Home  »  Company  »  Nikki Global Fin  »  Quotes  »  Directors Report
Enter the first few characters of Company and click 'Go'

Directors Report of Nikki Global Finance Ltd.

Mar 31, 2015

Dear Members,

The Directors have pleasure in presenting the 29th Annual Report together with the Audited Statement of Accounts for the year ended on 31st March, 2015.

FINANCIAL RESULTS:

The financial results of the Company are fairly reasonable:-

Particulars 31.03.2015 31.03.2014 (Rs. In Lacs) (Rs. In Lacs)

Profit / (Loss) before (31.23) 1.76

Depreciation and Tax

Less / Add: Depreciation 0.09 0.09

Profit/(Loss) before Tax (31.33) L67

Profit/(Loss) after Tax (31.33) 1.30

RESERVES:

Due to losses, any amount could not be transferred to reserves.

DIVIDEND:

Due to accumulated losses, your directors regret their inability to recommend any dividend.

DEPOSITS:

The Company has no public deposits as of date and will not accept any deposits without prior approval of the Statutory Authorities concerned.

PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS:

During the year, Company has not given any guarantee or made investments as covered under Section 186 of the Companies Act, Details of loans given has been shown in financial statements.

MATERIAL CHANGES AND COMMITMENTS:

No material changes and commitments affecting the financial position of your Company have occurred between April 1,2015 and the date of signing of this Report.

INTERNAL CONTROL SYSTEM AND THEIR ADEQUACY:

The Company has an Internal Control System, commensurate with the size, scale and complexity of its operations. The scope and authority of the Internal Auditors is subject to provisions of the Companies Act, 2013 and rules made thereunder. To maintain its objectivity and independence, the Internal Audit function reports to the Chairman of the Audit Committee of the Board & to the Managing Director.

The Internal Audit Department monitors and evaluates the efficiency and adequacy of internal control system in the Company, its compliance with operating systems, accounting procedures and policies of the Company. Based on the report of internal audit function, process owners undertake corrective action in their respective areas and thereby strengthen the controls. Significant audit observations and recommendations along with corrective actions thereon are presented to the Audit Committee of the Board.

BOARD OF DIRECTORS AND KEY MANAGERIAL PERSONNEL:

Mr. Ashesh Agarwal retires by rotation and being eligible offers himself for re-appointment. Your Directors recommend his reappointment.

During the year, the Board of Directors appointed Mrs. Kavita Awasthi as an Additional Director with effect from 26th March, 2015, to hold office up to the date of forthcoming Annual General Meeting. Being eligible, Mrs. Kavita Awasthi offered herself to be appointed as the Independent Woman Director of your Company.

Pursuant to the provisions of Section 149 of the Act, which came into effect from 1st April, 2014, Mr. Manoj Kumar, Mr. Subodh Agarwal, Mr. Gaya Prasad Gupta, Mr. Sanjay Tandon and Mr. Govind Das Agarwal were appointed as Independent Directors at the Annual General Meeting of the Company held on 29th September, 2014, Mr. Govind Das Agarwal has resigned from directorship during the current financial year 2015-16. The terms and conditions of appointment of Independent Directors are as per Schedule IV of the Act. Your 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 and there has been no change in the circumstances which may affect their status as Independent Director during the year.

As required under Clause 49 of the Listing Agreement with the Stock Exchange, the information on the particulars of the Directors proposed for appointment/ re-appointment has been given in the Notice of the Annual General Meeting.

The Board of Directors at their meeting held on 31.07.2015 re-appointed Mr. Ashesh Agarwal as Managing Director for a period of 3 years effective from 1st September, 2015 to 31st August, 2018 subject to the approval of the members of the Company whose tenure of office as Managing Director was due to expire on 31.08.2015 as per his earlier terms of appointment.

The Nomination and Remuneration Committee and the Board of Directors at their respective meetings held on 4th September, 2015 recommended and approved monthly remuneration paid or payable to Mr. Ashesh Agarwal, Managing Director of the Company subject to the approval of members of the Company at the forthcoming Annual General Meeting of the Company.

Pursuant to the provisions of Section 203 of the Act, which came into effect from April 1, 2014, the appointments of Key Managerial Personnel were formalized during the financial year 2014-15. There has been change (s) in Key Managerial Personnel during the current financial year 2015-16 due to resignation(s). *

BOARD EVALUATION

The Board of Directors has carried out an annual evaluation of its own performance, Board committees and individual directors pursuant to the provisions of the Act and the corporate governance requirements as prescribed by Securities and Exchange Board of India ("SEBI") under Clause 49 of the Listing Agreements ("Clause 49").

