Mar 31, 2015
Dear Members,
The Board of Directors has the pleasure in presenting the Thirty First
Annual Report together with the Audited Financial Statements of your
Company for the financial year ended 31st March, 2015.
PERFORMANCE HIGHLIGHTS
The highlights of performance of the Company for the financial year
2014-15 were as under with comparative position of previous year's
performance:-
Particulars 2014-15 2013-14
Operating Income 1,66,48,320 1,55,01,536
Other Income 3,12,729 -
Total Income 1,69,61,049 1,55,01,536
Less: Total Expenses 1,53,68,052 1,22,02,995
Profit/(loss) before 15,92,997 32,98,541
Depreciation & Taxes
Less: Depreciation 6,81,075 2,47,484
Less: Current tax 482429 9,26,673
Less: Deferred Tax (49915) (16,103)
Profit/(Loss) for the year 4,79,408 21,40,487
PERFORMANCE REVIEW
The year 2014-15 was a year with excellent financial results as far as
your Company is concerned. The Gross Income for this period was Rs.
1,69,61,049 as against Rs. Rs. 15,501,536 in the year 2013-14. The
Total Expenditure for the period was Rs. 1,60,49,127. The Company had
posted a record profit after tax of Rs. 4,79,408/- during the year.
DIVIDEND
The Board of Directors of your Company has decided to retain and plough
back the profits into the business of the Company, thus no dividend is
being recommended for this year.
RESERVES
The Company has transferred Rs. 20,92,262 reserves to the special
reserve. CHANGES IN SHARE CAPITAL
During the year under review, your company has not made any material
changes in the share capital of the Company.
EXTRACT OF ANNUAL RETURN
Pursuant to Section 134(3)(a) and Section 92(3) of the Companies Act,
2013 read with Rule 12 of the Companies (Management and Administration)
Rules, 2014,the extract of the Annual Return as at March 31, 2015, in
the prescribed form MGT 9, forms part of this report and is annexed as
"Annexure - A".
NUMBER OF MEETINGS OF THE BOARD OF DIRECTORS
The Board of Directors met Eight (8) times in the year 2014 - 2015. The
details of the Board Meetings and the attendance of the Directors are
provided in the Corporate Governance Report.
AUDIT COMMITTEE
The Audit Committee met Seven (7) times in the year 2014 - 2015. The
details of the Audit Committee and the attendance of its members are
provided in the Corporate Governance Report.
NOMINATION AND REMUNERATION COMMITTEE
During the year Company has changed the name of the Committee as
"Nomination and Remuneration Committee" from "Remuneration Committee"
in the meeting of the board of Directors held on September 05, 2014.
The Nomination and Remuneration Committee met Five (5) times in the
year 2014 - 2015. The details of the Nomination and Remuneration
Committee and the attendance of its members are provided in the
Corporate Governance Report. PARTICULARS OF LOANS, GUARANTEES OR
INVESTMENTS UNDER SECTION 186
Details of Loans, Guarantees and Investments covered under the
provisions of Section 186 of the Companies Act, 2013 are given in the
notes to the Financial Statements. PARTICULARS OF CONTRACTS OR
ARRANGEMENTS WITH RELATED PARTIES
There is no particular of contracts or arrangements with related
parties referred to in Section 188(1) of the Companies Act 2013 for the
Financial Year 2014-15. EXPLANATION OF AUDITOR'S REPORT
The Notes on Financial Statements referred to in the Auditors' Report
are self- explanatory and do not call for any further comments.
MATERIAL CHANGES AND COMMITMENTS
No other material changes and commitments affecting the financial
position of the Company have occurred between April 1, 2014 and the
date on which this report has been signed.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS AND OUTGO-INFORMATION AS PER SECTION 134(3) (m) OF THE
COMPANIES ACT, 2013
The Company, being engaged, in the industrial financing does not have
any energy utilization or technology absorption. The Company during the
year under consideration has not earned or spent any foreign exchange.
SUBSIDIARIES
Your Company does not have any subsidiary / subsidiaries within the
meaning of the Companies Act, 2013.
POLICIES OF THE COMPANY
Your Company has posted the following documents on its website
www.pawansutholdings.com:
1. Code of Conduct
2. Vigil Mechanism Policy
3. Fair Practice Code as per RBI Norms.
RISK MANAGEMENT POLICY
Effective risk management is essential to success and is an integral
part of our culture. While we need to accept a level of risk in
achieving our goals, sound risk management helps us to make the most of
each business opportunity, and enables us to be resilient and respond
decisively to the changing environment.
Our approach to risk management assists us in identifying risks early
and addressing them in ways that manage uncertainties, minimize
potential hazards, and maximize opportunities for the good of all our
stakeholders including shareholders, customers, suppliers, regulators
and employees. Risks can be broadly classified as Strategic,
Operational, Financial, and Legal/Regulatory.
In accordance with the requirements of the Companies Act, 2013 and
Listing Agreement Company has adopted risk management policy, approved
by Board of Directors and established a risk management framework to
identify, mitigate and control the risk and threatens of risk.
REMUNERATION POLICY
The Board has, on the recommendation of the Nomination & Remuneration
Committee framed a policy for selection and appointment of Directors,
Senior Management and their remuneration. The Remuneration Policy is
stated in the Corporate Governance Report.
DIRECTORS
The current composition of the Board of Directors of your Company is as
under:-
SI. Name of Director Designation Date of
No. Appointment
1. Mr. Laxman Singh Satyapal Chairman &
Managing
Director 18/12/2000
2. Mr. Pradeep Kumar Jindal Executive 30/08/2006
Director
3. Mr. Uttam Kumar Srivastava Independent 20/03/2011
Director
4. Mr. Pawan Kumar Poddar Independent 20/03/2011
Director
5 Ms. Seema Khandelwal Independent 29/05/2014
Director
A) Key Managerial Personnel
The Board appointed the below mentioned persons as the key managerial
personnel of the Company under section 203 of the Companies act, 2013
as on November 13, 2014.
Sr. No. Name of the Person Designation
1 Mr. Laxman Singh Satyapal Managing Director
2 Ms. Shweta Gupta Company Secretary
3 Mr. Vinit Kumar Sharma Chief Financial Officer
B) CESSATION
Ms. Renu Jindal, Director (DIN NO, 01843439) was not in a position to
devote her time to the affairs of the Company due to some unavoidable
reasons. Accordingly, She is submitting her resignation to the Company
as on May 29, 2014.
The Board placed on record its appreciation for the valuable services
rendered by her.
C) RETIREMENT BY ROTATION
In accordance with the provisions of section 152(6) of the Companies
Act, 2013, Mr. Pradeep Kumar Jindal (DIN 00049715) will retire by
rotation at the ensuing Annual General Meeting of the Company and being
eligible, offers himself for re-appointment. The Board recommends
their re-appointment.
DETAILS OF SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR
COURTS OR TRIBUNALS IMPACTING THE GOING CONCERN STATUS AND COMPANY'S
OPERATIONS IN FUTURE
There is no order passed by any regulator or court or tribunal against
the Company, impacting the going concern concept or future operations
of the Company.
