Home  »  Company  »  Mangal Credit & Fin  »  Quotes  »  Directors Report
Enter the first few characters of Company and click 'Go'

Directors Report of Mangal Credit And Fincorp Ltd.

Mar 31, 2014

Dear Shareholders,

The Directors are pleased to present the Fifty Second Annual Report on the business operations of the Company together with the Audited Accounts for the financial year ended 31st March, 2014.

FINANCIAL HIGHLIGHTS

The highlights of the performance of the Company for the year ended 31st March, 2014 are summarized below:

Rs in Lacs

STANDALONE PARTICULARS 2013-14 2012-13

Revenue From Operation 1108.76 372.49

Other Income 96.80 78.69

Total Income 1205.56 451.17

Profit Before Depreciation, Extra Ordinary 150.21 126.54

Items & Tax 39.62 9.81 Less: Depreciation & Amortisation

Profit Before Extra Ordinary Items & Tax 110.59 116.73

Less: Extra Ordinary Items 2.57 Nil

Profit Before Tax 108.02 116.73

Provision for Current Taxation 26.79 23.25

Deffered Tax Expenses/(Income) (3.57) Nil

Prior Period Tax Adjustment (2.34) Nil

Mat Credit Entitlement Nil Nil

Less: Minority Interest Nil Nil

Less: Share in Profit/(Loss) of Associates Nil Nil

Net Profit After Tax 87.14 93.48

Balance Brought forward 757.95 726.43

Amount Available for Appropriation 845.09 819.91

Appropriations :

Proposed Dividend 28.18 28.18

Dividend Tax 4.79 4.79

Transfer to General Reserve Nil 10.00

Transfer to Statutory Reserve Fund 17.43 19.00

Loss of Standard Medserve brought Forward Nil Nil

Minority losses in excess of their Equity Nil Nil

Balance Carried forward 794.69 757.95

Particulars CONSOLIDATED 2013-14 2012-13

Revenue From Operation 21458.69 372.48

Other Income 337.02 78.69

Total Income 21795.71 451.17

Profit Before Depreciation Extra Ordinary 21,224.60 324.68

Items & Tax 164.08 9.81 Less: Depreciation & Amortisation

Profit Before Extra Ordinary Items & Tax 407.03 116.67

Less: Extra Ordinary Items 2.57 Nil

Profit Before Tax 404.45 116.67

Provision for Current Taxation 95.91 23.25

Deffered Tax Expenses/(Income) 2.33 Nil

Prior Period Tax Adjustment 3.50 Nil

Mat Credit Entitlement (0.95) Nil

Less: Minority Interest 14.21 Nil

Less: Share in Profit/(Loss) of Associates Nil Nil

Net Profit After Tax 289.45 93.42

Balance Brought forward 757.89 726.43

Amount Available for Appropriation 1047.34 819.85

Appropriations :

Proposed Dividend 28.18 28.18

Dividend Tax 4.79 4.79

Transfer to General Reserve Nil 10.00

Transfer to Statutory Reserve Fund 17.43 19.00

Loss of Standard Medserve brought Forward Nil (2.29)

Minority losses in excess of their Equity 0.53 Nil

Balance Carried forward 996.41 755.59

PERFORMANCE

During the year under review, the Finance division has performed satisfactorily during the year under review. Accordingly, the Company has achieved total revenue of Rs. 1205.56 Lacs and net profit after tax is Rs.87.14 Lacs for the current year against the previous year total turnover of Rs.451.16 Lacs and net profit after tax Rs. 93.48 Lacs.

DIVIDEND

Your Directors are pleased to recommend a dividend of Rs.2.00 per Equity Share (i.e.20%) for the year ended, 31st March,2014. There will be no deduction of tax at source. The provision for dividend payable is accounted on 1408815 Nos. equity shares.

FIXED DEPOSIT

The Company has not accepted any fixed deposits and is not holding any fixed deposits accepted at the close of the financial year under review.

DIRECTORS .

Shri Sunil Nair and Smt Neeta Maloo retire by rotation at this Annual General Meeting and being eligible, offer themselves for re-appointment.

CORPORATE GOVERNANCE AND MANAGEMENT DISCUSSION AND ANALYSIS REPORT

Your company''s philosophy on corporate Governance is attainment of the higher level of transparency, accountability and equity in all spheres of operations, interactions with the shareholders, employees, government and others. The Report of Corporate Governance and Management Discussion and Analysis as stipulated under Clause 49 of the Listing Agreement are given separately and forms part of this Annual Report.

