Jun 30, 2014
Dear members,
The Directors are pleased to present the 27,h Annual Report and
audited accounts for the financial year ended on June 30, 2014.
FINANCIAL RESULTS
(Rs. In Lakhs)
PARTICULARS FOR THE YEAR ENDED PREVIOUS YEAR ENDED
30.06.2014 30.06.2013
Gross Income 413.44 409.37
Profit before Depreciation & Tax 286.79 51.84
Less: Depreciation 106.06 107.48
Profit before Tax 180.73 (55.63)
Net Profit after tax 153.03 5.30
OPERATIONS
The performance of your Company during the year under review has been
satisfactory. The total income of the Company for the period under
review was Rs 413.44 lakhs as against Rs. 409.37 lakhs in the last year
and the net profit after tax and adjustment relating to earlier years
for the period under review was Rs.153.03 lakhs as against Rs. 5.30
lakhs in the last year.
MATERIAL CHANGES
Save as otherwise provide in this report, no material changes were
taken place between the date of Financial Statements and date of
approval of Financial Statements by the Board of Directors.
DIVIDEND
With a view to conserve the resources to meet the fund requirement of
the Company, your directors express their inability to recommend
dividend for the year under report.
DIRECTORS
During the period, Mr. P. K. Gupta and Mrs. Meera Goyal resigned from
the Directorship of the Company. The Board places on record its
sincere appreciation of valuable service rendered by them.
Mr. K. K. Gupta was appointed as an Additional Director of the Company
with effect from 28th July, 2014.In terms of the provisions of Section
161(1) of the Act, Mr. K. K. Gupta would hold office up to the date of
the ensuing Annual General Meeting.
The Company has received a notice in writing from a member along with
the deposit of requisite amount under Section 160 of the Act proposing
the candidature of Mr. K. K. Gupta for the office of Director of the
Company. Mr. K. K. Gupta is not disqualified from being appointed as a
Director in terms of Section 164 of the Act and has given his consent
to act as a Director. The Board recommends his appointment at ensuing
Annual General Meeting.
Mr. S. C. Goyal and Mr. M. K. Doogar, Directors of the Company retire
by rotation and being eligible offer themselves for re-appointment. The
Board recommends their appointment at ensuing Annual General Meeting.
PUBLIC DEPOSITS
The Company has not accepted, invited or renewed any public deposits
during the period under review. The Company has no deposit, which is
due or unclaimed at the end of the year.
AUDITORS & AUDITORS'' REPORT
The Statutory Auditors M/s K. K. Jain & Co., Chartered Accountants, New
Delhi hold office till the conclusion of the ensuing Annual General
Meeting and are eligible for re-appointment.
The Company has received letters from them to the effect that their
re-appointment, if made, would be within the prescribed limits under
Section 141(3) (g) of the Companies Act, 2013 and that they are not
disqualified for re-appointment.
The Notes on Financial Statements referred to in the Auditors'' Report
are self-explanatory and do not call for any further comments.
COMPLIANCE WITH THE ACCOUNTING STANDARDS
The company prepares its accounts and other Financial Statements in
accordance with the relevant Accounting Principles and also complies
with the Accounting Standards issued by the Institute of Chartered
Accountants of India.
CHANGE IN FINANCIAL YEAR
As you are aware that your company is following financial year starting
from 1s'' July to 30th June.
As per Section 2 (41) of Companies Act, 2013 the financial year of a
Company must end on 31s1 March of every year. The said section of the
Companies Act, 2013 further provides that the existing company shall,
within a period of two years from commencement of this provision, align
its financial year as per the provisions of Section 2(41) of Companies
Act, 2013.
In order to comply with above referred provisions of the Companies Act,
2013 your Company may close its financial year on the coming March 31,
2015 by preparing the Financial Statements for a period of 9 months
commencing from July 01,2014 to March 31, 2015."
