Mar 31, 2015
Dear Members,
On behalf of the Board of Directors, it is our pleasure to present the
26th Annual Report together with the Audited Statement of Accounts of S
T Services Limited ("the Company") for the year ended March 31st, 2015.
FINANCIAL PERFORMANCE (Standalone)
(Amoun in Rupees)
Financial Statements Standalone
31/O3/2015 31/03/2014
Total Income 2004184 1577557
Profit/(loss) before Depreciation & Taxation 258944 188739
Depreciation 158696 86117
Profit before taxation 100248 102622
Provision for Income Tax 55138 31498
Provision for Deferred Tax (28371) 1472
Net Profit/(Loss) After Tax 73481 71124
Less: Contingent Provision against
Standard Assets. (7904) (3282)
Less: Earlier Year Depreciation (3982) -
Profit/(Loss) brought forward from
previous year 493062 1438219
Profit available for appropriation 1554657 1506062
Less: transferred to special reserve. (14700) (13000)
Profit/(Loss) carried to Balance Sheet 1539957 1493062
Reserve & Surplus
The balance of Reserve & Surplus, as at 31st March, 2015 stand at
Rs.1976182/- after making appropriations indicated above.
Summary of Operations
The Company is a Non Banking Financial Company and engaged in advancing
of Loans and Investments in shares and securities. The Company is also
exploring other business opportunities such as Infrastructure & Real
Estate. During the year, total revenue of your Company increased by
27.04 %, from Rs 1577557/- to Rs. 2004184/-. Your Directors are hopeful
to achieve better results in future.
Dividend
With the view to conserve the resources of the Company, the Directors
are not recommending any dividend.
Listing of Shares of the Company
The shares of the Company is listed at Calcutta, Ahmedabad and Jaipur
Stock Exchanges. During the year the Company has got its shares Listed
at Bombay Stock Exchange.
Change in Nature of Business
There was no change in the nature of business of the Company.
Material Changes and Commitments
No material changes and commitments affecting the financial position of
the Company occurred between the end of Financial Year to which the
Balance Sheet relates on the date of this report.
There was no significant and material orders passed by the regulators
or courts or tribunals impacting the Going Concern status and Company's
operations in future
Company Secretary
Mrs. Shweta Almal Company Secretary has been appointed as Company
Secretary and Compliance officer of the Company w.e.f. 26th of June,
2014 at a remuneration mutually decided between her and the Board.
Internal Financial Control
The Company has in place adequate internal control systems and
procedures commensurate with the size and nature of the business. These
systems and procedures provide reasonable assurance of maintenance of
proper accounting records, reliability of financial information,
protection of resources and safeguarding of assets against unauthorized
use.
Share Capital / Finance
Your Company has not issued any Equity Shares or shares with
differential rights/ Employee Stock Option Plan/ Sweat Equity Shares
during the year.
Extract of Annual Return
Pursuant to section 92(3) of the Companies Act, 2013 ('the Act') and
rule 12(1) of the Companies (Management and Administration) Rules,
2014, extract of annual return is Annexed as Annexure 1.
Directors' Responsibility Statement
Pursuant to the requirement clause (c) of sub-section (3) of Section
134 of the Companies Act, 2013, your Directors confirm that :
(a) In the preparation of the annual accounts, the applicable
accounting standards had been followed along with proper explanation
relating to material departures;
(b) The directors had selected such accounting policies and applied
them consistently and made judgments and estimates that are reasonable
and prudent so as to give a true and fair view of the state of affairs
of the company at the end of the financial year and of the profit and
loss of the company for that period;
(c) The directors had taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of this Act for safeguarding the assets of the company and
for preventing and detecting fraud and other irregularities;
(d) The directors had prepared the annual accounts on a going concern
basis; and
(e) 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.
(f) The directors had devised proper systems to ensure compliance with
the provisions of all applicable laws and that such systems were
adequate and operating effectively.
Statutory Auditors, their Report and Notes to Financial Statements
In the last AGM held on 30th September, 2014, M/s. S Jaykishan,
Chartered Accountants have been appointed Statutory Auditors of the
Company for a period of 5 years. Ratification of appointment of
Statutory Auditors is being sought from the members of the Company at
the ensuing AGM.
Further, the report of the Statutory Auditors along with notes to
Schedules is enclosed to this report. The observations made in the
Auditors' Report are self-explanatory and therefore do not call for any
further comments.
