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Directors Report of Classic Global Finance And Capital Ltd.

Mar 31, 2015

DEAR MEMBERS,

The Directors have great pleasure in presenting the Annual Report together with the Audited Accounts of the Company for the year ended at 31stMarch, 2015.

FINANCIAL RESULTS

The summarized performance of the Company for the years 2014-15 and 2013-14 is given below:

(Rupees in Lacs)

For Financial Year Ended Particulars 31st March, 2015 31st March, 2014

Total Income 137.19 42.12

Total Expenditure 129.11 39.95

Profit before Tax 8.08 2.17

Less: Tax Expense 2.67 0.63

Add: Deffered Tax 0.08 0.04

Profit / (Loss) After Tax 5.49 1.58

DIVIDEND

During the year under review, to plough back the profits in the business activity, no dividend is recommended this year.

RESERVE AND SURPLUS

The amount of Rs. 548502.57 is being transferred in the reserve and Surplus as the Current year profit.

FINANCIAL PERFORMANCE

During the year under review, the Company's income is Rs. 548,502.57/- as against income of Rs. 158,422.95 /- in 2013-14.

CHANGE IN THE SHARE CAPITAL

During the period under review, The Authorized Share Capital as on March 31, 2015 is Rs. 40,000,000 (Rupees Four crores only) (40,000,000 shares of Rs.1/each). During the year under review, the face and paid up value of equity shares has been sub divided from Rs. 10 each to Rs. 1 each.

The Board of Directors of your Company has also proposed the consolidate the face value of equity shares of Rs. 1 to Rs. 10 each for your approval in the ensuing Annual General Meeting.

During the year, the Company has not changed its nature of business.

MATERIAL CHANGES AND COMMITMENTS, IF ANY, AFFECTING THE FINANCIAL POSITION OF THE COMPANY WHICH HAVE OCCURRED BETWEEN THE END OF THE FINANCIAL YEAR OF THE COMPANY TO WHICH THE FINANCIAL STATEMENTS RELATE AND THE DATE OF THE REPORT

There have been no material changes and commitments which can affect the financial position of the Company occurred between the end of the financial year of the Company and date of this report.

RISK MANAGEMENT POLICY

The Company has devised and implemented a mechanism for risk management and has developed a Risk Management Policy. The Policy provides for constitution of a Risk Committee, which will work towards creating a Risk Register, identifying internal and external risks and implementing risk mitigation steps. The Committee will, on a quarterly basis, provide status updates to the Board of Directors of the Company.

PARTICULARS OF EMPLOYEES AND OTHER DISCLOSURE

The prescribed particulars of Employees required under Section 197(12) of the Companies Act, 2013 read with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 is given herein below:

The information required pursuant to Section 197(12) read with Rule 5(2) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 in respect of Employees of the Company, will be provided on request. In terms of Section 136 of the Act, the reports and accounts are being sent to the members and others entitled thereto, excluding the information on employees particulars mentioned in rule 5(2) of the said rule which is available for inspection by the Members at the Registered Office of the Company during the business hours on working days of the Company upto the date of ensuing Annual General Meeting. If any Member is interest in inspecting the same, such Member may write to the Compliance officer in advance.

DETAILS PERTAINING TO REMUNERATION AS REQUIRED UNDER SECTION 197(12) OF THE COMPANIES ACT, 2013 READ WITH RULE 5(1) OF THE

COMPANIES (APPOINTMENT AND REMUNERATION OF MANAGERIAL PERSONNEL) RULES, 2014

Sr. Name of Remuneration % increase in No. Director/KMP and of Director/ Remuneration Designation KMP for FY in FY 2014- 2014-15 (Rs. 15** In Lakhs)

1. Mr. Vinod Kumar Nil N.A. Garg, Whole Time Director

2. Ms. Meenu Jain, 20,000 NA Company Secretary

Sr. Name of Ratio of Ratio of No. Director/KMP and Remuneration Remuneration Designation of of Director to Director to Median Median Remuneration Remuneration of of employees Employees

1. Mr. Vinod Kumar N.A. N.A. Garg, Whole Time Director

2. Ms. Meenu Jain, N.A. N.A. Company Secretary

During the year under review, Ms. Meenu Jain Kumar resigned from the post of Company Secretary w.e.f 16th June, 2014.

The number of permanent employees as on 31st March 2015 was 2.