INTERNAL CONTROL SYSTEMS
The Company's internal control systems are conducted by Ms. Veena,
Internal Auditor. The Internal Auditor independently evaluates the
adequacy of internal controls and reviews major transactions. The
Internal Auditor reports directly to the Audit Committee to ensure
complete independence.
PUBLIC DEPOSITS
Your Company did not accept any deposits from public in term of the
provisions of section 73 of the Companies act, 2013 and to this effect
an undertaking is given to the Reserve Bank of India.
DECLARATION BY AN INDEPENDENT DIRECTOR(S)
The Board of Directors declare that the Independent Directors Mr. Uttam
Kumar Srivastava, Mr. Pawan Kumar Poddar and Mrs. Seema Khandelwal are:
(a) in the opinion of the Board, are persons of integrity and possesses
relevant expertise and experience;
(b) (i) who were or were not a promoter of the company or its holding,
subsidiary or associate company
(ii) who are not related to promoters or directors in the company, its
holding, subsidiary or associate Company;
(c) Who have or had no pecuniary relationship with the company, its
holding, subsidiary or associate company or their promoters or
directors, during the two immediately preceding financial years or
during the current financial year;
(d) None of whose relatives has or had pecuniary relationship or
transaction with the company, its holding, subsidiary or associate
company or their promoters, or directors, amounting to two percent or
more of its gross turnover of total income or fifty lakh rupees or such
higher amount as may be prescribed, whichever is lower, during the two
immediately preceding financial years or during the current financial
year;
(e) Who, either himself nor any of his relatives -
(i) holds or has held the position of a key managerial personnel or is
or has been employee of the company or its holding, subsidiary or
associate company in any of the three financial year immediately
preceding the financial year in which he is proposed to be appointed;
(ii) is or has been an employee or propriety or a partner, in any of
the three financial years immediately preceding the financial year in
which he is proposed to be appointed, of -
(A) a firm of auditors or company secretaries in practice or cost
auditors or the company or its holding, subsidiary or associate
company; or
(B) any legal or a consulting firm that has or had any transaction with
the company, its holding, subsidiary or associate company amounting to
ten percent or more of the gross turnover of such firm;
(iii) holds together with his relative two per cent, or more of the
total voting power of the company; or
(iv) is a Chief Executive or director, by whatever name called, of any
nonprofit organization that receives twenty-five percent or more of its
receipts from the company, any of its promoters, directors or its
holding, subsidiary or associate company or that holds two per cent or
more of the total voting power of the company; or
(f) who possesses such other qualification as may be prescribed.
AUDITORS
M/s. S. K. Singla & Associates, Chartered Accountants (Firm
Registration No. 005903N), Statutory Auditors at the last Annual
General Meeting held on 30.09.2014 for a period of five years subject
to ratification by members at every consequent Annual General Meeting.
Therefore, ratification of appointment of Statutory Auditors is being
sought from the members of the Company at the ensuing AGM.
SECRETARIAL AUDIT
Pursuant to the provisions of Section 204 of the Companies Act, 2013
and the Rules made thereunder, Mr. Ankit Agarwal, Company Secretary in
Practice (ACS 32360; C P No. 12118), Delhi, has been appointed to
conduct a secretarial audit of the Company's Secretarial and related
records for the year ended 31 March, 2015. The Practicing Company
Secretary has submitted his Report on the secretarial audit conducted
by him which is annexed to this Board's Report.
PERFORMANCE EVALUATION OF THE DIRECTORS ETC
The Nomination and Remuneration Committee has laid down the criteria for
performance evaluation of the individual Directors and the Board. The
framework of performance evaluation of the Independent Directors
captures the following points:
A) Key attributes of the Independent Directors that justify his / her
extension / continuation on the Board of the Company;
B) Participation of the Directors in the Board proceedings and his /
her effectiveness; The evaluation was carried out by means of the
replies given / observations made by all the Independent Directors on
the set of questions developed by them which brought out the key
attributes of the Directors, quality of interactions among them and its
effectiveness.
VIGIL MECHANISM
The Company already has put in place a policy prohibit managerial
personnel from taking adverse personnel action employees disclosing in
good faith, alleged wrongful conduct on matters of public concern
involving violation of any law, mismanagement, misappropriation of
public funds, among others.
Employees aware of any alleged wrongful conduct are encouraged to make
a disclosure to the Audit Committee.
No personnel of the Company were denied access to the Audit Committee.
Your Company has maintained Vigil Mechanism and posted its Policy on
website
www.pawansutholdings.com
CORPORATE GOVERNANCE
Pursuant to Clause 49 of the Listing Agreement with the Stock
Exchanges, a separate section titled Report on Corporate Governance has
been included in this Annual Report. Your Directors are pleased to
report that as on March 31, 2015, your Company is fully compliant with
the SEBI Guidelines on Corporate Governance.
CORPORATE GOVERNANCE CERTIFICATE
The Compliance certificate from the auditors or practicing company
secretaries regarding compliance of conditions of corporate governance
as stipulated in Clause 49 of the Listing agreement is annexed with the
report.
RBI NORMS AND ACCOUNTING STANDARDS
To comply with RBI directions, your company closed its accounts for the
full year ending March 2015, and your Company continues to comply with
the directives issued as well as the norms prescribed by Reserve Bank
of India for NBFCs.
RBI GUIDELINES
Your Company is complying with all the guidelines of the Reserve Bank
of India for Non Banking Finance Company. In terms of Para 13 of the
NBFC Regulations, the particulars as applicable to the Company are
appended to the Balance Sheet. NON-BANKING FINANCIAL COMPANIES
AUDITORS' REPORT (RESERVE BANK) DIRECTIONS, 1998
Pursuant to the Non Banking Financial Companies Auditors' Report
(Reserve Bank) Directions, 1998, a report from the statutory auditors
to the Board of Directors, has been received by the Company.
EMPLOYEE REMUNERATION
(A) . The ratio of the remuneration of each director to the median
employee's remuneration and other details in terms of sub-section 12 of
Section 197 of the Companies Act, 2013 read with Rule 5(1) of the
Companies (Appointment and Remuneration of Managerial Personnel) Rules,
2014, are forming part of this report and is annexed as "Annexure - B"
to this Report.
(B) . The statement containing particulars of employees as required
under Section 197(12) of the Companies Act, 2013 read with Rule 5(1)
and Rule 5 (3) of the Companies (Appointment and Remuneration of
Managerial Personnel) Rules, 2014, forms part of this report. In terms
of Section 136 of the Companies Act, 2013 the same is open for
inspection at the Registered Office of the Company. Copies of this
statement may be obtained by the members by writing to the Company
Secretary.