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 ("NRC") 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 like preparedness on the issues to be discussed, meaningful and constructive contribution and inputs in meetings, etc. In addition, the Chairman was also evaluated on the key aspects of his role.

In a separate meeting of independent Directors, performance of non-independent 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 same was discussed in the board meeting that followed the meeting of the independent Directors, at which the performance of the Board, its committees and individual directors was also discussed.

NUMBER OF MEETINGS OF THE BOARD:

Ten meetings of the board were held during the year. For details of the meetings of the board, please refer to the corporate governance report, which forms part of this report. The intervening gap between the Meetings was within the period prescribed under the Companies Act, 2013.

DIRECTORS' RESPONSIBILITY STATEMENT:

Pursuant to Section 134(5) of the Companies Act, 2013, the Board of Directors, to the best of their knowledge and ability, state the following:

a. that in the preparation of the annual financial statements, 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 consistently and judgement and estimates have been made that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company as at 31st March, 2015 and of the loss of the Company for the year ended on that date;

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 financial statements have been prepared on a going concern basis;

e. that proper internal financial controls were in place and that the financial control were adequate and were operating effectively;

f. that proper systems to ensure compliance with the provisions of all applicable laws were in place and were adequate and operating effectively.

Pursuant to the provisions of Section 139 of the Act and the rules framed thereunder, M/s J Agarwal & Associates, Chartered Accountants (ICAI Firm Registration No. 002601C), were appointed as statutory auditors of the Company from the conclusion of the twenty eight annual general meeting (AGM) of the Company held on September 29, 2014 till the conclusion of the thirty first annual general meeting (AGM) to be held in the year 2017, subject to ratification of their appointment at every AGM.

The Company has received a letter from statutory auditors to the effect that their re-appointment, if made, would be within the provision prescribed under Section 139 of the Companies Act, 2013. Your Directors recommend their re-appointment.

The auditor's report does not contain any qualifications, reservations or adverse remarks & Notes to the financial statements referred in the Auditors Report are self-explanatory and therefore do not call for any comments under Section 134 of the Companies Act, 2013.

SECRETARIAL AUDITOR'S REPORT:

Pursuant to the provisions of Section 204 of the Companies Act, 2013 and the rules made thereunder, the Company had appointed Mr. Pushp Raj Singh, Practising Company Secretary to undertake the Secretarial Audit of the Company but due to resignation tendered by Mr. Pushp Raj Singh, Company appointed another Secretarial Auditor. The Secretarial Audit Report for financial year 2014-15 is annexed, which forms part of this report as Annexure-A. There were no qualifications, reservation or adverse remarks given by Secretarial Auditor of the Company.

EXTRACT OF ANNUAL RETURN:

The details forming part of the extract of the Annual Return in Form MGT-9 are annexed to this Report as Annexure-B.

RELATED PARTY TRANSACTIONS:

All related party transactions that were entered into during the financial year were on arm's length basis and were in the ordinary course of the business. There are no materially significant related party transactions made by the company with Promoters, Key Managerial Personnel or other designated persons which may have potential conflict with interest of the company at large.

CODE OF CONDUCT:

The Board of Directors has approved a Code of Conduct which is applicable to the Members of the Board and all employees in the course of day to day business operations of the company. The Code has been placed on the Company's website www.nikkiglobal.com. The Code lays down the standard procedure of business conduct which is expected to be followed by the Directors and the designated employees in their business dealings and in particular on matters relating to integrity in the work place, in business practices and in dealing with stakeholders.

All the Board Members and the Senior Management personnel have confirmed compliance with the Code.

VIGIL MECHANISM / WHISTLE BLOWER POLICY:

The Company is committed to the high standards of Corporate Governance and stakeholder responsibility. The Company has established a vigil mechanism to be known as the 'Whistle Blower Policy' for its Directors and employees, to report instances of unethical behaviour, actual or suspected, fraud or violation of the Company's Code of Conduct. The aim of the policy is to provide adequate safeguards against victimization of whistle blower who avails of the mechanism and also provide direct access to the Chairman of the Audit Committee, in appropriate or exceptional cases.