SUBSIDIARIES
The Company has three subsidiaries companies. As per requirement of the
Listing Agreement and in accordance with the Accounting Standard 21
(AS-21) issued by the Institute of Chartered Accountants of India,
Consolidated Financial Statement is attached to the Annual Accounts.
A Statement pursuant to Section 212 of the Companies Act, 1956 relating
to subsidiary companies is attached to the Financial Statements of your
Company. In terms of general Circular no. 2/11, Ministry of Corporate
Affairs under section 212 (8) of the Companies Act, 1956, copies of the
Balance Sheet, Report of Board of Directors and the Report of the
Auditors of the subsidiary companies vi2, .Satlej Real Estate Private
Limited, Satlej Infotech Private Limited and Sudama Technologies
Private Limited have not been attached with the Balance Sheet of the
Company. The Company will make available these documents and related
detailed information upon request by any member of the Company.
STOCK EXCHANGE LISTING
The Equity Shares of your Company are continued to be listed on Bombay
Stock Exchange Limited, Mumbai (BSE). The Company confirms that the
annual listing fee to Bombay Stock Exchange Ltd. has been paid and is
up to date.
PARTICULARS OF EMPLOYEES
During the financial year under review, none of the Company''s employees
was in receipt of remuneration as prescribed under section 217(2A) of
the Companies Act, 1956, read with the Companies (Particulars of
Employees) Rules, 1975, and hence no particulars are required to be
disclosed in this Report.
DIRECTORS'' RESPONSIBILITY STATEMENT
As per provisions of Section 217(2AA) of the Companies Act, 1956 your
Directors confirm as under:-
I that in the preparation of annual accounts, the applicable accounting
standards had been followed along with proper explanation relating to
material departures;
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 Act for safeguarding the assets of the company and
for preventing and detecting fraud and other irregularities; and
IV that the Directors had prepared the annual accounts on a going
concern basis.
CORPORATE GOVERNANCE
Your Company is committed to maintain the highest standards of
Corporate Governance. Your Directors adhere to the requirements set out
by the Securities and Exchange Board of India''s Corporate Governance
practices and have implemented all the stipulations prescribed.
A separate report each on corporate governance and management
discussions and analysis is given elsewhere in the annual report are
annexed hereto as part of Annual Report along with Auditors''
Certificate on its due compliance.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE
EARNINGS AND OUTGO
a. Conservation of Energy & Technology Absorption: Since the Company
is engaged in NBFC activities & generation of electricity by wind power
in which no energy is consumed, information relating to conservation of
energy and technology absorption are not applicable under section 217
(1) (e) of the Companies Act, 1956 read with the Companies (Disclosure
of Particulars in the Report of Board of Directors).
b. Foreign Exchange Earnings and Outgo: There was no Foreign Exchange
earnings and outgo during the year under review.
APPRECIATION & ACKNOWLEDGEMENT
Your Directors appreciate the valuable co-operation extended by the
Company''s Bankers, monitoring agency & other Central and State
Government departments, SEBI, RBI, Banks, TNEB (Tamil Nadu Electricity
Board) and Clients for their continued support. Your Directors also
express its deep gratitude for wholehearted and continuous support
extended by the members who have always been a source of strength for
the Company.
For and on behalf of Board of Directors
Sd/-
S. C. Goyal
Chairman
(DIN:00220575)
Place: New Delhi
Date: 29/08/2014
Jun 30, 2010
The Directors are pleased to present the 23rd Annual Report and
audited accounts for the financial year ended June 30, 2010.
