Mar 31, 2015
Dear members,
The Directors take pleasure in presenting the Twenty Ninth Annual
Report together with the audited financial statements for the year
ended 31st March, 2015.
1. FINANCIAL RESULTS (Rs. in Lacs)
PARTICULARS Year Ended Year Ended
31/03/2015 31/03/2014
Gross Income 34.40 43.41
Total Expenditure 29.38 26.98
Interest Expenses 1.49 1.89
Gross Profit 3.53 14.54
Depreciation 3.14 50
Profit / (Loss) Before Tax 0.39 14.04
Less : Income Tax 0.15 4.50
Less/Add : Deferred Tax 0.64 0.31
Less : Income Tax Paid - W/ Off 0.13 0.21
Net Profit / (Loss) After Tax 0.75 10.06
Add : Profit brought forward from
previous year 795.59 785.53
APPROPRIATIONS
Profit Carried Forward to Balance Sheet 796.34 795.59
An amount of Rs. 796.34 is proposed to be retained in the Statement of
Profit and Loss.
2. HIGHLIGHTS OF PERFORMANCE
* Total income for the year decreased by 20.76% to Rs. 34.40 Lakhs
as compared to Rs. 43.41 Lakhs in 2014.
* Total profit before tax for the year was Rs. 0.39 Lakhs as
compared to Rs. 14.04 Lakhs in 2014.
3. BUSINESS OPERATIONS
The Company has earned Rs.34.40 Lacs from operations. The Company
hopes to achieve good result, barring unforeseen circumstances.
4. DIVIDEND
With a view to deploy the profits into the existing operations of the
company, Board of Directors has not recommended any dividend for the
year.
5. SHARE CAPITAL
The paid up Equity Share Capital as on 31st March, 2015 was Rs.
1,50,00,000/-. During the year under review, the Company has not
issued shares with differential voting rights nor granted stock
options nor sweat equity. As on 31st March, 2015, the Directors of the
Company hold the equity shares of the Company as follows:
Name of the Director Number of Shares % of Total Capital
Mr. Surendra kumar Banthia 74,500 4.97
Mr. Sushil Mantri 74,500 4.97
Mr. Manish Banthia Nil Nil
6. FINANCE
The Company continues to focus on judicious management of its working
capital. Receivables, inventories and other working capital parameters
were kept under strict check through continuous monitoring.
6.1 DEPOSITS
The Company has not accepted deposit from the public and shareholders
falling within the ambit of Section 73 of the Companies Act, 2013 and
The Companies (Acceptance of Deposits) Rules, 2014.
6.2 PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS
Details of Loans, Guarantees and Investments covered under the
provisions of Section 186 of the Companies Act, 2013 are given in the
notes to the Financial Statements.
7. CORPORATE SOCIAL RESPONSIBILITY INITIATIVES
The criteria prescribed for the applicability of Corporate Social
Responsibility under Section 135 of the Companies Act, 2013 is not
applicable to the Company.
8. BUSINESS RISK MANAGEMENT
The nature of business is investment, arbitrage and trading in shares.
The inheritant risk to the business of the company is as follows:
a. Monetary Policy of the Country
b. Interest Rate Cycle
c. Fluctuation in crude oil and commodity prices
d. Changes in Government policies
e. Status of Indian & World Economy
The nature of risk is dynamic of business and entrepreneurship. The
Company has not formed Risk Management Committee and considered it as
optional item as prescribed under Clause 49 of Listing Agreement.
9. INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY
The Company has an Internal Control System, commensurate with the
size, scale and complexity of its operations. The scope and authority
of the Internal Audit (IA) function is defined in the Internal Audit
Charter.
The Company monitors and evaluates the efficacy and adequacy of
internal control system in the Company, its compliance with operating
systems, accounting procedures and policies at all locations of the
Company. Based on the report of internal audit function, process
owners undertake corrective action in their respective areas and
thereby strengthen the controls.
10. SUBSIDIARY COMPANIES
The Company has no Subsidiary Company.
11. DIRECTORS
In terms of the Articles of Association of the Company, Mr. Sushil
Mantri, Director, retires by rotation at the ensuing Annual General
Meeting and being eligible, offers himself for reappointment.
The Company at its Board meeting held on 29th May, 2015 has appointed
Mr. Manish R Banthia as Executive Director of the Company w.e.f. 1st
September, 2015. The necessary item has been included at item no. 4 of
the notice.
