Mar 31, 2015
Dear Members,
The Directors are Pleased to present the 29th Annual-Report and the
Company's Audited financial statement for the Financial Year
ended March 31st 2015.
1. FINANCIAL RESULTS
The Company's Financial Performance for the year ended March 31st 2015,
is summarized below:
(Amount in f)
PARTICULARS 2014-15 2013-14
Profit before Depreciation,
Interest & other adjustments 92545734 180192986
Less : Finance Cost 70705115 86122646
Depreciation 3799817 12147764
Profit Before Tax 18040802 81922576
Less : Provision for current Income Tax 8000000 28936312
Deferred Tax Provision Written Back (3702469) (8178072)
Income Tax excess provision Written Back(8157572) (958528)
Provision for NPA 12207257 11123513
Provision for Diminution in Securities 0 0
Profit for the year 9693586 50999351
Add : Balance of Profit B/F From
Previous Year 61428339 49345546
Amount available for appropriation 71121925 100344897
APPROPRIATIONS :
Proposed dividend @10% 7500000 7500000
Corporate Tax on proposed dividend 1526820 1216688
Transfer to NBFC Reserve 1938717 10199870
Transfer to General Reserve 0 20000000
Balance carried to Balance Sheet 60156388 61428339
TOTAL 71121925 100344897
2. PERFORMANCE
During the year, due to subdued economy and lower repayment strength of
the borrowers, and slow off take of the second hand commercial vehicle
segment, the recovery process of the company resulted into considerable
NPA. The management therefore taking precautions for further
disbursement of new loans and therefore the performance of the company
became relatively poor both in terms of volume of business and profits.
Once the economy improves and the credit cycle of the segment shows
improved results, then the company shall again endeavor to undertake
the size of operations into full scale.
3. DIVIDEND
The Board of Directors of the Company recommends payment of dividend @
Rs. 1/- for equity shares of Rs. 10/- each (10%) for the year 2014-15
previous year @Rs. 1/- for equity shares of Rs. 10/- each (10%).
4. TRANSFER OF AMOUNTS TO INVESTOR EDUCATION & PROTECTION FUNDS (IEPF)
Pursuant to the provisions of section 205A(5) and section 205C of the
companies Act, 1956, {which are still applicable as the relevant
section' s under the Companies Act, 2013 are yet to be notified) the
amounts pertaining to the dividends that remained unclaimed and unpaid
for a period of seven years from the date it became first due for
payment, have been transferred from time; to time to IEPF on the due
dates by the company and no claims in this respect shall lie against
the company. The dividend remains unpaid-unclaimed in the Company has
been given in the Corporate Governance Report attached with the annual
report of the Company.
5. TRANSFER OF AMOUNT TO THE RESERVES
The Company has transferred Rs, 19,38,717/- to the NBFC Reserves as per
requirement of the Directions of the RB! to the NBFC Companies
(Previous year Rs.1,01,99,870/-) except that no amount has been
transferred or withdrawn from the reserves by the Company.
6. CREDIT RATING
The company's borrowings enjoy B8B-/stable credit ratings from CRISIL.
The rating has been revised from BBB (Stable) in the previous year.
7. NON PERFORMING ASSETS AND PROVISIONS
The company is ascertained Non Performing Assets under Non Banking
Financial (Non deposit accepting or holding} Company's Prudential norms
(Reserve Bank) Directions, 2007, as amended from time to time, and made
adequate provisions against. The company did not recognize interest
income on such Non Performing Assets. The Company has alio written off
unrecoverable amount as bad debts.
8. ASSOCIATES/SUBSIDIARIES/JOINT VENTURE COMPANIES
The company does not have any subsidiary and joint venture company. The
company also does not have any associate within the meaning of Section
2(6) of the Companies Act, 2013 either at the beginning or end of the
financial year. However, the Company is an associate of foreign Company
namely Agarwal Coal Corporation(s) Pte. Ltd. (Singapore) which hold
36.93% shares in the Company.
9. DISCLOSURE U/S 134 (3)
Pursuant to the provisions of sec 134 (3) read with companies
(Accounts) rules. 2014. The required information's & disclosures, to
the extent applicable to the company are discussed elsewhere in this
report and their relevant information's are as under:-
9.1. The extracts of Annual Return in the Form MGT-9 as per Annexure -
A.
9.2 Policy of company for the appointment of Directors and their
remuneration as per Annexure-B.
9.3 The particulars of related party contracts are enclosed herewith in
form AOC-2 as per Annexure -C.
9.4 The ratio of the remuneration of each director to the median
employee's remuneration and other details in terms of subsection 12 of
Section 197 of the Companies Act, 2013 read with Rule 5(1) of the
Companies (Appointment and Remuneration of Managerial Personnel) Rules,
2014, are forming part of this report and is annexed as per Annexure-D.
There is no employee drawing remuneration of Rs. 500000/- per month or
Rs, 6000000/- per year, therefore the particulars of employees as
required U/s 197(12) of the Companies Act, 2013 read with Rule 5(2) and
Rule 5(3) of the Companies (Appointment and Remuneration of Managerial
Personnel) Rules, 2014, are not applicable to the Company.