AUDITORS

M/s MGB 8s Co., Chartered Accountants, Mumbai, the Auditors of the Company are holding office till the conclusion of the 52nd Annual General Meeting of the Company and being eligible, offer themselves for re-appointment.

AUDIT REPORT

The Statutory Auditors in their Report have drawn attention of the members to certain notes to the Financial Statements, as a matter of emphasis also have placed matter of emphasis in their Report on Consolidated Financial statements by drawing attention to a note forming part of Consolidated Financial statements. While the said notes are themselves self explanatory, your Directors offer the following clarifications and further explanations on the same;

1. Para No. 1 of Matter of Emphasis of Auditor''s report on standalone financial statement relating to Note No. 29 of Standalone Financial Statement on non- compliance of norms prescribed by Reserve Bank of India relating to maintenance of capital risk adequacy ratio (CRAR), concentration of Advances and Investments by the Company and frequency of interest charges. Your director clarify that the matter is self explanatory 8s is a matter of record. The company is in process to comply the norms 8s your directors are endeavouring to maintain the CRAR to the benchmark level.

2. Para No. 2 of Matter of Emphasis of Auditor''s report on standalone financial statement relating to Note No. 28 of Standalone Financial Statement 8s Para No. 2 of Matter of Emphasis of Auditor''s report on Consolidate financial statement relating to Note No. 33 of Consolidate Financial Statement describing fact of search and seizure proceedings u/s 132 of the Income Tax Act, 1961. Your director clarify that the matter is self explanatory.

3. Para No. 3 of Matter of Emphasis of Auditor''s report on Consolidate financial statement relating to Note No. 32 of Consolidated Financial Statement with regards to the provisional attachment of funds upheld by the Enforcement Directorate (ED), involving balance of one of subsidiary lying in trading account with India Infoline Limited. The matter is sub judice. The attachment order is also contested by the company in the Tribunal. The subsidiary company is confident that the outcome of the case will have no adverse impact on that company and its functioning.

PARTICULARS OF EMPLOYEES

The particulars of employees in accordance with the provisions of section 217 (2A) of the Companies Act, 1956 read with the Companies (Particulars of Employees) Rules, 1975, as amended, are not given as none of the employees qualifies for such disclosure.

PARTICULARS REQUIRED TO BE FURNISHED BY THE COMPANIES (DISCLOSURE OF PARTICULARS IN THE REPORT OF BOARD OF DIRECTORS) RULES, 1988:

Information in terms of the provision of section 217(l)(e) of the Companies Act, 1956, read with Companies (Disclosure Of Particulars In The Report Of Board Of Directors) Rules, 1988, as amended, is given below:

A. Conservation Of Energy : Nil

B. Technology Absorption : Not Applicable

C. Foreign Exchange Earning : Earning - Nil

And Outgo : Outgo - Nil

LISTING OF SHARES

Equity shares of the Company are listed on Stock Exchanges at Mumbai and Ahmedabad. The Company has paid the listing fees for both the Stock Exchanges for the year 2013-14.

INVESTORS'' RELATIONS & GRIEVANCES

Investors'' relations have been cordial during the year. There were no investors'' grievances pending as on 31st March, 2014. A confirmation to this effect has been received from the Company''s Registrar and Share Transfer Agent.

DIRECTORS'' RESPONSIBILITY STATEMENT

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

a) in the preparation of the annual accounts, the applicable accounting standards have been followed;

b) appropriate accounting policies have been selected and applied consistently, and have made judgements 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 at March 31st, 2014 and of the profit of the Company for the year ended March 31st, 2014.

c) proper and sufficient care has been taken 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) the annual accounts have been prepared on a going concern basis;

COMPLIANCE CERTIFICATE

In accordance with the provisions of Section 383A of the Companies Act, 1956 and Companies (Compliance Certificate) Rules 2001, the Company has obtained a certificate from Mr. Vijay Tiwari, a Company Secretary in whole time practice and a copy of the said certificate is attached to this report.

ACKNOWLEDGEMENT

Your Directors wish to place on record their appreciation to the Banks, Financial Institutions, Government Authorities, customers and other business associates for their support and co-operation and wish to place on record their gratitude to the shareholders and the investors for their trust, support and confidence in the Company. The Board Also places on record its appreciation for the dedication displayed by employees at all levels.

For and on behalf of the Board of Directors Mangal Credit & Fincorp Limited

Sd/- Place: Mumbai Meghraj S Jain Date : 30th May, 2014 Chairman & Managing Director


Mar 31, 2013

Dear Members,

The Directors are pleased to present the Fifty First Annua] Report on the business operations of the Company together with the Audited Accounts for the financial year ended 31st March, 2013.

