Mar 31, 2015
Dear Members,
The Directors have the pleasure in presenting the 21st Annual Report
of the Company together with the Audited Accounts for the year ended
31st March, 2015.
FINANCIAL RESULTS
Amount (Rs. In Lacs)
Particulars 2014-15 2013-14
Operating and other income 208.81 50.22
Profit/(Loss) before Depreciation ,
exceptional and extra 12.13 6.49
ordinary items and tax
Less: Depreciation 4.84 2.58
Profit/(Loss) for the year after
depreciation before Tax 7.29 3.91
and exceptional and extra ordinary items
Less: Exceptional and extra ordinary items ---- ----
Profit/ (Loss) before Tax 7.29 3.91
Less: Transfer to Statutory Reserve 1.45 ----
Less: Provision for taxation 2.25 (0.01)
Profit/(Loss) after Tax 3.58 3.92
FINANCIAL PERFORMANCE WITH RESPECT TO OPERATIONAL PERFORMANCE
During the year under review your company's operating and other income
was of Rs. 208.81 lacs (previous year Rs. 50.22 Lacs). The company has
earned a profit of Rs. 3.58 lacs (Previous year profit of Rs. 3.92
lacs) during the period under review.
DIVIDEND
During the F.Y. 2014-15, the Company has earned profits of Rs. 3.58
lacs but Board of Directors of the Company has decided to retain the
profits for further growth. So, your directors do not recommend any
dividend to the share holders.
TRANSFER OF UNCLAIMED DIVIDEND TO INVESTOR EDUCATION AND PROTECTION
FUND
Since there was no Dividend declared and paid last year, the provisions
of Section 125 of the Companies Act, 2013 does not apply.
TRANSFER TO RESERVES IN TERMS OF SECTION 134 (3) (J) OF THE COMPANIES
ACT, 2013
During the F.Y 2014-15, the company has earned profits of Rs. 3.58 lacs
and Rs.1.45 lacs is being transferred to Statutory Reserves.
CHANGES IN SHARE CAPITAL
There is no change in the Share capital of the company during the
Financial Year 2014-15.
PARTICULARS OF LOAN, GUARANTEES AND INVESTMENTS UNDER SECTION 186
Company being a NBFC, provisions of section186 does not applicable
except provision (1), which states company cannot invest in more than
two layers of investment company. Company has not done any investments
during the period under review.
AUDITOR'S
I) Statutory Auditors
The appointment of Parmod G Gupta & Associates, Chartered Accountants,
Ludhiana as statutory auditors of the Company, is being ratified by
members of the your company at the forthcoming Annual General Meeting.
ii) Secretarial Auditors
B.K Gupta & Associates, Company Secretaries, Ludhiana has been
appointed as Secretarial Auditors of the company by board to conduct
the secretarial audit for the financial year 2014-15.
iii) Internal Auditors
Sh. Umesh Sharma, has been appointed as an Internal Auditor of the
company under section 138 of Companies Act, 2013 to conduct internal
audit of functions and activities of the company.
PARTICULARS OF EMPLOYEES AND RELATED DISCLOSURES
Pursuant to Section 197(12) of the Act, read with rule 5(1) of the
Companies (Appointment and Remuneration of Managerial Personnel) Rules,
2014, every listed company required to disclose information related to
remuneration paid during the year. The detailed information in this
regard is annexed to this report as "Annexure I".
RELATED PARTY TRANSACTIONS
All contracts / arrangements / transactions entered by the Company
during the financial year with related parties were in the ordinary
course of business and on an arm's length basis. The Board of Directors
of the company has adopted Related Party Transaction Policy and same is
available on the following link
http://www.northlink.co.in/related-party-policy.pdf.
Further all the necessary details of transaction entered with the
related parties as defined under Section 188 of the Companies Act, as
defined under Section 2 (76) of the said Act are attached herewith in
form No.AOC-2 for your kind perusal and information as "Annexure II".
