Mar 31, 2014
Dear Members,
The Directors present the Twenty Ninth Annual Report together with
Audited Accounts for the year ended 31st March 2014.
1. FINANCIAL RESULT:
(Amount in Rs.)
Year ended Year ended
31st March 2014 31st March 2013
Total Income 11,09,293 10,07,229
Profit / (Loss) before tax 8,44,208 7,66,423
Prior Year Adjustment - -
Provision for Taxation 2,06,884 1,57,547
Profit / (Loss) after tax 6,37,324 6,08,876
Profit / (Loss) brought forward (3,11,40,410) (3,17,49,287)
Profit / (Loss) Carried to
Balance Sheet (3,05,03,086) (3,11,40,410)
2. DIVIDEND :
In view of inadequate profits, your directors do not recommend any
dividend for the year ended 31st March 2014.
3. OPERATIONAL REVIEW :
The Company registered a total income of Rs.11,09,293 as compared to
Rs.10,07,229/- in the previous year. The Company registered a profit
after tax of Rs.6,37,324/- as compared to Rs.6,08,876/- in the previous
year.
4. CORPORATE GOVERNANCE :
Since the listed paid up equity share capital of the Company is less
than Rs.3.00crores, the norms setup by the stock exchange for corporate
governance is not applicable to the Company.
5. DIRECTORS :
Shri Subhrangshu Chakrabarti resigned as director of the company w.e.f.
29/01/2014. The board places on record its appreciation for the
services rendered by Shri Subhrangshu Chakrabarti during his tenure as
Director.
Shri Harish Toshniwal resigned as director of the company w.e.f.
29/01/2014. The board places on record its appreciation for the
services rendered by Shri Harish Toshniwal during his tenure as
Director.
Shri Hemant Sajjankumar Goenka was appointed as a Director of the
company w.e.f. 29/01/2014 on casual vacancy created on resignation of
Shri Subhrangshu Chakrabarti as director whose period of office was
liable to determination by retirement of directors by rotation. Shri
Hemant Sajjankumar Goenka holds office only up to the date of the
ensuing Annual General Meeting. The company has received requisite
notice in writing from a member proposing his name for the office of
Director.
Shri Lalit Kumar Chandalia was appointed as an Additional Director of
the company w.e.f. 29/01/2014. In terms of section 161of the Companies
Act, 2013, Shri Lalit Kumar Chandalia holds office only up to the date
of the ensuing Annual General Meeting. The company has received
requisite notice in writing from a member proposing his name for the
office of Director.
6. DIRECTORS'' RESPONSIBILITY STATEMENT:
Your Directors confirm:-
i) that in the preparation of the Annual Accounts the applicable
accounting standards have been followed along with proper explanation
relating to material departures;
ii) that the Directors have selected such accounting policies and
applied them consistently and made judgment and estimates that are
reasonable and prudent so as to give a true and fair view of the state
of affairs of the Company for the financial year ended March,31 2014
and of the Profit of the Company for that year;
iii) that Directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of Companies Act, 1956 for safeguarding the assets of the
company and for preventing and detecting fraud and other
irregularities;
iv) that the Directors have prepared the Annual Accounts on a going
concern basis.
7 AUDITORS:
M/s. U. B. Sura & Co., Chartered Accountants of the Company retire at
the ensuing Annual General Meeting and have given their consent for re-
appointment for 3 years from the date of this Annual General Meeting.
The members will be required to appoint auditors for the next three
years and fix their remuneration.
As required under the provisions of section 224 of the Companies act,
1956 the company has obtained a written confirmation from the above
Auditors proposed to be re- appointed to th effect that their re-
appointment, if made at the ensuing Annual General Meeting will be
within the limits specified in section 224(1B) of the Companies Act,
1956
8 CONSERVATION OF ENERGY, RESEARCH AND DEVELOPMENT AND
TECHNOLOGY ABSORPTION:
Since the Company is not a manufacturing Company, the Companies
(Disclosure of Particulars in the Report of Board of Directors) Rules,
1988 relating to conservation of energy, research and development and
technology absorption are not applicable. There were no foreign
exchange earnings or outgo during the year under review.
9. PARTICULARS OF EMPLOYEES:
The Company does not have any employee whose particulars are required
to be given under the provisions of Section 217(2A) of the Companies
Act, 1956 read with Companies (particulars of Employees) Rules, 1975,
as amended up to date.
10. ACKNOWLEDGEMENT:
Your Directors place on record their appreciation of the support
received from banks, shareholders and employees for their continued
support.