10. RISK MANAGEMENT COMMITTEE
The company has constituted risk management committee and the policy is
disclosed on the website of the company. (www.admanumfinance.com).
11. DISCLOSURE OF CODES. STATNDARDS, POLICIES AND COMPLIANCES
THEREUNDER
a) Know Your Customer and Anti money laundering measure policy.
Your company has a board approved Know Your Customer and Anti Money
Laundering measure policy (KYC and AML Policy) in place and adheres to
the said policy. The said policy is in line with the RBI Guidelines.
Company has also adheres to the compliance requirement in terms of the
said policy including the monitoring and reporting of cash and
suspicious transactions. There are however, no cash transactions of the
value or more than Rs.1000000/- or any suspicious transactions whether
or not made in cash noticed by the company in terms of the said policy.
b) Fair Practice Code
Your company has in place a Fair Practice Code (FPC), as per RBI
Regulations which includes guidelines from appropriate staff conduct
when dealing with the customers and on the organizations policies
vis-a-vis client protection. Your company and its employees duly
complied with the provisions of FPC.
c) Code of Conduct for Board of Directors and the Senior Management
Personnel
Your company has adopted a code of conduct as required under clause 49
of the Listing Agreement for its BOD and the senior management
personnel. The code requires the directors and employees of the company
to act honestly, ethically and with integrity and in a professional and
respectful manner. A certificate of the Management is attached with the
Report in the Corporate Governance section.
d) Code for Prohibition of Insider Trading Practices
Your company has in place a code for prevention of insider trading
practices in accordance with the model code of conduct, as prescribed
under SEBI { prohibition of insider trading) regulations, 1992,
as amended and has duly complied with the provisions of the said
code. The BOD at its meeting held on 31/01/2015 adopted
(i) AMFL code of practices and procedures for fair disclosure of
unpublished price sensitive information and
(ii) AMFL code of conduct for prohibition of insider trading, as
Per SEBI (Prohibition of Insider Trading) Regulations, 2015, which shall
become effective from 15/05/2015.
e) Whistle blower policy
Pursuant to the provisions of section 177(9) and (10) of the Companies
Act 2013 read with rule 7 of Companies {Meeting of Boards and its
powers) Rules, 2014 and clause 49 of the listing agreement, the company
and adopted a whistle blower policy which provides for a vigil
mechanism that encourages and supports its directors and employees to
report instances of unethical behavior, actual or suspected, fraud or
violation of the company' code of conduct policy, it also provides for
adequate safeguards against victimization of persons who use this
mechanism and direct access to the chairman of audit committee in
exceptional cases. Policy of the whistle blower of the Company has been
given at the website of the Company at www.admanumfinance.com and
attached the same as Annexure H to this report.
f) Prevention, Prohibition and Redressal of Sexual Harassment of women
at workplace
The company has in place a policy on prevention, prohibition and
redressal of sexual harassment of women at workplace. The primary
objective of the said policy is to protect the women employees from
sexual harassment at the place of work and also provides for punishment
in case of false and malicious representations. No compliant, however
is received by the company under the said policy in FY 2014-15.
g) Nomination, Remuneration and Evaluation policy (NRE Policy)
The Board has, on the recommendation of the nomination and remuneration
committee framed a nomination, remuneration and evaluation policy which
lays down the criteria for identifying the persons who are qualified to
be appointed as directors and, or senior management personnel of the
company, along with the criteria for determination of remuneration of
directors, KMP's and other employees and their evaluation and includes
other matters, as prescribed under the provisions of section 178 of
Companies Act, 2013 and clause 49 of the Listing Agreement. Policy of
the Company has been given at the website of the Company at
www.admanumfinance.com and attached the same as Annexure B to this
report. The details of the same are also covered in Corporate Governance
Report forming part of this annual report. h) Related Party
Transactions Policy
There were no materially significant related party transactions held
during the FY 2014-15 that may have potential conflict with the
interest of company at large. Transactions entered with related parties
as defined under the Companies Act, 2013 and Clause 49 of the listing
Agreement during the financial year were mainly in the ordinary course
of business and on an ! arm's length basis. The related party
transaction policy as formulated by the company defines the materiality
of related party and lays down the procedures of dealing with related
party transactions. The details of the same are posted on our web-site
(www.admanumfinance.com)
i) Corporate Social Responsibility Policy
Company has framed Corporate Social Responsibility (CSR Policy), as per
the provisions of Companies (CSR Policy) Rules, 2015 which, inter alia,
lays down the guidelines and mechanism, directly or indirectly through
eligible trust or institutions for undertaking socially useful projects
for welfare of the society. As per the provisions of section 135 of
Companies Act, 2013, the company has constituted a Corporate Social
Responsibility Committee. The composition of the CSR Committee and its
terms of reference are given in the Corporate Governance Report forming
part of this annual report. The Company has under an obligation to
spend an amount of Rs. 1842174 being the 2% of Average net profit of
preceding three financial years and the company has discharged the said
obligation as per the CSR policy of the company. The details of CSR
activities are annexed as per Annexure-E to this report. And the CSR
Policy of the Company are posted on our web-site
fwww.admanumfinance.com).