DETAILS AND INFORMATION AS REQUIRED UNDER SECTION 134(3) (l) OF THE
COMPANIES, ACT 2013
No material changes and commitments have taken place between the end of
the financial year of the Company to which balance sheet relates and
date of report, which affects the financial position of the Company.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS AND OUTGO
The particulars as required under the provisions of Section 134(3) (m)
of the Companies Act, 2013 in respect of conservation of energy and
technology absorption has not been furnished considering the nature of
activities undertaken by the company during the year under review.
There are no foreign exchange earnings.
EXTRACT OF ANNUAL RETURN
The extract of Annual Return, in format MGT-9, for the financial year
2014-15 has been enclosed with this report as "Annexure III".
DETAILS OF SUBSIDIARY/JOINT VENTURES/ASSOCIATE COMPANIES
The Company has no Subsidiary/Joint Venture or Associate companies.
DETAILS OF DIRECTORS AND KEY MANAGERIAL PERSONNEL
- Sh.Sunil Dutt Maria, Whole Time Director and Ms.Ridhima Aggarwal were
appointed as CFO and Company Secretary respectively w.e.f 01.08.2014.
- Sh. Jatan Kumar, Sh. Balwinder Singh, Sh. Rahul Sharma resign from
their directorship w.e.f 02.07.2015
- Sh. Sunil Dutt Maria, Whole-Time Director and CFO of the Company
resigns and appointed as CEO of the Company w.e.f 02.07.2015.
- Smt. Anuradha Rani, Whole-Time Director resigns from her directorship
and appointed as CFO of the Company w.e.f 02.07.2015.
Pursuant to Sub-section (10) of section 149 of the Companies Act, 2013
provides that IDs shall hold office for a term of up to five
consecutive years on the board of a company and shall be eligible for
re-appointment on passing of special resolution by the shareholders of
the company. Further, sub-section (13) of section 149, provides that
the provisions of retirement by rotation as defined in sub- sections
(6) and (7) of section 152 of Companies Act, 2013 shall not apply to
IDs.
Accordingly none of the IDs retire at ensuing AGM.
STATEMENT IN RESPECT OF ADEQUACY OF INTERNAL FINANCIAL CONTROL WITH
REFERENCE TO THE FINANCIAL STATEMENTS
The Company has in place adequate internal financial controls with
reference to financial statements. During the year, such controls were
tested and no reportable material weaknesses in the design or operation
were observed.
NUMBER OF MEETINGS
During the Financial year 2014-2015 under review, 09 meetings of Board
of Directors and 6 Meetings of Audit Committee of the Company were
held. Detailed information about the meetings is given in corporate
governance report which forms the part of Annual Report.
RISK MANAGEMENT POLICY
The Board of Directors of your Company in its meeting held on
14.08.2015 has adopted the Risks Management Policy. The policy
establishes the process for the management of risk faced by the
Company. The aim of risk management is to maximize opportunities in all
activities and to minimize adversity. This policy applies to all
activities and processes associated with the normal operations of North
link Fiscal and Capital Services Limited. The Board of Directors has
adopted Risk Management Policy and same is available on the following
link http://www.northlink.co.in/fair-practices.php
The purpose of the Committee is to assist the Board of Directors in
fulfilling its responsibilities with regard to enterprise risk
management. Further, the Committee strives to assist the Board in
framing, implementing and monitoring the risk management plan for the
Company and reviewing and guiding the risk policy.
EVALUATION BY BOARD OF ITS OWN PERFORMANCE, ITS COMMITTEE AND
INDIVIDUAL DIRECTORS WITH REFERENCE TO SECTION 134 (3) (p) OF THE
COMPANIES ACT, 2013 AND RULE 8(4) OF THE COMPANIES (ACCOUNTS) RULES
2014 AND CLAUSE 49 OF IV(B) OF THE LISTING AGREEMENT
Pursuant to the above said provisions of the Companies Act, 2013, rules
thereof and Clause 49 of the Listing Agreement, the Board has carried
out an evaluation of its own performance, directors individually as
well as the evaluation of the committees as per the criteria laid down
in the Nomination Remuneration Evaluation policy. Further the
Independent directors have also reviewed the performance of the
Non-Independent Directors and Board as a whole including reviewing the
performance of the Chairperson of the company taken into account the
views of an Executive Directors and Non Executive Directors vide there
separate meeting held on 31.03.2015.
