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Directors Report of Magnanimous Trade & Finance Ltd.

Mar 31, 2014

Dear Members,

The Directors have pleasure in presenting herewith the Twenty Ninth Annual Report along with Audited Accounts of the Company for the year ended 31st March, 2014.

FINANCIAL RESULTS

The summarized financial position of the Company for the financial year ended 31st March, 2014 as compared to previous year is as under:

Amount (Rs. in Lacs)

2013-2014 2012-2013

Total Income 49.83 147.62

Profit before Depreciation & Financial Charges 21.82 13.22

Less: Depreciation 1.30 0.77

Less: Financial Charges - - Profit before Exceptional and Extraordinary Items and Tax 20.52 12.45

Add: Extraordinary Items 5.00 -Profit before Tax 15.52 12.45

Less: Tax Expenses

Current Tax

Provision for Taxation 1.04 3.00

Deferred Tax 0.06 0.03

Profit after Tax 14.42 9.42

Add: Balance brought forward from previous year 65.73 56.31

Surplus/(Deficit) carried to Balance Sheet 80.15 65.73

DIVIDEND

With a view to conserve resources for general corporate purposes, your Directors considered it prudent not to recommend any dividend for the year under review.

OPERATIONS

During the year under review, the Total Income of the Company declined from Rs. 147.62 in the preceding to Rs. 49.83 Lacs in the current year. Net Profit stood at Rs. 14.42 Lacs in the current year as against Rs. 9.42 Lacs in the preceding year. Your Directors are making constant efforts to improve the performance of the Company.

AUDITORS

The term of the present Auditors of the Company, M/s Om P. Agarwal & Associates, Chartered Accountants, expires at the conclusion of the ensuing Annual General Meeting and being eligible they have offered themselves for re-appointment.

The Auditors observations read with notes to the accounts are self explanatory and do not call for any further clarification or explanation.

DIRECTORS

In accordance with the provisions of the Companies Act, 1956 read with the Articles of Association of the Company Shri Sudhir Kumar Parasrampuria, Director of the Company, retires by rotation at the ensuing Annual General Meeting and is eligible for re-appointment.

In compliance with the provisions of Section 149 of the Companies Act, 2013, your Company is seeking to appoint Shri Gautam Lhila and Shri Pradeep Kumar Dada as Independent Directors of the Company.

The Board has re-appointed Smt. Parwati Parasrampuria as Managing Director of the Company for a further period of five years with effect from 1st April, 2014 and the matter is placed for approval of Members at the ensuing Annual General Meeting.

STATUTORY INFORMATION

A. PARTICULARS OF EMPLOYEES

As none of the Employees of the Company was in receipt of remuneration in excess of the limits prescribed, the Particulars of Employees under Section 217 (2A) of the Companies Act, 1956 read with Companies (Particulars of Employees) Rules, 1975 as amended are not required to be given.

B. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO

As the Company is not engaged in any manufacturing activity, the details relating Conservation of Energy, Technology Absorption being inapplicable are not required to be given. There have been no earnings and expenditure in foreign currency during the year under review.

C. DIRECTORS'' RESPONSIBILITY STATEMENT

In terms of Section 217(2AA) of the Companies Act, 1956, the Directors of the Company state in respect of the year ended 31st M arch, 2014 that: -

a) In preparation of Annual Accounts, the applicable Accounting Standards have been followed along with proper explanation relating to material departures.

b) They 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 the Financial year and of the Profit of the Company for that year.

c) They 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.

d) They have prepared Annual Accounts on a going concern basis.

LISTING INFORMATION

The Equity Shares of the Company are presently listed at BSE Limited, Mumbai and the Annual Listing Fee is paid up to date.

ACKNOWLEDGEMENTS

The Directors wish to place on record their sincere appreciation of the co-operation received by the Company from the Company''s Bankers and other Authorities. The Directors are also thankful to the shareholders for abiding faith in the Company. Deep appreciation is also acknowledged for the support and hard work put in by the employees of the Company.

For and on behalf of the Board

Place: Kanpur (SUDHIR KUMAR PARASRAMPURIA) Dated:12th August2014 CHAIRMAN DIN-00358982


Mar 31, 2011

The Directors hereby present the Annual Report and the audited accounts for the financial year ended 31st March 2011.

FINANCIAL RESULTS

The Company has done a profit of Rs. 2012013.85 after deduction of tax Profit of Rs.5975248.94 is carried forward towards balance sheet. The Board of Directors are positive towards future growth and hope that with effective planning & the continued co-operation of the agencies involved and support from the management and staff, the company would further improve its performance.

