Mar 31, 2015
Dear Members,
The Directors have great pleasure in presenting the TWENTY FIRST
Annual Report togetherwith the Audited Accounts of your Company for the
Financial Year ended 31.03.2015.
FINANCIAL HIGHLIGHTS:
The financial results of the company compared to the previous year are
summarized as under:
(Rs. Lakhs)
Particulars For the For the
year ended year ended
31.03.2015 31.03.2014
Revenue from Operations 65.68 15.94
Other Income - -
Gross Income 65.68 15.94
Profit/(Loss) before Financial cost, 42.11 9.58
Depreciation and Tax
Less: Financial Cost - -
Profit/(Loss) before Depreciation and Tax 42.11 9.58
Less: Depreciation - -
Profit I (Loss) before Tax & Exceptional/ 42.11 9.58
Extraordinary Items
Less: Exceptional and Extraordinary Items 4.76 1.40
Profit/(Loss)beforeTax 37.35 8.18
Less: Tax Expense
Profit/ (Loss) After Tax for the year
EPS 0.75 0.16
MATERIAL CHANGES AND COMMITMENTS:
There have been no material changes & Commitments, which have occurred
between the end of the financial year of the company to which the
balance sheet relates and the date of the report affecting the
financial position of the company.
RESERVES:
The company does not propose to carry any amount to reserves during the
financial year.
DIVIDEND:
In order to conserve the financial resources of the company for growth
and expansion plans, the Board of Directors do not recommend any
dividend for the financial year under review.
DEPOSITS AND LOANS/ADVANCES:
The Company has not accepted any public deposits during the financial
year. The particulars of loans/ advances and investment in its own
shares by listed companies, their subsidiaries, associates etc.
required to be disclosed in the annual accounts of the company pursuant
to Clause 32 of the listing agreement with the company, are furnished
separately.
LISTING:
The Equity Shares of the Company are listed at the Bombay Stock
Exchange. The Annual Listing Fees for the financial year 2015-2016 has
been paid to Bombay Stock Exchange.
SEBI has mandated the small / regional exchanges to raise their
capabilities in terms of net worth / trading reach. Madras Stock
Exchange, in which your company is also listed has not fulfilled the
criteria framed by the SEBI. Subsequently it has opted for voluntary
exit as a Stock Exchange and advised the Companies to delist their
shares, which are not exclusively listed with it. In view of this
scenario, the company shall delist its Equity Shares from Madras Stock
Exchange.
Ms. Mohana, Director, whose appointment is valid till this AGM is
appointed as Independent Director for a period of 5 (Five) years with
effect from 30th September 2015.
Your Board recommends the above appointment/reappointment of Directors
in the best interest of the Company.
Company's Vision and Philosophy on the Code of Governance:
The vision of Arihant's Securities Limited is to be a financially
sound, profitable, growth oriented and technology friendly Company
committed to building values and maximizing gains for all its
stakeholders, for those doing business with it, and for others
associated with it. In its pursuit to attain its goals, the Company is
laying maximum emphasis on the effective system of Corporate Governance
particularly with a view to improve its image, efficiency,
effectiveness, and integrity in all its dealings. The Company's
Corporate Governance philosophy is to be ethical in its conduct of its
business, to constantly strive to grow with profits, and to enhance
shareholders value to the maximum extent. The Corporate Governance
policies of your Company recognize the accountability of the Board Of
Directors vis-a-vis all its constituents viz. Borrowers, Shareholders,
Employees, Government & other Regulatory Authorities, and others
dealing with it and doing business with it.
DIRECTORS'RESPONSIBILITYSTATEMENT:
As per Section 134(3)(c) of the Companies Act, 2013 the Board of
Directors hereby confirm the following statement:
(i) in the preparation of the annual accounts for the financial year
ended 31st March, 2015, the applicable accounting standards had been
followed along with proper explanation relating to material departures;
(ii) 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 as at March 31,2015 and of the profit and loss of the
company for that period;
(iii) the directors had taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of the Companies Act, 2013 for safeguarding the assets of
the company and for preventing and detecting fraud and other
irregularities;
(iv) the directors had prepared the annual accounts on a going concern
basis; and
(vi) the directors had devised proper systems to ensure compliance with
the provisions of all applicable laws and that such systems were
adequate and operating effectively.
1. Board of Directors:
Composition and Category
As on 31 March, 2015, the Board of the Company consists of Four (4)
directors. The Board has an optimum combination of Executive and
Non-Executive Directors. The composition of the Board is in conformity
with Clause 49 of the Listing Agreement, with reference to number of
Executive and Non-Executive Directors.
The Executive Director is involved in the day to day management of the
Company and Non-Executive Directors including the Independent Director
bring external and wider perspective and independence to the decision
making.
Mr. Nishikanth Mohanlal Choudhary, Managing Director of the Company
works under the direction, control and supervision of the Board of
Directors. The Board of Directors meet regularly to discuss, appraise
and approve matters relating to company's strategy, plans, budgets,
financials and operations.
The details of the composition, nature of Directorship and the
directorships held in other companies by the Directors of the Company
as on 31 March, 2015 are detailed below:
Name Nature of Directorship Directorships in other
Public Companies
Mr. Ravikant Choudhry Non - Executive Chairman 1
Mr. Nishikanth Mohanlal Managing Director Nil
Choudhary
Mr. Ajit Kumar Chordia Non-Executive 2
Independent Director
Mr. Narendra B Bhatt Non-Executive Nil
Name Chairmanship / Membership
in the Committees of
the Board of other Public
Companies
Committee Committee
Chairman Member
Mr. Ravikant Choudhry 1 2
Mr. Nishikanth Mohanlal Nil 3
Choudhary
Mr. Ajit Kumar Chordia 1 1
Mr. Narendra B Bhatt 1 Nil
Board Agenda:
Meetings are governed by a structured Agenda and a Board member may
bring up any matter for consideration of the meeting in consultation
with the Chairman. The detailed agenda and relevant information is sent
to every director at least 7 working days in advance for each meeting,
facilitating effective discussion and decision making. An indicative
list of the information usually placed before the Board is as under:
* Annual Budgets and updates thereon.
