Home  »  Company  »  Capital Trade Links  »  Quotes  »  Directors Report
Enter the first few characters of Company and click 'Go'

Directors Report of Capital Trade Links Ltd.

Mar 31, 2015

Dear Members,

The directors have pleasure in presenting the 30th Annual Report of your company together with the Audited Statement of Accounts of the Company for the year ended March 31st 2015.

FINANCIAL RESULTS:

(Rs. in lacs)

Particulars 2014-15 2013-14

Revenue from Operations 155.33 433.01

Other Income 28.42 -

Total Income 183.75 433.01

Less: Operational and Other Expenses 123.8 418.88

Profit/(Loss) before Depreciation & Finance Cost 59.96 14.13

Less: Depreciation & Amortization 0.01 -

Less: Finance Cost 24.89 6.5

Profit/(Loss) before Tax 35.06 7.63

Less: Tax and Adjustments 14.23 2.87

Net Profit after Tax 20.83 4.74

OPERATIONS:

For the year ended March 2015, your Company earned a total income of Rs. 183.76 lacs as compared to Rs.433.01 lacs in the previous year. The net profit of the Company is increased to Rs. 20.83 lacs against the net profit of previous year for Rs. 4.75 lacs. Your Company is considering various other avenues to increase the income in near future.

DIVIDEND & TRANSFER TO RESERVES:

Your Directors decided to plough back the profit and therefore dividend is not declared. The credit balance of Profit and Loss account is transferred to reserves in Balance sheet.

INCREASE IN BORROWING POWERS:

The Company has decided to increase its limit on the borrowing powers of the Board of Directors to meets its business needs. A detailed notice and explanatory statement pursuant to this is explained in the attached notice of Annual General Meeting.

SHARE CAPITAL:

During FY2015, there were no changes in the capital structure of the Company. As on 31st March 2015, the paid up capital of the Company was Rs. 4,99,80,000/- comprising of 49980000 equity shares of Re. 1/- each. The Company has not issued shares with differential voting rights nor granted stock options nor sweat equity.

DIRECTORS and KMP's:

Mr. Neeraj Garg, Mrs. Renu Garg, Mr. Neeraj Kumar Bajaj, Mr. Amar Nath and Mr. Mayank Khanna are directors on the Board.

Mr. Neeraj Kumar Bajaj & Mrs. Renu Garg was appointed as an Additional Director of the Company on 12th February, 2015 for a term of five consecutive years. It is proposed to confirm appointment of Mr. Neeraj Bajaj by the members for a term of 5 years, at the ensuing Annual General Meeting. Further, Mrs. Renu Garg has resigned as Whole Time Director of the Company w.e.f 11.08.2015 and shall continue to act as Non-Executive Director on the Board and whose appointment is proposed to be confirmed by the members at ensuing Annual General Meeting.

Mr. Mayank Khanna, Independent Director on the Board, upon the recommendation of the Nomination & Remuneration committee and subsequent approval of the Board is appointed as a Whole Time Director of the company as per the terms as explained in notice attached with this report.

According to Companies Act, 2013 at least two-thirds of the total directors excluding Independent Directors shall be liable to retire by rotation. Mr. Neeraj Garg, Director retires from the Board by rotation this year and being eligible to offer himself for re-appointment. Required resolution for this purpose is being proposed in the notice of the ensuing Annual General Meeting for the approval of the members.

The Key Managerial Person of the Company includes:

1. Mr. Yashwant Saini, Chief Financial Officer who is appointed w.e.f 12.02.2015

2. Ms. Anshika Garg, Company Secretary of the Company was appointed w.e.f 15.12.2014

Further, we would also like to thank our Directors Mr. Krishan Kumar and Mr. Girdhari Lal Mangal, and Ms. Mani Ahuja, Company Secretary for their support to the organization and they deserve much of the credit for the organization's success.

DETAILS OF MANAGERIAL REMUNERATION

Details of Managerial remuneration along with required information is explained along with "Annexure

II" to this report.

DECLARATION BY INDEPENDENT DIRECTORS

The independent directors have submitted the declaration of independence, as required under section 149(7) of the Companies Act, 2013, stating that they meet the criteria of independence as provided in section 149(6) of the Companies Act, 2013.

MEETING OF BOARD OF DIRECTORS

There were seven meetings of the Board held during the year, details of which are given in the annexed 'Corporate Governance Report'.

COMMITTEES OF THE BOARD:

During the year, in accordance with the Companies Act, 2013, the Board re-constituted some of its Committees and also formed a Corporate Social Responsibility Committee. There are currently four Committees of the Board, as follows:

Audit Committee

Nomination and Remuneration Committee

Stakeholders' Relationship Committee

Risk Management Committee

Details of all the Committees along with their charters, composition and meetings held during the year, are provided in the "Report on Corporate Governance", a part of this Annual Report.

Implications as per applicable acts

The Board has adopted various policies in context to applicable Regulations i.e.

- Interest Gradation and Risk Policy

- Whistle Blower Policy

- Code of Conduct for prevention of Insider Trading

Company is adopting new set of Memorandum and Articles of Association in accordance with the new Company law and rules framed there under.

All other changes as required by the Act have been in place and we re-affirm our commitment to the highest level of Corporate Governance.

EXTRACT OF ANNUAL RETURN AS ON THE FINANCIAL YEAR ENDED ON 31ST MARCH, 2015

As required pursuant to section 92(3) of the Companies Act, 2013 and rule 12(1) of the Companies (Management and Administration) Rules, 2014, an extract of annual return in MGT 9 as a part of this Annual Report as "Annexure II".