12. LISTING OF SHARES OFTHE COMPANY
The equity shares of the company continue to remain listed on BSE
limited (code:511359). The company has paid the due listing fees to BSE
Limited for the financial year 2015-16 on time.
13. BRANCH NETWORK
Your company has established an integrated branch network to spread the
financial operations at different states and locations. At present the
company has 24 branches as at 31/03/2015.
14. DIRECTORS AND KEY MANAGERIAL PERSONNEL
The Board of Directors of your company consists of 6 directors. During
the year Shri Vinod Kumar Agarwal, (DIN 00136613) the Managing Director
of the company, due to his pre-occupation has vacated the office as
such and has become the Nonexecutive Director & Chairman of the company
w.e.f. 16/08/2014. Mr. J.N Chcudhury (DIN 00136766) continued to hold
the office as Director-in-Charge& CEO. Mrs. Dolly Choudhury (DIN
06935952) appointed as wholetime director w.e.f. 31/07/2014.
CA Aseem Trivedi, CA Vishnu Gupta and Mr. D.P Kori are the Independent
Directors of the Company for a term of 5 years w.e.f. 1st April, 2014.
All Independent directors have given declaration that they meet the
criteria of independence as laid down under section 149{6) of the
companies Act, 2013 and clause 49 of the Listing Agreement and forms
part of this report. In the opinion of the Board they fulfill the
criteria on Independency.
In accordance with the provisions of Section 152 of the companies Act
2013 read with relevant provisions of Articles of Association of the
company there are none of any directors is liable to retire by
rotation.
The brief resume of directors proposed to be appointed/ reappointed,
nature of their expertise in specific functional areas and names of the
companies in which they hold directorship along with their
membership/chairmanship of committees of the board as stipulated under
Clause 49 of Listing Agreement of stock exchanges, or provided in the
Corporate Governance section along withthe Annual Report.
Based on the confirmations received, none of the directors are
disqualified from being appointed, reappointed as directors in terms of
section 164 of the Companies Act, 2013.
CS Mohd. Raees Sheikh, a whole time Company Secretary, and Mr. Vikas
Gupta, Chief Financial Officer of the company are designated as key
managerial personnel of the company w.e.f. lst April, 2014 as per the
provisions of section 203 of the Companies Act, 2013.
15. PERFORMANCE EVALUATION
Pursuant to the provision of Companies Act, 2013 and clause 49 of the
Listing agreement, the performance of the Board, its committee's and
individual directors are evaluated by number of meetings held, time
spent in each meeting deliberating the issues, quality of
information/data provided to the members, the time given to them to
study the details before each meeting, quality of deliberation in each
meeting, contribution of each directors, the details of decisions taken
and measures adopted in implementing the decision and feedback to the
board.
16. BOARD MEETINGS
During the FY 2014-15 the Board of directors has passed resolutions by
circulation on 07-04-2014 and six Board meetings were convened and
held. The intervening gap between the meetings was within the period
prescribed under the Companies Act, 2013 and the Listing Agreement. The
details of the Board meetings held during the year along with the
attendance of the respective directors there at are set out in the
Corporate Governance Report forming part of this annual report.
17. SIGNIFICANT/ MATERIAL ORDERS PASSED BY THE REGULATOR OR
COURTORTRIBUNALS
There were no significant/material orders passed by any regulator or
court or tribunal which would impact the going concern status of the
company and its future operations.
18. INTERNAL AUDIT AND INTERNAL FINANCIAL CONTROL SYSTEM
The company has appointed an independent firm of Chartered Accountants
for conducting the audit as per the internal audit standards and
regulations. The internal auditor reports to the audit committee of the
board. The audit function maintains its independence and objectivity
while carrying out assignments. It evaluates on a continuous basis, the
adequacy and effectiveness of internal control mechanism with
interaction of KMP and functional staff.
The company has taken stringent measures to control the quality of
disbursement of loan and its recovery to prevent fraud. The company has
also taken steps to check the performance of the functional employees
of the company at branch level.
19. SECRETARIAL AUDIT REPORT
Pursuant to the provisions of section 204 of the Companies Act, 2013
and the companies (Appointment and Remuneration of Managerial
Personnel) Rules, 2014, the BOD of the company had appointed M/s D.K.
Jain & Co., Practicing Company Secretaries, Indore to undertake the
secretarial audit of the company for the FY 2014-15. The secretarial
audit report for the FY ended March 31st, 2015 is annexed as Annexure -
F to this report. The said report does not contain any material
qualification, reservation or adverse remark, except the delay caused
in the filing of some documents, which were already filed with the
adequate addition at filing fee and has been approved by the RoC/MCA,
therefore do not calls for any further comment.
20. AUDITOR AND AUDITORS REPORT
At the 28th Annual General Meeting held on 25th September, 2014, the
members had appointed M/s Mahendra Badjatya & Co (ICAI Firm
Registration Number 001457C) Chartered Accountants as statutory
auditors of the company, by way of ordinary resolution u/s 139 of the
Companies Act, 2013 to hold office for a term of 3 years from the
conclusion of 28th AGM until the conclusion of the 31st AGM of the
company subject to ratification of appointment by the members of the
company at every AGM as per the provisions of the Companies Act, 2013.