Accordingly, 'Whistle Blower Policy' has been formulated with a view to provide a mechanism for the Directors and employees of the Company to approach the Ethics Counsellor or the Chairman of the Audit Committee of the Company.

The purpose of this policy is to provide a framework to promote responsible and secure whistle blowing. It protects employees willing to raise a concern about serious irregularities within the Company.

PREVENTION OF INSIDER TRADING:

The Company has adopted a Code of Conduct for Prevention of Insider Trading with a view to regulate trading in securities by the Directors and designated employees of the Company. The Code requires pre-clearance for dealing in the Company's shares and prohibits the purchase or sale of Company shares by the Directors and the designated employees while in possession of unpublished price sensitive information in relation to the Company. The Board is responsible for implementation of the Code. All Board Directors and the designated employees have confirmed compliance with the Code.

BUSINESS RISK MANAGEMENT:

Pursuant to section 134 (3) (n) of the Companies Act, 2013 & Clause 49 of the listing agreement, the company has constituted a business risk management committee. The details of the committee and its terms of reference are set out in the corporate governance report forming part of the Boards report.

At present the company has not identified any element of risk which may threaten the existence of the company.

INFORMATION PURSUANT TO SECTION 134(3) OF THE COMPANIES ACT, 2013

The information required pursuant to Section 197 read with rule 5 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 in respect of employees of the Company, will be provided upon request. In terms of Section 136 of the Act, the reports and accounts are being sent to the members and others entitled thereto, excluding the information on employees' particulars which is available for inspection by the members at the Registered office of the company during business hours on working days of the company up to the date of ensuing Annual General Meeting. If any, member is interested in inspecting the same, such member may write to the Company Secretary in advance.

AUDIT COMMITTEE:

The details pertaining to composition of audit committee are included in the Corporate Governance Report, which forms part of this report.

INDEPENDENT DIRECTOR'S MEETING:

The Independent Directors met on 26th March, 2015, without the attendance of NonIndependent Directors and members of the Management. The Independent Directors reviewed the performance of non-independent directors and the Board as a whole; the performance of the Chairman of the Company, taking into account the views of Executive Directors and Non-Executive Directors and assessed the quality, quantity and timeliness of flow of information between the Company Management and the Board that is necessary for the Board to effectively and reasonably perform their duties.

ENERGY CONSERVATION, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS AND OUTGO: NIL

CORPORATE GOVERNANCE AND MANAGEMENT DISCUSSION AND ANALYSIS REPORT:

Separate reports on Corporate Governance compliance and Management Discussion and Analysis as stipulated by Clause 49 of the Listing Agreement forms part of this Annual Report along with the required Certificate from Statutory Auditors of the Company regarding compliance of the conditions of Corporate Governance as stipulated by Clause 49 of the Listing Agreement.

In compliance with Corporate Governance requirements as per Clause 49 of the Listing Agreement, your Company has formulated and implemented a Code of Business Conduct and Ethics for all Board members and senior management personnel of the Company, who have affirmed the compliance thereto.

ACKNOWLEDGEMENTS:

Your directors take this opportunity to extend their thanks to the customers, business, partners, business associates and bankers of the Company for their continued support during the year. The directors also sincerely acknowledge the dedication and commitment of the employees of the company at all levels.

FOR NIKKI GLOBAL FINANCE LIMITED

Place: New Delhi (Ashesh Agarwal) (Gaya Prasha Gupta) Date: 04.09.2015 Managing Director Director DIN: 02319026 DIN: 00335302


Mar 31, 2014

Dear Members,

The Directors have pleasure in presenting the Twenty Eight Annual Report together with Audited Accounts for the year ended on 31st March, 2014.

1. FINANCIAL RESULTS: -

Particulars 31.03.2014 31.03.2013 (Rs. In Lacs) (Rs. In Lacs)

Profit / (Loss) before 1.76 1.34 Depreciation and Tax

Less / Add: Depreciation 0.09 0.14

Profit / (Loss) before Tax 1.67 1.20

Profit / (Loss) after Tax 1.30 0.94

2. Dividend:

Due to accumulated losses, your directors regret their inability to recommend any dividend.

3. Director''s Responsibility:

Your Directors state herewith a Director''s Responsibility Statement indicating therein:

a) That in the preparation of the annual accounts for the financial year ended on 31st March, 2014, the applicable Accounting Standards had been followed along with proper explanation relating to material departures.

b) That the Directors had selected such accounting policies and applied them consistently and made judgments and estimates that were 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 the year under review.

c) That.the Directors had taken proper and sufficient care for 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) That the Directors had prepared the annual accounts on a going concern basis.

