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Directors’ Report096097DIRECTORS’ REPORT FOR THE FINANCIAL YEAR ENDED31ST MARCH, 2009.The Directors have pleasure in submitting their report and the auditedfinancial statements for the year ended 31st March, 2009.REVIEW OF OPERATIONSOur business in Myanmar is now done jointly by Myanmar TractorsLtd and TIL Overseas Pte Ltd (a group company registered inSingapore – owned 100% by TIL Ltd.).Whereas TIL Overseas Pte Ltd sells Prime Products and Parts onCIF Yangon basis, Myanmar Tractors provides After Sales Service,Rental of Gensets/ Construction/ Earthmoving Equiptment, TechnicalSupport etc.Myanmar market showed a huge upward shift last year, with PrivateCustomers and Contractors buying large number of Machines andParts for various projects. However, economic embargoes wereimposed/strengthened by various Countries on Myanmar duringthe year under review. This has affected our business this year andyour Directors are apprehensive that this will continue to affect ourbusiness substantially till these Embargoes last.Due to all the above, your company has achieved a turnover of US$8,993,768 (last year US$12,412,361) and a profit before tax of US$526,202 (last year US$ 1,079,726).Your Directors will make all possible efforts to maximize the futurebusiness opportunity in the environment under which your companyoperates.DIVIDENDConsidering the increasing future requirements of funds for thecompany, the Board recommends no dividend this year and theentire profit is being retained in the business.DIRECTORSThere is no change in the Board of Directors during the year.Presently the Board consists of the following persons:-1. Mr. A. Mazumdar2. Mr. S. Mazumder3. Mr. Shyamal Banerjee4. Mr. Aloke BanerjeeAUDITORSThe Report of the Auditors, U Tin Win group, T.A Firm of Ernst &Young International, is attached with the financial statements.The Directors take this opportunity to thank all the Customers,Employees, Principals and all Stakeholders, whose continuoussupport helped the company to achieve a profitable performance,despite the adverse situations, as explained under the heading“Review of Operations”.Place : Yangon, MyanmarDate : 27th April, 2009.A. MazumdarChairmanFinancial Statements (MTL)