Based on the recommendation of the audit committee, the BOD at their
meeting held on 29/05/2015 recommended the ratification of appointment
of M/s Mahendra Badjatya & Co, Chartered Accountants as statutory
auditors of the company, and that, the necessary resolution in this
respect is being included in the notice of the 29th AGM for the
approval of the members of the company. The company has received
consent from statutory auditors and confirmation to the effect that
they are not disqualified to be appointed as statutory auditors of the
company in terms of the provisions of the Companies Act, 2013 3nd rules
framed thereunder. The Notes to the Accounts referred to in Auditors
Report are self explanatory and does not call for any further comment.
21. DIRECTORS RESPONSIBILITY STATEMENT
The Directors 'Responsibility Statement referred to in clause (c) of
sub-section (3}of Section 134 of the Companies Act, 2013:
a} In the preparation of the annual accounts for the year ended March
31st 2015, the applicable accounting standards read with requirements
set out under Schedule III to the Act, have been followed and there is no
material departures from the same;
b) The directors had selected such accounting policies and applied them
consistently and made judgments 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 March 31st 2015 and of the profit and loss of the company
for the year ended on that date;
c) The directors had taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of this Act for safe guarding the assets of the company and
for preventing and detecting fraud and other irregularities;
d) The directors had prepared the annual accounts on a "going concern"
basis;
e) The directors had laid down internal financial controls to be
followed by the company and that such internal financial controls are
adequate and were operating effectively; and
f) The directors had devised proper systems to ensure compliance with
the provisions of all applicable laws and that such systems are
adequate and operating effectively.
22. CORPORATE GOVERNANCE & MANAGEMENT DISCUSSION AND ANALYSIS
Pursuant to Clause 49 of the Listing Agreement with the stock exchange,
the corporate governance report, management discussion and analysis and
the auditor's certificate regarding compliance of conditions of
corporate governance is enclosed herewith as per Annexure - G.
23. DETAILS OF FRAUD
Pursuant to the provisions of section 134(3) and 143(12) of the
Companies Act, 2013, read with Rule 13 of Companies (Audit and
Auditors) Rules, 2014 the disclosure in respect of fraud detected by
the company is as under:-
The company has detected fraud by its employees in collusion with
borrowers at certain locations involving an amount of Rs. 60.21 Lakh in
the financial year 2013-14 which amount is increased to Rs. 227.03 Lakh
in the financial year 2014-15. The investigations of police & at the
end of the Company are in Progress & after the recovered amount the
Company has written off an amount of Rs. 215.79 Lakh as unrecoverable
in the books of Accounts in the current financial year. The matter is
reported to the Reserve Banks of India & also to Ministry of Corporate
Affairs, Government of India, New Delhi. The Fraud has been reported to
the Central Government in the prescribed formADT-4.
Further that there is no other fraud as reported by the Auditors to the
Central Government which needs to be disclosed as per
Requirement of the provisions of section 134(3)(ca)of the Companies Act, 2013.
24. ANN UAL EVALUATION
Pursuant to the provisions of the companies Act, 2013 and Clause 49 of
the listing agreement, an Annual Performance evaluation of the Board,
the directors individually as well as the evaluation of the working of
the board committees including audit committee and other committees of
the board of directors of the company was carried out during the year
and is covered under the corporate governance report forming part of
this annual report.
25. DEPOSITS
The Company is a non-deposit taking category - B NBFC Company. The
company does not have any public deposits within the meaning of Section
73 of the Companies Act, 2013. Further that there is no outstanding
falls under the category of deposits at the end of the financial year.
26. ADEQUACY OF INTERNAL FINANCIAL CONTROLS
The company has an adequate internal financial control backed by
sufficient qualified staff, system software and special software's. The
company has also an internal audit system by the external agency.
Barring collusion and conspiracy of the staff and customers in respect
of fraud detected by the company, the Board is of the opinion that
there is an adequate internal financial control in the company
27. COMMITTEE OF THE BOARD
The company has duly constituted the following committee as per the
provisions of section 177 of Companies Act, 2013 and other provisions
of the Companies Act, 2013 and Clause 49 of the Listing Agreement with
the stock exchanges.
(a) Nomination and Remuneration Committee,
(b) Audit Committee
(c) Stakeholders' Relationship Committee,
(d) Risk Management Committee;
(e) CSR Committee;
(f) Internal Committee for Sexual Harassment of Women at the Work
Place.
The details of the composition of the audit committee and other
committees and their respective terms of reference are included in the
corporate Governance report forming part of this annual report. The
Audit Committee and other Board Committees meet at regular intervals
and ensure to perform the duties and functions as entrusted upon them
by the board.
28. DISCLOSURE AS PER TERMS OF PARAGRAPH 9BB OF NON BANKING FINANCIAL
COMPANIES PRUDENTIAL NORMS (RESERVE BANK) DIRECTIONS. 1998.
The desired disclosure is enclosed herewith as per attached financial
statements.
29. CONSERVATION OF ENERGY. TECHNOLOGY ABSORPTION. FOREIGN EXCHANGE
EARNINGS AND OUTGO.
Particulars under Companies (Disclosure of particulars in the report of
Directors) Rules, 1988 on conservation of energy and technology
absorption are NIL. There was no foreign exchange earnings and outgoing
except the Remittance of Dividend (USD Equivalent 57584.93) is Rs.
