Mar 31, 2014
Dear Members,
1. During the year ended 31st March, 2014 the Company has earned Net
Profit of Rs. 1,45,501.52/- (before tax).
2. The directors hereby present the 20th Annual Report together with
Audited Accounts of the Company for the year ended 31st March, 2014.
Financial Results Rs. in Lakhs
Total Income 4.18
Total Expenditure 2.72
Profit before Tax 1.45
Provision for Taxation - Current 0.28
Deferred 0.03
Earlier Years 0.07
Profit after Tax 0.28
Profit B/f from previous year (77.64)
Other Appropriations 0.00
Balance transferred to Balance Sheet (76.46)
3. MEETINGS OF THE BOARD OF DIRECTORS:
The Board of Directors had met 4 times during the year, i.e. on
Date No. of Directors present
31/05/2013 3
26/07/2013 3
30/10/2013 3
29/01/2014 3
And as required, the gap between two Board meetings did not exceed
three calendar months. The Board meetings are held at the Siliguri
office of the Company. The Agenda for the Board meetings containing
relevant information/supporting data, as required, are distributed well
in advance to all the Board members from time to time in a structured
manner to enable the Board to take informed decisions.
4. There is no qualification, reservation, adverse remark or disclaimer
in the audit report as provided by the auditor and thus clean report
has been furnished.
5. The company has not given any loans, guarantees or investments
provided under section 186.
6. RELATED PARTY TRANSACTION:
The disclosure required as per sub section (1) of section 188 for
related party transaction is attached as per annexure to & forming part
of para 7(b) of corporate governance report.
7. OPERATIONS:
The company had earned a profit mainly due to the interest from the
Long Term Loans given. However, the directors expect growth in near
future.
8. FUTURE PROSPECTS:
The company is focusing mainly on its core Non Banking financial
activities and the directors look forward to achieve better financial
results in the Financial Year 2014-15.
9. There is no amount proposed to carry to any reserves this year.
10. DIVIDEND:
Yours directors do not recommend any dividend for the Financial Year
2013-14 keeping in view the financial position of the Company.
11. MATERIAL CHANGES AND COMMITMENTS:
No such material changes and commitments have been done which would
affect the financial position of the company.
12. CORPORATE GOVERNANCE:
As a listed company, necessary measures are being taken to comply with
the listing agreement with the Stock Exchange. A report on Corporate
Governance along with the Certificate of Compliance from the Auditors,
forms part of this Annual Report.
13. DIRECTORS:
In terms of Articles of Association of the company read with section
152 (5) of the Companies Act, 2013, Sri Kumaresh Lahiri is liable to
retire by rotation. However, Sri Kumaresh Lahiri has not offered
himself for re-appointment at the forthcoming AGM citing personal
reasons. The Board of Directors expresses and places on record for the
members their sincere appreciation for the services rendered by Sri
Kumaresh Lahiri during his tenure as Director.
In terms of section 149(4) of the Companies Act, 2013, every listed
company shall have at least one third of the total number of directors
as independent directors.
The Board is searching for suitable persons for the appointment as
independent director(s) to meet the requirements of the Companies Act,
2013 and clause 49 of the Listing Agreement.
14. LISTING:
The Shares of the Company are presently listed on the Mumbai and
Calcutta Stock Exchange. The listing fee for the year 2014-15 in
respect of Mumbai Stock Exchange & Calcutta Stock Exchange has been
paid in the month of April, 2014.
15. DEPOSITS:
Your Company has not accepted any deposit from the public.
16. AUDITORS:
M/s Agarwal Mahesh Kumar & Co., Chartered Accountants, the auditors of
company who retire at the forth coming AGM, being eligible has offered
themselves for reappointment.
The notes on account referred to in the Auditor''s Report are self
explanatory and therefore do not call for any further comments u/s 134
of the Companies Act, 2013.
17. SECRETARIAL COMPLIANCE CERTIFICATE:
The Secretarial Compliance Certificate received from Mr. Somnath
Ganguly, Practicing Company Secretary forms part of and is annexed to
this Report.
18. PERSONNEL:
No employee of your company was in receipt of remuneration exceeding
Rs. 24,00,000/- per annum or Rs. 2,00,000/- per month or part thereof.
