Mar 31, 2014
Dear Shareholders,
The Directors have immense pleasure in presenting the Twenty Sixth
Annual Report together with Audited Accounts for the year ended 31st
March 2014.
FINANCIAL HIGHLIGHTS
Profitability Statement
(Figures in Rs.)
SL. PARTICULARS FOR THE YEAR ENDED FOR THE YEAR ENDED
NO. MARCH 31, 2014 MARCH 31, 2013
1. Revenue from operations 274000783 216387337
2. Other Income Nil 24811
3. Total Revenue 274000783 216412148
4. Total Expenses 272073811 214541659
5. Profit Before Tax 1926972 1870489
6. Provision for Taxes (617812) (638565)
7. Provision for Deferred Taxes 9675 7157
8. Profit After Tax 1318835 1239081
9. Opening Surplus in P & L A/c 4036289 2787806
10. Closing Surplus in P & L A/c 5334252 4036289
11. EPS 0.25 0.23
OPERATIONS
During the current period for which the accounts are finalized your
Company carried on business activities in the areas of Financing, Share
Trading, Professional Services, Information Technology and Investments.
DIVIDEND
Your Directors have decided not to recommend any dividend for the
financial year under review on account of low levels of profits as well
as to conserve funds for future activities.
NBFC REGISTRATION & CONTINGENT PROVISION ON STANDARD ASSETS
Your company is a Non Banking Financial Company registered with RBI
vide Certificate of Registration No. B- 14 - 00143 dated 12.09.2001.
The Company is regular in making compliances of various rules and
regulations made by RBI for NBFCs.
Your company has created a general provision of Rs. 52674.92 at 0.25%
of the outstanding standard assets as per notification no.
RBI/2010-11/370 dated 17th January 2011 issued by RBI for all NBFCs.
DEPOSITS
No information is required to be appended to this report in terms of
Non Banking Financial Companies (Reserve Bank) Directions, 1977, as the
Company did not accept any deposit from the public during the financial
period concerned.
MATERIAL CHANGES AND COMMITMENTS
No material changes and commitments affecting the financial position of
the Company have occurred between the end of the financial year of the
company and the date of signing of this report.
COMPOSITION OF BOARD OF DIRECTORS
Mr. Anil Kumar Goel, a promoter and retiring director by rotation,
offers himself for re-appointment. The Board of Directors recommends
his reappointment.
To meet the criteria of prescribed Section 149 and 152 of the Companies
Act, 2013 for appointment of Independent Directors, the Board of
Director recommends for reappointment of Mr. Brij Mohan Sharma, an
existing Independent Director of the Company, for 5 years w.e.f. 30th
September 2014as an Independent Director.
Mr. Ashok Ramsingh Hans, an Independent Director in the Company,
retires at this Annual General Meeting and showed his unwillingness to
continue as Director of the Company due to his pre-occupation. The
Board has placed on record its appreciation for the valuable services
rendered by Mr. Ashok Ramsingh Hans during his tenure as an Independent
Director of the company as well as Chairman.
The Company has received requisite notices in writing from its members
Mr. Subodh Gupta and Mrs. Geeta Hans for appointment of Mr. Piyush
Prakash and Ms. Preety Toash respectively as Independent Directors of
the company. The Board recommends their appointment as Independent
Director. Both of them meet the criteria prescribed in Section 149(6)
of the Act to qualify to be independent directors. In the opinion of
Board, each one of them is a person of integrity and possesses relevant
expertise and experience. The Board has also opined that both of them
fulfill the conditions specified in the Act and rules made there-under
and that they are also independent of management. Approval of members
of the company is sought for their appointment in the ensuing AGM.
Furthermore, the company has received notice in writing from its member
and promoter Mr. Subodh Gupta for appointment of Mrs. Divya Malini
Gupta as director of the company as well as to fulfill the condition
prescribed in the Act for appointment of woman directors on the Board.
Mrs. Divya Malini Gupta is wife of Mr. Subodh Gupta who is a promoter
and director and she is having vast experience and her mature advice
will help the company to reach its highest goals. Approval of the
members of the Company is sought for their appointment in the ensuing
AGM.