12. DIRECTORS' RESPONSIBILITY STATEMENT
To the best of their knowledge and belief and according to the
information and explanations obtained by them, your Directors make the
following statements in terms of Section 134(3)(c) of the Companies
Act, 2013:
a) that in the preparation of the annual financial statements for the
year ended 31st March, 2015, the applicable accounting standards have
been followed along with proper explanation relating to material
departures, if any;
b) that such accounting policies as mentioned in Notes to the
Financial Statements have been selected and applied consistently and
judgement and estimates have been made that are reasonable and prudent
so as to give a true and fair view of the state of affairs of the
Company as at 31st March, 2015 and of the profit of the Company for
the year ended on that date;
c) that proper and sufficient care has been taken for the maintenance
of adequate accounting records in accordance with the provisions of
the Companies Act, 2013 for safeguarding the assets of the Company and
for preventing and detecting fraud and other irregularities;
d) that the annual financial statements have been prepared on a going
concern basis;
e) that proper internal financial controls were in place and that the
financial controls were adequate and were operating effectively.
f) that systems to ensure compliance with the provisions of all
applicable laws were in place and were adequate and operating
effectively.
13. RELATED PARTY TRANSACTIONS
During the year the company has not entered into any related party
transactions except payment of remuneration and sitting fees to the
directors.
14. SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS
There are no significant material orders passed by the Regulators /
Courts which would impact the going concern status of the Company and
its future operations.
15. AUDITORS
15.1 Statutory Auditors
The Company's Auditors, M/s Paresh D. Shah & Co., Chartered
Accountants, Mumbai who retire at the ensuing Annual General Meeting
of the Company are eligible for reappointment. They have confirmed
their eligibility under Section 141 of the Companies Act, 2013 and the
Rules framed thereunder for reappointment as Auditors of the Company.
As required under Clause 49 of the Listing Agreement, the auditors
have also confirmed that they hold a valid certificate issued by the
Peer Review Board of the Institute of Chartered Accountants of India.
15.2 Secretarial Audit
Pursuant to the provisions of Section 204 of the Companies Act, 2013
and The Companies (Appointment and Remuneration of Managerial
Personnel) Rules, 2014, the Company has appointed M/s P. P. Shah &
Co., Company Secretary in Practice to undertake the Secretarial Audit
of the Company. The Report of the Secretarial Audit Report is annexed
herewith as "Annexure A".
15.3 Qualifications in Secretarial Audit Report
A. Appointment of Company Secretary & Chief Financial Officer:
As per section 203(1 )(i),(ii) & (iii), the Company is required to
appoint Company Secretary, & Chief Financial Officer. The Company has
not appointed Company Secretary & Chief Financial Officer. In this
regard the management of the Company has provided the following reply:
i) The Company has appointed Mr. Chandrakant Pandey as Compliance
Officer of the Company who looks after the compliance of Companies
Act, 2013, Listing Agreement and SEBI Act and rules made thereunder;
ii) The Company has availed the services of Practising Company
Secretary for advising on compliance of Companies Act, 2013 and SEBI
Act and rules made thereunder;
iii) The Volume and Scope of work for the Company Secretary and Chief
Financial Officer are less and it is not a full time work and the job
of Company Secretary and Chief Financial Officer are not attractive
commensurate with the scope of work and salary.
B. Constitution of Nomination and Remuneration Committee:
As per section 178, the Company is required to constitute Nomination
and Remuneration Committee. The Company has not constituted Nomination
and Remuneration Committee. In this regard the management of the
Company has provided the following reply:
a. The Volume and Nature of business is very small. The Company does
not have the function of Nomination and Remuneration Committee.
C. Appointment of Internal Auditor:
As per section 138 of the Companies Act, 2013, the Company is required
to appoint Internal Auditor. The Company has not appointed Internal
Auditor. In this regard the management of the Company has provided the
following reply:
i) The size of operation of the Company is very small, it is not
viable to appoint Internal Auditor but the Company has establish the
internal control system
D. Independent Director and Woman Director:
As per section 149 of the Companies Act, 2013, the Company is required
to appoint Independent Director including Woman Director. The Company
has not appointed Independent Director including Woman Director.
Accordingly, the Company has also not constituted Audit Committee. In
this regard the management of the Company has provided the following
reply:
a) The Volume and Nature of business is very small. Therefore, it is
not viable to appoint Independent Director, Woman Director and
constitute Audit Committee.
16. ENHANCING SHAREHOLDERS VALUE
Your Company believes that its Members are among its most important
stakeholders. Accordingly, your Company's operations are committed to
the pursuit of achieving high levels of operating performance and cost
competitiveness, consolidating and building for growth, enhancing the
productive asset and resource base and nurturing overall corporate
reputation. Your Company is also committed to creating value for its
other stakeholders by ensuring that its corporate actions positively
impact the socio-economic and environmental dimensions and contribute
to sustainable growth and development.