For and on behalf of the Board
Sd/-
Place : Mumbai
Date : 28th May, 2014 Director
Mar 31, 2013
TO THE MEMBERS OF EASY FiNCORP LTD.
The Directors present the Twenty Eight Annual Report together with
Audited Accounts for the year ended 31st March 2013.
1. FINANCIAL RESULT:
(Amount in Rs.)
Year ended Year ended
31st March
2013 31st March
2012
Total Income 10,07,229 13,12,527
Profit / (Loss) before tax 7,66,423 10,90,272
Prior Year Adjustment
Provision for Taxation 1,57,547 2,07,751
Profit / (Loss) after tax 6,08,877 8,82,521
Profit / (Loss) brought forward (3,17,49,287) (3,26,31,808)
Profit / (Loss) Carried to
Balance Sheet (3,11,40,410) (3,17,49,287)
2. DIVIDEND :
In view of inadequate profits, your directors do not recommend any
dividend for the year ended 31st March 2013.
3. OPERATIONAL REVIEW :
The Company registered a total income of Rs. 10,07,229 as compared to
Rs.13,12,527 in the previous year. The Company registered a profit
after tax of Rs.6,08,877 as compared to Rs.8,82,521 in the previous
year.
4. CORPORATE GOVERNANCE :
Since the listed paid up equity share capital of the Company is less
than Rs.3.00crores, the norms setup by the stock exchange for corporate
governance is not applicable to the Company.
5. DIRECTORS :
In accordance with the provisions of the Companies Act, 1956 and the
Articles of Association of the Company, Shri Manab Chaudhuri retires by
rotation and being eligible, offers himself for reappointment.
6. DIRECTORS'' RESPONSIBILITY STATEMENT:
Your Directors confirm:-
i) that in the preparation of the Annual Accounts the applicable
accounting standards have been followed alongwith proper explanation
relating to material departures;
ii) that the Directors have selected such accounting policies and
applied them consistently and made judgment and estimates that are
reasonable and prudent so as to give a true and fair view of the state
of affairs of the Company for the financial year ended March,31 2013
and of the Profit of the Company for that year;
iii) that Directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of Companies Act, 1956 for safeguarding the assets of the
company and for preventing and detecting fraud and other
irregularities;
iv) that the Directors have prepared the Annual Accounts on a going
concern basis.
7 AUDITORS:
M/s. U. B. Sura & Co., Chartered Accountants of the Company retire at
the ensuing Annual General Meeting and are eligible for reappointment.
Members are requested to appoint Auditors and to fix their
remuneration.
8 CONSERVATION OF ENERGY, RESEARCH AND DEVELOPMENT AND TECHNOLOGY
ABSORPTION:
Since the Company is not a manufacturing Company, the Companies
(Disclosure of Particulars in the Report of Board of Directors) Rules,
1988 relating to conservation of energy, research and development and
technology absorption are not applicable. There were no foreign
exchange earnings or outgo during the year under review.
9. PARTICULARS OF EMPLOYEES:
The Company does not have any employee whose particulars are required
to be given under the provisions of Section 217(2A) of the Companies
Act, 1956 read with Companies (particulars of Employees) Rules, 1975,
as amended up to date.
10. ACKNOWLEDGEMENT:
Your Directors place on record their appreciation of the support
received from banks, shareholders and employees for their continued
support.
For and on behalfjaf the Board.
Place : Mumbai Harsih Toshniwal
Date :30th May, 2013 Director
Mar 31, 2012
TO THE MEMBERS OF EASY FINCORP LTD,
The Directors present the Twenty Seventh Annual Report together with
Audited Accounts for the year ended 31st March 2012.
1. FINANCIAL RESULT:
(Amount in Rs.)
Year ended Year ended
31st March 2012 31st March 2011
Total Income 13,12,527 11,79,206
Profit / (Loss) before tax 10,90,272 10,00,413
Prior Year Adjustment - 1,794
Provision for Taxation 2,07,751 1,85,476
Profit / (Loss) after tax 8,82,521 8,13,143
Profit / (Loss) brought forward (3,26,31,808) (3,34,44,951)
Profit / (Loss) Carried to Balance Sheet (3,17,49,287) (3,26,31,808)
2. DIVIDEND:
In view of inadequate profits, your directors do not recommend any
dividend for the year ended 31st March 2012.
3. OPERATIONAL REVIEW:
The Company registered a total income of Rs.13,12,527 as compared to
Rs. 11,79,206 in the previous year. The Company registered a profit
after tax of Rs.8,82,521 as compared to Rs.8,13,143 in the previous
year.