DIRECTORS RESPONSIBILITY STATEMENT
Pursuant to Section 217(2AA) of the Companies Act, 1956, the directors
hereby confirm that:
1. In the preparation of annual accounts for the year ended 31st March
2014, the applicable accounting standards have been followed;
2. Appropriate accounting policies have been selected and applied
consistently and such judgments 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 March 31, 2014 and of the profit of the
Company for the financial year ended on that date;
3. Proper and sufficient care has been taken for the maintenance of
adequate accounting records in accordance with provisions of the
Companies Act, 1956 for safeguarding the assets of the Company and for
preventing and detecting fraud and other irregularities; and
4. The annual accounts for the year ended March 31, 2014 have been
prepared on a going concern basis.
INTERNAL CONTROL SYSTEMS
An extensive system of internal control is practiced by your Company to
ensure that all its assets are protected against loss from unauthorized
use or disposition and that the transactions are authorized, recorded
and reported correctly. The Company strictly adheres to internal
control policies and procedures as well as compliance with all
regulatory guidelines.
To strengthen the internal control system in providing finance to
parties, your company has also obtained registration and membership
with CIBIL in past.
DEMATERIALISATION OF EQUITY SHARES
The Company had entered into agreement with National Securities
Depository Ltd. (NSDL) and Central Depository Services (India) Limited
(CDSIL) for dealing of equity shares of the Company in dematerialize
form. Company has been allotted ISIN NO. INE131D01019. The shareholders
may send their share certificates through their depository participants
for having the shares converted into electronic form. As on 31st March
2014, 83.88 % shares of the company were in dematerialized form.
CORPORATE GOVERNANCE
In terms of the Listing Agreement, a report on Corporate Governance
along with the Auditor''s Report on its compliance is annexed hereto
which is forming an integral part of this Report. The said report is
self explanatory.
Your Company has followed necessary guidelines and regulations made for
better corporate governance for the benefit of the shareholders.
AUDITORS
M/s. Umesh Amita & Co, Chartered Accountants, Auditors of the company
retire at the conclusion of ensuing Annual General Meeting and being
eligible offer themselves for reappointment.
AUDITOR''S REPORT
The observations of Auditors in their Report, read with the respective
notes to the accounts are self explanatory and therefore, do not
require any further comments.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS
Your Company, being an investment Company and engaged in financing
business, does not have any activity relating to conservation of
energy, technology absorption and export of materials, goods or
services.
Particulars required to be furnished under the Companies (Disclosure of
Particulars in the Report of Board of Directors) Rules, 1988, are not
applicable in relation to "Conservation of Energy" and "Technology
Absorption".
Similarly, during the financial year under consideration, there are no
earnings and outgo of foreign exchange.
PARTICULARS OF EMPLOYEES
There is no employee in the company who is drawing remuneration in
excess of limits laid down u/s 217 (2A) of Companies Act, 1956 read
with the Companies (Particulars of Employees) Rules 1975 and therefore,
no such particulars are furnished herewith.
LISTING OF SECURITIES
The shares of your Company are listed at Delhi, Mumbai, Calcutta and
Ahmedabad Stock Exchanges. In pursuance to clause 38 of the listing
agreement the Annual listing fee for the year 2014-2015 has already
been paid to DSE, BSE, CSE and Ahmedabad Stock Exchange.
ACKNOWLEDGEMENT
Your company and its Directors wish to extend sincere thanks to all the
members for their support and co-operation. Your directors also place
on record their appreciation for the services rendered by all the
employees of the Company.
For & on behalf of the Board
DATE : 30.08.2014
PLACE : New Delhi
Vijay Kumar Sinha
(DIN : 01089578)
Chairman & Managing Director
Registered Office:
302, G.K. House, 187A,
Sant Nagar, East of Kailash,
New Delhi- 110 065
CIN: L74140DL1988PLC034109
Mar 31, 2013
Dear Shareholders,
The Directors have immense pleasure in presenting the Twenty Fifth
Annual Report together with Audited Accounts for the year ended 31st
March 2013.
FINANCIAL HIGHLIGHTS
Profitability Statement
(Figures in Rs.)
