Mar 31, 2023
The Directors presents the 37th Annual Report of your company together with the audited financial statements of the company for the year ended 31st March 2023.
(Rs. In Lakhs) |
||
Particulars |
Standalone |
|
Year ended |
||
31-03-2023 |
31-03-2022 |
|
Total Income |
41732.84 |
345.94 |
Profit before Tax, Exceptional Items |
41077.45 |
266.21 |
Profit before Tax and Exceptional Items |
41077.45 |
266.21 |
Less :i) Exceptional items |
- |
- |
ii) Provsion for Taxation |
9783.05 |
203.88 |
Profit after tax |
31294.40 |
62.33 |
Less: (Loss) from Discounting operations |
(0.82) |
(1.27) |
Profit for the Year for the Period |
31293.58 |
61.06 |
Add: Other Comprehensive Income/(Loss) |
(7171.38 |
13558.42 |
Total Comprehensive Income |
24122.21 |
13619.48 |
Earning Per Share (Basic and Diluted) |
96.81 |
0.19 |
During the year under rev''ew, the total income of the Company was at Rs. 41,732.44 Lakh and earned Net Profit for the year of Rs.31,293.58 Lakh as compared to Income of Rs. 345.94 Lakh and Net Profit for the year of Rs. 61.06 Lakhs respectively in the prev''ous financial year. During the year under rev''ew there was substantial increase in earnings and Net Profit mainly due to change in fair value of investments. Company earned the income from Interest on the loans given, dividend received on the investments and income from derivative trade.
Management of the Company is continuously taking appropriate steps for further improvement of the profitability of the Company.
During the year there is no change in the business of the Company. Company continues to be NBFC, registered with Reserve Bank of India, hav''ng business of doing & holding investment activity and prov''ding loans.
AMOUNT PROPOSED TO TRANSFER TO RESERVES PURSUANT TO RBI REGULATIONS
As per the provsions of the Section 45-1C of Reserve Bank of India Act, 1934, the Company is required to transfer 20% of its profit after tax to the Statutory Reserve Fund. During the year, the Company has transferred Rs. 6258.72 Lakhs to the statutory reserve fund.
Your Directors intend to plough back available resources for financial requirements and express their inability to recommend any divided for the year under rev''ew.
Your Company continues to comply with all the applicable laws, regulations, guidelines etc. prescribed by the Reserve Bank of India ("RBI"), from time to time. The Company continues to be in compliance with the norms pertaining to capital adequacy, non-performing assets etc.
PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS IN SECURITIES
Your Company, being an NBFC registered with RBI and engaged in the business of giv''ng loans in ordinary course of its business, is exempt from complying with the prov''sions of Section 186 of the Companies Act,2013 ("the Act") with respect to loans. Pursuant to the prov''sions of Section 186(4) of the Act, details with regard to the investments made by the Company, as applicable, are given in Note no.5 of the Standalone financial statements, forming part of this Annual Report.
During the year, the Company has not accepted any deposits from the public under Chapter V of the Companies Act, 2013. There was no public deposit outstanding as at the beginning and end of the financial year 2022-23.
SUBSIDIARY COMPANIES, ASSOCIATES AND CONSOLIDATED FINANCIAL STATEMENTS
Company do not have any Associate or Subsidiary Company. Hence no Consolidated Financial Statements of the Company have been prepared for the F.Y. ended 31.03.2023.
Further Concatenate Advest Adv''sory Private Limited continue to be the Holding company and is holding 68.92% shares of the Company as on 31.03.2023.
Pursuant to Section 134(3)(a) and Section 92(3) of the Companies Act, 2013 read with rule 12(1) of the Companies (Management and Administration) Rules, 2014, the Annual Return in Form No. MGT-7, is available on the Company''s website and can be accessed at the web-link: http://www.consofinvest.com/investor_
relations.htm.
COMPOSITION OF THE BOARD Directors
⢠Mr. Sanjiv Kumar Agarwal - Managing Director
⢠Ms. Geeta Gilotra -Non Executive woman Director
⢠Ms. Iti Goyal - Non Executive Director
⢠Mr. Prakash Matai - Non Executive Independent Director
⢠Mr. Sanjeev Aggarwal - Non Executive Independent Director
⢠Mr. Radhey Shyam- Chairman & Non-Executive Independent Director
Key Managerial Personnel: In terms of Section 2(51) and Section 203 of Companies Act, 2013 following are the KMPs of the Company:
⢠Mr. Sanjiv Kumar Agarwal - Managing Director
⢠Mr. Anil Kaushal -Company Secretary
Mr. Sudhir Shukla -CFO (w.e.f. 27.04.2022) DIRECTORS AND KMPs
During the year under review, there were no changes in the directorship of the Company:
Mr. Sanjiv Kumar Agarwal, Managing Director is retiring by rotation at the ensuing Annual General Meeting, and being eligible, offers himself for re-appointment. He is being re-appointed at the Annual General Meeting.
Mr. Sanjeev Aggarwal, Director was appointed as Nonexecutive Independent Director for a term of 5 years on 28.09.2018 and his term is expiring on 27.09.2023. Board of directors of the Company on the recommendation of Nomination and Remuneration Committee have re-appointed Mr. Sanjeev Aggarwal as Non-executive Independent Director for a period of 5 years, subject to approval of shareholders at the Annual General meeting w.e.f. 28.09.2023. The necessary resolution seeking approval of the members of the Company has been incorporated in the Notice of 37th Annual General Meeting of the Company.
The brief resume of Mr. Sanjiv Kumar Agarwal, Mr. Sanjeev Aggarwal and names of other company (ies) in which they hold directorship, membership of committees of the Board and their shareholdings are given in the Notice to the Shareholders.
None of directors proposed to be appointed/reappointed are disqualified/debarred from being a director by any order of SEBI/Ministry of Corporate Affairs.
FIT AND PROPER AND NON-DISQUALIFICATION DECLARATION BY DIRECTORS
All the Directors of the Company have confirmed that they satisfy the "fit and proper" criteria as prescribed under Chapter XI of RBI Master Direction No. DNBR. PD. 008/ 03.10.119/2016-17 dated 1st September 2016, as amended, and that they are not disqualified from being appointed/continuing as Director in terms of Section 164(1) and (2) of the Companies Act, 2013.
INDEPENDENT DIRECTORS DECLARATION
The Company has received the necessary declaration from each Independent Director(s) in accordance with Section 149(7) of the Companies Act, 2013, that they meet the criteria of independence as laid out in sub section (6) of Section 149 of the Companies Act, 2013.
The Board of the Company after taking these declarations on record and acknowledging the veracity of the same, concluded that the Independent Directors are persons of integrity and possess the relevant proficiency, expertise and experience to qualify as Independent Directors of the Company and are Independent of the Management of the Company.
In accordance with the provisions of Section 150 of the Companies Act, 2013 read with the applicable Rules made thereunder, the Independent Directors of the Company have registered themselves in the data bank of Independent Directors maintained by the Indian Institute of Corporate Affairs, Manesar ["llCA"]. The Independent Directors unless exempted, are required to pass an online proficiency self assessment test conducted by llCA within two years from the date of their registration in the llCA databank.
The Board of Directors met 7 (seven) times during the financial year ended 31st March 2023. Board Meetings were held on 1st April 2022, 27th April 2022, 30th May 2022, 29th July 2022, 5th September 2022, 14th November 2022 and 14th February 2023. The intervening gap between any two meetings was within the period described by the Companies Act, 2013 and SEBI (LODR) Regulations, 2015. The detail of the Board meetings and the attendance of the Directors are provided in the Corporate Governance Report.
The detail of the various committees constituted by the Board of Directors are provided in the Corporate Governance Report.
Details of Performance Evaluation of individual Director and Committees of the Board is mentioned in Corporate Governance Report.
The Company has established Internal Financial Control System for ensuring the orderly and efficient conduct of
the business including adherence to Company''s policies, the safeguarding of assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records and the timely preparation of reliable Financial Statements. Clearly defined roles and responsibility for all managerial position gives strength to the internal control system of the organization. Internal audit are done at regular intervals to ensure that responsibilities are executed effectively.
AUDITORS AND THEIR REPORTSINTERNAL AUDITORS
Internal auditor has submitted their report to Board of Directors for the period ended 31.03.2023 and it does not have qualification or adverse remarks.
The Board of Directors of your Company appointed M/s. VASK & Associates, Chartered Accountants, New Delhi as Internal Auditors of the Company to carry out Internal Audit pursuant to the provisions of Section 138 of the Companies Act, 2013 for the financial year 202324. The Internal Auditor conduct internal audit in respect of affairs of the Company on quarterly basis.
M/s Kanodia Sanyal & Associates, Chartered Accountant, was appointed as statutory auditors of the Company for a period of five financial years at the Annual General Meeting held on 29.09.2022 till the Forty First Annual General Meeting of the Company to be held in the year 2027.
The Auditors Report on the Audited Financial Statement of the Company for the year ended 31st March, 2023 do not contain any qualification, reservation or adverse remark so need not require any explanation or comment.
SECRETARIAL AUDITOR AND SECRETARIAL AUDIT REPORT
The Board had appointed Ms. Ashu Gupta of M/s Ashu Gupta & Co., Company Secretaries in Whole-time Practice, to carry out Secretarial Audit under the provisions of Section 204 of the Companies Act, 2013 for the financial year 2023-24. Secretarial Auditors Report on the secretarial audit of the Company for the year ended 31st March, 2023 do not contain any qualification, reservation or adverse remark so need not require any explanation or comment.
The report of the Secretarial Auditor for F.Y. 2022-23 in Form No. MR-3 is annexed to this report as Annexure I.
The Company has complied with the mandatory provisions of Corporate Governance as prescribed
under Regulation 34(3) read with Schedule V of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. A Corporate Governance report along with Statutory Auditor''s Certificate confirming compliance of Corporate Governance for the year ended 31st March 2022 is provided separately and forms integral part of this Annual Report.
DETAILS OF FRAUD REPORTED BY AUDITORS
There were no frauds reported by the auditors.
COMMENTS ON ADVERSE REMARKS IN AUDITOR''S/ SECRETARIAL AUDITOR''S REPORT
There was no qualification, reservation or adverse remarks in Auditors'' Report and Secretarial Auditor''s report.
The Related Party Transactions that were entered during the financial year under review were on arm''s length basis and were in the ordinary course of business. No material Related Party Transactions (transaction(s) exceeding ten percent of the annual consolidated turnover of the Company as per last audited financial statements), were entered during the year by the Company. The Company has not entered into any contract or arrangement with related parties as prescribed in section 188(1) of the Companies Act, 2013. Accordingly, disclosure of contracts or arrangements with Related Parties as required under section 134(3)(h) of the Companies Act, 2013 in Form AOC-2 is not applicable. None of the Directors has any pecuniary relationships or transactions vis-a-vis the Company.
SIGNIFICANT OR MATERIAL ORDERS PASSED BY THE REGULATORS/COURT
During the year under review, no significant and material orders were passed by the regulators or courts or tribunals impacting the going concern status of the Company''s operations in future.
MATERIAL CHANGES AND COMMITMENTS AFFECTING THE FINANCIAL POSITION OF THE COMPANY
No Material changes and commitment occurred, between the end of the financial year of the Company to which the
Financial Statements relate and the date of the report, which could affect the financial position of the Company.