FINANCIAL PERFORMANCE

The highlights of the performance of the Company for the year ended 31!t March, 2013 are summarized below:

Particulars Financial Year Financial Year Ended Ended 31st March, 2013 31st March, 2012

Sales & Operation 372.48 276.79

Less: Excise Duty

Net Sales & Operation 372.48 276.79

Other Income 78.69 4.92 Total Income 451.17 281.71

Profit Before Depreciation & Tax 126.54 126.48

Less: Depreciation & Amortisation 9.81 0.93

Profit Before Tax 116.73 125.55

Less: Provision for taxation

- Current 23.25 42.72

- Deffered

- Earlier Year Adjustment

- MAT Credit Entitlement (15.78)

Net Profit After Tax 93.48 98.61

Balance Brought forward 726.43 678.09

Amount Available for Appropriation 819.91 76.70

Appropriations:

Proposed Dividend 28.16 17.60

Dividend Tax 4.79 2.92

Transfer to General Reserve 10.00 10.00

Transfer to Statutory Reserve Fund 19.00 19.75

Balance Carried Forward 757.95 726.43

As can be seen from the annual accounts, the Finance division has performed satisfactorily during the year under review. Trading activity in Jewellery which was started during second half of previous year, has not shown satisfactory result during the current year due to fluctuation in Gold prices but hope to achieve the target in the coming years. During the current year so far, the overall performance has been maintained in the operation of Investment and Financing activities as also of trading.

DIVIDEND |

Your Directors are pleased to recommend a dividend of Rs.2.00 per Equity Share (i.e.20%) for the year ended, 31st March,2013. There will be no deduction of tax at source. The provision for dividend payable is accounted on 14,08,815 equity shares i.e. including 7,04,765 shares allotted on preferential basis to owners of Mangal Group of Companies on 20.05.2013 as per separate consent taken from the members by Postal Ballot approved on 18.04.2013.

FIXED DEPOSIT

The Company is not accepting any fixed deposits and is not holding any fixed deposits at the close of the financial year under review.

DIRECTORS

Shri Deepak Arora and Shri Labh Chand Maloo retire by rotation at this Annual General Meeting and being eligible, offer themselves for re-appointment.

REMUNERATION COMMITTEE

The Company has appointed a remuneration committee consisting of Shri Sunil Nair as Chairman and Shri Atul Jain and Shri Deepak Arora as members, who are independent Directors.

AUDITORS

M/s Patkar & Pendse, Chartered Accountants, Mumbai, the Auditors of the Company are holding office till the conclusion of the 51st Annual General Meeting of the Company. Subject to the provisions of section 225 and other applicable provisions, if any, of the Companies Act, 1956, It is proposed to appoint M/s. Naval Maniyar & Associates, Chartered Accountants as Statutory Auditors of the Company to hold office from the conclusion of this Annual General Meeting up to the conclusion of the next Annual General Meeting in place of retiring Auditors, M/s. Patkar & Pendse, Chartered Accountants to audit the accounts of the Company for the financial year 2013-14 at a remuneration fixed by Board of Directors.

The observations of the Statutory Auditors, if any, are properly dealt with in the Notes to Accounts.

PARTICULARS OF EMPLOYEES

The particulars of employees in accordance with the provisions of section 217 (2 A) of the Companies Act, 1956 read with the Companies (Particulars of Employees) Rules, 1975, as amended, are not given as none of the employees qualifies for such disclosure.

PARTICULARS REQUIRED TO BE FURNISHED BY THE COMPANIES (DISCLOSURE OF PARTICULARS IN THE REPORT OF BOARD OF DIRECTORS) RULES, 1988:

Information in terms of the provision 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, as amended, is given below:

A. Conservation Of Energy : Nil

B. Technology Absorption NotApplicable

C. Foreign Exchange Earning : Earning-Nil and Outgo : Outgo - Nil

LISTING OF SHARES

Equity shares of the Company are listed on Stock Exchanges at Mumbai and Ahmedabad. The Company has paid the listing fees for both the Stock Exchanges for the year 2013-14.

DIRECTORS'' RESPONSIBILITY STATEMENT

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

a) in the preparation of the annual accounts, the applicable accounting standards have been followed;

b) appropriate accounting policies have been selected and applied consistently, and have made judgements 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 at March 31 st, 2013 and of the profit of the Company for the year ended March 31 st, 2013.

c) proper and sufficient care has been taken 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) the annual accounts have been prepared on a going concern basis;

COMPLIANCE CERTIFICATE

Pursuant to Section 383 A of the Companies Act, 1956 a Compliance Certificate issued by M/s. N. V. & Associates, Practising Company Secretaries, Mumbai is attached to this report.

