Mar 31, 2014
Dear Members,
The Directors have the pleasure of presenting the Thirty Second Annual
Report of your Company for the financial year ended 31st March 2014.
Financial Results
The total income during the year under review was Rs. 54.61 lacs. The
pre-tax profits were Rs. 26.49 lacs after providing for depreciation of
Rs. 0.11 lacs. A provision of Rs. 5.25 lacs has been made for taxation
in the current year.
After adjusting for deferred tax, the net profit was Rs. 21.44 lacs. No
amount has been transferred to General Reserves.
Dividend
The Directors recommend for consideration of the shareholders at the
ensuing Annual General Meeting, payment of Dividend @ 5% on equity
share for the year ended 31st March 2014.
Outlook
The global economy began its modest recovery in the year 2013-14 with
improved demand from OECD economies in the second half of 2013.
Although this trend is expected to be maintained in the current year
also, however, unemployment, banking fragility and sluggish growth
still persist in several European economies. The Global economy grew by
3% in the year 2013 from 3.2% in the year 2012.
Emerging markets like India faced multiple challenges in the year
2013-14. A combination of persistent inflation, fiscal imbalances,
external sector vulnerabilities and low investments resulted in
sluggish domestic demand growth. Fiscal and monetary initiatives taken
by the Indian government and RBI have helped stabilize the financial
market conditions, but the domestic macro-economic environment still
remains challenging with increasing pressure on margins. The GDP of the
country is estimated to grow at 5.5% in the year 2014-15 as compared to
5.0% in 2013-14.
The Company is looking for additional business opportunities as they
emerge.
Public Deposits
The Company has no public deposits.
Directors
Mr. Inderdeep Singh (DIN: 00173538), Director will retire by rotation
and being eligible, offers himself for re-appointment. The Board of
Directors recommends his re-appointment.
Mr. Swaraj Singh (DIN: 06932584) was appointed as Additional Director
of the Company in the Board meeting held on 28th July 2014. Mr. Swaraj
Singh and Dr. Navin Kumar Kapur (DIN: 03273475) are eligible for
appointment as Independent Directors of the Company pursuant to Section
149 of the Companies Act, 2013 and provisions of the Listing Agreement.
Their appointment as Independent Directors under the new Act is
proposed for approval of the shareholders at the ensuing Annual General
Meeting.
Directors'' Responsibility Statement
The Directors confirm that in preparation of the annual accounts for
the year ended 31st March 2014:-
i. The applicable accounting standards have been followed along with
proper explanation relating to material departures, if any;
ii. Appropriate accounting policies have been selected and the same
have been applied consistently and reasonable and prudent judgments and
estimates were made so as to give a true and fair view of the state of
affairs of the Company at the end of the financial year and of the
profit and loss account for year ended March 31st 2014.
iii. Proper and sufficient care has been taken for the maintenance of
adequate accounting records in accordance with the provisions of the
Companies Act, 1956 for safeguarding the assets of the Company and for
preventing and detecting frauds and other irregularities.
iv. The accounts have been prepared on a going concern basis.
Information relating to Section 217(1)(e) of the Companies Act, 1956
and rules made thereunder.
i. Conservation of Energy;
The Company did not carry out any manufacturing activity during the
year under review. The consumption of electricity continues to be
minimal and adequate measures are taken to conserve power.
ii. Technology Absorption;
The Company has not purchased or acquired any technology during the
year under review.
iii. Research & Development;
The Company is not involved in any Research & Development activities.
iv. Foreign Exchange Earning & Outgo;
During the year under review, there was no foreign exchange
expenditures or earnings
Auditors'' Observations
The observations made in Auditors report are self explanatory. As such
no further comments under Section 217(3) of the Companies Act, 1956 are
required.
Auditors
M/s. Raghu Nath Rai & Co., Chartered Accountants (Firm Regn. No.