(C) There are no employees employed throughout the financial year and
in receipt of remuneration of Rs. 60 lacs or more, or employed for part
of the year and in receipt of Rs. 5 lacs or more a month, to be
reported under Rule 5(2) of the Companies (Appointment and Remuneration
of Managerial Personnel) Rules, 2014
DISCLOSURE UNDER THE SEXUAL HARASSMENT OF WOMAN AT WORKPLACE
(PREVENTION, PROHIBITION AND REDRESSAL) ACT, 2013
The Company has only 5 women employees. . So, The Company has not fall
in requirements of the Sexual Harassment of Women at the Workplace
(prevention, prohibition & Redressal) Act, 2013. No employees
(permanent, contractual, temporary, trainees) are covered under this
policy.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
Management's Discussion and Analysis Report for the year under review,
as stipulated under Clause 49 of the Listing Agreement with the Stock
Exchanges in India, annexed to this Directors' Report, provides a more
detailed review of the operating performance.
BUSINESS RESPONSIBILITY STATEMENT
SEBI, vide its Circular CIR/CFD/DIL/8/2012 dated August 13, 2012,
mandated the top 100 listed entities, based on market capitalisation at
BSE and NSE, to include Business Responsibility Report (BRR) as part of
the Annual Report describing the initiatives taken by the companies
from Environmental, Social and Governance perspective. Pursuant to the
above, the Stock Exchanges included in the Listing Agreement a
suggested framework of a BRR.
DIRECTORS RESPONSIBILITY STATEMENT
Pursuant to Section 134(5) of the Companies Act 2013, your Directors
confirm that:
i) In the preparation of the annual accounts, the applicable accounting
standards have been followed.
ii) The Directors have 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 account of the company for that period.
iii) The Directors have 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.
iv) The Directors have prepared the annual accounts on a going concern
basis.
v) The Directors, have laid down internal financial controls to be
followed by the company and that such internal financial controls are
adequate and were operating effectively.
vi) The directors have devised proper systems to ensure compliance with
the provisions of all applicable laws and that such systems were
adequate and operating effectively.
Your Directors thank Customers, and all the Stakeholders for their
continued support to your Company's performance and growth. The
Directors also wish to place on record their sincere appreciation of
the commitment and enthusiasm of all employees for their significant
role in the Company's growth till date.
For and on behalf of the Board of Directors
For Pawansut Holdings Limited
Sd/- Sd/-
(Laxman Singh Satyapal) (Pradeep Kumar Jindal)
Chairman & Managing Director Director
Din No: 00007258 Din No: 00049715
Place: Delhi
Date : 02.09.2015
Mar 31, 2014
Dear Members,
The Board of Directors has the pleasure in presenting the Thirtieth
Annual Report together with the Audited Financial Statements of your
Company for the financial year ended 31st March, 2014.
PERFORMANCE HIGHLIGHTS
The highlights of performance of the Company for the financial year
2013-14 were as under with comparative position of previous year''s
performance:-
PARTICULARS 2013-2014 2012-2013
Operating Income 1,55,01,536 1,54,19,710
Other Income - 766
Total Income 1,55,01,536 1,54,20,476
Less: Total Expenses 1,28,32,727 1,01,68,656
Profit/(loss) before Depreciation & Taxes 26,68,809 52,51,820
Less: Depreciation 247,484 2,85,141
Less: Current tax 947,320 16,14,472
Less: Deferred Tax (4,541) 72,723
Profit/(Loss) for the year 1,478,546 32,79,484
PERFORMANCE REVIEW
The year 2013-14 was a year with excellent financial results as far as
your Company is concerned. The Gross Income for this period was Rs.
15,501,536 as against Rs. 15,420,476 in the year 2012-13. The Total
Expenditure for the period was Rs. 13,080,211. The Company had posted a
record profit after tax of Rs. 1,478,546/- as against Rs. 3,279,484
over the previous year.
DIVIDEND
Your directors do not declare any dividend for the year with a view to
conserve the resource for future growth plans of the company.
PUBLIC DEPOSITS
Your Company did not accept any deposits from public in term of the
provisions of section 73 of the Companies act, 2013 and to this effect
an undertaking is given to the Reserve Bank of India.
RISK AND CONCERNS
The world today is more uncertain and volatile than anytime before.
Although the prospects and future of many developing economies
including India are brighter today, there are several challenges before
the world that needs to be addressed. There is increased competition
for natural resources and increasingly volatile and uncertain economic
as well as a fragile socio-political environment. For India, there are
domestic concerns which can challenge the high growth trajectory the
country has seen in the recent years. To maintain a sustainable growth
trajectory and push economy forward the country needs to push forward
critical governance reforms which have been pending for long.
RBI NORMS AND ACCOUNTING STANDARDS
To comply with RBI directions, your company closed its accounts for the
full year ending March 2014, and your Company continues to comply with
the directives issued as well as the norms prescribed by Reserve Bank
of India for NBFCs.
CORPORATE SOCIAL RESPONSIBILITY
PHL understands the changing business scenario and the need to
collaborate with its stakeholders to ensure long-term sustainable
growth. The Company has identified issues material to the business,
prioritized through effective stakeholder engagement and have taken
effective steps to address it. We believe in the trusteeship concept.
This entails enlarging business interests and grappling with the
"quality of life" challenges that underserved communities face, and
working towards making a meaningful difference to them Board of
Directors, the Management and all of the employees subscribe to the
philosophy of compassionate care. We believe and act on an ethos of
generosity and compassion, characterized by a willingness to build a
society that works for everyone. This is the cornerstone of our CSR
policy.
DIRECTORS
The current composition of the Board of Directors of your Company is as
under:-
SI. Name of Director Designation Date of
No. Appointment
1. Mr. Laxman Singh Satyapal Chairman &
Managing Director 18/12/2000
2. Mr. Pradeep Kumar Jindal Executive Director 30/08/2006
3. Mr. Uttam Kumar Srivastava Independent Director 20/03/2011
4. Mr. Pawan Kumar Poddar Independent Director 20/03/2011
5. Ms. Seema Khandelwal Independent Director 29/05/2014
* The Following Change took place in the Board of Directors of your
Company during the year:
The Regularisation of Ms. Seema Khandelwal would take place in the
forthcoming Annual General meeting who has been appointed as an
Additional Director as on Date May 29, 2 014.
DIRECTORS RETIRING BY ROTATION
As per Section 152 of the Companies Act, 2013, Mr. Pradeep Kumar
Jindal, Executive Director of the Company retires by rotation and,
being eligible, offers himself for re-appointment subject to retirement
by rotation.
Mr. Pawan Kumar Poddar and Mr. Uttam Kumar Srivastava, Independent
Directors, in respect of whom the company has received a notice in
writing proposing his candidature for the office of a director under
section 160 of the Companies Act, 2013, be and is hereby appointed as
an Independent Director of the company not liable to retire by
rotation, to hold office for a term of 5 consecutive years up to 35th
Annual General Meeting.
AUDIT COMMITTEE
The role, terms of reference, authority and powers of the Audit
Committee are in conformity with Section 177 of the Companies Act,
2013. The Committee met periodically during the year and had
discussions with the auditors on internal control systems and internal
audit report.