17. CORPORATE GOVERNANCE
SEBI vide its circular no. CIR/CFD/POLICY CELL/2/2014 dated 17th
April, 2014 had amended Clause 49 and made it applicable to all the
listed Companies. Further, SEBI vide its circular no. CIR/CFD/POLICY
CELL/7/2014 dated 15th September, 2014 had made the Clause 49 on
Corporate Governance non-mandatory to the following class of
Companies:
a. Companies having paid up equity share capital not exceeding Rs.10
crores and Net worth not exceeding Rs.25 crores, as on the last day of
the previous financial year;
Provided that where the provisions of Clause 49 becomes applicable to
a company at a later date, such company shall comply with the
requirements of Clause 49 within six months from the date on which the
provisions became applicable to the company.
b. Companies whose equity share capital is listed exclusively on the
SME and SME-ITP Platforms.
The paid up share capital of the Company is Rs. 1.5 crores as on 31st
March, 2015. The reserve and surplus is Rs. 8.32 crores. Accordingly
the paid up capital and net worth is below the prescribed limit for
mandatory applicability of Corporate Governance clause. The Company
has decided not to opt for compliance of Clause 49 for the time being,
which the Company has already intimated to the BSE
18. ENERGY CONSERVATION, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS AND OUTGO
The information on conservation of energy, technology absorption and
foreign exchange earnings and outgo stipulated under Section 134(3)(m)
of the Companies Act, 2013 read with Rule 8 of the Companies
(Accounts) Rules, 2014, is as under.
A. Conservation of Energy
The Company is not engaged in any manufacturing activity.
Hence, the Company has not taken any energy conservation measures.
There are no additional investments and proposals, for reduction of
consumption of energy. The Company does not fall within the category
of list of industries mentioned in Schedule forming part of the rules.
Hence, no disclosures are required to be given.
B. Technology absorption, adaptation and innovation
The Company has not deployed any Research and Development facility or
absorbed any technology.
Hence, no disclosures are required to be given.
19. EXTRACT OF ANNUAL RETURN
The details forming part of the extract of the Annual Return in form
MGT-9 is annexed herewith as "Annexure B".
20. PARTICULARS OF EMPLOYEES
There is no employee in the Company drawing monthly remuneration of
Rs.5,00,000/- per month or Rs.60,00,000/- per annum. Hence the Company
is not required to disclose any information as per Rule, 5(2) of The
Companies (Appointment and Remuneration of Managerial Personnel)
Rules, 2014.
21. REMUNERATION OF THE DIRECTORS/ KEY MANAGERIAL PERSONNEL (KMP)/
EMPLOYEES
No Directors/ Key Managerial Personnel are drawing any remuneration.
Hence, the information required pursuant to Section 197 read with Rule
5 (1) (i) of The Companies (Appointment and Remuneration) Rules, 2014
in respect of ratio of remuneration of each director to the median
remuneration of the employees of the Company for the Financial year is
not given.
22. ACKNOWLEDGEMENTS
Your Directors thank the various Central and State Government
Departments, Organizations and Agencies for the continued help and
co-operation extended by them. The Directors also gratefully
acknowledge all stakeholders of the Company viz. customers, members,
dealers, vendors, banks and other business partners for the excellent
support received from them during the year. The Directors place on
record their sincere appreciation to all employees of the Company for
their unstinted commitment and continued contribution to the Company.
23. CAUTIONARY STATEMENT
Statements in the Board's Report and the Management Discussion &
Analysis describing the Company's objectives, expectations or
forecasts may be forward-looking within the meaning of applicable
securities laws and regulations. Actual results may differ materially
from those expressed in the statement. Important factors that could
influence the Company's operations include global and domestic demand
and supply conditions affecting selling prices of finished goods,
input availability and prices, changes in government regulations, tax
laws, economic developments within the country and other factors such
as litigation and industrial relations.
For and on behalf of the Board of Directors
sd/- sd/-
(Sushil Mantri) (Manish Banthia)
Director Director
Mumbai
Date: 29th May, 2015
Mar 31, 2014
The Members,
The Directors present herewith the Twenty Eighth Annual Report of your
Company together with the Audited Accounts for the year ended 31st
March, 2014.