000451N), retire at the ensuing Annual General Meeting and being
eligible offer themselves for re-appointment. They have furnished a
certificate to the effect that the proposed re-appointment, if made,
will be in accordance with the applicable provisions of the Companies
Act, 2013.
Audit Committee
Audit Committee of the Company which was formed pursuant to the
provisions of Section 177 of the Companies Act, 2013 consists of Mr.
Kumar Srinivasan, Dr. Navin Kumar Kapur and Mr. Sawraj Singh.
Particulars of Employees
The Company has not paid any remuneration attracting the provisions of
Section 217 (2A) of the Companies Act, 1956 read with Companies
(Particulars of Employees) Rules, 1975. Hence, no information is
appended to this report.
Acknowledgement
The Directors place on record their sincere appreciation to the
Shareholders, Associates, Bankers, Customers, Vendors, Officers and
Staff of the Company and seek their continued cooperation and support
for the coming years also.
For and on behalf of the Board of Directors
New Delhi Gurpreet Singh
28-07-2014 Chairman
Mar 31, 2013
The Directors have the pleasure of presenting the Thirty First Annual
Report of your Company for the financial year ended 31st March 2013.
Financial Results
The total income during the year under review was Rs.64.29 lacs. The
pre-tax profits were Rs.34.42 lacs after providing for depreciation of
Rs.0.11 lacs. A provision of Rs.6.75 lacs has been made for taxation in
the current year.
After adjusting for deferred tax, the net profit was Rs.27.89 lacs. No
amount has been transferred to General Reserves.
Dividend
The Directors recommend for consideration of the shareholders at the
ensuing Annual General Meeting, payment of Dividend @ 5% per equity
share for the year ended 31 "March 2013.
Outlook
The Global economy struggled during the FY 2012-13 as had been
anticipated by the majority of experts. Several European economies
experienced recession due to high unemployment, banking fragility,
fiscal tightening and sluggish growth. The global economic growth
reduced to 3.2% in 2012 from 3.5% in 2011. Among the Asian economies,
China, going through a political transition, experienced considerably
slower growth.
Deceleration in industrial output and export weakened India''s economic
growth significantly. The decline in growth was witnessed in almost all
segments of the economy. The Country recorded a decade low GDP growth
of 5% in 2012-13, compared to 6.5% in 2011-12. The Index of Industrial
Production (IIP) recorded a subdued growth of 1% in 2012-13 as against
2.8% in 2011-12.
The performance of Indian corporate sector has been sluggish.
Increasing external commercial borrowing along with un-hedged foreign
exchange exposure further increased their vulnerability. Current
account deficit has emerged as a major challenge for economic
stability. RBI, in its Annual Monetary Policy, has projected the
Country''s GDP growth rate at 5.7% for the year 2013-14.
During the current financial year, the Company expects pressure on
margins in its business to continue and is therefore looking for
additional opportunities as they emerge.
Public Deposits
The Company has no public deposits.
Directors
Mr. Inderdeep Singh, Director will retire by rotation and being
eligible, offers himself for re-appointment. The Board of Directors
recommends his re-appointment.
Directors'' Responsibility Statement
The Directors confirm that in preparation of the annual accounts for
the year ended 31" March 2013:-
i. The applicable accounting standards have been followed along with
proper explanation relating to material departures, if any;
ii. Appropriate accounting policies have been selected and the same
have been applied consistently and reasonable and prudent judgments and
estimates were made so as to give a true and fair view of the state of
affairs of the Company at the end of the financial year and of the
profit and loss account for year ended March 31" 2013.
iii. Proper and sufficient care was taken for the maintenance of
adequate accounting records in accordance with the provisions of the
Companies Act, 1956 for safeguarding the assets of the Company and for
preventing and detecting frauds and other irregularities.
iv. The accounts have been prepared on a going concern basis.