CORPORATE GOVERNANCE
The Company is committed to maintain the highest standards of corporate
governance and adhere to the corporate governance requirements set out
by SEBI. The Company has also implemented several best corporate
governance practices as prevalent globally.
The Report on corporate governance as stipulated under Clause 49 of the
Listing Agreement forms part of the Annual Report.
The requisite certificate from the Auditors of the Company confirming
compliance with the conditions of corporate governance as stipulated
under the aforesaid Clause 49, is attached to the Report on corporate
governance.
RBI GUIDELINES
Your Company is complying with all the guidelines of the Reserve Bank
of India for Non Banking Finance Company. In terms of Para 13 of the
NBFC Regulations, the particulars as applicable to the Company are
appended to the Balance Sheet.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
Management''s Discussion and Analysis Report for the year under review,
as stipulated under Clause 49 of the Listing Agreement with the Stock
Exchanges in India, is presented in a separate section forming part of
the Annual Report.
DIRECTORS RESPONSIBILITY STATEMENT
The Director''s Report states that:-
i) In the preparation of the annual accounts, the applicable accounting
standards have been followed.
ii) The Directors have 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 account of the company for that period.
iii) The Directors have 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.
iv) The Directors have prepared the annual accounts on a going concern
basis.
v) The Directors, have laid down internal financial controls to be
followed by the company and that such internal financial controls are
adequate and were operating effectively.
vi) The directors have devised proper systems to ensure compliance with
the provisions of all applicable laws and that such systems were
adequate and operating effectively.
BUSINESS RESPONSIBILITY STATEMENT
SEBI, vide its Circular CIR/CFD/DIL/8/2012 dated August 13, 2012,
mandated the top 100 listed entities, based on market capitalisation at
BSE and NSE, to include Business Responsibility Report (BRR) as part of
the Annual Report describing the initiatives taken by the companies
from Environmental, Social and Governance perspective. Pursuant to the
above, the Stock Exchanges included in the Listing Agreement a
suggested framework of a BRR. Accordingly, the BRR is attached which
forms part of the Annual Report.
AUDITORS
M/s. S. K. Singla & Associates, Chartered Accountants, Statutory
Auditors of the Company, hold office till the conclusion of the ensuing
Annual General Meeting and are eligible for re-appointment.
The Company has received letters from the Auditor to the effect that
the re- appointment, if made, would be within the prescribed limits
under Section 141(3)(g) of the Companies Act, 2013 and that the
Auditors 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.
EMPLOYEES
Your Directors place on record the appreciation of effort and
dedication of the employees in achieving good results during the year
under review. In line with its policy, your Company continues to place
great emphasis on training programmes for all-round development of the
staff at all levels.
Your Company has been actively concentrating on development of human
resources, which is a prime asset for its substantial growth.
PARTICULARS OF EMPLOYEES
The company does not have any employees whose remuneration exceed the
limits for which disclosure is required in accordance with section
134(3)(e) of the Companies Act, 2013.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS AND OUTGO-INFORMATION AS PER SECTION 134(3) (m) OF THE
COMPANIES ACT, 2013
The Company, being engaged, in the industrial financing does not have
any energy utilization or technology absorption. The Company during the
year under consideration has not earned or spent any foreign exchange.
NON-BANKING FINANCIAL COMPANIES AUDITORS'' REPORT (RESERVE BANK)
DIRECTIONS, 1998
Pursuant to the Non Banking Financial Companies Auditors'' Report
(Reserve Bank) Directions, 1998, a report from the statutory auditors
to the Board of Directors, has been received by the Company.
APPRECIATION
Your Directors wish to convey their gratitude and place on record their
appreciation for all the employees at all levels for their hard work,
valuable contribution and dedication during the year. Your Directors
sincerely convey their appreciation to customers, shareholders,
vendors, bankers, business associates, regulatory and government
authorities for their consistent support.
For and on behalf of the Board of Directors
Sd/-
(Laxman Singh Satyapal)
Chairman & Managing Director
Din No. : 00007258
Place : Delhi
Dated : 05.09.2014
Mar 31, 2013
To The Shareholders,
The Board of Directors has the pleasure in presenting the Twenty Ninth
Annual Report together with the Audited Financial Statements of your
Company for the financial year ended 31st March, 2013.
PERFORMANCE HIGHLIGHTS
The highlights of performance of the Company for the financial year
2012-13 were as under with comparative position of previous year''s
performance:- lars
2012-13 2011-12
Operating Income 1,54,19,710 11,692,522
Other Income 766 5,510,470
Total Income 1,54,20,476 17,202,992
Less: Total Expenses 1,01,68,656 13,730,972
Profit/(loss) before
Depreciation & Taxes 52,51,820 3,472,020
Less: Depreciation 2,85,141 160,207
Less: Current tax 16,14,472 1,189,341
Less: Deferred Tax 72,723 14,125
Profit/(Loss) for the year 32,79,484 2,108,347
WORKING RESULTS
The year 2012-13 was a year with excellent financial results as far as
your Company is concerned. The Company had posted a record profit after
tax of Rs. 32,79,484/- for the period under consideration, signifying
an increase of Rs. 11,71,137/- over the previous year.
DIVIDEND
Your directors do not declare any dividend for the year with a view to
conserve the resource for future growth plans of the company.
BUSINESS OUTLOOK
Your Company is engaged in the business of Investing, Leasing and Hire
Purchase and would like to be positioned as such, much stronger, in
future. Encouraged by the Company''s success year after year, we have
shaped our business plan for the financial year 2012-13 as part of
realisation of our long term strategy to ''energise'' our goals. We have
decided to penetrate into areas hitherto underserved by us.
Innovation, improved management, efficient stakeholders'' satisfaction,
better use of technology and reduced operational costs will become the
hallmark of successful NBFCs in future. Your Company''s business
strategy is in recognition of these facts.
PUBLIC DEPOSITS
Your Company did not accept any deposits from public in term of the
provisions of section 58A of the companies act, 1956 and to this effect
an undertaking is given to the Reserve Bank of India.
RISK AND CONCERNS
As an NBFC, your Company is subjected to both external risk and
internal risk. External risk due to interest rate fluctuation, slowdown
in economic growth rate, political instability, market volatility,
decline in foreign exchange reserves, etc. Internal risk is associated
with your Company''s business which includes deployment of funds in
specific projects, diversification into other business operations,
retention of talented personnel, managing effective growth rate,
volatility in interest rate, NPAs in portfolio, changes incompliance
norms and regulations, contingent liabilities and other legal
proceedings. Your Company recognizes the importance of risk management
and has invested in people, process and technologies to effectively
mitigate the above risks.
RBI NORMS ANDACCOUNTING STANDARDS
To comply with RBI directions, your company closed its accounts for the
full year ending March 2013, and your Company continues to comply with
the directives issued as well as the norms prescribed by Reserve Bank
of India for NBFCs
DIRECTORS
The current composition of the Board of Directors of your Company is
under:-
Shri Laxman Chairman &
Singh Satyapal Managing Director 18/12/2000
Shri Pradeep
Kumar Jindal Executive Director 30/08/2006
Shri Uttam
Kumar Srivastava Independent Director 20/03/2011
Shri Pawan
Kumar Poddar Independent Director 20/03/2011
The following changes took place in the Board of Directors of Your
Company during the year:
- Shri Laxman Singh Satyapal, has been appointed as Managing Director
on the Board of the Company, for a period of five years with effect
from January 14 ,2013.