FINANCIAL RESULTS
(Rs. In Lakhs)
FOR THE PREVIOUS
YEAR YEAR ENDED
PARTICULARS ENDED
30.06.2009 30.06.2010
Gross Income 1227.93 1429.98
Profit before
Depreciation & Tax 246.44 188.12
Less: Depreciation 112.46 114.62
Profit before Tax 133.98 73.50
Less: Income Tax 22.77 7.58
Less: Fringe Benefit Tax - 0.13
Add: Deferred Tax 37.39 37.28
Profit after tax 148.60 103.06
Adjustment Relating
to earlier year 0.71 30.00
Net Profit 147.89 73.06
OPERATIONS:
The performance of your Company during the year under review has been
satisfactory. The total income of the Company for the period under
review was Rs 1227.93 lakhs as against Rs. 1429.98 lakhs in the
previous year and the net profit after tax and adjustment relating to
earlier years for the period under review was Rs. 147.89 lakhs as
against Rs 73.06 lakhs in the previous year.
DIVIDEND
With a view to conserve the resources to meet the fund requirement of
the Company, your directors express their inability to recommend
dividend for the year under report
DIRECTORS
Mr. M. K. Doogar and Mr. P.K. Gupta, Directors of the Company retire by
rotation and being eligible offer themselves for re-appointment. The
Board recommends their appointment at ensuing Annual General Meeting.
PUBLIC DEPOSITS
The Company has not accepted, invited or renewed any public deposits
during the period under review. The Company has no deposit, which is
due or unclaimed at the end of the year.
AUDITORS
The Statutory Auditors M/s K. K. Jain & Co., Chartered Accountants, New
Delhi retire at the conclusion of ensuing Annual General Meeting and
are eligible for re-appointment. The Company has received a letter from
them to the effect that their appointment, if made, would be in
conformity within the limits prescribed under Section 224 (1-B) of the
Companies Act, 1956 and also that they are not otherwise disqualified
within the meaning of sub-section (3) of Section 226 of the Companies
Act, 1956 for such appointment.
AUDITORS REPORT
The notes to accounts referred to in the Auditorsà Report are
self-explanatory. Auditorsà remarks at sub- para (f) of para 3 of the
Auditorsà Report dated 30.08.2010 have been explained at note no. 1 (d)
(i) of the notes to account of even date, which in the opinion of the
Board of Directors, are explanatory in nature and may be treated as
explanation furnished by them under section 217 (3) of the Companies
Act, 1956.
COMPLIANCE WITH THE ACCOUNTING STANDARDS
The company prepares its accounts and other Financial Statements in
accordance with the relevant Accounting Principles and also complies
with the Accounting Standards issued by the Institute of Chartered
Accountants of India.
SUBSIDIARIES
A Statement pursuant to Section 212 of the Companies Act, 1956 relating
to subsidiary companies is attached to the Financial Statements of your
Company. Copy of the Balance Sheet, Report of Board of Directors and
the Report of the Auditors of the subsidiary companies viz, Satlej Real
Estate Private Limited, Satlej Infotech Private Limited and Sudama
Technologies Private Limited is attached to the Balance Sheet of your
Company. As per requirement of the Listing Agreement and in accordance
with the Accounting Standard 21 (AS-21) issued by the Institute of
Chartered Accountants of India, Consoli- dated Financial Statement is
attached to the Annual Accounts.
STOCK EXCHANGE LISTING
The Equity Shares of your Company are continued to be listed on Bombay
Stock Exchange Limited, Mumbai (BSE). The Company confirms that the
annual listing fee to Bombay Stock Exchange Ltd. has been paid and is
up to date.
PARTICULARS OF EMPLOYEES
During the financial year under review, none of the CompanyÃs employees
was in receipt of remunera- tion as prescribed under section 217(2A) of
the Companies Act, 1956, read with the Companies (Par- ticulars of
Employees) Rules, 1975, and hence no particulars are required to be
disclosed in this Report.
DIRECTORS RESPONSIBILITY STATEMENT
As per provision of Section 217(2AA) of the Companies Act, 1956 your
Directors confirm as under:- I that in the preparation of annual
accounts, the applicable accounting standards had been followed along
with proper explanation relating to material departures;
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 ac- counting records in accordance with the
provisions of the Act for safeguarding the assets of the company and
for preventing and detecting fraud and other irregularities; and
IV that the Directors had prepared the annual accounts on a going
concern basis.