1. FINANCIAL RESULTS (Rs. in Lacs)
YearEnded31/03/2014 YearEnded31/03/2013
Gross Income 43.41 54.61
Total Expenditure 26.98 28.10
Interest Expenses 1.89 2.31
Gross Profit 14.54 24.20
Depreciation .50 0.71
Profit / (Loss) Before Tax 14.04 23.49
Less: Income Tax 4.50 7.00
Less/Add: Deferred Tax .31 0.27
Less : Income Tax Paid - W/ Off .21 8.92
Net Profit / (Loss) After Tax 10.06 25.68
Add : Profit brought forward
from previous year 785.53 759.84
APPROPRIATIONS
Profit Carried Forward to Balance Sheet 795.59
2. DIVIDEND
Your Directors do not recommend dividend for the financial year ended
31s'' March, 2014, in order to conserve the resources of the Company.
3. OPERATIONS
The Company has earned Rs.43.41 Lacs from operations. The Company hopes
to achieve good result, baring unforeseen circumstances.
4. DIRECTORS
Mr. Surendrakumar Banthia retires by rotation at the forthcoming Annual
General Meeting and being eligible offers himself for re-appointment.
5. CONSERVATION OF ENERGY, TECHNOLOGICAL ABSORPTION AND FOREIGN
EXCHANGE EARNINGS AND OUTGO
The disclosures in terms of Section 217(1)(e) of the Companies Act,
1956 read with the Companies (Disclosure of Particulars in the Report
of Board of Directors) Rules, 1988, (Referred to as the rules) are as
follows:
A. Conservation of Energy:
The Company is not engaged in any manufacturing activity.
Hence, the Company has not taken any energy conservation measures.
There are no additional investments and proposals, for reduction of
consumption of energy. The Company does not fall within the category of
list of industries mentioned in Schedule forming part of the rules.
Hence, no disclosures are required to be given in Form A as annexed to
the rules.
B. Technology Absorption:
The Company has not deployed any Research and Development facility or
absorbed any technology.
Hence, no disclosures are required to be given in Form B as annexed to
the rules.
C. Foreign Exchange Earning and Outgo:
Foreign Exchange Earnings/Outgo: Rs. in Millions
Foreign Exchange Earned NIL
Foreign Exchange Outgo NIL
Note: The Company has not engaged into any activities relating to
exports.
6. FIXED DEPOSITS
The Company has not accepted any deposits from the public.
7. PARTICULARS OF EMPLOYEES
Particulars of Employees as required under Section 217 (2A)of the
Companies Act, 1956 read with Companies (Particulars of Employees)
Rules, 1975, as amended is not given as there was no employee drawing
salary as per the limits prescribed in the said Section and Rules.
8. LISTING OF EQUITY SHARES
The Company''s equity shares are listed on The Bombay Stock Exchange
Limited. The Company has paid listing fees for the year ended 2014-15
with the Exchange.
9. DIRECTORS RESPONSIBILITY STATEMENT
Pursuant to the requirement Under Section 217 (2AA) of the Companies
Act, 1956 with respect to the Directors Responsibilities Statement, it
is hereby confirmed;
i) That in the preparation of the Annual Accounts for the financial
year 31st March, 2014, 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 were
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.
iii) That the Directors have taken proper and sufficient care 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 fraud and other
irregularities.
iv) That the Directors have prepared the Accounts for the financial
year ended 31st March, 2014 on a going concern basis.
10. COMPLIANCE CERTIFICATE
In terms of subsection (1) of section 383A read with The Companies
(Compliance Certificate) Rules, 2001, the Company has obtained the
Compliance Certificate from M/s. R R Shah & Co., Practising Company
Secretary and is attached to this Report.
11. AUDITORS
M/s. Paresh D. Shah & Co., Chartered Accountants retire at the
forthcoming Annual General Meeting and being eligible offer themselves
for re-appointment. The Company has received a certificate from them to
the effect that their re-appointment, if made would be within the
prescribed limits specified under Section 224(1 B) of the Companies
Act, 1956.
12. ACKNOWLEDGMENT
The Board wishes to acknowledge and appreciate all its customers,
employees and bankers for their continuous support to the Company.
By Order of the Board of Directors
For THE FIRST CUSTODIAN FUND (INDIA) LTD.
Place: Mumbai
Date : 30,th May, 2014
Sushil Mantri
Director
Mar 31, 2013
To The Members,
The Directors present herewith the Twenty Seventh Annual Report of
your Company together with the Audited Accounts for the year ended 31st
March, 2013.