* Capital expenditure proposals if any and review of their
implementation.
* Quarterly, Half yearly and Annual Results.
* Business performance and steps for improvement.
* Legal proceedings involving the Company.
* Minutes of meetings of Audit Committee, Remuneration Committee and
Shareholders Committee.
* Materially important show cause notices, non-compliances, if any,
etc.
Board Meeting:
During the financial year ended 31st March 2015 Five (5) Board Meetings
were held. The dates on which the Board Meetings were held are
01-04-2014,30-05-2014,14-08-2014,14-11-2014,14-02-2015.
Details of attendance at the Board meetings and the last Annual General
Meeting:
Name of the Director Board Meetings Attended
Mr. Ravikant Choudhry 5
Mr. Nishikanth Mohanlal Choudhary 5
Mr. Ajit Kumar Chordia 5
Mr. Narendra B Bhatt 5
Name of the Director Attendance in Last AGM
Mr. Ravikant Choudhry Yes
Mr. Nishikanth Mohanlal Choudhary Yes
Mr. Ajit Kumar Chordia Yes
Mr. Narendra B Bhatt Yes
DECLARATION OF INDEPENDENT DIRECTORS:
The Independent Directors have submitted their disclosures to the Board
that they fulfill all the requirements as stipulated in Section 149(6)
of the Companies Act, 2013 so as to qualify themselves to be appointed
as Independent Directors under the provisions of Companies Act, 2013
and the relevant rules.
AUDITORS:
M/S. N R Krishnamoorthy & Co, Chartered Accountants, Chennai (FRN:
001492S), Statutory Auditors of the company, hold office until the
conclusion of the ensuing Annual General meeting of the Company and are
eligible for reappointment for a term of five years from the conclusion
of the ensuing annual general meeting as per the provisions of
Companies Act 2013 subject to ratification by shareholders in the
annual general meeting every year. The company has received
confirmation that their appointment will be within the limits
prescribed under Section 139 read with section 141 of the Companies
Act, 2013.
The Audit Committee in its meeting hasrecommended the reappointment of
the Auditors. The necessary resolution is being placed before the
shareholders for approval.
AUDITORS REPORT:
There are no reservations, qualifications or adverse remarks contained
in the Auditors Report.
EXTRACTS OF ANNUAL RETURN:
The Extracts ofAnnual Return as per Section 92(3) of the Companies Act,
2013 and Rule 12(1) of the Companies (Management and Administration)
Rules, 2014 is enclosed herewith and forms part of the report.
SECRETARIAL AUDIT REPORT:
Pursuant to the requirements of the Companies Act, 2013, the Company
has appointed Mr. R. Alagar, B.Com, FCS, Practicing Company Secretary
(Cop No: 3913 as the Secretarial Auditor for the financial year 2015
whose report on 30thMay, 2015 is attached separately to this report.
REPLY TO SECRETARIAL AUDIT REPORT:
The Board has taken note of all the points mentioned in Secretarial
Audit Report and assures to comply with the provisions at the earliest.
COMPANYSECRETARY:
The company is making consistent efforts for appointment of whole time
Company Secretary. The company has been availing services of practicing
company secretary from time to time to ensure compliance ofthe
provisions of the applicable acts and statutes. Also the Annual Return
of the Company is being certified by practicing company secretary from
year to year and the company is also taking certifications from them
for Stock Exchange Compliances.
DISCLOSURE OF COMPOSITION OF AUDIT COMMITTEE AND PROVIDING VIGIL
MECHANISM AND OTHER COMMITTEES OF THE BOARD:
(A) AUDIT COMMITTEE:
(i) Composition
The Audit Committee of the Board comprises three directors, namely Mr.
Ajit Kumar Chordia, the Chairman, Mr. Ravikanth Chudhryand Mr.
Nishikanth Mohanlal Choudhary, members. The composition of Audit
Committee meets therequirement of Section 177 ofthe Companies Act, 2013
Members of the Audit Committee have requisite financial and management
expertise.
(ii) Terms of reference
* Recommendation for appointment, remuneration and term of appointment
of the auditors of the Company.
* Discussion and review of periodic audit reports and discussion with
external Auditors about the scope of audit including the observations
of Auditors.
* Review and monitor the auditor's independence and performance
* Overseeing Financial Reporting Process
* Reviewing periodic financial results, financial statements and
auditors' report thereon.
* Evaluation of internal financial controls and risk management
systems.
* Valuation of undertakings or assets of the Company.
(iii) Attendance
The committee met 4 times during the period on the following dates:
30.05.2014, 14.08.2014, 14.11.2014and 14.02.2015.
(B) SHAREHOLDERS RELATIONSHIP COMMITTEE
The Shareholders / Investors Grievances Committee have been
reconstituted as Shareholders Relationship Committee in line with
Section 178 (5) of the Companies Act, 2013 and are headed by Mr.
Narendra B Bhattlndependent Director, Mr. Ravikanth Choudhry,
Non-executive Director, and Mr. Nishikanth Mohanlal Choudhry, Managing
Director as members.
The Committee monitors redressal of complaints received from
shareholders/investors with respect totransfer of shares, non-receipt
of dividend, non-receipt of Annual Report etc. The Committee also
takenote on number of transfers processed, issue of fresh share
certificates, dematerialization of share certificates, report about top
shareholders, share holding pattern etc.
There were no complaints received for this financial year. No
instrument of transfers was pending on 31st March, 2015.
During the year the Committee was met 2 times 30.05.2014, and
14.02.2015.
(C) NOMINATION AND REMUNERATION COMMITTEE
The Company has a Remuneration Committee consists of Chairman Mr.