4. Directors:

In accordance with the provisions of the Companies Act, 1956, Mr. Shashwat Agarwal, Director of the Company will retire at the ensuing Annual General Meeting and he, being eligible, has offered himself for re-appointment.

5. Auditors:

M/s J Agarwal & Associates, Chartered Accountants (ICAI Firm Registration No. 002601C), who are the statutory auditors of the Company, hold office until the conclusion of the ensuing Annual General Meeting. It is proposed to re-appoint them to examine and audit the accounts of the Company for three years to hold office from the conclusion of this AGM till the conclusion of the thirty first AGM of the Company to be held in the year 2017 subject to ratification of their appointment at every AGM. M/s J Agarwal & Associates, have under Section 139(1) of the Companies Act, 2013 and the Rules framed thereunder furnished a certificate of their eligibility and consent for re- appointment. „

6. Auditor''s Report:

The observations of the Auditors and the relevant notes on the accounts are self- explanatory and therefore do not call for any further comments.

7. Public Deposits:

Your company has not accepted any deposits from public within the meaning of Section 58A of the Companies Act, 1956 and the rules framed there under.

8. The Companies (Particulars of Employees) Rules, 1975 as amended:

During the year, there was no employee drawing a salary exceeding the limits prescribed U/S 217 (2A) of the Companies Act, 1956 read with rules made there under.

9. Energy Conservation, Technology Absorption, Foreign Exchange Earnings and Outgo:

The prescribed information relating to Conservation of Energy and Technology Absorption as per 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 annexed

10. Listing:

The equity shares of the company are listed with Bombay Stock Exchange Limited, Mumbai. There are no arrears on account of payment of listing fees to the Stock Exchange.

11. Corporate Governance:

Pursuant to Clause 49 of the Listing Agreement, Report on Corporate Governance has been included in the Annual Report as separate section.

12. Secretarial Compliance Certificate:

Secretarial Compliance Certificate pursuant to Section 3 83A of the Companies Act, 1956 is duly signed by M/s Sarvesh S. Srivastava, Company Secretary in whole time practice, Kanpur.

13. Acknowledgement:

Your Directors appreciate the valued co-operation extended by the Company''s Bankers and Investors and the contribution of all the employees.

By order of the Board of Directors,

For Nikki Global Finance Limited

(Managing Director) (Director) DIN: 02319026 DIN: 00335302

Date: - 04.09.2014 Place: - Delhi


Mar 31, 2013

The Directors have pleasure in presenting the Twenty Seventh Annual Report together with Audited Accounts for the year ended on 31st March, 2013.

1. FINANCIAL RESULTS:

Particulars 31.03.2013 (Rs. In Lacs) 31.03.2012 (Rs. In Lacs)

Profit / (Loss) before 1.34 1.51 Depreciation and Tax

Less / Add: Depreciation 0.14 0.20

Profit / (Loss) before Tax 1.20 1.31

Profit / (Loss) after Tax 0.94 1.03

2. Dividend:

Due to accumulated losses, your directors regret their inability to recommend any dividend.

3. Director''s Responsibility:

Your Directors state herewith a Director''s Responsibility Statement indicating therein:

a) That in the preparation of the annual accounts for the financial year ended on 31st March, 2013, the applicable Accounting Standards had been followed along with proper explanation relating to material departures.

b) That the Directors had selected such accounting policies and applied them consistently and made judgments and estimates that were 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 the year under review.

c) That the Directors had taken proper and sufficient care for 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) That the Directors had prepared the annual accounts on a going concern basis.

4. Directors:

In accordance with the provisions of the Companies Act, 1956, Mr. Subodh Agarwal & Mr. Manoj Kumar, Directors of the Company will retire at the ensuing Annual General Meeting and they, being eligible, have offered themselves for re-appointment. Mr. Bankey Bihari Gupta has resigned in current financial year.

5. Auditors:

M/s J Agarwal & Associates, Chartered Accountants, retiring statutory auditors, being eligible, have expressed their willingness for re-appointment as statutory auditors of the Company.

6. Auditor''s Report:

The observations of the Auditors and the relevant notes on the accounts are self- explanatory and therefore do not call for an)'' further comments.