27,70,000/-.
30. ACKNOWLEDGMENT
The Board of Directors places its sincere gratitude for the assistance
and co-operation received from Banks, Customers and Shareholders. The
Directors take this opportunity to express their sincere appreciation
for the dedicated services of the Executives and staffs for their
contribution to the overall performance of the company.
Registered Office: By Order of the Board
Ad-Manum Finance Limited sd/- sd/-
CIN- L52520MP1986PLC003405 (Vinod Kumar Agarwal) (Jayanta Nath
Choudhury)
"Agarwal House", Ground Floor Director 8i Chairman Director-ln-
Charge & CEO
5, Yeshwant Colony, YN Road DIN-00136613 DIN-00136766
INDORE-452003 (M.P.)
Place: Indore
Date : 29-05-2015
Mar 31, 2014
Dear Members,
The Directors have pleasure in presenting the 28th Annual Report and
Audited Accounts for the year ended on 31st March 2014.
DIRECTOR''S REPORT
1. FINANCIAL RESULTS
The Company''s Financial Performance for the year ended March 31st 2014
is summarized below:
(Amount in Rs.)
PARTICULARS 2013-14 2012-13
Profit before Depreciation,
Interest & other adjustments 180192986 255793311
Less: Finance Cost 86122646 114277347
: Depreciation 12147764 12024145
Profit Before Tax 81922576 129491819
Less: Provision for current Income Tax 28936312 45500000
: Deferred Tax Provision
Written Back (8178072) (2245433)
: Income Tax excess provision
Written Back (958528) 412539
: Provision for NPA 11123513 3171994
: Provision for Diminution in
Securities 0 (1372)
Profit for the year 50999351 82654091
Add : Balance of Profit B/F
From Previous Year 49345546 41996898
Amount available for appropriation 100344897 124650989
APPROPRIATIONS :
Proposed dividend @10% 7500000 7500000
Corporate Tax on proposed dividend 1216688 1274625
Transfer to NBFC Reserve 10199870 16530818
Transfer to General Reserve 20000000 50000000
Balance carried to Balance Sheet 61428339 49345546
TOTAL 100344897 124650989
2. DIVIDEND
The Board of Directors recommends payment of dividend @ 10 % (Rs. One
Per Equity Share and Previous year @10%) for the year ended on 31st
March, 2014.
3. DIRECTORS
As per the provision the Companies Act, 2013 and Articles of
Association of the Company, Mr. J. N. Choudhury, Whole Time Director
and Mr. Vishnu Gupta, the Director of the Company retires by Rotation
and being eligible, offer themself for reappointment.
As per the requirement of Provision of the section, 149 of the
Companies Act, 2013, Mrs. Dolly Choudhury is appointed as an additional
Director w.e.f. 31st July, 2014 to hold the office of the Director till
the date of the forthcoming Annual General Meeting and with the
approval of the members of the company at forthcoming Annual General
Meeting granted for appointment of Mrs. Dolly Choudhury, as Whole Time
Director of the Company for a period of 2 years w.e.f. 31st July, 2014.
As per the Provision of the section, 149 of the Companies Act, 2013,
your Directors are seeking appointment of Mr. Aseem Trivedi, Mr. Devi
Prasad Kori, and Mr. Vishnu Prasad Gupta as independent Directors for
five consecutive years for a term upto 3 1st March, 2019.
Except the above there is no change in the board of directors of the
company .
4. COMPLIANCE OF RESERVE BANK OF INDIA GUIDELINES
The company is complying circulars and directions issued by the Reserve
Bank of India from time to time .
5. PUBLIC DEPOSITS
The Company has neither invited nor accepted any deposits during the
year and also complied with the requirements of Non-Banking Financial
Companies, Reserve Bank Directives and the rules made there under.
6. DISCLOSURES AS PER TERMS OF PARAGRAPH 9BB OF NON-BANKING FINANCIAL
COMPANIES PRUDENTIAL NORMS (RESERVE BANK) DIRECTIONS, 1998.
The disclosures as required under Non-Banking Financial Companies
Prudential Norms (Reserve Bank) Directions, 1998 are enclosed with the
Balance Sheet .
8. PARTICULARS U/s. 217(i) (e) Of THE COMPANIES ACT, 1956
Since the Company does not carry on any industrial activity, therefore,
the information required in accordance with the provisions of section
217 (1) (e) of the Companies Act, 1956 need not be furnished by the
Company.
9. DIRECTOR''S RESPONSIBILITY STATEMENT
Pursuant to the requirement under Section 217(2AA) of the Companies
Act, 1956, with respect to Director''s Responsibility Statement, it is
hereby confirmed that:
a. In the preparation of the annual accounts the applicable accounting
standards have been followed;
b. The Directors have selected such accounting policies and applied
them consistently and made judgments and estimates that are reasonable
and prudent so as to give true and fair view of the state of affairs of
the Company as at 31st March 2014 and of the profit of the Company for
the year ended on that date;
c. The Directors have taken proper and sufficient care for the
maintenance of adequate accounting records on computer in accordance
with the provisions of the Companies Act, 1956 for safeguarding the
assets of the Company and for preventing and detecting fraud and other
irregularities; and
d. The Directors have prepared the annual accounts of the Company on a
''going concern'' basis.
