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Directors Report of Jagsonpal Finance & Leasing Ltd.

Mar 31, 2014

Dear Members,

The Directors have pleasure in presenting the 23rd Annual Report of the Company for the financial year ended on 31st March, 2014.

FINANCIAL RESULTS:

(Rs. Lacs) Current Year Previous Year

Gross Income 11.84 6.22

Gross Profit/(Loss) (2.32) (6.01) Depreciation & Impairment 0.00 0.14

Profit/(Loss) before tax (2.32) (6.15)

Profit/(Loss) after tax (2.32) (6.15)

Brought forward from the previous year (370.79) (364.64)

Profit available for appropriation (372.15) (370.79)

REVIEW OF PERFORMANCE AND BUSINESS PROSPECTS

During the year, the Company has incurred/suffered a loss of Rs. 0.39 lacs before tax as against the loss of Rs. 6.01 lacs in the previous year. Efforts are also being made to improve the performance by exploring new avenues of business which are likely to arise with the passage of time.

DIVIDEND

Directors recommended no dividend.

FIXED DEPOSITS

During the year, the Company has neither accepted nor invited any deposits and there are no deposits which are either overdue or unclaimed as on March 31st, 2014.

DIRECTOR

Mr. Om Parkash Tiwari, Director retires at the ensuing Annual General Meeting and board recommends his appoint/ re-appointment.

DIRECTORS RESPONSIBILITY STATEMENT 217(2AA)

In accordance with the provisions of Section 217 (2AA) of the Companies Act, 1956, your Directors confirm having:

(i) followed in preparation of the Annual Accounts, the applicable accounting standards with proper explanation relating to material departures, where applicable ;

(ii) selected such accounting policies and applied them consistently and made judgement and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company as on March 31,2014 and of the profit or loss of the Company for the year ended on that period;

(iii) 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) prepared the annual Accounts for the financial year ended March 31,2014 on a going concern basis.

The Audit Committee of your company meets periodically to review the performance, functions and scope of statutory auditor''s functions etc.

AUDITORS & AUDITORS'' REPORT

M/s. P.P. Thukral & Co.,Chartered Accountants (Registration no. 000632N) as Statutory Auditors of the Company, retire at the conclusion of the ensuing Annual General Meeting. The Company has received confirmation from M/s. P.P. Thukral & Co., Chartered Accountants, to the effect that their appointment, if made, will be within the limits as prescribed in Section 139 of the Companies act, 2013. Members attention is invited on Notes on Accounts forming part of Report & Balance Sheet. The Notes are self explanatory.

PARTICULARS OF ENERGY CONSERVATION, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARN- INGS AND OUTGOING

Information to be given pursuant to section 217(1)(e) of the Companies Act,1956 read with the Companies (Disclosure of Particulars) rules,1988 are not applicable since there is no such activity being followed by the Company.

Foreign Exchange Earnings Rs. Nil

Foreign Exchange Outgo Rs. Nil

PARTICULARS OF EMPLOYEES

This information as required by section 217(2A) of the Companies Act, 1956, read with Companies (Particulars of Employees) Rules, 1975, as amended, be taken as nil and complied with.

CORPORATE GOVERNANCE

A separate report on Corporate Governance forms a part of Annual Report along with the Auditors Certificate on its compliance of the conditions of Corporate Governance as also a Management Discussion & Analysis Report Pursuant to Clause 49 of the Listing Agreement are annexed hereto.

ACKNOWLEDGEMENT

Your Directors would like to express their grateful appreciation for the assistance and co-operation received from the Banks, Government authorities and our Valued customers, and Shareholders during the year under review.

for and on behalf of the Board of Directors Place : New Delhi (K.P.S. KOCHHAR) Date : 24.05.2014 CMD


Mar 31, 2012

The Directors present the 21st Annual Report of the Company together with Audited Accounts for the year ended on 31st March, 2012.

FINANCIAL RESULTS:

(Rs. Lacs) Current Year Previous Year

Gross Income (13.86) 9.84

Gross Profit/(Loss) (21.59) (1.54)

Depreciation & Impairment 0.26 0.26

Profit/(Loss) before tax (35.71) (1.80)

Profit/(Loss) after tax (35.71) (1.80)

Brought forward from the previous year (328.93) (327.37)

Profit available for appropriation (364.64) (328.93)

REVIEW OF PERFORMANCE AND BUSINESS PROSPECTS

During the year, the Company has incurred/ suffered a loss of Rs. 35.71 lacs before tax as against the loss of Rs. 1.80 lacs in the previous year. Efforts are also being made to improve the performance by exploring new avenues of business which are likely to arise with the passage of time.

DIVIDEND

Directors recommended no dividend.

FIXED DEPOSITS

During the year, the Company has neither accepted nor invited any deposits and there are no deposits which are either overdue or unclaimed as on March 31st, 2012.

DIRECTOR

Mrs. Davinder Bir Kochhar, Director retires at the ensuing Annual General Meeting and board recommends her appoint/re-ap-pointment.

