Mar 31, 2015
Drar Members,
The Directors have pleasure in presenting their 22nd Annual Report
together with Audited Accounts ofyourCompany for the year ended
31.03.2015
1. FINANCIAL RESULTS:
The Financial performance ofthe Company, for the year ended March
31,2015 is summarized below: (Rs.in lacs)
Particulars 2014-15 2013-14
ProfitBeforeTax 29.99 24.51
Less: Current Taxes 4.13 7.20
Deferred Tax 0.32 -0.64
Taxfor earlierYear - 3.79
Profitfortheyear 25.53 14.16
Add: Balance in Profit & Loss Account 125.40 109.01
Less: Appropriation:
TransfertoGeneral Reserve 6.46 3.54
Proposed Dividend 17.06 17.06
Tax on Dividend 2.90 2.90
Transferto Statutory Reserve 5.17 2.83
Provision for Standard Assets 5.18 -28.56
Closing Balance 114.16 109.01
2. SHARE CAPITAL:
The paid-up Equity Share Capital ofthe Company on 31st March, 2015 was
Rs.682.23 Lacs.
3. DIVIDEND:
Your Board of Directors is happy to announce a dividend ofRs 0.25 per
equity share ofRs10 each for the financial year 2014-15.
4. OPERATIONS:
During the currentfinancial yearended 31.03.2015, the Company had
achieved total turnover of Rs. 14,014 lacs in compare to Rs. 3690 lacs
in previous financial year 2013-14.
5. FUTUREPROSPECTS:
The company is making efforts continuouslyto improve its business
operations. In view ofthe above, prospectus ofthe Company appears
bright in nearfuture.
6. MATERIAL CHANGESAND COMMITMENTS, IF ANY, AFFECTING THE FINANCIAL
POSITION OF THE COMPANY
There is no such material change and commitment affecting the financial
position ofyour company which have occurred betweenthe end ofthe
financial yearofyour Company to which the financial statements relate
and the date of report.
7. DETAILS OF SIGNIFICANT AND MATERIAL ORDERS PASSED BYTHE REGULATORS
OR COURTS ORTRIBUNALS IMPACTING THE GOING CONCERN STATUS AND COMPANY'S
OPERATIONS IN FUTURE
There are no such orders passed by the regulator / courts/tribunals
impacting the going concern status and your Company's operations in
future.
8. INTERNAL FINANCIAL CONTROL SYSTEMS
The Company has an Internal Control System, commensurate with the size,
scale and complexity of its operations. The scope of work includes
review of process for safeguarding the assets ofthe Company, review
ofoperational efficiency effectiveness of systems and processes, and
assessing the internal control strengths in all areas.
9. CORPORATE SOCIAL RESPONSIBILITY INITIATIVES
Inpursuanceofthe provision ofSection 135 ofthe Companies Act, 2013, the
CSR provisionswere notapplicabletothe Companyforthe financial
year2014-15.
10. AUDITORS
M/s. Manish Mahavir & Co., Chartered Accountants, Statutory Auditors
ofthe company holds office with the conclusion ofthe ensuring Annual
General Meeting and eligiblefor reappointment.
11. REPLYTOAUDITOR'SREPORT
The Auditor's Reportto the members does not contain any qualification
or adverse remarks on the financial reporting and disclosure ofthe
Company. The Notes to Accounts forming part ofthefinancial
statementsare self-explanatoryand need no further explanation.
12. SECRETARIAL AUDIT REPORT
The Board has appointed M/sRanayGoswami&Co,, Practicing Company
Secretary, as Secretarial Auditor to conduct the Secretarial Audit for
the financial year 2014-15. The Secretarial Audit Report for the
financial year ended 31st March, 2015 is annexed herewith.
13. EXTRACTOFTHEANNUALRETURN
The extract ofthe annual return in Form No. MGT - 9 shall form part
ofthe Board's report marked as Annexure-A.