NOMINATION AND REMUNERATION POLICY
The Board of Directors, on the recommendation of the Nomination & Remuneration Committee, has approved a policy for selection, appointment & remuneration of Directors, Key Managerial Personnel (KMP) and Senior Management employees of the Company. The Policy is uploaded on the website of the Company viz. www. consofinvest.com having following web link: http://www. consofinvest.com/investor_relations.htm
ENERGY CONSERVATION, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGOA. ENERGY CONSERVATION
In the operations of the Company, no significant scope for energy conservation was identifiable and hence no significant steps have been taken for energy conservation. However, the Company in general keeps a track on energy conservation as far as possible.
The provisions of Section 134(3)(m) of the Companies Act, 2013 read with Rule 8 of the Companies (Accounts) Rules, 2014, in so far as it related to technology absorption are not applicable to the Company, as it does not have any manufacturing activity.
C. FOREIGN EXCHANGE EARNING AND OUTGO
There is no foreign exchange earnings and outgo during the year.
The Company has laid down procedures to inform Board members about the risk assessment and minimization procedures. These procedures are periodically reviewed to ensure that executive management controls risk through means of a properly defined framework.
WHISTLE BLOWER POLICY - VIGIL MECHANISM
In terms of the provisions of Sec 177(9) & (10) of the Companies Act, 2013 and pursuant to the provisions of SEBI (LODR) Regulations, 2015, a Vigil Mechanism for Stakeholders, Employees and Directors of the Company has been established. The Whistle Blower Policy duly approved by the Board of Directors has been uploaded on
the website of the Company having following web link, http://www.consofinvest.com/investor_relations.htm
During the year under review, no complaint was received under this mechanism.
PARTICULARS OF EMPLOYEES AND RELATED DISCLOSURES
The human resource is an important asset which has played pivotal role in the performance and growth of the Company over the years. Your Company maintains very healthy work environment and the employees are motivated to contribute their best in the working of the Company. The information pursuant to Section 197(12) of the Companies Act, 2013 read with Rule 5(2) & 5(3) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 pertaining to the top ten employees in terms of remuneration drawn and their other particulars also form part of this report. However, the report and the accounts are being sent to the members excluding the aforesaid annexure. In terms of Section 136 of the Act, the said annexure is open for inspection at the Registered Office of the Company. Any shareholder interested in obtaining a copy of the same may write to the Company Secretary at [email protected].
The Company has constituted a Corporate Social Responsibility Committee and has developed its CSR policy which is available on the website of the Company viz. www.consofinvest.com having following web link, http://www.consofinvest.com/investor_relations.htm
Company did not meet the criteria in terms of Section 135 of Companies Act, 2013 and the Companies (Corporate Social Responsibility) Rules, 2014 and hence your Company was not required to spend any amounts towards CSR based activities for the financial year 2022-23.
DISCLOSURE UNDER SEXUAL HARASSMENT OF WOMEN AT WORK PLACE (PREVENTION, PROHIBITION AND REDRESSAL) ACT, 2013
Your company has in place a Policy on prevention of Sexual Harassment at workplace at Group level. The Policy is in line with the requirements of the Sexual Harassment of Women at the Workplace (Prevention, Prohibition & Redressal) Act, 2013.
As per the said Policy, an Internal Complaints Committee is also in place at Group level to redress complaints
received regarding sexual harassment. There was no complaint received from any person during the financial year 2022-23 and hence no complaint is outstanding as on 31st March 2023 for redressal.
DIRECTORS'' RESPONSIBILITY STATEMENT
Pursuant to the requirement under section 134 (3) of the Companies Act, 2013 with respect to Director''s Responsibility Statement, it is hereby confirmed;
a) That in the preparation of the annual accounts, the applicable accounting standards have been followed along with proper explanations relating to material departures, if any;
b) That they 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 the end of the financial year and of the profit or loss of the company for the year under review;
c) That they have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 2013 for safe guarding the assets of the Company and for preventing and detecting frauds and other irregularities;
d) That they have prepared the annual accounts on a ''going concern'' basis.
e) That they have laid down proper internal financial control and such financial controls are adequate and were operating effectively.
f) That they have dew''sed proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.
a) The Company has complied with the applicable Secretarial Standards prescribed under Section 118(10) of the Companies Act, 2013.
b) Cost records as specified by the Central Government
under sub section (1) of section 148 of the Companies Act 2013, are not applicable on the Company.
c) There is no application made or any proceeding
pending under the Insolvency and Bankruptcy Code, 2016 during the period under review.
d) The details of difference between amount of the valuation done at the time of one-time settlement and the valuation done while taking loan from the banks or financial institutions along with the reasons thereof is not applicable to the Company during the period under review.
The Directors express their gratitude towards the Banks and various other agencies for the cooperation extended to the company. The Directors also take this opportunity to thank the shareholders for the confidence reposed by them in the company.
The employees of the company contributed significantly in achieving the results. The Directors take this opportunity to thank them and hope that they will maintain their commitment towards excellence in the years to come.
Mar 31, 2018
To the members,
The Directors have pleasure in presenting the 32nd Annual Report of your company together with the audited accounts of the company for the year ended 31st March 2018.
FINANCIAL RESULTS
(Rs. In Lacs)
Year ended 31-3-2018 |
Year ended 31-3-2017 |
|
Income |
499 |
645 |
Profit before Interest, Depreciation & Tax |
437 |
(107) |
Less: |
||
i) Exceptional items |
1141* |
(111) |
ii) Provision for Depreciation |
3 |
4 |
iii) Provision for Taxation |
170 |
291 |
Profit/(Loss) After Tax |
(877) |
(291) |
Less: Profit/(Loss) from discounting operations |
(3) |
(3) |
Add : Taxation related to discounting operations |
1 |
1 |
Profit for the Year |
(879) |
(293) |
Add: Previous year profit brought forward |
6233 |
6526 |
Balance Available for appropriations |
5354 |
6233 |
Appropriations |
||
Transfer to Reserve Fund |
- |
- |
Balance Carried to Balance Sheet |
5354 |
6233 |
*Exceptional items comprises of provision for diminution in the value of investment in equity shares of Jindal India Thermal Power Ltd amounting of Rs. 1141 Lakhs.
OPERATIONS & OUTLOOK
During the year under review, the total income of the Company was lower at Rs. 499 Lacs as compared to Rs. 754 Lacs in the previous financial year. Earnings of the Company was mainly from interest on the Loans sanctioned by the Company. Company has suffered loss after tax of Rs. 879 lacs as compared to loss after tax of Rs. 293 lacs in last financial year. Management of the Company is taking appropriate steps for improvement of the profitability of the Company.
There is no change in the business line of the Company.
GENERAL RESERVE
No amount has been transferred to General Reserve during the year under review.
DIVIDEND
The Bord of Directors has not recommended any dividend during the finanacial year.
DEPOSITS
The Company has not accepted any deposit from public and shareholders in accordance with the provisions of Section 73 and 74 of the Companies Act, 2013.
RBI REGULATIONS
Your Company continues to fulfill all the applicable prevailing norms and standard laid down by the Reserve Bank of India (RBI) and regularly filing all the returns.
BOARD MEETINGS
The Board of Directors met 6 (six) times in the year 2017-18. The intervening gap between any two meetings was within the period described by the Companies Act, 2013 and SEBI (LODR) Regulations,2015. The detail of the Board meetings and the attendance of the Directors are provided in the Corporate Governance Report.
CHANGE IN DIRECTORS AND KMP
Mr. Sanjiv Kumar Agarwal, Director is retiring by rotation at the ensuing Annual General Meeting, and being eligible, offers herself for re-appointment.
Mr. Prakash Matai, Independent Director was appointed as additional director on 14.11.2017 for a period of five years w.e.f. 14.11.2017, subject to approval of shareholders at the Annual General Meeting.
Their brief resume, names of other company (ies) in which they hold directorship, membership of committees of the Board and their shareholdings are given in the Notice to the Shareholders.
Mr. Ghanshyam Dass Singal resigned from the Board w.e.f. 14.11.2017, due to his pre-occupancy.
Board places its sincere gratitude for contribution rendered by him during his tenure as Director.
Mr. Abhishek, CFO of the Company resigned on 15.03.2018 and in his place Mr. Sumit Kumar Parundiya was appointed as CFO of the Company w.e.f. 01.05.2018.
Composition of the Board Directors:
- Mr. Sanjiv Kumar Agarwal - Executive Director -Managing Director
- Mr. Radhey Shyam- Non-Executive Director
- Ms.Geeta Gilotra -Non Executive Director
- Mr.Prakash Matai - Non Executive Independent Director
- Mr.Praveen Bansal - Non Execcutive Independent Director
Key Managerial Personnel:
In terms of Section 2(51) and Section 203 of Companies Act, 2013 following are the KMPs of the Company:
- Mr. Sanjiv Kumar Agarwal - Managing Director
- Mr. Sumit Kumar Parundiya -CFO
- Mr. Anil Kaushal -Company Secretary
SELECTION OF NEW DIRECTORS AND BOARD MEMBERSHIP CRITERIA
The Nomination and Remuneration Committee works with the Board to determine the appropriate characteristics, qualification, skills and experience for the Board as a whole and its individual members with the objective of having a Board with diverse backgrounds and experience. As per the provisions of Section 178(3) of the Companies Act, 2013, the Nomination and Remuneration Committee has formulated a âPolicy on Remuneration of Director, Key Managerial Personnel Personal & Senior Employeesâ and same can be assessed at the website of the company.
FAMILIARIZATION PROGRAMME FOR INDEPENDENT DIRECTORS
The Company proactively keep its Independent Directors informed of the activities of the Company, its management and operations and provides an overall industry perspective as well as issues being faced by the Industry.
The Policy on the Companyâs familiarization programme for Independent Directors has been uploaded at the companyâs website viz. www.consofinvest.com having following weblink http://consofinvest.com/investor_ relations.htm
INDEPENDENT DIRECTORS DECLARATION
The Company has received the necessary declaration from each Independent Director(s) in accordance with Section 149(7) of the Companies Act, 2013, that they meet the criteria of independence as laid out in sub section (6) of Section 149 of the Companies Act, 2013.
AUDIT COMMITTEE
At present the audit committee comprises of the following Directors:
Shri Prakash Matai (Chairman)
Shri Praveen Bansal Shri Radhey Shyam
More details about the other Committee of the Board are given in the Corporate Governance Report.
BOARD EVALUATION
The Board evaluated the effectiveness of its functioning and that of the Committees and of individual directors by seeking their inputs on various aspects of Board/ Committee Governance.
The aspects covered in the evaluation included the contribution to and monitoring of corporate governance practice and the fulfilment of Directorsâ obligations and fiduciary responsibilities, including but not limited to, active participation at the Board and Committee meetings.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
As required under Regulation 34(3) read with Schedule V of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Management Discussion & Analysis forms an integral part of this report.
CORPORATE GOVERNANCE
The Company has complied with the mandatory provisions of Corporate Governance as prescribed under Regulation 34(3) read with Schedule V of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. A report on Corporate Governance is included as a part of the Annual Report along with Auditorâs Certificate on its compliance.
CORPORATE SOCIAL RESPOSIBILITY (CSR)
The Board of Directors has constituted a Corporate Social Responsibility Committee (CSR Committee) pursuant to the provisions of Section 135 of the Companies Act, 2013. The composition of the CSR Committee has been mentioned in the Corporate Governance Report forming part of this report. The Board of Directors, on the recommendation of the CSR Committee, has approved the Corporate Social Responsibility Policy (CSR Policy) of the Company and disclosed its contents in âANNEXURE - Iâ forming part of this report. The CSR Policy has also been uploaded on the website of the Company viz. www. consofinvest.com having following web link, http:// consofinvest.com/investor_relations.htm
The Company wanted to spend the amount on the projects, programs or activities as specified in Schedule VII of the Companies Act, 2013. However the Company could not undertake the activities as the company could not identify any suitable CSR Implementation Agency or CSR programmes during the financial year, 2017-2018. The Company is now in the process of setting up team to implement the project that they want to execute themselves. Accordingly, the Annual Report on the CSR activities has not been included in this report.