PARTICULARS OF EMPLOYEES:

During the year under review, there were no employees drawing remuneration of Rs. 60,00,000/- p.a. or Rs. 5,00,000/- p.m. or more. Hence there is no information to be provided in accordance with the provisions of Section 134 of the Companies Act, 2013 read with the Companies (Particulars of employees) Rules, 1975.

CONSERVATION OF ENERGY AND TECHNOLOGY ABSORPTION:

The Company, being a non–banking finance company (NBFC), does not have any manufacturing activity. The directors therefore, have nothing to report on 'conservation of energy and technology absorption' and is given as "Annexure I" to this report.

FOREIGN CURRENCY:

No Foreign currency expenditure was incurred during FY2015. The Company did not have any foreign exchange earnings.

FIXED DEPOSIT:

The Company has not accepted deposits falling within the provisions of Section 58A of the Companies Act, 1956 read with Companies (Acceptance of the Deposits) Rules, 1975 during the year under review.

ADEQUACY OF INTERNAL CONTROLS:

Internal financial controls with reference to the financial statements were adequate and operating effectively. The information about internal controls is set out in Management Discussion & Analysis report which is attached and forms part of this report.

PARTICULARS OF LOANS, GUARANTEES AND INVESTMENTS:

The Company, being a non-banking finance company registered with the Reserve Bank of India and engaged in the business of giving loans, is exempt from complying with the provisions of section 186 of the Companies Act, 2013. Accordingly, the disclosures of the loans given as required under the aforesaid section have not been given in this Report.

AUDITORS AND AUDITOR'S OBSERVATIONS:

All observations of Auditors are annexed as Auditors Report and are self explanatory and therefore do not call for any further comments by Directors in this report.

The Company has received from A.C. Gupta & Associates a written consent for ratification of their appointment from the conclusion of ensuing AGM till the conclusion of the 33rd AGM and a certificate to the effect that their appointment shall be in accordance with the prescribed conditions and that the firm is not disqualified under the Companies Act, 2013.

The Audit Report does not contain any qualification, reservation or adverse remark or disclaimer.

DIRECTORS RESPONSIBILITY STATEMENT:

Pursuant to Section 134(5) of the Act, the directors hereby confirm that:

a) in the preparation of the annual accounts for financial year ended March 31, 2015, the applicable accounting standards have been followed and there are no material departures;

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 at March 31, 2015 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 this Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;

d) the Directors have prepared the annual accounts for financial year ended March 31, 2015 on a 'going concern' basis;

e) they have laid down the internal financial controls to be followed by the Company and that such internal financial controls are adequate and operating properly; and

f) they have devised proper systems to ensure compliance with the provision of all applicable laws and that such systems were adequate and operating effectively.

RELATED PARTY TRANSACTIONS

There are no materially significant related party transactions made by the Company with the Promoters, Key Management Personnel or other designated persons which may have potential conflict with interest of the Company at large.

BOARD INDEPENDENCE:

Our definition of 'Independence' of Directors is derived from Clause 49 of the Listing Agreement with Stock Exchanges and Section 149(6) of the Companies Act, 2013. Based on the confirmation / disclosures received from the Directors and on evaluation of the relationships disclosed, the following Non- Executive Directors are Independent in terms of Clause 49 of the Listing Agreement and Section 149(6) of the Companies Act,2013:- Mr. Amar Nath Mr. Neeraj Bajaj Mr. Mayank Khanna (upto 11.08.2015)

PREVENTION OF INSIDER TRADING

The Company has adopted a Code of Conduct for Prevention of Insider Trading with a view to regulate in securities by the Directors and designated employees of the Company. The Code prohibits the purchase or sale of Company shares by the Directors and the designated employees while in possession of unpublished price sensitive information in relation to the Company and during the period when the Trading Window is closed.

WHISTLE BLOWER POLICY/VIGIL MECHANISM

The Company adopted its Whistle Blower Policy on 12th February 2015, more specifically required as per NBFC guidelines, even when the same was non-mandatory as per clause 49 of the Listing Agreement.

The Whistle Blower Policy/Vigil mechanism provides a mechanism for the director/employee to report violations, without fear of victimization of any unethical behavior, suspected or actual fraud, violation of the Code of Conduct etc. which are detrimental to the organization's interest. The mechanism protects whistle blower from any kind of discrimination, harassment, victimization or any other unfair employment practice.

RISK MANAGEMENT

The Board of Directors, at its meeting held on 22nd December 2014, has constituted risk management Committee for the Company which provides for identification, assessment and control of risks which in the opinion of the Board may threaten the existence of the Company. The Management identifies and controls risks through a properly defined framework in terms of the aforesaid policy.

ANNUAL EVALUATION BY THE BOARD:

The evaluation framework for assessing the performance of Directors comprises of the following key areas:

1. Attendance of Board Meetings and Board Committee Meetings

2. Quality of contribution to Board deliberations

3. Strategic perspectives or inputs regarding future growth of Company and its performance

4. Providing perspectives and feedback going beyond information provided by the management

5. Commitment to shareholder and other stakeholder interests

The evaluation involves Self-Evaluation by the Board Member and subsequently assessment by the Board of Directors. A member of the Board will not participate in the discussion of his / her evaluation.

PRESENTATION OF FINANCIAL STATEMENTS

The financial statements of the Company for the year ended 31st March 2015 have been disclosed as per Schedule III to the Companies Act, 2013.

