Mar 31, 2015
Dear Members,
The Directors have pleasure in presenting before you the 31st Annual
Report on the business and operations of the Company alongwith the
Audited Financial Statement for the financial year ended 31st March,
2015.
FINANCIAL HIGHLIGHTS:
Financial Result of the Company for the year under review alongwith the
figures for previous year are as follows
(in Rs.)
Particulars 31st March, 31st March,
2015 2014
Gross Income 4,560,408 4,560,000
Profit/(Loss) after depreciation 58,181 2,165,985
Less: Current Provision for Standard Assets -- (662)
Provision for Sub-Standard Assets -- -
Profit/(Loss) before tax 58,181 2,166,647
Less: Provision for Taxation
Current Tax (54,733) (711,920)
Previous Year Tax 24,208 15,561
Deferred fax 36,105 19,265
Profit/(Loss) after tax 63,761 1,489,553
Add: Balance brought forward from last year (152,100) (1,343,743)
Surplus available for appropriation
Less: Appropriations
Transfer to Reserve Fund u/s 45IC of RBI
Act. 1934 (690) (297.910)
Surplus carried to Balance Sheet (89,029) (152,100)
OPERATIONAL PERFORMANCE:
During the financial year 2014-15, the Company has recorded revenue of
Rs. 4,560,408/-. The Company has earned net profit of Rs. 63,761/-
during the year as compared to profit Rs. 1,489,553/- in the last year.
The Directors are optimistic about future performance of the Company.
TRANSFER TO RESERVES:
During the year under review Company has transferred Rs. (690)/- to the
Reserves Fund from the profits of the Company in accordance with the
provision of Section 45IC of the Reserve Bank of India.
RBI GUIDELINES:
The Company continues to fulfill all the norms and standards laid down
by the Reserve Bank of India for the Non Banking Financial Company.
NBFC REGISTRATION:
The company has been registered with Reserve Bank of India as Non
Banking Finance Company Vide Registration No. B-14.00808 dated 20th
May, 1998.
SUBSIDIARY COMPANIES:
The Company does not have any subsidiary company.
DIVIDEND:
As the company kept the profits for investment in better projects it
regret not to recommend any dividend. But the directors are hopeful
better result in ensuring future.
NO. OF BOARD MEETINGS HELD:
The Board of Directors duly meets 16 times during the financial year
from 1st April, 2014 to 31st March, 2015. The dates on which meetings
were held are as follows:
10th April, 2014, 12th April, 2014, 18th April, 2014, 12th May, 2014,
14th June, 2014, 14th July, 2014, 27th July, 2014, 13th August, 2014,
26th August, 2014, 29th September, 2014, 30th October, 2014, 1st
December, 2014, 15th December, 2014, 7th January, 2015, 19th January,
2015 and 23rd February, 2015.
BOARD OF DIRECTORS:
APPOINTMENT OF INDEPENDENT DIRECTORS:
In accordance with the provisions of the Companies Act, 2013 and the
Articles of Association of the Company, Mr. Anil was appointed as an
Additional Director by the Board on 15th December, 2014 and
subsequently your Directors recommend the appointment of Mr. Anil as
Independent Director as proposed in the notice for the Annual General
Meeting.
Your Directors state that Mr. Anil who is proposed to be appointed as
Independent Director possess appropriate skills, expertise and
knowledge and is qualified for appointment as Independent Director.
RE-APPOINTMENT OF DIRECTORS:
Mrs. Babita Jain, Director of the Company, is liable to retire by
rotation at the ensuing Annual General Meeting and being eligible,
offer themselves for re-appointment. The Board of Directors recommends
their re-appointment.
KEY MANAGERIAL PERSONNEL:
The following employees were designated as whole-time key managerial
personnel by the Board of Directors during the year under review:
(i) Mr. Virendra Jain, Managing Director
(ii) Mr. Upendra Mani Tripathi, Company Secretary
DECLARATION BY INDEPENDENT DIRECTORS:
The Independent directors have submitted their disclosure to the Board
that they fulfill all the requirements as to qualify for their
appointment as an Independent Director under the provisions of Section
149(6) of the Companies Act, 2013 as well as Clause 49 of the Listing
Agreement and annexed herewith to this report marked as Annexure-I.
BOARD EVALUATION:
Pursuant to the provisions of the Companies Act, 2013 and Clause 49 of
the Listing Agreement, the Board has carried out an annual performance
evaluation of its own performance, the directors individually as well
as the evaluation of the working of its Audit, Nomination &
Remuneration, Stakeholders' Relationship Committee and Risk Management
Committee. The manner in which the evaluation has been carried out has
been explained in the Corporate Governance Report.
CREDIT RATING:
The Directors of the Company are also happy to report that the Company
get its membership Certificate from all four CICs i.e, Credit
Information Bureau (India) Limited (CIBIL), Equifax Credit Information
Services Private Limited (ECIS), Experian Credit Information Company of
India Pvt Ltd, CRIF High Mark Credit Information Services Pvt Ltd. A
sound rating/upgrade in a challenged business environment speaks
volumes about the Company's performance and its systems & processes.
DETAILS OF ESTABLISHMENT OF VIGIL MECHANISM:
In pursuant to the provision of section 177(9) & 10 of the Companies
Act, 2013, The Company has formulated a Whistle Blower Policy to
establish a vigil mechanism for Directors and employees of the Company
to report concerns about unethical behavior, actual or suspected fraud
or violation of the company's code of conduct or ethics policy. The
Whistle Blower Policy is available on the website of the Company.