4. CORPORATE GOVERNANCE :
Since the listed paid up equity share capital of the Company is less
than Rs.3.00crores, the norms setup by the stock exchange for corporate
governance is not applicable to the Company.
5. DIRECTORS:
In accordance with the provisions of the Companies Act, 1956 and the
Articles of Association of the Company, Shri S. Chakrabarti retires by
rotation and being eligible, offers himself for reappointment.
6. DIRECTORS' RESPONSIBILITY STATEMENT:
Your Directors confirm:-
i) that in the preparation of the Annual Accounts the applicable
accounting standards have been followed alongwith proper explanation
relating to material departures;
ii) that the Directors have selected such accounting policies and
applied them consistently and made judgment and estimates that are
reasonable and prudent so as to give a true and fair view of the state
of affairs of the Company for the financial year ended March,31 2012
and of the loss of the Company for that year;
iii) that Directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of Companies Act, 1956 for safeguarding the assets of the
company and for preventing and detecting fraud and other
irregularities;
iv) that the Directors have prepared the Annual Accounts on a going
concern basis.
7 AUDITORS:
M/s. U. B. Sura & Co., Chartered Accountants of the Company retire at
the ensuing Annual General Meeting and are eligible for reappointment.
Members are requested to appoint Auditors and to fix their
remuneration.
8 CONSERVATION OF ENERGY, RESEARCH AND DEVELOPMENT AND TECHNOLOGY
ABSORPTION:
Since the Company is not a manufacturing Company, the Companies
(Disclosure of Particulars in the Report of Board of Directors) Rules,
1988 relating to conservation of energy, research and development and
technology absorption are not applicable. There were no foreign
exchange earnings or outgo during the year under review.
9. PARTICULARS OF EMPLOYEES:
The Company does not have any employee whose particulars are required
to be given under the provisions of Section 217(2A) of the Companies
Act, 1956 read with Companies (particulars of Employees) Rules, 1975,
as amended up to date.
10. ACKNOWLEDGEMENT:
Your Directors place on record their appreciation of the support
received from banks, shareholders and employees for their continued
support.
For and on behalf of the Board
Place: Mumbai Harish Toshniwal
Date : 30th May, 2012 Director
Mar 31, 2011
The Directors present the Twenty Fifth Annual Report together with
Audited Accounts for the year ended 31st March 2011.
1. FINANCIAL RESULT:
(Amount in Rs.)
Year ended Year ended
31st March 2011 31st March 2010
Total Income 11,79,206 11,42,239
Profit / (Loss) before tax 10,00,413 10,38,240
Prior Year Adjustment 1,794 0
Provision for Taxation 1,85,476 1,60,408
Profit / (Loss) after tax 8,13,143 8,77,832
Profit / (Loss) brought forward (3,44,44,951) (3,43,22,783)
Profit / (Loss) Carried to
Balance Sheet (3,26,31,808) (3,34,44,951)
2. DIVIDEND :
In view of inadequate profits, your directors do not recommend any
dividend for the year ended 31st March 2011.
3. OPERATIONAL REVIEW :
The Company registered a total income of Rs. 11,79,206 as compared to
Rs. 11,42,239 in the previous year. The Company registered a profit
after tax of Rs.8,13,143 as compared to Rs.8,77,831 in the previous
year.
4. CORPORATE GOVERNANCE :
Since the listed paid up equity share capital of the Company is less
than Rs.3.00crores, the norms setup by the stock exchange for corporate
governance is not applicable to the Company.
5. DIRECTORS:
In accordance with the provisions of the Companies Act, 1956 and the
Articles of Association of the Company, Shri Harish Toshniwal retires
by rotation and being eligible, offers himself for reappointment.
6. DIRECTORS' RESPONSIBILITY STATEMENT:
Your Directors confirm:-
i) that in the preparation of the Annual Accounts the applicable
accounting standards have been followed alongwith proper explanation
relating to material departures;
ii) that the Directors have selected such accounting policies and
applied them consistently and made judgment and estimates that are
reasonable and prudent so as to give a true and fair view of the state
of affairs of the Company for the financial year ended March,31 2011
and of the loss of the Company for that year;
iii) that Directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of Companies Act, 1956 for safeguarding the assets of the
company and for preventing and detecting fraud and other
irregularities;
iv) that the Directors have prepared the Annual Accounts on a going
concern basis.