- Mr. Uttam Kumar Srivastava, Director retire by rotation and being
eligible and offer himself for re-appointment. The Board recommends his
re-appointment as Director subject to approval of the shareholders at
the ensuing Annual General Meeting of the company.
AUDIT COMMITTEE
The role, terms of reference, authority and powers of the Audit
Committee are in conformity with Section 292(A) of the Companies Act,
1956. The Committee met periodically during the year and had
discussions with the auditors on internal control systems and internal
audit report.
CORPORATE GOVERNANCE
A separate report on Corporate Governance is enclosed as a part of this
Annual Report of the Company. A certificate from Auditors of the
Company regarding compliance of Corporate Governance as stipulated
under clause 49 of the Listing Agreement is annexed to the Report on
Corporate Governance.
RBI GUIDELINES
Your Company is complying with all the guidelines of the Reserve Bank
of India for Non Banking Finance Company. In terms of Para 13 of the
NBFC Regulations, the particulars as applicable to the Company are
appended to the Balance Sheet.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
A separate report on Management Discussion and Analysis is enclosed as
a part of this Annual Report of the Company.
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 preparation of the annual accounts, the
applicable accounting standards have been followed and that no material
departures have been made from the same.
b) the Directors have 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 the year ended on that date.
c) the Directors have 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
regularities.
d) the Directors have prepared the annual accounts on a going concern
basis.
AUDITORS
M/s Amit R Gupta & Associates, Chartered Accountants, as Statutory
Auditors of the company, hold office until the conclusion of the
ensuing Annual General Meeting and are recommended for re appointment.
Your Company has received a certificate from M/s Amit R Gupta,
Chartered Accountants, to the effect that the appointment, if made,
would be within the prescribed limits under section 224(1-B) of the
Companies Act, 1956.
EMPLOYEES
Your Directors place on record the appreciation of effort and
dedication of the employees in achieving good results during the year
under review. In line with its policy, your Company continues to place
great emphasis on training programmes for all-round development of the
staff at all levels.
Your Company has been actively concentrating on development of human
resources, which is a prime asset for its substantial growth.
PARTICULARS OF EMPLOYEES
The company does not have any employees whose remuneration exceed the
limits for which disclosure is required in accordance with section
217(2A) of the Companies Act, 1956, read with Companies (Particulars of
Employees) Rules, 1975 as amended.
CORPORATE SUSTAINABILITY
Your Company''s aspirations of sustaining and enhancing its long term
growth plans are well balanced by its conscious commitments to society
and in its principles of conducting business in a fully compliant
manner. Your company partakes in letter and spirit its intention of
being a responsible corporate citizen and is committed to contribute
positively in all activities pertaining to environmental protection,
energy conservation and societal commitments while at the same time
continuing to protect and enhance all stakeholder''s interests.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS AND OUTGO
The Company, being engaged, in the industrial financing does not have
any energy utilization or technology absorption. The Company during the
year under consideration has not earned or spent any foreign exchange.
INFORMATION AS PER SECTION 217 (1) (e) OF THE COMPANIES ACT, 1956
Pursuant to the Non Banking Financial Companies Auditor''s Report
(Reserve Bank) Directions, 1998, a report from the Statutory Auditors
to the Board of Directors, has been received by the Company.
NON-BANKING FINANCIAL COMPANIES AUDITORS'' REPORT (RESERVE BANK)
DIRECTIONS, 1998
Pursuant to the Non-Banking Financial Companies Auditors'' Report
(Reserve Bank) Directions, 1998, a report from the statutory auditors
to the Board of Directors, has been received by the Company.
ACKNOWLEDGEMENT
Your Directors acknowledge the dedicated service rendered by the
Employees of the Company at all levels. The Directors also acknowledge
the support and co-operation received especially from Shareholders,
Investors, and Well-wishers, Government Departments, Bankers, and other
Financial Institutions.
For and on Behalf of the Board of Directors
Sd/- Sd/-
(Laxman Singh Satyapal) (Pradeep Kumar Jindal)
Chairman & Managing
Director Director
Place: Delhi
Date : 04/09/2013
Mar 31, 2012
TO THE MEMBERS of PAWANSUT HOLDINGS LTD.
The Board of Directors has the pleasure in presenting the 28th Annual
Report on the business and operations of your company together with the
Audited Financial Statement for the financial year ended March 31,
2012.
FINANCIAL RESULTS
Particulars 2011-12 2011-10
Profit/(loss) before 34,72,020.21 15,41,572.82
Depreciation & Taxes
Less: Depreciation 1,60,207.00 1,10,957.00
Current tax Income tax 11,89,341.00 4,04,877.00
earlier years
Add/less: Deferred Tax 14,125.00 35,373.00
assets/liability
Profit/(Loss)brought
Forward from previous year
Transfer to reserve funds
Balance Carried Forward 21,08,347.21 9,90,365.82
to the Balance Sheet
PERFORMANCE OF THE COMPANY
During the year under review, the company has earned profit of Rs
34,72,020.21 as against profit of Rs. 15,41,572.82 in the last year.
Your directors are continuously looking for the avenues for future
growth of the company.
MATERIAL CHANGES ETC.
Save as mentioned elsewhere in this Report, there are material changes
and commitments affecting the financial position of the Company that
have occurred between the end of the financial year of the Company-31st
March, 2011 till the date of this Report are as follows:
Increase in Authorised Share Capital of Company from Rs. 5,00,00,000
to Rs. 12,00,00,000 w.e.f 25th February, 2012
l Increase in Paid up Capital from Rs. 2,26,27,810 to Rs.
11,31,39,050 by issue of 90,51,124 equity shares as Bonus Shares w.e.f
24th March, 2012.
DIVIDEND
Your directors do not declare any dividend for the year with a view to
conserve the resource for future growth plans of the company.
PUBLIC DEPOSITS
Your Company did not accept any deposits from public in term of the
provisions of section 58A of the companies act, 1956 and to this effect
an undertaking is given to the Reserve Bank of India.
RISK AND CONCERNS
As an NBFC, your Company is subjected to both external risk and
internal risk. External risk due to interest rate fluctuation, slowdown
in economic growth rate, political instability, market volatility,
decline in foreign exchange reserves, etc. Internal risk is associated
with your Company''s business which includes deployment of funds in
specific projects, diversification into other business operations,
retention of talented personnel, managing effective growth rate,
volatility in interest rate, NPAs in portfolio, changes incompliance
norms and regulations, contingent liabilities and other legal
proceedings. Your Company recognizes the importance of risk management
and has invested in people, process and technologies to effectively
mitigate the above risks.
