Mar 31, 2015
Dear members,
The Directors are pleased to submit the annual report of the Company
along with the audited financial statements for the financial year
ended 31st March, 2015. Consolidated performance of the Company and
its subsidiaries has been referred to wherever required.
FINANCIAL RESULTS
The Company's financial performance for the financial year ended 31st
March, 2015 is summarized below:
(Rs. in "000")
Year Year
Particulars Ended Ended
31st March, 31st March,
2015 2014
Standalone
Total Revenue 27,300 35,437
Total Expenditure 24,966 32,315
Profit/(Loss)
Before Tax 2,334 3,122
Provision for Tax
- Current Tax - 994
- Deferred Tax (1,472) (172)
- MAT Credit - -
- Prior Period Taxes 1,302 306
Profit/(Loss)
for the Year 2,504 1,994
Earnings Per Equity Share:
(1) Basic 0.80 0.64
(2) Diluted 0.80 0.64
PERFORMANCE REVIEW STANDALONE
Your Company's total revenue during the year under review was Rs. 273.00
Lakhs as compared to Rs. 354.37 Lakhs in the previous year. The total
expenditure during the year under review was Rs. 249.66 Lakhs as
compared to Rs. 323.15 Lakhs in the previous year. The Net Profit after
tax for the year was Rs. 25.04 Lakhs as compared to Rs. 19.94 Lakhs in the
previous year.
CONSOLIDATED
Your Company's total revenue of Rs. 581.09 Lakhs as compared to Rs. 617.95
Lakhs in the previous year. The total expenditure during the year
under review was Rs. 541.96 Lakhs as compared to Rs. 575.74 Lakhs in the
previous year. The Net Profit after tax was Rs. 72 Lakhs as compared to
Rs. 22.69 Lakhs in the previous year.
DIVIDEND
In order to conserve the resources for operations, your Directors
regret their inability to recommend any dividend for the year under
review.
DIRECTORS
Mr. Raghunath Mohanlal Kumar (Din: 00261227), Independent Director of
the Company has resigned with effect from 10th November, 2014 due to
ill health. He was associated with the Company since 24th May, 2012.
The Board placed on record its appreciation for the invaluable
services rendered by him during his tenure as Independent Director of
the Company.
Mrs. Shraddha Jain (DIN: 00156306), has been appointed as an
Additional Director of the Company with effect from 30th March, 2015
pursuant to Section 149 of the Companies Act, 2013 and Clause 49 of
the Listing Agreement. She is an Arts graduate from Mumbai University
and has been associated with the KJMC Group Companies as a Director
and her experience in human resources and administration will be
beneficial for the Company. She will also fulfill the requirement of
having a woman Director on the Board as required under the Companies
Act, 2013 and the listing agreement with the Stock Exchange. She will
hold office upto the date of this
Annual General Meeting and being eligible, offers herself for being
appointed as a Director of the Company, liable to retire by rotation.
The Company has received a notice from a member pursuant to Section
160 of the Companies, Act 2013 proposing her appointment as a Director
of the Company, the necessary resolution is being proposed in the
notice of this Annual General Meeting for the approval of members for
appointment of Mrs. Shraddha Jain (DIN: 00156306) as a Director of the
Company.
According to the Companies Act, 2013, at least two-thirds of the total
number of Directors (excluding independent directors) shall be liable
to retire by rotation. For this purpose, considering the composition
of the Board, Mr. Girish Jain, Director of the Company is liable to
retire by rotation at this annual general meeting and being eligible,
offer himself for reappointment.
The Independent Directors have submitted the Declaration of
Independence, as required pursuant to section 149(7) of the Companies
Act, 2013, stating that they meet the criteria of Independence as
provided in sub-section (6) of section 149 of the Companies Act, 2013.
NUMBER OF BOARD MEETING
The Board of Directors met Five (5) times in the financial year. The
details of the board meetings and the attendance of the Directors are
provided in the Corporate Governance Report. The intervening gap
between the meetings was within the period prescribed under the
Companies Act, 2013.
BOARD EVALUATION
The Board of Directors has carried out an annual evaluation of its own
performance, pursuant to the provisions of the Companies Act 2013 and
Clause 49 of the Listing Agreement. At the meeting of the Board all
the relevant factors that are material for evaluating the performance
of the individual Directors, as well as the Board committees were
discussed in detail.
The performance of the Board was evaluated by the Board after seeking
inputs from all the directors on the basis of the criteria such as the
Board composition and structure, effectiveness of board processes,
information and functioning, etc.
The performance of the committees was evaluated by the board after
seeking inputs from the committee members on the basis of the criteria
such as the composition of committees, effectiveness of committee
meetings, etc.
The Board and the Nomination and Remuneration Committee reviewed the
performance of the individual directors on the basis of the criteria
such as the contribution of the individual director to the Board and
committee meetings, Independent judgement, safeguarding the interest
of the Company and that of its minority shareholders. In addition, the
Chairman was also evaluated on the key aspects of his role.
In a separate meeting of independent Directors, performance of
nonindependent directors, performance of the board as a whole and
performance of the Chairman was evaluated, taking into account the
views of executive directors and non-executive directors. The
Directors expressed satisfaction with the evaluation process.
KEY MANAGERIAL PERSONNEL
Mr. Girish Jain, Whole Time Director, Mr. Lokesh Ranavat, Chief
Financial Officer and Mr. Hemant Soni, Company Secretary of the
Company are also designated as Key Managerial Personnel under the
Companies Act, 2013
POLICY ON DIRECTORS' APPOINTMENT AND REMUNERATION
The Company's policy on Directors' appointment, Boards composition and
remuneration and other matters provided in Section 178(3) of the Act
has been disclosed in detail in the corporate governance report, which
forms part of the directors' report.
ADEQUACY OF INTERNAL CONTROL
The details in respect of internal financial control, internal audit
process and their adequacy are included in the Management Discussion &
Analysis, which forms part of this report.
PUBLIC DEPOSITS
The Company has neither invited, nor accepted, any fixed deposit from
the public during the year and there was no outstanding deposit due
and payable during the financial year ended on 31st March, 2015.
AUDITORS
Pursuant to the provisions of Section 139 of the Act and the rules
framed thereunder, M/s. K. S. Aiyar & Co., Mumbai, Chartered
Accountants, were appointed as statutory auditors of the Company from
the conclusion of the sixteenth annual general meeting (AGM) of the
Company held on September 27, 2014 till the conclusion of the Twenty
First AGM to be held in the year 2019, subject to ratification of
their appointment at every AGM.
They have confirmed their eligibility under Section 141 of the
Companies Act, 2013 and the rules framed there under for appointment
as Auditors of the Company for the ensuing financial year.
AUDIT COMMITTEE
The details pertaining to composition of audit committee & its members
are included in the Corporate Governance Report, which forms part of
this report.