Information relating to Section 217(1 )(e) of the Companies Act, 1956
and rules made thereunder.
i. Conservation of Energy;
The Company did not carry out any manufacturing activity during the
year under review. The consumption of electricity continues to be
minimal.
ii. TechnologyAbsorption;
The Company has not purchased or acquired any technology during the
year under review.
iii. Research & Development;
The Company is not involved in any Research & Development activities.
iv. Foreign Exchange Earning & Outgo;
During the year under review, there was no foreign exchange
expenditures or earnings.
Auditors'' Observations
The observations made in Auditors report are self explanatory. As such
no further comments under Section 217(3) of the Companies Act, 1956 are
required.
Auditors
M/s Raghu Nath Rai & Co., Chartered Accountants, retire at the ensuing
Annual General Meeting and being eligible offer themselves for
re-appointment. They have furnished a certificate to the effect that
the proposed re-appointment, if made, will be in accordance with the
provisions of Section 224(1 B) of the Companies Act, 1956.
Particulars of Employees
The Company has not paid any remuneration attracting the provisions of
Section 217 (2A) of the Companies Act, 1956 read with Companies
(Particulars of Employees) Rules, 1975. Hence, no information is
appended to this report.
Acknowledgement
The Directors place on record their sincere appreciation to the
Shareholders, Associates, Bankers, Customers, Vendors, Officers and
Staff of the Company and seek their continued cooperation and support
for the coming years also.
For and on behalf of the Board of Directors
New Delhi Inderdeep Singh Kumar Srinivasan
28-05-2013 Director Wholetime Director
Mar 31, 2012
The Directors have the pleasure of presenting the Thirtieth Annual
Report of your Company for the financial year ended 31st March 2012.
Financial Results
The total income during the year under review was Rs.72.17 lacs. The
pre-tax profits was Rs.37.28 lacs after providing for depreciation of
Rs.0.11 lacs. Aprovision of Rs.7.25 lacs has been made for taxation in
the current year.
After adjusting for deferred tax, the net profit was Rs.30.24 lacs. No
amount has been transferred to General Reserves.
Dividend
The Directors recommend for consideration of the shareholders at the
ensuing Annual General Meeting, payment of Dividend @ 5% per equity
share for the year ended 31st March 2012.
Outlook
The year 2011-12 has been a challenging one. Global environment
remained uncertain and bleak throughout 2011-12 due to Euro Zone
Sovereign Debt crisis, volatile oil prices and fragile growth in most
countries, which has had a severe impact on the World Economy. As per
the estimates of International Monetary Fund, the global economic
growth reduced to 3.5% in 2011 from 3.9% in 2010. Growth in Emerging
and Developing Economies also decelerated during the year due to
cumulative impact of monetary tightening and sluggish global growth.
The Indian Economy has not been isolated, especially due to heavy
dependence on crude oil import. Global factors combined with sticky
inflation rates, high interest rates, increased fiscal and current
account deficits in the domestic economy led to a slower GDP growth of
6.5% in 2011-12 compared to 8.4% in 2010-11. The decline in growth was
witnessed in almost all segments of the economy. The Index of
Industrial Production (IIP) recorded a subdued growth of 2.8% in
2011-12 as against 8.3% in 2010-11.
As per recently released RBI financial stability report, the Country
faces increased risks due to falling exports, rising imports, and the
sustained demand for gold and crude oil is a matter of concern for the
Country's economy. Notwithstanding the domestic and global pressures,
the RBI, in its Annual Monetary Policy has been optimistic in
projecting the Country's GDP growth rate at 7.3% forthe year 2012-13.
During the current financial year, the Company expects pressure on
margins in its business to continue and is therefore looking for
additional opportunities as they emerge.
Public Deposits
The Company has no public deposits.
Directors
Dr. Navin Kumar Kapur, Director will retire by rotation and being
eligible, offers himself for re-appointment. The Board of Directors
recommends his re-appointment.