7. Public Deposits:

Your company has not accepted any deposits from public within the meaning of Section 58A of the Companies Act, 1956 and the rules framed there under.

8. The Companies (Particulars of Employees) Rules, 1975 as amended:

During the year, there was no employee drawing a salary exceeding the limits prescribed U/S 217 (2A) of the Companies Act, 1956 read with rules made there under.

9. Energy Conservation, Technology Absorption, Foreign Exchange Earnings and Outgo:

The prescribed information relating to Conservation of Energy and Technology Absorption as per 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 annexed

10. Listing:

The equity shares of the company are listed with Bombay Stock Exchange Limited, Mumbai. There are no arrears on account of payment of listing fees to the Stock Exchange.

11. Corporate Governance:

Pursuant to Clause 49 of the Listing Agreement, Report on Corporate Governance has been included in the Annual Report as separate section.

12. Secretarial Compliance Certificate:

Secretarial Compliance Certificate pursuant to Section 383A of the Companies Act, 1956 is duly signed by M/s Sarvesh S. Srivastava, Company Secretary in whole time practice, Kanpur.

13. Acknowledgement:

Your Directors appreciate the valued co-operation extended by the Company''s Bankers and Investors and the contribution of all the employees.

By order of the Board of Directors,

For Nikki Global Finance Limited

(Managing Director) (Director)

Place: Delhi

Date: 31.08.2013


Mar 31, 2012

To, The members of NIKKI GLOBAL FINANCE LIMITED,

The Directors have pleasure in presenting the Twenty Sixth Annual Report together with Audited Accounts for the year ended on 31st March, 2012.

1. FINANCIAL RESULTS:

Particulars 31.03.2012 (Rs. In Lacs) 31.03.2011 (Rs. In Lacs)

Profit / (Loss) before 1.51 7.93 Depreciation and Tax

Less / Add: Depreciation .20 .30

Profit / (Loss) before Tax 1.31 7.63

Profit / (Loss) after Tax 1.03 6.18

2. Divided:

Due to accumulated losses, your directors regret their inability to recommend any dividend.

3. Director's Responsibility:

Your Directors state herewith a Director's Responsibility Statement indicating therein:

a) That in the preparation of the annual accounts for the financial year ended on 31st March, 2012, the applicable Accounting Standards had been followed along with proper explanation relating to material departures.

b) That the Directors had selected such accounting policies and applied them consistently and made judgments and estimates that were 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 the year under review.

c) That the Directors had taken proper and sufficient care for 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) That the Directors had prepared the annual accounts on a going concern basis.

4. Directors:

In accordance with the provisions of the Companies Act, 1956, Mr. Sanjay Tandon & Mr. Gaya Prasad Gupta, Directors of the Company will retire at the ensuing Annual General Meeting and they, being eligible, have offered themselves for re-appointment. Mr. Manoj Kumar, Mr. Bankey Bihari Gupta & Mr. Govind Das Agarwal were inducted in the Board during the year under review.

5. Auditors:

M/s J Agarwal & Associates, Chartered Accountants, retiring statutory auditors, being eligible, have expressed their willingness for re-appointment as statutory auditors of the Company.

6. Auditor's Report:

The observations of the Auditors and the relevant notes on the accounts are self- explanatory and therefore do not call for any further comments.

7. Public Deposits:

Your company has not accepted any deposits from public within the meaning of Section 58A of the Companies Act, 1956 and the rules framed there under.

8. The Companies (Particulars of Employees) Rules, 1975 as amended:

During the year under report, there was no employee drawing a salary exceeding the limits prescribed U / S 217 (2A) of the Companies Act, 1956 read with rules made there under.

9. Energy Conservation, Technology Absorption, Foreign Exchange Earnings and Outgo:

The prescribed information relating to Conservation of Energy and Technology Absorption as per 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 annexed

10. Listing:

The equity shares of the company are listed with Bombay Stock Exchange Limited, Mumbai. There are no arrears on account of payment of listing fees to the Stock Exchange.

11. Corporate Governance:

Pursuant to Clause 49 of the Listing Agreement, Report on Corporate Governance has been included in the Annual Report as separate section.

12. Secretarial Compliance Certificate:

Secretarial Compliance Certificate pursuant to Section 383A of the Companies Act, 1956 is duly signed by M/s Sarvesh S. Srivastava, Company Secretary in whole time practice, Kanpur.