Meetings
Details of the various meetings held during the financial year 2014-15
is been given in the Corporate Governance Report.
Corporate Governance Report
Your Company recognizes the importance of good Corporate Governance in
building shareholders confidence, improving investor protection and
enhancing Long-term enterprise value. A report on Corporate Governance
is annexed.
CEO/CFO Certification
The Chief Financial Officer of the Company has submitted a certificate
to the Board as required under Clause-49 of the Listing Agreement for
the year ended 31-03-2015.
Secretarial Audit
In terms of Section 204 of the Act and Rules made there under, M/s.
Anurag Fatehpuria (Membership No: A34471), a Practicing Company
Secretary (COP No: 12855) have been appointed as Secretarial Auditors
of the Company. The report of the Secretarial Auditors is enclosed as
Annexure 2 to this report. The report is self-explanatory and do not
call for any further comments.
Particulars of Loans, Guarantees or Investments under sec-186 of
Companies Act, 2013
a) Details of Loans and Advances Given (Unsecured):(Provided for
Business Purposes)
Name of the Borrower Amount
Haryana Steel Supply Co. Pvt. Ltd. 3609686
Hello Exim Pvt. Ltd. 8284
Metal Engg. & Treatment Co. Pvt. Ltd. 3601000
Metanpart 554000
Mohit Paper Mills Ltd. 2654163
Mohit Petrochemicals Ltd. 56365
Neomet Consultants Pvt. Ltd. 1108000
Stahlmet Casting Pvt. Ltd. 1218800
Reform Flour Mills Pvt. Ltd. 2531808
Ramesh Chandra Juneja 1800000
b) Details of Investments :
The details of the Investments made by the Company, is given in the
notes to the Financial Statements.
Related party transactions
The Company has not entered into any transactions with the Related
Parties during the year.
Risk Management Policy
Pursuant to section 134(3)(n) of the Companies Act, 2013, the Company
has adopted a Risk Management policy. The Board identifies some risks
that may affect the business of your Company and segregate them in
various categories. Based upon such categories Board has directed the
management to adopt and follow certain preventive steps. Board reviews
the Risks periodically.
Vigil Mechanism Policy
The Board has adopted a whistle blower policy for the Company. The
policy is formulated to provide opportunity to all the employees to
access in good faith, to the Audit Committee of the Company, in case
they observe any unethical and improper practice or behavior or
wrongful conduct in the Company.
Declaration by independent directors
The Independent Directors have submitted their declaration of
independence, as per the Companies Act, 2013 to the Board.
Corporate Social Responsibility
The Companies (Corporate Social Responsibility Policy) Rule, 2014 is
not applicable to the Company.
Directors and Key Managerial Personnel
Mr. Sushanta Mondal (DIN:00013059) and Mr. Shiv Kumar Jaria
(DIN:01082212), Directors retire by rotation at the forthcoming Annual
General Meeting and being eligible, offer themselves for reappointment.
During the year, Mr. Sushanta Mondal (DIN: 00013059), Mr. Nikhil
Patodia (DIN: 01082242) and Shiv Kumar Jaria (DIN: 01082212) have been
appointed as an Independent Directors for term of 5 years.
Formal Annual Evaluation
The Board has adopted a policy for evaluation of itself along with all
its committees and all the directors individually. Based on such
policy, the Board in its first Board Meeting held after the financial
year 2014-15, performed an evaluation of its own working of all its
committees and personal evaluation of Directors.
Transfer of Amounts to Investor Education and Protection Fund
There were no funds which were required to be transferred to Investor
Education and Protection Fund (IEPF).
Public Deposits
Your Company has not accepted any deposits from public in terms of
Section 73 of the Companies Act, 2013 and the Companies (Acceptance of
Deposits Rules), 2014.
Particulars of Employees (Managerial Remuneration)
The information required pursuant to sec-197 read with Rule 5 of The
Companies Appointment and Remuneration of Managerial Personnel) Rules,
2014
The ratio of remuneration of median employee to that of the Managing
Director and Company Secretary are 1:1 and 1:1 respectively. No other
directors get any remuneration from the Company.
Energy, technology absorption, foreign exchange earnings and outgo
The nature of the Company's business does not require involving any
type of energy consumption or adaptation of any technology.
The particulars required to be furnished under Rule 8 of the Companies
(accounts) Rules, 2014 :
i) Part A and B pertaining to conservation of energy and technology
absorption are not applicable to the Company.
ii) Foreign Exchange earnings and outgo are as under:
Earnings : Rs. Nil
Outgo : Rs. Nil
Acknowledgement
Your Directors would like to express their sincere appreciation of the
cooperation assistance received from everyone related to the Company
during the year under review.