Directors' Responsibility Statement
The Directors confirm that in preparation of the annual accounts forthe
year ended 31s1 March 2012:-
I. The applicable accounting standards have been followed along with
proper explanation relating to material departures, if any;
ii. Appropriate accounting policies have been selected and the same
have been applied consistently and reasonable and prudent judgments and
estimates were made so as to give a true and fair view of the state of
affairs of the Company at the end of the financial year and of the
profit and loss account for year ended March 31512012.
iii. Proper and sufficient care was taken for the maintenance of
adequate accounting records in accordance with the provisions of the
Companies Act, 1956 for safeguarding the assets of the Company and for
preventing and detecting frauds and other irregularities.
iv. The accounts have been prepared on a going concern basis.
Information relating to Section 217(1 )(e) of the Companies Act, 1956
and rules made there under.
i. Conservation of Energy;
The Company did not carry out any manufacturing activity during the
year under review. The consumption of electricity continues to be
minimal.
ii. Technology Absorption;
The Company has not purchased or acquired any technology during the
year under review.
iii. Research & Development;
The Company is not involved in any Research & Development activities.
iv. Foreign Exchange Earning & Outgo;
During the year under review, there was no foreign exchange
expenditures or earnings.
Auditors' Observations
The observations made in Auditors report are self explanatory. As such
no further comment under Section 217(3) of the Companies Act, 1956 are
required.
Auditors
M/s. Raghu Nath Rai & Co., Chartered Accountants, retire at the ensuing
Annual General Meeting and being eligible offer themselves for
re-appointment. They have furnished a certificate to the effect that
the proposed re-appointment, if made, will be in accordance with the
provisions of Section 224(1 B) of the Companies Act, 1956.
Particulars of Employees
The Company has not paid any remuneration attracting the provisions of
Section 217 (2A) of the Companies Act, 1956 read with Companies
(Particulars of Employees) Rules, 1975. Hence, no information is
appended to this report.
Acknowledgement
The Directors place on record their sincere appreciation to the
Shareholders, Associates, Bankers, Customers, Vendors, Officers and
Staff of the Company and seek their continued cooperation and support
for the coming years also.
For and on behalf of the Board of Directors
New Delhi Inderdeep Singh Kumar Srinivasan
13th August, 2012 Director Wholetime Director
Mar 31, 2011
Dear Members,
The Directors have the pleasure of presenting the Twenty Ninth Annual
Report of your Company for the financial year ended 31st March 2011.
Financial Results
The total income during the year under review was Rs 54.0 lacs. The
Pre-Tax profit was Rs 11.4 lacs as against a pre-tax profit of Rs 15.5
lacs in the previous year after providing for depreciation of Rs.0.1
lacs. A provision of Rs 2.1 lacs has been made for taxation in the
current year.
After adjusting for deferred tax, the net profit was Rs 11.1 lacs. No
amount has been transferred to the General Reserve. The book value per
share as on 31st March 2011 was Rs. 23.00.
Dividend
The Directors recommend for consideration of the shareholders at the
ensuing Annual General Meeting payment of Dividend @5% for the year
ended on 31st March 2011.
Future Outlook
The Indian economy has registered a growth rate of 8.6% in 2010-11
mainly on account on growth in agriculture, resurgence in exports and
rise in domestic demand. However, India's economic growth in the year
2011 -12 is expected to be moderated by sovereign debt crisis in the
euro-zone nations coupled with high oil prices, rising inflation and
slowing demand.
While the International Monetary Fund has projected the Indian economy
to expand by 8.2% in 2011, the World Bank in its recent edition of
"Global Economic Prospects" has pegged the growth rate at 8% during
2011-12. This is in line with Reserve Bank of India's projected growth
estimate for the country's economy at 8% in 2011 -12, despite a normal
monsoon.
The recent political turmoil in Egypt and Tunisia, followed by the
ongoing civil war in Libya, a major oil exporter and OPEC member,
threatens to push up global crude oil prices further and drive up
inflation. The overall macro conditions are likely to remain vulnerable
over the next 4-5 months. Inflation, while moderating, is expected to
remain above the RBI's comfort zone.