SUBSIDIARY COMPANIES AND CONSOLIDATED FINANCIAL STATEMENTS
SUBSIDIARY AND GROUP COMPANIES
Jindal Photo Investments Limited continue to be a subsidiary of our company.
During the financial year, Horizon Propbuild Limited and Glow Infrabuild ceased to be associate company.
As per Regulation 34(3) of LODR (Regulations), 2015, the Company has not given any loan to subsidiary, Associate and to any company in which directors are interested.
CONSOLIDATED FINANCIAL STATEMENTS
Pursuant to Section 129(3) of the Companies Act, 2013 and Accounting Standard-21 issued by Institute of Chartered Accounting of India, the Consolidated Financial Statements presented by the Company include the audited financial statements received from Subsidiary Companies and Associates, as approved by their respective Boards.
Further, a separate statement containing the salient features of the financial statements of subsidiaries of the Company in the prescribed form AOC-1 has been disclosed in the Financial Statements.
LISTING OF COMPANYâS SHARES ON STOCK EXCHANGES
The Companyâs shares are listed on âThe National Stock Exchange of India Limitedâ (NSE). The listing fee up to the year 2018-2019 has already been paid to the stock exchange.
MAINTENANCE OF COST RECORDS
Whether maintenance of cost records as specified by the Central Government under sub section (1) of section 148 of the Companies Act 2013, is required by the Company and accordingly such accounts and records are made and maintained.
Cost records as specified by the Central Government under sub section (1) of section 148 of the Companies Act 2013, are not applicable on the Company.
DISCLOSURE UNDER SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION, PROHIBITION AND REDRESSAL) ACT, 2013
Provisions of the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressed) Act, 2013, is not applicable to Company, as Company has not employed any women employee.
WHISTLE BLOWER POLICY - VIGIL MECHANISM
In terms of the provisions of Sec 177(9) & (10) of the Companies Act, 2013 and pursuant to the provisions of SEBI (LODR) Regulations, 2015, a Vigil Mechanism for Stakeholders, Employees and Directors of the Company has been established. The Whistle Blower Policy duly approved by the Board of Directors has been uploaded on the website of the Company viz. www.consofinvest. com having following weblink, http://consofinvest.com/ investor_relations.htm
CODE OF CONDUCT FOR PREVENTION OF INSIDER TRADING
The Company endeavors to preserve the confidentiality of un-published price sensitive information and to prevent misuse of such information. The Company is committed to transparency and fairness in dealing with all Stakeholders and in ensuring adherence to all laws and regulation in force.
The Board of Directors has adopted the Code of Conduct for regulating, monitoring and reporting of trading by insiders and other connected persons, in compliance with Regulation 9 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The Code of Conduct lays down guidelines and procedures to be followed and disclosures to be made while dealing with the Shares of the Company, as well as the consequences of violation. The Code of Conduct has been formulated for prevention of Insider Trading and to maintain the highest standards of dealing in Company Securities.
PRESERVATION OF DOCUMENTS & ARCHIVAL POLICY
In terms of Regulation 9 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Board of Directors in their meeting held on 11th February, 2016 has adopted a Policy for Preservation of Documents & Archival thereof, classifying them in two categories as follows:
(a) documents whose preservation shall be permanent in nature;
(b) documents with preservation period of not less than eight years after completion of the relevant transactions.
The said Policy has been uploaded on the website of the Company, www.consofinvest.com having following weblink, http://consofinvest.com/investor_relations. htm
RELATED PARTY TRANSACTIONS
The Related Party Transactions that were entered during the financial year under review were on armâs length basis and were in the ordinary course of business. There were no materially significant Related Party Transactions entered into by the Company during the year under review. None of the Directors has any pecuniary relationships or transactions vis-a-vis the Company.
The Board of Directors, on the recommendation of the Audit Committee, has approved a policy to regulate transactions between the Company and its Related Parties, in compliance with the applicable provisions of the Companies Act, 2013, the Rules made there under and regulation 23 of SEBI (LODR) Regulations, 2015. The Policy on Related Party Transactions has been uploaded on the website of the Company viz. www.consofinvest. com having following web link, http://consofinvest.com/ investor relations.htm.
DEVELOPMENT AND IMPLEMENTATION OF A RISK MANAGEMENT POLICY
The Board of Directors has adopted the Risk Management Policy which sets out the framework for the management of risks faced by the Company in the conduct of its business to ensure that all business risks are identified, managed and monitored. The contents of Risk Management Policy have been included in Management Discussion and Analysis forming part of this report.
INTERNAL CONTROLS SYSTEMS AN D TH EIR ADEQUACY
The Company has proper and adequate system of internal controls. The information about Internal Controls is set out in the Management Discussion and Analysis forming part of this report.
INTERNAL FINANCIAL CONTROLS
The Company has established Internal Financial Control System for ensuring the orderly and efficient conduct of the business including adherence to Companyâs policies, the safeguarding of assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records and the timely preparation of reliable Financial Statements. Clearly defined roles and responsibility for all managerial positions gives strength to the internal control system of the organisation. Internal audits are done at regular intervals to ensure that responsibilities are executed effectively.
AUDITORS
M/s P L Gupta & Co., Chartered Accountant were appointed as statutory auditors of the Company for a period of five financial years at the 31st Annual General Meeting of the Company held on 27th September 2017 till the Thirty Sixth Annual General Meeting to be held in the year 2022 and their appointment to be ratified by members each year at the Annual General Meeting. Pursuant to Notification issued by the Ministry of Corporate Affairs on 7th May, 2018 amending section 139 of the Companies Act, 2013 and the Rules framed thereunder, the mandatory requirement for ratification of appointment of Auditors by the Members at every Annual General Meeting (âAGMâ) has been omitted.
AUDITORSâ REPORT
The Auditors Report on the Audited Financial Statement of the Company for the year ended 31st March, 2018 do not contain any qualification, reservation or adverse remark so need not require any explanation or comment.
SECRETARIAL AUDITOR AND SECRETARIAL AUDIT REPORT
The Board had appointed M/s Ashu Gupta & Associates, Company Secretaries in Whole -time Practice, to carry out Secretarial Audit under the provisions of Section 204 of the Companies Act, 2013 for the financial year 201819. The report of the Secretarial Auditor is annexed to this report as Annexure II.
The report of the Secretarial Auditor has made following observations and reply thereto are as under:
The company could not utilize the funds allocated for CSR program under Section 135 of the Companies Act, 2013 during the financial year 2017-18.
The reason for not spending amount on CSR activities has also been explained under the head Corporate Social Responsibility in Annexure I annexed to this report.
INTERNAL AUDITORS
The Board of Directors of your Company has appointed M/s. UBS & Company, Chartered Accountants, New Delhi as Internal Auditors of the Company pursuant to the provisions of Section 138 of the Companies Act, 2013 for the financial year 2018-19.
NOMINATION AND REMUNERATION POLICY
The Board of Directors, on the recommendation of the Nomination & Remuneration Committee, has approved a policy for selection, appointment & remuneration of Directors, Key Managerial Personnel (KMP) and Senior Management employees of the Company. The salient features of the policy is enclosed as a part of this report as âANNEXuRE - IIIâ and the complete Policy is uploaded on the website of the Company viz. www.consofinvest. com having following web link, http://consofinvest.com/ investor relations.htm
REMUNERATION OF THE DIRECTORS / KEY MANAGERIAL PERSONNEL (KMP) AND PARTICULARS OF EMPLOYEES
The provisions of Rule 5(2) & 5(3) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 are not applicable, as there are no such employee who were drawing / in receipt of payment of prescribed amount during the period under review.
The information required pursuant to Section 197(12) of the Companies Act, 2013 read with Rule 5 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 in respect of Directors / Key Managerial Personnel (KMP) and Employees of the Company is furnished hereunder:
(i) the ratio of the remuneration of each Director to the median remuneration of the employees of the Company for the financial year : N.A.
As none of the Director is getting any remuneration. All the Directors are being paid only sitting fees for attending meeting of the Board of Directors.
(ii) the percentage increase in remuneration of each Director, Chief Financial Officer, Chief Executive Officer, Company Secretary or Manager, if any, in the financial year.
As none of the directors is being paid any remuneration. Details of other KMP i.e. Company Secretary and CFO is provided.
(iii) The percentage increase in the median remuneration of employees in the financial year. 1.56%
(iv) Average percentile increase already made in the salaries of employees other than the managerial personnel in the last financial year and its comparison with the percentile increase in the managerial remuneration and justification thereof and point out if there are any exceptional circumstances for increase in the managerial remuneration.
N.A.
(v) The ratio of the remuneration of the highest paid director to that of the employees who are not directors but receive remuneration in excess of the highest paid director during the year.
N.A.
(vi) The remuneration paid to the Directors / Key Managerial Personnel (KMP) is in accordance wâith remuneration policy of the Company.
(vii) Statement of Top ten employees. At present number of permanent employees are 2(two) of the Company, the prescribed details of employees are as under:
s. No. |
Name |
Designation |
Remuneration received (Rs. In lacs) |
Nature of employment, whether contractual or otherwise |
Qualifications |
Experience (Years) |
Date of commencement of employment |
Age |
Last Employment |
% of shares held |
1 |
Anil Kaushal |
Company Secretary |
9.49 |
Regular |
B.COM, FCS |
35 Years |
26.04.2006 |
55 |
Indocount Finance Ltd |
5 |
2 |
Abhishek |
CFO |
7.76 |
Regular |
ACA |
7 Years |
20.08.2015 |
36 |
FCCCLUTCH INDIA PVT. LTD |
NIL |
Above employees are not related to any director of the Company
ENERGY CONSERVATION, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO
Our Company is a NBFC, hence provisions of providing details of conservation of energy, technology absorption, foreign exchange earnings and out-go, in accordance with the requirement of the Section 134(3)(m) of the Companies Act, 2013 read with the rule 8 of the Companies (Account)Rules, 2014 are not applicable.
DIRECTORSâ RESPONSIBILITY STATEMENT
Pursuant to the requirement under section 134 (3) of the Companies Act, 2013 with respect to Directorâs Responsibility Statement, it is hereby confirmed;
a) That in the preparation of the annual accounts, the applicable accounting standards have been followed along with proper explanations relating to material departures, if any;
b) That they 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 the end of the financial year and of the profit or loss of the company for the year under review;
c) That they have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 2013 for safe guarding the assets of the Company and for preventing and detecting frauds and other irregularities;
d) That they have prepared the annual accounts on a âgoing concernâ basis.
e) That they have laid down proper internal financial control and such financial controls are adequate and were operating effectively.
f) That they have devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.
EXTRACT OF ANNUAL RETURN
In view of Ministry of Corporate Affairs notification dated 31st July, 2018 Annual Return of the Company for the year 2018 shall be placed after the Annual General Meeting at the website of the Company viz. www.consofinvest. com having following web link, http://consofinvest.com/ investor relations.htm
COMPLIANCE OF SECRETARIAL STANDARDS
We confirm that Company has complied with Secretarial Standards as prescribed by ICSI.