The details ofconservation of energy, technology absorption, foreign
exchange earnings and outgo are as follows:
(A) CONSERVATION OF ENERGY AND TECHNOLOGY ABSORPTION
The particulars of conservation of energy and technology absorption as
required under Section 134(3)(m) ofthe Companies Act, 2013, read with
the Companies (Accounts) Rules, 2014are not applicable to the Company.
(B) FOREIGN EXCHANGE EARNINGS AND OUT-GO
During the period under review there was no foreign exchange earnings
or outflow.
14. DIRECTORS
(A) CHANGES IN DIRECTORS AND KEYMANAGERIAL PERSONNEL
In accordance with the provisions ofthe Act and the Articles of
Association ofthe Company Mr. Navin Jain, Mr. Anirban Dutta, & Ms.
Seema Gupta, Directors ofthe company, retire by rotation at the ensuing
Annual General meeting and being eligible offer themselves for
re-appointment.
None ofthe Directors ofthe company are disqualified as per section 164
ofthe Companies Act 2013. The directors have made necessary disclosures
as required under various provisions ofthe Act and clause 49 ofthe
Listing Agreement.
The Board now recommends the appointment of Mr. Vikash Kedia and Mr.
Pritam Kumar Choudhary, who are currently non-executive independent
directors ofthe company as independent directors under section 149
ofthe Companies Act, 2013 and clause 49 of the listing agreement in the
ensuing A.G.M. to hold office for 5 (Five) consecutive years i.e. for a
term up to the conclusion of 27th Annual General Meeting ofthe company
to be held in 2020.
Mrs. Prerana Bothra has resigned from the Company and Ms. Puja Jain has
been appointed as a new Company Secretary ofthe Company in accordance
with Sec.203 ofthe Companies Act, 2013 regarding appointment of Key
Managerial Personnel.
(B) DECLARATION BY INDEPENDENT DIRECTORS
All independent directors have given declarationsthatthey meet the
criteria of independence as laid down undersection 149(6) ofthe
Companies Act, 2013 and clause 49 of the Listing Agreement.
(C) FORMAL ANNUAL EVALUATION
Pursuantto the provisionsofthe Companies Act, 2013 the Board has
carried outthe annual performance evaluation ofits own performance, the
Directors individually including the Chairman ofthe Board as well as
the evaluation ofthe Committees ofthe Board. A structured questionnaire
was prepared after taking into consideration inputs received from the
Directors. The performance evaluation ofthe Independent Directors was
also carried out bythe entire Board.
The results ofthe evaluation done by Independent Directors were
reported to the Chairman ofthe Board. It was reported that the
performance evaluation ofthe Board, Committee etc. was satisfactory.
The Directors expressed their satisfaction with the evaluation process.
15. PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS
Your Company is exempted from the applicability ofthe provisions of
Sec.186 ofthe Companies Act, 2013 (Act) read with Rule 11
oftheCompanies(MeetingsofBoardanditsPowers) Rules, 2014and Companies
(Meetings of Board and its Powers) Amendment Rules, 2015 as your
Company is engaged inthe business ofLong term financing and meeting the
credit needs of its Customers.
16. PARTICULARSOF CONTRACTSORARRANGEMENTS WITH RELATED PARTIES
All the related party transactions ofyourCompany are entered on arm's
length basis and are in compliance with the applicable provisions ofthe
Companies Act, 2013 and the Listing Agreement. There are no materially
significanttransactions made by the Companywith Promoters, Directors or
Key Managerial Personnel (KMPs) which have potential conflictwith the
interest ofyour Company at large. Members may refer to the notes to
financial statements for details of related party transactions.
Since all related party transactions entered into by your Company were
in the ordinary course of business and were on arm's length basis, Form
AOC-2 is not applicable to your Company.