SUBSIDIARIES COMPANIES:

The Company does not have any subsidiary Company.

SECRETARIAL AUDIT REPORT:

The Board of Directors of the Company has appointed M/s A.K Popli & Co., Practicing Company Secretary (Membership No. 3387), to conduct the Secretarial Audit and his Report on Company's Secretarial Audit in form MR-3 are appended to this Report as "Annexure III".

MANAGEMENT DISCUSSION AND ANALYSIS:

The Management's Discussion and Analysis Report for the year under review, as stipulated under Clause 49 of the Listing Agreement with the Stock Exchanges in India, is annexed to this report.

CORPORATE GOVERNANCE:

The Company is committed to maintaining the highest standards of Corporate Governance and adhering to the Corporate Governance requirements as set out by Securities and Exchange Board of India. The Report on Corporate Governance as stipulated under Clause 49 of the Listing Agreement forms part of the Annual Report. The Certificate from the Auditors of the Company confirming compliance with the conditions of Corporate Governance as stipulated under Clause 49 is also published elsewhere in this Annual Report.

CFO CERTIFICATION:

Certificate from Mr. Yashwant Saini, Chief Financial Officer pursuant to provisions of Clause 49(V) of the Listing Agreement, for the year under review was placed before the Board of Directors of the Company at its board meeting held on 27/05/2015. A copy of the certificate on the financial statements for the financial year ended March 31, 2015 is a part of Corporate Governance Report.

DEPOSITORY SYSTEM:

The Company has electronic connectivity with both depositories namely Central Depository Services (India) Limited and National Securities Depository Limited. As on March 31, 2015, 88.33 % of the Company's paid-up share capital representing 44149377 equity shares is in dematerialized form (including promoters shareholding). In view of the numerous advantages offered by the Depository system, Members holding shares in physical mode are requested to avail of the facility of dematerialization of the Company's shares on either of Depositories.

DISCLOSURES:

Directors' responsibility statement as required by section 134(5) of the Companies Act, 2013 appears in this report.

Disclosures as prescribed by Non–Banking Financial (Deposit Accepting or Holding) Companies Prudential Norms (Reserve Bank) Directions, 2007 and other NBFC regulations have been made in this Annual Report.

A Cash Flow Statement for FY2015 is attached to the Balance Sheet.

ACKNOWLEDGEMENT:

Your Directors wish to place on record their appreciation for the support and co-operation, which the Company continues to receive from its associates and bankers. The Directors are also thankful to the shareholders for their unstinted support to the Company.

By Order and on behalf of the board For CAPITAL TRADE LINKS LIMITED

Sd/-

Place: Delhi Neeraj Garg

Dated: 11/08/2015 Chairman


Mar 31, 2014

Dear Shareholders,

The Directors have immense pleasure in presenting the 29th Annual Report of your Company and the audited statement of accounts for the financial year ended March 31st 2014.

FINANCIAL RESULTS

The performance of the Company for the financial year ended March 31, 2014 is summarized below:

(InRs.) Particulars 2013-2014 2012-2013

Profit before Tax 762,674.00 408,943.00

Taxation 287,583.00 127,000.00

Profit after Tax 475,346.00 282,107.00

Less: Transfer to Special Reserve 95,069.00 56,700.00

Balance c/f to Balance Sheet 380,277.00 225,407.00

OPERATION OF THE COMPANY

The total revenue of the company for the FY2014 was Rs. 43,301,382 as compared to Rs. 25,614,515 for FY2013 and incurred a profit before tax of Rs.762,674 (Rupees Seven Lacs Sixty Two Thousand Six Hundred Seventy Four)in current year as compare to Rs. 408,943 (Rupees Four Lacs Eight Thousand Nine Hundred Forty Three only) in previous year. Capital Trade Links aims in maximizing its profit keeping the risk factors associated with the financial markets and related sectors.

SHARE CAPITAL

During the year, the company splitted its share capital from Rs. 5 crores divided into 50 Lacs shares of Rs. 10 each to Rs. 5 crores divided into 5 crores shares of Re. 1 each.

CHANGE OF MANAGEMENT

During the year under review, there is a change in the management of the company. Mr. Suresh Agrawal, Mr. Harish Chnadra Agrawal and Mrs. Rashmi Agrawal has resigned from the services of the company with effect from 27th March 2014. The Board places on its record its gratitude for the services rendered by all of them during their tenure as member of the Board.

Mr. Krishan Kumar, Mr. Mayank Khanna and Mr. Nee raj Garg have been inducted as additional directors of the Company, with effect from 27th March 2014 and they hold office upto the ensuing Annual General Meeting of the Company. The Company has received notices from members pursuant to Section 257 of the Companies Act, 1956, proposing the candidature of Mr. Krishan kumar, Mr. Mayank Khanna and Mr. Neeraj Garg for appointment to the office of directors of the Company, if elected at the ensuing Annual General Meeting. The Board recommends their appointment as Directors of the Company.

At the ensuing annual general meeting Mr. Amar Nath who will retire by rotation and, offer himself for reappointment in terms of provision of Article of Association of the Company.

TIMELY REPAYMENT OF LOANS AND LIABILITIES

The Company has not defaulted in payment of interest and/or repayment of loans to any of the creditors and/or banks during the year under review.

RBI GUIDELINES

The Company continues to comply with all the requirements prescribed by the Reserve Bank of India as applicable to it.