Ravikanth Choudhry, Non-executive Director, Mr. Ajit Kumar Chordia,
Independent Director,and Mr. Nishikanth Mohanlal Choudhry, Managing
Directoras members.
The Nomination and Remuneration Committee met once during the year on
30th May 2014 and all the directors have attended the meeting.
The company has a Managing Director and there was no payment to him as
he has foregone his remuneration for the year in view of low profits
made by the company. No remuneration has been paid to any directors of
the company.
VIGIL MECHANISM:
The Company has established a vigil mechanism and overseas through the
committee the genuine concerns expressed by the employees and other
Directors. The Company has also provided adequate safeguards against
victimization of employees and Directors who express their concerns.
The Company has also provided direct access to the Chairman of the
Audit Committee on reporting issues concerning the interests of co
employees and the Company.
CORPORATE SOCIAL RESPONSIBILITY:
The provisions of the Companies Act, 2013 on Corporate Social
Responsibility are not applicable to the company.
CORPORATE GOVERNANCE:
By Virtue of the Circular CIR/CFD/Policy Cell/7/2014 Dated 15.9.2014
issued by Securities Exchange Board of India, for companies having
Equity Share Capital not exceeding Rs.10 Crores and Net Worth not
exceeding Rs.25 Crore the submission of Corporate Governance Report as
stipulated in clause 49 of the Listing Agreement is not mandatory.
Since the Paid Up Equity Capital of the Company is only Rs. 5 Crores
and Net Worth is Rs. 4,57,89,545 the company is not required to submit
Corporate Governance along with Directors' Report.
However your Board of Directors assure the members that the Company
continues to maintain highest Standards of Integrity, transparency in
operations, excellence in service to all shareholders and strong
Corporate Governance Standards.
The Board of Directors assure that the Corporate Governance Standards
as stipulated in the Companies Act, 2013 have been fully complied with.
CONSERVATION OF ENERGY. TECHNOLOGY ABSORPTION. FOREIGN EXCHANGE
EARNINGS AND OUTGO:
The Company is a financial services company. Therefore, its operations
do not account for energy consumptions. Accordingly, Rules 2Aand 2B of
the Companies (Disclosure of Particulars in the Report of Board of
Directors) Rules, 1988 concerning conservation of energy and technology
absorption respectively are not applicable to the Company. However, the
Company is taking all possible measures to conserve energy. The
management keeps itself abreast of the technological advancements in
the industry.
There are no inflow and outflow of foreign exchange during the year
under review.
ACKNOWLEDGEMENT:
Your directors wish to place on record their deep appreciation of the
dedication and commitment of employees to the growth of your company
during the year. Your directors also express their sincere gratitude to
the customers, bankers, consultants, Auditors and the shareholders for
their continued patronage and cooperation.
Forand on behalf of the Board
Sd/-
Date:30,h May,2015 Chairman
Place : Chennai (Ravikant Choudhry)
(DIN : 00831721)
Mar 31, 2014
Dear Members,
The Directors are happy to present the Twentieth Annual Report of your
company together with the Audited Accounts of the Company for the
financial year ended 31st March 2014.
FINANCIAL HIGHLIGHTS:
The financial results of the company compared to the previous year are
summarized as under:
(Amount in)
Particulars 31.03.2014 31.03.2013
Revenue from Operations 15,94,109 10,29,228
Otherlncome - 4,69,900
Gross Income 15,94,109 14,99,128
Profit/ (Loss) before Financial cost,
Depreciation 9,58,943 8,77,347
and Tax
Less: Financial Cost 880 270
Profit/ (Loss) before Depreciation
and Tax 9,58,064 8,77,077
Less: Depreciation 353 2,954
Profit (Loss) before Tax & Exceptional 9,57,711 8,74,123
Extraordinary Items
Less: Exceptional and Extraordinary Items - -
Profit / (Loss) before Tax 9,57,711 8,74,123
Less: Tax Expense 1,40,145 1,24,455
Profit/(Loss) After Tax for the year 8,17,566 7,49,668
MATERIAL CHANGES AND COMMITMENTS:
There have been no material changes & Commitments, which have occurred
between the end of the financial year of the company to which the
balance sheet relates and the date of the report affecting the
financial position of the company.
RESERVES:
The company does not propose to carry any amount to reserves during the
financial year.
DIVIDEND:
In order to conserve the financial resources of the company for growth
and expansion plans, the Board of Directors do not recommend any
dividend for the financial year under review.
DEPOSITS AND LOANS/ADVANCES:
The Company has not accepted any public deposits during the financial
year.
The particulars of loans/ advances and investment in its own shares by
listed companies, their subsidiaries, associates etc. required to be
disclosed in the annual accounts of the company pursuant to Clause 32
of the listing agreement with the company, are furnished separately.
LISTING:
The Equity Shares of the Company are listed at the Madras Stock
Exchange and Bombay Stock Exchange. The Annual Listing Fees for the
financial year 2014-2015 has been paid to Bombay Stock Exchange.
SEBI has mandated the small / regional exchanges to raise their
capabilities in terms of net worth / trading reach. Madras Stock
Exchange, in which your company is also listed has not fulfilled the
criteria framed by the SEBI. Subsequently it has opted for voluntary
exit as a Stock Exchange and advised the Companies to delist their
shares, which are not exclusively listed with it. In view of this
scenario, the company shall delist its Equity Shares from Madras Stock
Exchange.
COMPLIANCEWITH RBI PRUDENTIAL NORMS
The company has complied with the prudential norms on income
recognition, accounting standards, assets classification, provisioning
for bad and doubtful debts as applicable to it in in terms of Non
Banking Financial (Non Deposit Accepting or Holding) Companies
Prudential Norms (Reserve Bank) Directions, 2007 for the year ended on
31st March 2014.
DIRECTORS
Mr. RavikantChoudhry Director of the company retires by rotation at the
ensuing Annual General Meeting of the Company and being eligible offers
himself for reappointment.
