Mar 31, 2014
Dear Members
The Directors have pleasure in presenting the 30th Annual Report of
your Company together with the Audited Annual Accounts for the
financial year ended 31st March 2014.
Financial Highlights
Particulars Amount (Rs. in lacs)
FY 2013-2014 FY 2012-2013
Revenue from Operation 1,110.63 14.55
Other Income - -
Total Revenue 1,110.63 14.55
Total Expenditure 1,104.97 13.41
Profit before tax 5.65 1.13
Provision for tax 1.71 0.35
Deferred Tax 0.03 -
MAT Credit entitlement & Tax for
previous year - 0.08
Profit after tax 3.90 0.70
EPS (Rs.) 0.39 0.07
Transfer to Reserve 0.78 0.14
Paid-up Share Capital 309.20 99.20
Year in retrospect
During the year under review, total income of the Company was Rs.
1,110.63 lacs as against Rs. 14.55 lacs in the previous year. The
Company was able to earn a profit after tax of Rs. 3.90 lacs in the
current financial year as against a profit of Rs. 0.70 lacs in the
financial year 2012-2013. Your Directors are putting in their best
efforts to improve the performance of the Company.
The detailed Management Discussion & Analysis Report is attached hereto
with the Director''s Report and should be read as part of this Directors
Report.
Material Changes after the close of the financial year Save as
mentioned elsewhere in this Report, no material changes and commitments
affecting the financial position of the Company has occurred between
the end of the financial year of the Company 31st March 2014 and the
date of this report.
Dividend
The Board of Directors of your Company has decided to retain and plough
back the profits into the business of the Company, thus no dividend is
being recommended for this year.
Corporate Governance
A Report on Corporate Governance is attached as a part of this
Directors Report along with the Auditors'' Certificate on compliance of
Clause 49 of the Listing Agreement.
Public Deposits
During the year under report, your Company did not accept any deposits
from the public in terms of the provisions of section 58A of the
Companies Act, 1956 and applicable RBI regulations.
Conservation of Energy, Technology Absorption, Foreign Exchange
Earnings and Outgo _
The Company is a non banking financial Company and most of the details
as 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 not applicable.
(a) Conservation of Energy N.A.
(b) Foreign Exchange Earnings Nil
(c) Foreign Exchange Outgo Nil
(d) Technology Absorption N.A.
Particulars of Employees
During the financial year under review, none of the Company''s employees
was in receipt of remuneration as prescribed under section 217 (2A) of
the Companies Act, 1956, read with the Companies (Particulars of
Employees) Rules, 1975, and hence no particulars are required to be
disclosed in this Report.
Directors
Except for the following changes, there was no change in the
composition of the Board of Directors of the Company subsequent to the
last Directors'' Report:
After the last Annual General Meeting, Mr. Atul Aggarwal and Mr.
Saurabh Madan were appointed as an independent Director of the Company.
In accordance with the provisions of section 149 of the Companies Act,
2013 all the independent directors will be non rotational. Accordingly,
the proposal for the same is placed in the ensuing annual general
meeting of the Company. Mr. Manoj Kumar Jain is liable to retire by
rotation and being eligible offer himself for re-appointment. Directors
recommend their re-appointment.
Committees of the Board of Directors
The Board of Directors of the Company has constituted the following
committees in terms of the provisions of the Companies Act and clause
49 of the listing agreement:
I. Audit Committee
Name of the Director Category
Ms. Shallu Jain Chairman
(Non Executive Independent)
Mr. Atul Aggarwal Member
(Non Executive Independent)
Mr. Deepak Kumar Jain Member
(Promoter & Executive)
II. Nomination and Remuneration Committee
Name of the Director Category
Ms. Shallu Jain Chairman
(Non Executive Independent)
Mr. Atul Aggarwal Member
(Non Executive Independent)
Mr. Deepak Kumar Jain Member
(Promoter & Executive)
III. Stakeholders Relationship Committee
Name of the Director Category
Ms. Shallu Jain Chairman
(Non Executive Independent)
Mr. Atul Aggarwal Member
(Non Executive Independent)
Mr. Deepak Kumar Jain Member
(Promoter & Executive)
Auditors
M/s Prakash & Santosh, Chartered Accountants, Statutory Auditors of the
Company hold office until the conclusion of the ensuing Annual General
Meeting and being eligible offer themselves for re-appointment. A
certificate under the Companies Act, 2013 regarding their eligibility
for the proposed re-appointment has been obtained from them. Your
Directors recommend their re-appointment.