EXPOSURE TO REAL ESTATE:
The Company has given Interest bearing loan to the Suncity Projects
Pvt. Ltd. of Rs. 38,000,000/-.
DEPOSITS:
During the year, the Company has not invited/accepted any deposits
under Companies Act, 2013.
AUDITORS OBSERVATIONS:
The observations made by Auditors with reference to notes to account
are self explanatory and need no comments.
AUDITORS:
STATUTORY AUDITORS:
To Appoint auditor M/s Sanjeev Gaurav & Associates as Statutory Auditor
of the company for the period of 5 years commencing from the conclusion
of this Annual General Meeting until, the conclusion of 36th Annual
General Meeting subject to ratification at every Annual General Meeting
on such remuneration as may be fixed in this behalf by the Board of
Directors of the Company. A Certificate from the Auditors has been
received to the effect that their appointment, if made, would be within
the limits prescribed under section 141(3)(g) of the Companies Act,
2013 and that they are not disqualified to be appointed as statutory
auditor in terms of the provisions of the proviso to section 139(1),
section 141(2) and section 141(3) of the companies Act, 2013, and the
provisions of Companies (Audit and Auditors) Rules, 2014.
During the year M/s Gaurav Ashok Jain & Associates (FRN 023419N),
Chartered Accountant of the Company has shown its desire to discontinue
its services as statutory auditors of the Company, due to its
pre-occupation.
AUDITORS' REPORT:
The Auditors' Report is annexed herewith marked as Annexure-ll and
forms part of the Annual Report.
SECRETARIAL AUDIT AND THE APPOINTMENT OF THE SECRETARIAL AUDITORS:
The Company has appointed M/s SAS & Associates, Company Secretaries to
hold the office of the Secretarial Auditors and to conduct the
Secretarial Audit and the Secretarial Audit Report is annexed herewith
marked as Annexure-ill to this report in Form No. MR-3 which is self
explanatory and need no comments.
APPOINTMENT OF INTERNAL AUDITOR:
The Company has appointed Mr. Sameem Ahmed, Charatered Accountant as an
Internal Auditor of the Company for the F.Y.2014-15. Mr. Sameen Ahmed
placed the internal audit report to the Company which is self
explanatory and need no comments.
ABSTRACT OF THE ANNUAL RETURN:
The Abstract of the Annual Return for the financial year 2014-15 is
being attached with the Directors report in Form No. MGT-9 marked as
Annexure-IV.
PARTICULARS OF LOANS. GUARANTEES OR INVESTMENTS:
Details of Loans, Guarantees and Investment 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:
The particulars of contracts or arrangements with related parties for
the year 2015 is annexed herewith to the Financial Statements in Form
No. AOC-2.
LISTING OF SHARES:
The shares of the Company i.e. 39,97,000 Equity Shares of Rs. 10/- each
are listed on BSE Limited as per BSE Direct Listing Norms and the
shares are also listed on DSE Limited (DSE) but as per SEBI circular
WTM/PS/45/MRD/DSA/NOV/2014 dated 19th November, 2014, DSE has been
derecognized as Stock Exchange.
DEMATERILISATION OF SHARES:
The Company has connectivity with NSDL &. CDSL for dematerialization of
its equjty shares. The ISIN No. INE201F01015 has been allotted for the
Company. Therefore, investors may keep their shareholding in the
electronic mode with their Depository Participates. 88.99% of the
Company's Paid-up Share Capital is in dematerialized form as on 31st
March, 2015 and balance 11.01% is in physical form.
DIRECTORS' RESPONSIBILITY STATEMENT:
In accordance with the provision of section 134(5) of the Companies
Act, 2013 the Board confirm and submit the Director's Responsibility
Statement:
* in the preparation of the Annual Accounts, the applicable Accounting
Standards have been followed;
* The Directors had selected such accounting policies and applied them
consistently and made judgments and estimates that were reasonable and
prudent so as to give a true and fair view of the state of affairs of
the Company at the end of the financial year and of the profit of the
Company for the year under review;
* The Directors have taken proper & sufficient care of the maintenance
of adequate accounting records in accordance with the provisions of the
Companies Act, 2013 for safeguarding the assets of the Company and for
prevention & detecting fraud & other irregularities;
* The Directors have prepared the accounts for the year financial ended
31st March, 2015 on a going concern basis.
* The directors had laid down internal financial controls to be
followed by the Company and that such internal financial controls are
adequate and were operating effectively.
* The directors had devised proper system to ensure compliance with the
provision of all applicable laws and that such systems were adequate
and operating effectively.
PARTICULARS OF EMPLOYEES:
None of the employee was drawing in excess of the limits by the
Companies Act, 2013 and rules made there under which needs to be
disclosed in the directors report.