7 AUDITORS:
M/s. U. B. Sura & Co., Chartered Accountants of the Company retire at
the ensuing Annual General Meeting and are eligible for reappointment.
Members are requested to appoint Auditors and to fix their
remuneration.
8 CONSERVATION OF ENERGY, RESEARCH AND DEVELOPMENT AND TECHNOLOGY
ABSORPTION:
Since the Company is not a manufacturing Company, the Companies
(Disclosure of Particulars in the Report of Board of Directors) Rules,
1988 relating to conservation of energy, research and development and
technology absorption are not applicable. There were no foreign
exchange earnings or outgo during the year under review.
9. PARTICULARS OF EMPLOYEES:
The Company does not have any employee whose particulars are required
to be given under the provisions of Section 217(2A) of the Companies
Act, 1956 read with Companies (particulars of Employees) Rules, 1975,
as amended up to date.
10. ACKNOWLEDGEMENT:
Your Directors place on record their appreciation of the support
received from banks, shareholders and employees for their continued
support.
For and on behalf of the Board
Sd/-
Place : Mumbai S Chakrabarti
Date : 29th August, 2011 Director
Mar 31, 2010
The Directors present the Twenty Fifth Annual Report together with
Audited Accounts for the year ended 31st March 2010.
1. FINANCIAL RESULT:
(Amount in Rs.)
Year ended Year ended
31st March 2010 31st March 2009
Total Income 11,42,239 10,98,790
Profit/(Loss) before tax 10,38,239 10,05,521
Less : Fringe Benefit Tax 0 0
Prior Year Adjustment 0 0
Provision for Taxation 1,60,408 1,03,569
Profit/(Loss) after tax 8,77,831 9,01,952
Profit / (Loss) brought
forward (3,43,22,783) (3,52,24,735)
Profit / (Loss) Carried
to Balance Sheet (3,34,44,951) (3,43,22,783)
2. DIVIDEND:
In view of inadequate profits, your directors do not recommend any
dividend for the year ended 31st March 2010.
3. OPERATIONAL REVIEW:
The Company registered a total income of Rs.11,42,239 as compared to
Rs. 10,98,790 in the previous year. The Company registered a profit
after tax of Rs.8,77,831 as compared to Rs.9,01,952 in the previous
year.
4. CORPORATE GOVERNANCE :
Since the listed paid up equity share capital of the Company is less
than Rs.3.00crores, the norms setup by the stock exchange for corporate
governance is not applicable to the Company.
5. DIRECTORS:
In accordance with the provisions of the Companies Act, 1956 and the
Articles of Association of the Company, Shri Manab Chaudhuri retires by
rotation and being eligible, offers himself for reappointment.
6. DIRECTORS RESPONSIBILITY STATEMENT:
Your Directors confirm:-
i) that in the preparation of the Annual Accounts the applicable
accounting standards have been followed alongwith proper explanation
relating to material departures;
ii) that the Directors have selected such accounting policies and
applied then consistently and made judgement and estimates that are
reasonable and pruder so as to give a true and fair view of the state
of affairs of the Company for th< financial year ended March,31 2010
and of the loss of the Company for that year;
iii) that Directors have taken proper and sufficient care for the
maintenance c adequate accounting records in accordance with the
provisions of Companies Acl 1956 for safeguarding the assets of the
company and for preventing and detectini fraud and other
irregularities;
iv) that the Directors have prepared the Annual Accounts on a going
concern basis.
7 AUDITORS:
M/s. U. B. Sura & Co., Chartered Accountants of the Company retire at
the ensuin< Annual General Meeting and are eligible for reappointment.
Members are requestei to appoint Auditors and to fix their
remuneration.
8 CONSERVATION OF ENERGY, RESEARCH AND DEVELOPMENT ANt TECHNOLOGY
ABSORPTION:
Since the Company is not a manufacturing Company, the Companies
(Disclosure o Particulars in the Report of Board of Directors) Rules,
1988 relating to conservatioi of energy, research and development and
technology absorption are not applicable There were no foreign exchange
earnings or outgo during the year under review.
9. PARTICULARS OF EMPLOYEES:
The Company does not have any employee whose particulars are required
to be given under the provisions of Section 217(2A) of the Companies
Act, 1956 read with Companies (particulars of Employees) Rules, 1975,
as amended up to date.
10. ACKNOWLEDGEMENT:
Your Directors place on record their appreciation of the support
received from banks shareholders and employees for their continued
support.
For and on behalf of the Board
Sd/-
Place : Mumbai Harsih Toshniwal
Date :26th July, 2010 Director