Pursuant to the notification of section 149 and other applicable
provisions of the Companies Act, 2013 read with rule thereon, the
existing Non Executive Independent Director of the Company Mr. Ajit
Kumar Chordia is being appointed as Independent Director for a period
of five (5) consecutive years commencing from 30th September, 2014.
To comply with the conditions prescribed in the listing Agreement for
appointment of Independent Directors, Mr. Narendra B Bhatt proposed to
be appointed as Independent Director for a period of five (5)
consecutive years commencing from 30th September, 2014.
In order to fulfill the requirements of Section 152(6) of the Companies
Act, 2013 ("the Act") the terms of re-appointment of Mr. Nishikanth
Mohanlal Choudhary, Managing Director are being varied by making him
liable to retire by rotation in terms of Section 152 (6) of the Act,
and all other terms and conditions of his reappointment shall remain
the same.
Your Board recommends the above appointments / reappointments of
Directors in the best interest of the Company.
KEY MANAGERIAL PERSONNEL''S:
The Board of Directors in their meeting held on 14th August, 2014 has
appointed Mr. V. Muralidharan, as a Chief Financial officer (CFO) of
the Company. Mr. Nishikanth Mohanlal Choudhary, Managing Director & Mr.
V. Muralidharan, CFO were also identified as Key Managerial Personnel
pursuant to Section 203 of the Companies Act, 2013.
COMMITTEES OF BOARD:
Due to resignation of Mr. Subash Chand Nahar as Director of the
Company, the Board of Directors in their meeting held on 10th June,
2013, had reconstituted the Audit Committee, Remuneration Committee and
Shareholders/ Investors Grievance Committee.
The present Audit Committee comprises of the following Directors of the
Board:
Mr. Ajit Kumar Chordia -Chairman
Mr. Nishikanth Mohanlal Choudhary - Member
Mr. Ravikant Choudhary - Member
The present Remuneration Committee comprises of the following Directors
of the Board:
Mr. Ajit Kumar Chordia -Chairman
Mr. Ravikant Choudhary -Member
Mr. Nishikanth Mohanlal Choudhary - Member
The present Shareholders/ Investors Grievance Committee, comprises of
the following Directors of the Board:
Mr. Ravikant Choudhary -Chairman
Mr. Ajit Kumar Chordia -Member
Mr. Nishikanth Mohanlal Choudhary - Member
AUDITORS:
M/S N R Krishnamoorthy & Co, Chartered Accountants, Chennai (FRN:
001492S), Statutory Auditors of the company, hold office until the
conclusion of the ensuing Annual General meeting of the Company and are
eligible for reappointment for a term of five years from the conclusion
of the ensuing annual general meeting as per the provisions of
Companies Act 2013 subject to ratification by shareholders in the
annual general meeting every year. The company has received
confirmation that their appointment will be within the limits
prescribed under Section 139 read with section 141 of the Companies
Act, 2013.
The Audit Committee in its meeting have recommended the reappointment
of the Auditors. The necessary resolution is being placed before the
shareholders for approval.
AUDITORS REPORT:
There are no reservations, qualifications or adverse remarks contained
in the Auditors Report.
CORPORATE GOVERNANCE:
As required by clause 49 of the Listing agreement entered into with the
Stock exchanges, a detailed report on Corporate Governance is given as
part of the Annual Report.
The Company is in full compliance with the requirements and disclosures
that have to be made in this regard. The Auditors'' Certificate of the
Compliance with the Corporate Governance requirements by the Company is
attached to the Report on Corporate Governance.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE
EARNINGS AND OUTGO:
Pursuant to section 217(1)(e) of the Companies Act, 1956 read with the
Companies (Disclosure of Particulars in the Report of Board of
Directors) Rules, 1988 the following information is provided:
The Company is a financial services company. Therefore, its operations
do not account for substantial energy consumptions. Accordingly, Rules
2Aand 2B of the Companies (Disclosure of Particulars in the Report of
Board of Directors) Rules, 1988 concerning conservation of energy and
technology absorption respectively are not applicable to the Company.
However, the Company is taking all possible measures to conserve
energy. The management keeps itself abreast of the technological
advancements in the industry.
There are no inflow and outflow of foreign exchange during the year
under review.
PARTICULARS OF EMLPOYEES U/S 217(2A) OF COMPANIES ACT, 1956:
None of the employees have received remuneration in excess of the sum
prescribed u/s 217(2A) of the Companies Act, 1956.
DIRECTORS RESPONSIBILITYSTATEMENT:
Pursuant to section 217(2AA) of the Companies Act, 1956, your Directors
confirm that:
(i) In the preparation of the annual accounts, the applicable
accounting standards have been followed;
(ii) they have, in the selection of the accounting policies, consulted
the Statutory Auditors and these have been applied consistently and
reasonable and prudent judgments and estimates have been made so as to
give a 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;
(iii) proper and sufficient care has been taken for the maintenance of
adequate accounting records 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 annual accounts have been prepared on a going concern basis.
COMPANYSECRETARY:
The company is making consistent efforts for appointment of Whole time
Company Secretary. The company has been availing services of practicing
company secretary from time to time to ensure compliance of the
provisions of the applicable acts and statutes. Also the Annual Return
of the Company is being certified by practicing company secretary from
year to year and the company is also taking certifications from them
for Stock Exchange Compliances.
ACKNOWLEDGEMENT:
Your directors wish to place on record their deep appreciation of the
dedication and commitment of employees to the growth of your company
during the year. Your directors also express their sincere gratitude to
the customers, bankers, consultants, Auditors and the shareholders for
their continued patronage and cooperation.
FOR AND ON BEHALF OF THE BOARD
Sd/-
Chennai Ravikant Choudhry
Dated : 14th August, 2014 (Chairman)
(DIN: 00831721)
Mar 31, 2013
The Directors are happy to present the Nineteenth Annual Report of
your company together with the Audited Accounts of the Company for the
financial year ended 31st March 2013.