Mr. Gurmeet Singh, Director retires at the ensuing Annual General Meeting and board recommends his appoint/re-appointment.

DIRECTORS RESPONSIBILITY STATEMENT 217(2AA)

In accordance with the provisions of Section 217 (2AA) of the Companies Act, 1956, Your Directors state:

(i) That in the preparation of the annual accounts year ended March 31, 2012, the applicable accounting standards have been followed;

(ii) That Your Directors have selected such accounting policies and applied them consistently and made judgement and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company as on March 31, 2012 and of the profit or loss of the Company for the year ended on that date;

(iii) That your 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 your Directors have prepared the annual accounts for the financial year ended March 31, 2012 on a going concern basis.

The Audit Committee of your company meets periodically to review the performance, functions and scope of statutory auditor's functions etc

AUDITORS & AUDITORS' REPORT

M/s. P.P. Thukral & Co.,Chartered Accountants, Auditors of the Company, retire at the conclusion of the ensuing Annual General Meeting. The Company has received confirmation from M/s. P.P. Thukral & Co., Chartered Accountants, to the

effect that their appointment, if made, will be within the limits as prescribed in Section 224 (1B) of the Companies act, 1956. Members attention is invited on Notes on Accounts forming part of Report & Balance Sheet. The Notes are self explanatory.

PARTICULARS OF ENERGY CONSERVATION, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGOING

Information to be given pursuant to section 217(1)(e) of the Companies Act,1956 read with the Companies (Disclosure of Particulars) rules,1988 are not applicable since there is no such activity being followed by the Company.

Foreign Exchange Earnings Rs. Nil Foreign Exchange Outgo Rs. Nil

PERSONNEL

This information as required by section 217(2A) of the Companies Act, 1956, read with Companies

(Particulars of Employees) Rules, 1975, as amended, be taken as nil and complied with.

CORPORATE GOVERNANCE

A separate report on Corporate Governance forms a part of Annual Report along with the Auditors Certificate on its compliance of the conditions of Corporate Governance as also a Management Discussion & Analysis Report Pursuant to Clause 49 of the Listing Agreement are annexed hereto.

ACKNOWLEDGEMENT

Your Directors would like to express their grateful appreciation for the assistance and co-operation received from the Bankers, our Valued customers, and Shareholders during the year under review.

for and on behalf of the Board of Directors

Place : New Delhi (J. S. KOCHHAR)

Date : 30.05.2012 Chairman


Mar 31, 2011

Dear Members,

The Directors present the 20th Annual Report of the Company together with Audited Accounts for the year ended on 31st March, 2011.

FINANCIAL RESULTS:

(Rs. Lacs)

Current Year Previous Year

Gross Income 9.84 14.61

Gross Profit/(Loss) (1.54) 4.61

Depreciation & Impairment 0.26 0.26

Profit/(Loss) before tax (1.80) 4.35

Profit/(Loss) after tax (1.80) 3.75

Brought forward from

the previous year (327.37) (331.12)

Profit available for

appropriation (328.93) (327.37)

REVIEW OF PERFORMANCE AND BUSINESS PROSPECTS

During the year, the Company has incurred/suffered a loss of Rs. 1.80 lacs before tax as against the profit of Rs. 4.35 lacs in the previous year. Efforts are also being made to improve the performance by exploring new avenues of business which are likely to arise with the passage of time.

DIVIDEND

Directors recommended no dividend.

FIXED DEPOSITS

During the year, the Company has neither accepted nor invited any deposits and there are no deposits which are either overdue or unclaimed as on March 31st, 2011.

DIRECTOR

Mr. Jagmohan Singh Kochhar, Director retires at the ensuing Annual General Meeting and board recommends his appoint/re-appointment.

Mr. Om Parkash Tiwari, Director retires at the ensuing Annual General Meeting and board recommends his appoint/re-appointment.

AUDITORS & AUDITORS' REPORT

M/s. P.P. Thukral & Co.,Chartered Accountants, Auditors of the Company, retire at the conclusion of the ensuing Annual General Meeting. The Company has received confirmation from M/s. P.P. Thukral & Co., Chartered Accountants, to the effect that their appointment, if made, will be within the limits as prescribed in Section 224 of the , Companies act, 1956. Members attention is invited on Notes on Accounts forming part of Report & Balance Sheet. The Notes are self explanatory.

PARTICULARS OF ENERGY CONSERVATION, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGOING

Information to be given pursuant to section 217(1)(e) of the Companies Act, 1956 read with the Companies (Disclosure of Particulars) rules, 1988 are not applicable since there is no such activity being followed by the Company.

Foreign Exchange Earnings Rs. Nil

Foreign Exchange Outgo Rs. Nil

PERSONNEL

This information as required by section 217(2A) of the Companies Act, 1956, read with Companies (Particulars of Employees) Rules, 1975, as amended, be taken as nil and complied with.