SL. PARTICULARS FOR THE YEAR ENDED FOR THE YEAR ENDED
NO. MARCH 31, 2013 MARCH 31, 2012
1. Revenue from operations 216387337 174867056
2. Other Income 24811 4733
3. Total Revenue 216412148 174871789
4. Total Expenses 214541659 172987728
5. Profit Before Tax 1870489 1884061
6. Provision for Taxes (638565) (707196)
7. Provision for Deferred Taxes 7157 12598
8. Profit After Tax 1239081 1189464
9. Opening Surplus in P & L A/c 2787806 1600797
10. Closing Surplus in P & L A/c 4036289 2787806
OPERATIONS
During the current period for which the accounts are finalized your
Company carried on business activities in the areas of Financing, Share
Trading, Professional Services, Textile Trading, Information Technology
and Investments.
DIVIDEND
Your Directors have decided not to recommend any dividend for the
financial year under review on account of low levels of profits as well
as to conserve funds for future activities.
NBFC REGISTRATION & CONTINGENT PROVISION ON STANDARD ASSETS
Your company is a Non Banking Financial Company registered with RBI
vide Certificate of Registration No. B- 14 Â 00143 dated 12.09.2001.
The Company is regular in making compliances of various rules and
regulations made by RBI for NBFCs.
Your company has created a general provision of Rs. 62076.44 at 0.25%
of the outstanding standard assets as per notification no.
RBI/2010-11/370 dated 17th January 2011 issued by RBI for all NBFCs.
DEPOSITS
No information is required to be appended to this report in terms of
Non Banking Financial Companies (Reserve Bank) Directions, 1977, as the
Company did not accept any deposit from the public during the financial
period concerned.
MATERIAL CHANGES AND COMMITMENTS
No material changes and commitments affecting the financial position of
the Company have occurred between the end of the financial year of the
company and the date of signing of this report.
BOARD OF DIRECTORS
Shri Suboadh Gupta, the retiring director by rotation, offers himself
for re-appointment. The board recommends his reappointment.
DIRECTORS RESPONSIBILTY STATEMENT
Pursuant to Section 217(2AA) of the Companies Act, 1956, the directors
hereby confirm that:
1. In the preparation of annual accounts for the year ended 31st March
2013, the applicable accounting standards have been followed;
2. Appropriate accounting policies have been selected and applied
consistently and such judgments 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 March 31, 2013 and of the profit of the
Company for the financial year ended on that date;
3. Proper and sufficient care has been taken for the maintenance of
adequate accounting records in accordance with provisions of the
Companies Act, 1956 for safeguarding the assets of the Company and for
preventing and detecting fraud and other irregularities; and
4. The annual accounts for the year ended March 31, 2013 have been
prepared on a going concern basis.
INTERNAL CONTROL SYSTEMS
An extensive system of internal control is practiced by your Company to
ensure that all its assets are protected against loss from unauthorized
use or disposition and that the transactions are authorized, recorded
and reported correctly. The Company strictly adheres to internal
control policies and procedures as well as compliance with all
regulatory guidelines.
To strengthen the internal control system in providing finance to
parties, your company has also obtained registration and membership
with CIBIL in past.
DEMATERIALISATION OF EQUITY SHARES
The Company had entered into agreement with National Securities
Depository Ltd. (NSDL) and Central Depository Services (India) Limited
(CDSIL) for dealing of equity shares of the Company in dematerialize
form. Company has been allotted ISIN NO. INE131D01019. The shareholders
may send their share certificates through their depository participants
for having the shares converted into electronic form. As on 31st March
2013, 83.84% shares of the company were in dematerialized form.
CORPORATE GOVERNANCE
In terms of the Listing Agreement, a report on Corporate Governance
along with the Auditor''s Report on its compliance is annexed hereto
which is forming an integral part of this Report. The said report is
self explanatory.
Your Company has followed necessary guidelines and regulations made for
better corporate governance for the benefit of the shareholders.