RBI NORMS AND ACCOUNTING STANDARDS
To comply with RBI directions, your company closed its accounts for the
full year ending March 2012, and your Company continues to comply with
the directives issued as well as the norms prescribed by Reserve Bank
of India for NBFCs.
DIRECTORS
Mr. Pawan Kumar Poddar, Director retire by rotation and being eligible
and offer himself for re-appointment. The Board recommends his
re-appointment as Director subject to approval of the shareholders at
the ensuing Annual General Meeting of the company.
AUDIT COMMITTEE
The role, terms of reference, authority and powers of the Audit
Committee are in conformity with Section 292(A) of the Companies Act,
1956.
The Committee met periodically during the year and had discussions with
the auditors on internal control systems and internal audit report.
CORPORATE GOVERNANCE
A separate report on Corporate Governance is enclosed as a part of this
Annual Report of the Company. A certificate from Auditors of the
Company regarding compliance of Corporate Governance as stipulated
under clause 49 of the Listing Agreement is annexed to the Report on
Corporate Governance.
RBI GUIDELINES
Your Company is complying with all the guidelines of the Reserve Bank
of India for Non Banking Finance Company. In terms of Para 13 of the
NBFC Regulations, the particulars as applicable to the Company are
appended to the Balance Sheet.
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 preparation of the annual accounts, the
applicable accounting standards have been followed and that no material
departures have been made from the same.
b) the Directors have 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 the year ended on that date.
c) the Directors have 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
regularities
d) the Directors have prepared the annual accounts on a going concern
basis.
AUDITORS
M/s Amit R Gupta & Associates, Chartered Accountants, as Statutory
Auditors of the company, hold office until the conclusion of the
ensuing Annual General Meeting and are recommended for re appointment.
Your Company has received a certificate from M/s Amit R Gupta,
Chartered Accountants, to the effect that the appointment, if made,
would be within the prescribed limits under section 224(1-B) of the
Companies Act, 1956.
EMPLOYEES
Your Directors place on record the appreciation of effort and
dedication of the employees in achieving good results during the year
under review. In line with its policy, your Company continues to place
great emphasis on training programmes for all-round development of the
staff at all levels.
Your Company has been actively concentrating on development of human
resources, which is a prime asset for its substantial growth.
PARTICULARS OF EMPLOYEES
The company does not have any employees whose remuneration exceed the
limits for which disclosure is required in accordance with section
217(2A) of the Companies Act, 1956, read with Companies (Particulars of
Employees) Rules, 1975 as amended.
CORPORATE SUSTAINABILITY
Your Company''s aspirations of sustaining and enhancing its long term
growth plans are well balanced by its conscious commitments to society
and in its principles of conducting business in a fully compliant
manner. Your Company partakes in letter and spirit its intention of
being a responsible corporate citizen and is committed to contribute
positively in all activities pertaining to environmental protection,
energy conservation and societal commitments while at the same time
continuing to protect and enhance all stakeholders'' interests.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS AND OUTGO
The Company, being engaged, in the industrial financing does not have
any energy utilization or technology absorption. The Company during the
year under consideration has not earned or spent any foreign exchange.
INFORMATION AS PER SECTION 217 (1) (E) OF THE COMPANIES ACT, 1956
Your Company is a Non-Banking Finance Company and is not engaged in
manufacturing activity of any kind. The disclosure of information
relating to conservation of energy and technology absorption is
therefore not applicable to your company. There were no foreign
exchange earnings or outgo for your Company during the year.
ACKNOWLEDGEMENT
Your Directors would like to express their sincere appreciation for the
co-operation received from shareholders, bankers and other business
constituent during the year under review. Your directors also wish to
place on record their deep sense of appreciation for the commitment
displayed by all the employees of the company.
For and on behalf of the Board of Directors
sd/- sd/-
(Pradeep Kumar Jindal) (Laxman Singh Satyapal)
Director Director
Place: Delhi
Date: September 3, 2012
Mar 31, 2011
TO THE MEMBERS
The Directors have pleasure in presenting the 27th Annual Report on
the business and operations of your company and the Audited Financial
Statement for the financial year ended March 31, 2011.
FINANCIAL HIGHLIGHTS
(In Rupees)
Financial Year ended
Particulars 31st March,
st 31 March,2010
2011
Profit / (loss) before 15,41,573 12,75,237
Depreciation & Taxes
Less : Depreciation 1,10,957 9,037
Current Tax 1430616 3,92,717
Income tax earlier years 692623 3,92,717
Add/ Less: Deferred Tax (35,373) 22,283
Assets/Liability
Profit/(Loss) after Tax 7,02,620 8,75,766
Profit/(Loss) brought 14,42,557 5,29,450
forward from previous year
Transfer to reserve funds 1,40,524 1,70,596
Balance Carried Forward 20,04,653 12,34,620
to the Balance Sheet
REVIEW OF OPERATIONS
During the year under review, the company has earned profit of Rs
7,02,620 as against profit of Rs. 8,75,766in the last year. Your
directors are continuously looking for the avenues for future growth of
the company.
MATERIAL CHANGES ETC.
Save as mentioned elsewhere in this Report, there are no material
changes and commitments affecting the financial position of the Company
that have occurred between the end of the financial year of the
Company-31st March, 2011 till the date of this Report.
DIVIDEND
Your directors do not declare any dividend for the year with a view to
conserve the resource for future growth plans of the company.
FIXED DEPOSITS
Your Company did not accept any fixed deposits from public in term of
the provisions of section 58A of the companies act, 1956 and to this
effect an undertaking is given to the Reserve Bank of India.
DIRECTORS
Mr. Laxman Singh Satyapal, Director retire by rotation and being
eligible and offer himself for re-appointment. The Board recommends his
re-appointment as Director subject to approval of the shareholders at
the ensuing Annual General Meeting of the company. Mr. Pawan Kumar
Poddar, who was appointed as an additional director of the Company to
hold office till the date of the Annual General Meeting, be and is
hereby appointed as a director of the Company whose office shall be
liable for determination through retirement by rotation. The Board
recommends his regularization as Director subject to approval of the
shareholders at the ensuing Annual General Meeting of the company. Mr.
Uttam Kumar Srivastava, who was also appointed as an additional
director of the Company to hold office till the date of the Annual
General Meeting, be and is hereby appointed as a director of the
Company whose office shall be liable for determination through
retirement by rotation. The Board recommends his regularization as
Director subject to approval of the shareholders at the ensuing Annual
General Meeting of the company.
CORPORATE GOVERNANCE
A separate report on Corporate Governance is enclosed as a part of this
Annual Report of the Company. A certificate from Auditors of the
Company regarding compliance of Corporate Governance as stipulated
under clause 49 of the Listing Agreement is annexed to the Report on
Corporate Governance.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
The Indian economy has shown signs of resurgence during the year
witnessing growth in certain sectors of economy and the Financial
sector has seen consolidation of NBFC segment due to competition from
MNC and Private Banks. The Reserve Bank of India has been vigilant in
monitoring the functioning of the Financial Sector.