FINANCIAL HIGHLIGHTS:
The financial results of the company compared to the previous year are
summarized as under:
Particulars 31.03.2013 31.03.2012
Revenue from Operations 10,29,228 1,37,85,485
Other Income 4,69,600 12,200
Profit / (Loss) before Financial
costs, Depreciation 8,77,347 1,34,89,897
and Amortisation Expense, Exceptional
and Extraordinary
Items and Tax
Less: Financial Costs 270 770
Profit / (Loss) before Depreciation
and Amortisation 8,77,077 1,34,89,127
Expense, Exceptional and Extraordinary
Items and Tax
Less: Depreciation and Amortisation
Expense 2,954 6,689
Profit / (Loss) before Exceptional
and Extraordinary 8,74,123 1,34,82,438
Items and Tax
Less: Exceptional and Extraordinary Items 0 0
Profit/(Loss) before Tax 8,74,123 1,34,82,438
Less: Current Tax 1,25,205 24,52,859
Deferred Tax (750) (1,859)
Profit/ (Loss) from the period
from continuing 7,49,668 1,10,31,438
operations
Profit/ (Loss) from Discontinuing
operations 0 0
Profit/(Loss)forthe period 7,49,668 1,10,31,438
Earning per Equity Share (Amount in)
a) Basic 0.15 2.21
b) Diluted 0.15 2.21
MATERIAL CHANGES AND COMMITMENTS:
There have been no material changes & Commitments, which have occurred
between the end of the financial year of the company to which the
balance sheet relates and the date of the report affecting the
financial position of the company.
RESERVES:
The company does not propose to carry any amount to reserves during the
financial year.
DIVIDEND:
Your directors do not wish to recommend any dividend with a view to
conserve the resources of the company for growth and expansion of the
company.
DEPOSITS AND LOANS/ADVANCES:
The Company has not accepted any public deposits during the financial
year.
The particulars of loans/ advances and investment in its own shares by
listed companies, their subsidiaries, associates etc. required to be
disclosed in the annual accounts of the company pursuant to Clause 32
of the listing agreement with the company, are furnished separately.
LISTING:
The Equity Shares of the Company are listed at the Madras Stock
Exchange and Bombay Stock Exchange. The Annual Listing Feesforthe
Financial year 2013-2014 has been paid to both the Stock Exchanges.
BY ORDER OF THE BOARD
For ARIHANT''S SECURITIES LIMITED
Chennai Sd/-
Ravikant Choudhry
Dated : 5th September, 2013 (Chairman & Director)
Mar 31, 2012
The Directors are happy to present the Eighteenth Annual Report of
your company together with the Audited Accounts of the Company for the
financial year ended 31st March 2012.
FINANCIAL HIGHLIGHTS:
The financial results of the company compared to the previous year are
summarized as under:
(Amount in Rs.)
Particulars 31.03.2012 31.03.2011
Revenue from Operations 1,37,85,485 9,43,529
Other Income 12,200 8,947
Profit / (Loss) before Financial costs,
Depreciation 1,34,89,897 4,92,542
and Amortisation Expense, Exceptional and
Extraordinary Items and Tax
Less: Financial Costs 770 332
Profit / (Loss) before Depreciation
and Amortisation 1,34,89,127 4,92,210
Expense, Exceptional and Extraordinary
Items and Tax
Less: Depreciation and Amortisation Expense 6,689 6,689
Profit / (Loss) before Exceptional and
Extraordinary 1,34,82,438 4,85,521
Items and Tax
Less: Exceptional and Extraordinary Items 0 0
Profit / (Loss) before Tax 1,34,82,438 4,85,521
Less: Current Tax 24,52,859 0
Deferred Tax (1,859) (1,782)
Profit / (Loss) from the period from
continuing 1,10,31,438 4,87,302
operations
Profit/ (Loss) from Discontinuing operations 0 0
Profit/(Loss) for the period 1,10,31,438 4,87,302
Earning per Equity Share (Amount in Rs.)
a) Basic 2.21 0.10
b) Diluted 2.21 0.10
MATERIAL CHANGES AND COMMITMENTS:
There have been no material changes & Commitments, which have occurred
between the end of the financial year of the company to which the
balance sheet relates and the date of the report affecting the
financial position of the company.
RESERVES:
The company does not propose to carry any amount to reserves during the
financial year.
DIVIDEND:
Your directors do not wish to recommend any dividend with a view to
conserve the resources of the company for growth and expansion of the
company.
DEPOSITS AND LOANS/ADVANCES:
The Company has not accepted any public deposits during the financial
year.
The particulars of loans/ advances and investment in its own shares by
listed companies, their subsidiaries, associates etc. required to be
disclosed in the annual accounts of the company pursuant to Clause 32
of the listing agreement with the company, are furnished separately.
LISTING:
The Equity Shares of the Company are listed at the Madras Stock Exchange
and Bombay Stock Exchange. The Annual Listing Fees for the Financial
year 2012-2013 has been paid to both the Stock Exchanges.
COMPLIANCE WITH RBI PRUDENTIAL NORMS
The company has complied with the prudential norms on income
recognition, accounting standards, assets classification, provisioning
for bad and doubtful debts as applicable to it in in terms of Non
Banking Financial (Non Deposit Accepting or Holding) Companies
Prudential Norms (Reserve Bank) Directions, 2007 for the year ended on
31st March 2012.
DIRECTORS
Mr. Ravikant Choudhry, Director of the company retires by rotation at
the ensuing Annual General Meeting of the Company and being eligible
offers himself for reappointment
Mr. Nishikanth Mohanlal Choudhary was reappointed as the Managing
Director of the Company at the meeting of the Board of Directors held on
26th April, 2012 for a period of 5 years subject to the approval of the
members in general meeting by way of an ordinary resolution. The board
recommends to pass ordinary resolution as set out in the notice of the
ensuing Annual General Meeting of the Company.