Auditors'' Report
Comments made by the Statutory Auditors in the Auditors'' Report are
self-explanatory and do not require any further clarification.
Directors'' Responsibility Statement
In terms of the provisions of section 217 (2AA) of the Companies Act,
1956, and to the best of their knowledge and belief and according to
the information and explanations obtained by them and save as mentioned
elsewhere in this Report, the attached Annual Accounts and the
Auditors'' Report thereon, your Directors confirm that:
a. in 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 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;
c. the Directors have taken proper and sufficient care for the
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
d. the Directors have prepared the Annual Accounts on a going concern
basis.
Stock Exchange Listing
The shares of the Company are listed on the Delhi Stock Exchange
Limited (DSE). The listing fee for the financial year 2014-2015 has
been paid to the stock exchanges.
Acknowledgement
Your Directors take this opportunity to place on record their sincere
appreciation for the co- operation and assistance the Company has
received from Banks and various Government Departments. The Board also
places on record its appreciation of the devoted services of the
employees, support and co-operation extended by the valued business
associates and the continuous patronage of the customers of the
Company.
For and on Behalf of the Board
For Asia Capital Limited
Deepak Kumar Jain Surendra Kumar Jain
Date: 11th August 2014 Chairman cum Director Managing Director
Place: Delhi DIN: 00098116 DIN: 00097859
Mar 31, 2013
Dear Members
The Directors have pleasure in presenting the Twenty Nineth Annual
Report together with the Audited Statement of Accounts of the Company
for the year ended 31st March 2013.
1. FINANCIAL RESULTS
Particulars Amount in Rupees
31-03-2013 31-03-2012
Incomes 14,54,601 2,81,974
Expenses 13,41,260 2,55,514
Profit for the year 1,13,341 26,460
Provision for Income Tax 35,004 5,042
Deferred Tax 20 22
Profit after tax 70,162 26,439
Profit B/F previous year 7,10,936 6,79,147
Balance carried to balance sheet 7,76,948 7,10,936
2. DIVIDEND
Your Directors don''t recommend any dividend to strengthen the financial
position of the Company.
3. DIRECTORS
In accordance with the Provisions of the Companies Act, 1956 and the
Company''s Articles of Association, Mr. Surendra Kumar Jain Director of
the Company retire by rotation at the conclusion of 29th Annual General
Meeting of the Company and being eligible offer themselves for
re-appointment.
4. AUDITORS
The Auditors of the Company M/s Shiv Saroj & Associates, Chartered
Accountants retire at the ensuing Annual General Meeting and are
eligible for re-appointment.
5. AUDITORS'' REPORT
The observations made by the Auditors in their reports and notes to the
account are self-explanatory and therefore do not call for any further
comments.
6. SECRETRIAL COMPLIANCE CERTIFICATE
The Board of Directors in their meeting has appointed Mrs. Tulika
Agarwal, Practicing Company Secretary Proprietor of Tulika Agarwal &
Associates to verify the secretarial records and to provide a
compliance certificate, which is attached to the Directors'' Report.
7. DEPOSITS
The Company has not accepted any Deposits under the Provisions of
Section 58A of the Companies Act 1956.
8. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION & FOREIGN EXCHANGE
OUT GO _ Information Pursuant to provisions of 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 set
below:- a) Conservation of Energy N.A.
b) Foreign Exchange Earnings Nil
c) Foreign Exchange Outgo Nil
d) Technology Absorption N.A.
9. PERSONNEL
There has been no person in Company''s employment during the year ended
31st March 2013 drawing remuneration as prescribed U/S 217 (2-A) of the
Companies Act, 1956 read with the companies (particulars of employees)
Rules 1975.
