Mar 31, 2014
Dear Members,
The Directors have pleasure in presenting the 22nd Annual Report of
your Company together with the Audited Statements of Accounts for the
year ended March 31, 2014.
(Rs. in Lac)
FINANCIAL RESULTS Year Ended Year Ended
31.03.2014 31.03.2013
Income 9.58 10.16
Profit /(Loss) before Tax &
extraordinary item (0.20) (0.11)
Less : Provision for Taxation 0.00 0.00
Profit / (Loss) after Tax (0.20) (0.11)
Less : Extra-Ordinary Items 0.00 0.20
Less : Statutory Reserves 0.37 0.37
Add: Profit/(Loss) brought
forward from Previous Year (134.25) (134.33)
Balance of Profit / (Loss) carried forward (134.66) (134.25)
OVERVIEW OF ECONOMY
A survey by global consultancy firm Ernst & Young (E&Y) sees India as
the world''s most attractive investment destination. With the opening up
of foreign direct investment (FDI) in several sectors, India is today
an eye-catching destination for overseas investors. The relaxation of
norms by the government has created a vast opportunity for foreign
players, who are competing for a greater role in the Indian market.
Sectors projected to do well in the coming years include automotive,
technology, life sciences and consumer products.
India has also become a hotbed for research and development (R&D) and
the country is now a preferred destination for automotive R&D, as per a
study on the Global Top 500 R&D spenders by globalization advisory and
market expansion firm, Zinnov. The study noted that there was strong
potential for growth in areas such as engineering analytics and that
significant talent could be found in ''Deccan Triangle'' region, which
encom- passes Pune, Bangalore and Hyderabad.
The World Bank has projected an economic growth rate of 5.7 per cent in
FY15 for India, due to a more competitive exchange rate and several
significant investments going forward.
India is the third biggest economy in the world in terms of purchasing
power parity (PPP), according to a World Bank report. The country was
ranked 10th in the previous survey conducted in 2005.
The stakes held by foreign institutional investors (FII) in Indian
companies touched a record high in the fourth quarter of FY 14. The
estimated value of FII holdings in India stands at US$ 279 billion.
The cumulative amount of FDI equity inflow into India stood at US$
212,031million in the period April 2000- February 2014, while FDI
equity inflow during April 2013-February 2014 was recorded as US$
20,766 million, as per data published by Department of Industrial
Policy and Promotion (DIPP).
Thus, the emphasis is on a massive road connectivity plan which will
tie the region together and subsequently enhance economic objectives.
Also, agricultural gross domestic product (GDP) in the country is
projected to grow by over five per cent in the current agricultural
year (July 2013-May 2014).
OVERALL PERFORMANCE & OUTLOOK
The Business environment remains extremely challenging and the
recessionary economic conditions leading to slowdown in demand and
inflation pushed scale up of input costs left its adverse imprint on
overall perform- ance for 2013-2014.
Due to sluggishness in economy and lack of demand by consumers, Gross
income from operations remained at 9.58 Lac in comparison to last
years'' figure of 10.16 Lac. In term of Net Loss, the same was of 0.20
Lac in comparison to last years'' net Profit of 0.09 Lac.
The Company is in to the Business of Investment and Financing
activities.
The company is willing to continue to be in the business of Investment
in financing but is also willing to invest wisely so as the Company can
be a profit making entrepreneur during the year and thus can deliver to
its Shareholders.
DIVIDEND
In view of losses as well as carried forward losses, your Directors do
not recommend any Dividend for the year under review.
SUBSIDIARY COMPANY
The Company does not have any Subsidiary Company.
MANAGEMENT DISCUSSIONS & ANALYSIS
As required by Clause 49 of Listing Agreement, the Management
Discussion and Analysis is annexed and forms part of the Directors''
Report.
MANAGEMENT
There is no Change in Management of the Company during the year under
review.
DIRECTORS
There is no change in composition of Board during the Financial Year
under review.
Further, none of the Directors of the Company are disqualified under
sub-section (2) of Section 164 of the Companies Act, 2013.
DIRECTORS RESPONSIBILITY STATEMENT
Pursuant to Section 217 (2AA) of the Companies (Amendment) Act, 2000
the Directors confirm that:
1. In the preparation of the annual accounts, for the year ended 31st
March 2014, all the applicable accounting standards prescribed by the
Institute of Chartered Accountants of India have been followed;
2. The Directors had adopted 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 period.
3. The Directors had taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of this Act for safeguarding the assets of the Company and
for preventing and detecting fraud and other irregularities.
4. The Directors had prepared the annual accounts on a going concern
basis.