Average of remuneration of employees excluding KMPs - Nil

No employee's remuneration for the year 2014-15 exceeded the remuneration of any of the Directors.

Company's performance has been provided in the Directors' Report which forms part of the Board Report.

Market Capitalisation was Rs. 35.11 crores of 2014-15 as against Rs. Rs. 3.51 crores of 2013-14.

The key parameter for the variable component of key managerial personnel(s) is linked with Company performance and Individual performance.

The remuneration of Directors, KMPs and other employees is in accordance with the Remuneration Policy of the Company.

STATEMENT CONTAINING THE PARTICULARS OF EMPLOYEES IN ACCORDANCE WITH SECTION 197 OF THE COMPANIES ACT, 2013 READ WITH RULE 5 OF THE COMPANIES (APPOINTMENT AND REMUNERATION OF MANAGERIAL PERSONNEL) RULES, 2014 AND FORMING PART OF DIRECTORS' REPORT FOR THE FINANCIAL YEAR ENDED MARCH 31, 2015 -NOT APPLICABLE

DEPOSITS

The Company has not accepted deposit from the public falling within the ambit of Section 73 of the Companies Act, 2013 and The Companies (Acceptance of Deposits) Rules, 2014. No amount of principal or interest was outstanding as on the date of Balance Sheet.

NAME OF THE COMPANIES WHICH HAVE BEEN BECOME OR CEASED TO BE ITS SUBSIDIARIES AND ASSOCIATE COMPANIES DURING THE YEAR

Since the Company has no subsidiaries as on 31st March, 2015, provision of section 129 of the Companies Act, 2013 is not applicable.

STATE OF COMPANY AFFAIRS:

The Company is complying with all the applicable laws and provisions and there is no adverse action against the business operations of the Company.

STATUTORY AUDITORS

The ratification of Statutory Auditors, M/s. Sanjay Chirana & Associates., Chartered Accountants, have been recommended to the Shareholders for the approval for the financial year 2015-16 in terms of the provisions of section 139 of Companies Act, 2013.

AUDITORS' REPORT

The Notes on Financial Statements referred to in the Auditors' Report are self- explanatory and therefore, in the opinion of the Directors, do not call for further comments.

EXTRACT OF THE ANNUAL RETURN

The extract of the annual return in form no. MGT - 9 has been annexed to the Report, as Annexure.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO

The particulars as required under the provisions of Section 314(3)(m) of the Companies Act, 2013 read with Rule 8(3) of The Companies (Accounts) Rules, 2014 in respect of Conservation of Energy and Technology Absorption have not been furnished considering the nature of activities undertaken by the Company during the year under review.

There was no foreign exchange earning & outgo during the financial year under review.

During the period, the Company has changed its Registered Office w.e.f. September 11, 2014 from Mall Plaza, Building Fountain Chowk, Ludhiana, Punjab to Office No. 8 IInd Floor, Sodhi Complex, Miller Ganj, Opp. Ramgarhia School, Ludhiana - 141003.

CORPORATE SOCIAL RESPONSIBILITY (CSR)

During the year under review, the Company is not required to comply with the provisions related to Corporate Social Responsibility on the basis of its financial statement.

DIRECTOR'S & COMMITTEES:

a) Changes in Directors and Key Managerial Personnel

During the year under review 2014-15, Ms. Geeta Devi was co-opted as an Additional Director on the board of the company with effect from 21st March, 2015 and who ceases to hold the office at this Annual General Meeting and in respect of whom a notice under section 160 of the Companies Act, 2013 has been received from a member along with requisite deposit proposing their candidatures for the office of a Director on the Board of the Company.

During the period under review, Mr. Jai kumar have resigned from the Board of the company with effect from 21st March, 2015.

During the year under review 2014-15, Ms. Meenu Jain has resigned from the post of company secretary w.e.f. 16.06.2014 from the Company.

b) Declaration by an Independent Director(s) and re- appointment, if any

All Independent Directors have given declaration that they meet the criteria of independence as laid down under Section 149(6) of the Companies Act, and Listing Agreement.

c) Formal Annual Evaluation of Board

Pursuant to the provisions of companies Act, 2013, the Board has carried out annual performance evaluation of its own performance, the directors individually as well the evaluation of the working of its Audit, Nomination & Remuneration and Stakeholder Relation committee.