AUDITORS' REPORT AND SECRETARIAL AUDITORS' REPORT
The Statutory auditors' report from M/s K. S. Aiyar & Co., Chartered
Accountants and Secretarial auditors' report from M/s S.S. Rauthan &
Co, a firm of Company Secretaries in practice, (CP No. 3233) have
undertaken the statutory and Secretarial Audit respectively of the
Company for the financial year ended 31st March 2015, The auditors'
report and secretarial auditors' report does not contain any
qualifications, reservations or adverse remarks. Report of the
secretarial auditor is given as an annexure which forms part of this
report.
SUBSIDIARY COMPANIES
As on March 31st March, 2015, your Company has Four (4) wholly owned
subsidiaries viz., (1) KJMC Shares & Securities Limited, (2) KJMC
Credit Marketing Limited, (3) KJMC Capital Market Services Limited (4)
KJMC Commodities Market India Limited. There has been no change in the
number of subsidiaries or in the nature of business of the
subsidiaries during the year under review.
Pursuant to provisions of Section 129(3) of the Act, a statement
containing salient features of the financial statements of the
Company's subsidiaries in Form AOC-1 is attached & forms part of this
report.
In accordance with third proviso of Section 136(1) of the Companies
Act, 2013, the Annual Report of the Company, containing therein its
standalone and the consolidated financial statements has been placed
on the website of the Company, www.kjmc.com. Further, as per fourth
proviso of the said section, audited annual accounts of each of the
subsidiary companies have also been placed on the website of the
Company, www.kjmc.com. Shareholders interested in obtaining a copy of
the audited annual accounts of the subsidiary companies may write to
the Company Secretary at the Company's registered office.
DIRECTORS' RESPONSIBILITY STATEMENT UNDER SECTION 134 OF THE
COMPANIES ACT, 2013
Pursuant to Section 134 (5) of the Companies Act, 2013, your Directors
hereby confirm that:
a. that in the preparation of the annual financial statements for the
year ended 31st March, 2015, the applicable accounting standards have
been followed along with proper explanation relating to material
departures, if any;
b. that such accounting policies have been selected 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 of the
Company for that period;
c. that proper and sufficient care has been taken for the maintenance
of adequate accounting records in accordance with the provisions of
the Companies Act, 2013 for safeguarding the assets of the Company and
for preventing and detecting fraud and other irregularities;
d. that the annual accounts have been prepared on a going concern
basis;
e. that proper internal financial controls were in place and that the
financial controls were adequate and were operating effectively; and
f. that systems to ensure compliance with the provisions of all
applicable laws were in place and were adequate and operating
effectively.
CORPORATE GOVERNANCE
Company's paid up Equity Share Capital does not exceed the threshold
of Rs.10 Crores and the net worth does not exceed Rs. 25 Crores as on 31st
March, 2015 therefore as per SEBI Circular No: CIR/CFD/POLICY
CELL/7/2014 dated 15th September, 2014 compliance of Clause 49 of the
Equity Listing Agreement is not applicable to your Company. However to
maintain highest standards of Corporate Governance, a separate section
on Corporate Governance, is annexed and forms part of this report.
EXTRACT OF ANNUAL RETURN
The extract of the Annual Return of your Company as on March 31,2015
as provided under sub-section 3 of Section 92 of the Companies Act,
2013 in the Form MGT 9 is enclosed and forms part of the Directors'
Report.
RELATED PARTY TRANSACTIONS
All related party transactions that were entered into during the
financial year were on an arm's length basis and were in the ordinary
course of business. There are no materially significant related party
transactions made by the Company with Promoters, Directors, Key
Managerial Personnel or other designated persons which may have a
potential conflict with the interest of the Company at large.
All Related Party Transactions are placed before the Audit Committee
and also before the Board for its approval.
Information on transactions with related parties pursuant to Section
134(3)(h) of the Companies Act, 2013 read with rule 8(2) of the
Companies (Accounts) Rules, 2014 in Form AOC-2 is annexed and forms
part of the report.
PARTICULARS OF LOANS, GUARANTEES AND INVESTMENTS
The particulars of loans, guarantees and investments have been
disclosed in the financial statements.
MANAGEMENT DISCUSSION AND ANALYSIS
A report on the Management Discussion and Analysis for the financial
year under review is annexed and forms part of this report.
LISTING OF SHARES
The Equity Shares of the Company are listed on BSE Limited. The
Listing fees upto the financial year 2015 - 2016 has been paid to BSE
Limited (BSE).
PARTICULARS OF EMPLOYEES
The information required under Section 197 of the Companies Act, 2013
read with rule 5(1) of the Companies (Appointment and Remuneration of
Managerial Personnel) Rules, 2014 is given below:
1. The ratio of the remuneration of each director to the median
remuneration of the employees of the company for the financial year;
Non-executive directors Ratio to median remuneration
Mr. I.C. Jain -
Mr. S.C. Aythora 0.04
Mr. R.R. Kumar
(up to 10.11.2014) * -
Mr. Nitin Kulkarni 0.04
Mrs. Shraddha Jain (Appointed on
30.03.2015) * -
Executive Directors
Mr. Girish Jain 2.68
Mr. Rajnesh Jain
(Up to 11.08.2014) * -
*Since this information is for part of the year, the same is not
comparable.
2. The percentage increase in remuneration of each Director, Chief
Financial Officer, Company Secretary, if any, in the financial year;
Chief Financial Officer: 15%, Whole Time Director: Nil, Company
Secretary: 10%
3. The percentage increase in the median remuneration of employees in
the financial year: 15%.
4. The number of permanent employees on the rolls of Company as on
31st March, 2015: 6.
5. The explanation on the relationship between average increase in
remuneration and Company performance: .
Employees received an annual increase of 10% on an average. The
individual increments varied from 5% to 15%, based on individual
performance.
6. Comparison of the remuneration of the key managerial personnel
against the performance of the Company:
(in Rs. 000")
Aggregate remuneration of key managerial
personnel (KMP) in FY15 5016.77
Revenue 27300.00
Remuneration of KMPs (as % of revenue) 18.38%
Profit before Tax (PBT) 2334.00
Remuneration of KMP (as % of PBT) 214.94%
7. Variations in the market capitalisation price earnings ratio as at
the closing date of the current financial year and previous financial
year and percentage increase / decrease in the market quotations of
the shares of the company in comparison to the rate at which the
company came out with the last public offer in case of listed
companies, and in case of unlisted companies, the variations in the
net worth of the company as at the close of the current financial year
and previous financial year;
Particulars March 31,2015 March 31,2014 % Change
No. of Equity Share 31,36,440 31,36,440 Nil
Market price per
share(Rs.) 11.45 9.5 20.53%
Market Capitalisation 3,59,12,238 2,97,96,180 20.53%
Earning per share 0.80 0.64 25%
The Company was demerged from the KJMC Financial Services Limited
w.e.f. 01.04.1998, the shareholders of the KJMC Financial Services
Ltd. were allotted one equity shares of the face value of Rs. 10/-each
in the company for every equity shares held in the KJMC Financial
Services Ltd. i.e. in the ratio of 1 : 1
Price Earnings Ratio 114.31 14.84 3.57%
8. Average percentile increase already made in the salaries of
employees other than the managerial personnel in the last financial
year and its comparison with the percentile increase in the managerial
remuneration and justification thereof and point out if there are any
exceptional circumstances for increase in the managerial remuneration:
The average annual increase for employees was around 10%, whereas,
managerial remuneration was not increased during the course of the
year.