SECRETARIAL AUDIT REPORT
Secretarial Audit Report in format MR-3 by B.K Gupta & Associates,
Company Secretaries, Ludhiana, Secretarial Auditor is annexed with the
Board Report. Secretarial Audit Report is annexed herewith as "Annexure
IV".
COMPANY POLICY REALTING TO DIRECTOR APPOINTMENT, PAYMENT OF
REMUNERATION AND DISCHARGE OF THEIR DUTIES
- The Nomination and remuneration Committee of the Company has
Formulated the Nomination and Remuneration Policy on Director
appointment and remuneration including the criteria for determining
qualification positive attributes independence of a director and other
matters as provided under section 178(3) of the companies Act, 2013.
- The Nomination and Remuneration Policy is annexed hereto and form of
this report as
"Annexure-V".
AUDIT COMMITTEE
Audit Committee of the company is re-constituted on 02.07.2015 with the
objectives to monitor, supervise and effective management of company's
finance, to ensure effective internal financial controls and risk
management systems with high level of transparency and accuracy.
The Audit Committee comprised of:
1. Sh. Jatinder Kumar Mehra (Chairman)
2. Sh. Bahart Soni (Member)
3. Smt. Shamli Maria (Member)
The composition of the Audit Committee consists of independent
Directors viz., Sh. Jatinder Kumar and Sh. Bharat Soni who form the
majority. The Committee met six times during the year, the details of
which are given in the Corporate Governance Report that forms part of
this Annual Report.
VIGIL MECHANISM
The company has established a vigil mechanism and overseas through the
committee, the genuine concerns expressed by the employees and other
directors. The Company has also provided adequate safeguards against
victimization of employees and directors who express their concerns.
The Company has also provided direct access to the chairman of the
Audit Committee on reporting issues concerning the interests of company
employees and the Company.
The Board of Directors of the Company has adopted Whistle Blower policy
and same is available on the following link:
http://www.northlink.co.in/Whistle%20Blower%20Policy.pdf.
CORPORATE GOVERNANCE REPORT
Pursuant to Clause 49 of the Listing Agreement, the report on Corporate
Governance together with Auditor's Certificate on compliance with this
regard and Managing Director's declaration in this regarding compliance
of code of conduct by Board Members and Senior Management Personnel is
attached and forms part of this Annual Report.
DIRECTORS RESPONSIBILITY STATEMENT
Pursuant to Section 134(5) of the Companies Act, 2013 the Board of
Directors of the Company confirms that- (a) In the preparation of the
annual accounts, the applicable accounting standards had been followed
along with proper explanation relating to material departures;
(b) They 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 and loss
of the company for that period;
(c) They 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;
(d) They had prepared the annual accounts on a going concern basis; and
(e) They had laid down internal financial controls to be followed by
the company and that such internal financial controls are adequate and
were operating effectively.
(f) They had devised proper systems to ensure compliance with the
provisions of all applicable laws and that such systems were adequate
and operating effectively.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
Management Discussion and Analysis Report as per Clause 49 of the
Listing Agreement are given in the Annexure forming part of this
Report.
GENERAL DISCLOSURE
Your Director state that No Disclosure or reporting is required in
respect of the following items as there were no transaction on these
items during the year under Review
1. Details relating to Deposits covered under Chapter V of the
Companies Act,2013 and provisions of RBI Act, 1934.
2. Issue of Equity Shares with Differential right, as to dividend,
voting or otherwise
3. Issue of shares with including sweat equity shares to employees of
the company under any scheme
4. No significant or Material order were passed by the regulators or
courts or tribunal which impact the going concern states and company's
operation in future, your director further state that during the year
under review, there were no case filed pursuant o sexual harassment of
women at workplace (Prevention, prohibition and Redressal) Act, 2013.