DIVIDEND

Your Directors recommend to conserve profits for its future prospects of business, therefore, Board of Directors do not recommend distribution of any dividend for the year ending on 31 March, 2014.

LISTING

During the year, equity shares of the company got listed on Bombay Stock exchange having a scrip code & name is "538476 & CTL" and this will provide more liquidity to its securities. It also proposes to list the securities on National Stock Exchange Limited. Board of Directors of the company also proposed to file an application for de-listing the securities of company from Delhi Stock Exchange Limited and investor in the region of stock exchange will not suffer as securities are listed on BSE has nationwide trading terminal.

FUTURE PROSPECTUS

The year 2013-14 has not been satisfactory for the company. While on one hand, company successfully scaled it operations through improved reach and streamlined business to an ever growing consumer base, on the other hand, it undertake funding initiatives, mitigating interest risk to a large extent.

Company plans to achieve new horizons in the business loans including Small and Medium Enterprises (SME), Lending to corporates, individuals, partnership firms and others. Company sees growth opportunities in each of its existing business areas, arising from the strong growth momentum of the economy.

As an NBFC, we are exposed to the market & credit risk, interest rate risk. The company has invested in market and people to reduce and diverse risk influenced by external environment. Company is looking for new areas for broader development in finance sector, through a variety of innovative ideas and initiatives. We are looking forward to enhancing our finance facilities.

CONSERVATION OF ENERGY & TECHNOLOGY ABSORPTION

Being a Non Banking Financial Company, no disclosures are required pursuant to Section 217(l)(e) of the Companies Act, 1956, read with the Companies (Disclosures of Particulars in the Report of Board of Directors) Rules, 1988. The company is not involved in any manufacturing activity.

FOREIGN EXCHANGE EARNINGS AND OUTGO

There is no foreign exchange & earnings during the year under review. CORPORATE GOVERNANCE

Company has complied with the corporate governance norms as stipulated under the provisions of the Listing Agreement entered into with stock exchange and prescribed by the Securities Exchange Board of India (SEBI).

Detailed compliances with the provisions of Clause 49 of the Listing Agreement for the year ended 31st March 2014 has been given in Corporate Governance Report, which is attached and forms part of this Annual Report.

The Management Discussion & Analysis is given as a separate statement forming part of the Annual Report. DIRECTORS RESPONSIBILITY STATEMENT

Pursuant to the provisions of sub-section (2AA) of Section 217 of the Companies Act, 1956, your Directors hereby confirm:

1. That in the preparation of the Annual accounts, the applicable accounting standards have been followed along with proper explanation relating to material departures, if any;

2. That the directors have selected such accounting policies and applied then 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 the end of the financial year.

3. That the directors have taken proper and ssufficient care for the maintenance of adequate accounting records in accordance with the provisions of this Act for safeguarding the assets of the company and for preventing and detecting fraud and other irregularities;

4. That the directors have prepared the annual accounts on a going concern basis.

5. That the Company has adequate internal systems and controls in place to ensure compliance of laws applicable to the Company.

PARTICULARS OF EMPLOYEES

None of the employees of your company were drawing emoluments exceeding the limits prescribed under section 217 (2A) of the Companies Act, 1956, read with the Companies (Particular of Employees) Rules, 1975 during the year.

AUDITORS AND AUDITORS'' REPORT

The Board places their gratitude to the Auditors for their services. The observations made in the Auditors Report read with notes to accounts thereon are self explanatory and do not require any further explanations.

The Directors further recommend appointment of M/s A. C Gupta & Associates , Chartered Accountant (Registration no. 008079N) as Statutory Auditor of the Company to audit the accounts of the Company for the financial year 2014-15 in place of retiring Auditors M/s Nitin Mittal & Co., Chartered Accountants, who have expressed their unwillingness to be reappointed at the ensuing Annual General Meeting of the Company. Certificate has been received from M/s A. C Gupta & Associates to the effect that their appointment as Auditor of the Company, if made, would be within the limits prescribed under the act.

INTERNAL CONTROL SYSTEM

Your company has a reasonable control system commensurate with its size and the nature of services provided by the company, which is being reviewed, periodically for more effectiveness. The company has an audit committee, which regularly reviews the internal audit observations and put corrective measures through justified actions.

HUMAN RESOURCES DEVELOPMENT & INDUSTRIAL RELATIONS

The Company continues to enjoy cordial and warm relations with the employees and executives at all levels. The Company maintained healthy, cordial and harmonious industrial relations at all levels.

APPRECIATION

The Directors wish to place on record its appreciation for the continued co-operation extended by various Bankers, Govt. Departments and the members. The Directors also express their appreciation to the employees at all levels, for their dedicated services rendered to the Company.

ACKNOWLEDGEMENT

Your Directors take this opportunity to thank the sincere appreciation for the continued co-operation, support and services from Banks, Central & State Government authorities, Regulatory authorities, Stock Exchanges, Shareholders, Management and Employees and all the various stakeholders.

For and on behalf of the Board

Sd/- Sd/- Director Director (Krishan Kumar) (Neeraj Garg)


Mar 31, 2013

The Directors have pleasure in submitting the Annual Report for the year 2012 13 together with the audited accounts for the year ended on March 31 2013.

FINANCIAL RESULTS

2012-2013 2011-2012

(Rupees) (Rupees)

Profit before Tax 10S&43-13 174740,06

Taxation 126836.12 54034.00

Profit after Tax 282107.01 120706.06

Less: Transfer to Special Reserve 56.700.00 24,100,00

2254O7.01 96606.06

DIVIDEND

In order to conserve profits for its future business, the Board of Directors do not recommend distribution of any dividend for the year ending on 31th March, 2013.