9. Comparison of each remuneration of the key managerial personnel
against the performance of the Company:
(in Rs.000")
Mr. Rajnesh Mr. Girish Mr. Lokesh Hemant
Jain Jain Ranawat Soni
(Whole time (Whole time (Chief (Company
Director upto Director) Financial Secretary)
11.08.2014) Officer
Remuneration
in FY-15 1104.70 2095.92 783.07 1033.08
Revenue 27300.00
Remuneration as
% of revenue 4.05% 7.68% 2.87% 3.78%
Profit before Tax
(PBT) 2334.00
Remuneration
(as % of PBT) 47.33% 89.80% 33.55% 44.26%
10. The key parameters for any variable component of remuneration
availed by the directors: None
11. The ratio of the remuneration of the highest paid director to that
of the employees who are not directors but receive remuneration in
excess of the highest paid director during the year: None
12. Affirmation that the remuneration is as per the remuneration
policy of the Company: The Company affirms remuneration is as per the
remuneration policy of the Company.
13. There are no employees falling within the purview of Rule 5(2) of
the Companies (Appointment and Remuneration of Managerial Personnel)
Rules, 2014, no such details, are required to be given.
PARTICULARS OF CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION
Since the Company does not own any manufacturing facility, the other
particulars relating to conservation of energy and technology
absorption stipulated in the Companies (Accounts) Rules, 2014 are not
applicable. However Company believes in conserving the natural
resources and uses CFL and LED Lighting in the office premises which
has low energy consumption.
FOREIGN EXCHANGE EARNINGS AND OUTGO
The Company earned of Rs. 37.00 Lacs in foreign currency in the current
financial year as compared to Rs. 37.79 Lacs in the previous financial
year and incurred expenditure of Rs. Nil in the current year as compared
to Rs. Nil in the previous year.
INSURANCE
The Company's fixed assets as well as current assets have been
adequately insured.
RISK MANAGEMENT
The Board has formulated a risk management policy to be implemented
and monitored the risk management plan for the Company. The board is
responsible for reviewing the risk management plan and ensuring its
effectiveness. The audit committee of the Board has additional
oversight in the area of financial risks and controls. Major risks
identified by the businesses and functions are systematically
addressed through an ongoing mitigating actions on a continuing basis.
The development and implementation of risk management policy has been
covered in the management discussion and analysis Report, which forms
part of this report
WHOLE TIME DIRECTOR & CFO CERTIFICATION
Certificate from Mr. Girish Jain, Whole Time Director and Mr. Lokesh
Ranawat, Chief Financial Officer, pursuant to provisions of Clause
49(V) of the Listing Agreement, for the year under review was placed
before the Board of Directors of the Company at its meeting held on
27th May, 2015.
ACKNOWLEDGMENTS
The Directors wish to place on record their appreciation of the
contribution made by the executives and employees at all levels for
their dedication and commitment to the Company throughout the year.
Your Directors also appreciate with gratitude the continuous support
of the Bankers, Clients and the Company's Shareholders.
For and on behalf of the Board of Directors
I. C. JAIN
Place: Mumbai CHAIRMAN
Date: 27th May, 2015
Mar 31, 2014
Dear members,
We are delighted to present the report on our business and operations
for the financial year ended 31st March, 2014.
FINANCIAL RESULTS
The performance of the Company for the financial year ended 31st March,
2014 is summarized below:
(Rs. in "000")
Year Year Year Year
Particulars Ended Ended Ended Ended
31st March, 31st March, 31st March, 31st March,
2014 2013 2014 2013
Standalone Consolidated
Total Revenue 35437 87,982 61796 115776
Total Expenditure 32315 68290 57575 90429
Profit/(Loss)
Before Tax 3122 19693 4221 25347
Tax Expenses:
- Current Tax 994 3800 1170 3850
- Deferred Tax (172) 8682 530 12309
- MAT Credit - (3104) (1066) (3104)
- Prior Period
Taxes 306 (124) 1318 (124)
Profit/(Loss)for
the period 1994 10440 2269 12416
Earnings Per Equity Share:
(1) Basic 0.64 3.33 0.72 3.96
(2) Diluted 0.64 3.33 0.72 3.96
PERFORMANCE REVIEW STANDALONE
During the year under review, your Company earned the total revenue of
Rs. 354.37 Lacs as against Rs. 879.82 Lacs in the previous year. The
total expenditure during the year under review was Rs. 323.15 Lacs as
against Rs. 682.90 Lacs in the previous year. The Net Profit after tax
for the year was Rs. 19.94 Lacs as against Net Profit Rs. 104.40 Lacs
in the previous year.
CONSOLIDATED
During the year under review, your Company earned the total
consolidated revenue of Rs.617.96 Lacs as against Rs.1157.76 Lacs in
the previous year. The total consolidated expenditure during the year
under review was Rs.575.75 Lacs as against Rs.904.29 Lacs in the
previous year. The consolidated Net Profit after tax for the year was
Rs.22.69 Lacs as against Net Profit Rs.124.16 Lacs in the previous
year.
The consolidated financials reflect the cumulative performances of KJMC
Corporate Advisors (India) Limited and its subsidiaries.
DIVIDEND
The Board of Directors at its meeting held on 12th August, 2013 had
declared an interim dividend of Rs.0.50/- per equity share of Rs.10/-
each, which was paid to the members on 26th August, 2013. Your
Directors are not recommending further dividend for the financial year
2013-14. The total dividend for the financial year 2013-14 works out to
Rs.0.50 per share (Previous year Nil per share). The total outgo on
account of interim was Rs.15.68 Lacs for the financial year 2013-14 as
against NIL in the previous year. The total amount of dividend
distribution tax was Rs.2.67 Lacs as against NIL in the previous year.
DIRECTORS
In accordance with the provisions of the Companies Act, 2013 and the
Articles of Association of the Company, Mr. Rajnesh Jain, Directors of
the Company is liable to retire by rotation at the ensuing Annual
General Meeting and being eligible, offer themselves for reappointment.
The Board of Directors recommend their re-appointment.
The Board of Directors of your Company comprised of Six Directors one
of whom is the Whole Time Directors and two are the non executive
promoter director. The remaining three directors are non-executive and
independent directors. The composition of the Board is in consonance
with Clause 49 of the Listing Agreement, as amended from time to time,
and in accordance with the applicable provisions of Companies Act,
2013. In accordance with the provisions of Section 149 and other
applicable provisions of the Companies Act, 2013, your Company is
seeking appointment of Shri S. C. Aythora, Mr. Nitin Kulkarni and Shri
Raghunath Mohanlal Kumar as Independent Director of the Company to hold
office for a term of Five (5) consecutive years w.e.f. 27th September,
2014 upto 26th September, 2019. The Company has received declarations
from all the Independent Directors of the Company confirming that they
meet with the criteria of independence as prescribed both under
sub-section (6) of Section 149 of the Companies Act, 2013 and under
Clause 49 of the Listing Agreement with the Stock Exchanges. Details
relating to their appointment are mentioned in the explanatory
statement annexed to the notice of ensuing Annual General Meeting.