For and on behalf of the Board of Directors

Place : Mumbai Neeta Maloo

Date :30 May, 2013 Chairperson


Mar 31, 2012

The Directors have pleasure in presenting the Fiftieth Annual Report on the working of the Company along with the audited Balance Sheet and the Profits Loss Account for the year ended 31st March, 2012.

Year ended Year ended 31.03.2012 31.03.2011 Rupees Rupees

Gross Profit for the year 12,648,214 57,412,140

Less: Depreciation 92,703 1,066,170

Profit after depreciation 12,555,511 56,345,970

Less: Provision for taxation 2,694,181 10,700,000

Add : Deferred tax Assets/ (Liability) - (1,096,302)

Profit after depreciation and taxation 9,861,330 44,549,668

Add: Balance of Profit and Loss Account

brought forward from previous year 67,809,436 38,313,121

Surplus available for appropriation 77,670,766 82,862,789

Appropriations

1. Proposed Dividend (including tax on distributed profits) 2,052,460 1,641,968

2. Statutory Reserve Fund 1,975,000 8,910,000

3. General Reserve Fund 1,000,000 4,501,385

BALANCE CARRIED TO BALANCE SHEET 72,643,306 67,809,436

As can be seen from the annual accounts, the Finance division has performed satisfactorily. During second half of the year under review, we have started trading in Jewellary which started off well, but due to initial promotional and other related expenses, the margin of profitability was lower. During the current year so far, the overall performance has been maintained in the operation of Investment and Financing activities as also of trading.

DIVIDEND

Your Directors are pleased to recommend a dividend of Rs.2.50 per Equity Share (i.e.20% and 5% on account of Golden Jubilee year) for the year ended, 31st March, 2012. There will be no deduction of tax at source.

FIXED DEPOSIT

The Company is not accepting any fixed deposits and is not holding any fixed deposits at the close of the financial year under review.

DIRECTORS

Shri Atul Jain and Shri Sunil Nair retire by rotation at this Annual General Meeting and being eligible , offer themselves for re- appointment.

REMUNERATION COMMITTEE:

The Company has appointed a remuneration committee consisting of Shri Sunil Nair as Chairman and Shri Atul Jain and Shri Deepak Arora as members, who are independent Directors.

AUDITORS

M/s Patkar & Pendse, Chartered Accountants, Mumbai, the Auditors of the Company are holding office till the conclusion of the 50th Annual General Meeting of the Company, and being eligible, confirm their availability for re-appointment. If re-appointed, they will hold office until the conclusion of the next Annual General Meeting.

The observations of the Statutory Auditors, if any, are properly dealt with in the Notes to Accounts.

PARTICULARS OF EMPLOYEES

The particulars of employees in accordance with the provisions of section 217 (2A) of the Companies Act, 1956 read with the Companies (Particulars of Employees) Rules, 1975, as amended, are not given as none of the employees qualifies for such disclosure.

PARTICULARS REQUIRED TO BE FURNISHED BY THE COMPANIES (DISCLOSURE OF PARTICULARS IN THE REPORT OF BOARD OF DIRECTORS) RULES, 1988:

(1) A. CONSERVATION OF ENERGY

The relevant data on energy conservation is as follows:

(i) No. of Electrics Pneumatic Hoists manufactured 0 (44 Nos.)

(ii) No. of Cranes manufactured NIL (NIL.)

(iii) Total units of Electricity consumed. 0 (4515 units)

(iv) Average units of Electricity consumed per Hoist. 0 (92 units)

(v) Average units of Electricity consumed per Crane. Not Applicable

(vi) Cost per unit of Electricity consumed per Hoist. 0 (Rs.808)

(vii) Cost per unit of Electricity consumed per Crane. Not Applicable

Note: Figures for previous year are given in brackets.

B. TECHNOLOGY ABSORPTION

The Company is not carrying out any manufacturing activity. Accordingly, there is nothing to report on technology absorption.

(2) Foreign Exchange earnings and outgo: Earnings: NIL; Outgo: NIL.

NOTE: Company has discontinued manufacturing activities w.e.f. 12th October, 2010.

LISTING OF SHARES

Equity shares of the Company are listed on Stock Exchanges at Mumbai and Ahmedabad. The Company has paid the listing fees for both the Stock Exchanges for the year 2012-13.

DIRECTORS' RESPONSIBILITY STATEMENT

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

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

(b) appropriate accounting policies have been selected and applied consistently, and have made judgements 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 at March 31st, 2012 and of the profit of the Company for the year ended March 31st, 2012.