17. DIRECTORS'RESPONSIBILITYSTATEMENT
The Directors' Responsibility Statement referred to in clause (c)
ofsub-section (3) ofSection 134 ofthe Companies Act, 2013, states that
-
(a) in the preparation ofthe annual accounts, the applicable accounting
standards had been followed along with proper explanation relating to
material departures;
(b) the directors had selected such accounting policies and applied
them consistently and made judgments and estimates that are reasonable
and prudent so as to give a true and fair view ofthe state of affairs
ofthe company at the end ofthe financial year and ofthe profit and loss
ofthe company for that period;
(c) the directors had taken proper and sufficient care for the
maintenance ofadequate accounting records in accordance with the
provisions of this Act for safeguarding the assets ofthe company and
for preventing and detecting fraud and other irregularities; and,
(d) the directors had prepared the annual accounts on a going concern
basis.
(e) the directors had laid down internal financial controls to be
followed by the company and that such internal financial controlsare
adequate and were operating effectively.
(f) the directors had devised proper systems to ensure compliance with
the provisions of all applicable laws and that such systems were
adequate and operating effectively.
18. MANAGERIAL REMUNERATION:
(I) Particulars of Employees pursuant to section 197(12) ofthe
Companies Act, 2013 read with Rule 5(1) ofthe Companies (Appointment
and Remuneration of Managerial Personnel) Rules, 2014;
(i) the ratio ofthe remuneration ofeach directorto the median
remuneration ofthe employees ofthe company forthe financial year;
SI. Name of the Directors Remuneration Median Ratio in
No. Remuneration times
of EmployeefRs.) (Rs.)
1 Suresh Kumar Jain 13,39,200 10.85
2 NavinJain 3,03,600 2.46
123510
3 Anirban Dutta 1,98,000 1.60
4 SeemaGupta 3,03,600 2.46
(ii) the percentage increase in
remuneration ofeach director,
ChiefFinancial : Nil
Officer, Chief Executive Officer,
Company Secretary or Manager, if any,
in thefinancialyear;
(iii) the percentage increase in the
median remuneration of employees
in the : Nil
financial year;
(iv) the number of permanent
employees on
the rolls of company; : 16 employees as on 31.03.2015
(v) the explanation on the There were no increases in the
relationship between average remuneration ofthe Companies
increase in : employees during the financial
remuneration and company year 31st March, 2015.
performance;
(vi) comparison of the remuneration Forthe Financial year 2014-15,
of the Key Managerial Personnel the Key Managerial Personnel
against : (KMPs) were paid approximately
the performance ofthe company; 0.66% ofthe net profit (profit
before tax) forthe year.
(vii) variations in the
market capitalization
of the company, price
earnings ratio : Particulars Ason31.03.2015 Ason31.03.2014
as at the closing date Rs. Rs.
ofthe current financial
year and previous Market 10,24,70'871 7,90,02,176
financial year and Capitalisation
percentage increase over
decrease in the market Earning Ratio 40.59 55.14
quotations of the shares
of the company in comparis Shareprice: BSE 15.02 11.58
on to the rateat which
the company Price
came out with the
lastpubli coffer;
(viii) average percentile increase
already made in the salaries of
employees : There were no Salary increases of
other than the managerial non managerial employees.
personnel in the last financial
year and its
comparison with the percentile There are no exceptional
increase inthe managerial circumstances in increase in
remuneration and justification managerial remuneration.
thereof and point out if there
are any exceptional
circumstances for increase in
the managerial remuneration;
(ix) comparison ofthe each The Comparison of remuneration of each
remuneration ofthe Key of the KMP against the performance
Managerial Personnel : of the Company
against the performance ofthe
company; are as under;
SI. Particulars % of NetProfit
No.
1. Suresh Kumar Jain 0.45
2. NavinJain 0.09
3. Anirban dutta 0.07
4. PujaJain 0.06
(x) Thekey parameters for any variable
component of remuneration availed : NIL
by the directors;
(xi) the ratio ofthe remuneration The Managing Director is the
of the highest paid director to that highest paid director. No
ofthe : employees received remuneration
employees who are not directors but high erthan the Managing
receive remuneration in excess of Director.
the highest paid director during
the year;
(II) None of the Company's employees has drawn salary more than Rs. 60
Lacs per annum, if employed throughout the year and more than Rs. 5
Lacs per month if employed for the part of the year. None of the
Company's employees by himself or along with his spouse and dependent
children holds 2% or more equity shares of the Company and drawing
remuneration in excess of remuneration ofthe Whole Time Director.