Shri Rajnesh Jain stepped down as a Whole Time Director of the Company,
with effect from 11th August, 2014. This is pursuant to his appointment
as Whole Time Director of KJMC Financial Services Limited. The Board
places on record its appreciation for the services rendered by Shri
Rajnesh Jain to the Board and the Company, Shri Rajnesh Jain will
continue on board as a nonexecutive director of the Company.
CHIEF FINANCIAL OFFICER (CFO)
Mr. Lokesh Ranawat has appointed as Chief Financial Officer (CFO) of
the Company with effect from 11th August, 2014 within a meaning of
Section 203 read with the Companies (Appointment and Remuneration of
Managerial Personnel) Rules, 2014.
AUDITORS
M/s. K. S. Aiyar & Co., Mumbai, the Statutory Auditors of your Company
retire at the ensuing Annual General Meeting and offer themselves for
reappointment. In accordance with Section 139 of the Companies Act,
2013 (''the Act'') read with the Rules made thereunder, M/s. K. S.
Aiyar & Co., Mumbai, can be appointed as the Statutory Auditors of the
Company for a period of five years. They have confirmed that their
appointment, if made, shall be in accordance with the provisions of
Section 139(1) of the Act read with Companies (Audit and Auditors)
Rules, 2014 and that they satisfy the criteria given under Section 141
of the Act. They have also confirmed that they hold a valid peer review
certificate as prescribed under Clause 41(1)(h) of the Listing
Agreement.
Members are requested to consider their appointment for a period of
five years (subject to ratification of the appointment by the Members
at every AGM held after this AGM). The Audit committee and Board of
Directors have recommended the appointment of M/s. K. S. Aiyar & Co.,
Chartered Accountants as the Statutory Auditors of your Company.
PUBLIC DEPOSITS
The Company has neither invited, nor accepted, nor renewed any fixed
deposit from the public during the year and there was no outstanding
deposit payable during the financial year ended on 31st March, 2014.
SUBSIDIARY COMPANY
As on March 31, 2014, your Company had Four (4) wholly owned
subsidiaries viz., KJMC Capital Market Services Limited, KJMC Shares &
Securities Limited, KJMC Credit Marketing Limited, and KJMC Commodities
Market India Limited.
The Company is not attaching copies of the balance-sheet, profit and
loss account, reports of the Board of Directors and the Auditors
thereon, in respect of the subsidiaries as required under Section
212(1) of the Companies Act, 1956 ("the Act") to its accounts as per
the dispensation available pursuant to the directions issued by the
Ministry of Corporate Affairs vide general circular no. 2/2011.
However, as required under the aforesaid circular and pursuant to
Clause 32 of the Listing Agreement, the consolidated financial
statements of the Company duly audited by the statutory auditors forms
part of this Annual Report. The Company shall make available, the
annual accounts and related information of its subsidiaries, to those
shareholders who wish to have the copies of the same. Further, these
documents shall be available for inspection by a shareholder at the
registered office of the Company as well as of its subsidiaries on any
working day, except Saturdays, between 11.00 a.m. to 3.00 p.m.
CONSOLIDATED FINANCIAL STATEMENTS
Pursuant to Clause 32 of the Listing Agreement entered into with the
Stock Exchange, your Directors have pleasure in attaching the
Consolidated Financial Statements for the financial year ended 31st
March, 2014, prepared in accordance with the Accounting Standards 21
(AS 21) prescribed by the Institute of Chartered Accountants of India,
in this regard.
DIRECTORS'' RESPONSIBILITY STATEMENT UNDER SECTION 217(2AA) OF THE
COMPANIES ACT, 1956.
Pursuant to Section 217(2AA) of the Companies Act, 1956, the Directors
confirm that:
1. In the preparation of annual accounts for the financial year ended
31st March, 2014, the applicable accounting standards have been
followed along with proper explanation relating to material departures;
2. The Directors have 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 at the end of Financial Year 31st March, 2014 and of the
profit or loss of the Company for that period.
3. The Directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of the Companies Act, 1956 for safeguarding the assets of
the Company and for preventing and detecting fraud and other
irregularities;
4. The Directors have prepared the annual accounts for the financial
year ended 31st March, 2014 on a ''going concern'' basis.
CORPORATE GOVERNANCE
The Company has complied with the conditions of Corporate Governance as
stipulated under Clause 49 of the Listing Agreement with the Stock
Exchange. A separate section on Corporate Governance, along with a
certificate from the Auditors for the compliance is annexed and forms
part of this report.
MANAGEMENT DISCUSSION AND ANALYSIS
A report on the Management Discussion and Analysis for the financial
year under review is annexed and form part of this report.
LISTING OF SHARES
The Equity Shares of the Company are listed on BSE Limited. Listing
fees upto the financial year 2014 - 2015 has been paid to BSE Limited
(BSE).
PARTICULARS OF EMPLOYEES
Since, there are no employees falling within the purview of the
provisions of Section 217 (2A) of the Companies Act, 1956, no such
details, are required to be given.
PARTICULARS OF CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION
Since the Company is not a manufacturing Company, the details required
under Section 217(1)(e) of the Companies Act, 1956 are not applicable.
FOREIGN EXCHANGE EARNINGS AND OUTGO
The Company earned of Rs.37.79 Lacs in foreign currency in the current
financial year as compared to Rs.690.36 Lacs in the previous financial
year and incurred expenditure of Rs.Nil In the current financial year
as compared to Rs.Nil in the previous year.
INSURANCE
The Company''s fixed assets as well as current assets have been
adequately insured.
ACKNOWLEDGMENTS
The Directors wish to place on record their appreciation of the
contribution made by the executives and employees at all levels for
their dedication and commitment to the Company throughout the year.
Your Directors also appreciate with gratitude the continuous support of
the Bankers, Clients and the Company''s Shareholders.
For and on behalf of the Board of Directors
I. C. JAIN
Place: Mumbai CHAIRMAN
Date: 11th August, 2014
Mar 31, 2013
To, The Members of KJMC Corporate Advisors (India) Limited
The Directors herewith present the 15th Annual Report, together with
the audited statement of accounts of the Company for the financial year
ended 31st March, 2013.