AUDITORS:
N.R. Krishnamoorthy & Co., Chartered Accountants, Statutory Auditors of
the Company retire at the conclusion of the ensuing Annual General
Meeting of the Company and being eligible offer themselves for
reappointment. A written certificate pursuant to section 224(1B) has
been obtained that their appointment if made will be within the limits
specified therein. The Audit Committee in its meeting have recommended
the reappointment of the Auditors.
AUDITORS REPORT:
There are no reservations, qualifications or adverse remarks contained
in the Auditors Report.
CORPORATE GOVERNANCE:
Your Company is complying with the Code of Corporate Governance, which
has been introduced by the Securities and Exchange Board of India
(SEBI). Please find a comprehensive Report on Corporate Governance duly
annexed herewith.
All Board Members and Senior Management Personnel have duly complied
with the Code of Conduct established by the Company for the
year 2011-2012.
A brief resume of each of the directors who are to be re-appointed at
this AGM and for reappointment of Managing Director and the names of
the Companies in which, they hold directorships are mentioned elsewhere
in this report.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE
EARNINGS AND OUTGO:
Pursuant to section 217(1)(e) of the Companies Act, 1956 read with the
Companies (Disclosure of Particulars in the Report of Board of
Directors) Rules, 1988 the following information is provided:
The Company is a financial services company. Therefore, its operations
do not account for substantial energy consumptions. Accordingly, the
information required under section 217 (1) (e) of the Companies Act,
1956 read with the Companies (Disclosure of particulars in the Report
of Board of Directors) Rules 1988, is reported as Nil.
However, the Company is taking all possible measures to conserve
energy. The management keeps itself abreast of the technological
advancements in the industry.
Foreign exchange earnings and outgo:
1. Foreign Exchange Earnings: Nil
2. Foreign Exchange Outgo: Nil
PARTICULARS OF EMLPOYEES U/S 217(2A) OF THE ACT:
None of the employees have received remuneration in excess of the sum
prescribed u/s 217(2A) of the Companies Act, 1956.
GOING CONCERN:
The Directors consider on the basis of current financial results,
future projections and infrastructure available that the company has
adequate resources to continue the operational existence in the
foreseeable accounts and therefore, the accounts have been prepared on
a going concern basis.
DIRECTORS RESPONSIBILITY STATEMENT
Pursuant to section 217(2AA) of the Companies Act, 1956, your Directors
confirm that:
(i) In the preparation of the annual accounts, the applicable
accounting standards have been followed;
(ii) they have, in the selection of the accounting policies, consulted
the Statutory Auditors and these have been applied consistently and
reasonable and prudent judgments and estimates have been made so as to
give a 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;
(iii) proper and sufficient care has been taken for the maintenance of
adequate accounting records 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 annual accounts have been prepared on a going concern basis.
COMPANY SECRETARY:
The company is making consistent efforts for appointment of Whole time
Company Secretary. The company has been availing services of practicing
company secretary from time to time to ensure compliance of the
provisions of the applicable acts and statutes. Also the Annual Return
of the Company is being certified by practicing company secretary from
year to year and the company is also taking certifications from them
for Stock Exchange Compliances.
CAUTIONARY STATEMENT:
Statements in the Management discussion and analysis describing the
company's objectives, projections, estimates and expectations may be
"forward looking statements" within the meaning of applicable
securities laws and regulations. Actual results could differ materially
from those expressed or implied. Important factors that could make a
difference to the company's operations include economic conditions
affecting demand/supply and prices conditions in the domestic and
overseas markets in which the company operates/ going to operate,
changes in government regulations, tax laws and other statutes and
other incidental factors.
ACKNOWLEDGEMENT
Your directors wish to place on record their deep appreciation of the
dedication and commitment of employees to the growth of your company
during the year. Your directors also express their sincere gratitude to
the customers, bankers, consultants, Auditors and the shareholders for
their continued patronage and cooperation.
FOR AND ON BEHALF OF THE BOARD
Sd/-
Chennai Ravikant Choudhry
Dated : 5th November, 2012 (Chairman)
Mar 31, 2011
Dear Members,
The Directors are happy to present the Seventeenth Annual Report of
your company together with the Audited Accounts of the Company for the
financial year ended 31st March 2011.
FINANCIAL HIGHLIGHTS:
The financial results of the company compared to the previous year are
summarized as under:
(Rs)
Particulars 31.03.2011 31.03.2010
Income 952,476.00 2,485,514.00
Profit/(Loss) before Depreciation
and Tax 492,210.00 1,697,352.00
Less: Depreciation 6,689.00 6,689.00
Profit /(Loss) before Tax 485,521.00 1,690,663.00
Less: Provision for Income Tax 0.00 1,85,000.00
Add: Deferred Tax Asset (1,782.00) (1,630.00)
Profit/(Loss) After Tax 487,302.00 1,507,292.00
Add : Balance Brought Forward
from previous Year (26,680,023.00) (28,187,315.00)
Profit/(Loss) Available for
Appropriation (26,192,720.00) (26,680,023.00)
Appropriations :
Transfer to Special Reserve 0.00 0.00
Balance of Profit/(Loss)
Carried over to Balance Sheet (26,192,720.00) (26,680,023.00)
EPS Basic & Diluted (Rs) 0.10 0.30
Weighted Average No. of shares 50,00,000 50,00,000
MATERIAL CHANGES AND COMMITMENTS:
There have been no material changes & Commitments, which have occured
between the end of the financial year of the company to which the
balance sheet relates and the date of the report affecting the
financial position of the company.
RESERVES :
The company does not propose to carry any amount to reserves during the
financial year.
DIVIDEND:
Your directors do not wish to recommend any dividend with a view to
conserve the resources of the company for growth and expansion of the
company.
DEPOSITS AND LOANS/ADVANCES:
The Company has not accepted any public deposits during the financial
year.