On a brighter note, a high level committee chaired by the Prime
Minister has approved the draft "National Manufacturing Policy" aimed
at increasing the share of manufacturing in the GDP from the current
16% to 25% by the year 2025 while creating additional 100 million jobs
in the process. However, environment and labour concerns still need to
be resolved before the cabinet's approval.
The Company which has its business in the Trading segment can hope to
be somewhat insulated from these vagaries and pursue its efforts to
build up this segment in the times to come.
Public Deposits
The Company has no public deposits.
Directors
Mr. Inderdeep Singh, Director of the Company retires by rotation and
being eligible offers himself for re-appointment. The Board recommends
his re-appointment.
Directors' Responsibility Statement
The Directors confirm that in preparation of the annual accounts for
the year ended 31st March 2011:-
i. All applicable accounting standards have been followed along with
proper explanation relating to material departures, if any;
ii. Appropriate accounting policies have been selected and the same
have been applied consistently;
iii. Reasonable and prudent judgments and estimates were made so as to
give a true and fair view of the state of affairs of the Company at the
end of the financial year and of the profit and loss account for year
ended 31st March 2011.
iv. Proper and sufficient care was taken for the maintenance of
adequate accounting records in accordance with the provisions of the
Companies Act, 1956 for safeguarding the assets of the Company and for
preventing and detecting frauds and other irregularities.
v. The accounts have been prepared on a going concern basis.
Conservation of Energy and Technology Absorption
i. Conservation of Energy
The Company did not carry out any manufacturing activity during the
year under review. The consumption of electricity continues to be
minimal.
ii. Technology Absorption
This is not applicable to the Company as it has not purchased or
acquired any technology during the year under review.
Foreign Exchange Earning & Outgo
During the year under review, there was no foreign exchange outflow or
earnings.
Amendment in Articles of Association
It is proposed to insert new Articles in the Articles of Association of
the Company to incorporate the provisions of The Depositories Act and
other associated SEBI Regulations so as to provide for the facility of
dematerialization of the Company's securities.
Auditors' Observations
The observations made in the Auditors' Report are self-explanatory. As
such no further comments under Section 217(3) of the Companies Act,
1956 are required.
Auditors
M/s. Raghu Nath Rai & Co., Chartered Accountants, retire at the ensuing
Annual General Meeting and being eligible offer themselves for
re-appointment. They have furnished a certificate to the effect that
the proposed re-appointment, if made, will be in accordance with the
provisions of Section 224(1 B) of the Companies Act, 1956.
Particulars of Employees
The Company has not paid any remuneration attracting the provisions of
Section 217(2A)of the Companies Act, 1956 read with Companies
(Particulars of Employees) Rules, 1975. Hence, no information is
appended to this Report.
Acknowledgement
The Directors place on record their appreciation to the Shareholders,
Associates, Bankers, Customers, Vendors, Officers and Staff of the
Company and seek their continued cooperation and support for the
current year.
For and on behalf of the Board of Directors
New Delhi Gurpreet Singh
27th July, 2011 Chairman
Mar 31, 2010
The Directors have the pleasure of presenting the Twenty Eighth Annual
Report of your Company for the financial year ended 31st March 2010.
Financial Results
The total income during the year under review was Rs 55.0 lacs. The
Pre-Tax profit was Rs 15.5 lacs as against a pre-tax profit of Rs 18.1
lacs in the previous year after providing for depreciation of Rs.0.1
lacs. A provision of Rs 2.4 lacs has been made for taxation in the
current year.
After adjusting for deferred tax, the net profit was Rs 13.2 lacs. No
amount has been transferred to the General Reserve. The book value per
share as on 31" March 2010 was Rs.23.4.
Dividend
The Directors recommend for consideration of the shareholders at the
ensuing Annual General Meeting payment of Dividend @5% for the year
ended on 31s March 2010.