FINANCIAL RESULTS
The performance of the Company for the financial year ended 31st March,
2013 is summarized below:
(Rs. in "000")
Year Year Year Year
Particulars Ended Ended Ended Ended
31st 31st 31st 31st
March, March, March, March,
2013 2012 2013 2012
Standalone Consolidated
Total Revenue 87,982 31,539 115776 60990
Total Expenditure 68290 23940 90429 55491
Profit/(Loss) 19693 7599 25347 5499
Before Tax
Provision for Tax
- Current Tax 3800 1140 3850 1360
- Deferred Tax 8682 1915 12309 1776
- MAT Credit (3104) (1140) (3104) (1140)
- Prior Period (124) - (124) (291)
Taxes
Profit/(Loss) 10440 5684 12416 3791
for the period Earnings
Per Equity Share:
(1) Basic 3.33 181 3.96 121
(2) Diluted 3.33 181 3.96 1.21
PERFORMANCE REVIEW
During the year under review, your Company earned the total revenue of
Rs. 879.82 Lacs as against Rs. 315.39 Lacs in the previous year. The total
expenditure during the year under review was Rs. 682.90 Lacs as against Rs.
239.40 Lacs in the previous year. The Net Profit after tax for the year
was Rs. 104.40 Lacs as against Net Profit Rs. 56.84 Lacs in the previous
year.
DIVIDEND
In view of inadequacy of profit for the year under review, your
Directors do not recommend dividend on the Equity Shares for the year
under review.
DIRECTORS
In accordance with the provisions of the Companies Act, 1956 and the
Articles of Association of the Company, Mr. I. C. Jain and Mr. R. R.
Kumar, the Directors of the Company are liable to retire by rotation at
the ensuing Annual General Meeting and being eligible, offer themselves
for reappointment.
Your Board of Directors have appointed of Mr. Girish Jain as Whole Time
Directorof the Company for a period of three years with effect from
01st April, 2013 to 31st March, 2016 in view of his valuable
contribution to the progress of the Company since incorporation of your
Company. The Board recommends to the Shareholders the Special
Resolution under item no. 5 of the Notice of this Annual General
Meeting.
Your Board of Directors have re-appointed of Mr. Rajnesh Jain as Whole
Time Director of the Company for a further period of three years with
effect from 01st November, 2013 to 31st October, 2016 in view of his
valuable contribution to the progress of the Company. The Board
recommends to the Shareholders the Special Resolution under item no. 6
of the Notice of this Annual General Meeting.
AUDITORS
M/s. K. S. Aiyar & Co., Chartered Accountants, Mumbai, Statutory
Auditors of the Company will retire at the ensuing Annual General
Meeting and are eligible for re- appointment. The Company has received
letter from the Auditors to the effect that their appointment, if made,
shall be in accordance with section 224(1B) of the Companies Act, 1956
and that they are not disqualified for such re-appointment within the
meaning of section 226 of the Companies Act, 1956.
PUBLIC DEPOSITS
The Company has neither invited, nor accepted, nor renewed any fixed
deposit from the public during the year and there was no outstanding
deposit payable during the financial year ended on 31st March, 2013.
SUBSIDIARY COMPANY
KJMC Shares & Securities Limited, KJMC Credit Marketing Limited, KJMC
Capital Market Services Limited and KJMC Commodities Market India
Limited are subsidiaries of the Company.
The Company is not attaching copies of the balance-sheet, profit and
loss account, reports of the Board of Directors and the Auditors
thereon, in respect of the subsidiaries as required under Section
212(1) of the Companies Act, 1956 ("the Act") to its accounts as
per the dispensation available pursuant to the directions issued by the
Ministry of Corporate Affairs vide general circular no. 2/2011.
However, as required under the aforesaid circular and pursuant to
Clause 32 of the Listing Agreement, the consolidated financial
statements of the Company duly audited by the statutory auditors forms
part of this Annual Report. The Company shall make available, the
annual accounts and related information of its subsidiaries, to those
shareholders who wish to have the copies of the same. Further, these
documents shall be available for inspection by a shareholder at the
registered office of the Company as well as of its subsidiaries on any
working day, except Saturdays, between 11.00 a.m. to 3.00 p.m.
CONSOLIDATED FINANCIAL STATEMENTS
Pursuant to Clause 32 of the Listing Agreement entered into with the
Stock Exchange, your Directors have pleasure in attaching the
Consolidated Financial Statements for the financial year ended 31st
March, 2013, prepared in accordance with the Accounting Standards 21
(AS 21) prescribed by the Institute of Chartered Accountants of India,
in this regard.
DIRECTORS'' RESPONSIBILITY STATEMENT UNDER SECTION 217(2AA) OF THE
COMPANIES ACT, 1956.
Pursuant to Section 217(2AA) of the Companies Act, 1956, the Directors
confirm that:
1. In the preparation of annual accounts, the applicable accounting
standards have been followed along with proper explanation relating to
material departures;
2. The Directors have 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 at the end of Financial Year 31st March, 2013 and of the
profit or loss of the Company for that period.
3. The 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 the Company and
for preventing and detecting fraud and other irregularities;
4. The Directors have prepared the annual accounts on a going concern
basis.
CORPORATE GOVERNANCE
The Company has complied with the conditions of Corporate Governance as
stipulated under Clause 49 of the Listing Agreement with the Stock
Exchange. A separate section on Corporate Governance, along with a
certificate from the Auditors for the compliance is annexed and forms
part of this report.
MANAGEMENT DISCUSSION AND ANALYSIS
A report on the Management Discussion and Analysis for the financial
year under review is annexed and form part of this report.
LISTING OF SHARES
The Equity Shares of the Company are listed on BSE Limited. Listing
fees up to the financial year 2013 - 2014 has been paid to BSE Limited
(BSE).
PARTICULARS OF EMPLOYEES
Since, there are no employees falling within the purview of the
provisions of Section 217 (2A) of the Companies Act, 1956, no such
details, are required to be given.
PARTICULARS OF CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION
Since the Company is not a manufacturing Company, the details required
under Section 217(1)(e) of the Companies Act, 1956 are not applicable.
FOREIGN EXCHANGE EARNINGS AND OUTGO
The Company earned of Rs. 690.36 lacs in foreign currency in the current
financial year as compared to Rs. 46.56 Lacs in the previous financial
year and incurred expenditure of Rs. Nil In the current year as compared
to Rs. Nil in the previous year.
INSURANCE
The Company''s fixed assets as well as current assets have been
adequately insured.
ACKNOWLEDGMENTS
The Directors wish to place on record their appreciation of the
contribution made by the executives and employees at all levels for
their dedication and commitment to the Company throughout the year.
Your Directors also appreciate with gratitude the continuous support of
the Bankers, Clients and the Company''s Shareholders.
FOR KJMC CORPORATE ADVISORS (INDIA) LIMITED
I. C. JAIN
Place: Mumbai CHAIRMAN
Date: 29th May, 2013
Mar 31, 2012
To,The Members of KJMC Corporate Advisors (India) Limited
The Directors herewith present the 14th Annual Report, together with
the audited statement of accounts of the Company for the year ended
March 31, 2012.