10. DIRECTOR''S 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: i) That in the preparation of the accounts for the
financial year ended 31st March 2013 the applicable accounting
standards have been followed along with proper explanation relating to
material discrepancies if any: ii) that the directors have selected
such accounting policies and applied them consistently and made
judgments and estimates that were reasonable and prudent so as to give
a true and fair view of the state of affairs of the company at the end
of the financial year and of the profit or loss of the Company for the
year under review; iii) that the Directors have taken proper and
sufficient care 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; iv) that the Directors have prepared
the accounts for the financial year ended 31st March 2013 on a going
concern basis.
11. GENERAL
Your Directors take this opportunity to place on record their
appreciation for the co-operations and faith extended by the
shareholders and bankers of the Company without which it would have
been difficult to achieve the Company''s Goals. Finally we owe our debt
of gratitude to all our shareholders and banker for their continuous
support to the Company.
Place: Delhi-110 034 By order of the Board of Directors
Dated: 25th June 2013 Deepak Kumar Jain
Chairman & Managing Director
Mar 31, 2012
Dear Members,
The Directors have pleasure in presenting the Twenty Eighth Annual
Report together with the Audited Statement of Accounts of the Company
for the year ended 31st March 2012.
1. FINANCIAL RESULTS
Particulars Amount in Rupees
31-03-2012 31-03-2011
Incomes 2,81,974 3,61,605
Expenses 2,55,514 2,99,909
Profit for the year 26,460 61,696
Provision for Income Tax 5,042 19,044
Deferred Tax 21 22
Income Tax (A.Y. 2009-2010) Nil 500
Profit after tax 26,439 42,130
Profit B/F previous year 6,79,147 6,54,717
Balance carried to balance sheet 7,10,936 6,79,147
2. DIVIDEND
Your Directors don,t recommend any dividend to strengthen the financial
position of the Company.
3. DIRECTORS
In accordance with the Provisions of the Companies Act, 1956 and the
Company,s Articles of Association, Mrs. Shalu Jain Director of the
Company retire by rotation at the conclusion of 28th Annual General
Meeting of the Company and being eligible offer themselves for
re-appointment.
4. AUDITORS
The Auditors of the Company M/s Shiv Saroj & Associates, Chartered
Accountants retire at the ensuing Annual General Meeting and are
eligible for re-appointment.
5. AUDITORS, REPORT
The observations made by the Auditors in their reports and notes to the
account are self-explanatory and therefore do not call for any further
comments.
6. SECRETRIAL COMPLIANCE CERTIFICATE
The Board of Directors in their meeting has appointed Mrs. Tulika
Agarwal, Practicing Company Secretary Proprietor of Tulika Agarwal &
Associates to verify the secretarial records and to provide a
compliance certificate, which is attached to the Directors, Report.
7. DEPOSITS
The Company has not accepted any Deposits under the Provisions of
Section 58A of the Companies Act 1956.
8. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION & FOREIGN EXCHANGE
OUT GO
Information Pursuant to provisions of 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 set below:-
a) Conservation of Energy N.A.
b) Foreign Exchange Earnings Nil
c) Foreign Exchange Outgo Nil
d) Technology Absorption N.A.
9. PERSONNEL
There has been no person in Company,s employment during the year ended
31st March 2012 drawing remuneration as prescribed U/S 217 (2-A) of the
Companies Act, 1956 read with the companies (particulars of employees)
Rules 1975.
10. DIRECTOR,S 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:
i) That in the preparation of the accounts for the financial year ended
31st March 2012 the applicable accounting standards have been followed
along with proper explanation relating to material discrepancies if
any:
ii) that the directors have selected such accounting policies and
applied them consistently and made judgments and estimates that were
reasonable and prudent so as to give a true and fair view of the state
of affairs of the company at the end of the financial year and of the
profit or loss of the Company for the year under review;
iii) that the Directors have taken proper and sufficient care 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;
iv) that the Directors have prepared the accounts for the financial
year ended 31st March 2012 on a going concern basis.