1. FINANCIAL RESULTS
(Rs. in Lacs)
Year Ended
31/03/2013 Year Ended
31/03/2012
Gross Income 54.61 65.32
Total Expenditure 28.10 32.74
Interest Expenses 2.31 0.01
Gross Profit 24.20 32.57
Depreciation 0.71 1.03
Profit / (Loss) Before Tax 23.49 31.54
Less: Income Tax 7.00 10.00
Less/Add: Deferred Tax 0.27 0.19
Less/Add : Income Tax
Paid - W/ Off 8.92 5.99
Net Profit / (Loss) After Tax 25.68 15.74
Add : Profit brought forward
from previous year 759.84 744.09
APPROPRIATIONS
Profit Carried Forward to
Balance Sheet 785.53 759.83
2. DIVIDEND
Your Directors do not recommend dividend for the financial year ended
31st March, 2013, in order to conserve the resources of the Company.
3. OPERATIONS
The Company has earned Rs. 54.61 Lacs from operations. The Company
hopes to achieve good result, baring unforeseen circumstances.
4. DIRECTORS
Mr. Manish Banthia retires by rotation at the forthcoming Annual
General Meeting and being eligible offers himself for re-appointment.
5. CONSERVATION OF ENERGY, TECHNOLOGICAL ABSORPTION AND FOREIGN
EXCHANGE EARNINGS AND OUTGO
The disclosures in terms of Section 217(1)(e) of the Companies Act,
1956 read with the Companies (Disclosure of Particulars in the Report
of Board of Directors) Rules, 1988, (Referred to as the rules) are as
follows:
A. Conservation of Energy:
The Company is not engaged in any manufacturing activity.
Hence, the Company has not taken any energy conservation measures.
There are no additional investments and proposals, for reduction of
consumption of energy. The
Company does not fall within the category of list of industries
mentioned in Schedule forming part of the rules. Hence, no disclosures
are required to be given in Form A as annexed to the rules.
B. Technology Absorption:
The Company has not deployed any Research and Development facility or
absorbed any technology.
Hence, no disclosures are required to be given in Form B as annexed to
the rules.
C. Foreign Exchange Earning and Outgo:
Foreign Exchange Earnings/Outgo: Rs. in Millions
Foreign Exchange Earned NIL
Foreign Exchange Outgo NIL
Note: The Company has not engaged into any activities relating to
exports.
6. FIXED DEPOSITS
The Company has not accepted any deposits from the public.
7- PARTICULARS OF EMPLOYEES
Particulars of Employees as required under Section 217 (2A) of the
Companies Act, 1956 read with Companies (Particulars of Employees)
Rules, 1975, as amended is not given as there was no employee drawing
salary as per the limits prescribed in the said Section and Rules.
8. LISTING OF EQUITY SHARES
The Company''s equity shares are listed on The Bombay Stock Exchange
Limited. The Company has paid listing fees for the year ended 2013-14
with the Exchange.
9. DIRECTORS RESPONSIBILITY STATEMENT
Pursuant to the requirement Under Section 217 (2AA) of the Companies
Act, 1956 with respect to the Directors Responsibilities Statement, it
is hereby confirmed;
i) That in the preparation of the Annual Accounts for the financial
year 31st March,
2013, 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 were
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.
iii) That the Directors have taken proper and sufficient care 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 fraud and other
irregularities.
iv) That the Directors have prepared the Accounts for the financial
year ended 31st March, 2013 on a going concern basis.
10. COMPLIANCE CERTIFICATE
In terms of subsection (1) of section 383A read with The Companies
(Compliance Certificate) Rules, 2001, the Company has obtained the
Compliance Certificate from M/s. R R Shah & Co., Practising Company
Secretary and is attached to this Report.
11. AUDITORS
M/s. Paresh D. Shah & Co., Chartered Accountants retire at the
forthcoming Annual General Meeting and being eligible offer themselves
for re-appointment. The Company has received a certificate from them to
the effect that their re-appointment, if made would be within the
prescribed limits specified under Section 224(1B) of the Companies Act,
1956.
12. ACKNOWLEDGMENT
The Board wishes to acknowledge and appreciate all its customers,
employees and bankers for their continuous support to the Company.
By Order of the Board of Directors
For THE FIRST CUSTODIAN FUND (INDIA)
LTD.
Place: Mumbai
Date: 30th May, 2013 Sushil Mantri Director
Mar 31, 2012
The Directors present herewith the Twenty Sixth Annual Report of your
Company together with the Audited Accounts for the year ended 31st
March, 2012.