OPERATION OF THE COMPANY

During the year under review, the Company's profit before tax has increased from fly. 1,74.740.06 (One Lacs Seventy four Thousand seven Hundred Forty) to Rs- 4,08,943.13 (Four Lacs Eight Thousand Nine Hundred Forty Three). Your Directors feel that barring unforeseen circumstances the Capital Market and money market should improve further and accordingly the performance of the Company should be better.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION

Your Company being a Finance Company, therefore Information pursuant to Section 2l7(l)(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.

FOREIGN EXCHANGE EARNINGS & OUTGO

There is no foreign Exchange earning* and outgo during the year under review,

CORPORATE GOVERNANCE

Report on the Corporate Governance as prescribed by the Listing Agreement is annexed and forms part of Annual Report. A certificate of Auditors on compliance of the provisions of Corporate Governance as mentioned in the Listing Agreement is also annexed.

The Management Discussion & Analysis is given as a separate statement forming part of the Annual Report.

DIRECTORS RESFONSLBILITY STATEMENT:

Pursuant to the provision* of sub-section (2AA) of Section 217 of the Companies Act, 1956, your Directors hereby confirm:

1. That in the preparation of the Annual accounts, the applicable accounting standards have hen followed along with proper en p la nation relating to material departures, If any;

2. That the directors have selected such accounting policies and applied then 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 the end of the financial year.

3. That the directors have taken proper and sufficient care for [he maintenance of adequate accounting records in accordance with the provisions of this Act for safeguarding the assets of the company and for preventing and detecting fraud and other irregularities;

4. That the directors have prepared the annual accounts on a going concern basis.

PARTICULARS OF EMPLOYEES:

None of the employees of your company were drawing emoluments exceeding the limits prescribed under section 217 (ZAJ of the Companies Act, 1956, read with the Companies (Particular of Employees) Rules, 1975 during the year.

DIRECTORS

Mr. Suresh Agrawal has resigned from the directorship of the company with effect from 21st August, 2013. The Board1 places on its record Its gratitude for the services rendered by Mr. Suresh Agrawal during his tenure as member of the Board.

Mr. Amar Nath and Mr. Girdhari Lai Mangal have been inducted as additional directors of the Company, both with effect from 02nd August, 2013 and they hold office up to the ensuing Annual General Meeting of the Company. The Company has received notice* from members pursuant to Section 257 of the Companies Act, 1956, proposing the candidature of Mr, Amar Nath and Mr. Girdhari Lai Mangal for appointment to the office of directors of the Company, if elected at the ensuing Annual General Meeting. The Board commends their appointment as Directors of the Company.

At the ensuing annual general meeting Mr. Harish C Agrawal will be retire by rotation and, being eligible, offer themselves for reappointment in terms of provision of Article of Association of the Company.

AUDITORS AND AUDITORS' REPORT

M/s Nitin Mittal & Company, Chartered Accountants (Fern Registration no. 017&42N), are proposed to be appointed as Statutory Auditors of the Company to audit the accounts of the Company for the financial year 2013-14 in piece of retiring Auditors M/s P. K, Gaur & Associates, Chartered Accountants, who have expressed their unwillingness to be reappointed at The ensuing Annual General Meeting of the Company, Certificate have been received from them to the effect that their appointment as Auditors of the Company, if made, would be within the limits prescribed under Section 224(16) of the Companies Act, 1956.

The Auditors' Report and Motes to the Accounts referred to in the Auditors' Report are serf- explanatory and therefore, does not call for any further comments and explanations.

INTERNAL CONTROL SYSTEM:

The company has a reasonable control system commensurate with its sire and the nature of services provided by the company, which is being reviewed, periodically far more effectiveness. The company hp n unfit committee, which regularly reviews the Internal audit observations and put corrective measures through justified actions,

HUMAN RESOURCES DEVELOPMENT;

The Company continues to enjoy cordial and warm relations with the employees and executives at all levels, it provides direction for the people working In the organization, Special training programs, workshops, seminars, etc., were continued during the year with a focus towards infusion of technical skill and quality consciousness in order to improve productivity, efficiency and quality,

INDUSTRIAL RELATIONS:

The industrial relation among all within the organization was cordial, They maintained highest level of discipline and decency for the growth of the organization.

APPRECIATION:

The Directors wish to place on record its appreciation for the continued co-operation extended by various Financial Institutions, Bankers, Govt, Departments and the members. The Directors also express their appreciation to the employees at all levels, for trek dedicated services rendered to the Company.

RBI GUIDELINES FOR NON-BANKING FINANCIAL COMPANIES

The Company being a registered non-honking finance company has observed all the prudential norm:. prescribed by the Reserve Bank of India,

ACKNOWLEDGEMENT

The Board of directors would like to thank the Company's. Clients, Employees, Shareholders, Bankers and all other persons associated with the Company for their continued Support,

By Order of the Board of Directors

FOR CAPITAL TRADE LINKS LIMITED

Ptace: New Delhi Harish C.Agrawal Suresh C.Agrswal

Date: 02.082013 DIRECTOR DIRECTOR


Mar 31, 2012

The Members

The Directors have pleasure in submitting their 25th Annual Report together with the audited accounts for the year ended on March 31, 2011.