FINANCIAL RESULTS
The performance of the Company for the financial year ended March 31,
2012 is summarized below:
Standalone Financial Information
(Rs in Lacs)
PARTICULARS Year Ended Year Ended
31st March, 31st March,
2012 2011
Total Income 315.39 128.08
Total Expenditure 237.31 761.76
Profit/(Loss) Before Depreciation
and Tax 78.08 (633.68)
Less : Depreciation 2.09 2.16
Profit/(Loss) before Tax 75.99 (635.84)
Provision for Tax
- Current Tax 11.40 -
- Deferred Tax 19.15 198.74
- MAT Credit (11.40) 6.76
- Prior Period Taxes - (5.48)
Profit/(Loss)for the period 56.84 (435.82)
Add: Surplus in Profit and
Loss Account 136.31 572.13
Balance carried to Balance Sheet 193.15 136.31
Earning per Equity share
(Face Value Rs 10/-)
Basic (Rs) 1.81 (13.90)
Diluted (Rs) 1.81 (13.90)
PERFORMANCE REVIEW
During the year under review, your Company earned the Gross Income of
Rs 315.39 Lacs as against Rs 128.08 Lacs in the previous year. The
total expenditure during the year under review was Rs 237.31 Lacs as
against Rs 761.76 Lacs in the previous year. The Net Profit after tax
for the year was Rs 56.84 Lacs as against Net loss of Rs 435.82 Lacs in
the previous year. DIVIDEND
In view of inadequacy of profit for the year under review, your
Directors do not recommend dividend on the Equity Shares for the year
under review.
DIRECTORS
In accordance with the provisions of the Companies Act, 1956 and the
Articles of Association of the Company, Shri Nitin Kulkarni and Shri S.
C. Aythora, the Directors of the Company are liable to retire by
rotation at the ensuing Annual General Meeting and being eligible,
offer themselves for re-appointment. During the year, Shri R.R. Kumar
was appointed as an Additional Director of the Company with effect from
May 24, 2012. Pursuant to the provisions of the Section 260 of the
Companies Act, 1956, he holds office up to the ensuing Annual General
Meeting. The approval of the members for appointing Shri R.R. Kumar as
a Director of the Company is sought at this Annual General Meeting.
Shri Ghanshyamlal Srivastava was appointed as an Additional Director of
the Company with effect from November 12, 2011 and he had resigned with
effect from June 22, 2012.
AUDITORS
M/s. K. S. Aiyar & Co., Chartered Accountants, Mumbai, Statutory
Auditors of the Company will retire at this annual general meeting and
are eligible for re-appointment. The Company has received letter from
M/s. K. S. Aiyar & Co. to the effect that their re-appointment, if
made, shall be in accordance with section 224(1B) of the Companies Act,
1956 and that they are not disqualified for such re-appointment within
the meaning of section 226 of the Companies Act, 1956.
CHANGE OF NAME OF THE COMPANY
Your Company has over a period of time significantly expanded its
footprint across a wide range of corporate advisory services. Your
Company would be continuously exploring the emerging opportunities in
the corporate advisory services segment in future. In order to ensure
that the name of the Company adequately reflects the nature of business
activities being carried on by the Company. Pursuant to the approval of
the members obtained through Postal Ballot on June 25, 2012, the name
of the Company stands changed from KJMC Global Market (India) Limited
to KJMC Corporate Advisors (India) Limited with effect from July 2,
2012.
PUBLIC DEPOSIT
Your Company has neither invited, nor accepted, nor renewed any public
deposit from the public during the year and there was no outstanding
deposit payable during the financial year ended March 31, 2012.
SUBSIDIARY COMPANY
Your Company, as part of its activities, has undertaken expansion,
reorganization and restructuring its business including promoting and
investing
in equity of other Companies. Accordingly during the financial year,
two companies viz. M/s KjMc Capital Market Services Limited and M/s
KJMC Commodities Market India Limited become subsidiaries of your
Company. The Company is not attaching copies of the balance-sheet,
profit and loss account, reports of the Board of Directors and the
Auditors thereon, in respect of the subsidiaries as required under
Section 212(1) of the Companies Act, 1956 ("the Act") to its
accounts as per the dispensation available pursuant to the directions
issued by the Ministry of Corporate Affairs vide general circular no.
2/2011. However, as required under the aforesaid circular and pursuant
to Clause 32 of the Listing Agreement, the consolidated financial
statements for the period ended March 31, 2012 of the Company duly
audited by the statutory auditors forms part of this Annual Report. The
Company shall make available, the annual accounts and related
information of its subsidiaries, to those shareholders who wish to have
the copies of the same. Further, these documents shall be available for
inspection by a shareholder at the registered office of the Company as
well as of its subsidiaries on any working day, except Saturdays,
between 11.00 a.m. to 3.00 p.m.
CONSOLIDATED FINANCIAL STATEMENTS
Pursuant to Clause 32 of the Listing Agreement entered into with the
Stock Exchange, your Directors have pleasure in attaching the
Consolidated Financial Statements for the financial year ended March
31, 2012, prepared in accordance with the Accounting Standards 21 (AS
21) prescribed by the Institute of Chartered Accountants of India, in
this regard.
DIRECTORS' RESPONSIBILITY STATEMENT UNDER SECTION 217(2AA) OF THE
COMPANIES ACT, 1956.
Pursuant to Section 217(2AA) of the Companies Act, 1956, the Directors
confirm that:
1. In the preparation of annual accounts, the applicable accounting
standards have been followed along with proper explanation relating to
material departures;
2. The Directors have 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 at the end of Financial Year March 31, 2012 and of the
lossof the Company for that period.
3. The 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 the Company and
for preventing and detecting fraud and other irregularities;
4. The Directors have prepared the annual accounts on a going concern
basis.
CORPORATE GOVERNANCE
The Company has complied with the conditions of Corporate Governance as
stipulated under Clause 49 of the Listing Agreement with the Stock
Exchange. A separate section on Corporate Governance, along with a
certificate from the Auditors for the compliance is annexed and forms
part of this report.
MANAGEMENT DISCUSSION AND ANALYSIS
A report on the Management Discussion and Analysis for the financial
year under review is annexed and form part of this report.
LISTING OF SHARES
The Equity Shares of the Company are listed on BSE Limited. Listing
fees up to the current financial year 2012 - 2013 has been paid to BSE
Limited (BSE).
PARTICULARS OF EMPLOYEES
Since, there are no employees falling within the purview of the
provisions of Section 217 (2A) of the Companies Act, 1956 read with the
companies (particulars of employees) Rules 1975, no such details, are
required to be given. PARTICULARS OF CONSERVATION OF ENERGY,
TECHNOLOGY ABSORPTION
Since the Company is not a manufacturing Company, the details required
under Section 217(1)(e) of the Companies Act, 1956 are not applicable.
FOREIGN EXCHANGE EARNINGS AND OUTGO
The Company earned of Rs 46.56 Lacs in foreign currency in the Current
year as compared to Rs Nil in the previous year and incurred expenditure
of Rs Nil in the current year as compared to Rs Nil in the previous year.
INSURANCE
The Company's fixed assets as well as current assets have been
adequately insured.