CORPORATE GOVERNANCE
Your Company is committed to maintain the highest standards of
Corporate Governance. Your Direc- tors adhere to the requirements set
out by the Securities and Exchange Board of IndiaÃs Corporate
Governance practices and have implemented all the stipulations
prescribed.
A separate report each on corporate governance and management
discussions and analysis is given elsewhere in the annual report are
annexed hereto as part of Annual Report along with Auditorsà Certifi-
cate on its due compliance.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE
EARNINGS AND OUTGO
a. Conservation of Energy & Technology Absorption: Since the Company
is engaged in NBFC activities & generation of electricity by wind power
in which no energy is consumed, information relating to conservation of
energy and technology absorption are not applicable under section 217
(1) (e) of the Companies Act, 1956 read with the Companies (Disclosure
of Particulars in the Report of Board of Directors).
b. Foreign Exchange Earnings and Outgo: There was no Foreign Exchange
earnings and outgo during the year under review.
APPRECIATION & ACKNOWLEDGEMENT
Your Directors appreciate the valuable co-operation extended by the
CompanyÃs Bankers, monitoring agency & other Central and State
Government departments, SEBI, RBI, Banks, TNEB (Tamil Nadu Electricity
Board) and Clients for their continued support. Your Directors also
express its deep gratitude for wholehearted and continuous support
extended by the members who have always been a source of strength for
the Company.
For and on behalf of Board of Directors
Place: New Delhi S. C. Goyal
Date: 15/11/2010 Chairman
Jun 30, 2009
The Directors are pleased to present the 22nd Annual Report and
audited accounts for the financial year ended June 30, 2009.
FINANCIAL RESULTS (RS, in Lakhs)
FOR THE PREVIOUS
PARTICULARS YEAR ENDED YEAR ENDED
30.06.2009 30.06.2008
Gross Income 1429.98 1273.38
Profit before Depreciation & Tax 188.12 576.41
Less: Depreciation 114.62 118.69
Profit before Tax 73.50 457.72
Less: Income Tax 7.58 44.63
Less: Fringe Benefit Tax 0.13 0.22
Add: Deferred Tax 37.28 33.34
Profit after tax 103.06 446.21
Adjustment Relating to earlier year (30.00) 29.80
Net Profit 73.06 476.01
OPERATIONS:
The performance of your Company during the year under review has been
satisfactory. The total income of the Company for the period under
review was Rs 1429.98 lakhs as against Rs 1273.38 lakhs in the last
year and the net profit after tax and adjustment relating to earlier
years for the period under review was Rs 73.06 lakhs as against Rs
476.01 lakhs in the last year.
DIVIDEND
With a view to conserve the resources to meet the fund requirement of
the Company, your directors express their inability to recommend
dividend for the year under report.
DIRECTORS
Mr. R. K. Pandey was appointed as an additional director in the Board
meeting held on 31" January, 2009 in terms of the provisions of section
260 of the Companies Act, 1956 and Article 92 of the Articles of
Association, will hold office only up to the date of the next Annual
General Meeting. The Board recommends his appoint- ment at ensuing
Annual General Meeting.
Mr. S. C. Goyal and Mr. Prakash Agarwal, Directors of the Company
retire by rotation and being eligible offer themselves for
re-appointment.
PUBLIC DEPOSITS
The Company has not accepted, invited or renewed any public deposits
during the period under review. The Company has no deposit, which is
due or unclaimed at the end of the year.
AUDITORS
The Statutory Auditors M/s K. K. Jain & Co., Chartered Accountants, New
Delhi retire at the conclusion of ensuing Annual General Meeting and
are eligible for re-appointment. The Company has received a letter from
them to the effect that their appointment, if made, would be in
conformity within the limits prescribed under Section 224 (1 -B) of the
Companies Act, 1956 and also that they are not otherwise disqualified
within the meaning of sub-section (3) of Section 226 of the Companies
Act, 1956 for such appointment.