STATUTORY INFORMATION
The Company being basically in to the business of NBFC and is lending
its fund to Corporate Clients and HNIs. Beside this the Company is
investing its fund in the Capital Market. Due to said line of business,
the require- ment regarding and disclosures of particulars of
Conservation of Energy and Technology Absorption prescribed by the rule
is not applicable to us.
INFORMATION TECHNOLOGY
Your Company believes that in addition to progressive thought, it is
imperative to invest in research and development to ascertain future
exposure and prepare for challenges. In its endeavor to obtain and
deliver the best, your Company has invested its money for acquiring
latest Computer hardware and software.
RESEARCH & DEVELOPMENT
The Company believes that technological obsolescence is a reality. Only
progressive research and development will help us to measure up to
future challenges and opportunities. We invest in and encourage
continuous innovation. During the year under review, expenditure on
research and development is not significant in relation to the nature
size of operations of your Company.
AUDITORS
The Auditors M/s U. S. Agarwal & Associates, Chartered Accountants,
Kolkata who are Statutory Auditors of the Company and holds the office
until the conclusion of ensuing Annual General Meeting and ajre
recommended for re-appointment to audit the account". of the Company
from the conclusion of the 22n Annual General Meeting up to the
conclusion of the 25th consecutive Annual General Meeting (subject to
ratification by the members at every subsequent AGM). As required under
the provisions of Section 139 & 142 of the Companies Act, 2013 the
Company has obtained written confirmation from M/s. U. S. Agarwal &
Associates that their appointment, if made, would be in conformity with
the limits specified in the said Section.
COMMENTS ON AUDITOR''S REPORT :
The notes referred to in the Auditor''s Report are self explanatory and
as such they do not call for any further explanation as required under
section 217(3) of the Companies Act, 1956.
PARTICULARS OF EMPLOYEES
The information as required by provisions of section 217(2A) of the
Companies Act, 1956 read with the companies (Particular of employees)
amendments rules, 1975 is reported to be NIL.
PARTICULARS UNDER SECTION 217 (1) (e) OF THE COMPANIES ACT, 1956
The Company is having no business other than the business of Investing
in Securities Market as well as to lend money to Corporate and HNIs
during the year under review and hence the information regarding
conservation of energy, Technology Absorption, Adoption and innovation,
the information required under section 217(1)(e) of the Companies Act,
1956 read with the Companies (Disclosure of particulars in the Report
of Board of Directors) Rules 1988, is reported to be NIL.
FOREIGN EXCHANGE EARNINGS AND OUTGO
The Company has not earned or used foreign exchange earnings/outgoings
during the year under review.
PUBLIC DEPOSITS
During the year under review, your Company has not accepted any
deposits from the public within the meaning of section 73 of the
Companies Act 2013 and the rules there under.
REPORT ON CORPORATE GOVERNANCE
The Company conforms to the norms of Corporate Governance as envisaged
in the Companies Act, 1956 and the Listing Agreement with the Bombay
Stock Exchange Limited. Pursuant to Clause 49 of the Listing Agree-
ment, a Report on the Corporate Governance and the Auditors Certificate
on Corporate Governance are annexed to this report.
APPRECIATION
Your Directors wish to place on record their appreciation towards the
contribution of all the employees of the Company and their gratitude to
the Company''s valued customers, bankers, vendors and members for their
continued support and confidence in the Company.
Kolkata, May 27, 2014
By order of the Board
For MINOLTA FINANCE LIMITED
Registered Office : Sd/-
37 A&B, Stephen House DINESH KUMAR PATNIA
4, B.B.D. Bagh (East) (DIN : 01709741)
Kolkata-700 001 Chairman
Mar 31, 2013
To The Members,
The Directors have pleasure in presenting the 21st Annual Report of
your Company together with the Audited Statements of Accounts for the
year ended March 31, 2013.
(Rs. in Lacs)
FINANCIAL RESULTS Year Ended Year Ended
31.03.2013 31.03.2012
Income 10.16 5.82
Profit /(Loss) before Tax &
extraordinary item (0.11) (6.80)
Less : Provision for Taxation 0.00 0.00
Profit / (Loss) after Tax (0.11) (6.80)
Less : Extra-Ordinary Items 0.20 17.92
Less : Statutory Reserves 0.37 0.46
Add: Profit/(Loss) brought forward
from Previous Year (134.33) (109.11)
Balance of Profit / (Loss) carried
forward (134.25) (134.33)
OVERVIEW OF ECONOMY
According to the latest estimates, Indian Economy grew by 5% in FY
2013, reflecting lower than expected growth in both industry and
services sectors. Inflation also was at elevated levels. However with
commodity and crude oil prices on the decline from the peak and with
various policy initiatives coming through, the Economy is estimated to
grow by around 6% in FY2014 with lower Inflation.