ACKNOWLEDGEMENTS
Directors acknowledge with gratitude, the continuing co-operation and
assistance rendered by Financial Institutions, Banks, Government
Agencies, Suppliers and other organizations in the working of the
Company.
By Order of the Board
For NORTHLINK FISCAL AND CAPITAL SERVICES LIMITED
sd/- sd/-
(Sunny Maria) (Shamli Maria)
Managing Director Director
DIN: 01006699 DIN: 02915048
Place: Ludhiana 62-B, Kitchlu Nagar 62-B, Kitchlu Nagar
Date: 14.08.2015 Ludhiana- 141001 Ludhiana- 141001
Mar 31, 2014
Dear Members,
The Directors have the pleasure in presenting the 20th Annual Report
of the Company together with the Audited Accounts for the year ended
31st March, 2014.
FINANCIAL RESULT
Amount (Rs. In Lacs)
Particulars 2013-2014 2012-2013
Operating income and other income 50.22 8.97
Profit/(Loss) before Depreciation 6.49 1.91
Less: Depreciation 2.58 0.12
Profit/(Loss) for the year before Tax 3791 1.79
Less: Provision for taxation 1.57 0.74
Less: Deferred Tax (1.59)
Profit/(Loss) after Tax 3.92 1.04
OPERATIONAL REVIEW
During the year under review your company's operating income was of Rs.
50.22 lacs. The company has gained a profit of Rs.3.92 lacs during the
period under review.
DIRECTORS
i) Smt. Geeta Rani, Director of your company, retires by rotation at
the conclusion 0f forthcoming Annual General Meeting & being eligible
offers himself for re-appointment.
ii) Sh. Jatinder Kumar Mehra, Sh. Jatan Kumar, Sh. Rahul Sharma, Sh.
Balwinder Singh and Sh. Bharat Soni are proposed to be appointed as
Independent Directors for a term of five years.
iii) Sh. Sunil Dutt Maria has been appointed as CFO of company w.e.f
01.08.2014.
DIVIDEND
In the absence of adequate profits during the year under review your
directors do not recommended any dividend to the share holders.
PUBLIC DEPOSITS
The Company has not accepted any deposits during the year under review.
AUDITORS
M/s Parmod G. Gupta & associates, Chartered Accountants, Ludhiana are
proposed to be appointed as Auditors of the Company from the conclusion
of the 20th Annual General Meeting till the conclusion of the 25th
Annual General Meeting of the Company, subject to ratification of the
appointment by the members at every AGM held after the 20th AGM.
As required under Section 139 of the Companies Act, 2013, the Company
has obtained a written consent from M/ s Parmod G. Gupta & associates,
Chartered Accountants, Ludhiana to such appointment and also a
certificate to the effect that their appointment, if made, would be in
accordance with Section 139(1) of the Companies Act, 2013 and the rules
made there under, as may be applicable.
AUDITORS' REPORT
The Auditors' Report to the members on the Accounts of the Company for
the financial year ended March 31st, 2014 does not contain any
qualification. As regards Auditor's observation, the relevant notes on
the accounts are self- explanatory and therefore do not call for any
further comments.
DIRECTORS RESPONSIBILTY STATEMENT
Pursuant to the provisions of Section 217(2AA) of the Companies Act,
1956 and forming part of the Directors Report for the year ended 31st
March, 2014.
i. That in preparation of the 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 as at 31st March,2014 and other Statements of
Accounts of the Company for the year ended 31st March, 2014.
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 in 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.