For and on behalf of the Board
S T SERVICES LIMITED
SD/-
(Managing Director)
Date : 28-05-2015 (DIN: 00556652)
Place : Kolkata
Mar 31, 2014
Dear Members,
The Directors of S T Services Limited have the pleasure in presenting
before you the 25th Annual Report together with Audited Statement of
Accounts of the Company for the year ended 31st March, 2014.
FINANCIAL HIGHLIGHTS
The highlights of the year''s operation with a comparison to last year
are, as follows :Â
(Amount in Rupees)
Particulars 2013-2014 2012-2013
Sales & Other Income 1577557 1878185
Profit before Depreciation & Taxation 188739 114240
Less: Depreciation 86117 28656
Profit before Taxation 102622 85584
Provision for Taxation (32970) (18491)
Provision for Deferred Tax 1472 (7744)
Profit after Taxation 71124 59349
Less : Contingent Provisions
against Standard Assets (3282) 30916
Less: Provision for tax for earlier year  10038
Add: Balance of Profit transferred
from Last year 1438219 1369992
Profit available for appropriation 1506062 1450219
Transfer to Special Reserve (13000) (12000)
Surplus Carried Forward to Balance Sheet 1493062 1438219
DIVIDEND
With a view to consolidate the financial position of the Company, your
Directors recommend to retain the profits as reserve.
OPERATIONS
The Company has been able to earn a reasonable profit from its
operations. Steps are being taken for further improvement.
LISTING OF SHARES OF THE COMPANY
The shares of the Company are listed in Kolkata, Ahmedabad and Jaipur
Stock Exchanges. The Annual listing Fees have been paid to the above
mentioned Stock Exchanges regularly. The Company has applied for
listing on Bombay Stock Exchange and the company is hoping to get the
shares listed on BSE within 6 months from now.
DIRECTORS
Mr. Goutam Kumar Mondal (DIN No. 00556652) has been appointment as
Managing Director of the Company w.e.f. 30th May, 2014 for a period of
5(five) years.
In accordance with the provisions of the Companies Act, 2013 and the
Company''s Articles of Association, Mr. Shiv Kumar Jaria (DIN :
01082212) a Director of the Company retires by rotation and being
eligible offers himself for re-appointment.
STATUTORY INFORMATION
1. Conservation of Energy, Technology absorption, Foreign Exchange
Earning and outgo
i) The Company has no activities relating to conservation of energy or
technology absorption hence this part of Section 217(i)(e) of the
Companies Act, 1956 are not applicable to the Company.
ii) Foreign Exchange Earnings Rs. Nil
iii) Foreign Exchange Outgo Rs. 171274 (Travelling Expenses)
2 Particular''s of Employees
The Company has not paid any remuneration attracting the provisions of
Companies (Particulars of Employees) Rules, 1975 read with Section 217
(2A) of the Companies Act, 1956. Hence, no information is required to
be appended to this report in this regard.
3 Public Deposits
The Company has not invited/accepted any public deposits within the
meaning of Section 58A of the Companies Act, 1956 from the public
during the year, as such no amount of Principal or interest was
outstanding on the date of the Balance Sheet.
AUDITORS
M/s S. Jaykishan, Chartered Accountants, having Firm Registration No.
309005E, who are Statutory Auditors of the Company hold office till the
conclusion of the ensuing Annual General Meeting(AGM) and are eligible
for re-appointment. Pursuant to the provisions of section 139 of the
Companies Act, 2013 and the Rules framed there under, it is proposed to
appoint M/s S. Jaykishan, as Statutory Auditors of the Company from
the conclusion of the ensuing AGM till the conclusion of the Thirtieth
AGM to be held in the year 2019, subject to ratification by the members
for their appointment at every AGM.
The Company has received a certificate from M/s S. Jaykishan to the
effect that their re-appointment, if made, would be in accordance with
the provisions of section 141 of the Companies Act, 2013 and that they
are not disqualified from being eligible for reappointed as auditors.
The Notes to the Accounts referred to in the Auditors Report are self
explanatory and therefore, do not call for any further explanations.
SECRETARIAL AUDIT REPORT
The Companies Act, 2013 has mandated every listed public company to
have secretarial audit conducted by practicing Company Secretary,
Necessary proposal has been included in the agenda of the Notice for
approval of the members.