ACKNOWLEDGMENTS
The Directors wish to place on record their appreciation of the
contribution made by the executives and employees at all levels for
their dedication and commitment to the Company throughout the year.
Your Directors also appreciate with gratitude the continuous support of
the Bankers, Clients and the Company's Shareholders.
For and on behalf of the Board of Directors
Place: Mumbai I. C. JAIN
Date: August 02, 2012 Chairman
Mar 31, 2011
To The Members of KJMC Global Market (India) Limited
The Directors herewith present the 13th Annual Report, together with
the audited statement of accounts of the Company for the year ended
31st March, 2011.
FINANCIAL RESULTS
The performance of the Company for the financial year ended 31st March,
2011 is summarized below:
(Rs. in lakhs)
Particulars Year ended Year ended
31st March, 31st March,
2011 2010
Total Income 130.33 165.59
Expenditure 764.02 162.34
Profit/(Loss) Before Depreciation
and Tax (633.69) 3.25
Less : Depreciation 2.15 2.71
Profit/(Loss) before Tax (635.84) 0.54
Less: Provision for Tax
- Current Tax
- Deferred Tax (198.74) 3.87
- MAT Credit (6.76)
Profit/(Loss)After Tax (430.34) (3.33)
Add: Prior year taxes (5.48) (0.08)
Add: Surplus in Profit and Loss
Account 572.13 575.54
Balance carried to Balance Sheet 136.31 572.13
PERFORMANCE REVIEW
During the year under review, your Company earned the Gross Income of Rs.
130.33 Lakhs as against Rs. 165.59 Lakhs in the previous year. The total
expenditure during the year under review was Rs. 766.17 Lakhs as against
Rs. 165.05 Lakhs in the previous year. The Net Loss after tax for the
year was Rs. 430.34 Lakhs as against Net loss of Rs. 3.33 Lakhs in the
previous year. Considering expectations of Country's gradual
improvement in effective demand and GDP growth rate coupled with upward
movements in capital market, your directors expect better performance
of the Company in the coming years.
DIVIDEND
In view of losses incurred during the year, your directors do not
recommend any dividend on Equity Shares for the year under review.
DIRECTORS
In accordance with the provisions of the Companies Act, 1956 and the
Articles of Association of the Company, Shri I. C. Jain and Shri Girish
Jain, the Directors of the Company are liable to retire by rotation at
the ensuing Annual General Meeting and being eligible, offer themselves
for reappointment.
AUDITORS
M/s. Batliboi & Purohit, Chartered Accountants, Mumbai the Auditors of
the Company holds the office until the conclusion of the ensuing Annual
General Meeting, have expressed their unwillingness to be re-appointed
due to their other professional commitments..
It is proposed to appoint M/s. K. S. Aiyar & Co., Chartered
Accountants, Mumbai in place of the retiring Auditors. Your Company has
received certificate u/s. 224(1B) of the Companies Act, 1956 from M/s.
K. S. Aiyar & Co., Chartered Accountants to the effect that their
appointment, if made, will be within the limit prescribed. Accordingly,
the members approval is being sought to their appointment as Auditors
of the Company at the ensuing Annual General Meeting and to authorise
the Board of Directors to fix their remuneration for the financial year
2011-12.
FIXED DEPOSIT
The Company has neither invited, nor accepted, nor renewed any fixed
deposit from the public during the year and there was no outstanding
deposit payable during the financial year ended on 31st March, 2011.
SUBSIDIARY COMPANY
KJMC Shares and Securities Limited and KJMC Credit Marketing Limited
are subsidiaries of the Company.
The Company is not attaching copies of the balance-sheet, profit and
loss account, reports of the Board of Directors and the Auditors
thereon, in respect of the subsidiaries as required under Section
212(1) of the Companies Act, 1956 ("the Act") to its accounts as per
the dispensation available pursuant to the directions issued by the
Ministry of Corporate Affairs vide general circular no. 2/2011.
However, as required under the aforesaid circular and pursuant to
Clause 32 of the Listing Agreement, the consolidated financial
statements of the Company duly audited by the statutory auditors forms
part of this Annual Report. The Company shall make available, the
annual accounts and related information of its subsidiaries, to those
shareholders who wish to have the copies of the same. Further, these
documents shall be available for inspection by a shareholder at the
registered office of the Company as well as of its subsidiaries on any
working day, except Saturdays, between 11.00 a.m. to 3.00 p.m.
CONSOLIDATED FINANCIAL STATEMENTS
Pursuant to Clause 32 of the Listing Agreement entered into with the
Stock Exchange, your Directors have pleasure in attaching the
Consolidated Financial Statements for the financial year ended 31st
March, 2011, prepared in accordance with the Accounting Standards 21
(AS 21) prescribed by the Institute of Chartered Accountants of India,
in this regard.
DIRECTORS' RESPONSIBILITY STATEMENT UNDER SECTION 217(2AA) OF THE
COMPANIES ACT, 1956.
Pursuant to Section 217(2AA) of the Companies Act, 1956, the Directors
confirm that:
1. In the preparation of annual accounts, the applicable accounting
standards have been followed along with proper explanation relating to
material departures;
2. The Directors have 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 at the end of Financial Year 31st March, 2011 and of the
loss of the Company for that period.
3. The 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 the Company and
for preventing and detecting fraud and other irregularities;
4. The Directors have prepared the annual accounts on a going concern
basis.
COMPLIANCE CERTIFICATE
In accordance with the provisions of section 383A of the Companies Act,
1956 read with Companies (Compliance Certificate) Rules, 2001, the
Company has obtained Compliance Certificate from a company secretary in
practice and a copy of the same is annexed to this report.
CORPORATE GOVERNANCE
The Company has complied with the conditions of Corporate Governance as
stipulated under Clause 49 of the Listing Agreement with the Stock
Exchange. A separate section on Corporate Governance, along with a
certificate from the Auditors for the compliance is annexed and forms
part of this report.
MANAGEMENT DISCUSSION AND ANALYSIS
A report on the Management Discussion and Analysis for the financial
year under review is annexed and forms part of this report.
LISTING OF SHARES
The Equity Shares of the Company are listed on the Bombay Stock
Exchange Limited. Listing fees upto the year 2011-2012 has been paid to
the Bombay Stock Exchange Limited (BSE).
PARTICULARS OF EMPLOYEES
Since, there are no employees falling within the purview of the
provisions of Section 217 (2A) of the Companies Act, 1956, no such
details, are required to be given.
PARTICULARS OF CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION
Since the Company is not a manufacturing Company, the details required
under Section 217(1)(e) of the Companies Act, 1956 are not applicable.
FOREIGN EXCHANGE EARNINGS AND OUTGO
The Company earned Rs. Nil in foreign currency in the Current year as
compared to Rs. Nil in the previous year and incurred expenditure of Rs.
Nil in the Current year as compared to Rs. 1,94,000/- in the previous
year.
INSURANCE
The Company's fixed assets as well as current assets have been
adequately insured.