REMUNEARATION RATIO OF THE DIRECTORS/KEY MANAGERIAL PERSONNEL /
EMPLOYESS:
* the ratio of the remuneration of each director to the median
employee's remuneration for the financial year and such other details
as prescribed is as given below:
Name of Director Ratio
Babita Jain (Director) 2:1
* the percentage increase in remuneration of each director, Chief
Financial Officer, Chief Executive Officer, Company Secretary or
Manager, if any, in the financial year; NO *
* the percentage increase in the median remuneration of employees in
the financial year; NIL
* the number of permanent employees on the rolls of company; 2
* the explanation on the relationship between average increase in
remuneration and company performance; N.A
* comparison of the remuneration of the Key Managerial Personnel
against the performance of the company
Name Designation Salary (Per month)
Virendra Jain Managing Director Nil
Upendra Mani Tripathi Company Secretary 25,000
* variations in the market capitalization of the company, price
earnings ratio as at the closing date of the current financial year and
previous financial year and percentage increase over decrease in the
market quotations of the shares of the company in comparison to the
rate at which the company came out with the last public;
* average percentile increase already made in the salaries of employees
other than the managerial personnel in the last financial year and its
comparison with the percentile increase in the managerial remuneration
and justification thereof and there are any exceptional circumstances
for increase in the managerial remuneration; N.A
* the key parameters for any variable component of remuneration availed
by the directors; N.A
* the ratio of the remuneration of the highest paid director to that of
the employees who are not directors but receive remuneration in excess
of the highest paid director during the year; N.A
* affirmation that the remuneration is as per the remuneration policy
of the company. YES
CORPORATE GOVERNANCE:
As per Clause 49 of the Listing Agreement with Stock Exchanges, a
report on Corporate Governance together with the Auditors' Certificate
regarding the compliance of conditions of Corporate Governance forms
part of the Annual Report.
MANAGEMENT DISCUSSION ANALYSIS REPORT:
The Management 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 which
forms part of the Annual Report.
NON ACCEPTANCE OF PUBLIC DEPOSITS:
The Company has not accepted any Public Deposits or any Fixed Deposit
during the financial year 2014-15 and hence there are no defaults in
repayment of amount of principle and interest as on the date of Balance
Sheet.
NON-BANKING FINANCIAL COMPANIES AUDITORS REPORT (RBI) DIRECTIONS, 1998:
Pursuant to the Non-Banking Financial Companies' Auditor's Report
(Reserves Bank) directions, 1998, a report from the Statutory Auditors
to the board of directors' has been received by your company. This
report has certified that the company has complied with all the
directions and prudential norms as prescribed under the RBI act, 1934.
CAPITAL FUND TO RISK WEIGHTED ASSETS:
Percentage to capital funds to risk weighted assets/exposures
Particulars (in %)
Tier-1 Capital 102.74
Tier-ll Capital 0.24
Total 102.98
HEALTH. SAFETY AND ENVIRONMENT PROTECTION:
The Company has complied with all the applicable environmental law and
labour laws. The Company has been complying with the relevant laws and
has been taking all necessary measures to protect the environment and
maximize worker protection and safety.
SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION. PROHIBITION AND
REDRESSAL ACT. 2013:
The Company has in place an Anti Sexual Harassment Policy in line with
the requirements of the Sexual Harassment of Women at the Workplace
(Prevention, Prohibition & Redressal) Act, 2013. Internal Complaints
Committee (ICC) has been set up to redress complaints received
regarding sexual harassment. All employees (permanent, contractual,
temporary, trainees) are covered under this policy.
The following is a summary of sexual harassment complaints received and
disposed off during the year 2014-15.
* No of complaints received : 0
* No of complaints disposed off : N.A.
DEVELOPMENT & IMPLEMENTATION OF RISK MANAGEMENT POLICY:
The assets of the Company are adequately insured against the loss of
fire, riot, earthquake, terrorism, loss of profits, etc other risks
which considered necessary by the management. The Company has been
addressing the various risks impacting the Company and policy of the
Company on risk management is provided elsewhere in this Annual Report
in Management Discussion and Analysis.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION. FOREIGN EXCHANGE
EARNINGS & OUTGO:
The Company, being a Non-Banking Finance Company (NBFC), does not have
any manufacturing activity. The directors, therefore, have nothing to
report on 'conservation of energy, technology absorption'. During the
year under review their has been no foreign exchange earnings and
outgo.
ACKNOWLEDGEMENT:
The Directors are thankful to the Bankers, Customers, Dealers, and
Vendors for their valuable support and assistance.
The Directors wish to place on record their appreciation of the
commendable work done, dedication and sincerity by all the employees of
the Company at all levels during the year under review.
The Company will make every effort to meet the aspirations of its
shareholders and wish to sincerely thank them for their whole hearted
co-operation and support at all times.
For and on behalf of the Board of Directors
Place: New Delhi Virendra Jain
Date: 08.08.2015 Chairman & Managing Director
DIN:00530078
Mar 31, 2014
Dear members,
The Board of Directors of the company take immense pleasure in
presenting their together with the Annual Audited Accounts for the
financial year ended 31st March, 2014.
FINANCIAL HIGHLIGHTS:
( in Rs.)
