICULARS OF EMPLOYEESNone of the employees of the Company is covered under Section 217 (2A) of the Companies Act, 1956 read with Companies (Particulars ofEmployees) Rules, 1975.7. AUDITORSMr.J.C.Bhatt, the retiring, auditor is eligible for reappointment. He has expressed his willingness to continue in office and have furnished acertificate of eligibility under section 224(1)(B) of the Companies Act,1956.The members are requested to appoint the Auditor for the financial year 2007-2008 and authorize the Board to fix his remuneration.On behalf of the Board of DirectorsRegd. Office:“AFCONS HOUSE”A.H.DIVANJI16, Shah Industrial Estate, DIRECTORVeera Desai Road,Azadnagar P.O.,Mumbai 400 053.Dated :- 29th June 2007Additional Information as required under the Companies (Disclosures of Particulars in the Report of Board of Directors) Rules, 1988A. CONSERVATION OF ENERGYThe Company is rendering Cathodic/ Corrosion Protection services in which energy consumption is extremely insignificant.B. TECHNOLOGY ABSORPTIONThe Company as an ongoing process, always aims to update the technology with respect to the methods and designs for Cathodic/ corrosionProtection Systems with the help of the collaborators Starkstorm Und Signal Baugesellschaft GmbH, Germany (SSS).C. RESEARCH & DEVELOPMENTDevelopment of expertise for remote monitoring and control of CP systems, current mapping and direct current voltage gradient surveys andinvestigation and mitigation of EHV Transmission System Interferences for expansion of business activities.D. FUTURE PLAN OF ACTIONThe company plans to computerise its operations to improve efficiency and business turnover. The company continues to make efforts todevelop technology and relationships for the application of Cathodic Protection for RCC structures and other type of installations.E. FOREIGN EXCHANGE EARNINGS AND OUTGOEarnings : NilOutgo : Nil42
SSS ELECTRICALS (INDIA) PRIVATE LIMITEDAuditor’s ReportTo the Members ofSSS ELECTRICALS (INDIA) PRIVATE LTD.1. I have audited the attached Balance Sheet of SSS Electricals (India) Private Limited as at March 31, 2007, the Profit and Loss Account andthe Cash flow Statement for the year ended on that date annexed thereto. These financial statements are the responsibility of the company'smanagement. My responsibility is to express an opinion on these financial statements based on my audit.2. I have conducted my audit in accordance with the auditing standards generally accepted in India. These standards require that I plan and performthe audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining,on a test basis, evidence supporting the amounts and the disclosures in the financial statements. An audit also includes assessing theaccounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Ibelieve that my audit provides a reasonable basis for my opinion.3. As required by clause 1(2) (iv) of the Companies (Auditor's Report) Order, 2003, as amended by the Companies (Auditor's Report) (Amendment)Order, 2004 (together the 'Order') issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Companies Act,1956, I enclose in the Annexure a statement on the matters specified in paragraph 4 and 5 of the said order.4. Further to my comments in the Annexure referred to in para 3 above, I report that:i) I have obtained all information and explanations, which to the best of my knowledge and belief were necessary for the purposes of the audit;ii) In my opinion, proper books of accounts as required by law have been kept by the Company so far as appears from my examination ofthose books;iii) The Balance Sheet, Profit and Loss Account and Cash flow Statement dealt with by this report are in agreement with the books of account;iv) In my opinion, the Balance Sheet, Profit and Loss Account and Cash flow Statement dealt with by this report comply with the accountingstandards referred to in sub-section (3C) of section 211 of the Companies Act, 1956;v) On the basis of written representations received from the directors of the Company as at March 31, 2007 and taken on record by the Boardof Directors, I report that, none of the directors is disqualified as on March 31, 2007 from being appointed as director in terms of clause (g)of sub-section (1) of section 274 of the Companies Act, 1956;vi) In my opinion, and to the best of my information and according to the explanations given to me, the said accounts read together with thenotes thereon, give the information required by the Companies Act, 1956, in the manner so required and give a true and fair view inconformity with the accounting principles generally accepted in India:a. in the case of the Balance Sheet, of the state of affairs of the company as at March 31, 2007;b. in the case of the Profit and Loss Account, of the profit for the year ended on that date andc. in the case of the Cash flow Statement, of the cash flows for the year ended on that date.Place: MumbaiDated : 29 th June 2007J.C.BHATTCHARTERED ACCOUNTANTAnnexure referred to in paragraph 3 of the audit report of even date to the members of SSS Electricals (India) Private Limited on theaccounts for the year ended March 31, 2007.1. Fixed Assets :a. The company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets.b. As explained, a major portion of the fixed assets have been physically verified by the management during the year. In my opinion, thefrequency of verification of the fixed assets by the management is reasonable having regard to the size of the Company and nature of itsbusiness. No material discrepancies were noticed on such verification.c. In my opinion and according to the information and explanations given to me, no substantial part of fixed assets has been disposed offby the Company during the year and therefore do not affect the going concern assumption.2. Inventory :As per the information and explanations provided;a. the inventories have been physically verified at the end of the year by the management, and in my opinion, the frequency of verificationis reasonable.b. the procedures of physical verification followed by the management are reasonable and adequate in relation to the size of the companyand the nature of its business.c. the company is maintaining proper records of inventory and the material discrepancies noted or reported have been properly dealt within the books of accounts.3. Loans and Advances:a. As per the information and explanations given to me, the Company has not granted any loan, secured or unsecured, to companies, firmsor other parties covered in the Register maintained under section 301 of the Companies Act, 1956.b. As per the information and explanations given to me, the Company has not taken any loan secured or unsecured from companies, firmsor other parties covered in the Register maintained under section 301 of the Companies Act, 1956.4. Internal Control System:In my opinion, and according to the information and explanations given, there is an adequate internal control system commensurate with the sizeof the Company and the nature of its business, for the purchase of fixed assets and for the sale of goods and services. During the course of audit,I have not observed any continuing failure to correct major weaknesses in the internal control system.43
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