AUDITORS
M/s. Umesh Amita & Co, Chartered Accountants, Agra, Auditors of the
company retire at the conclusion of ensuing Annual General Meeting and
being eligible offer themselves for reappointment. The board recommends
their reappointment as Auditor for the Financial Year 2013-2014. They
have furnished certificate in terms of Section 224 (1B) of the
Companies Act, 1956.
AUDITOR''S REPORT
The observations of Auditors in their Report, read with the respective
notes to the accounts are self explanatory and therefore, do not
require any further comments.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS
Your Company, being an investment Company and engaged in financing
business, does not have any activity relating to conservation of
energy, technology absorption and export of materials, goods or
services.
Particulars required to be furnished under the Companies (Disclosure of
Particulars in the Report of Board of Directors) Rules, 1988, are not
applicable in relation to "Conservation of Energy" and "Technology
Absorption".
Similarly, during the financial year under consideration, there are no
earnings and outgo of foreign exchange.
PARTICULARS OF EMPLOYEES
There is no employee in the company who is drawing remuneration in
excess of limits laid down u/s 217(2A) of Companies Act, 1956 read with
the Companies (Particulars of Employees) Rules 1975 and therefore, no
such particulars are furnished herewith.
LISTING OF SECURITIES
The shares of your Company are listed at Delhi, Mumbai, Calcutta and
Ahmedabad Stock Exchanges. In pursuance to clause 38 of the listing
agreement the Annual listing fee for the year 2012-2013 has already
been paid to DSE, BSE, CSE and Ahmedabad Stock Exchange. DSE is also
taking positive steps to restart trading of shares very soon on the
stock exchange and this will provide great relief to shareholders who
are unable to trade on BSE. The trading of the shares of the company on
CSE which was suspended in the year 2005 restored w.e.f. 29th April
2013.
ACKNOWLEDGEMENT
Your company and its Directors wish to extend sincere thanks to all the
members for their support and co-operation. Your directors also place
on record their appreciation for the services rendered by all the
employees of the Company.
For & on behalf of the Board
DATE : 24.08.2013
PLACE : New Delhi SD/-
(Vijay Kumar Sinha)
Chairman & Managing Director
Registered Office:
302, G.K. House, 187A,
Sant Nagar, East of Kailash,
New Delhi- 110 065
Mar 31, 2010
The Directors have immense pleasure in presenting the twenty second
Annual Report together with Audited Accounts for the year ended 31st
March 2010.
FINANCIAL RESULTS
Profitability Statement
PARTICULARS For the year ended For the year ended,
MARCH 31, 2010 MARCH 31, 2009
Income 31586574.03 19094247.85
Expenditure 30048140.60 18233601.80
Profit before Depreciation
& Tax (PBDT) 1538433.43 860646.05
Depreciation 83399.41 73796.06
Profit (Loss) Before Tax (PBT) 1455034.02 786849.99
Less: Provision for Current
Year Income Tax 431781.00 249518.00
Less: Provision for Fringe
Benefit Tax 0.00 12780.00
Add/Less: Provision for
Deferred Tax Asset 431.90 5665.00
Less/Add: Provision for Deferred
Tax Liability (4633.62) 12041.62
Net Profit after Tax (NPAT) 1027454.74 506845.37
APPROPRIATIONS
Deficit Brought Forward From
Last Year (492164.35) (998493.72)
Net Profit for the Current Year 1027454.74 506845.37
Less: Adjustment of Previous
Years taxes 0.00 516.00
Surplus (Deficit) Carried Forward
To Balance Sheet 535290.39 (492164.35)
Earning Per Share (EPS) 0.19 0.10
OPERATIONS
During the current period for which the accounts are finalized your
Company carried on business activities in the areas of Financing, Share
Trading, Professional Services, Textile Trading, Information Technology
and Investments.
DIVIDEND
Your Directors have decided not to recommend any dividend for the
financial year under review on account of the low levels of profits as
well as to absorb the carry forward losses which are finally got
absorbed during the current year.
NBFC REGISTRATION
Your company is a Non Banking Financial Company registered with RBI
vide Certificate of Registration No. B- 14 -00143 dated 12.09.2001.