For the financial year ended 31st March, 2014:
Particulars Year Ended Year Ended
31st March, 2014 31st March, 2013
Profit/(Loss) after depreciation 2,165,984.54 131,371.00
Less: Current Provision for (662.00) 95,662.00
Standard Assets
Provision for Sub-Standard Assets - -
Profit/(Loss) before tax 2,166,646.54 35,709.00
Less: Provision for Taxation - -
Current Tax 711,920.00 40,594
Previous Year Tax (15,561.00) -
Deferred Tax (19,265.00) -
Profit/(Loss) after tax 1,489,522.54 (4,885.00)
Add: Balance brought forward (1,343,743.00) (1,338,858.00)
from last year
Surplus available for appropriation - -
Less: Appropriations - -
Dividend on Equity Shares paid - -
Tax on Dividend paid - -
Transfer to Reserve Fund u/s 297.910.00 -
45IC of RBI Act, 1934
Surplus carried to Balance Sheet (152,100.46) (1,343,743.00)
DIVIDEND
As the company kept the profits for investment in better projects it
regret not to recommend any dividend. But the directors are hopeful
better result in ensuring future.
SHARE CAPITAL
During the financial year 2013-2014, Company has not allotted any kind
of shares. As on 31st March, 2014 the paid-up Share Capital of the
Company stood at Rs. 39,970,000.00 consisting of 3,997,000 shares of
Rs. 10/- each fully paid-up.
GENERAL CORPORATE MATTERS:
The company is currently engaged in financial services, sale & purchase
of share & securities. The year under report has been difficult for the
Stock Market as the market behaved with great volatility and Market
Index showed movement both upward and downward frequently. Moreover,
payment problems affecting Stock Market also caused considerable damage
to the investor''s confidence in the market. It also affected the
overall turnover in the Stock Market.
The Stock Market Index as on 31st March 2014 were at low levels as a
result of which there was low valuation of stock held by the company at
the end of the year. The company also intends to make expansion in
providing loans & advances & finance to different persons, firms &
corporate bodies.
MANAGEMENT DISCUSSION ANALYSIS REPORT:
The Management 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 which
forms part of the Annual Report.
CONSERVATION OF ENERGY AND TECHNOLOGY ABSORPTION
The Company, being a non- banking finance Company, does not have any
manufacturing activity. The Directors, therefore, have nothing to
report on Conservation Of Energy and Technology Absorption.
FOREIGN EXCHANGE
The Company did not have any expenditure and income in foreign currency
during the financial year 2013-2014.
FIXED DEPOSITS
Your Company has not accepted any fixed deposits during the year under
review.
RBI GUIDELINES
The Company continues to fulfill all the norms and standards laid down
by the Reserve Bank of India for the Non Banking Financial Company.
BOARD OF DIRECTORS:
The Board of Shri Niwas Leasing and Finance Limited are dully
consisting of Executives & Non Executives Directors. However Mr. Deepu
Singh was appointed as additional Directors on 3rd Febreuary, 2014.
Necessary resolution is being proposed in the notice of ensuing Annual
General Meeting for the approval of members for appointment of Mr.
Deepu Singh as independent Director of the Company for a term of Five
years with effect from 24th September, 2014 to 23rd September, 2019.
As per the provisions of Companies Act, 2013 and Article 86 of the
Article of Association of the Company at least two- third of total
number of Directors (excluding Independent Directors) shall be retire
by rotation. Mrs. Priti Jain & Mr. Surender Kumar Jain, Directors of
the Company, are liable to retire by rotation.
Mr. Surender Kumar Jain, Directors of the Company, are liable to retire
by rotation at the ensuing Annual General Meeting and being eligible,
offer themselves for re-appointment. The Board of Directors recommends
their re-appointment.
CORPORATE GOVERNANCE:
Your Company has always striven to incorporate appropriate standard for
good corporate governance and has been practicing these principles
since inception. Corporate Governance has evolved in the company over
the years, not only on account of regulatory requirements but also on
account of sound management values for enhancing and meeting
stockholder''s expectations. The company is taking adequate steps in
ensuring that all the mandatory provisions of corporate governance as
prescribed under the Listing Agreement of the stock exchange are
complied within the time laid down by stock exchange.
LISTING OF SHARES:
The Equity Shares of the Company are listed at the Delhi Stock Exchange
Limited. The Annual Listing Fees for the financial year 2013-14 are
paid to the Stock Exchange where the shares of the Company are listed.
PARTICULARS OF EMPLOYEES:
There are no employees in receipt of remuneration in excess of amount
specified in section 217(2A) read with Companies (Particular of
Employees) Rules 1975 as amended.
DIRECTORS'' RESPONSIBILITY STATEMENT:
Pursuant to the requirements of section 217 (2AA) of the Companies Act,
1956, your Directors confirm that: In the preparation of the Annual
Accounts, the applicable Accounting Standards have been followed;
* The Directors have selected such accounting policies and applied
them consistently and made judgments and estimates that were reasonable
and prudent so as to give a true and fair view of the state of affairs
of the Company at the end of the financial year and of the profit of
the Company for the year under review;
* The Directors have taken proper & sufficient care of 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 prevention & detecting fraud & other
irregularities;
* The Directors have prepared the accounts for the year ended 31st
March, 2014 on a going concern basis.
STATUTORY AUDITORS:
The Statutory Auditors M/s Gaurav Ashok Jain & Associates, Ghaziabad
retire at the conclusion of the ensuing Annual General Meeting and
being eligible, offer themselves for re-appointment.
The Statutory Auditors M/s Gaurav Ashok Jain & Associates, Ghaziabad,
Chartered Accountants, of the Company shall retire at the conclusion of
the ensuing Annual General Meeting and are eligible for reappointment.