DIRECTORS

At present, the Board of Directors of the Company comprises of Directors, viz.Sudhir Kumar Parasrampuria, Smt Parwati Parasrampuria and Km.Aarti Parasrampuria .There is no change in the composition of the Board during the period under review. Sudhir Kumar Parasrampuria will retire by rotation at the ensuing Annual General Meeting and eligible offers himself for re-appointment. The Board recommends for his re-appointment at the forthcoming Annual General Meeting of the company.

AUDITORS

M/S Om P. Aganwal & Associates, Chartered Accountants, Kanpur, the Statutory Auditors of the Company will retire at the conclusion of the ensuing Annual General Meeting and have given their consent for re-appointment. As required under the provisions of Section 224 (IB) of the Companies Act, 1956, the company has received a certificate from the said auditors to the effect that their re-appointment, if made, would be in accordance with the limits specified in that Section. The Board recommends the re-appointment of M/s Om P. Agarwal & Associates, Chartered Accountants, Kanpur.Comments &. qualified remarks, if any in Auditors report are self Explanatory and therefore do not require any further clartification. As regards clause 4 of the Auditors Report regarding payment of principal & interest by the specified parties it is further clarified that the repayment of the principal is strongly pursued also alternatively the management has taken steps for the recovery of the same and in one case is adopting legal recourse.

ADDITIONAL INFORMATION PURSUANT TO SUCTION 217

Information in accordance with the provisions of Section 217 (1) (c) of the Companies Act, 1956 read with Companies (Disclosure of particulars in the report of board of Directors), Rules, 1988 is as under:-

(1) Conservation of Energy : N.A.

(2) Technology Absorption : N.A.

(3) Foreign Exchange Earnings and Outgo : Nil.

SECRETARIAL COMPLIANCE CERTIFICATE

Compliance certificate to section 383 A of the Companies Act, 1956 from Company Secretary in practice is enclosed herewith.

DIRECTORS' RESPONSIBILITY STATEMENT.

Pursuant to Section 217(2AA) of the Companies Act, 1956, your Directors confirm that;

i) in the preparation of the Annual Accounts, the applicable accounting standards had been followed.

ii) they had selected such accounting policies and applied them consistently and made judgment and estimates that are reasonable and prudent so as to give a true and fair view of state of affairs of the Company as at 31st March, 2011 and of the loss of the company for that period.

iii) they had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities.

iv) they had prepared the Annual Accounts on a going concern basis.

ACKNOWLEDEMENT

The Board of Directors convey their appreciation and thanks for the support extended to the company by banks and various Government Authorities and also to the management and staff of the company for the services rendered by them.

FOR & ON BEHALF OF THE BOARD

SD/- SD/-

(S.K.Parasrampuria) (Parvati Parasrampuria)

DIRECTOR DIRECTOR

Dated: 27th June 2011


Mar 31, 2010

The Directors hereby present the Annual Report and the audited accounts for the financial year ended 31st March 2010.

FINANCIAL RESULTS

The Company has done a profit of Rs 1858577.22 after deduction of tax. Profit of Rs 3938801.66 is carried forward towards balance sheet. The Board of Directors are positive towards future growth and hope that with effective planning & the continued co-operation of the agencies involved and support from the management and staff, the company would further improve its performance.

DIRECTORS

At present, the Board of Directors of the Company comprises of Directors, viz.Sudhir Kumar Parasrampuria. Smt Parwati Farasrampuria and Km.Aarti Parasrampuria. There is no change in the composition of the Board during the period under review. Sudhir Kumar Parasrampuria will retire by rotation at the ensuing Annual General Meeting and eligible offers himself for re-appointment. The Board recommends for his re-appointment at the forthcoming Annual General Meeting of the Company.

AUDITORS

M/S Om P. Agarwal & Associates, Chartered Accountants, Kanpur . the Statutory Auditors of the Company will retire at the conclusion of the ensuing Annual General Meeting and have given their consent for re-appointment. As required under the provisions of Section 224 (IB) of the Companies Act, 1956, the company has received a certificate from the said auditors to the effect that their re-appointment, if made, would he in accordance with the limits specified in that Section, The Board recommends the re-appointment of M/s Om P. Agarwal &- Associates, Chartered Accountants, Kanpur. Comments & qualified remarks, if any in Auditors report are self Explanatory and therefore do not require any further clarification. As regards clause 4 of the Auditors Report regarding payment of principal & interest by the specified parties it is further clarified that the repayment of the principal is strongly pursued also alternatively the management has taken steps for the recovery of the same and in one case is adopting legal recourse.

ADDITIONAL INFORMATION PURSUANT TO SECTION 217 (1) (E)

Information in accordance with the provisions of Section 217 (I) (e) of the Companies Act, 1956 read With Companies (Disclosure of particulars in the report of board of directors), Rules. 1988 is as under;-

(1) Conservation of Energy N.A.