CORPORATE GOVERNANCE

A separate report on Corporate Governance forms a part of Annual 'Report along with the Auditors Certificate on its compliance of the conditions of Corporate Governance as also a Management Discussion & Analysis Report Pursuant to Clause 49 of the Listing Agreement are annexed hereto.

DIRECTORS RESPONSIBILITY STATEMENT 217(2AA)

In accordance with the provisions of Section 217 (2AA) of the Companies Act, 1956, Your Directors state:

(i) That in the preparation of the annual accounts, the applicable accounting standards have been followed;

(ii) That Your Directors have selected such accounting policies and applied them consistently and made judgement and estimates that are 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 that period;

(iii) That your Directors have 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 your Company and for preventing and detecting fraud and other irregularities;

(iv) That your Directors have prepared the annual accounts on a going concern basis.

The Audit Committee of your company meets periodically to review the performance, functions and scope of statutory auditor's functions etc.

ACKNOWLEDGEMENT

Your Directors would like to express their grateful appreciation for the assistance and co-operation received from the Bankers,-our Valued customers, and Shareholders during the year under review.

for and on behalf of the Board of Directors

(J. S. KOCHHAR) Chairman

Place : New Delhi Date : 28.06.2011


Mar 31, 2010

The Directors present the 19th Annual Report of the Company together with Audited Accounts for the year ended on 31st March, 2010.

FINANCIAL RESULTS:

(Rs. Lacs)

Current Year Previous Year

Gross Income 14.61 (37.95)

Gross Profit/(Loss) 4.61 (45.39)

Depreciation & Impairment 0.26 0.26

Profit/(Loss) before tax 4.35 (45.65)

Profit/(Loss) after tax 3.75 (45.71)

Brought forward from

the previous year (331.12) (286.37)

Profit available for

appropriation (331.07) (331.07)

REVIEW OF PERFORMANCE AND BUSINESS PROSPECTS

During the year, the Company earned profits before tax to the tune of Rs. 4.35 lacs as against the loss of Rs. 45.65 lacs in the previous year. The Company earned this income through commodity tradings and share market operations.

Efforts are also being made to improve the performance by exploring new avenues of business which are likely to arise with the passage of time.

DIVIDEND

Directors recommended no dividend.

FIXED DEPOSITS

During the year, the Company has neither accepted nor invited any deposits and there are no deposits which are either overdue or unclaimed as on March 31st, 2010.

DIRECTOR

Mrs. Davinder Bir Kochhar, Director retires at the ensuing Annual General Meeting and board recommends his appoint/re-appointment.

Mr. Gurpreet Singh, Director retires at the ensuing Annual General Meeting and board recommends his appoint/re-appointment.

AUDITORS & AUDITORS REPORT

M/s. P.P. Thukral & Co.,Chartered Accountants, Auditors of the Company, retire at the conclusion of the ensuing Annual General Meeting. The Company has received confirmation from M/s. P.P. Thukral & Co., Chartered Accountants, to the effect that their appointment, if made, will be within the limits as prescribed in Section 224 of the Companies act, 1956. Members attention is invited on Notes on Accounts forming part of Report & Balance Sheet. The Notes are self explanatory.

PARTICULARS OF ENERGY CONSERVATION, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGOING

Information to be given pursuant to section 217(1)(e) of the Companies Act,1956 read with the Companies (Disclosure of Particulars) rules, 1988 are not applicable since there is no such activity being followed by the Company.

Foreign Exchange Earnings Rs. Nil

Foreign Exchange Outgo Rs. Nil

PERSONNEL

This information as required by section 217(2A) of the Companies Act, 1956, read with Companies (Particulars of Employees) Rules, 1975, as amended, be taken as nil and complied with.

CORPORATE GOVERNANCE

A separate report on Corporate Governance forms a part of Annual Report alongwith the Auditors Certificate on its compliance of the conditions of Corporate Governance as also a Management Discussion & Analysis Report Pursuant to Clause 49 of the Listing Agreement are annexed hereto.

DIRECTORS RESPONSIBILITY STATEMENT 217(2AA)

In accordance with the provisions of Section 217 (2AA) of the Companies Act, 1956, Your Directors state:

(i) That in the preparation of the annual accounts, the applicable accounting standards have been followed;

(ii) That Your Directors have selected such accounting policies and applied them consistently and made judgement and estimates that are 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 that period;

(iii) That your Directors have 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 your Company and for preventing and detecting fraud and other irregularities;

(iv) That your Directors have prepared the annual accounts on a going concern basis.

The Audit Committee of your company meets periodically to review the performance, functions and scope of statutory auditors functions etc.

ACKNOWLEDGEMENT

Your Directors would like to express their grateful appreciation for the assistance and co-operation received from the Bankers, our Valued customers, and Shareholders during the year under review.

for and on behalf of the Board of Directors

Place : New Delhi (J. S. KOCHHAR)

Date : 06.08.2010 Chairman

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