| The Directors have pleasure in presenting the Annual Report on the
working of the company together with the Audited Accounts for the year
ended 31st March 2010.
Financial Performance:
Rs.in Lakhs
31-03-2010 31-03-2009
Sales 729.94 271.60
Other Income 2.31 457.18
Total Income 732.25 728.78
Less: Total Expenditure 738.02 590.77
Net Profit (5.77) 138.01
Balance carried to B/S (1675.62) (1669.85)
The company is continuously striving to control the cost of
manufacturing, administrative and other expenses. Your company is
confident that it would overcome the crisis in the years to come.
Board of Directors:
During the year under review Mr.K.Narayanaswamy, and Mr. S.P.Muthuraman
retire by rotation and being eligible they offer themselves for
reappointment.
Auditors:
M/s. V.Senthilnathan & Co., Chartered Accountants, the retiring
Auditors are eligible for reappointment.
Deposits:
The Company has not accepted deposits during the financial year under
review.
Dividend
In order to strengthen the net worth of the Company, the Board of
Directors has not recommended any dividend for the year.
Human Relations
Industrial relations were very much satisfactory. There has been a
perfect understanding between the employees and the management. The
Company has been continuously discharging its social obligations in
providing requisite welfare measures to its workers during the year.
Committees
The Company had constituted an Audit Committee with three independent
Directors as its members. Mr.D.P.Venkataraman is the Chairman,
Mr.S.P.Muthuraman and Mr.R.Radhakrishnan are the members of the
Committee.
The Company does not have any Remuneration Committee because no
remuneration is paid to any Director.
The Shareholders and Investor Grievance Committee has been constituted
with three independent Directors as its members. Mr.R.Radhakrishnan is
the Chairman, Mr.D.P.Venkataraman and Mr.S.P.Muthuraman are the members
of the Committee.
Information as per Section 217(2A) of the Companies Act, 1956 read with
Companies (Particulars of Employees) Rules, 1975 and forming part of
the Director's Report.
No employee is 'in receipt of remuneration exceeding the limits set out
under Section 217(2A) of the Companies Act, 1956 read with Companies
(Particulars of Employees) Rules, 1975.
Particulars as required under 217(1) (e) of the Companies Act, 1956:
The information pursuant to Section 217(1) (e) of the Companies Act,
1956 read with Companies (Disclosure of Particulars in the Report of
Board of Directors) Rules, 1988 is annexed to this report.
Directors Responsibility Statement under Section 217(2AA) of the
Companies Act, 1956:
Your Directors State: -
1. That in the preparation of the annual accounts, the applicable
accounting standards had been followed along with proper explanation
relating to material departures.
2. That they 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 fair view of the state of affairs of
the company at the end of the financial year and of the profit and loss
of the company for that period.
3. That they 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.
4. That they had prepared the annual accounts on a going concern basis.
Corporate Governance:
Pursuant to Clause 49 of the Listing Agreement with the Stock
Exchanges, a Report on Corporate Governance with Auditors'
Certificate on compliance with conditions of Corporate Governance and a
Management Discussion 8s Analysis Report have been attached to form
part of the Annual Report.
Acknowledgement
The Directors wish to place on record their sincere thanks to the
employees at all levels for their continued contribution to the
performance of the Company. The Board also wishes to place on record
its appreciation cooperation and support received from customers,
shareholders, suppliers, Government Departments and banks.
For and on behalf of the Board
for SRI NANDAA SPINNERS LIMITED
SD/-
Place : Coimbatore Mr.V.Jegannathan
Date : 02.08.2010 Chairman & Managing Director | 