SEXUAL HARASSMENT:

The Company has zero tolerance for Sexual Harassment at workplace and has adopted a Policy on prevention of Sexual Harassment in line with the provisions of Sexual Harassment of Woman at Workplace (Prevention, Prohibition and Redresssal) Act, 2013 and the Rules made thereunder. There was no complaint on sexual harassment during the year under review.

NUMBER OF MEETINGS OF THE BOARD OF DIRECTORS BOARD MEETINGS

During the year, the Board of your company met Ten times on 19.05.2014, 16.06.2014,

30.07.2014, 13.08.2014, 11.09.2014, 13.11.2014, 17.11.2014, 13.02.2015, 21.03.2015, and

30.03.2015. The intervening gap between the Meetings was within the period prescribed under the Companies Act, 2013.

COMPOSITION AND MEETINGS OF AUDIT COMMITTEE

The Composition and terms of reference of the Committee satisfy the requirements Section 177 of the Companies Act, 2013. Audit Committee met 5 times during the financial year 2014-15 on 19.05.2014, 13.08.2014, 28.08.2015, 13.11.2014 and 13.02.2015.

On the resignation of Mr. Jai Kumar and Appointment of Ms. Geeta Devi, the Board of Directors in its meeting held on 21st March, 2015 reconstituted the Audit Committee and following is the composition as on 31.03.2015:

Name of Member Designation Category

Ms. Geeta Devi Chairman Non Executive and Independent Director

Mr. Ranjeet Kumar Member Non Executive and Non Independent Director

Mr. Virender Singh Rana Member Non Executive and Independent Director

COMPOSITION AND MEETINGS OF STAKEHOLDER RELATIONSHIP COMMITTEE

The Composition and terms of reference of the Committee satisfy the requirements Section 178 of the Companies Act, 2013. The Committee met 4 times during the financial year 2014-15 on 19.05.2014, 13.08.2014, 28.08.2015, 13.11.2014 and 13.02.2015.

During the year under review, the committee further re-constituted and at present, following is the composition as on 31.03.2015:

Name of Member Designation Category

Mr. Virender Singh Rana Chairman Non Executive and Independent Director

Mr. Ranjeet Kumar Member Non Executive and Non Independent Director

Ms. Geeta Devi Member Non Executive and Independent Director

NOMINATION & REMUNERATION COMMITTEE & ITS POLICY

The Company has duly constituted Nomination and Remuneration Committee to align with the requirements prescribed under the provisions of the Companies Act, 2013.

During the year under review, the committee further re-constituted and at present, following is the composition as on 31.03.2015:

Name of Member Designation Category

Mr. Virender Singh Rana Chairman Non Executive and Independent Director

Ms. Geeta Devi Member Non Executive and Non Independent Director

Mr. Ranjeet Kumar Member Non Executive and Independent Director

DETAILS OF ESTABLISHMENT OF VIGIL MECHANISM FOR DIRECTORS AND EMPLOYEES

During the year, as per Section 177(9) read with Rule 7(1) of The Companies (Meeting of Board and its Powers) Rules, 2014, Company is required to establish a Vigil Mechanism for its Directors and employees. In order to ensure that the activities of the Company and its employees are conducted in a fair and transparent manner by adoption of highest standards of professionalism, honesty, integrity and ethical behavior the company has adopted a vigil mechanism policy. This policy has been updated on the website of company.

PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS UNDER SECTION 186

During the year, Company has not provided Loans, Guarantees and Investments covered under the provisions of Section 186 of the Companies Act, 2013.

PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES:

The Company has no material significant transactions with its related parties which may have a potential conflict with the interest of the Company at large. The details of transactions with the Company and related parties are given for information under notes to Accounts.

MANAGERIAL REMUNERATION POLICY

Provisions relating to Managerial Remuneration as per Section 197 read with Rule 5 of The Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 The Board has on the recommendation of the Nomination & Remuneration Committee framed a Policy for Selection and appointment of Directors, Senior management and their Remuneration.

DETAILS IN RESPECT OF ADEQUACY OF INTERNAL FINANCIAL CONTROLS WITH REFERENCE TO THE FINANCIAL STATEMENTS

The Company maintains appropriate systems of internal control, including monitoring procedures, to ensure that all assets are safeguarded against loss from unauthorized use or disposition. Company policies, guidelines and procedures provide for adequate checks and balances and are meant to ensure that all transactions are authorized, recorded and reported correctly.