(III) No sitting fees were paid to Independent Directorsfor attending
meetings ofthe Board forthe Financial Year 2014-2015.
19. COMPLIANCE WITH RBI GUIDELINES
The Company has complied with all applicable regulations ofthe Reserve
Bank of India. As per Non-Banking Finance Companies RBI Directions,
1998, the Directors hereby report thatthe Company did not accept any
public deposits during the year and did not have any public deposits
outstanding at the end ofthe year.
20. CORPORATEGOVERNANCE
The Company has taken adequate steps to ensure thatthe conditions of
Corporate Governance as stipulated under Clause 49 ofthe Listing
Agreement ofthe Stock Exchanges are complied with. A separate Section
of Corporate Governance and a certificate ofthe Auditors ofthe Company
regarding compliance ofthe conditions of Corporate Governance as
stipulated under Clause 49 ofthe Listing Agreement with the Stock
Exchanges, form part ofthe Annual Report.
21. MANAGEMENT DISCUSSION ANALYSIS REPORT (MDAR)
The Management Discussion and Analysis Report forthe year under review,
as stipulated under Clause 49 ofthe Listing Agreement with the Stock
Exchanges in India, is presented in a separate section which forms part
ofthe Annual Report.
22. TRANSFEROFAMOUNTSTOINVESTOREDUCATIONANDPROTECTION FUND
Your Company did not have any funds lying unpaid or unclaimed for a
period of seven years. Therefore there were no funds which were
required to be transferred to Investor Education and Protection Fund
(IEPF).
23. LISTINGOFSHARES
The Shares ofyour Company is listed with The Bombay Stock Exchange
Limited. YourCompany has duly paid listing fees to the Stock Exchange
forthe year ended 2015-2016.
24. ACKNOWLEDGEMENTS
Yours' Directors would liketo place on record their appreciation for
the continued co-operation and support received from the Company's
Shareholders, Bankers and other business associate.
Registered Office: By order ofthe Board of Directors
Aloka House
6B, Bentinck Street, Kolkata-700001 Suresh KumarJain
Date: May 14,2015 Managing Director
Mar 31, 2014
Dear Members
The Directors have pleasure in presenting their 21st Annual Report
together with Audited Accounts of your Company for the year ended
31.03.2014
1. FINANCIAL RESULTS:
The Financial performance of the Company, for the year ended March
31,2014 is summarised below:
(Rs.in lacs)
Particulars 2013-14 2012-13
Profit Before Tax 24.51 176.53
Less: Current Taxes 7.20 0.00
Deferred Tax -0.64 1.02
Tax for earlier Year 3.79 0.00
Profit for the year 14.16 175.51
Add: Balance in Profit & Loss Account 109.01 36.99
Less: Appropriation:
Transfer to General Reserve 3.54 44.19
Proposed Dividend 17.06 17.06
Tax on Dividend 2.90 2.77
Transfer to Statutory Reserve 2.83 28.52
Provision for Standard Assets -28.56 10.96
Closing Balance 125.40 109.01
2. DIVIDEND:
Your Board of Directors are happy to announce a dividend of Rs 0.25 per
equity share of Rs 10 each for the financial year 2013-14 as against
Rs. 0.25 per equity share for the previous financial year 2012-13.
3. OPERATIONS:
During the current financial year ended 31.03.2014, the Company had
achieved total turn over of Rs. 3690 lacs in compare to Rs. 789 lacs in
previous financial year 2012- 13.
4. DIRECTORS:
Mr. Navin Jain & Anirban Dutta, Directors of the company, retire by
rotation at the ensuing Annual General meeting and are eligible for
re-appointment.
None of the Directors of the company are disqualified as per section
274(1)(g) of the Companies Act 1956. The directors have made necessary
disclosures as required under various provisions of the Act and clause
49 of the Listing Agreement.