Accordingly, it is proposed to re-appoint them as Statutory Auditors of
the Company to hold office until conclusion of the next Annual General
Meeting. The retiring auditors have, under section 139(1) of the
Companies Act, 2013, furnished certificate of their eligibility for the
reappointment, they are not disqualified for reappointment within the
meaning of Section 141 of the said Act.
The operations of the Company do not require audit of cost accounts, in
terms of the provisions of the Companies Act, 1956 read with the Rules
made thereunder.
AUDITORS'' REPORT:
The Auditors'' Report on the financials of the Company for the year
ended 31st March, 2014 does not contain any reservation, qualification
or adverse remark.
CORPORATE GOVERNANCE REPORT:
As required by Clause 49 of the Listing Agreement, corporate
governance, management decision & analysis and Auditor report on
compliance with the corporate governance requirements have been
included in this Annual Report as separate section.
NON-BANKING FINANCIAL COMPANIES AUDITORS REPORT (RBI) DIRECTIONS. 1998
:
Pursuant to the Non-Banking Financial Companies'' Auditor''s Report
(Reserves Bank) directions, 1998, a report from the Statutory Auditors
to the board of directors'' has been received by your company. This
report has certified that the company has complied with all the
directions and prudential norms as prescribed under the RBI act, 1934.
NBFC REGISTRATION:
The company has been registered with Reserve Bank of India as Non
Banking Finance Company Vide Registration No. B-14.00808 dated 20th
May, 1998.
NON ACCEPTANCE OF PUBLIC DEPOSITS:
The Company has not accepted any Public Deposits or any Fixed Deposit
during the year 2013-14 and hence there are no defaults in repayment of
amount of principle and interest as on the date of Balance Sheet.
EXPOSURE TO REAL ESTATE:
Exposure to Real Estate is NIL.
DISCLOSURES UNDER SEC. 217(1)(e) OF THE COMPANIES ACT. 1956 :
In terms of section 217(1)(e) read with Companies (Disclosure of
Particulars in Report of the Board of Directors) Rules, 1988 of the
Companies Act, 1956 your Directors furnish the information as below:
* Conservation of Energy: N.A.
* Technology Absorption: N.A.
* Activities relating to exports, N.A.
SUBSIDIARY COMPANIES:
The Company does not have any subsidiary company.
GENERAL INFORMATION:
The shares of your company are listed on the Delhi Stock Exchange,
Pursuant to the SEBI Guidelines the company''s Equity Share has been
under process to be converted in to electronic mode. Company''s ISIN
No. INE201F01015 and the company''s shares can be got converted in to
electronic form with any of the Depositary Participation registered
with NSDL or CDSL.
AUDIT COMMITTEE:
Present members of the Audit Committee are Mr. Ramesh Kumar, Mrs.
Babita Jain and Mr. Deepu Singh. All the members of the Committee are
having financial and accounting knowledge. Mr. Ramesh Kumar is the
chairman of the Committee and quorum of the Committee is two members.
The role of company terms of reference, the authority and power the
committee are in conformity with the requirements of the Companies Act,
1956 (including an statutory modification(s) or re-enactment thereof
for the time being in force) and Clause 49 of the Listing Agreement.
The Committee met four times during the year under review.
The Committee also met prior to finalization of accounts for the year
ended 31st March, 2014.
SHARE TRANSFER COMMITTEE:
Present members of the Share Transfer Committee are Mr. Surender Kumar
Jain, Mr. Virendra Kumar Jain and Mrs. Babita Jain. All the members of
the Committee are nonexecutive directors. All the members of the
Committee are having financial and accounting knowledge. Mr. Ramesh
Kumar is the Chairman of the Committee and quorum of the Committee is
two members. The role of company terms of reference, the authority and
power the committee are in conformity with the requirements of the
Companies Act, 1956 (including an statutory modification(s) or
re-enactment thereof for the time being in force) and Clause 49 of the
Listing Agreement.
The Board has constituted the Share Transfer Committee. The Committee
monitors and approves share transfers, issue of duplicate share
certificates, transmission, transposition and deletion of names and
rematerialisation of shares and matters relating thereto.
APPRECIATIONS:
The Board recognizes that it is accountable to shareholders for the
performance of the Company; the Board believes in transparency in its
conduct and strives to disseminate the material information to the
shareholders and the public.
The Board of Directors would like to convey their appreciation to the
Customers, Shareholders, Vendors, Banks, Financial Institutions,
various Government Authorities, RBI, SEBI and Stock Exchanges for their
cooperation and support throughout the year.
Looking forward to receive continued patronage from all our business
partners and associates to become better and strong organization.
The Board of Directors would also place on record the appreciation for
the contributions made by the employees at all levels.
FOR SHRI NIWAS LEASING & FINANCE LTD.
Sd/-
Virendra Jain
(Director)
DIN - 00530078
Date: 26.08.2014
Place: New Delhi
Mar 31, 2013
Dear Members,
The Directors are pleased to present their 29th annual Report and
audited accounts for the year ended 31st March, 2013.