1. FINANCIAL RESULTS (Rs. in Lacs)
Year Ended31/03/2012 Year Ended31/03/2011
Gross Income 65.32 84.05
Total Expenditure 32.74 37.49
Interest Expenses 0.01 0.44
Gross Profit 32.57 46.56
Depreciation 1.03 1.53
Profit / (Loss) Before Tax 31.54 44.59
Less: Income Tax 10.00 8.00
Less/Add: Deferred Tax 0.19 0.06
Less : Income Tax Paid - W/ Off 5.99 0.07
Net Profit / (Loss) After Tax 15.74 36.72
Add : Profit brought forward from
previous year 744.09 707.37
APPROPRIATIONS
Profit Carried Forward to Balance Sheet 744.09
2. DIVIDEND
Your Directors do not recommend dividend for the financial year ended
31s1 March, 2012, in order to conserve the resources of the Company.
3. OPERATIONS
The Company has earned Rs. 65.32 lacs from Operations. The Company
hopes to achieve good result in baring unforeseen circumstances.
4. DIRECTORS
Mr. Sushil Mantri retires by rotation at the forthcoming Annual General
Meeting and being eligible offers himself for re-appointment.
5. CONSERVATION OF ENERGY. TECHNOLOGICAL ABSORPTION AND FOREIGN
EXCHANGE EARNINGS AND OUTGO
The disclosures in terms of Section 217(1 )(e) of the Companies Act,
1956 read with the Companies (Disclosure of Particulars in the Report
of Board of Directors) Rules, 1988, (Referred to as the rules) are as
follows:
A. Conservation of Energy:
The Company is not engaged in any manufacturing activity.
Hence, the Company has not taken any energy conservation measures.
There are no additional investments and proposals, for reduction of
consumption of energy. The Company does not fall within the category of
list of industries mentioned in Schedule forming part of the rules.
Hence, no disclosures are required to be given in Form A as annexed to
the rules.
B. Technology Absorption:
The Company has not deployed any Research and Development facility or
absorbed any technology.
Hence, no disclosures are required to be given in Form B as annexed to
the rules.
C. Foreign Exchange Earning and Outgo:
Foreign Exchange Earnings/Outgo: Rs. in Millions .
Foreign Exchange Earned Nil
Foreign Exchange Outgo Nil
Note: The Company has not engaged into any activities relating to
exports.
6. FIXED DEPOSITS
The Company has not accepted any deposits from the public.
7. PARTICULARS OF EMPLOYEES
Particulars of Employees as required under Section 217 (2A) of the
Companies Act, 1956 read with Companies (Particulars of Employees)
Rules, 1975, as amended is not given as there was no employee drawing
salary as per the limits mentioned in the said Section and Rules.
8. LISTING OF EQUITY SHARES
The Company's equity shares are listed on The Bombay Stock Exchange
Limited. The Company has paid listing fees for the year ended 2011-12
with the Exchange.
9. DIRECTORS RESPONSIBILITY STATEMENT
Pursuant to the requirement Under Section 217 (2AA) of the Companies
Act, 1956 with respect to the Directors Responsibilities Statement, it
is hereby confirmed;
i) That in the preparation of the Annual Accounts for the financial
year 315,1 March, 2012, 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 were
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.
iii) That the Directors have taken proper and sufficient care 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 fraud and other
irregularities.
iv) That the Directors have prepared the Accounts for the financial
year ended 31" March, 2012 on a going concern basis.
10. COMPLIANCE CERTIFICATE
In terms of subsection (1) of section 383A read with The Companies
(Compliance Certificate) Rules, 2001, the Company has obtained the
Compliance Certificate from M/s. R R Shah & Co., Practising Company
Secretary and is attached to this Report.
11. AUDITORS
M/s. Paresh D. Shah & Co., Chartered Accountants retire at the
forthcoming Annual General Meeting and being eligible offer themselves
for re-appointment. The Company has received a certificate from them to
the effect that their re-appointment, if made would be within the
prescribed limits specified under Section 224(1 B) of the Companies
Act, 1956.
12. ACKNOWLEDGMENT
The Board wishes to acknowledge and appreciate all its customers,
employees and bankers for their continuous support to the Company.
By Order of the Board of Directors
For THE FIRST CUSTODIAN FUND (INDIA) LTD.
Place: Mumbai
Date: 30th May, 2012 Sd/-
Sushil Mantri
Director
Mar 31, 2011
The Members,
The Directors present herewith the Twenty Fifth Annual Report of your
Company together with the Audited Accounts for the year ended 31 March,
2011.