OVERALL PERFORMANCE & OUTLOOK
The Business environment remains extremely challenging and the
recessionary economic conditions leading to slowdown in demand and
inflation pushed scale up of input costs left its adverse imprint on
overall performance for 2012-2013.
Due to sluggishness in economy and lack of demand by consumers, Gross
income from operations remained at Rs. 10.16 Lac in comparison to last
years'' figure of Rs. 5.82 Lac. In term of Net Loss, the same was of Rs.
0.11 Lac in comparison to last years'' net loss of Rs. 6.80 Lac. The
Company is in to the Business of Investment and Financing activities.
The company is willing to continue to be in the business of Investment
in financing but is also willing to invest wisely so as the Company can
be a profit making entrepreneur during the year and thus can deliver to
its Shareholders.
DIVIDEND
In view of loss as well carried forward losses, your Directors do not
recommend any Dividend for the year under review.
SUBSIDIARY COMPANY
The Company does not have any Subsidiary Company.
MANAGEMENT DISCUSSIONS & ANALYSIS
As required by Clause 49 of Listing Agreement, the Management
Discussion and Analysis is annexed and forms part of the Directors''
Report.
MANAGEMENT
There is no Change in Management of the Company during the year under
review.
DIRECTORS
There is no change in composition of Board during the Financial Year
under review.
In accordance with the requirements of the Companies Act, 1956 and as
per the provisions of Articles of Association of the Company, Mr.
Vikash Bansal is liable to retire after conclusion of forthcoming
Annual General Meeting and is eligible, offers themselves for
re-appointments in the forthcoming Annual General Meeting.
Except Mr. Vikash Bansal himself, none other Directors are interested
in their respective re-appointments.
Further, none of the Directors of the Company are disqualified under
section 274(1)(g) of the Companies Act 1956.
DIRECTORS RESPONSIBILITY STATEMENT
Pursuant to Section 217 (2AA) of the Companies (Amendment) Act, 2000
the Directors confirm that:
1. In the preparation of the annual accounts, for the year ended 31st
March 2013, all the applicable accounting standards prescribed by the
Institute of Chartered Accountants of India have been followed;
2. The Directors had adopted 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 period.
3. The Directors had taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of this Act for safeguarding the assets of the Company and
for preventing and detecting fraud and other irregularities.
4. The Directors had prepared the annual accounts on a going concern
basis.
STATUTORY INFORMATION
The Company being basically in to the business of NBFC and is lending
its fund to Corporate Clients and HNIs. Beside this the Company is
investing its fund in the Capital Market. Due to said line of business,
the requirement, regarding and disclosures of Particulars of
conservation of energy and technology absorption prescribed by the rule
is not applicable to us.
INFORMATION TECHNOLOGY
Your Company believes that in addition to progressive thought, it is
imperative to invest in research and development to ascertain future
exposure and prepare for challenges. In its endeavor to obtain and
deliver the best, your Company has invested its money for acquiring
latest Computer hardware and software.
RESEARCH & DEVELOPMENT
The Company believes that technological obsolescence is a reality. Only
progressive research and development will help us to measure up to
future challenges and opportunities. We invest in and encourage
continuous innovation. During the year under review, expenditure on
research and development is not significant in relation to the nature
size of operations of your Company.
AUDITORS
The Auditors M/s U. S. Agarwal & Associates, Chartered Accountants,
Kolkata hold the office until the conclusion of ensuing Annual General
Meeting. Your Company has received certificate from the Auditors u/s
224(1B) of the Companies Act, 1956 to the effect that their
reappointment if made, will be within the limit prescribed. The
shareholders are requested to appoint Auditors and fix their
remuneration.
COMMENTS ON AUDITOR''S REPORT :
The notes referred to in the Auditor''s Report are self explanatory and
as such they do not call for any further explanation as required under
section 217(3) of the Companies Act, 1956.
PARTICULARS OF EMPLOYEES
The information as required by provisions of section 217(2A) of the
Companies Act, 1956 read with the companies (Particular of employees)
amendments rules, 1975 is reported to be NIL.
PARTICULARS UNDER SECTION 217 (1) (E) OF THE COMPANIES ACT, 1956
The Company is having no business other than the business of Investing
in Securities Market as well as to lend money to Corporate and HNIs
during the year under review and hence the information regarding
conservation of energy, Technology Absorption, Adoption and innovation,
the information required under section 217(1)(e) of the Companies Act,
1956 read with the Companies (Disclosure of particulars in the Report
of Board of Directors) Rules 1988, is reported to be NIL.
FOREIGN EXCHANGE EARNINGS AND OUTGO
The Company has not earned or used foreign exchange earnings/outgoings
during the year under review.