Future Outlook
Unprecedented Government interventions and exceptionally large interest
rate cuts by the central banks in advanced and emerging economies have
contributed significantly to pull the global economy out of the deepest
recession since the World Warll.
After a difficult year, the Indian economy has also shown some signs of
progress on the recovery path. Exports have begun to expand since the
second half of 2009. Recovery in the industrial sector is expected to
become stronger on the back of rising domestic and external demand.
Tourist arrivals, commercial vehicles production and traffic at major
ports have also shown improvement. However, inflation rose dramatically
and is taking a long time to come down.
The International Monetary Fund predicts that the Indian economy will
grow at 9.5% in 2010. However, the Reserve bank of India has been more
conservative in its estimate of 8% growth for the countrys economy.
While the indicative projections of growth and inflation for 2010-11
may appear reassuring, there are several concern areas. The pace and
shape of global recovery are uncertain. Commodity and energy prices may
harden further. An unfavourable monsoon may trigger further food
inflation and impose a fiscal burden besides dampening consumer and
investment demand.
In its current business segment, the Company can hope to be somewhat
insulated from these vagaries and pursue its efforts in building up
this segment in the coming years.
Public Deposits
The Company has no public deposits Directors
Mr. Ashoke Bir, Director of the Company retires by rotation and being
eligible offers himself for re-appointment. The Board recommends his
re-appointment.
Directors Responsibility Statement
The Directors confirm that in preparation of the annual accounts for
the year ended 31sl March 2010:-
i. All applicable accounting standards have been followed along with
proper explanation relating to material departures, if any;
ii. Appropriate accounting policies have been selected and the same
have been applied consistently;
iii. Reasonable and prudent judgments and estimates were made so as to
give a true and fair view of the state of affairs of the Company at the
end of the financial year and of the profit and loss account for year
ended 31st March 2010.
iv. Proper and sufficient care was taken for the maintenance of
adequate accounting records in accordance with the provisions of the
Companies Act, 1956 for safeguarding the assets of the Company and for
preventing and detecting frauds and other irregularities.
v. The accounts have been prepared on a going concern basis.
Conservation of Energy and Technology Absorption
i. Conservation of Energy
The Company did not carry out any manufacturing activity during the
year under review. The consumption of electricity continues to be
minimal.
ii. TechnologyAbsorption
This is not applicable to the Company as it has not purchased or
acquired any technology during the year under review.
Foreign Exchange Earning & Outgo
During the year under review, there was no foreign exchange outflow or
earnings.
Auditors Observations
The observations made in the Auditors Report are self-explanatory. As
such no further comments under Section 217(3) of the CompaniesAct, 1956
are required.
Auditors
M/s. Raghu Nath Rai & Co., Chartered Accountants, retire at the ensuing
Annual General Meeting and being eligible offer themselves for
re-appointment. They have furnished a certificate to the effect that
the proposed re-appointment, if made, will be in accordance with the
provisions of Section 224(1 B) of the CompaniesAct, 1956.
Particulars of Employees
The Company has not paid any remuneration attracting the provisions of
Section 217(2A) of the Companies Act, 1956 read with Companies
(Particulars of Employees) Rules, 1975. Hence, no information is
appended to this Report.
Acknowledgement
Lt Gen. I D Verma, a renowned and a highly respected officer of the
Indian Army, and a founder Director of the Company passed away on 30th
October, 2009. Through his experience, wisdom and personal commitment
to the highest standards of integrity, Lt. Gen. I D Verma was
constantly involved in guiding the Company since its formative days.
The Board of Directors places on record its great appreciation for the
untiring efforts put in by him over all these years.
The Directors place on record their appreciation to the Shareholders,
Associates, Bankers, Customers, Vendors, Officers and Staff of the
Company and seek their continued cooperation and support forthe current
year.
For and on behalf of the Board of Directors
New Delhi Gurpreet Singh
27th July, 2010 Chairman