(2) Technology Absorption. N.A.

(3) Foreign Exchange Earnings and Outgo NIL

SECRETARIAL COMPLIANCE CERTIFICATE:

Compliance certificate to section 383 A of the Companies Act, 1956 from Company Secretary- in - Practice is enclosed herewith.

DIRECTORS' RESPONSIBILITY STATEMENT:

Pursuant to Section 2l7(2AA) of the Companies Act, 1956. your Directors confirm that:

i) in the preparation of the Annual Accounts, the applicable accounting standards had been followed,

ii) they had selected such accounting policies and applied them consistently and. made judgment and estimates that are reasonable and prudent so as to give a true and fair view of state of affairs of the Company as at 31st March, 2010 and of the loss of the company for that period.

iii) they had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities,

iv) they had prepared the Annual Accounts on a going concern basis.

ACKNOWLEDGEMENT

The Board of Directors convey their appreciation and thanks for the support extended to the company by banks and various Government Authorities and also to the management and staff of the company for the services rendered by them.

FOR & ON BEHALF OF THE BOARD

sd/- sd/- (S.K. Parasrampuria) (Parwati parasrampuria)

DIRECTOR DIRECTOR Dated: 01/09/2010


Mar 31, 2009

Gentlemen,

The Directors hereby present the Annual Report and the audited accounts for the financial year ended 31st March 2009.

FINANCIAL RESULTS

The Company has done a profit of Rs. (105884.36) after deduction of tax. Profit of Rs 2276310.03 is carried forward towards balance sheet. The Board of Directors are positive towards future growth and hope that with effective planning & the continued co-operation of the agencies involved and support from the management and staff, the company would further improve its performance.

DIRECTORS

At present, the Board of Directors of the Company comprises of Directors, viz.Sudhir Kumar Parasrampuria, Smt Parwati Parasrampuria and Km.Aarti Parasrampuria.There is no change in the composition of the Board during the period under review.Sudhir Kumar Parasrampuria will retire by rotation at the ensuing Annual General Meeting and eligible offers himself for re-appointment. The Board recommends for his re-appointment at the forthcoming Annual General Meeting of the Company.

AUDITORS

M/S Om P. Agarwal & Associates, Chartered Accountants, Kanpur, the Statutory Auditors of the Company will retire at the conclusion of the ensuing Annual General Meeting and have given their consent for re-appointment. As required under the provisions of Section 224 (IB) of the Companies Act, 1956, the company has received a certificate from the said auditors to the effect that their re-appointment, if made, would be in accordance with the limits specified in that Section. The Board recommends the re-appointment of M/s Om P. Agarwal & Associates, Chartered Accountants, Kanpur.Comments & qualified remarks, if any in Auditors report are self Explanatory and therefore do not require any further clarification, As regards clause 4 of the Auditors Report regarding payment of principal & interest by the specified parties it is further clarified that the repayment of the principal is strongly pursued also alternatively the management has taken steps for the recovery of the same and in one case is adopting legal recourse.

ADDITIONAL INFORMATION PURSUANT TO SECTION 217 flUE)

Information in accordance with the provisions of Section 217 (1) (e) of the Companies Act, 1956 read with Companies (Disclosure of particulars in the report of board of Directors), Rules, 1988 is as under:-

(1) Conservation of Energy N.A,

(2) Technology Absorption N.A.

(3) Foreign Exchange Earnings and Outgo NIL-

SECRETARIAL COMPLIANCE CERTIFICATE:

Compliance certificate to section 383 A of the Companies Act, 1956 from Company Secretary- in -Practice is enclosed herewith.

DIRECTORS'' RESPONSIBILITY STATEMENT:

Pursuant to Section 217(2AA) of the Companies Act, 1956, your Directors confirm that:

j) in the preparation of the Annual Accounts, the applicable accounting standards had been followed.

ii) they had selected such accounting policies and applied them consistently and made judgment and estimates that are reasonable and prudent so as to give a true and fair view of state of affairs of the Company as at 31st March, 2009 and of the loss of the company for that period.

iii) they had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities.

iv) they had prepared the Annual Accounts on a going concern basis.

ACKNOWLEDGEMENT

The Board of Directors convey their.appreciation and thanks for the support extended to the company by banks and various Government Authorities and also to the management and staff of the company for the services rendered by them.

FOR & ON BEHALF OF THE BOARD

SD/- SD/-

(S.K. Parasrampuria)(Parwati Parasrampuria)

DIRECTOR DIRECTOR

Dated: 01/09/2009

 
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