The particulars of loans/advances and investment in its own shares by
listed companies, their subsidiaries, associates etc. required to be
disclosed in the annual accounts of the company pursuant to Clause 32
of the listing agreement with the company, are furnished separately.
LISTING
The Equity Shares of the Company are listed at the Madras Stock
Exchange and Bombay Stock Exchange. The Annual isting Fees for the
Financial year 2011-12 has been paid to both the Stock Exchange.
COMPLIANCE WITH RBI PRUDENTIAL NORMS
The company has complied with the prudential norms on income
recognition, accounting standards, assets classification; provisioning
for bad and doubtful debts as applicable to it in terms of Non Banking
Financial (Non Deposit Accepting or Holding) Companies Prudential Norms
(Reserve Bank) Directions, 2007 for the year ended on 31st March 2011.
DIRECTORS
Shri Ajit Kumar Chordia, Director of thecompany retires by rotation at
the ensuing Annual General Meeting of the Company and being eligible
offers himself for reappointment.
AUDITORS:
M/s. N.R. Krishnamoorthy & Co., Chartered Accountants, Statutory
Auditors of the Company retire at the conclusion of the ensuing Annual
General Meeting of the Company and being eligible to offer themselves
for reappointment. A written certificate pursuant to section 224(1 B)
has been obtained that their appointment if made will be within the
limits specified therein. The Audit Committee in its meeting have
recommended the reappointment of the Auditors.
AUDITORS REPORT:
There are no reservations, qualifications or adverse remarks contained
in the Auditors Report.
CORPORATE GOVERNANCE:
Your Company is complying with the Code of Corporate Governance, which
has been introduced by the Securities and Exchange Board of India
(SEBI). Please find a comprehensive Report on Corporate Governance
duly annexed herewith.
All Board Members and Senior Management Personnel have duly complied
with the Code of Conduct established by the Company for the year 2010-11.
A brief resume of each of the directors who are to be re-appointed at
this AGM and the names of the Companies in which, they hold
directorships are mentioned elsewhere in this report.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE
EARNINGS AND
OUTGO:
Pursuant to section 217(1 )(e) of the Companies Act, 1956 read with the
Companies (Disclosure of Particulars in the Report of Board of
Directors) Rules, 1988 the following information is provided:
The Company is a financial services company. Therefore, its operations
do not account for substantial energy consumptions. Accordingly, the
information required under section 217 (1) (e) of the Companies Act,
1956 read with the Companies (Disclosure of particulars in the Report
of Board of Directors) Rules 1988, is reported as Nil.
However, the Company is taking all possible measures to conserve
energy. The management keeps itself abreast of the technological
advancements in the industry
Foreign exchange earnings and outgo:
1. Foreign Exchange Earnings: Nil
2. Foreign Exchange Outgo Nil
PARTICULARS OF EMLPOYEES U/S 217(2A) OF THE ACT:
None of the employees have received remuneration in excess of the sum
prescribed u/s 217(2A) of the Companies Act, 1956.
BALANCE SHEET ABSTRACT AND COMPANY'S GENERAL BUSINESS PROFILE
Information required on Balance Sheet Abstract and the Company's
General Business Profile under Part IV of Schedule VI of Companies Act
1956 inserted by notification No. GSR 388 (E), dated 15.5.1995 is
given in Annexure I of this Report.
GOING CONCERN:
The Directors consider on the basis of current financial results,
future projections and infrastructure available that the company has
adequate resources to continue the operational existence in the
foreseeable accounts and therefore, the accounts have been prepared on
a going concern basis.
DIRECTORS RESPONSIBILITY STATEMENT
The Board of Directors hereby declare :-
1. that in preparation of accounts, applicable accounting standards
have been followed or where departure has been made, explanation
relating to material departures;
2. that directors have selected such accounting policies and applied
them and made judgements and estimates that are reasonable and prudent
to give a true and fair view of state of affairs of the Company at the
end of the financial year and of the profit or loss of the Company for
that period.
3. that Directors have taken proper and sufficient care for
maintenance of adequate accounting records in accordance with the
provisions of the Act for safeguarding the assets of the company and
for preventing and detecting fraud and other irregularities; and
4. that the directors had prepared Annual Accounts on a Going Concern
basis.
COMPANY SECRETARY:
The company is making consistent efforts for appointment of Whole time
Company Secretary. The company has been availing services of practicing
company secretary from time to time to ensure compliance of the
provisions of the applicable acts and statutes. Also the Annual Return
of the Company is being certified by practicing company secretary from
year to year and the company is also taking certifications from them
for Stock Exchange Compliances.
ACKNOWLEDGEMENT
Your directors wish to place on record their deep appreciation of the
dedication and commitment of employees to the growth of your company
during the year. Your directors also express their sincere gratitude to
the customers, bankers, consultants, Auditors and the shareholders for
their continued patronage and cooperation.
FOR AND ON BEHALF OF THE BOARD
Sd/-
Chennai Ravikant Choudhry
Dated : 3rd September, 2011 (Chairman)
Mar 31, 2010
The Directors are happy to present the Sixteenth Annual Report of your
company together with the Audited Accounts of the Company for the
financial year ended 31st March 2010.