(c) proper and sufficient care has been taken 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) the annual accounts have been prepared on a going concern basis;

COMPLIANCE CERTIFICATE

Pursuant to Section 383 A of the Companies Act, 1956 a Compliance Certificate issued by M/s. Shirish Shetye & Associates Company Secretaries, Mumbai is attached to this report.

On behalf of the Board

Neeta Maloo Chairperson

Place : Mumbai Dated : 30th May, 2012


Mar 31, 2010

The Directors have pleasure in presenting the Forty-eighth Annual Report on the working of the Company along with the audited Balance Sheet and the Profit & Loss Account for the year ended 31st March, 2010.

Year ended Year ended 31.03.2010 31.03.2009 Rupees Rupees

Gross Profit for the year 7,109,302 39,685,399

Less : Depreciation 1,124,866 982,681

Profit after depreciation 5,984,436 38,702,718

Less : Provision for taxation 893,795 4,195,000

Add / Less : Deferred tax Assets /(Liability) (102,570) (867,848)

Profit after depreciation and taxation . 4,988,071 33,639,870

Add : Balance of Profit and Loss Account

brought forward from previous year 35,971,457 12,356,401

Surplus available for appropriation 40,959,528 45,996,271

Appropriations

1. Proposed Dividend (including tax on

distributed profits) 1,646,407 3,294,814

2. Statutory Reserve Fund 1,000,000 6,730,000

BALANCE CARRIED TO BALANCE SHEET 38,313,121 35,971.457

As can be seen from the annual accounts, the manufacturing and marketing as well as Finance division have performed satisfactorily During the current year so far, the overall performance has been maintained at a satisfactory level.

DIVIDEND

Your Directors are pleased to recommend a dividend of Rs. 21- per Equity Share for the year ended 31st March, 2010. There will be no deduction of tax at source.

FIXEDDEPOSIT

The Company is not accepting any fixed deposits and is not holding any fixed deposits at the close of the financial year under review.

DIRECTORS

Shri.T.D.Mahadevia, and Shri.Chetan J. Parikh, Directors, retire by rotation at this Annual General Meeting and being eligible, offer themselves for re-appointment.

During the year under review, Mr.GS.Nanavaty resigned and Mr.J.C. Shah passed away. Mr. Nanavaty and Mr. Shah were associated with the company for long time. The Board places on record its appreciation for the contribution of Mr. Nanavty and Mr. Shah in the working of the company.

Mr. Janak Nanavaty was appointed as additionai Director who holds the office till the conclusion of this Annual General Meeting.

The company has received a notice in writing from a member of the company, alongwith a deposit of Rs.500/- proposing to appoint Mr. Janak Nanavaty as a Director of the company. The Board recommends his appointment.

REMUNERATION COMMITTEE:

The Company has appointed a remuneration committee consisting of Shri Chetan J. Parikh as Chairman and Shri Kishore J. Tanna and Shri janak Nanavaty as members, who are independent directors.

AUDITORS

M/s Patkar & Pendse, Chartered Accountants, Mumbai, the Auditors of the Company are holding office till the conclusion of the 48th Annual General Meeting of the Company, and being eligible, confirm their availability (or re-appointment. If reappointed, they will hold office untii the conclusion of the next Annual General Meeting.

The observations of the Statutory Auditors, if any, are properly dealt with in the Notes to Accounts.

PARTICULARS OF EMPLOYEES

The particulars of employees in accordance with the provisions of section 217 (2A) of the Companies Act, 1956 read with the Companies (Particulars of Employees) Rules, 1975, as amended, are not given as none of the employees qualifies for such disclosure.

LISTING OF SHARES

Equity shares of the Company are listed on Stock Exchanges at Mumbai and Ahmedabad. The Company has paid the listing fees for both the Stock Exchanges for the year 2010-11.

DIRECTORSRESPONSIBILITY STATEMENT

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

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

(b) appropriate accounting policies have been selected and applied consistently, and have made judgements 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 at March 31st, 2010 and of the profit of the Company for the year ended March 31st, 2010.

(c) proper and sufficient care has been taken 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) the annual accounts have been prepared on a going concern basis;

COMPLIANCE CERTIFICATE

Pursuant to Section 383 A of the Companies Act, 1956 a Compliance Certificate issued by M/s. Shirish Shetye & Associates, Company Secretaries, Mumbai is attached to this report.

On behalf of the Board

Place ; Mumbai D.S. MAHADEVIA.

Dated : 28th July, 2010. Chairman.



 
Subscribe now to get personal finance updates in your inbox!