5. FUTURE PROSPECTS:
The company is making efforts continuously to improve its business
operations. In view of the above, prospectus of the Company appears
bright in nearfuture.
6. CORPORATE GOVERNANCE:
The Company has taken adequate steps to ensure that the conditions of
Corporate Governance as stipulated under Clause 49 of the Listing
Agreement of the Stock Exchanges are complied with. A separate Section
of Corporate Governance and a certificate of the Auditors of the
Company regarding compliance of the conditions of Corporate Governance
as stipulated under Clause 49 of the Listing Agreement with the Stock
Exchanges, form part of the Annual Report.
7. DIRECTOR''S RESPONSIBILITY STATEMENT PURSUANT TO SECTION 217(2AA) of
the COMPANIES ACT, 1956 (AMENDMENT), ACT2000:
The Directors hereby confirm that:
a. In the preparation of annual accounts, the applicable accounting
standards had been followed along with proper explanation relating to
material departures;
b. The directors had selected such accounting policies and applied
them consistently and made judgments and estimates that are reasonable
and prudent so as to give a true and fair view of the state of affairs
of the Company for that period.
c. The directors had taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of this Act for safeguarding the assets of the Company and
for preventing and detecting fraud and other irregularities;
d. The Directors had prepared the annual accounts on a going concern
basis.
8. AUDITORS:
M/s. Manish Mahavir & Co., Chartered Accountants, Statutory Auditors of
the company holds office with the conclusion of the ensuring Annual
General Meeting and eligible for re-appointment.
9. PARTICULARS OF EMPLOYEES:
During the year under review no employee came under the preview of
Section 217(2A) of the Companies Act, 1956 read with Companies
(Particulars of Employees) Rules, 1975 as amended. As such no
information was required to be given in this regard.
10. PARTICULARS REQUIRED TO BE FURNISHED BY COMPANIES (DISCLOSURE OF
PARTICULARS IN THE REPORT OF BOARD OF DIRECTOR RS RULES, 1988):
i. PartA&B pertaining to conservation and technology absorption are
not applicable to the Company.
ii. Foreign Exchange Earnings and Outgo:
Foreign Exchange Income Nil
Foreign Exchange Outgo Nil
11. LISTING OF SHARES:
The share of your Company is listed with The Bombay Stock Exchange
Limited, Mumbai. The company has duly paid the listing fees to the
Stock Exchange for the year 2014-2015.
12. ACKNOWLEDGEMENTS:
Yours'' Directors would like to place on record their appreciation
forthe continued co-operation and support received from the Company''s
Shareholders, Bankers and other business associate.
Registered Office: By Order of the Board of Directors
6B, Bentinck Street
''Aloka House'', Kolkata-700001 Suresh Kumar Jain
Dated: 18th August, 2014 Managing Director
Mar 31, 2012
The Directors have pleasure in presenting their Nineteenth Annual
Report together with Audited Accounts of your Company for the year
ended 31.03.2012.
1. FINANCIAL RESULTS:
(Rs.in lacs)
Particulars 2011-12 2010-11
Total income/(Loss) 3876.61 679.29
Total Expenditure 3752.39 78.48
Gross Profit/(Loss) before Interest and
Depreciation 124.22 600.81
Less: Interest 13.14 519.46
Gross Profit/(Loss) after Interest but
before Depreciation 111.08 81.35
Less: Depreciation 8.16 6.54
Less: Provision for Standard Asset 15.39 16.71
Profit/(Loss) before Tax 87.53 58.10
Less: Provision for Tax 16.72 17.82
Profit/(Loss) after Tax 70.81 40.28
Brought forward Profit / (Loss) 0.35 -294.86
Add: Loss adjustment under the scheme
of arrangement - 300.00
Less: Proposed Dividend 17.06 17.06
Less: Provision for Dividend
distribution tax 2.77 3.16
Less: Brought forward loss of
transfer or companies - 10.80
Less :Transfer to General Reserve 5.12 4.05
Less: Transfer to Statutory Reserve 9.22 10.00
Balance Carried Forward 36.99 0.35
2. DIVIDEND:
Your Board of Directors are happy to announce a dividend of Rs 0.25 per
equity share of Rs 10 each for the financial year 2011-12 as against
Rs. 0.25 per equity share for the previous financial year 2010-11.