FINANCIAL RESULTS FOR THE YEAR ENDED
31.03.2013 31.03.2012
Income 3,07,342 6,500
Expenditure 1,75,971 2,00,056
Profit (Loss) Before Tax 131,371 (1,93,556)
Profit (Loss) After Tax (4,885) (1,93,556)
Balance Brought forward from (13,38,858) (11,45,302)
previous year
Balance carried to balance sheet (13,43,743) (13,38,858)
GENERAL CORPORATE MATTERS
The company is currently engaged in sale and purchase of shares &
securities. The year under report has been difficult for the Stock
Market as the market behaved with great volatility and Market Index
showed movement both upward and downward frequently. Moreover, payment
problems affecting Stock Market also caused considerable damage to the
investor''s confidence in the market. It also affected the overall
turnover in the Stock Market. The Stock Market Index as on 31st March
2013 were at low levels as a result of which there was low valuation of
stock held by the company at the end of the year. The company also
intends to make expansion in providing loans and advances and finance
to different persons, firms and bodies corporate.
CORPORATE GOVERNANCE
Your company has always striven to incorporate appropriate standard for
good corporate governance and has been practicing these principles
since inception. Corporate Governance has evolved in the company over
the years, not only on account of regulatory requirements but also on
account of sound management values for enhancing and meeting
stockholder''s expectations. The company is taking adequate steps in
ensure that all mandatory provisions of Corporate Governance as
prescribed under the Listing Agreement of the Stock Exchange are
complied within the time schedule laid down by Stock Exchange.
GENERAL INFORMATION
The shares of your company are listed on the Delhi Stock Exchange and
Company''s ISIN No. is INE201F01015. The company''s shares are in
electronic form and registered with NSDL-623800.
DIVIDEND
Due to the fact that the Company is in the stage of development thus
instead of distribution of dividend, the directors decided to keep the
profits as reserves for investment in better project to get higher
return.
PARTICULARS OF EMPLOYEES
There are no employees in receipt of remuneration in excess of amount
specified in Section 217(2A) read with Companies (Particular of
employees) rules 1975 as amended.
DIRECTORS
MR. VIRENDRA JAIN, Director, Retire by Rotation and being eligible,
offer himself for re-appointme nt at the ensuing Annual General
Meeting.
MR. RAMESH KUMAR, Director, Retire by Rotation and being eligible,
offer himself for re-appointment at the ensuing Annual General Meeting.
DIRECTORS'' RESPONSIBILITY STATEMENT
As required under section 217(2AA), which was introduced by the Company
(Amendment) Act, 2000 your Director confirms that: -
a) In the preparation of the annual accounts, the applicab le
accounting standards have been followed.
b) The Director have selected such account ing policies and applied
them consistently and made judgments and estimates that are reasonab le
and prudent so as to give a true and fair v iew of the state of affairs
of the company as on 3151 March, 2013.
c) The Director have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provision of the Companies Act, 1956 for safeguarding the assets of the
company and preventing and detecting fraud and other irregularities.
d) The annual accounts have been prepared on a going concern basis.
AUDITORS''
To re-appoint Auditors of the Company and to decide about their
remuneration. The retiring auditor M/S GAURAV ASHOK JAIN & ASSOCIATES
Chartered Accountants, being eligible, offers themselves for
re-appointment.
AUDITORS'' REMARKS
The observations made by the Auditors with reference to note on the
accounts for the year under report are self explanatory and need no
further comments from the Directors.
COMPLIANCE CERTIFICATE
The Company has obtained Compliance Certificate from a Practicing
Company Secretaries and the same is annexed to this report. This cert
ificate does not call for any adverse comme nts.
SUBSIDIARY COMPANIES
The Company does not have any subsidiary company.
NBFC REGISTRATION
The company has been registered with Reserve Bank of India as Non
Banking Finance Company Vide Registration No. B-14.00808 dated 20th
May, 1998.
NON-BANKING FINANCIAL COMPANIES AUDITORS REPORT (RESERVE BANK)
DIRECTIONS, 1998
Pursuant to the Non-Banking Financial Companies Auditors Report
(Reserves Bank) Direction, 1998 a report from the Statutory Auditors to
the Board of Directors'' has been received by your company. This report
has certified that the company has complied with all the directions and
prudential norms as prescribed under the RBI Act, 1934.
LISTING INFORMATION
The Company shares are listed with Delhi Stock Exchange Ltd ., Delhi.
Your Company has paid Annual listing fees up to date and there are no
arrears.
CASH FLOW STATEMENT
In conformity with the provisions of Clause 32 of the Listing Agreement
with the Stock Exchange, the Cash Flow Statement for the year ended 31
st March 2013 is annexed hereto.
FIXED DEPOSITS
The Company has not accepted any deposits from the public, within the
meaning of Section 58 - A of the Companies Act, 1956 and the Companies
(Acceptance of Deposit) Rules, 1975 during the year under review.
STATUTORY INFORMATION
The Company''s (Disclosure of particulars in the report of Board of
Directors) Rules 1988 , requires the disclosures of particulars
regarding conservation of energy in Form A and technology Absorption in
Form B prescribed by the rules. The requirement of Forms A and B are
not applicable, as the company is not manufacturing company. The
company had no foreign Exchange out-go or inflow during the year
ACKNOWLEDGEMENT
The Directors wish to place on record their appreciation of the
assistance provided by the Bankers, Financial Institutions and the
Government. The Directors also thank the employees for their
contributions made during the year.
BY ORDER OF THE BOARD
SHRINIWAS LEASING AND FINANCE LIMITED
RAMESH KUMAR
CHAIRMAN
Place : New Delhi
Date : 13.05.2013
Mar 31, 2012
Dear Members,
The Directors are pleased to present their 28th annual Report and
audited accounts for the year ended 31st March, 2012.