FINANCIAL HIGHLIGHTS:
The financial results of the company compared to the previous year are
summarized as under: (Rs)
Particulars 31.03.2010 31.03.2009
Income 2,485,514.00 (4,917,986.00)
Profit / (Loss) before Depreciation
and Tax 1,697,352.00 (5,792,705.00)
Less: Depreciation 6,689.00 4,984.00
Profit / (Loss) before Tax 1,690,662.00 (5,797,689.00)
Less : Provision for Income Tax 1,85,000.00 321,944.00
Add : Deferred Tax Asset (1,630.00) 0.00
Profit / (Loss) After Tax 1,507,292.00 (6,119,633.00)
Add : Balance Brought Forward from
previous Year (28,187,315.00) (22,067,682.00)
Profit / (Loss) Available for
Appropriation (26,680,023.00) (28,187,315.00)
Appropriations :
Transfer to Special Reserve 0.00 0.00
Balance of Profit / (Loss) Carried
over to Balance Sheet (26,680,023.00) (28,187,315.00)
EPS Basic & Diluted (Rs) 0.30 (1.22)
Weighted Average No. of shares 50,00,000 50,00,000
MATERIAL CHANGES AND COMMITMENTS:
There have been no material changes & Commitments, which have occurred
between the end of the financial year of the company to which the
balance sheet relates and the date of the report affecting the financial
position of the company.
RESERVES:
The company does not propose to carry any amount to reserves during the
financial year.
DIVIDEND:
Your directors do not wish to recommend any dividend with a view to
conserve the resources of the company for growth and expansion of the
company.
DEPOSITS AND LOANS/ADVANCES:
The Company has not accepted any public deposits during the financial
year.
The particulars of loans/ advances and investment in its own shares by
listed companies, their subsidiaries, associates etc. required to be
disclosed in the annual accounts of the company pursuant to Clause 32 of
the listing agreement with the company, are furnished separately.
LISTING:
The Equity Shares of the Company are listed at the Madras Stock
Exchange and Bombay Stock Exchange. The Annual Listing Fees for the
Financial year 2010-2011 has been paid to both the Stock Exchanges.
DIRECTORS
Shri Subhash Chand Nahar, Director of the company retires by rotation
at the ensuing Annual General Meeting of the Company and being eligible
offers himself for reappointment.
Shri Sanjay Shand, Director of the company, retired by rotation at the
Annual General Meeting of the company held on 16.09.2009
AUDITORS:
M/s. Sureshkumar & Co., Chartered Accountants, Statutory Auditors of
the Company retired at the conclusion of the Annual General Meeting of
the Company held on 16.09.2009 and were not willing to be reappointed. M/s.
N.R. Krishnamoorthy & Co. Chartered Accountants were appointed as the
Statutory Auditors of the Company to fill the casual vacancy so caused.
A written certificate pursuant to section 224(1 B) has been obtained that
their appointment if made will be within the limits specified therein. The
Audit Committee in its meeting have recommended the appointment of the new
Auditors.
AUDITORS REPORT:
There are no reservations, qualifications or adverse remarks contained
in the Auditors Report.
CORPORATE GOVERNANCE:
Your Company is complying with the Code of Corporate Governance, which
has been introduced by the Securities and Exchange Board of India (SEBI).
Please find a comprehensive Report on Corporate Governance duly annexed
herewith.
All Board Members and Senior Management Personnel have duly complied
with the Code of Conduct established by the Company for the year 2009-10.
A brief resume of each of the directors who are to be re-appointed at
this AGM and the names of the Companies in which, they hold directorships
are mentioned elsewhere in this report.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE
EARNINGS AND OUTGO:
Pursuant to section 217(1 )(e) of the Companies Act, 1956 read with the
Companies (Disclosure of Particulars in the Report of Board of Directors)
Rules, 1988 the following information is provided:
The Company is a financial services company. Therefore, its operations
do not account for substantial energy consumptions. Accordingly, the
information required under section 217 (1)(e)of the Companies Act, 1956 read
with the Companies (Disclosure of particulars in the Report of Board of
Directors) Rules 1988, is reported as Nil.
However, the Company is taking all possible measures to conserve
energy. The management keeps itself abreast of the technological advancements
in the industry
Foreign exchange earnings and outgo:
1. Foreign Exchange Earnings: Nil
2. Foreign Exchange Outgo: Nil
PARTICULARS OF EMLPOYEES U/S 217(2A) OF THE ACT:
None of the employees have received remuneration in excess of the sum
prescribed u/s 217(2A) of the Companies Act, 1956.
BALANCE SHEET ABSTRACT AND COMPANYS GENERAL BUSINESS PROFILE
Information required on Balance Sheet Abstract and the Companys
General Business Profile under Part IV of Schedule VI of Companies Act
1956 inserted by notification No. GSR 388 (E), dated 15.5.1995 is given
in Annexure I of this Report.
GOING CONCERN:
The Directors consider on the basis of current financial results,
future projections and infrastructure available that the company has
adequate resources to continue the operational existence in the foresee
-able accounts and therefore, the accounts have been prepared on a going
concern basis.
DIRECTORS RESPONSIBILITY STATEMENT
The Board of Directors hereby declare :-
1. that in preparation of accounts, applicable accounting standards
have been followed or where departure has been made, explanation
relating to material departures;
2. that directors have selected such accounting policies and applied
them and made judgements and estimates that are reasonable and prudent
to give a true and fair view of state of affairs of the Company at the
end of the financial year and of the profit or loss of the Company for
that period.
3. that Directors have taken proper and sufficient care for
maintenance of adequate accounting records in accordance with the
provisions of the Act for safeguarding the assets of the company and
for preventing and detecting fraud and other irregularities; and
4 that the directors had prepared Annual Accounts on a Going Concern
basis.
COMPANY SECRETARY:
The company is making consistent efforts for appointment of Whole time
Company Secretary. The company has been availing services of practicing
company secretary from time to time to ensure compliance of the provisions
of the applicable acts and statutes. Also the Annual Return of the
Company is being certified by practicing company secretary from year to
year and the company is also taking certifications from them for Stock Exchange
Compliances.
ACKNOWLEDGEMENT
Your directors wish to place on record their deep appreciation of the
dedication and commitment of employees to the growth of your company
during the year. Your directors also express their sincere gratitude to
the customers, bankers, consultants, Auditors and the shareholders for
their continued patronage and cooperation.
FOR AND ON BEHALF OF THE BOARD
Sd/-
Chennai Ravikant Choudhry
Dated : September 2, 2010 (Chairman)
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