ACKNOWLEDGEMENT
The Directors express their gratitude towards the Banks and various other agencies for the cooperation extended to the company. The Directors also take this opportunity to thank the shareholders for the confidence reposed by them in the company.
The employees of the company contributed significantly in achieving the results. The Directors take this opportunity to thank them and hope that they will maintain their commitment towards excellence in the years to come.
For and on behalf of the Board
(sanjiv Kumar Agarwal)
Managing Director
(DIN: - 01623575)
(Radhey shyam)
Place : New Delhi Director
Dated : 14th August 2018 (DIN: - 00649458)
Mar 31, 2016
DIRECTORS'' REPORT
To the members,
The Directors have pleasure in presenting the 30th Annual Report of your company together with the audited accounts of the company for the year ended 31st March 2016.
financial results
(Rs. In Lacs)
|
year ended 31-3-2016 |
year ended 31-3-2015 |
Income |
4807 |
221 |
Profit before Interest, Depreciation & Tax |
4734 |
44 |
Less: |
|
|
i) Provision for Depreciation |
5 |
5 |
ii) Provision for Taxation |
151 |
12 |
Profit/(Loss) After Tax |
4578 |
27 |
Less : Profit/(Loss) from discounting operations |
(3) |
131 |
Add : Taxation related to discounting operations |
1 |
(9) |
Profit for the Year |
4576 |
149 |
Add : Previous year profit brought forward |
2895 |
2746 |
Balance Available for appropriations |
7471 |
2895 |
Appropriations |
|
|
Transfer to Reserve Fund |
915 |
30 |
Balance Carried to Balance Sheet |
6526 |
2865 |
OPERATIONS & OUTLOOK
The year was marked by high volatility in the Stock Market. Despite that Company earned Income of Rs. 48.07 Crores as compared to Rs.2.21 Crores in the previous year. The net profit after tax for the year under review was Rs. 45.76 Crores as compared to Rs. 1.48 Crores in the previous year.
The improvement in India''s economic fundamentals has accelerated in the year 2015 with the combined impact of strong government reforms, RBI''s inflation focus supported by benign global commodity prices. According to IMF World Economic Outlook Update, Indian economy is expected to grow at 7.00-7.75 per cent during FY 2016-17, despite the uncertainties in the global market. Notwithstanding unexpected delays in enacting some economic reform, the prospects for continued rapid growth are undiminished.
Numerous foreign companies are setting up their facilities in India on account of various government initiatives like Make in India and Digital India with an aim to boost the manufacturing sector of Indian economy. This initiative is expected to increase the purchasing power of an average Indian consumer, which would further boost demand, and hence spur development, in addition to benefiting investors.
Industry trends and its future prospects have been summed up in the Management Discussion and Analysis Report which forms part of this report.
DIVIDEND
Your Directors intend to plough back available resources for financial requirements and express their inability to recommend any dividend for the year under review.
DEPOSITS
The Company has not invited any deposit from public and shareholders in accordance with the provisions of Section 58A of the Companies Act, 1956 (corresponding Section 73 and 74 of the Companies Act, 2013).
RBI REGULATIONS
Your Company continues to fulfill all the applicable prevailing norms and standard laid down by the Reserve Bank of India (RBI) and regularly filing all the returns.
BOARD MEETINGS
The Board of Directors met 5 (five) times in the year 2015-16. The intervening gap between any two meetings was within the period described by the Companies Act, 2013 and SEBI (LODR) Regulations, 2015. The detail of the Board meetings and the attendance of the Directors are provided in the Corporate Governance Report.
DIRECTORS
Ms. Geeta Gilotra, Director is retiring by rotation at the ensuing Annual General Meeting, and being eligible, offers himself for re-appointment.
Her brief resume, names of other company (ies) in which he hold directorship, membership of committees of the Board and his shareholdings are given in the Notice to the Shareholders.
SELECTION OF NEW DIRECTORS AND BOARD MEMBERSHIP CRITERIA
The Nomination and Remuneration Committee works with the Board to determine the appropriate characteristics, qualification, skills and experience for the Board as a whole and its individual members with the objective of having a Board with diverse backgrounds and experience. As per the provisions of Section 178(3) of the Companies Act, 2013, the Nomination and Remuneration Committee has formulated a "Policy on Remuneration of Director, Key Managerial Personnel Personal & Senior Employees'' and same can be assessed at the website of the company.
FAMILIARIZATION PROGRAMME FOR INDEPENDENT DIRECTORS
The Company proactively keep its Independent Directors informed of the activities of the Company, its management and operations and provides an overall industry perspective as well as issues being faced by the Industry.
The Policy on the Company''s familiarization programme for Independent Directors has been uploaded at the company''s website viz. www.consofinvest.com having following weblink http://www.consofinvest.com/ investor_relations.htm
INDEPENDENT DIRECTORS DECLARATION
The Company has received the necessary declaration from each Independent Director in accordance with Section 149(7) of the Companies Act, 2013, that he meets the criteria of independence as laid out in sub section (6) of Section 149 of the Companies Act, 2013.
AUDIT COMMITTEE
At present the audit committee comprises of the following Directors:
Shri Ghanshyam Dass Singal (Chairman)
Shri Praveen Bansal
Shri Radhey Shyam
BOARD EVALUATION
The Board evaluated the effectiveness of its functioning and that of the Committees and of individual directors by seeking their inputs on various aspects of Board/ Committee Governance.
The aspects covered in the evaluation included the contribution to and monitoring of corporate governance practice and the fulfillment of Directors'' obligations and fiduciary responsibilities, including but not limited to, active participation at the Board and Committee meetings.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
As required under Regulation 34(3) read with Schedule V of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Management Discussion & Analysis Report forms an integral part of this report.
CORPORATE GOVERNANCE
The Company has complied with the mandatory provisions of Corporate Governance as prescribed under Regulation 34(3) read with schedule V of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. A report on Corporate Governance is included as a part of the Annual Report along with Auditor''s Certificate on its compliance.
CORPORATE SOCIAL RESPONSIBILITY (CSR)
- The Board of Directors has constituted a Corporate Social Responsibility Committee (CSR Committee) pursuant to the provisions of Section 135 of the Companies Act, 2013. The composition of the CSR Committee has been mentioned in the Corporate Governance Report forming part of this report. The Board of Directors, on the recommendation of the CSR Committee, has approved the Corporate Social Responsibility Policy (CSR Policy) of the Company and disclosed its contents in "ANNEXURE - I" forming part of this report. The CSR Policy has also been uploaded on the website of the Company viz. www. consofinvest.com having following web link, http:// www.consofinvest.com/investor_relations.htm
The Company wanted to spend the amount on the projects, programs or activities as specified in Schedule VII of the Companies Act, 2013. However the Company could not undertake the activities as the company still in the process of identification of suitable CSR Implementation Agency or CSR programmes during the financial year, 2015-2016. Accordingly, the Annual Report on the CSR activities has not been included in this report.
SUBSIDIARY COMPANIES
Jindal Photo Investments Limited, Consolidated Finvest & Investments Limited and Budhiya Marketing Private Limited are the wholly owned subsidiary of our company and Jesmin Investments Limited is also the subsidiary of the company.
The Audited Annual Accounts and related information of these subsidiaries will be made available, upon request and also be open for inspection at the Registered Office, by any Shareholder.
CONSOLIDATED FINANCIAL STATEMENTS
Pursuant to Section 129(3) of the Companies Act, 2013 and Accounting Standard-21 issued by the Institute of Chartered Accounting of India, Consolidated Financial statements presented by the Company include the Financial Statements of its Subsidiaries and Associates. These Financial Statements have been prepared from the audited financial statements received from Subsidiary Companies and Associates, as approved by their respective Boards. Further, a separate statement containing the salient features of the financial statements of subsidiaries of the Company in the prescribed form AOC-1 has been disclosed in the Financial Statements.
LISTING OF COMPANY''S SHARES ON STOCK EXCHANGES
The Company''s shares are listed on "The National Stock Exchange of India Limited" (NSE). The listing fee up to the year 2016-2017 has already been paid to the stock exchange.
WHISTLE BLOWER POLICY - VIGIL MECHANISM
In terms of the provision of Sec 177(9) & (10) of the Companies Act, 2013 and pursuant to the provisions of SEBI (LODR) Regulations, 2015 a Vigil Mechanism for Stakeholders, Employees and Directors of the Company has been established. The Whistle Blower Policy duly approved by the Board of Directors has been up loaded on the website of the Company viz.www.consofinvest. com having following weblink, http://www.consofinvest. com/investor_relations.htm.
CODE OF CONDUCT FOR PREVENTION OF INSIDER TRADING
The Company endeavors to preserve the confidentiality of un-published price sensitive information and to prevent misuse of such information. The Company is committed to transparency and fairness in dealing with all Stakeholders and in ensuring adherence to all laws and regulation in force.
The Board of Directors has adopted the Code of Conduct for regulating, monitoring and reporting of trading by insiders and other connected persons, in compliance with Regulation 9 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The Code of Conduct lays down guidelines and procedures to be followed and disclosures to be made while dealing with the Shares of the Company, as well as the consequences of violation. The Code of Conduct has been formulated for prevention of Insider Trading and to maintain the highest standards of dealing in Company Securities.
PRESERVATION OF DOCUMENTS & ARCHIVAL POLICY
In terms of Regulation 9 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Board of Directors in their meeting held on 10th February, 2016 has adopted a Policy for Preservation of Documents & Archival thereof, classifying them in two categories as follows:
(a) documents whose preservation shall be permanent in nature;
(b) documents with preservation period of not less than eight years after completion of the relevant transactions.
The said Policy has been uploaded on the website of the Company, www.consofinvest.com having following web link, http://www.consofinvest.com/investor_relations. htm.
RELATED PARTY TRANSACTIONS
The Related Party Transactions that were entered during the financial year under review were on arm''s length basis and were in the ordinary course of business. There were no materially significant Related Party Transactions entered into by the Company during the year under review. None of the Directors has any pecuniary relationships or transactions vis-a-vis the Company.
The Board of Directors, on the recommendation of the Audit Committee, has approved a policy to regulate transactions between the Company and its Related Parties, in compliance with the applicable provisions of the Companies Act, 2013, the Rules made there under and Clause 49 of the Listing Agreement. The Policy on Related Party Transactions has been uploaded on the website of the Company viz. www.consofinvest.com having following web link, http://www.consofinvest. com/investor_relations.htm.
DEVELOPMENT AND IMPLEMENTATION OF A RISK MANAGEMENT POLICY
The Board of Directors has adopted the Risk Management Policy which sets out the framework for the management of risks faced by the Company in the conduct of its business to ensure that all business risks are identified, managed and monitored. The contents of Risk Management Policy have been included in Management Discussion and Analysis forming part of this report.
INTERNAL CONTROLS SYSTEMS AN D TH EIR ADEQUACY
The Company has proper and adequate system of internal controls. The information about Internal Controls is set out in the Management Discussion and Analysis forming part of this report.
INTERNAL FINANCIAL CONTROLS
The Company has established Internal Financial Control System for ensuring the orderly and efficient conduct of the business including adherence to Company''s policies, the safeguarding of assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records and the timely preparation of reliable Financial Statements.
AUDITORS
M/s Kanodia Sanyal & Associates, Chartered Accountants, New Delhi, the statutory auditors of your Company, retire at the ensuing Annual General Meeting and are eligible for re-appointment. Members of the Company at the AGM held on 20th September 2014 had approved the appointment of Kanodia Sanyal & Associates as the Statutory Auditors for a period of three financial years i.e. 31st March 2017. As required by the provisions of the Companies Act, 2013, their appointment will be ratified by members each year at the Annual General Meeting. The auditors have furnished certificate regarding their eligibility for re-appointment as Company''s Auditors, pursuant to Section 141 of the Companies Act, 2013.