FINANCIAL RESULTS FOR THE YEAR ENDED
31.03.2012 31.03.2011
Income 6,500 57,190
Expenditure 2,00,056 59,946
Profit (Loss) Before Tax (1,93,556) (2,756)
Profit (Loss) After Tax (1,93,556) (2,756)
Balance Brought forward (11,45,302) (11,42,546)
from previous year
Balance carried to balance sheet (13,38,858) (11,45,302)
GENERAL CORPORATE MATTERS
The company is currently engaged in sale and purchase of shares &
securities. The year under report has been difficult for the Stock
Market as the market behaved with great volatility and Market Index
showed movement both upward and downward frequently. Moreover, payment
problems affecting Stock Market also caused considerable damage to the
investor s confidence in the market. It also affected the overall
turnover in the Stock Market. The Stock Market Index as on 31st March
2012 were at low levels as a result of which there was low valuation of
stock held by the company at the end of the year. The company also
intends to make expansion in providing loans and advances and finance
to different persons, firms and bodies corporate.
CORPORATE GOVERNANCE
Your company has always striven to incorporate appropriate standard for
good corporate governance and has been practicing these principles
since inception. Corporate Governance has evolved in the company over
the years, not only on account of regulatory requirements but also on
account of sound management values for enhancing and meeting
stockholder''s expectations. The company is taking adequate steps in
ensure that all mandatory provisions of Corporate Governance as
prescribed under the Listing Agreement of the Stock Exchange are
complied within the time schedule laid down by Stock Exchange.
GENERAL INFORMATION
The shares of your company are listed on the Delhi Stock Exchange,
Pursuant to the SEBI Guidelines the company''s Equity Share has been
under process to be converted in to electronic mode. Company''s ISIN No.
INE201F01015 and the company''s shares can be got converted in to
electronic form with any of the Depositary Participation registered
with NSDL or CDSL.
DIVIDEND
Due to the fact that the Company incurred loss during the year there
for your directors are not in a position to recommend any dividend. But
the directors are hopeful better result in ensuring future.
PARTICULARS OF EMPLOYEES
There are no employees in receipt of remuneration in excess of amount
specified in Section 217(2A) read with Companies (Particular of
employees) rules 1975 as amended.
DIRECTORS
MR. VIRENDRA JAIN, Director, Retire by Rotation and being eligible,
offer himself for re-appointment at the ensuing Annual General Meeting.
MR. SURENDER KUMAR JAIN who has been co-opted as director of the
Company on 25/06/2012 and in terms of section 260 of the Companies Act,
1956 to hold office as additional director until this Annual General
Meeting, and has offered himself for re-appointment, be and is hereby
appointed as Director of the CompanyÂ. The Board of Directors
recommends their appointment.
MRS. BABITA JAIN who has been co-opted as director of the Company on
12/04/2012 and in terms of section 260 of the Companies Act, 1956 to
hold office as additional director until this Annual General Meeting,
and has offered himself for re-appointment, be and is hereby appointed
as Director of the CompanyÂ. The Board of Directors recommends their
appointment.
DIRECTORS'' RESPONSIBILITY STATEMENT
As required under section 217(2AA), which was introduced by the Company
(Amendment) Act, 2000 your Director confirms that: -
a) In the preparation of the annual accounts, the applicable accounting
standards have been followed.
b) The Director 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 on 31st March, 2012 and of the Loss of the Company of
the year ended 31st March, 2012.
c) The Director have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provision of the Companies Act, 1956 for safeguarding the assets of the
company and preventing and detecting fraud and other irregularities.
d) The annual accounts have been prepared on a going concern basis.
AUDITORS''
To re-appoint Auditors of the Company and to decide about their
remuneration. The retiring auditor M/S GAURAV ASHOK JAIN & ASSOCIATES
Chartered Accountants, being eligible, offers themselves for
re-appointment.
AUDITORS REMARKS
The observations made by the Auditors with reference to note on the
accounts for the year under report are self explanatory and need no
further comments from the Directors.
COMPLIANCE CERTIFICATE
The Company has obtained Compliance Certificate from a Practicing
Company Secretaries and the same is annexed to this report. This
certificate does not call for any adverse comments.
SUBSIDIARY COMPANIES
The Company does not have any subsidiary company.
NBFC REGISTRATION
The company has been registered with Reserve Bank of India as Non
Banking Finance Company Vide Registration No, B-14,00808 dated 20th
May, 1999.
NON-BANKING FINANCIAL COMPANIES AUDITORS REPORT (RESERVE BANK)
DIRECTIONS. 1998
Pursuant to the Non-Banking Financial Companies Auditors Report
(Reserves Bank) Direction, 1998 a report from the Statutory Auditors to
the Board of Directors'' has been received by your company. This report
has certified that the company has complied with all the directions and
prudential norms as prescribed under the RBI Act, 1934.
LISTING INFORMATION
The Company shares are listed with Delhi Stock Exchange Ltd., Delhi.
Your Company has paid Annual listing fees up to date and there are no
arrears.
CASH FLOW STATEMENT
In conformity with the provisions of Clause 49 of the Listing Agreement
with the Stock Exchange, the Cash Flow Statement for the year ended
31st March 2012 is annexed hereto.