COMPOSITION OF AUDIT COMMITTEE
The composition of the Audit committee as on 14th August 2014 is as
under:-
1. Sh. Jatan Kumar (Chairman)
2. Sh. Jatinder Kumar Mehra (Member)
3. Sh. Sunil Dutt Maria (Member)
COMPOSITION OF NOMINATION AND REMUNERATION COMMITTEE
The composition of the Nomination & Remuneration committee as on 14th
August 2014 is as under:
1. Sh. Jatinder Kumar Mehra (Chairman)
2. Sh. Rahul Sharma (Member)
3. Sh. Bharat Soni (Member)
COMPOSITION OF SHARE TRANSFER & SHAREHOLDERS/INVESTORS GREIVANCE
COMMITTEE
The composition of Share Transfer & Shareholders/Investors Grievance
Committee as on 14th August 2014 is as under:-
1. Sh. Rahul Sharma (Chairman)
2. Sh. Bharat Soni (Member)
3. Sh. Balwinder Singh (Member)
PAYMENT OF LISTING FEE
The Company has paid listing fees to the Delhi Stock Exchange Limited
and Ludhiana Stock Exchange limited.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
Management Discussion and Analysis Report as per Clause 49 of the
listing agreement are given in the Annexure forming part of this
Report.
CORPORATE GOVERNANCE REPORT
Corporate Governance Report as per Clause 49 of the listing agreement
is given in the Annexure Forming part of this Report.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNING
AND OUTGO
Information as per Section 217(1) (e), read with Companies (Disclosure
of Particulars in the report of Board of Directors) Rules, 1988 have
not been given as they are not applicable on the Company.
PERSONNEL
The Management-Employees relations remained very cordial throughout the
year. Your Directors wish to place on record their appreciation of
sincere and devoted services rendered by all the workers and staff at
all levels.
PARTICULARS OF EMPLOYEES U/S 217(2A) OF THE COMPANIES ACT, 1956
There was no employee who falls under Section 217(2A) of the Companies
Act, 1956 read with Companies (Particulars of Employees) (Amendment)
Rules, 2002.
ACKNOWLEDGEMENTS
Your Directors acknowledge with gratitude, the continuing co-operation
and assistance rendered by Financial Institutions, Banks, Government
Agencies and employees in the working of the Company.
For and on Behalf of the Board
For NORTHLINK FISCAL AND CAPITAL SERVICES LIMITED
Place: Ludhiana Sd/-
Date: 14.08.2014 (Sunil Dutt Maria)
Chairman
DIN: 02276398
H. No. 62-B, Kitchlu Nagar,
Ludhiana- 14100:
Mar 31, 2013
Dear Members,
The Directors have the pleasure in presenting the 19th Annual Report of
the Company together with the Audited Statements of Accounts for the
year ended 31st March, 2013.
FINANCIAL RESULTS
(Amount Rs. In Lacs)
Particulars Year Ended Year Ended
31.03.2013 31.03.2012
Operating income 8.96 4.64
Profit before Depreciation 1.91 0.86
Less: Depreciation 0.12 0.14
Profit for the year before Tax 1.79 0.72
Less: Provision for taxation 0.74 0.25
Profit after Tax 1.04 0.47
OPERATIONAL REVIEW
During the year under review your company''s operating income was of Rs.
8.96 Lacs. The Company has earned a profit of Rs. 1.04 Lacs during the
period under review.
DIRECTORS
Sunil Dutt Maria, Director of your company, retires by rotation at the
conclusion of the forthcoming Annual General Meeting & being eligible
offers himself for re-appointment.
Sunny Maria, Director of your company, retires by rotation at the
conclusion of the forthcoming Annual General Meeting & being eligible
offers himself for re-appointment.
DIVIDEND
In the absence of adequate profits during the year under review your
directors do not recommended any dividend to the share holders.
PUBLIC DEPOSITS
The Company has not accepted any deposits during the year under review.
AUDITORS
M/s. Parmod G. Gupta & Associates, Chartered Accountants, Ludhiana
Statutory Auditors of the Company, hold office until the conclusion of
ensuing Annual General Meeting.
Pursuant to a Special
Notice received from a shareholder, the Audit Committee and the Board
recommend the appointment of M/s. Parmod G. Gupta & Associates.
Chartered Accountants, Ludhiana as statutory auditors of the Company in
place of M/s Vas & Co., Chartered Accountants, Ludhiana.
DIRECTORS RESPONSIBILITY STATEMENT
Directors'' Responsibility Statement pursuant to the provisions of
Section 217(2AA) of the Companies Act, 1956 is enclosed as Annexure and
forms part of the report.