SECRETARIAL AUDIT REPORT AND EXPLANATION TO THE QUALIFICATIONS REPORTED IN THE REPORT

Pursuant to the provisions relating to Secretarial Audit as per Section 204 read with Rule 9 of The Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Company has appointed M/s. K.K. Mishra & Associates, Company Secretaries, to undertake the Secretarial audit of the Company for the Financial Year 2014-15 and the report is attached herewith.

With respect to the qualifications, the Company is looking candidate for the post of Company Secretary and Chief Financial officer, Company is filing the required information/compliances timely.

DETAILS OF SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS OR TRIBUNALS IMPACTING THE GOING CONCERN STATUS AND COMPANY'S OPERATIONS IN FUTURE

No significant and material orders have been passed by the regulators or courts or tribunals, impacting the going concern status and company's operations in future.

AUDIT OBSERVATIONS

Auditors' observations are suitably explained in notes to the Accounts and are self- explanatory.

HUMAN RESOURCES

There are no employees as on date on the rolls of the Company who are in receipt of Remuneration which requires disclosures under Section 134 of the Companies Act, 2013 and Companies (Particulars of Employees) Rules, 1975.

During the year under review, relationship with the employees is cordial.

INDEPENDENT DIRECTORS' MEETING

During the year under review, the Independent Directors met on 13th November, 2014, inter alia, discussed:

*Evaluation of the performance of Non-independent Directors and the Board of Directors as a whole.

* Evaluation of the performance of the chairman of the Company, taking into account the views of the Executive and Non-executive directors.

* Evaluation of the quality, content and timelines of flow of information between the Management and the Board that is necessary for the Board to effectively and reasonably perform its duties.

* All the Independent Directors were present at the Meeting.

DIRECTORS' RESPONSIBILITY STATEMENT

The Directors' Responsibility Statement referred to in clause (c) of sub-section (3) of Section 134 of the Companies Act, 2013, shall state that -

(a) In the preparation of the annual accounts, the applicable accounting standards had been followed along with proper explanation relating to material departures;

(b) the directors had selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the company at the end of the financial year and of the profit and loss of the company for that period;

(c) The directors had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of this Act for safeguarding the assets of the company and for preventing and detecting fraud and other irregularities;

(d) The directors had prepared the annual accounts on a going concern basis; and

(e) The directors had laid down internal financial controls to be followed by the company and that such internal financial controls are adequate and were operating effectively.

(f) 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.

ACKNOWLEDGEMENT

Directors take this opportunity to express their thanks to various departments of the Central and State Government, Bankers, Material Suppliers, Customers and Shareholders for their continued support and guidance.

The Directors wish to place on record their appreciation for the dedicated efforts put in by the employees of the Company at all levels

By Order of the Board of Directors For Classic Global Finance and Capital Limited

Sd/- Sd/-

Place: New Delhi Vinod Kumar Garg Virender Singh Rana Date: 01.09.2015 Director Director DIN 00504829 DIN 06782773


Mar 31, 2014

Dear members,

The Directors have great pleasure in presenting the Annual Report together with the Audited Accounts of the Company for the year ended at 31stMarch, 2014.

FINANCIAL RESULTS

The summarized performance of the Company for the years 2013-14 and 2012- 13 is given below:

(Rupees in Lacs)

For Financial Year Ended

Particulars 31st March, 2014 31st March, 2013

Total Income 41.92 3.00

Total Expenditure 39.95 2.77

Profit before Tax 1.97 0.23

Less: Tax Expense 0.53 (0.02)

Profit / (Loss) After Tax 1.45 0.26

DIRECTORS

Mr. Ranjeet Kumar, Mr. Jai Kumar and Mr. Virender Singh Rana who wereco- opted as Additional Director on the board of the company with effect from 20th December, 2013 and who ceases to hold the office at this Annual General Meeting and in respect of whom a notice under section 160 of the Companies Act, 2013 has been received from a member along with requisite deposit proposing his candidature for the office of a Director on the Board of the Company, be and is hereby appointed as a director on the Board, liable to retire by rotation.

DIVIDEND

In consideration of future prospects of the Company, Your Board of Directors has decided to plough back the profits into the business operations of the Company.

PUBLIC DEPOSIT

The Company has not accepted any deposits during the year under review.

AUDITORS

The Auditors M/s. Sanjay Chirana& Associates., Chartered Accountants, retire at the conclusion of the ensuing Annual General Meeting and being eligible offer themselves for re-appointment.

AUDITOR''S REPORT

The observation made in the Auditors'' Report read together with relevant notes thereon are self explanatory and hence, do not call for any further comments under Section 217 of the Companies Act, 1956.