Hence particulars of employees as per section 134 of the Companies Act,
2013 are not required to be furnished.
19. DIRECTORS'' RESPONSIBILITY STATEMENT:
It is further stated, that
i. in the preparation of the annual accounts, the applicable accounting
standards had been followed along with proper explanation relating to
material departures;
ii. your directors had selected such accounting policies and applied
them consistently and made judgments and estimates that are reasonable
and prudent so as to give a true and fair view of the state of affairs
of the company at the end of the financial year and of the profit &
loss of the company for that period;
iii. your directors had taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of this Act for safeguarding the assets of the Company and
for preventing and detecting fraud and other irregularities;
iv. your directors had prepared the annual accounts on a going concern
basis.
v. your directors, had laid down internal financial controls to be
followed by the company and that such internal financial controls are
adequate and were operating effectively.
vi. your directors had devised proper systems to ensure compliance with
the provisions of all applicable laws and that such systems were
adequate and operating effectively.
ACKNOWLEDGEMENT:
Your Directors acknowledge the co-operation extended by the various
Government Authorities, Bankers, Business Associates, Members and
Guests. Your Directors also place on record their sincere appreciation
of the services rendered by the employees at all levels.
For and on behalf of the Board
Dated: The 29th Day of May, 2014.
Smt. Sangita Devi Baid
Registered Office: Chairman
9, Mangoe Lane, Kolkata - 700 001
Mar 31, 2011
The directors have immense pleasure in presenting the 17th Annual
Report together with Audited Accounts of the Company for the year ended
31st March, 2011.
Financial Results Rs. in Lakhs
Total Income 3.75
Total Expenditure 3.29
Profit before Tax 0.47
Prevision for Taxation - Current 0.10
Deferred 0.00
Profit after Tax 0.37
Profit B/f from previous year (75.27)
Balance transferred to Balance Sheet (74.90)
OPERATIONS:
The company has been able to generate surplus on trading of shares. The
directors expect growth in near future.
FUTURE PROSPECTS:
The outlook of the Company for the year 2010-11 is good and
your directors looks forward to achieving good financial results in the
Financial Year2011-12.
DIVIDEND:
Yours directors do not recommend any dividend for the year 2010-11
keeping in view the quantum of profits earning by the Company.
CORPORATE GOVERANCE:
As a listed company, necessary measures are being taken to comply with
the listing agreement with the Stock Exchange. A report on Corporate
Governance along with the Certificate of Compliance from the Auditors,
forms part of this Annual Report.
DIRECTORS:
In terms of Articles of Association of the company read with section
255 of the Companies Act, 1956, Sri Kumaresh Lahiri retires by rotation
and being eligible offers himself for re-appointment.
LISTING:
The Shares of the Company are presently listed on the Mumbai and
Calcutta Stock Exchange. The listing fee for the year 2011-12 in
respect of Calcutta Stock Exchange have been paid in the month of May,
2011 and in respect of Mumbai Stock Exchange in the month of April,
2011.
DEPOSITS:
Your Company has not accepted any deposit from the public.
AUDITORS:
M/s. Agarwal Mahesh Kumar & Co., Chartered Accountants, the auditors of
company retires and being eligible offers them for reappointment.
The notes on account referred to in the Auditor's Report are self
explanatory and therefore do not call for any further comments u/s
217(3) of the Companies Act, 1956.
COMPLIANCE:
The compliance certificate received from the Mr. Somnath Ganguly,
practicing Company Secretary forms part of and is annexed to this
annual report.
PERSONNEL:
None of the employees of your company were receiving remuneration
exceeding Rs.24,00,000/- per annum or Rs.2,00,000/- per month or part
thereof. Hence no particulars of the employees as per section 217(2A)
of the Companies Act, 1956 need to be furnished.
DIRECTORS' RESPONSIBILITY STATEMENT:
It is further stated, that
i. in the preparation of the annual accounts, the applicable
accounting standards had been followed along with proper explanation
relating to material departures;
ii. your directors had selected such accounting policies and applied
them consistently and made judgments and estimates that are reasonable
and prudent so as to give a true and fair view of the state of affairs
of the company at the end of the financial year and of the profit &
loss of the company for that period;
iii. your directors had taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of this Act for safeguarding the assets of the Company and
for preventing and detecting fraud and other irregularities;
iv. Your directors had prepared the annual accounts on a going concern
basis.