SECRETARIAL COMPLIANCE CERTIFICATE
In term of Section 383 A (1) of the Companies Act, 1956, and companies
Compliance Certificate Rules 2001 the certificate issued by M/s B.K
Gupta & Associates, Company Secretaries, Ludhiana certifying that the
company has complied with all the provisions of the Companies Act, 1956
is annexed to the Report.
REPORT ON CORPORATE GOVERNANCE
A separate report on corporate Governance along with Auditors
Certificate on its compliance is obtained.
CONSERVATION OF ENERGY. TECHNOLOGY ABSORPTION. FOREIGN EXCHANGE EARNING
AND OUTGO
Information as per Section 217(1) (e), read with Companies (Disclosure
of Particulars in the report of Board of Directors) Rules, 1988 have
not been given as they are not applicable on the Company.
PERSONNEL
The Management-Employees relations remained very cordial throughout the
year. Your Directors wish to place on record their appreciation of
sincere and devoted services rendered by all the workers and staff at
all levels.
PARTICULARS OF EMPLOYEES U/S 217(2A) OF THE COMPANIES ACT. 1956
There was no employee who falls under Section 217(2A) of the Companies
Act, 1956 read with Companies (Particulars of Employees) (Amendment)
Rules, 2002.
ACKNOWLEDGEMENTS
Your Directors acknowledge with gratitude, the continuing co-operation
and assistance rendered by Financial Institutions, Banks, Government
Agencies and employees in the working of the Company.
For and on behalf of the Board
For NORTHLINK FISCAL & CAPITAL SERVICES LIMITED
(Sunil Dutt Maria)
Dated: 29.07.2013 Chairman
Place: Ludhiana
Mar 31, 2012
Dear Members,
The Directors have the pleasure in presenting the Annual Report of the
Company together with the audited Statements of Accounts for the year
ended 31st March, 2012.
FINANCIAL RESULTS
(Amount Rs. In Lacs)
Particulars Year Ended Year Ended
31.03.2012 31.03.2011
Operating fit Other income 4.64 5.09
Profit/(Loss) for the year before Tax 0.72 0.34
Less: Provision for taxation 0.25 0.12
Add: Other adjustments - -
Profit/(Loss) after Tax 0.47 0.22
OPERATIONS
During the year under review total income of the Company is Rs. 4.64
Lacs and the Company has incurred a loss of Rs. 0.47 Lacs this year.
DIRECTORS
Smt. Geeta Maria and Sh. Sunil Dutt Maria, Directors of the Company who
retires by rotation at the ensuing Annual General Meeting and being
eligible offers themselves for re-appointment
PUBLIC DEPOSITS
The Company has not accepted any deposits during the year under review.
AUDITORS
The auditor, Vas & co., Chartered Accountants, retire at the conclusion
of this Annual General Meeting and being eligible, offer themselves for
reappointment. They have furnished a certificate to the effect that the
re-appointment if made shall be in accordance with Section 224(1B) of
the Companies Act, 1956. As regards Auditor''s observation, the relevant
notes on the accounts are self- explanatory and therefore do not call
for any further comments.
SECRETARIAL COMPLIANCE CERTIFICATE
In term of Section 383 A (1) of the Companies Act, 1956, and companies
Compliance Certificate Rules 2001 the certificate issued by M/s B.K
Gupta & Associates, Company Secretaries, Ludhiana certifying that the
company has complied with all the provisions of the Companies Act, 1956
is annexed to the Report.
REPORT ON CORPORATE GOVERNANCE
A separate report on corporate Governance alongwith Auditors
Certificate on its compliance is obtained.
DIRECTORS RESPONSIBILTY STATEMENT
Directors'' Responsibility Statement pursuant to the provisions of
Section 217(2AA) of the Companies Act, 1956 is enclosed as Annexure and
forms part of the report.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION. FOREIGN EXCHANGE EARNING
AND OUTGO
Information as per Section 217(1) (e), read with Companies (Disclosure
of Particulars in the report of Board of Directors) Rules, 1988 have
not been given as they are not applicable on the Company.