The Company is engaged in financial activities viz. loaning and
advancing money to individuals, commercials and other enterprises.
The Financial Sector is endowed with risks e.g. external risk which may
arise because of the fluctuation in the interest rate in the financial
market, frequent changes in government policies especially in tax
matters, general economic recession which affects the cash flow policy
of the borrowers to repay. The Company adopts an efficient internal
control system and the Internal Audit Department monitors
implementation of such systems and procedures, which is also subject to
review by the Audit Committee.
The Company has followed the Accounting Standards as applicable.
The Company is managed by a professional team and frequent meetings are
arranged to upgrade the knowledge of employees and to strengthen their
managerial capabilities.
There are no material financial and commercial transactions in which
the management has personal interest that may represent a potential
conflict of interest.
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 preparation of the annual accounts, the
applicable accounting standards have been followed and that no material
departures have been made from the same.
b) the Directors have selected such accounting policies and applied
them consistently and made judgements and estimates that are reasonable
and prudent so as to give a true and fair view of the state of affairs
of the company at the end of the financial year and of the profit of
the company for the year ended on that date.
c) the Directors have 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
regularities
d) the Directors have prepared the annual accounts on a going concern
basis.
AUDITORS
M/s Amit R Gupta & Associates, Chartered Accountants, as Statutory
Auditors of the company, hold office until the conclusion of the
ensuing Annual General Meeting and are recommended for re appointment.
Your Company has received a certificate from M/s Amit R Gupta &
Associates, Chartered Accountants, to the effect that the appointment,
if made, would be within the prescribed limits under section 224(1-B)
of the Companies Act, 1956.
PERSONNEL
There is no employee whose remuneration exceed the limits for which
disclosure is required in accordance with section 217(2A) of the
Companies Act, 1956, read with Companies (Particulars of Employees)
Rules, 1975 as amended.
CONSERVATION OF ENERGY,
TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO
The Company, being engaged, in the industrial financing does not have
any energy utilization or technology absorption. The Company during
the year under consideration has not earned or spent any foreign
exchange.
ACKNOWLEDGEMENT
Your Directors would like to express their sincere appreciation for the
co-operation received from shareholders, bankers and other business
constituent during the year under review. Your directors also wish to
place on record their deep sense of appreciation for the commitment
displayed by all the employees of the company.
For Pawansut Holdings Limited
Sd/- Sd/-
Laxman Singh Pradeep Kumar
Satyapal Jindal
(Director) (Director)
Place: Delhi
Date: 11.09.2011
Mar 31, 2010
To, The Members of Pawansut Holdings Limited
The Directors have pleasure in presenting the Annual Report with the
Audited Statement of Accounts of the Company for the financial year
ended 31st March 2010.
FINANCIAL HIGHLIGHTS
(Rupees)
Year ended Year ended
31st March, 31st March,
2010 2009
Profit / (loss) before
Depreciation & Taxes 1,242,270 166,358
Less : Depreciation 9,037 39,787
Current Tax 382,533 47,305
Income tax earlier years 4,691
Add: Deferred Tax Assets 2,283 10,700
Profit/(Loss) after Tax 852,983
Add: Profit/(Loss) brought
forward from previous 529,450 461,230
year
Transfer to reserve funds 170,596 17,055
Balance Carried Forward
to the Balance Sheet 1,211,837 529,450
REVIEW OF OPERATIONS
During the year under review,the company has earned profit of Rs
1,211,837 as against the profit of Rs 529,450 in the previous year.Your
directors are contiously looking for the avenues for future growth of
the company.
DIVIDEND
Your directors do not declare any dividend for the year with a view to
conserve the resource for future growth plans of the company
FIXED DEPOSITS
Your Company did not accept any fixed deposits from public in term of
the provisions of section 58A of the companies act, 1956 and to this
effect an undertaking is given to the Reserve Bank of India.
DIRECTORS
Mr.Pradeep Kumar Jindal, Director retire by rotation and being eligible
and offer himself for re-appointment. The Board recommends his
re-appointment as Director subject to approval of the shareholders at
the ensuing Annual General Meeting of the company.
CORPORATE GOVERNANCE
A separate report on Corporate Governance is enclosed as a part of this
Annual Report of the Company. A certificate from Auditors of the
Company regarding compliance of Corporate Governance as stipulated
under clause 49 of the Listing Agreement is annexed to the Report on
Corporate Governance.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
The Indian economy has shown signs of resurgence during the year
witnessing growth in certain sectors of economy and the Financial
sector has seen consolidation of NBFC segment due to competition from
MNC and Private Banks. The Reserve Bank of India has been vigilant in
monitoring the functioning of the Financial Sector.
The Company is engaged in financial activities viz. loaning and
advancing money to individuals, commercials and other enterprises.
The Financial Sector is endowed with risks e.g. external risk which may
arise because of the fluctuation in the interest rate in the financial
market, frequent changes in government policies especially in tax
matters, general economic recession which affects the cash flow policy
of the borrowers to repay. The Company adopts an efficient internal
control system and the Internal Audit Department monitors
implementation of such systems and procedures, which is also subject to
review by the Audit Committee.
The Company has followed the Accounting Standards as applicable. .
The Company is managed by a professional team and frequent meetings are
arranged to upgrade the knowledge of employees and to strengthen their
managerial capabilities.
There are no material financial and commercial transactions in which
the management has personal interest that may represent a potential
conflict of interest.
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 preparation of the annual accounts, the
applicable accounting standards have been followed and that no material
departures have been made from the same.
b) the Directors have selected such accounting policies and applied
them consistently and made judgements and estimates that are reasonable
and prudent so as to give a true and fair view of the state of affairs
of the company at the end of the financial year and of the profit of
the company for the year ended on that date.
c) the Directors have 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
regularities
d) the Directors have prepared the annual accounts on a going concern
basis.
AUDITORS
M/s Amit R Gupta & Associates, Chartered Accountants, as Statutory
Auditors of the company, hold office until the conclusion of the
ensuing Annual General Meeting and are recommended for re appointment.
Your Company has received a certificate from M/s Amit R Gupta &
Associates, Chartered Accountants, to the effect that the appointment,
if made, would be within the prescribed limits under section 224(1-B)
of the Companies Act, 1956.
PERSONNEL
There is no employee whose remuneration exceed the limits for which
disclosure is required in accordance with section 217(2A) of the
Companies Act, 1956, read with Companies (Particulars of Employees)
Rules, 1975 as amended.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS AND OUTGO
The Company, being engaged, in the industrial financing does not have
any energy utilization or technology absorption. The Company during the
year under consideration has not earned or spent any foreign exchange.
ACKNOWLEDGEMENT
Your Directors would like to express their sincere appreciation for the
co-operation received from shareholders, bankers and other business
constituent during the year under review. Your directors also wish to
place on record their deep sense of appreciation for the commitment
displayed by all the employees of the company.