INDUSTRIAL RELATIONS

During the year under review, your Company enjoyed cordial relationship with workers and employees at all levels.

SUBSIDARY COMPANIES

The Company does not have any subsidiary.

CONSOLIDATED FINANCIAL STATEMENTS

Since there is no subsidiary of the Company at present, hence no consolidated financial statements have been prepared.

DIRECTORS RESPONSIBILITY STATEMENT

Pursuant to the provisions of Section 217(2AA) of the Companies Act, 1956 the Directors confirm:

a) In the preparation of the annual accounts, the applicable accounting standards had been followed along with proper explanation relating to material departures.

b) 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 as at 31st March, 2014 and of the Profit or Loss of the company for the year under the review.

c) That the Directors had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of this Act, in safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities.

d) The Directors have prepared the annual accounts on a going concern basis.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNING AND OUTGO

The provisions of Section 217(1) (e) of the Companies Act, 1956 read with Rule 2 of the Companies (Disclosure of particulars in the Report of Board of Directors) Rules,1988 are not applicable to the Company. Therefore, the information relating to conservation of energy or technology absorption etc. is not given. There has been no foreign exchange earnings and outgo during the year under Report.

PARTICULARS OF EMPLOYEES

The provisions of section 217(2A) of the Companies Act, 1956 are not applicable as no Employee was in receipt of remuneration to the extent laid down therein

PERSONNEL

The Management-Employees relations remained very cordial throughout the year. Your Directors wish to place on record their appreciation of sincere and devoted services rendered by all the workers and staff at all levels.

CORPORATE GOVERNANCE AND MANAGEMENT DISCUSSION & ANALYSIS REPORTS

The Corporate Governance and Management Discussion & Analysis Report, which form an integral part of this Report, are set out as separate Annexure, together with the Certificate from the auditors of the Company regarding compliance with the requirements of Corporate Governance as stipulated in Clause 49 of the Listing Agreement.

ACKNOWLEDGEMENTS

Your Company and its Directors wish to extend their sincerest thanks to the Members of the Company, Bankers,State Government, Local Bodies, Customers, Suppliers, Executives, Staff and workers at all levels for their continuous co- operation and assistance.

By Order of the Board Classic Global Finance and Capital Limited

Sd/- Sd/- Date: 19th May, 2014 Vinod Kumar Garg Ranjeet Kumar Place: Ludhiana Director Director DIN No:00504829 DIN No: 05243913


Mar 31, 2013

Dear Members,

The Directors have pleasure in presenting the Annual Report together with the Audited Accounts of the Company for the year ended 31 March, 2013.

FINANCIAL HIGHLIGHTS:

Particulars 31.03.2013 31.03.2012 (Rs.) (Rs.)

Total Income/Loss 3,00,032.00 2,72,626.00

Less: Total Expenses 2,76,749.13 2,51,207.22

Profit Before Tax 23,282.87 21,418.78

Profit/Loss after Tax 26,166.87 15,481.28

DIRECTORS

Mr. Gagan Deep Singh, one of the directors of the Company who retires by rotation at the ensuing Annual General Meeting and being eligible offers himself for re- appointment. Further Mr. Vinod Kumar Garg has been appointed as the Director of the company during the financial year under review.

The Company has received confirmation from all the Directors that none of the directors is disqualified for being appointed as director, pursuant to the provisions of section 274(1) (g) of the Companies Act 1956.

PUBLIC DEPOSITS

The Company has not accepted any deposits during the year under review.

AUDITORS

To appoint Ms. Sonu Kansaria, Chartered Accountants as the Statutory Auditors of the Company in place of M/s. Deepender Anil & Associates to hold office from the conclusion of this meeting until the conclusion of the next Annual General Meeting of the company and to fix their remuneration.

AUDITORS REPORT

As regards Auditor''s observation, the relevant notes on the accounts are self- explanatory and therefore do not call for any further comments.

DIRECTORS RESPONSIBILTY STATEMENT

Pursuant to the provisions of Section 217(2AA) of the Companies Act, 1956 the Directors confirm:

i. That in preparation of the annual accounts, the applicable accounting standards had been followed along with proper explanation relating to material departures.

ii. That 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 31 March, 2013 and other st Statements of Accounts of the Company for the year ended 31 March, 2013.

iii. That the Directors had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 1956 in safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities.

iv. That the Directors had prepared the annual accounts on a going concern basis.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNING AND OUTGO

Information as per Section 217(1) (e), read with Companies (Disclosure of Particulars in the report of Board of Directors) Rules, 1988 have been given, as it is applicable to the Company. The foreign exchange earnings and outgo during the year under review is NIL.