PERSONNEL
The Management-Employees relations remained very cordial throughout the
year. Your Directors wish to place on record their appreciation of
sincere and devoted services rendered by all the workers and staff at
all levels.
PARTICULARS OF EMPLOYEES U/S 217(2A) OF THE COMPANIES ACT, 1956
There was no employee who falls under Section 217(2A) of the Companies
Act, 1956 read with Companies (Particulars of Employees) (Amendment)
Rules, 2002.
ACKNOWLEDGEMENTS
Your Directors acknowledge with gratitude, the continuing co-operation
and assistance rendered by Banks, Government Agencies and employees of
the Company.
By Order of the Board
For NORTHLINK FISCAL & CAPITAL SERVICES LIMITED
(Sunil Dutt Maria)
Dated: 02.09.2012 Director
Place: Ludhiana
(Sunny Maria)
Director
Mar 31, 2011
Dear Members,
The Directors have the pleasure in presenting the Annual Report of the
Company together with the audited Statements of Accounts for the year
ended 31st March, 2011.
FINANCIAL RESULTS
(Amount Rs. In Lacs)
Particulars Year Ended Year Ended
31.03.2011 31.03.2010
Operating & Other income 5.09 6.01
Profit/(Loss) for the year before Tax 0.34 0.10
Less: Provision for taxation 0.12 0.03
Add: Other adjustments - -
Profit/(Loss) after Tax 0.22 0.07
OPERATIONS
During the year under review total income of the Company is Rs. 5.09
Lacs and the Company has gained a profit of Rs. 0.22 Lacs this year.
DIRECTORS
Sh. Nandesh Maria and Smt. Anjna Rani, Directors of the Company who
retires by rotation at the ensuing Annual General Meeting and being
eligible offers themselves for re-appointment
PUBLIC DEPOSITS
The Company has not accepted any deposits during the year under review.
AUDITORS
The auditor, Vas & co., Chartered Accountants, retire at the conclusion
of this Annual General Meeting and being eligible, offer themselves for
reappointment. They have furnished a certificate to the effect that the
re-appointment if made shall be in accordance with Section 224(1 B) of
the Companies Act, 1956. As regards Auditor''s observation, the relevant
notes on the accounts are self- explanatory and therefore do not call
for any further comments.
SECRETARIAL COMPLIANCE CERTIFICATE
In term of Section 383 A (1) of the Companies Act, 1956, and companies
Compliance Certificate Rules 2001 the certificate issued by M/s B.K
Gupta & Associates, Company Secretaries, Ludhiana certifying that the
company has complied with all the provisions of the Companies Act, 1956
is annexed to the Report.
REPORT ON CORPORATE GOVERNANCE
A separate report on corporate Governance alongwith Auditors
Certificate on its compliance is obtained.
DIRECTORS RESPONSIBILTY STATEMENT
Directors'' Responsibility Statement pursuant to the provisions of
Section 217(2AA) of the Companies Act, 1956 is enclosed as Annexure and
forms part of the report.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNING
AND OUTGO
Information as per Section 217(1) (e), read with Companies (Disclosure
of Particulars in the report of Board of Directors) Rules, 1988 have
not been given as they are not applicable on the Company.
PERSONNEL
The Management-Employees relations remained very cordial throughout the
year. Your Directors wish to place on record their appreciation of
sincere and devoted services rendered by all the workers and staff at
all levels.
PARTICULARS OF EMPLOYEES U/S 217(2A) OF THE COMPANIES ACT, 1956
There was no employee who falls under Section 217(2A) of the Companies
Act, 1956 read with Companies (Particulars of Employees) (Amendment)
Rules, 2002.
ACKNOWLEDGEMENTS
Your Directors acknowledge with gratitude, the continuing co-operation
and assistance rendered by Banks, Government Agencies and employees of
the Company.
By Order of the Board
For NORTHLINK FISCAL & CAPITAL SERVICES LIMITED
(Sunny Maria)
Dated: 01.09.2011 Director
Place: Ludhiana
(Sunil Dutt Maria)
Director
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