1 FINANCIAL RESULTS (Rs. in Lacs)
Year Ended Year Ended
31/03/2011 31/03/2010
Gross Income 84.05 65.39
Total Expenditure 37.49 27.36
Interest Expenses 0.44 1.43
Gross Profit 46.56 35.60
Depreciation 1.53 2.17
Profit/(Loss) Before Tax 44.59 34.43
Less.Income Tax 8.00 2.50
Less/Add : Deferred Tax 0.06 0.09
Less : Income Tax Paid - W/Off 0.07 -
Net Profit/(Loss) After Tax 36.72 31.84
Add : Profit brought forward 707.37 675.53
from previous year
APPROPRIATIONS 744.09 707.37
Profit Carried Forward
to Balance Sheet
2. DIVIDEND
Your Directors do not recommend dividend for the financial year ended
31st March, 2011, in order to conserve the resources of the Company.
3. OPERATIONS
The Company has earned 84.05 Lacs from Market Operations, The Company
hopes to achieve good result in baring unforeseen circumstances
4. DIRECTORS
Mi. Surerendra kumar Banthia retires by rotation at the forthcoming
Annual General Meeting and being eligible offers himself for
re-appointment.
5 CONSERVATION OF ENERGY, TECHNOLOGICAL ABSORPTION
AND FOREIGN EXCHANGE EARNINGS AND OUTGO
The disclosures in terms of Section 217(1)(e) of the Companies Act,
1956 read with the Companies(Disclosure of Particulars in the Report of
Board of Directors) Rules, 1988, (Referred to as the rules) are as
follows:
A. Conservation oi Energy:
The Company is not engaged in any manufacturing activity.
Hence, the Company has not taken any energy conservation measures.
There are no additional investments and proposals, for reduction of
consumption of energy. The Company does not fall within the category of
list of industries mentioned in Schedule forming part of the rules.
Hence, no disclosures are required to be given in Form A as
annexed to the rules.
B. Technology Absorption:
The Company has not deployed any Research and Development facility or
absorbed any technology.
Hence, no disclosures are required to be given in Form B as annexed
to the rules
C. Foreign Exchange Earning and Outgo:
Foreign Exchange Earnings Outgo: Rs. in Millions
Foreign Exchange Earned
Foreign Exchange Outgo
Note: The Company has not engaged into any activities relating to
exports.
6. FIXED DEPOSITS
The Company has not accepted any deposits from the public.
7. PARTICULARS OF EMPLOYEES
Particulars of Employees as required under Section 217 {2A) of the
Companies Act, 1956 read with Companies (Particulars of Employees)
Rules. 1975, as amended is not given as there was no employee drawing
salary as per the limits mentioned in the said Section and Rules.
8 LISTING OF EQUITY SHARES
The Company's equity shares are listed on The Bombay Stock Exchange
Limited. The Company ahs paid listing fees for the year ended 2010-11
with the Exchange.
9 DIRECTORS RESPONSIBILITY STATEMENT
Pursuant to the requirement Under Section 217 (2AA) of the Companies
Act. 1956 with respect to the Directors Responsibilities Statement, it
is hereby confirmed;
i) That in the preparation of the Annual Accounts for the financial
year 31st March, 2011, 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 were
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.
iii) That the Directors have taken proper and sufficient care 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 fraud and other
irregularities.
iv) That the Directors have prepared the Accounts for the financial
year ended 31st March, 2011 on a going concern basis.
10. COMPLIANCE CERTIFICATE
In terms of subsection (1) of section 383A read with The Companies
(Compliance Certificate) Rules, 2001, the Company has obtained the
Compliance Certificate from M. s. R P. Shah & Co., Practising Company
Secretary and is attached to this Report.
11 AUDITORS
M/s. Paresh D. Shah & Co.r Chartered Accountants retire at the
forthcoming Annual General Meeting and being eligible offer themselves
for re-appointment. The Company has received a certificate from them to
the effect that their re-appointment, if made would be within the
prescribed limits specified under Section 224(1 B) of the Companies
Act. 1956.
12. ACKNOWLEDGMENT
The Board wishes to acknowledge and appreciate all its customers,
employees and bankers for their continuous support to the Company.
By Order of the Board of Directors
For THE FIRST CUSTODIAN FUND (INDIA) LTD.
Sd/-
Sushil Mantri
Director
Place : Kolkata
Date : 30th May, 2011
Mar 31, 2010
The Directors present herewith the twenty Fourth Annuel Report of Your
Company together with the Audited Accounts for the Year ended 31st
March, 2010.