By order of the Board
For Pawansut Holdings Limited
(Laxman Singh Satyapal) (Meera Mishra)
Place: Delhi Director Director
Dated: 1 September, 2010
Mar 31, 2009
Dear Members
The Directors present the Annual Report of your Company together with
the Audited Annual Accounts for the financial year ended 31st March,
2009.
Financial Highlights
(Amount in Rs. Lacs)
Particulars Financial Year ended
31st March,
2009 31st March,
2008
Total Income 78.31 554.56
Total Expenditure 77.04 552.53
Profit before tax 1.26 2.02
Provision for tax 0.51 1.38
Profit after tax .85 .43
Transfer to Reserve 0.17 .09
Paid-up Share Capital 299.90 299.90
Reserves and Surplus 6.61 5.76
(excluding revaluation reserve)
Material Changes etc.
Save as mentioned elsewhere in this Report, no material changes and
commitments affecting the financial position of the Company have
occurred between the end of the financial year of the Company-31st
March, 2009 and the date of this Report.
Dividend
In view of marginal profits earned by the Company, your Directors
regret their inability to recommend any dividend.
Public Deposits
During the year under report, your Company did not accept any deposits
from the public in terms of the provisions of section 58A of the
Companies Act, 1956.
Conservation of Energy, Technology Absorption, Foreign Exchange
Earnings and Outgo
a. Conservation of Energy & Technology Absorption: Since the Company
is not engaged in any manufacturing activity, issues relating to
conservation of energy and technology absorption are not quite relevant
to its functioning.
b. Export Activities: There was no export activity in the Company
during the year under review. The Company is not planning any export in
the near future as well.
c. Foreign Exchange Earnings and Outgo: There was no Foreign Exchange
earnings and outgo during the year under review.
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
Ms. Meera Mishra retires by rotation and being eligible offers herself
for re- appointment. Directors recommend her re-appointment.
Auditors
M/s M M Goyal & Co Chartered Accountant, Statutory Auditors of the
Company hold office until the conclusion of the ensuing Annual General
Meeting and being eligible offer themselves for re-appointment. A
certificate under section 224(1) of the Companies Act, 1956 regarding
their eligibility for the proposed re-appointment has been obtained
from them. Your Directors recommend their re-appointment.
Auditors'' Report
Comments made by the Statutory Auditors in the Auditors'' Report are
self- explanatory and do not require any further clarification.
Secretarial Compliance Certificate
In terms of the provisions of section 383A of the Companies Act, 1956
read with the Companies (Compliance Certificate) Rules, 2001, the
Company has obtained the necessary Compliance Certificate from M/s
Silky Kapoor Company Secretaries, Delhi. The Compliance Certificate is
annexed herewith and forms part of this Report. Comments made in the
Compliance Certificate are self-explanatory and do not require any
further clarification.
Directors'' Responsibility Statement
In terms of the provisions of section 217(2AA) of the Companies Act,
1956, and to the best of their knowledge and belief and according to
the information and explanations obtained by them and save as mentioned
elsewhere in this Report, the attached Annual Accounts and the
Auditors'' Report thereon, your Directors confirm that:
a. in preparation of the annual accounts, the applicable accounting
standards have been followed;
b. the Directors have 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, 2009 and of the profit of the Company
for the year ended on that date;
c. the Directors have 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
d. the Directors have prepared the Annual Accounts on a going concern
basis.
Acknowledgment
Your Directors take this opportunity to place on record their sincere
appreciation for the co-operation and assistance the Company has
received from Banks and various Government Departments. The Board also
places on record its appreciation of the devoted services of the
employees; support and co-operation extended by the valued business
associates and the continuous patronage of the customers of the
Company.
For and on Behalf of the Board
For Pawansut Holdings Ltd
Sd/-
Date: 1st September, 2009 Laxman Singh Satyapal
Place: Delhi Director
Mar 31, 2008
TO THE MEMBERS
The Directors have pleasure in presenting the 24th Annual Report on
the business and operations of your company and the Audited Statement
of Accounts for the financial year ended 31st March 2008.
FINANCIAL HIGHLIGHTS
The performance of the Company for the financial year ended March 31,
2008 is summarized below:
(Rupees)
Year ended Year ended
31st March,
2008 31st March,
2007
Interest income & sale of securities 55456219 60,21,941
Less: Depreciation 39,787 9,787
Less: Preliminary Expenses 32,612
Profit before Tax 202491 98,003
Less: Provision for Tax 137964 70,302
Profit after Tax 43081 31,911
Add: deferred tax asset 8845 4210
Add: Profit Brought forward 426745 501,545
Balance Carried Forward 461230 426,765
DIVIDEND
Your Directors do not declare any dividend for the year with a view to
conserve the resources for future growth plans of the Company.
FIXED DEPOSITS
The Company has not accepted fixed deposits from public or Shareholder
or employees during the year, within the meaning of Section 58A, 58AA
or any other relevant provisions of the Act and the rules framed
thereunder.
DIRECTORS
Pursuant to Article 89(2) of the Articles of Association of the
Company, Sh. Laxman Singh Satyapal, Director retires by rotation and
being eligible offers himself for re- appointment.
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: -
i) in preparation of the annual accounts, the applicable accounting
standards have been followed and there are no material departures;
ii) the Directors have selected such accounting policies and applied
them onsistently and made judgments and estimates that are reasonable
and prudent so as to give a true and fair view of the sate of affairs
of the company as at March 31, 2008 and of the profit of the company
for the year ended on that date;
iii) the Directors have 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;
iv) the Directors have prepared the annual accounts on a going concern
basis.
AUDITORS AND AUDITORSÂ REPORT
M/s M.M. Goyal & Company, Chartered Accountants, the Auditors retire at
the conclusion of the forthcoming Annual General Meeting and being
eligible offer themselves for re-appointment. A Certificate in terms of
Section 224(1B) of the Companies Act, 1956 has been received from them
regarding their eligibility for re- appointment. The Board recommends
their re-appointment subject to the approval of shareholders at the
Annual General Meeting of the Company.
The notes to the accounts referred to in the Auditors Report are
self-explanatory and therefore do not call for any further comments.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS /OUTGO
The information required under Section 217(1)(e) of the Companies Act,
1956 read with the Companies (Disclosure of Particulars in the report
of the Board of Directors) Rules, 1988 is not applicable to the company
as the Company being engaged in financing does not have any energy
utilization or technology absorption. The Company during the year under
consideration has not earned or spent any foreign exchange.
PERSONNEL
There is no employee whose remuneration exceed the limits for which
disclosure is required in accordance with section 217(2A) of the
Companies Act, 1956, read with Companies (Particulars of Employees)
Rules, 1975 as amended.
ACKNOWLEDGEMENT
Yours Directors would like to express their sincere appreciation for
the assistance and co- operation received from shareholders, bankers,
financial institutions, consultants and other business constituents
during the year under review. Your directors also wish to place on
record their deep sense of appreciation for the committed services and
valuable contribution made by all the employees of the Company.
For and on behalf of Board of Directors
Sd/- Sd/-
Place : New Delhi Director Director
Dated : September 2, 2008
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