PUBLIC DEPOSITS
During the year under review, your Company has not accepted any
deposits from the public within the meaning of section 58A of the
Companies Act 1956 and the rules there under.
REPORT ON CORPORATE GOVERNANCE
The Company conforms to the norms of Corporate Governance as envisaged
in the Companies Act, 1956 and the Listing Agreement with the Bombay
Stock Exchange Limited. Pursuant to Clause 49 of the Listing Agreement,
a Report on the Corporate Governance and the Auditors Certificate on
Corporate Governance are annexed to this report.
APPRECIATION
Your Directors wish to place on record their appreciation towards the
contribution of all the employees of the Company and their gratitude to
the Company''s valued customers, bankers, vendors and members for their
continued support and confidence in the Company.
Kolkata, May 30, 2013
By order of the Board
For MINOLTA FINANCE LIMITED
Registered Office :
37 A&B, Stephen House
4, B.B.D. Bagh (East) Sd/-
Kolkata-700 001 DINESH KUMAR PATNIA
Chairman
Mar 31, 2009
Dear Shareholders,
The Directors are pleased to present the Seventeenth Annual Report and
the Audited Accounts of the Company for the financial year ended 31
March 2009.
1. FINANCIAL RESULTS
Current Year Previous Year
2008-2009 2007-2008
Profit & Loss during the year -11273.43 -69005.84
Less: Provision for tax (including FBT) 844 674.00
Provision for NPA 4671767 5269730.36
Loss Brought forward -15515644.94 -10176234.74
Balance carried to Balance Sheet -20199529.37 -15515644.94
2. DIVIDEND
Your company has posted a loss of Rs.11273.43/- (Excluding NPA
Provision as per RBI Guidelines Rs.4671767) for the year under
review, as against a loss of Rs.69005.84 in the previous year. In view
of losses incurred your directors regret their inability to declare any
dividend.
3. PERFORMANCE REVIEW
During the year 2008-09 the performance of the company was not
satisfactory. In spite of the intense competition from banks and
financial institutions, your company expects to achieve satisfactory
growth in the coming years.
4. CORPORATE GOVERNANCE
A report on corporate governance is annexed in the Annexure to the
Director's Report.
5. DIRECTOR'S RESPONSIBILITY STATEMENT
Pursuant to the requirements of section 2-17(2AA) of the Companies Act,
1956 and on the basis of explanation and compliance certificate-given
by the executives of the company and subject to disclosures in the
Annual Accounts and also on the basis of discussions with the Statutory
Auditors of the company from time to time, we state as under:
i) that in the preparation of the annual accounts, the applicable
accounting standards had been followed;
ii) that the directors had selected such accounting policies and
applied them consistently and made judgments and estimates that are
reasonable and prudent so as to give a true and fair view of the state
of affairs of the company at the end of the financial year and of the
profit of the company for that period;
iii) that the directors had taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of the companies Act, 1956 and safeguarding the assets of
the company and for preventing and detecting fraud and other
irregularities;
iv) that the directors had prepared the annual accounts on a going
concern basis.
6. PUBLIC DEPOSITS
The Company has not accepted any deposits from the public. Hence no
information is required to be appended to this report in terms of
Non-Banking Financial Companies (Reserve Bank) Directives, 1977.
7. DIRECTORS
Shri VIKASH BANSAL, Director of the Company retires by rotation and,
being eligible, offers himself for reappointment.
8. PARTICULARS OF EMPLOYEES
Since there is no employee drawing remuneration beyond the ceiling as
provided under Section 217 (2A) the Companies Act, 1956, no particulars
in this regard have been furnished.
9. AUDITORS
M/s U.S. AGARWAL & ASSOCIATES, Chartered Accountants, Kolkata Auditors
of the Company shall be retiring at the conclusion of the ensuing
Annual General Meeting and being. eligible offers themselves for
reappointment.
10. PARTICULARS REGARDING CONSERVATION OF ENERGY, TECHNOLOGY
ABSORPTION AND FOREIGN EXCHANGE EARNING AND OUTGO.
The information required under Rule 2 of the Companies (Disclosure of
Particulars in the Report of Board of Director) Rule, 1988 relating to
the conservation of energy and technology absorption,-is not being
given, since the Company is not engaged in manufacturing activity.
During the year, the Company did not earn and spend any foreign
exchange.
11. ACKNOWLEDGEMENT
We wish to place on record our appreciation for the continued good
wishes and co-operation extended to the Company by its Shareholders,
Employees and Bankers.
For and on behalf of the Board of Directors
RAJESH KUMAR JHUNJHUNWALA
Chairman
Place: Kolkata DINESH KUMAR PATNIA
Date : 25th August, 2009 Compliance office/Managing Director