AUDITORS'' REPORT
The Auditors Report on the Audited Financial Statement of the Company for the year ended 31stMarch, 2016 do not contain any qualification, reservation or adverse remark so need not require any explanation or comment.
SECRETARIAL AUDITOR AND SECRETARIAL AUDIT REPORT
The Board had appointed M/s Ashu Gupta & Associates, Company Secretaries in Whole -time Practice, to carry out Secretarial Audit under the provisions of Section 204 of the Companies Act, 2013 for the financial year 2015-16. The report of the Secretarial Auditor is annexed to this report as Annexure III. The report contain qualification for not spending the amount on CSR activities. The reason for not spending amount on CSR activities has also been explained under the head Corporate Social Responsibility.
NOMINATION AND REMUNERATION POLICY
The Board of Directors, on the recommendation of the Nomination & Remuneration Committee, has approved a policy for selection, appointment & remuneration of Directors, Key Managerial Personnel (KMP) and Senior Management employees of the Company. The said policy is enclosed as a part of this report as "ANNEXURE - IV".
Remuneration of the Directors / Key Managerial Personnel (KMP) and Particulars of Employees
The provisions of Rule 5(2) & 5(3) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 are not applicable, as there are no such employee who were drawing / in receipt of payment of prescribed amount during the period under review.
The information required pursuant to Section 197(12) of the Companies Act, 2013 read with Rule 5 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 in respect of Directors / Key Managerial Personnel (KMP) and Employees of the Company is furnished hereunder:
(i) the ratio of the remuneration of each Director to the median remuneration of the employees of the Company for the financial year : N.A.
as none of the Director is getting any remuneration. All the Directors are being paid only sitting fees for attending meeting of the Board of Directors.
(ii) the percentage increase in remuneration of each Director, Chief Financial Officer, Chief Executive Officer, Company Secretary or Manager, if any, in the financial year.
As none of the directors is being paid any remuneration. Details of other KMP i.e. Company Secretary and CFO is provided.
Sl. No. |
Name |
Category |
% increase in Remuneration |
1. |
ANIL KAUSHAL |
Company Secretary |
0.33% |
3. |
VANDANASHARMA |
CFO |
NIL |
2. |
ABHISHEK w.e.f 20.05.2016 |
CFO |
N.A. |
(iii) The percentage increase in the median remuneration of employees in the financial year. 0.33%
(iv) The number of permanent employees on the rolls of Company. Two
(v) the explanation on the relationship between average increase in remuneration and Company performance. Not Applicable as company has only KMP, which is provided in next para.
(vi) comparison of the remuneration of the Key Managerial Personnel against the performance of the Company.
Particulars |
(in Lacs) |
Remuneration of Key Managerial Personnel aggregated |
9.93 |
Revenue (Total Income) |
4806.51 |
Remuneration (as % of revenue) |
0.21% |
Net Profit for the year |
4575.96 |
Remuneration (as % of Net Profit for the year) |
0.22% |
(vi)variations in the market capitalization of the Company, price earnings ratio as at the closing date of the current financial year and previous financial year and percentage increase over decrease in the market quotations of the shares of the Company in comparison to the rate at which the Company came out with the last public offer in case of listed companies, and in case of unlisted companies, the variations in the net worth of the Company as at the close of the current financial year and previous financial year.
Particulars |
As at |
As at |
Variation |
|
31st March, 2016 31st March, 2015 |
|
|
closing rate of share |
59.75 |
36.10 |
65.51 % |
(NsE) (Rs) |
|
|
|
EPs |
14.16 |
0.46 |
2978.26% |
Market capitalization |
193.15 |
116.70 |
65.51% |
(crores) |
|
|
|
Price Earnings ratio |
4.22 |
78.48 (94.62) % |
vii) Average percentile increase already made in the salaries of employees other than the managerial personnel in the last financial year and its comparison with the percentile increase in the managerial remuneration and justification thereof and point out if there are any exceptional circumstances for increase in the managerial remuneration.
N.A.
ix) Comparison of each remuneration of the Key Managerial Personnel against the performance of the Company.
(in Lacs)
Particulars |
Managing company Director secretary |
C.F.O. |
|
Remuneration |
0.06* |
9.13 |
0.74** |
Revenue |
4806.51 |
4806.51 4806. 51 |
|
Remuneration (as % of revenue) |
0.001% |
0.19% |
0.015% |
Net Profit for the year |
4575.96 |
4575.96 4575. 96 |
|
Remuneration (as % of Net Profit for the year ) |
- |
0.20% |
0.016% |
*sitting fees
**for Part of the year.
(x) The key parameters for any variable component of remuneration availed by the directors.
Nil
xi) The ratio of the remuneration of the highest paid director to that of the employees who are not directors but receive remuneration in excess of the highest paid director during the year.
N.A.
(xii)The remuneration paid to the Directors / Key Managerial Personnel (KMP) is in accordance with the remuneration policy of the Company.
ENERGY CONSERVATION, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO
A statement giving details of conservation of energy, technology absorption, foreign exchange earnings and out-go, in accordance with the requirement of the Section 134(3)(m) of the Companies Act, 2013 read with Rule 8 of the Companies(Account) Rules, 2014 forms part of this Board''s Report and is annexed as Annexure I ''.
DIRECTORS'' RESPONSIBILITY STATEMENT
Pursuant to the requirement under section 134 (3) ©of the Companies Act, 2013 with respect to Director''s Responsibility Statement, it is hereby confirmed;
a) That in the preparation of the annual accounts, the applicable accounting standards have been followed along with proper explanations relating to material departures, if any;
b) That they 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 vew of the state of affairs of the Company at the end of the financial year and of the profit or loss of the company for the year under review;
c) That they have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 2013 for safe guarding the assets of the Company and for preventing and detecting frauds and other irregularities;
d) That they have prepared the annual accounts on a ''going concern'' basis.
e) That they have laid down proper internal financial control and such financial controls are adequate and were operating effectively.
f) That they have devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.
As per Rule 8(5) of the Companies (Accounts) Rule, 2014, the following additional information are provided:
Sr. No. |
Particulars |
|
1 |
The financial summary or highlights |
The financial highlights including State of Affairs of the Company, Dividend & Reserve is provided in point 1 of this report. |
2 |
(ii) The change in the nature of business, if any. |
There is no change in the business line of the Company. |
3 |
The details of directors or key managerial personnel who were appointed or have resigned during the year |
Ms. Vandana Sharma has resigned and Mr. Abhishek was appointed by the Board as Chief financial officer of the Company w.e.f.30.05.2016 |
4 |
The names of companies which have become or ceased to be Subsidiaries, joint ventures or associate companies during the year |
NIL |
5 |
The details relating to deposits, covered under Chapter V of the Act |
The Company has not accepted deposits |
6 |
The details of deposits which are not in compliance with the requirements of Chapter V of the Act |
Not Applicable |
7 |
The 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 |
NIL |
8 |
The details in respect of adequacy of internal controls with reference to the Financial |
The Company has an adequate and effective system of internal controls for its various business processes, with regard to operations, financial reporting, compliance with applicable laws and regulations, etc. Clearly defined roles and responsibility for all managerial positions gives strength to the internal control system of the organization. Internal audits are done at regular intervals to ensure that responsibilities are executed effectively, in view of changing business needs and safe guarding the assets of the Company against significant misuse or Loss from time to time. |
EXTRACT OF ANNUAL RETURN
The details forming part of the extract of the Annual Return as provided under sub-section (3) of Section 92 in Form MGT 9 is enclosed in Annexure IV.
ACKNOWLEDGEMENT
The Directors express their gratitude towards the Banks and various other agencies for the cooperation extended to the company. The Directors also take this opportunity to thank the shareholders for the confidence reposed by them in the company.
The employees of the company contributed significantly in achieving the results. The Directors take this opportunity to thank them and hope that they will maintain their commitment towards excellence in the years to come.
For and on behalf of the Board
(Sanjiv Kumar Agarwal) (Radhey Shyam)
Place : New Delhi Managing Director Director
Dated : 22nd August 2016 (DIN: - 01623575) (DIN: - 00649458)
Mar 31, 2014
Dear members,
The Directors have pleasure in presenting the 28th Annual Report of
your company together with the audited accounts of the company for the
year ended 31st March 2014.
FINANCIAL RESULTS
(Rs. In Lacs)
31- 3-2014 31-3-2013
Year ended Year ended
Income 326 1029
Profit before Interest,
Depreciation & Tax 237 861
Less:
i) Provision for Depreciation 5 5
ii) Provision for Taxation 58 155
iii) Deferred Tax Liability/(Asset)
for the year 539 (68)
Profit/(Loss) After Tax (365) 769
Less: Loss from discounting operations 8 8
Add: Taxation related to discounting
operations 1 1
Less: Taxation related to earlier period
Profit for the year (372) 762
Add: Previous year profit brought forward 3118 2510
Balance Available for appropriations 2746 3272
Appropriations
Transfer to Reserve Fund - 154
Balance Carried to Balance Sheet 2746 3118
operations & outlook
The financial year 2013-2014 was a challenging year in many ways.
Economic activity remained subdued, compounded by volatility in
currency and interest rate markets in the first half of the year. Gross
Domestic Products (GDP) for 2013-14 has been estimated to grow at
4.70%, the second consecutive year of sub5% growth. While financial
markets stabilised in the second half of the year, economic activity
continued to remain muted.
During the year your Company has suffered a loss after tax of Rs 365
lacs as compared to profit of Rs. 769 lacs in the previous year. The
company suffered losses due to reversal of deferred tax liability of
Rs. 540 lacs, due to non utilisation of capital loss, after completion
of eight years, created by the company, in earlier years
DIVIDEND
Due to loss incurred by the Company, your Directors express their
inability to recommend any dividend for the year under review.
DEPOSITS
The Company has not invited any deposit from public and shareholders in
accordance with the provisions of Section 58A of the Companies Act,
1956 (corresponding Section 73 and 74 of the Companies Act, 2013).
RBI REGULATIONS
Your Company continues to fulfill all the applicable prevailing norms
and standard laid down by the Reserve Bank of India (RBI) and regularly
filing all the returns.
DIRECTORS
Shri Radhey Shyam is retiring by rotation at the ensuing Annual General
Meeting, and being eligible, offers himself for re-appointment.
Shri Radhey Shyam resigned as Managing Director, but he continues to be
a director. Shri Sanjiv Kumar Agarwal was appointed as Managing
Director with effect from 13th August 2014, subject to approval of
shareholders at the forth coming Annual General Meeting of the Company.
Ms. Geeta Gilhotra was appointed as the Additional Director of the
Company with effect from 13th August 2014, holds office up to the date
of the forthcoming Annual General Meeting of the company, being
appointed as director.
As per the provisions of Section 149 of the Companies Act, 2014 which
has come into force with effect from 1st April, 2014, an Independent
Director shall hold office for a term up to five consecutive years on
the Board of a company and is not liable to retire by rotation. In
compliance with the provisions of Section 149 read with Schedule IV of
the Act, the appointment of Mr. G. D. Singal and Mr. Praveen Bansal as
Independent Directors is being placed before the Members in General
Meeting for their approval. In the opinion of the Board, they fulfil
the conditions specified in the Act and the Rules made there under for
appointment as Independent Directors and are independent of the
management. Members are requested to refer to the Notice of the Annual
General Meeting and the Explanatory Statement for details of the
qualifications and experience of the Directors and the period of their
appointment.