THE COMPANIES (DISCLOSURE OF PARTICULARS IN THE REPORT OF DIRECTORS
RULES, 1988).
In accordance with the requirements of the above rules, the particulars
in respect of conservation of energy, research and development,
technology, absorption are not applicable to the company.
ACKNOWLEDGEMENT:
Your Directors acknowledge the co-operation extended by the various
Government Authorities, Bankers, Business Associates, Members and
Guests. Your Directors also place on record their sincere appreciation
of the services rendered by the employees at all levels.
By order and on behalf of the Board.
(RAJENDRA KUMAR BAID)
Chairman
Dated: 14/05/2010
Registered Office;
9, Mangoe Lane, Kolkata-700001
Mar 31, 2010
The directors have immense pleasure in presenting the 16th Annual
Report together with Au- dited Accounts of the Company for the Year
ended 31st March, 2010..
Financial Results: Rs. in Lakhs
Total Income 4.01
Total Expenditure 3.30
Profit before Tax .70
Provision for Taxation - Current .07
Deferred .02
Provision for FBT 0
Profit after Tax 0.61
Balance transferred to Balance Sheet (75.27)
OPERATIONS:
The company has been able to generate surplus on trading of shares. The
directors expect growth in near future.
FUTURE PROSPECTS:
The outlook of the Company for the year 2009-10 is good and your
directors looks forward to achieving good financial results in the
Financial Year. 2010-11.
DIVIDEND:
Yours directors do not recommend any dividend for the year 2009-2010
keeping in view the quan- tum of profits earning by the Company.
CORPORATE GOVERANCE:
As a listed company, necessary measures are being taken to comply with
the listing agreement with the Stock Exchange. A report on Corporate
Governance along with the Certificate of Compliance from the Auditors,
forms part of this Annual Report.
DIRECTORS:
In terms of Articles of Association of the company read with section
255 of the Companies Act, 1956, Smt. Sangita Devi Baid retires by
rotation and being eligible offers himself for re-appointment.
LISTING:
The Shares of the Company are presently listed on the Mumbai and
Calcutta Stock Exchange. The listing fee for the year 2010-11 in
respect of Calcutta Stock Exchange have been paid in the month of May,
2010 and in respect of Mumbai Stock Exchange in the month of April,
2010.
DEPOSITS:
Your Company has not accepted any deposit from the public.
AUDITORS:
M/S Agarwal Mahesh Kumar & Co., Chartered Accountants, the auditors of
company retires and being eligible offers them for reappointment.
The notes on account referred to in the Auditors Report are self
explanatory and therefore do not call for any further comments u/s.
217(3) of the Companies Act, 1956.
PERSONNEL:
None of the employees of your company were receiving remuneration
exceeding Rs. 24,00,000/ - per annum or Rs. 2,00,000/- per month or
part thereof. Hence no particulars of the employees as per section
217(2A) of the Companies Act, 1956 need to be furnished.
DIRECTORS RESPONSIBILITY STATEMENT:
It is further stated, that
i. in the preparation of the annual accounts, the applicable accounting
standards had been followed along with proper explanation relating to
material departures; ii. your directors had selected such accounting
policies and applied them consistently and made judgments and estimates
that are reasonable and prudent so as to give a true and fair view of
the state of affairs of the company at the end of the financial year
and of the profit & loss of the company for that period;
iii. your directors had taken proper and sufficient care for the
maintenance of adequate account- ing 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. Your
directors had prepared the annual accounts on a going concern basis.
THE COMPANIES (DISCLOSURE OF PARTICULARS IN THE REPORT OF DIRECTORS
RULES, 1988).
In accordance with the requirements of the above rules, the particulars
in respect of conservation of energy, research and development,
technology, absorption are not applicable to the company.
ACKNOWLEDGEMENT:
Your Directors acknowledge the co-operation extended by the various
Government Authorities, Bankers, Business Associates, Members and
Guests. Your Directors also place on record their sincere appreciation
of the services rendered by the employees at all levels.
By order and on behalf of the Board.
(RAJENDRA KUMAR BAID)
Chairman
Dated: The 29th Day of May, 2010.
Registered Office:
9, Mangoe Lane, Kolkata-700001