1. FINANCIAL RESULTS
(Rs. in Lacs)
Year Ended 31/03/2010 Year Ended 31/03/2009
Gross income 65,39 47.75
Total Expenditure 27,36 43.43
Interest Expeiness 1,43 1.69
Gross Profit 36,60 2.63
Depreciation 2,17 4.01
Profit/(Loss) Benefit Tax 34,43 (1.38)
Loss : Income Tax 2,60 0.60
Loss : Fringe Benefit Tax - 0.20
Loss/Add : Deferred Tax 0,09 0.28
Loss : Income Tax Paid-W/Off 31,84 (2.47)
Net Profit/(Loss) After Tax 675,63 678.02
Add : profit brought forward
from previous Year
APPROPRIATIONS 707,37 675.53
Profit Carried Forward to
Balance Sheet
2.DIVIDEND
Your Directors do not recommend dividerid for the year ended 31st
March, 2010,In order toconserve the resources of the Company.
3.OPERATIONS
The Company has camed Rs. 65.39 Lacs from Secondary Market Operations;
The Company hopes to achive good result in earing unforeseen
clrcmsieances.
4.DIRECTORS
Mr. Manish Bantha ratires by rotation at the forthcoming Annual General
Meeting and being eligible offers himself for ra-appaintment.
5.CONSERVATION OF ENERGY, TECHNOLOGICAL, ABSORPTION AND FOREIGN
EXCHANGE EARNINGS AND OUTGO
The disckrstites in terms of section 217(1)(e) of the Companies Act,
1956 read with the Companies (Disclosure of particulars in the Report
of Board of Directors) Rules, 1988, (Referred to as the rules are as
follows;
A. Conservetion of Energy:
The Company is not engaged in any manufacturing activity;
Hence, the Company has not taken any energy conservation measures.
There are no additional investments and proposals, for reduction of
consumption of energy. The Company does not fall within the catagery of
list of industries mentioned in Schedule forming part of the fuins.
Hence, no disclosures are required to be given in form A as annexed to
the rules.
B. Technology Absorption:
The Company has not deployed any research and Devlopment facility or
absorbed any technology.
Hence, no disclosures are required to be given in Form B as annexed to
the rules.
C. Foreign Exchange Earning and Outgo:
Foreign Exchange Earning Outgo: Rs.in Millions
Foreign Exchange Earned
Foreign Exchange Outgo
Note: The Company has not engaged Into any activities relating to
exports
6. FIXED DEPOSITS
The Company has not accepted any deposits from the public
7. PARTICULARS OF EMPLOYEES
Partlculais of Employees are, required under Section 217 (2A) of the
Companies Act,1956 read -with Companies (Partticulars of Employeas)
Rules, 1975. as amended is not given as ther was no employes drawing
safty as per the limits menctioned in the said Section and Rules..
8. LISTING OF EQUITY SHARES
The Compy is equtiy shares are listed on the Bombay stock Exchange. The
Company aha listing fess for the years ended 2009 -10 with the
Exchange.
9. DIRECTORS RESPONSIBILITY STATEMENT
Pursuant to the requirement Under Section 217 (2AA) of the Company Act
1958 with respect to the Directors Responsibiilities Statement. it
ishereby canfarmed;
i) That in the praparation of the Annual Accounts for the financial
year 31 st March, 2010. the applicable accounting atandarrts have been
folloveed alang with proper explanation relating to material
departures.
ii) That the Directors have selected such accounting pollcies and
applid them consistently and made judgment and estimates that were
reasonable and pruden so as to gives true and fair view of the state
of attarrs of the company at the end of the finacial year and of the
profit or loss of the Company for the year under reviw.
iii) That the Directirs have taken proper and sufficiant cars for the
maintenance of adeqllate accounting records in acoardance with the
provision of the Compenies Act. 1956 for safeguarding the assets of the
Company and for ptaventing and detecting fraud and other inegulaities.
iv) That the Dirctors have prepared the Accounts for the financial year
ended 31st March. 2010 on a going concein basis.
10. COMPLIANCE CERTIFICATE
In terms of subsection (1) of section 383A read with The Compaiiance
Certification Rules, 2001, the Company has obtained the Compliance
Certificate from M/s P.P. Shath & Co. practising Company Secretary and
is attached to this Report.
11. AUDITORS
M/s. Paresh D.Shath & Co,, Chartered Accountants retire at the
forthecoming Annual General Meting and being eligible offer themselves
for re-appointment. The Company have received a certificate from them
to the effect that their re-appointment if made would be within the
prescribed limits specified under Section 224(1B) of the Companies
Act,1956.
12. ACKNOWLEDGMENT
The BoaRd wishes to acknowledge and appreciate all its customers,
employees and banks FOR THEIR continuous support to the Company.
By Order of the Board of Directors
For THE FIRST CUSTODIAN FUND (INDIA) LTD.
Place: Mumbai
Date :31st May 2010 Sd/-
Sushil Mantri
Director
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