Brief resumes of above directors, names of other company (ies) in which
they hold directorship, membership of committees of the Board and their
shareholdings are given in the Notice to the Shareholders.
AUDIT COMMITTEE
At present the audit committee comprises of the following Directors:
Shri Ghanshyam Dass Singal (Chairman)
Shri Praveen Bansal Shri Radhey Shyam
CORPORATE GOVERNANCE
The Company has complied with the mandatory provisions of Corporate
Governance as prescribed in terms of clause 49 of the Listing Agreement
with the Stock Exchanges. A report on Corporate Governance is included
as a part of the Annual Report along with Auditor''s Certificate on its
compliance.
SUBSIDIARY COMPANIES
Jindal Photo Investments Limited, Consolidated Finvest & Investments
Limited, Budhiya Marketing Private Limited and Glow Infrabuild Limited
are the wholly owned subsidiary of our company and Jesmin Investments
Limited and Horizon Propbuild Limited are also the subsidiaries of the
company.
LISTING OF COMPANY''S SHARES ON STOCK EXCHANGES
The Company''s shares are listed on "The National Stock Exchange of
India Limited" (NSE). The listing fee up to the year 2014-2015 has
already been paid to the stock exchange.
consolidated financial STATEMENTS
In accordance with Accounting Standard-21 (Consolidated Financial
Statements), the Consolidated Financial Statements form part of this
report & accounts. These Financial Statements have been prepared from
the audited financial statements received from Subsidiary Companies, as
approved by their respective Boards.
FINANCIAL STATEMENTS OF SUBSIDIARY COMPANIES
The Ministry of Corporate Affairs, Government of India has by its
notification dated 8th February 2011 granted a general exemption to
companies, as per which, the provisions of Section 212 of the Companies
Act, 1956 shall not apply in relation to subsidiaries, subject to the
fulfillment of certain conditions. Accordingly the consolidated
financial statements of the holding company and all subsidiaries duly
audited by its statutory auditors form part of this Annual Report and
the individual accounts of each of the subsidiary companies have not
been attached.
During the year under review, Company had six subsidiaries, namely.
Jindal Photo Investments Limited, Consolidated Finvest & Investments
Limited, Glow Infrabuild Limited, Horizon Propbuild Limited, Budhiya
Marketing Limited and Jesmin Investments Limited.
The Audited Annual Accounts and related information of the subsidiaries
will be made available, upon request and also be open for inspection at
the Registered Office, by any Shareholder.
AUDITORS
M/s Kanodia Sanyal & Associates, Chartered Accountants, New Delhi, the
auditors of your Company, retire at the ensuing Annual General Meeting
and are eligible for re- appointment. Pursuant to provision of Section
139 of the Companies Act, 2013 and rules frames there under it proposed
to appoint M/s Kanodia Sanyal & Associates as statutory auditors from
the conclusion of the ensuring AGM till the conclusion of the 31st
Annual General Meeting to be held in the year 2017, subject to annual
ratification by members at Annual General Meeting. The auditors have
furnished certificate regarding their eligibility for re-appointment as
Company''s Auditors, pursuant to Section 139 of the Companies Act, 2013.
AUDITORS'' REPORT
The comments/observations of Auditors are explained in the Notes to the
Accounts, forming part of the Balance Sheet as at 31st March, 2014
which are self explanatory and, therefore; do not call for any further
comment under Section 217(3) of the Companies Act, 1956.
ENERGY CONSERVATION , TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS AND OUTGO
The provisions of clause 2(A) (d) of the Companies (Disclosure of
particulars in the report of Board of Directors) Rules, 1988, in so far
as it relates to conservation of energy and technology absorption are
not applicable, as the company does not have any manufacturing
activity.
The Company is also not having any foreign exchange earnings and outgo
during the period under review.
PERSONNEL
The information required under Section 217(2A) of the Companies Act,
1956 read with the Companies (Particulars of Employee) Rules, 1975 are
not applicable to the Company as there is no employee who has received
the remuneration of Rs. 5,00,000 per month and/or above or Rs.
60,00,000 per annum and/or above during the year under review.
DIRECTORS'' RESPONSIBILITY STATEMENT
Pursuant to the requirement under section 217 (2AA) of the Companies
Act, 1956 with respect to Director''s Responsibility Statement, it is
hereby confirmed;
a) That in the preparation of the annual accounts, the applicable
accounting standards have been followed along with proper explanations
relating to material departures, if any;
b) That they 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 the end of the financial year and of the profit or loss
of the company for the year under review;
c) That they have taken proper and sufficient care for the maintenance
of adequate accounting records in accordance with the provisions of the
Companies Act, 1956, and for preventing and detecting frauds and other
irregularities;
d) That they have prepared the annual accounts on a ''going concern''
basis.
ACKNOWLEDGEMENT
The Directors express their gratitude towards the Banks and various
other agencies for the cooperation extended to the company. The
Directors also take this opportunity to thank the shareholders for the
confidence reposed by them in the company.
The employees of the company contributed significantly in achieving the
results. The Directors take this opportunity to thank them and hope
that they will maintain their commitment towards excellence in the
years to come.
For and on behalf of the Board
(Sanjiv Kumar Agarwal) (Radhey Shyam)
Managing Director Director
(DIN:- 01623575) (DIN: - 00649458)
Place : New Delhi
Dated : 13th August 2014
Mar 31, 2013
To the members
The Directors have pleasure in presenting the 27th Annual Report of
your company together with the audited accounts of the company for the
year ended 31st March 2013.
FINANCIAL RESULTS
(Rs. In Lacs)
year ended Year ended
31-3-2013 31-3-2012
Income 1029 531
Proft before interest, Depreciation & tax 861 478
Less:
i. Provision for Depreciation 5 5
ii. Provision for Taxation 156 29
iii. Deferred Tax Liability/(Asset) for
the year (68) 77
iv. MAT Credit entitlement (1) -
V. I. Tax relates to earlier year - 5
Proft after tax 769 362
Less : Loss from discounting operations 8 9
Add : Taxation related to discounting
operations (1) 1
Proft for the year 762 354
Add: Previous year proft brought forward 2510 3916
Balance available for appropriations 3272 4270
Appropriations
Dividend (Proposed) - 162
Tax on Dividend - 26
Transfer to Reserve Fund 154 72
Transfer to General Reserves - 1500
Balance Carried to Balance Sheet 3118 2510
OPERATIONS
During the year your Company has earned a proft after tax of Rs 769
lacs as compared to Rs. 362 lacs in the previous year. The proft earned
is mainly on account of Mutual Fund Redemption, dividend and Interest
received.
DIVIDEND
Your Directors intend to plough back available resources for fnancial
requirements and express their inability to recommend any dividend for
the year under review.
DEPOSITS
The Company has not accepted any deposit and the provisions of Section
58A of the Companies Act, 1956 are not applicable to the Company.
RBI REGULATIONS
Your Company continues to fulfll all the applicable prevailing norms
and standard laid down by the Reserve Bank of India (RBI) and regularly
fling all the returns.
DIRECTORS
Shri Sanjiv Kumar Agarwal is retiring by rotation at the ensuing Annual
General Meeting, and being eligible, offers himself for re-appointment.
AUDIT COMMITTEE
At present the audit committee comprises of the following Directors:
Shri Ghanshyam Dass Singal (Chairman)
Shri Praveen Bansal
Shri Sanjiv Kumar Agarwal
Shri Radhey Shyam
CORPORATE GOVERNANCE
The Company has complied with the mandatory provisions of Corporate
Governance as prescribed in terms of clause 49 of the Listing Agreement
with the Stock Exchanges. A separate report on Corporate Governance is
included as a part of the Annual Report along with Auditor''s Certifcate
on its compliance
SUBSIDIARY COMPANIES
Jindal Photo Investments Limited, Consolidated Finvest & Investments
Limited, Budhiya Marketing Private Limited and Glow Infrabuild Limited
are the wholly owned subsidiary of our company and Jesmin Investments
Limited, Hor izon Propbuild Limited and Global Nonwovens Limited are
also the subsidiaries of the company.
LISTING OF COMPANY''S SHARES ON STOCK EXCHANGES
The Company''s shares are listed on "The National Stock Exchange of
India Limited" (NSE).
The listing fee up to the year 2013-2014 has already been paid to the
stock exchange.
CONSOLIDATED FINANCIAL STATEMENTS
In accordance with Accounting Standard-21 (Consolidated Financial
Statements), the Consolidated Financial Statements form part of this
report & accounts. These Financial Statements have been prepared from
the audited fnancial statements received from Subsidiary Companies, as
approved by their respective Boards.
FINANCIAL STATEMENTS OF SUBSIDIARY COMPANIES
General Exemption Under Section 212(8)
The Ministry of Corporate Affairs, Government of India has allowed
general exemption to Companies from complying with Section 212(8) of
the Companies Act, 1956, provided such companies to publish audited
consolidated fnancial statements in the Annual report. Your Board has
decided to avail the said general exemption from applicability of
provisions of Companies Act, 1956 and accordingly, the Annual Accounts
of the Subsidiaries of the Company viz. Jindal Photo Investments
Limited, Consolidated Finvest & Investments Limited, Global Nonwovens
limited, Glow Infrabuild Limited, Horizon Propbuild Limited, Budhiya
Marketing Limited and Jesmin Investments Limited for the fnancial year
ended March 31, 2013 are not being attached with the Annual report of
the Company and the specifed fnancial highlights of the said Subsidiary
Companies are disclosed in the Annual Report , as part of the
Consolidated Financial Statements. The Audited Annual Accounts and
related information of the subsidiaries will be made available, upon
request and also be open for inspection at the Registered Offce, by any
Shareholder.
AUDITORS
M/s Kanodia Sanyal & Associates, Chartered Accountants, New Delhi, the
auditors of your Company, retire at the ensuing Annual General Meeting
and your directors recommend their re-appointment. They have furnished
a certifcate to this effect that their re-appointment, if made, will be
in accordance with sub-Section (1B) of Section 224 of the Companies
Act, 1956.
AUDITORS''REPORT
The comments/observations of Auditors are explained in the Notes to the
Accounts, forming part of the Balance Sheet as at 31st March, 2013
which are self explanatory and, therefore; do not call for any further
comment under Section 217(3) of the Companies Act, 1956.
ENERGY CONSERVATION,TECHNOLOGY ABSORPTION AND FOREIGN EARNINGS AND OUTGO
The provisions of clause 2(A) (d) of the Companies (Disclosure of
particulars in the report of Board of Directors) Rules, 1988, in so far
as it relates to conservation of energy and technology absorption are
not applicable, as the company does not have any manufacturing
activity.
The Company is also not having any foreign exchange earnings and outgo
during the period under review.
PERSONNEL
Your Directors would like to place on record their appreciation of the
dedicated and loyal services rendered by the offcers and staff of the
Company.
The information required under Section 217(2A) of the Companies Act,
1956 read with the Companies (Particulars of Employee) Rules, 1975 are
not applicable to the Company as there is no employee who has received
the remuneration of Rs. 5,00,000 per month and/or above or Rs.
60,00,000 per annum and/or above during the year under review.