3. OPERATIONS:
During the current financial year ended 31.03.2012, the Company had
achieved total turnover of Rs. 3876.61 lacs in comparison to Rs. 679.29
lacs in the previous financial year 2010-11.
4. DIRECTORS:
Mr. Navin Jain & Anirban Dutta, Directors of the company, retire by
rotation at the ensuing Annual General meeting and are eligible for
re-appointment.
None of the Directors of the company are disqualified as per section
274(1)(g) of the Companies Act, 1956. The directors have made necessary
disclosures as required under various provisions of the Act and clause
49 of the Listing Agreement.
5. FUTURE PROSPECTS:
The company is making efforts continuously to improve its business
operations. In view of the above, prospectus of the Company appears
bright in near future.
6. CORPORATE GOVERNANCE:
The Company has taken adequate steps to ensure that the conditions
of Corporate Governance as stipulated under Clause 49 of the Listing
Agreement of the Stock Exchanges are complied with. A separate Section
of Corporate Governance and a certificate of the Auditors of the Company
regarding compliance of the conditions of Corporate Governance as
stipulated under Clause 49 of the Listing Agreement with the Stock
Exchanges, form part of the Annual Report.
7. DIRECTOR'S RESPONSIBILITY STATEMENT PURSUANTTO SECTION 217(2AA)
OFTHE COMPANIES ACT, 1956 (AMENDMENT), ACT 2000:
The Directors hereby confirm that:
a. In the preparation of annual accounts, the applicable accounting
standards had been followed along with proper explanation relating to
material departures;
b. The directors had selected such accounting policies and applied
them consistently and made judgments and estimates that are reasonable
and prudent so as to give a true and fair view of the state of affairs
of the Company for that period;
c. The directors had taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of this Act for safeguarding the assets of the Company and for
preventing and detecting fraud and other irregularities;
d. The Directors had prepared the annual accounts on going concern
basis.
8. AUDITORS:
M/s. Manish Mahavir & Co., Chartered Accountants, Statutory Auditors
of the company holds office with the conclusion often ensuring Annual
General Meeting and eligible for re-appointment.
9. PARTICULARSOFEMPLOYEES:
During the year under review no employee came under the preview of
Section 217(2A) of the Companies Act, 1956 read with Companies
(Particulars of Employees) Rules, 1975 as amended. As such no
information was required to be given in this regard.
10. PARTICULARS REQUIRED TO BE FURNISHED BY COMPANIES (DISCLOSURE OF
PARTICULARS IN THE REPORT OF BOARD OF DIRECTOR RS RULES, 1988):
i. Part A&B pertaining to conservation and technology absorption are
not applicable to the Company.
ii. Foreign Exchange Earnings and Outgo:
Foreign Exchange Income Nil
Foreign Exchange Outgo Nil
11. LISTINGOFSHARES:
The share of your Company is listed with The Bombay Stock Exchange
Limited, Mumbai. The company has duly paid the listing fees to the
Stock Exchange for the year 2012- 2013.
12. ACKNOWLEDGEMENTS:
Yours' Directors would like to place on record their appreciation for
the continued co-operation and support received from the Company's
Shareholders, Bankers and other business associate.
Registered Office: By Order of the Board of Directors
6B, Bentinck Street
'Aloka House', Kolkata-700001 Suresh Kumar Jain
Dated: 18th August, 2012 Director
Mar 31, 2010
The Directors have pleasure in presenting their Seventeenth Annual
Report together with Audited Accounts of your Company for the year
ended 31.03.2010.