DEPOSITS
No information is required to be appended to this report in terms of
Non Banking Financial Companies (Reserve Bank) Directions, 1977, as the
Company did not accept any deposit from the public during the financial
period concerned.
DIRECTORS
Shri Suboadh Gupta, the retiring director by rotation, offers himself
for re-appointment. The board recommends his reappointment.
Mr. Dhani Ram Sharma, the additional director, who was appointed in
board of the company on 1st February 2010, is retiring on 30th
September, 2010 i.e. on the date of AGM and he has shown his inability
to continue on board of the company in future. The Board appreciates &
acknowledges the services rendered by him during his tenure.
DIRECTORS RESPONSIBILITY STATEMENT
Pursuant to Section 2I7(2AA) of the Companies Act, 1956, the directors
hereby confirm:
1. That in the preparation of annual accounts for the year ended March
2010, the applicable Accounting Standards have been followed;
2. That the appropriate accounting policies have been selected and
applied consistently and made judgments and estimates that were
reasonable and prudent so as to give a true and fair view of the state
of affairs of the Company as at March 31,2010 and of the profit of the
Company for the year ended on that date;
3. That the directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with
provisions of this act for safeguarding the assets of the Company and
for preventing and detecting fraud and other irregularities;
4. That the annual accounts for the year ended March 31, 2010, are
prepared on a going concern basis.
DEMATERIALISATION OF EQUITY SHARES
The Company had entered into agreement with National Securities
Depository Ltd. (NSDL) and Central Depository Services (India) Limited
(CDSIL) for dealing of equity shares of the Company in dematerialize
form. Company has been allotted 1SIN NO. INE131D01019. The shareholders
may send their share certificates through their depository participants
for having the shares converted into electronic form. As on 31s March
2010, 82.25% shares of the company were in dematerialized form.
CORPORATE GOVERNANCE
In terms of the Listing Agreement, a report on Corporate Governance
along with the Auditors Report on its compliance is annexed hereto
which is forming part of the Annual Report. The report is self
explanatory.
Your Company has followed necessary guidelines and regulations made for
better corporate governance for the benefit of the shareholders.
AUDITORS
M/s. Alok B. Mathur & Co., Chartered Accountants, New Delhi, Auditors
of the company retire at the conclusion of ensuing Annual General
Meeting and being eligible offer themselves for reappointment. The
board recommends their reappointment as Auditor for the Financial Year
2010-2011. They have furnished certificate in terms of Section 224 (IB)
of the Companies Act, 1956.
AUDITORS REPORT
As regards observations contained in the Auditors Report, the
respective notes to the accounts are self explanatory and therefore, do
not call for any further comments.
CONSERVATION OF ENERGY. TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS
Information required under 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, your Company, being an investment
Company, having no manufacturing activities, the Directors have nothing
to report on "Conservation of Energy" and "Technology Absorption".
During the period under consideration there are no earnings and outgo
of foreign exchange.
PARTICULARS OF EMPLOYEES
There is no such employee in the company who is drawing remuneration in
excess of limits laid down u/s 217(2A) of Companies Act, 1956 read with
the Companies (Particulars of Employees) Rules 1975 and therefore, no
such particulars are furnished herewith.
LISTING OF SECURITIES
The shares of your Company are listed at Delhi, Mumbai, Calcutta and
Ahmedabad Stock Exchanges. In pursuance to clause 38 of the listing
agreement the Annual listing fee for the year 2010-2011 has already
been paid to DSE, BSE, CSE and Ahmedabad Stock Exchange. Trading of
shares of the company on BSE has been resumed w.e.f. 4th May 2010. DSE
is also taking positive steps to restart trading of shares very soon on
this stock exchange and this will provide great relief to shareholders
who are unable to trade on BSE.
ACKNOWLEDGEMENT
Your company and its Directors wish to extend sincere thanks to all the
members for their support and co-operation. Your directors also place
on record their appreciation for the services rendered by all the
employees of the Company.
For & on behalf of the Board
DATE : 23.08.2010
PLACE : New Delhi (Vijay Kumar Sinha)
Chairman & Managing Director
Registered Office:
302, G.K. House,
187A, Sant Nagar, East of Kailash,
New Delhi-110 065