PARTICULARS OF EMPLOYEES U/S 217(1A) OF THE COMPANIES ACT, 1956

There was no employee who falls under Section 217(2A) of the Companies Act, 1956 read with Companies (Particulars of Employees) (Amendment) Rules, 2002.

PERSONNEL

The Management-Employees relations remained very cordial throughout the year. Your Directors wish to place on record their appreciation of sincere and devoted services rendered by all the workers and staff at all levels.

COMPLIACE CERTIFICATE

A Certificate of compliance by a Company Secretary in practice referred to in the proviso to sub- section (1) of Section 383A of the Companies Act, 1956 read with Rule 2(b), 2(c) & Rule 3 of the Companies (Compliance Certificate) Rules, 2001 is annexed herewith as Annexure-A.

CORPORATE GOVERNANCE

A report on Corporate Governance along with a certificate from the Auditors regarding the compliances with conditions of Corporate Governance in terms of Clause 49 of the Listing Agreement is annexed to this report.

MANAGEMENT DISCUSSION AND ANALYSIS REPORT:

As required under Clause 49 of the Listing Agreement with the Stock Exchange, the Management and Discussion and Analysis of the financial condition and results of the operations of the Company under review forms part of the Annual Report.

ACKNOWLEDGEMENTS

Your Directors acknowledge with gratitude, the continuing co-operation and assistance rendered by Financial Institutions, Banks, Government Agencies, Suppliers and other organization in the working of the Company.

By Order of the Board For CLASSIC GLOBAL FINANCE AND CAPITAL LTD

Sd- Vinod Kumar Garg Dated: 2nd September, 2013 Chairman Place: Ludhiana


Mar 31, 2012

Dear Members,

The Directors have pleasure in presenting the Annual Report together with the Audited Accounts of the Company for the year ended 31st March, 2012.

FINANCIAL & OPERATIONAL REVIEW

Gross income amounted to Rs. 2,72,626.00 as compared to Rs. 5,72,238.00 in the previous year. The directors hope to achieve even better results during the current year.

(in Rs.)

Particulars Current Year Previous Year 31-03-2012 31-03-2011

Gross Income 2,72,626.00 5,72,238.00

Net profit before depreciation 27,408.00 1,08,226.00

Net Profit/Loss after depreciation 21,418.78 1,01,269.07

Less: Provision for Income Tax 5,937.50 30,603.00

Profit After Tax 15,481.28 70,666.07

DIRECTORS

Mr. Amrik Singh, director of the Company who retires by rotation at the ensuing Annual General Meeting and being eligible offers himself for re-appointment.

The Company has received confirmation from all the Directors that none of the directors is disqualified for being appointed as director, pursuant to the provisions of section 274(1) (g) of the Companies Act 1956.

PUBLIC DEPOSITS

The Company has not accepted any deposits during the year under review.

AUDITORS

The auditor of the Company, M/s Deepinder Anil & Associates, Chartered Accountants, Delhi, retire at the conclusion of this Annual General Meeting and are eligible for reappointment.

They have furnished a certificate to the effect that the re-appointment if made shall be in accordance with Section 224(1B) of the Companies Act, 1956.

The Audit Committee has recommended their re-appointment.

AUDITORS REPORT

As regards Auditor''s observation, the relevant notes on the accounts are self-explanatory and therefore do not call for any further comments.

DIRECTORS RESPONSIBILITY STATEMENT

Pursuant to the provisions of Section 217(2AA) of the Companies Act, 1956 the Directors confirm:

i. That in preparation of the annual accounts, the applicable accounting standards had been followed along with proper explanation relating to material departures.

ii. That 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 31st March, 2012, and other Statements of Accounts of the Company for the year ended 31st March, 2012.

iii. That the Directors had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 1956 in safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities.

iv. That the Directors had prepared the annual accounts on a going concern basis.

CONSERVATION OF ENERGY. TECHNOLOGY ABSORPTION. FOREIGN EXCHANGE EARNING AND OUTGO

Information as per Section 217(1) (e), read with Companies (Disclosure of Particulars in the report of Board of Directors) Rules, 1988 have been given, as it is applicable to the Company. The foreign exchange earning and outgo during the year under review is NIL.