1. FINANCIAL RESULTS :
(Rs.in lacs)
Particulars 2009-10 2008-09
Total Income/(Loss) 351.65 5,173.84
Total Expenditure 21.56 5,145.82
Gross Profit/(Loss)
before Interest and
Depreciation 330.09 28.02
Less: Interest 204.18 1.91
Gross Profit/(Loss)
after Interest but
before Depreciation 125.90 26.11
Less: Depreciation 5.75 -
Profit/(Loss) before Tax 120.16 26.11
Less: Provision for Tax 19.44 2.31
Profit/(Loss) after
Tax 100.71 23.80
Brought forward Profit /
(Loss) (395.57) (419.38)
Balance Carried Forward (294.86) (395.57)
2 DIVIDEND :
In view to accumulated losses and to keep internal accruals for
reinvestment in forth coming business opportunities, directors regrets
for non-recommendation of Dividends.
3 OPERATIONS :
During the current financial year ended 31.03.2010, the Company had
achieved total turnover of Rs. 351.65 lacs in compare to Rs. 5173.84
lacs in previous financial year 2008-09
4. DIRECTORS :
During the year under review, Mr. Pramod Kumar Jain has been appointed
as an additional director of the company on 02/04/2010. A draft
resolution for affirmation of share holders for his appointment as
chief financial officer and director of the company has place to the
share holders for their kind preview.
5. FUTURE PROSPECTS:
The company is making efforts continuously to improve its business
operations. In view of the above, prospects of the Company appears
bright in near future.
6. CORPORATE GOVERNANCE :
The Company has taken adequate steps to ensure that the conditions of
Corporate Governance as stipulated under Clause 49 of the Listing
Agreement of the Stock Exchanges are complied with. A separate Section
of Corporate Governance and a certificate of the Auditors of the
Company regarding compliance of the conditions of Corporate Governance
as stipulated under Clause 49 of the Listing Agreement with the Stock
Exchanges, form part of the Annual Report.
7. DIRECTORS RESPONSIBILITY STATEMENT PURSUANT TO SECTION 217(2AA) OF
THE COMPANIES ACT, 1956 (AMENDMENT), ACT 2000 :
The Directors hereby confirm that:
a. In the preparation of annual accounts, the applicable accounting
standards had been followed along with proper explanation relating to
material departures;
b. The directors had selected such accounting policies and applied
them consistently and made judgments and estimates that are reasonable
and prudent so as to give a true and fair view of the state of affairs
of the Company for that period
c. The directors had taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of this Act for safeguarding the assets of the Company and
for preventing and detecting fraud and other irregularities;
d. The Directors had prepared the annual accounts on a going concern
basis.
8. AUDITORS :
M/s. Manish Mahavir & Co., Chartered Accountants, Statutory Auditors of
the company holds office with the conclusion of the ensuring Annual
General Meeting and eligible for re-appointment.
9. PARTICULARS OF EMPLOYEES :
During the year under review no employee came under the preview of
Section 217(2A) of the Companies Act, 1956 read with Companies
(Particulars of Employees) Rules, 1975 as amended. As such no
information was required to be given in this regard.
10. PARTICULARS REQUIRED TO BE FURNISHED BY COMPANIES (DISCLOSURE OF
PARTICULARS IN THE REPORT OF BOARD OF DIRECTOR RS RULES, 1988):
i. Part A & B pertaining to conservation and technology absorption are
not applicable to the Company.
ii. Foreign Exchange Earnings and Outgo :
Foreign Exchange Income Nil
Foreign Exchange Outgo Nil
11. LISTING OF SHARES :
The shares of your Company is listed with The Bombay Stock Exchange
Limited, Mumbai. The company has duly paid the listing fees to the
Stock Exchange for the year 2009-2010 and also paid for the year
2010-2011. The suspension of trading of shares was revoked w.e.f. from
05/11/2009.
12. ACKNOWLEDGEMENTS :
Yours Directors would like to place on record their appreciation for
the continued co-operation and support received from the Companys
Shareholders, Bankers and other business associate.
Place : Kolakta
Date : 4th September,2010 On behalf of the Board
Registered Office:
Aloka House, 1st floor,
6B, Bentinck Street, (Suresh Kumar Jain)
KoIkata-700 001 Director