FIXED DEPOSITS
The Company has not accepted any deposits from the public, within the
meaning of Section 58 - A of the Companies Act, 1956 and the Companies
(Acceptance of Deposit) Rules, 1975 during the year under review.
STATUTORY INFORMATION
The Company''s (Disclosure of particulars in the report of Board of
Directors) Rules 1988, requires the disclosures of particulars
regarding conservation of energy in Form A and technology Absorption in
Form B prescribed by the rules. The requirement of Forms A and B are
not applicable, as the company is not manufacturing company. The
company had no foreign Exchange out-go or inflow during the year
ACKNOWLEDGEMENT
The Directors wish to place on record their appreciation of the
assistance provided by the Bankers, Financial Institutions and the
Government. The Directors also thank the employees for their
contributions made during the year.
BY ORDER OF THE BOARD
SHRI NIWAS LEASING AND FINANCE LIMITED
Place: New Delhi
Date : 03.09.2012 CHAIRMAN
Mar 31, 2011
Dear Members,
The Directors are pleased to present their 26th annual Report and
audited accounts for the year ended 31st March, 2011.
FINANCIAL RESULTS FOR THE YEAR ENDED
31.03.2011 31.03.2010
Income 57,190 8,806
Expenditure 59,946 18,198
Profit (Loss) Before Tax (2,756) (9,392)
Profit (Loss) After Tax (2,756) (9,392)
Balance Brought forward (11,42,546) (11,33,154)
from previous year
Balance carried to balance sheet (11,45,302) (11,42,546)
GENERAL CORPORATE MATTERS
The company is currently engaged in sale and purchase of shares &
securities. The year under report has been difficult for the Stock
Market as the market behaved with great volatility and Market Index
showed movement both upward-and downward frequently. Moreover, payment
problems affecting Stock Market also caused considerable damage to the
investor''s confidence in the market. It also affected the overall
turnover in the Stock Market. The Stock Market Index as on 31st March
2011 were at low levels as a result of which there was low valuation of
stock held by the company at the end of the year. The company also
intends to make expansion in providing loans and advances and finance
to different persons, firms and bodies corporate.
CORPORATE GOVERNANCE
Your company has always striven to incorporate appropriate standard for
good corporate governance and has been practicing these principles
since inception. Corporate Governance has evolved in the company over
the years, not only on account of regulatory requirements but also on
account of sound management values for enhancing and meeting
stockholder''s expectations. The company is taking adequate steps in
ensure that all mandatory provisions of Corporate Governance as
prescribed under the Listing Agreement of the Stock Exchange are
complied within the time schedule laid down by Stock Exchange.
GENERAL INFORMATION
The shares of your company are listed on the Delhi Stock Exchange,
Pursuant to the SEBI Guidelines the company''s Equity Share has been
under process to be converted in to electronic mode. Company''s ISIN No.
INE201F01015 and the company''s shares can be got converted in to
electronic form with any of the Depositary Participation registered
with NSDL or CDSL.
DIVIDEND:
Due to the fact that the Company incurred loss during the year there
for your directors are not in a position to recommend any dividend. But
the directors are hopeful better result in ensuring future.
DIRECTORS'' RESPONSIBILITY STATEMENT
As required under section 217(2AA), which was introduced by the Company
(Amendment) Act, 2000 your Director confirms that:
a) In the preparation of the annual accounts, the applicable accounting
standards have been followed.
The Director 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 on 31st March, 2011 and of the Loss of the Company of
the year ended 31st March, 2011.
The Director had taken proper and sufficient care for the maintenance
of adequate accounting records in accordance with the provision of the
Companies Act, 1956 for safeguarding the assets of the company and
preventing and detecting fraud and other irregularities.
c) The annual accounts are prepared on a going concern basis.
AUDITORS'' REPORT
The notes to the accounts referred to in the auditors report are
self-explanatory and therefore do not call for any further comments.
AUDITORS'' REMARKS
The observations made by the Auditors with reference to note on the
accounts for the year under report are self explanatory and need no
further comments from the Directors.
PARTICULARS OF EMPLOYEES:
There are no employees in receipt of remuneration in excess of amount
specified in Section 217(2A) read with Companies (Particular of
employees) rules 1975 as amended.
SUBSIDIARY COMPANIES
The Company does not have any subsidiary company.
FIXED DEPOSITS:
The Company has not accepted any deposits from the public, within the
meaning of Section 58 -A of the Companies Act, 1956 and the Companies
(Acceptance of Deposit) Rules, 1975 during the year under review.
STATURTORY INFROMATION
The Company''s (Disclosure of particulars in the report of Board of
Directors) Rules 1988, requires the disclosures of particulars
regarding conservation of energy in Form A and technology Absorption In
Form B prescribed by the rules, The requirement of Forms A and B are
not applicable, as the company is not manufacturing company. The
company had no foreign Exchange out-go or inflow during the year
ACKNOWLEDGEMENT:
The Directors wish to place on record their appreciation of the
assistance provided by the Bankers, Financial Institutions and the
Government. The Directors also thank the employees for their
contributions made during the year.
BY ORDER OF THE BOARD
For SHRI NIWAS LEASING AND FINANCE LIMITED
DIRECTOR
PLACE: NEW DELHI
DATE : 17.05.2011
Disclaimer: This is 3rd Party content/feed, viewers are requested to use their discretion and conduct proper diligence before investing, GoodReturns does not take any liability on the genuineness and correctness of the information in this article