AUDITORS REPORT
The notes to accounts referred to in the Auditors Report are
self-explanatory. Auditors remarks at sub-para (f) of para 3 of the
Auditors Report dated 30.09.2009 have been explained at note no. 1 (d)
of the notes to account of even date, which in the opinion of the Board
of Directors, are explanatory in nature and may be treated as
explanation furnished by them under section 217 (3) of the Companies
Act, 1956.
COMPLIANCE WITH THE ACCOUNTING STANDARDS
The company prepares its accounts and other Financial Statements in
accordance with the relevant Ac- counting Principles and also complies
with the Accounting Standards issued by the Institute of Chartered
Accountants of India.
SUBSIDIARIES
A Statement pursuant to Section 212 of the Companies Act, 1956 relating
to subsidiary companies is attached to the Financial Statements of your
Company. Copy of the Balance Sheet, Report of Board of Directors and
the Report of the Auditors of the subsidiary companies viz, Satlej Real
Estate Private Limited, Satlej Infotech Private Limited and Sudama
Technologies Private Limited is attached to the Balance Sheet of your
Company. As per requirement of the Listing Agreement and in accordance
with the Accounting Standard 21 (AS-21) issued by the Institute of
Chartered Accountants of India, Consolidated Financial Statement is
attached to the Annual Accounts.
STOCK EXCHANGE LISTING
The Equity Shares of your Company are continued to be listed on Bombay
Stock Exchange Limited, Mumbai. (BSE). The Company confirms that the
annual listing fee to Bombay Stock Exchange Ltd. has been paid and is
up to date.
PARTICULARS OF EMPLOYEES
During the financial year under review, none of the Companys employees
was in receipt of remuneration as prescribed under section 217(2A) of
the Companies Act, 1956, read with the Companies (Particulars of
Employees) Rules, 1975, and hence no particulars are required to be
disclosed in this Report.
DIRECTORS RESPONSIBILITY STATEMENT
As per provision of Section 217(2AA) of the Companies Act, 1956 your
Directors confirm as under: - I that in the preparation of annual
accounts, the applicable accounting standards had been followed along
with proper explanation relating to material departures.
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 Act for safeguarding the assets of the company and
for preventing and detecting fraud and other irregularities; and
IV that the Directors had prepared the annual accounts on a going
concern basis.
CORPORATE GOVERNANCE
Your Company is committed to maintain the highest standards of
Corporate Governance. Your Directors adhere to the requirements set out
by the Securities and Exchange Board of Indias Corporate Governance
practices and have implemented all the stipulations prescribed.
A separate report each on corporate governance and management
discussions and analysis is given else- where in the annual report are
annexed hereto as part of Annual Report along with Auditors
Certificate on its due compliance.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE
EARNINGS AND OUTGO
a. Conservation of Energy & Technology Absorption: Since the Company
is engaged in NBFC activities & generation of electricity by wind power
in which no energy is consumed, information relating to conservation of
energy and technology absorption are not applicable under section 217
(1) (e) of the Companies Act, 1956 read with the Companies (Disclosure
of Particulars in the Report of Board of Directors).
b. Foreign Exchange Earnings and Outgo: There was no Foreign Exchange
earnings and outgo during the year under review.
APPRECIATION & ACKNOWLEDGEMENT
Your Directors appreciate the valuable co-operation extended by the
Companys Bankers, monitoring agency & other Central and State
Government departments, SEBI, RBI, Banks, TNEB (Tamil Nadu Electricity
Board) and Clients for their continued support. Your Directors also
express its deep gratitude for wholehearted and continuous support
extended by the members who have always been a source of strength for
the Com- pany.
For and on behalf of Board of Directors
Place : New Delhi S. C. Goyal
Date: 31/10/2009 Chairman
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