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Directors Report of Inter Globe Finance Ltd.

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





 
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