FINANCIAL RESULTS 2011-2012 2010-2011 (Rupees) (Rupees)

Profit before Tax 147740.06 76338.92

Taxation 54034.00 23589.00

Profit after Tax 120706.06 52749.92

Less: Transferred to Special

Reserve 24100.00 10550.00

Balance b/f from Previous year (498508.30) (540708.22)

Balance transferred to Balance Sheet (474408.30) (530158.22)

DIVIDEND

In view of the low profitability during the year under review, the Directors expressed their inability to recommend any dividend for the year ended on March 31, 2012.

OPERATION OF THE COMPANY

During the year under review, the Company''s profit before tax has increased from Rs. 76338.92/- to Rs. 1,74,740.06/-. Your Directors feel that barring unforeseen circumstances the Capital Market and money market should improve further and accordingly the performance of the Company should be better.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION

Your Company being a Finance Company, therefore information 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 is not applicable.

FOREIGN EXCHANGE EARNINGS & OUTGO

There is no foreign exchange earnings and outgo during the year under review. CORPORATE GOVERNANCE:

Report on the Corporate Governance as prescribed by the Listing Agreement is annexed and forms part of Annual Report. A certificate of Auditors on compliance of the provisions of Corporate Governance as mentioned in the Listing Agreement is also annexed.

DIRECTORS RESPONSIBILITY STATEMENT

Pursuant to the provisions of sub - section (2AA) of Section 217 of the Companies Act, 1956, your Directors hereby confirm:

i. That in the preparation of the Annual accounts, the applicable accounting standards have been followed along with proper explanation relating to material departures, if any;

ii. That the directors have selected such accounting policies and applied then 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 the end of the financial year.

iii. That the directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of this Act for safeguarding the assets of the company and for preventing and detecting fraud and other irregularities;

iv. That the directors have prepared the annual accounts on a going concern basis. PARTICULARS OF EMPLOYEES:

None of the employees of your company were drawing emoluments exceeding the limits prescribed under section 217 (2A) of the Companies Act, 1956, read with the Companies (Particular of Employees) Rules, 1975 during the year.

AUDIT COMMITTEE

The Audit Committee of the Company comprises of Mr. Umesh Agrawal, Mrs. Rashmi Agarwal and Mr. Suresh Agrawal.

DIRECTORS

Mr. Suresh C. Agrawal and Smt. Rashmi Agrawal, Director retires by rotation and being eligible, offer themself for re-appointment.

ACCOUNTS AND AUDIT

The Directors are of the view that the notes appended to the accounts and referred to by the Auditors in their Report are self-explanatory and do not require any further explanation.

AUDITORS

M/s. P. K. Gaur & Associates, the retiring Auditors hold office until the conclusion of the ensuing annual general Meeting and being eligible offer themselves for re-appointment. The Company has received a certificate in terms of provisions of Section 224(1B) from them confirming their eligibility for the proposed re-appointment.

LISTING:

The Equity Shares of Company are listed with Delhi Stock Exchange Limited.

CASH FLOW STATEMENT:

As required under clause-31(2) of the Listing Agreement, a cash flow statement, as prepared in accordance with the Accounting Standard-3 issued by the Institute of Chartered Accountants of India, is given along with Balance Sheet and Profit and Loss Account.

CAUTIONARY STATEMENT:

Statement in this report, particularly those which relate to Management Discussion and Analysis describing the Company''s objective, projections, estimates and expectations may constitute "forward looking statements" within the meeting of applicable laws and regulations. Actual results might differ materially from those expressed or implied in the statement depending on the circumstances.

INTERNAL CONTROL SYSTEM:

The company has a reasonable control system commensurate with its size and the nature of services provided by the company, which is being reviewed, periodically for more effectiveness. The company has an audit committee, which regularly reviews the internal audit observations and put corrective measures through justified actions.

HUMAN RESOURCES DEVELOPMENT:

The Company continues to enjoy cordial and warm relations with the employees and executives at all levels. It provides direction for the people working in the organization. Special training programs, workshops, seminars, etc. were continued during the year with a focus towards infusion of technical skill and quality consciousness in order to improve productivity, efficiency and quality.

INDUSTRIAL RELATIONS:

The industrial relation among all with in the organization was cordial. They maintained highest level of discipline and decency for the growth of the organization.

GENERAL:

The note forming part of the accounts being self-explanatory, the comments made by the auditors in their report are not required to be dealt separately.

APPRECIATION:

The Directors wish to place on record its appreciation for the continued co-operation extended by various Financial Institutions, Bankers, Govt. Departments and the members. The Directors also express their appreciation to the employees at all levels, for their dedicated services rendered to the Company.

RBI GUIDELINES FOR NON-BANKING FINANCIAL COMPANIES

The Company being a registered non-banking finance company has observed all the prudential norms prescribed by the Reserve Bank of India.

ACKNOWLEDGEMENT

The Board of directors would like to thank the Company''s Clients, Employees, Shareholders, Bankers and all other persons associated with the Company for their continued Support.

By Order of the Board of Directors

For Capital Trade Links Limited

Sd/- Sd/-

Place: New Delhi Harish C. Agrawal Suresh C. Agrawal

Date: 03.09.2012 Director Director The Members

Your Directors have pleasure in submitting their 25th Annual Report together with the audited accounts for the year ended on March 31, 2011.