10. CORPORATE GOVERNANCE
A separate report on Corporate Governance and a certificate from the
Auditors of the Company regarding the compliance of conditions thereof
as stipulated under Clause 49 of the Listing Agreement with the Stock
Exchange is annexed .
11. AUDITORS AND AUDITOR''S REPORT
M/s Mahendra Badjatya & Co, Chartered Accountants, retire at the
conclusion of ensuing Annual General Meeting and eligible offer
themselves for re-appointment. The Auditor''s Report is self-explanatory
hence there is no need of any comments.
12. ACKNOWLEDGEMENT
The Board of Directors places its sincere gratitude for the assistance
and co-operation received from Banks, Customers and Shareholders. The
Directors take the opportunity to express their sincere appreciation
for the dedicated services of the Executives and staffs for their
contribution to the overall performance of the Company.
Registered Office: By Order of the Board
Ad-Manum Finance Limited
CIN- L52520MP1986PLC003405 sd/-
"Agarwal House", Ground Floor, VINOD K. AGARWAL
5 Yeshwant Colony, MANAGING DIRECTOR
INDORE - 452 003 (M.P.) DIN - 00136613
PLACE: INDORE
DATE: 31/07/2014 sd/-
J.N. CHOUDHURY
DIRECTOR-IN-CHARGE
DIN - 00136766
Mar 31, 2013
The Directors have pleasure in presenting the 27th Annual Report and
Audited Accounts for the year ended on 31st March 2013.
1. FINANCIAL RESULTS
(Amounting)
PARTICULARS CURRENT YEAR PREVIOUS YEAR
Profit before Depreciation,
Interest & other adjustments 255793311 191844727
Less: Interest 114277347 99164280
: Depreciation 12024145 12083366
Profit before Tax 129491819 80597081
Less: Provision for current
Income Tax 45500000 25000000
: Provision for deferred
income Tax (2245433) 2219452
: Income Tax for earlier year 412539 (2365811)
: Provision for NPA 3171994 4265080
: Provision for Diminution in
Securities (1372) 7298
Profit for the year 82654091 51471062
Add : Balance of Profit B/F
From Previous Year 41996898 29536737
Amount available for appropriation 124650989 81007799
APPROPRIATIONS:
Proposed dividend® 10% 7500000 7500000
Corporate Tax on proposed dividend 1274625 1216688
Transfer to NBFC Reserve 16530818 10294213
Transfer to General Reserve 50000000 20000000
Balance carried to Balance Sheet 49345546 41996898
TOTAL 12465098 81007799
2. DIVIDEND
The Board of Directors recommends payment of dividend @ 10 % (previous
year @ 10%) for the year ended on 31 st March, 2013.
3. DIRECTORS
During the year Mr. Aseem Trivedi, retires by Rotation and being
eligible offers himself for reappointment.
4. COMPLIANCEOFRESERVEBANKOFINDIAGUIDELINES
The company is complying circulars and directions issued by the Reserve
Bank of India from time to time.
5. PUBLIC DEPOSITS
The Company has neither invited nor accepted any deposits during the
year and also complied with the requirements j£ Non-Banking Financial
Companies, Reserve Bank Directives and the rules made there under.
6. DISCLOSURES AS PER TERMS OF PARAGRAPH 9BB OF NON-BANKING FINANCIAL
COMPANIES PRUDENTIAL NORMS (RESERVE BANK) DIRECTIONS, 1998.
The disclosures as required under Non-Banking Financial Companies
Prudential Norms (Reserve Bank) Directions, 1998 is enclosed with the
Balance Sheet.
8. PARTICULARS U/s. 217{i) (e) Of THE COMPANIES ACT, 1956
Since the Company does not carry on any industrial activity, therefore,
the information required in accordance with the provisions of section
217 (1 )(e) of the Companies Act, 1956 need not be furnished by the
Company.
9. DIRECTOR''S RESPONSIBILITY STATEMENT
Pursuant to the requirement under Section 217(2AA) of the Companies
Act, 1956, with respect to Director''s Responsibility Statement, it is
hereby confirmed that:
I. In the preparation of the annual accounts the applicable accounting
standards have been followed;
II. The Directors have selected such accounting policies and applied
them consistently and made judgments and estimates that are reasonable
and prudent so as to give true and fair view of the state of affairs of
the Company as at 31 st March 2013 and of the profit of the Company for
the year ended on that date;
HI. The Directors have taken proper and sufficient care for the
maintenance of adequate accounting records on computer in accordance
with the provisions of the Companies Act, 1956 for safeguarding the
assets of the Company and forpreventing and detecting fraud and other
irregularities; and
IV. The Directors have prepared the annual accounts of the Company on a
''going concern basis.
10. CORPORATE GOVERNANCE
A separate report on Corporate Governance and a certificate from the
Auditors of the Company regarding the compliance of conditions thereof
as stipulated under Clause 49 of the Listing Agreement with the Stock
Exchange is annexed.