DIRECTORS''RESPONSIBILITY STATEMENT AS PER SECTION 217 (2AA) OF THE
COMPANIES ACT,1956
The Directors confrm:
a. That in the preparation of the annual accounts, the applicable
accounting standards have been followed along with proper explanations
relating to material departures, if any;
b. That they 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 the end of the fnancial year and of the proft or loss of
the company for the year under review;
c. That they have taken proper and suffcient care for the maintenance
of adequate accounting records in accordance with the provisions of the
Companies Act, 1956, and for preventing and detecting frauds and other
irregularities;
d. That they have prepared the annual accounts on a ''going concern''
basis.
ACKNOWLEDGEMENT
The Directors express their gratitude towards the Banks and various
other agencies for the cooperation extended to the company. The
Directors also take this opportunity to thank the shareholders for the
confdence reposed by them in the company.
The employees of the company contributed signifcantly in achieving the
results. The Directors take this opportunity to thank them and hope
that they will maintain their commitment towards excellence in the
years to come.
For and on behalf of the Board
(radhey shyam) (G.D. singal)
Managing Director Director
Place : New Delhi
Dated : 7th August 2013
Mar 31, 2012
To the members,
The Directors have pleasure in presenting the 26th Annual Report of
your company together with the audited accounts of the company for the
year ended 31st March 2012.
FINANCIAL RESULTS
(Rs. In Lacs)
Year ended Year ended 31-3-2012 31-3-2011
Income 531 2208
Profit before Interest, Depreciation &
Tax 479 1222 Less:
i) Provision for Depreciation 5 5
ii) Provision for Taxation 35 351
iii) Deferred Tax Liability/(Asset)
for the year 77 (53)
iv) MAT Credit entitlement - (269)
Profit After Tax 362 1189
Less: Loss from discounting operations 9 10
Add : Taxation related to discounting
operations (1) (1)
Less: Taxation related to earlier period - 1
Profit for the Year 354 1179
Add: Previous year profit brought forward 3916 8158
Balance Available for appropriations 4270 9337
Appropriations
Dividend (Proposed) 162 162
Tax on Dividend 26 26
Transfer to Reserve Fund 72 236
Transfer to General Reserves 1500 4997
Balance Carried to Balance Sheet 2510 3916
OPERATIONS
During the year your Company has earned a profit after tax of Rs. 354
lacs as compared to Rs. 1179 lacs in the previous year. The profit
earned is mainly on account of Mutual Fund Redemption, dividend and
Interest received.
DIVIDEND
Your directors are pleased to recommend a dividend of Re. 0.50 per
share i.e. 5% on the paid up equity share capital of the company for
the year ended 31st March 2012. The total payout of the company in
respect of dividend is Rs. 187.85 lacs (inclusive of Dividend Tax).
DEPOSITS
The Company has not accepted any deposit and the provisions of Section
58A of the Companies Act, 1956 are not applicable to the Company.
RBI REGULATIONS
Your Company continues to fulfill all the applicable prevailing norms
and standard laid down by the Reserve Bank of India (RBI) and regularly
filing all the returns.
DIRECTORS
Shri Ghanshyam Dass Singal is retiring by rotation at the ensuing
Annual General Meeting, and being eligible, offers himself for
re-appointment.
Shri Praveen Bansal was appointed as the Additional Director of the
Company with effect from 21st December 2011, holds office up to the
date of the forthcoming Annual General Meeting of the company, being
appointed as director.
Shri Sanjiv Kumar Aggarwal was appointed as the Additional Director of
the Company with effect from 21st December 2011, holds office up to the
date of the forthcoming Annual General Meeting of the company, being
appointed as director.
Shri Radhey Shyam was appointed as Managing Director with effect from
21st December, 2011, subject to approval of share holders at the
forthcoming Annual General Meeting of the Company.
Shri Shiv Kumar Mittal has resigned from the Managing directorship on
21st December 2011. The Board wishes to place on record its sincere
appreciation for the valuable services rendered by him during his
tenure as Managing Director of the Company.
Shri Sanjay Mittal has resigned from the directorship on 21st December
2011. The Board wishes to place on record its sincere appreciation for
the valuable services rendered by him during his tenure as Director of
the Company.
AUDIT COMMITTEE
At present the audit committee comprises of the following Directors:
Shri Ghanshyam Dass Singal (Chairman)
Shri Praveen Bansal
Shri Sanjiv Kumar Agarwal
Shri Radhey Shyam
CORPORATE GOVERNANCE
The Company has complied with the mandatory provisions of Corporate
Governance as prescribed in terms of clause 49 of the Listing Agreement
with the Stock Exchanges. A separate report on Corporate Governance is
included as a part of the Annual Report along with Auditor's
Certificate on its compliance.
SUBSIDIARY COMPANIES
Jindal Photo Investments Limited and Consolidated Finvest & Investments
Limited are the wholly owned subsidiary of your company and Jesmin
Investments Limited is also a subsidiary of the company.
LISTING OF COMPANY'S SHARES ON STOCK EXCHANGES
The Company's shares are listed on "The National Stock Exchange of
India Limited" (NSE).
The listing fee up to the year 2012-2013 has already been paid to the
stock exchange.
CONSOLIDATED FINANCIAL STATEMENTS
In accordance with Accounting Standard-21 (Consolidated Financial
Statements), the Consolidated Financial Statements form part of this
report & accounts.
These Financial Statements have been prepared from the audited
financial statements received from Subsidiary Companies, as approved by
their respective Boards.
FINANCIAL STATEMENTS OF SUBSIDIARY COMPANIES
General Exemption Under Section 212(8)
The Ministry of Corporate Affairs, Government of India has allowed
general exemption to Companies from complying with Section 212(8) of
the Companies Act, 1956, provided such companies to publish audited
consolidated financial statements in the Annual report. Your Board has
decided to avail the said general exemption from applicability of
provisions of Companies Act, 1956 and accordingly, the Annual Accounts
of the Subsidiaries of the Company viz. Jindal Photo Investments
Limited, Consolidated Finvest & Investments Limited and Jesmin
Investments Limited for the financial year ended March 31, 2012 are not
being attached with the Annual report of the Company and the specified
financial highlights of the said Subsidiary Companies are disclosed in
the Annual Report, as part of the Consolidated Financial Statements.
The Audited Annual Accounts and related information of the subsidiaries
will be made available, upon request and also be open for inspection at
the Registered Office, by any Shareholder.
AUDITORS
M/s Kanodia Sanyal & Associates, Chartered Accountants, New Delhi, the
auditors of your Company, retire at the ensuing Annual General Meeting
and your directors recommend their re-appointment. They have furnished
a certificate to this effect that their re-appointment, if made, will
be in accordance with sub-Section (1B) of Section 224 of the Companies
Act, 1956.
AUDITORS' REPORT
The comments/observations of Auditors are explained in the Notes to the
Accounts, forming part of the Balance Sheet as at 31st March, 2012 and
Profit and Loss Account for the year ended on that date are self
explanatory and, therefore, do not call for any further comment under
Section 217(3) of the Companies Act, 1956.
ENERGY CONSERVATION, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS AND OUTGO
The provisions of clause 2(A) (d) of the Companies (Disclosure of
particulars in the report of Board of Directors) Rules, 1988, in so far
as it relates to conservation of energy and technology absorption are
not applicable, as the company does not have any manufacturing
activity.
The Company is also not having any foreign exchange earnings and outgo
during the period under review.
PERSONNEL
Your Directors would like to place on record their appreciation of the
dedicated and loyal services rendered by the officers and staff of the
Company.
The information required under Section 217(2A) of the Companies Act,
1956 read with the Companies (Particulars of Employee) Rules, 1975 are
not applicable to the Company as there is no employee who has received
the remuneration of Rs. 5,00,000 per month and/or above or Rs.
60,00,000 per annum and/or above during the year under review.
DIRECTORS' RESPONSIBILITY STATEMENT AS PER SECTION 217(2AA) OF THE
COMPANIES ACT, 1956.
The Directors confirm:
a) That in the preparation of the annual accounts, the applicable
accounting standards have been followed along with proper explanations
relating to material departures, if any;
b) That they 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 the end of the financial year and of the profit or loss
of the company for the year under review;
c) That they have taken proper and sufficient care for the maintenance
of adequate accounting records in accordance with the provisions of the
Companies Act, 1956, and for preventing and detecting frauds and other
irregularities;
d) That they have prepared the annual accounts on a 'going concern'
basis.
ACKNOWLEDGEMENT
The Directors express their gratitude towards the Banks and various
other agencies for the cooperation extended to the company. The
Directors also take this opportunity to thank the shareholders for the
confidence reposed by them in the company.
The employees of the company contributed significantly in achieving the
results. The Directors take this opportunity to thank them and hope
that they will maintain their commitment towards excellence in the
years to come.
For and on behalf of the Board
(G.D. Singal)
Director
(Radhey Shyam)
Managing Director
Place : New Delhi
Dated : 9th August, 2012
Mar 31, 2011
To the members,
The Directors have pleasure in presenting the 25th Annual Report of
your company together with the audited accounts of the company for the
year ended 31st March 2011.
FINANCIAL RESULTS
(Rs.In Lacs)
Year ended Year ended
31-3-2011 31-3-2010
Income 2208 1065
Profit before Interest, Depreciation
& Tax 1222 959
Less: i) Interest & - -
Financial Charges
ii) Provision for Depreciation 15 15
iii) Provision for Taxation 349 161
iv) Deferred Tax Liability/(Asset)
for the year (53) (5)
v) MAT Credit entitlement (269) -
Profit After Tax 1180 788
Less: Taxation related to earlier
years 1 -
Profit for the Year 1179 788
Add: Previous year profit brought
forward 8158 7916
Balance Available for appropriations 9337 8704
Appropriations
Dividend (Proposed) 162 162
Tax on Dividend 26 26
Transfer to Reserve Fund 236 158
Transfer to General Reserves 4997 200
Balance Carried to Balance
Sheet 3916 8158
OPERATIONS
During the year your Company has earned a profit after tax of Rs. 1179
lacs as compared to Rs. 788 lacs in the previous year. The profit
earned is mainly on account of sale of shares, Mutual Fund Redemption,
dividend and Interest received.
DIVIDEND
Your directors are pleased to recommend a dividend of Re. 0.50 per
share i.e. 5% on the paid up equity share capital of the company for
the year ended 31st March 2011. The total payout of the company in
respect of dividend is Rs.187.85 lacs (inclusive of Dividend Tax).
DEPOSITS
The Company has not accepted any deposit and the provisions of Section
58A of the Companies Act, 1956 are not applicable to the Company.
RBI REGULATIONS
Your Company continues to fulfill all the norms and standard laid down
by the Reserve Bank of India (RBI) and regularly filing all the
returns.
DIRECTORS
Mr. Radhey Shyam is retiring by rotation at the ensuing Annual General
Meeting, and being eligible, offers himself for re-appointment.
AUDIT COMMITTEE
At present the audit committee comprises of the following Directors:
Mr. Ghanshyam Dass Singal (Chairman)
Mr. Sanjay Mittal
Mr. Shiv Kumar Mittal
Mr. Radhey Shyam
CORPORATE GOVERNANCE
The Company has complied with the mandatory provisions of Corporate
Governance as prescribed in terms of clause 49 of the Listing Agreement
with the Stock Exchanges. A separate report on Corporate Governance is
included as a part of the Annual Report along with Auditor's
Certificate on its compliance.
SUBSIDIARY COMPANIES
Jindal Photo Investments Limited and Consolidated Finvest & Investments
Limited are the wholly owned subsidiary of your company and Jesmin
Investments Limited is also a subsidiary of the company.