FINANCIAL RESULTS 2011-2012 2010-2011 (Rupees) (Rupees)

Profit before Tax 147740.06 76338.92

Taxation 54034.00 23589.00

Profit after Tax 120706.06 52749.92

Less: Transferred to Special

Reserve 24100.00 10550.00

Balance b/f from Previous year (498508.30) (540708.22)

Balance transferred to Balance Sheet (474408.30) (530158.22)

DIVIDEND

In view of the low profitability during the year under review, the Directors expressed their inability to recommend any dividend for the year ended on March 31, 2012.

OPERATION OF THE COMPANY

During the year under review, the Company''s profit before tax has increased from Rs. 76338.92/- to Rs. 1,74,740.06/-. Your Directors feel that barring unforeseen circumstances the Capital Market and money market should improve further and accordingly the performance of the Company should be better.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION

Your Company being a Finance Company, therefore information 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 is not applicable.

FOREIGN EXCHANGE EARNINGS & OUTGO

There is no foreign exchange earnings and outgo during the year under review. CORPORATE GOVERNANCE:

Report on the Corporate Governance as prescribed by the Listing Agreement is annexed and forms part of Annual Report. A certificate of Auditors on compliance of the provisions of Corporate Governance as mentioned in the Listing Agreement is also annexed.

DIRECTORS RESPONSIBILITY STATEMENT

Pursuant to the provisions of sub - section (2AA) of Section 217 of the Companies Act, 1956, your Directors hereby confirm:

i. That in the preparation of the Annual accounts, the applicable accounting standards have been followed along with proper explanation relating to material departures, if any;

ii. That the directors have selected such accounting policies and applied then 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 the end of the financial year.

iii. That the directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of this Act for safeguarding the assets of the company and for preventing and detecting fraud and other irregularities;

iv. That the directors have prepared the annual accounts on a going concern basis. PARTICULARS OF EMPLOYEES:

None of the employees of your company were drawing emoluments exceeding the limits prescribed under section 217 (2A) of the Companies Act, 1956, read with the Companies (Particular of Employees) Rules, 1975 during the year.

AUDIT COMMITTEE

The Audit Committee of the Company comprises of Mr. Umesh Agrawal, Mrs. Rashmi Agarwal and Mr. Suresh Agrawal.

DIRECTORS

Mr. Suresh C. Agrawal and Smt. Rashmi Agrawal, Director retires by rotation and being eligible, offer themself for re-appointment.

ACCOUNTS AND AUDIT

The Directors are of the view that the notes appended to the accounts and referred to by the Auditors in their Report are self-explanatory and do not require any further explanation.

AUDITORS

M/s. P. K. Gaur & Associates, the retiring Auditors hold office until the conclusion of the ensuing annual general Meeting and being eligible offer themselves for re-appointment. The Company has received a certificate in terms of provisions of Section 224(1B) from them confirming their eligibility for the proposed re-appointment.

LISTING:

The Equity Shares of Company are listed with Delhi Stock Exchange Limited.

CASH FLOW STATEMENT:

As required under clause-31(2) of the Listing Agreement, a cash flow statement, as prepared in accordance with the Accounting Standard-3 issued by the Institute of Chartered Accountants of India, is given along with Balance Sheet and Profit and Loss Account.

CAUTIONARY STATEMENT:

Statement in this report, particularly those which relate to Management Discussion and Analysis describing the Company''s objective, projections, estimates and expectations may constitute "forward looking statements" within the meeting of applicable laws and regulations. Actual results might differ materially from those expressed or implied in the statement depending on the circumstances.

INTERNAL CONTROL SYSTEM:

The company has a reasonable control system commensurate with its size and the nature of services provided by the company, which is being reviewed, periodically for more effectiveness. The company has an audit committee, which regularly reviews the internal audit observations and put corrective measures through justified actions.

HUMAN RESOURCES DEVELOPMENT:

The Company continues to enjoy cordial and warm relations with the employees and executives at all levels. It provides direction for the people working in the organization. Special training programs, workshops, seminars, etc. were continued during the year with a focus towards infusion of technical skill and quality consciousness in order to improve productivity, efficiency and quality.

INDUSTRIAL RELATIONS:

The industrial relation among all with in the organization was cordial. They maintained highest level of discipline and decency for the growth of the organization.

GENERAL:

The note forming part of the accounts being self-explanatory, the comments made by the auditors in their report are not required to be dealt separately.

APPRECIATION:

The Directors wish to place on record its appreciation for the continued co-operation extended by various Financial Institutions, Bankers, Govt. Departments and the members. The Directors also express their appreciation to the employees at all levels, for their dedicated services rendered to the Company.

RBI GUIDELINES FOR NON-BANKING FINANCIAL COMPANIES

The Company being a registered non-banking finance company has observed all the prudential norms prescribed by the Reserve Bank of India.

ACKNOWLEDGEMENT

The Board of directors would like to thank the Company''s Clients, Employees, Shareholders, Bankers and all other persons associated with the Company for their continued Support.