11. AUDITORS AND AUDITOR''S REPORT
M/s Mahendra Badjatya & Company, Chartered Accountants, retire at the
conclusion of ensuing Annual General Meeting and eligible offer
themselves for re-appointment The Auditor''s Report is self-explanatory
hence there is no need of any comments.
12. ACKNOWLEDGMENT
The Board of Directors places its sincere gratitude for the assistance
and co-operation received from Banks, Customers and Shareholders. The
Directors take the opportunity to express their sincere appreciation
for the dedicated services of the Executives and staffs fortheir
contribution to the overall performance of the Company.
Registered Office:
By Order of the Board
Agarwal House , Ground Floor,
5, Yeshwant Colony,
INDORE-452 003(M.P.)
Sd/-
Place: Indore VINOD K. AGARWAL
Date: 29 - 05 - 2013 (MANAGING DIRECTOR)
Mar 31, 2012
The Directors have pleasure in presenting the 26th Annual Report and
Audited Accounts for the year ended on 31 st March 2012.
1. FINANCIAL RESULTS
(Amount in )
PARTICULARS CURRENT PREVIOUS
YEAR YEAR
Profit before
Depreciation' Interest &
other adjustments 191844727 116168642
Less: Interest 99164280 61515781
: Depreciation 12083366 10177606
Profit before Tax 80597081 44475255
Adjustment related to
previous year ----- 8673673
Less: Provision for
current Income Tax 25000000 19100000
: Provision for deferred
Income Tax 2219452 1176835
: Income Tax for earlier
year (2365811) 424580
: Provision for NPA 4265080 996894
: Provision for Diminution
in Securities 7298 21574
Profit for the year 51471062 31429045
Add : Balance of Profit
B/F From Previous Year 29536737 13955812
Amount available
for appropriation 81007799 45384857
APPROPRIATIONS :
Proposed dividend @10% 7500000 3912330
Corporate Tax on
proposed dividend 1216688 649790
Transfer to NBFC
Reserve 10294213 6286000
Transfer to General
Reserve 20000000 5000000
Balance carried to
Balance Sheet 41996898 29536737
TOTALRs 81007799 45384857
2. DIVIDEND
The Board of Directors recommends payment of dividend @ 10 % (previous
year @10%) for the year ended on 31st March' 2012.
3. DIRECTORS
During the year Mr. Vishnu Gupta' retires by Rotation and being
eligible offer himself for reappointment.
4. COMPLIANCE OF RESERVE BANK OF INDIA GUIDELINES
The company is complying circulars and directions issued by the Reserve
Bank of India from time to time.
5. PUBLIC DEPOSITS
The Company has neither invited nor accepted any deposits during the
year and also complied with the requirements of Non-Banking Financial
Companies' Reserve Bank Directives and the rules made there under.
6. DISCLOSURES AS PER TERMS OF PARAGRAPH 9BB OF NON-BANKING FINANCIAL
COMPANIES PRUDENTIAL NORMS (RESERVE BANK) DIRECTIONS' 1998.
The disclosures as required under Non-Banking Financial Companies
Prudential Norms (Reserve Bank) Directions' 1998 is enclosed with the
Balance Sheet.
7. PARTICULARS OF EMPLOYEES
There was no employee drawing salary ofRs 5'00'000/- per month orRs
60'00'000/- per annum.
8. PARTICULARS U/s. 217(1) (e) Of THE COMPANIES ACT' 1956
Since the Company does not carry on any industrial activity' therefore'
the information required in accordance with the provisions of section
217 (1 )(e) of the Companies Act' 1956 need not be furnished by the
Company.
9. DIRECTORÃS RESPONSIBILITY STATEMENT
Pursuant to the requirement under Section 217(2AA) of the Companies
Act' 1956' with respect to DirectorÃs Responsibility Statement' it is
hereby confirmed that:
I. In the preparation of the annual accounts the applicable accounting
standards have been followed;
n. The Directors have selected such accounting policies and applied
them consistently and made judgments and estimates that are reasonable
and prudent so as to give true and fair view of the state of affairs of
the Company as at 31st March 2012 and of the profit of the Company for
the year ended on that date;
IH. The Directors have taken proper and sufficient care for the
maintenance of adequate accounting records on computer in accordance
with the provisions of the Companies Act' 1956 for safeguarding the
assets of the Company and for preventing and detecting fraud and other
irregularities; and
IV. The Directors have prepared the annual accounts of the Company on a
Ãgoing concern basis.
10. CORPORATE GOVERNANCE
A separate report on Corporate Governance and a certificate from the
Auditors of the Company regarding the compliance of conditions thereof
as stipulated trader Clause 49 of the Listing Agreement with the Stock
Exchange is annexed.
11. AUDITORS AND AUDITORÃS REPORT
M/s Mahendra Berjaya & Company' Chartered Accountants' retire at the
conclusion of ensuing Annual General Meeting and eligible offer
themselves for re- appointment. The AuditorÃs Report is
self-explanatory hence there is no need of any comments.
12. ACKNOWLEDGMENT
The Board of Directors places its sincere gratitude for the assistance
and co-operation received from Banks' Customers and Shareholders. The
Directors take the opportunity to express their sincere appreciation
for the dedicated services of the Executives and staffs for their
contribution to the overall performance of the
Registered Office: By Order of the Board
"Agarwal HouseÃ' Ground Floor'
5' Yeshwant Colony' .