LISTING OF COMPANY'S SHARES ON STOCK EXCHANGES
The Company's shares are listed on "The National Stock Exchange of
India Limited" (NSE).
The listing fee up to the year 2011-2012 has already been paid to the
stock exchange.
CONSOLIDATED FINANCIAL STATEMENTS
In accordance with Accounting Standard-21 (Consolidated Financial
Statements), the Consolidated Financial Statements form part of this
report & accounts. These Financial Statements have been prepared from
the audited financial statements received from Subsidiary Companies, as
approved by their respective Boards.
FINANCIAL STATEMENTS OF SUBSIDIARY COMPANIES
General Exemption Under Section 212(8)
The Ministry of Corporate Affairs, Government of India has allowed
general exemption to Companies from complying with Section 212(8) of
the Companies Act, 1956, provided such companies to publish audited
consolidated financial statements in the Annual report. Your Board has
decided to avail the said general exemption from applicability of
provisions of Companies Act, 1956 and accordingly, the Annual Accounts
of the Subsidiary of the Company viz. Jindal Photo Investments Limited,
Consolidated Finvest & Investments Limited and Jesmin Investments
Limited for the financial year ended March 31, 2011 are not being
attached with the Annual report of the Company and the specified
financial highlights of the said Subsidiary Companies are disclosed in
the Annual Report, as part of the Consolidated Financial Statements.
The audited Annual Accounts and related information of the subsidiaries
will be made available, upon request and also be open for inspection at
the Regd. office or head office of your company by any Shareholder.
GROUP
Details of persons constituting under group for inter-se transfer of
shares under clause 3(1) (e) of the Securities and Exchange Board of
India (Substantial Acquisition of shares and Takeovers) Regulations,
1997 is annexed and forms part of this report.
AUDITORS
M/s Kanodia Sanyal & Associates, Chartered Accountants, New Delhi, the
auditors of your Company, retire at the ensuing Annual General Meeting
and your directors recommend their re-appointment. They have furnished
a certificate to this effect that their re-appointment, if made, will
be in accordance with sub-Section (IB) of Section 224 of the Companies
Act, 1956.
AUDITORS' OBSERVATIONS
The Notes to the Accounts, forming part of the Balance Sheet as at 31st
March, 2011 and Profit and Loss Account for the year ended on that
date, referred to in the Auditors' Report are self explanatory and,
therefore, do not call for any further comment under Section 217(3) of
the Companies Act, 1956.
ENERGY CONSERVATION, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS AND OUTGO
The provisions of clause 2(A) (d) of the Companies (Disclosure of
particulars in the report of Board of Directors) Rules, 1988, in so far
as it relates to conservation of energy and technology absorption are
not applicable, as the company does not have any manufacturing
activity.
The Company is also not having any foreign exchange earnings and outgo
during the period under review.
PERSONNEL
Your Directors would like to place on record their appreciation of the
dedicated and loyal services rendered by the officers and staff of the
Company.
The information required under Section 217(2A) of the Companies Act,
1956 read with the Companies (Particulars of Employee) Rules, 1975 are
not applicable to the Company as there is no employee who has received
the remuneration of Rs. 5,00,000 per month and/or above or Rs.
60,00,000 per annum and/or above during the year under review.
DIRECTORS' RESPONSIBILITY STATEMENT AS PER SECTION 217 (2AA) OF THE
COMPANIES ACT, 1956.
The Directors confirm:
a) That in the preparation of the annual accounts, the applicable
accounting standards have been followed along with proper explanations
relating to material departures, if any;
b) That they 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 the end of the financial year and of the profit or loss
of the company for the year under review;
c) That they have taken proper and sufficient care for the maintenance
of adequate accounting records in accordance with the provisions of the
Companies Act, 1956, and for preventing and detecting frauds and other
irregularities;
d) That they have prepared the annual accounts on a 'going concern'
basis.
ACKNOWLEDGEMENT
The Directors express their gratitude towards the Banks and various
other agencies for the cooperation extended to the company. The
Directors also take this opportunity to thank the shareholders for the
confidence reposed by them in the company.
The employees of the company contributed significantly in achieving the
results. The Directors take this opportunity to thank them and hope
that they will maintain their commitment towards excellence in the
years to come.
For and on behalf of the Board
(Shiv Kumar Mlttal) (G.D. Singal)
Managing Director Director
Place : New Delhi
Dated : 11th August, 2011
Mar 31, 2010
The Directors have pleasure in presenting the 24th Annual Report of
your company together with the audited accounts of the company for the
year ended 31st March 2010.
FINANCIAL RESULTS
(Rs. In Lacs)
Year ended Year ended
31-3-2010 31-3-2009
Income 1065 550
Profi t before Interest, Depreciation & Tax 960 492
Less: i) Interest & Financial Charges
ii) Provision for Depreciation 15 15
iii) Provision for Taxation 161 106
iv) Deferred Tax Liability/(Asset) for the year (5) (5)
v) MAT Credit entitlement - 58
Profi t After Tax 789 318
Less: Taxation related to earlier years - 28
Profi t for the Year 789 290
Add: Previous year profi t brought forward 7915 7908
Balance Available for appropriations 8704 8198
Appropriations
Dividend (Proposed) 162 162
Tax on Dividend 26 27
Transfer to Reserve Fund 158 58
Transfer to General Reserves 200 35
Balance Carried to Balance Sheet 8158 7916
OPERATIONS
During the year your Company has earned a profi t after tax of Rs. 788
lacs as compared to Rs. 318 lacs in the previous year. The profi t
earned is mainly on account of sale of shares, Mutual Fund Redemption,
dividend and Interest received.
DIVIDEND
Your directors are pleased to recommend a dividend @ Re. 0.50 per share
i.e. 5% on the paid up equity share capital of the company for the year
ended 31st March 2010. The total payout of the company in respect of
dividend is Rs. 188.47 lacs (inclusive of Dividend Tax).
DEPOSITS
The Company has not accepted any deposit and the provisions of Section
58A of the Companies Act, 1956 are not applicable to the Company.
RBI REGULATIONS
Your Company continues to fulfi ll all the norms and standard laid down
by the Reserve Bank of India (RBI) and regularly fi ling all the
returns.
DIRECTORS
Mr. G. D. Singal is retiring by rotation at the ensuing Annual General
Meeting, and being eligible, offers himself for re-appointment.
COMPOSITE SCHEME OF ARRANGEMENT
Board of Directors in their meeting held on 10.11.2009 has withdrawn
the Composite Scheme of Arrangement between the Company (CFHL) and
Jindal India Finvest & Holdings Limited (JIFHL) and Jindal India
Powertech Limited (JIPL) and their respective shareholders, pending
with the Honble High Court at Allahabad.
AUDIT COMMITTEE
At present the audit committee comprises of the following Directors:
Mr. Ghanshyam Dass Singal (Chairman) Mr. Sanjay Mittal Mr. Shiv Kumar
Mittal Mr. Radhey Shyam
CORPORATE GOVERNANCE
The Company has complied with the mandatory provisions of Corporate
Governance as prescribed in terms of clause 49 of the Listing Agreement
with the Stock Exchanges. A separate report on Corporate Governance is
included as a part of the Annual Report along with Auditors Certifi
cate on its compliance.
SUBSIDIARY COMPANIES
Jindal India Finvest & Holdings Limited ceased to be the subsidiary of
your company. Jindal Photo Investments Limited is the wholly owned
subsidiary of your company and Jesmin Investments Limited is also a
subsidiary of the Company.
In compliance with the provisions of Section 212 of the Companies Act,
1956, a statement is annexed and forms part of this report.
LISTING OF COMPANYS SHARES ON STOCK EXCHANGES
The Companys shares are listed on ÃThe National Stock Exchange of
India Limited" (NSE).
The listing fee up to the year 2010-2011 has already been paid to the
stock exchange.
CONSOLIDATED FINANCIAL STATEMENTS
In accordance with Accounting Standard-21 (Consolidated Financial
Statements), the Consolidated Financial Statements form part of this
report & accounts. These Financial Statements have been prepared from
the audited fi nancial statements received from Subsidiary Companies,
as approved by their respective Boards.
FINANCIAL STATEMENTS OF SUBSIDIARY COMPANIES
Government of India, Ministry of Corporate Affairs (MCA) vide its
letter bearing No. 47/651/2010-CL-III dated 22nd May 2010 has granted
approval to the Company under Section 212(8) of the Companies Act, 1956
exempting the company for attaching the fi nancial statements of the
Subsidiary companies to the companys accounts for the fi nancial year
ended 31.03.2010 in view of the presentation of consolidated fi nancial
statements of the subsidiary in the annual report. The annual accounts
of the subsidiary companies and the related detailed information will
be made available to the holding and subsidiary companies investors
seeking such information at any point of time. The annual accounts of
the subsidiary companies will also be kept for inspection by any
investor in the head offi ce of the company and its respective
subsidiary companies.
GROUP
Details of persons constituting under group for inter-se transfer of
shares under clause 3(1) (e) of the Securities and Exchange Board of
India (Substantial Acquisition of shares and Takeovers) Regulations,
1997 is annexed and forms part of this report.
AUDITORS
M/s Kanodia Sanyal & Associates, Chartered Accountants, New Delhi, the
auditors of your Company, retire at the ensuing Annual General Meeting
and your directors recommend their re-appointment. They have furnished
a certifi cate to this effect that their re-appointment, if made, will
be in accordance with sub-Section (1B) of Section 224 of the Companies
Act, 1956.
AUDITORS OBSERVATIONS
The Notes to the Accounts, forming part of the Balance Sheet as at 31st
March, 2010 and Profi t and Loss Account for the year ended on that
date, referred to in the Auditors Report are self explanatory and,
therefore, do not call for any further comment under Section 217(3) of
the Companies Act, 1956.
ENERGY CONSERVATION, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS AND OUTGO
The provisions of clause 2(A) (d) of the Companies (Disclosure of
particulars in the report of Board of Directors) Rules, 1988, in so far
as it relates to conservation of energy and technology absorption are
not applicable, as the company does not have any manufacturing
activity.
The Company is also not having any foreign exchange earnings and outgo
during the period under review.
PERSONNEL
Your Directors would like to place on record their appreciation of the
dedicated and loyal services rendered by the offi cers and staff of the
Company.
There is no employee who has received the remuneration of Rs. 2,00,000
per month and/or above or Rs. 24,00,000 per annum and/or above during
the year under review.
DIRECTORS RESPONSIBILITY STATEMENT AS PER SECTION 217(2AA) OF THE
COMPANIES ACT, 1956.
The Directors confi rm:
That in the preparation of the annual accounts, the applicable
accounting standards have been followed along with proper explanations
relating to material departures, if any;
That they 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 the end of the fi nancial year and of the profi t or loss of
the company for the year under review;
That they have taken proper and suffi cient care for the maintenance of
adequate accounting records in accordance with the provisions of the
Companies Act, 1956, and for preventing and detecting frauds and other
irregularities;
That they have prepared the annual accounts on a Ãgoing concern basis.
ACKNOWLEDGEMENT
The Directors express their gratitude towards the Banks and various
other agencies for the cooperation extended to the company. The
Directors also take this opportunity to thank the shareholders for the
confi dence reposed by them in the company.
The employees of the company contributed signifi cantly in achieving
the results. The Directors take this opportunity to thank them and hope
that they will maintain their commitment towards excellence in the
years to come.
For and on behalf of the Board
Shiv Kumar Mittal) (G.D. Singal)
Managing Director Director
Place : New Delhi
Dated : 3rd September, 2010