13. Acknowledgement:

Your Directors appreciate the valued co-operation extended by the Company's Bankers and Investors and the contribution of all the employees.

By order of the Board of Directors,

For Nikki Global Finance Limited

(Director) (Director)

Place: Delhi

Date: 03/09/2012


Mar 31, 2009

The Directors have pleasure in presenting the Twenty Third Annua) Report together with the Audited Accounts for the year ended March 3 1. 2009:

1 FINANCIAL RESULTS:

Particulars 2008-2009 2007-2008 Rs. in Lacs Rs. in Lacs Gross Income 3.46 5.28 Profit / (Loss) Before Depreciation (1.49) 0.71 and fax Less/Add: Depreciation (0.75) (1.01) PROFIT / (LOSS) BEFORE TAX (2.24) (0.30) PR01TT7(LOSS) AFTER TAX (2.24) (0.37) Add: Surplus /(Deficit)"as per last (120.44) (120.08) account Profit" (Loss) available for (122.68) (120.44) (appropriation Surplus /(Deficit) carried to Balance (122.68) (120.44) Sheet

2. DIVIDEND:

Due to losses your Directors regret their inability to recommend any dividend.

3. BUSINESS OPERATIONS

During the current year the companys gross income decreased to Rs. 3.46 lacs compared to previous years of Rs. 5.28 lacs. The Company is trying to improve its performance. In the coming years the company hopes to increase its revenues. As the share market is performing well, the company hopes to do better during the forthcoming year.

4. DIRECTORS RESPONSIBILITY STATEMENT:

Pursuant to the requirement under Section 217(2AA) of the Companies Act. 1956 with respect to Directors Responsibility Statement, it is hereby confirmed that:

a) in the preparation of the annual accounts for the financial year ended 31st March 2009, the applicable Accounting Standards had been followed along with proper explanation relating to material departures. i

b) the directors had selected such accounting policies and applied them consistently and made judgments and estimates that were 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 loss of the Company for the year under review.

c) 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 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities.

d) the Directors had prepared the accounts for the financial year ended 3lst March. 2009 on a going concern basis.

5. DIRECTORS

During the period under review there was no change in the Board of Directors of the Company. Mr. Adhir Khanna, Director retiring by rotation being eligible for himself for reappointment.

6. AUDITORS AND AUDITORS REPORT:

M/s Singh Bajpai & Associates, Chartered Accountants the retiring Auditors, being eligible offer themselves for appointment. A certificate under section 224(1B) of the Companies Act. 1956. has been obtained from them. The Board recommenlds there appointment in the ensuing Annual General Meeting.

The observations of the Auditors and the relevant notes on the Accounts are self-explanatory and therefore do not call for any further comments.

7. COMPLIANCE CERTIFICATE

As required under the section 383A of the Companies Act, 1956. the Compliance Certificate from M/s D.S. Associates, Company Secretaries in Practice is attached with the Directors Report. Observations of Secretarial Auditor are self- explanatory and do not require any comment.

8. FIXED DEPOSITS:

Your compay has not accepted any deposits from public within the meaning of Section 58-A of the Companies Act. 1956 and the rules framed there under.

9. THE COMPANIES (PARTICULARS OF EMPLOYEES) RULES, 1975 AS AMENDED:

During the year under report, there was no employee drawing a salary exceeding the limits prescribed u/s 217 (2A) of the Companies Act, 1956 read with rules made there under.

10. CONSERVATION OF ENERGY, TECHNOLCY ABSORPTION;

The prescribed information relating to conservation of energy and technology absorption as per 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 Annexed hereto.

11. LISTING

The equity shares of the Company are listed with Bombay Stock Exchange Limited, There are no arrears on account of payment of listing fees to the Stock Exchange.

12. CORPORATE GOVERNANCE:

Pursuant to Clause 49 of the Listing Agreement, with the Stock Exchanges. Report on Corporate Governance has been included in the Annual Report as separate section.

13. ACKNOWLEGEMENT:

Your Directors appreciate the valued co-operation extended by the Companys Bankers and Investors and the Contribution of all the employees.

By Order of the Board of Directors NIKK1 GLOBAL FINANCE LIMITED (Shashwat Agarwal) (Cajya Prasad Gupta) Director Director Place: Delhi Dated: 31/08/2009

 
Subscribe now to get personal finance updates in your inbox!