INDORE-452 003 (M.P.)
Sd/-
Place: Indore
Date-27.08 2012 VINOD K. AGARWAL
MANAGING DIRECTOR
Mar 31, 2010
The Directors have pleasure in presenting the 24th Annual Report and
Audited Accounts for the year ended on 31st March 2010.
1. FINANCIAL RESULTS (Amount in Rs )
Particulars Cuurent Yr. Previous Yr.
Profit before Depreciation,
Interest & Other adjustments 101443705 87900566
Less : Interest 42742972 55890384
: Depreciation 7832169 7743561
Profit before Tax 34910803 24266621
Adjustment related to (1036253) (6512844)
previous year
Less : Provision for current 13500000 6700000
Income Tax
: Provision for deferred (2239333) (2878775)
Income Tax
: Provisions for Fringe - 236000
Benefit Tax
: Income Tax for (74160) 536605
earlier year
: Provisions for NPA 1326583 2014345
: FBT for earlier year (22485) -
: Provision for Diminution 57185 -
in Securities
Profit for the year 21326760 11145602
Add : Balance of Profit
B/F From Prev. Year 10402315 9996563
Amount available for
appropriation 31729075 21142165
APPROPRIATIONS :
Proposed dividendî 10% 3000000 3000000
Coporate Tax on Proposed 498263 509850
dividend
Transfer to NBFC Reserve 4275000 2230000
Transfer to General Reserve 10000000 5000000
Balance carried to Balance Sheet 13955812 10402315
TOTAL Rs 31729075 21142165
2. DIVIDEND
The Board of Directors recommends payment of dividend @ 10% (previous
year @ 10%) for the year ended on 31 st March, 2010.
3. DIRECTORS
During the year Mr. Aseem Trivedi, retires by Rotation and being
eligible offer himself for reappointment.
4. COMPLAINCE OF RESERVE BANK OF INDIA GUIDLINES
The Company is complying circulars and direction issued by the Reserve
Bank of India from time to time
5. PUBLIC DEPOSITS
The Company has neither invited nor accepted any deposits during the
Year and also Complied with the requirements of Non-Banking Financial
Companies, Reserve Bank Directives and the rules made there under.
5. DISCLOSURES AS PER TERMS OF PARAGRAPH 9BB OF NON-BANKING FINANCIAL
COMPANIES PRUDENTIAL NORMS (RESERVE BANK) DIRECTIONS, 1998.
The disclosures as required under Non-Banking Financial Companies
Prudential Norms (Reserve Bank) Directions, 1998 is enclosed with the
Balance Sheet.
6. PARTICULARS OF EMPLOYEES
There was no employee drawing salary of Rs 2400000/- per month i.e.Rs
2400000/- per annum.
7. PARTICULARS U/s. 217 (i) (e) OF THE COMPANIES ACT, 1956
Since the Company does not carry on any industrial activity, therefore,
the information required in accrodance with the provisions of section
217 (1) (e) of the Companies Act, 1956 need not be furnished by the
Company.
8. DIRECTORS RESPONSIBILITY STATEMENT
Pursuant to the requirement under Section 217 (2AA)of the Companies
Act, 1956, with respect to Directors Responsibility Statement, it is
hereby confirmed that:
followed;
II. The Directors have selected such accounting policies and applied
them consistently and made judgments and estimates that are reasonable
and prudent so as to give true and fair view of the state of affairs of
the Company as at 31 st March 2010 and of the profit of the Company for
the year ended on that date;
III. The Directors have taken proper and sufficient care for the
maintenance of adequate accounting records on computer in accordance
with the provisions of the Companies Act, 1956 for safeguarding the
assets of the Company and for preventing and detecting fraud and other
irregularities; and
IV. The Directors have prepared the annual accounts of the Company on
a going concern basis.
9. CORPORATE GOVERNANCE
A separate report on Corporate Governance and a certificate from the
Auditors of the Company regarding the compliance of conditions thereof
as stipulated under Clause 49 of the Listing Agreement with the Stock
Exchange is annexed.
10. AUDITORS AND AUDITORS REPORT
M/s Mahendra Badjatya & Company, Chartered Accountants, retire at the
conclusion of ensuing Annual General Meeting and eligible offer
themselves for re- appointment. The Auditors Report is self-
explanatory hence there is no need of any comments.
11. ACKNOWLEDGMENT
The Board of Directors places its sincere gratitude for the assistance
and co-operation received from Banks, Customers and Shareholders. The
Directors take the opportunity to express their sincere appreciation
for the dedicated services of the Executives and staff for their
contribution to the overall performance of the Company.
Registered Office : By Order of the Board
"Agarwal House", Ground Floor,
5, Yeshwant Colony,
INDORE-452 003(M.P.)
Sd/-
Place : Indore VINOD K. AGARWAL
Date :31.08.2010 MANAGING DIRECTOR
Disclaimer: This is 3rd Party content/feed, viewers are requested to use their discretion and conduct proper diligence before investing, GoodReturns does not take any liability on the genuineness and correctness of the information in this article