11. GENERAL
Your Directors take this opportunity to place on record their
appreciation for the co-operations and faith extended by the
shareholders and bankers of the Company without which it would have
been difficult to achieve the Company,s Goals. Finally we owe our debt
of gratitude to all our shareholders and banker for their continuous
support to the Company.
Place: Delhi-110 034 By order of the Board of Directors
Dated: 28th June 2012 Deepak Kumar Jain
Chairman & Managing Director
Mar 31, 2011
Dear Members
The Directors have pleasure in presenting the Twenty Seventh Annual
Report together with the Audited Statement of Accounts of the Company
for the year ended 31st March 2011.
1 FINANCIAL RESULTS
Particulars Amount in Rupees
31.03.2011 31.03.2010
Incomes 3,61,605 4,42,023
Expenses 2,99,909 2,85,754
Profit for the year 61,696 1, 56,269
Provision for Income Tax 19,044 48,264
Deferred Tax 21 22
Income Tax (A.Y. 2009-2010) 500 Â
Profit after tax 42,130 1,07,983
Profit B/F previous year 6,54,717 5,46,734
Balance carried to balance sheet 6,70,648 6,54,717
2. DIVIDEND
Your Directors don''t recommend any dividend to strengthen the financial
position of the Company.
3. DIRECTORS
In accordance with the Provisions of the Companies Act, 1956 and the
Company''s Articles of Association, Mr. Surendra Kumar Jain & Mr. Manoj
Kumar Jain, Directors of the Company retire by rotation at the
conclusion of 27th Annual General Meeting of the Company and being
eligible offer themselves for re-appointment.
4. AUDITORS
The Auditors of the Company M/s Shiv Saroj & Associates, Chartered
Accountants retire at the ensuing Annual General Meeting and are
eligible for re-appointment.
5. AUDITORS'' REPORT
The observations made by the Auditors in their reports and notes to the
account are self-explanatory and therefore do not call for any further
comments.
6 SECRETRIAL COMPLIANCE CERTIFICATE
The Board of Directors in their meeting has appointed Mrs. Tulika
Agarwal, Practicing Company Secretary Proprietor of Tulika Agarwal &
Associates to verify the secretarial records and to provide a
compliance certificate, which is attached to the Directors'' Report.
7. DEPOSITS
The Company has not accepted any Deposits under the Provisions of
Section 58A of the Companies Act 1956.
8. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION & FOREIGN EXCHANGE
OUTGO
As the Company did not carry any manufacturing activity during the year
under review, the information as required under Companies (Disclosure
of particulars in the Report of Board of Directors) Rules, 1988
relating to conservation of energy & technology absorption have not
been commented upon. The Company did not earn/remit any foreign
exchange during the year under review.
9. PERSONNEL
There has been no person in Company''s employment during the year ended
31st March 2011 drawing remuneration as prescribed U/S 217 (2-A) of the
Companies Act, 1956 read with the companies (particulars of employees)
Rules 1975.
10. DIRECTOR''S 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:
i) That in the preparation of the accounts for the financial year ended
31st March 2011 the applicable accounting standards have been followed
along with proper explanation relating to material discrepancies if
any:
ii) that the directors have selected such accounting policies and
applied them consistently and made judgments and estimates that were
reasonable and prudent so as to give a true and fair view of the state
of affairs of the company at the end of the financial year and of the
profit or loss of the Company for the year under review;
iii) that the Directors have taken proper and sufficient care 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;
iv) that the Directors have prepared the accounts for the financial
year ended 31st March 2011 on a going concern basis.
11. GENERAL
Your Directors take this opportunity to place on record their
appreciation for the co-operations and faith extended by the
shareholders and bankers of the Company without which it would have
been difficult to achieve the Company''s Goals. Finally we owe our debt
of gratitude to all our shareholders and banker for their continuous
support to the Company.
Place: Delhi-110 034 By order of the Board of Directors
Dated: 14th June 2011 Deepak Kumar Jain
Chairman & Managing Director