PARTICULARS OF EMPLOYEES U/S 217 (1A) OF THE COMPANIES ACT, 1956

There was no employee who fails under Section 217(2A) of the Companies Act, 1956 read with Companies (Particulars of Employees) (Amendment) Rules, 2002.

PERSONNEL

The Management-Employees relations remained very cordial throughout the year. Your Directors wish to place on record their appreciation of sincere and devoted services rendered by all the workers and staff at all levels.

ACKNOWLEDGEMENTS

Your Directors acknowledge with gratitude, the continuing co-operation and assistance rendered by Financial Institutions, Banks, Government Agencies, Suppliers and other organization in the working of the Company.

By Order of the Board For CLASSIC GLOBAL FINANCE AND CAPITAL LTD

Amrik Singh Director Dated: 1st September, 2012 Place: Ludhiana


Mar 31, 2011

Dear Members,

The Directors have pleasure in presenting the Annual Report together with the Audited ccounts of the Company for the year ended 31st March, 2011.

FINANCIAL & OPERATIONAL REVIEW

Gross income amounted to Rs. 5,72,238.00 as compared to Rs. 638742.00 in the previous year, he directors hope to achieve even better results during the current year.

(in Rs.) Particulars Current Year Previous Year 31-03-2011 31-03-2010

Gross Income 5,72,238.00 6,38,742.00

Net profit before depreciation 1,08,226.00 1,09,242.00

Net Profit/Loss after depreciation 1,01,269.07 1,00,839.38

Add: Brought Forward Profit (Loss) (99,03,948.83) (99,74,216.21)

Less: Provision for Income Tax 30,603.00 30,572.00 Balance carried Forward (98,33,282.76) (99,03,948.83)

DIRECTORS

Mr. Guru Charan Singh, director of the Company who retires by rotation at the ensuing Annual General Meeting and being eligible offers himself for re-appointment.

The Company has received confirmation from all the Directors that none of the directors is disqualified for being appointed as director, pursuant to the provisions of section 274(1) (g) of the companies Act 1956.

PUBLIC DEPOSITS

The Company has not accepted any deposits during the year-under review.

AUDITORS

The auditor of the Company, M/s Abhishek B Gupta & Associates, Chartered Accountants, Delhi, retire at the conclusion of this Annual General Meeting and are eligible for reappointment. They have furnished a certificate to the effect that the re-appointment if made shall be in accordance with Section 224(18) of the Companies Act, 1956.

The Audit Committee has recommended their re-appointment.

AUDITORS REPORT

As regards Auditor''s observation, the relevant notes on the accounts are self- explanatory and therefore do not call for any further comments.

DIRECTORS RESPONSIBIlTY STATEMENT

Pursuant to the provisions of Section 217{2AA) of the Companies Act, 1956 the Directors confirm:

i. That in preparation of the annual accounts, the applicable accounting standards had been followed along with proper explanation relating to material departures.

ii. That 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 31st March, 2011 and other Statements of Accounts of the Company for the year ended 31st March, 2011.

iii. That the Directors had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 1956 in safeguarding the assets, of the Company and for preventing and detecting fraud and other irregularities.

iv. That the Directors had prepared the annual accounts on a going concern-basis.

CONSERVATION OF ENERGY. TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNING AND OUTGO

Information as per Section 217(1) (e), read with Companies (Disclosure of Particulars in the report of Board of Directors) Rules, 1988 have been given, as it is applicable to the Company. The foreign exchange earning and outgo during the year under review is NIL,

PARTICULARS OF EMPLOYEES U/S 217(1A) OF THE COMPANIES ACT, 1956

There was no employee who falls under Section 217(2A) of the Companies Act, 1956 read-with Companies (Particulars of Employees) (Amendment) Rules, 2002.

PERSONNEL

The Management-Employees relations remained very cordial throughout the year. Your Directors wish to place on record their appreciation of sincere and devoted services rendered by all the workers and staff at all levels.

ACKNOWLEDGEMENTS

Your Directors acknowledge with gratitude, the continuing co-operation and assistance rendered by Financial Institutions, Banks, Government Agencies, Suppliers and other organization in the working of the Company.

By Order of the Board For CLASSIC GLOBAL FINANCE AND CAPITAL LTD



Director

Dated: 1st September, 2011

Place: Ludhiana

 
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