ACKNOWLEDGMENTS
The Directors wish to place on record their appreciation of the
contribution made by the executives and employees at all levels for
their dedication and commitment to the Company throughout the year.
Your Directors also appreciate with gratitude the continuous support of
the Bankers, Clients and the Company's Shareholders.
FOR AND ON BEHALF OF THE BOARD OF DIRECTORS
(I.C. JAIN)
CHAIRMAN
Place: Mumbai
Date : 27th May, 2011
Mar 31, 2010
The Directors herewith present the 12th Annual Report, together with
the audited statement of accounts of the Company for the year ended
31st March, 2010.
FINANCIAL RESULTS
The performance of the Company for the financial year ended 31st March,
2010 is summarized below:
(Rs. In lakhs)
Year ended Year ended
31st March, 31st March,
2010 2009
Total Income 165.59 265.55
Total Expenditure 162.34 191.17
Profit Before Depreciation and Tax 3.25 74.38
Less : Depreciation 2.71 3.43
Provision for Tax (Current & Deferred) 3.95 33.61
Profit/(l_oss)After Tax (3.41) 37.34
Add : Prior Period Item Net- Income /
(Expenses) 0.00 (0.05)
Add: Surplus in Profit and Loss Account 575.54 538.25
Balance carried to Balance Sheet 572.13 575.54
PERFORMANCE REVIEW
During the year under review, your Company earned the Gross Income of
Rs. 165.59 Lakhs as against Rs. 265.55 Lakhs in the previous year. The
total expenditure during the year under review was Rs. 162.34 Lakhs as
against Rs. 191.17 Lakhs in the previous year. The Net Loss for the
year was Rs. 3.41 Lakhs as against Net Profit of Rs. 37.34 Lakhs in the
previous year. Considering expectations of countrys gradual
improvement in effective demand and GDP growth rate coupled with upward
movements in capital market, your directors expect better performance
of the Company in the coming years.
DIVIDEND
In view of the losses incurred during the year, your directors do not
recommend any dividend on Equity Shares for the year under review.
DIRECTORS
In accordance with the provisions of the Companies Act, 1956 and the
Articles of Association of the Company, Shri Rajnesh Jain and Shri S C
Aythora, the Directors of the Company are liable to retire by rotation
at the ensuing Annual General Meeting and being eligible, offer
themselves for reappointment. The Board at its meeting held on 27th
May, 2010 approved a proposal for the re-appointment of Mr. Rajnesh
Jain as Executive Director of the Company for a further period of three
years subject to the approval of the members of the Company in the
general meeting. Approval of the Members is being sought at the current
Annual General Meeting for the re-appointment of Mr. Rajnesh Jain as
Executive Director of the Company for a further period of three years
effective from 1st November, 2010 to 31st October, 2013.
AUDITORS
M/s. Batliboi & Purohit, Chartered Accountants, the Auditors of the
Company holds office until the conclusion of the ensuing Annual General
Meeting. Your Company has received a certificate from the Auditors u/s.
224(1 B) of the Companies Act, 1956 to the effect that their
reappointment, if made, will be within the limit prescribed. Members
are requested to appoint Auditors and authorize the Board to fix their
remuneration.
FIXED DEPOSIT
The Company has neither invited, nor accepted, nor renewed any fixed
deposit from the public during the year and there was no outstanding
deposit payable during the financial year ended on 31st March, 2010.
SUBSIDIARY COMPANY
The accounts of the subsidiary Company viz. M/s KJMC Shares &
Securities Limited for the financial year ended 31st March, 2010 are
attached to the Accounts of the Company in terms of Section 212 of the
Companies Act, 1956.
CONSOLIDATED FINANCIAL STATEMENTS
Pursuant to Clause 32 of the Listing Agreement entered into with the
Stock Exchange, your Directors have pleasure in attaching the
Consolidated Financial Statements for the financial year ended 31st
March, 2010, prepared in accordance with the Accounting Standards 21
(AS 21) prescribed by the Institute of Chartered Accountants of India,
in this regard.
DIRECTORS RESPONSIBILITY STATEMENT UNDER SECTION 217(2AA) OF THE
COMPANIES ACT, 1956.
Pursuant to Section 217(2AA) of the Companies Act, 1956, the Directors
confirm that:
1. In the preparation of annual accounts, the applicable accounting
standards have been followed along with proper explanation relating to
material departures;
2. The Directors have 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 at the end of Financial Year 31st March, 2010 and of the
loss of the Company for that period.
3. The 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 the Company and
for preventing and detecting fraud and other irregularities;
4. The Directors have prepared the annuai accounts on a going concern
basis.
CORPORATE GOVERNANCE
The Company has complied with the conditions of Corporate Governance as
stipulated under Clause 49 of the Listing Agreement with the Stock
Exchange. A separate section on Corporate Governance, along with a
certificate from the Auditors for the compliance is annexed and forms
part of this report.
MANAGEMENT DISCUSSION AND ANALYSIS
A report on the Management Discussion and Analysis for the financial
year under review is annexed and form part of the report.
LISTING OF SHARES
The Equity Shares of the Company are listed on the Bombay Stock
Exchange Limited. Listing fees upto the year 2010-2011 has been paid to
the Bombay Stock Exchange Limited (BSE).
PREFERENTIAL ALLOTMENT OF CONVERTIBLE WARRANTS
During the year under review, the Company allotted 76,300 Equity Shares
of Rs. 10/- each to I.C. Jain HUF, the person belonging to Promoter
Group, consequent upon conversion of 2nd tranche of warrants at a price
of Rs. 16.15 (including premium of Rs. 6.15 per share) being the price
determined in accordance with SEBI (Disclosure & Investor Protection)
Guidelines, 2000 on Preferential Issues and Listing Agreement. The
proceeds of equity shares issued by company are being used for the
purpose for which they were raised.
PARTICULARS OF EMPLOYEES
Since, there are no employees falling within the purview of the
provisions of Section 217 (2A) of the Companies Act, 1956, no such
details, are required to be given.
PARTICULARS OF CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION
Since the Company is engaged in providing financial services, the
details required under Section 217(1)(e) of the Companies Act, 1956 are
not applicable.
FOREIGN EXCHANGE EARNINGS AND OUTGO
The Company earned Rs. Nil in foreign currency in the Current year as
compared to Rs. Nil in the previous year and incurred expenditure of
Rs. 1,94,000/- in the Current year as compared to Rs. Nil Lacs in the
previous year.
INSURANCE
The Companys fixed assets as well as current assets have been
adequately insured.
ACKNOWLEDGMENTS
The Directors wish to place on record their appreciation of the
contribution made by the executives and employees at all levels for
their dedication and commitment to the Company throughout the year.
Your Directors also appreciate with gratitude the continuous support of
the Bankers, Clients and the Companys Shareholders.
FOR AND ON BEHALF OF THE BOARD OF DIRECTORS
(I.C. JAIN)
CHAIRMAN
Place : Mumbai Date : 27th May, 2010
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