By Order of the Board of Directors

For Capital Trade Links Limited

Sd/- Sd/-

Place: New Delhi Harish C. Agrawal Suresh C. Agrawal

Date: 03.09.2012 Director Director


Mar 31, 2011

Dear Shareholders

The Directors have pleasure in submitting their 26th Annual Report together with the audited accounts for the year ended on March 31.2011

FINANCIAL RESULTS

2010-2011 2009-2010 (Rupees) (Rupees)

Profit Before Tax 76,338.92 90,512.37

Provision for Taxation (net of deferred tax) 23,589.00 44,700.00

Profit after Tax 52,749.92 45,812.37

Less : Transferred to Special Reserve 10,550.00 -

Balance b/f from previous year 5,40,708.22 5,72,496.59

Balance transferred to Balance Sheet 4,98,508.30 5,40,708.22

DIVIDENT

In View of the low profitability during the year under review the Directors express their inability to recommended any dividend for the year ended on March 31 2011

OPERATIONAL REVIEW OF THE COMPANY

During the year under review the company's profit before tax has decreased from Rs. 90512.37 to Rs. 76,338.92. Your Directors feel that herring unforeseen circumstances the Capital Market and money market should improve and accordingly the performance of the company should be better.

CONSERVATION OF ENERGY TECNOLOGY ABSORPTION

Your company being a finance companies ther fore information pursuant to section 217(1)(e) of the companies act 1956 with companies Disclosure of particulars in the report of Board of Directors Rules 1988 is not applicable

FOREIGN EXCHANGE EARNINGS & OUTGO

The company has not earned any foreign exchange from its business operation during the current financial year. There is no outgo of foreign exchange during the year 2010-11

CORPORATE GOVERANCE

The Board of Directors supports the principles of corporate governance in addition to the basis governance issues. The board says strong emphasis on transparency accountability and integrity Your company strives for excellence with the objective of enhancing the shareholders value. We ensure the practise of Corporate Governance in your esteemed company All Function and discharged in professionally sound, competent and transparent number.

A detailed report on the company's efforts at the adopting principles of corporate governance prescribed under the clause 49 of the listing agreement is produced as part of the Annual report.

DIRECTORS RESPONSIBILITY STATEMENT

Pursuant to the previous of sub - section(2AA) of section 217 of the companies act 1956 your Directors hereby confirm;

i. That in the preparation of the Annual accounts the applicable accounting standards have been followed along with proper explanation relating to material departures, if any;

ii. That the directors have selected such accounting policies and applied then 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 the end of the financial year

iii. That the directors have taken proper and sufficient care of the maintenance of adequate accounting records in accordance with the provisions of this act for safeguarding the assets of the company and for preventing and detecting fraud and other irregularities.

iv. That the directors have prepared the annual accounts on a going concern basis.

PARTICULARS OF EMPLOYEES

None of the employees of your company were drawing emoluments exceeding the limits prescribed under section 217 (2A) of the companies Act 1956 read will the companies (Particular of Employees) Rules 1975 and companies (particulars of Employees) Amendment Rules 2011 vide GSR 289 (E) dated 31.03.2011 During year.

AUDIT COMMITTEE

The Audit Committee of the company comprises of Mr. Umesh Aggarwal, Rashmi Agarwal and Mr. Suresh Agrawal.

DIRECTORS

Shri Suresh Agrawal and Shri Umesh Agarwal Director retires by rotation and being eligible offer themselves for re-appointment.

ACCOUNTS AND AUDIT

The Directors are of the view that the notes appended to the accounts and referred to by the Auditors in their Report are Self- Explanatory and do not require any further explanation.

AUDITORS

M/s P.K Gaur & Associates the retiring Auditors hold office until the conclusion of the ensuing annual general meeting and being eligible offer themselves for re-appointment. The company has received a certificate in terms of provisions of Section 224(1B) from them confirming their eligibility for the proposed re-appointment.

LISTING

The Equity Shares of Company are listed with Delhi Stock Exchange Limited.

CASH FLOW STATEMENT

As required under clause-31(2) of the listing agreement, a cash flow statement as prepared in accordance with Accounting Standard-3 issues by the institute of chartered accountants of India, is given along with Balance Sheet and Profit and Loss account.

CAUTIONARY STATEMENT

Statement in this report particularly those which relate to Management Discussion and Analysis describing the company objective projections estimates and expectations may constitute forward looking statements within the meeting of applicable laws and regulations Actual results might differ materially from those expressed or implied in the statement depending on the circumstances.

INTERNAL CONTROL SYSTEM

The company has a reasonable control system commensurate with its size and the nature of services provided by the company which is being reviewed periodically for more effectiveness. The company has an audit committee which regularly reviews the internal audit observations and put corrective measures through justified actions.

HUMAN RESOURCES DEVELOPMENT

The company continues to enjoy cordial and warm relations with the employees and executives at all levels. It provides direction for the people working in the Organization. Special training programs workshops seminars etc were continued during the year with a focus towards infusion of technical skill and quality consciousness in order to improve productivity efficiency and quality.

INDUSTRIAL RELATIONS

The industrial relation among all with in the organization was cordial. They maintained highest level of discipline and decency for the growth of the organization.

GENERAL :

The note forming part of the accounts being self-explanatory the comments made by the auditors in their report are not required to be dealt separately.

APPRECIATION

The Directors wish to place on record its appreciation for the continued co-operation extended by various Financial Institutions Bankers Govt Departments and the members. The Directors also express their appreciation to the employees at all levels, for their dedicated services rendred to the company.

RBI GUIDELINES FOR NON-BANKING FINANCIAL COMPANIES

The company being a registered non-banking finance company has observed all the prudential norms prescribed by the Reserve Bank of India.

ACKNOWLEDGEMENT

The Board Directors would like to thank the company Clients Employees Shareholders Bankers and all other persons associated with the company for their continued Support.

By Oder of the Board of Directors

For Capital Trade Links Limited

Place : New Delhi

Date : 02.09.2011 Director Director

 
Subscribe now to get personal finance updates in your inbox!