CORPORATE GOVERNANCE
The report on Corporate Governance as prescribed by the Listing
Agreement is annexed and forms a part of the Annual Report. The
Auditors Certificate on compliance of the provisions of Corporate
Governance as mentioned in the Listing Agreement is also attached.
CEO/CFO CERTIFICATION
The Chief Financial Officer of the Company has submitted a certificate
to the Board as required under clause 49 of the Listing Agreement for
the year ended 31.03.2014.
DIRECTORS'' RESPONSIBILITY STATEMENT
In pursuance of the provisions of section 217(2AA) of the Companies
Act, 1956, your Directors make the following statement :Â
1. That in the preparation of the Annual Accounts, the applicable
Accounting Standards have been followed and there were no material
departures from prescribed accounting standards;
2. That the Board 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 or
loss of the Company for that period.
3. That they 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; and
4. That they have prepared the Annual Accounts on going concern basis.
COMPANY SECRETARY
The Company is in process of appointing Company Secretary for the
Company and the same is expected to take effect within a months time.
INTERNAL CONTROL SYSTEMS
The Company has in place adequate internal control systems and
procedures commensurate with the size and nature of the business. These
systems and procedures provide reasonable assurance of maintenance of
proper accounting records, reliability of financial information,
protection of resources and safeguarding of assets against unauthorized
use.
RBI GUIDELINES FOR NON BANKING FINANCIAL COMPANIES
The company has observed all the prudential norms prescribed by the
Reserve Bank of India. The Schedule as required in terms of Paragraph
9BB of Non- Banking Financial Companies Prudential Norms (Reserve Bank)
Directions, 2008 is annexed herewith.
E-VOTING
With regard to the manner and other requirements of extending the
e-voting facility to shareholders and that the ministry of Company
Affairs has made the aforesaid Rules, non-mandatory till December
31,2014, we are not extending the e-voting facility at our ensuing
Annual General Meeting scheduled on Tuesday 30th September, 2014.
ACKNOWLEDGEMENT
Your Directors place on record their appreciation of the assistance and
support extended by the Company''s Clients, Bankers, other Governments
Agencies and Investors. The Board also expresses their gratitude to
Employees, Financial Advisors and the Shareholders of the Company for
their continuing support and co-operation in various activities of the
Company.
On behalf of the Board
Registered office:
92B, Chittaranjan Avenue, 2nd Floor, SD/-
Kolkata - 700 012 Goutam Kr. Mondal
Chairman
Dated : The 30th Day of May, 2014.
Mar 31, 2013
Dear Members,
The Directors of S T Services Limited have pleasure in presenting the
24th Annual Report together with Audited Statement of Accounts of the
Company for the year ended 31st March, 2013.
FINANCIAL HIGHLIGHTS
The highlights of the year''s operation with a comparison to last year
are, as follows:-
Particulars 2012-2013 2011-2012
Sales & Other Income 1878185 1920419
Profit before Depreciation & Taxation 114240 91618
Less: Depreciation 28656 16370
Profit before Taxation 85584 75248
Provision for Taxation (18491) (24766)
Provision for Deferred Tax (7744) 1725
Profit after Taxation 59349 52207
Add: Contingent Provisions against
Standard Assets 30916 (4184)
Less: Provision for tax for earlier year 10038 --
Add: Balance of Profit
transferred from Last year 1369992 1336969
Profit available for appropriation 1450219 1384992
Transfer to Special Reserve (12000) (15000)
Surplus Carried Forward to Balance Sheet 1438219 1369992
DIVIDEND
With a view to consolidate the financial position of the Company, your
Directors recommend to retain the profits as reserve.
OPERATIONS
The Company has been able to earn a reasonable profit from its
operations. Steps are being taken for further improvement.
LISTING OF SHARES OF THE COMPANY
The shares of the Company are listed in Kolkata, Ahmedabad and Jaipur
Stock Exchanges. The Annual listing Fees have been paid to the above
mentioned Stock Exchanges regularly.
DIRECTORS
Mr. Sushanta Mondal retires by rotation in terms of Article 89 of
Articles of Association of the Company and being eligible, offers
himself for re-appointment.
STATUTORY INFORMATION
1. Conservation of Energy, Technology absorption, Foreign Exchange
Earning and outgo
i) The Company has no activities relating to conservation of energy or
technology absorption hence this part of Section 217(i) (e) of the
Companies Act, 1956 is not applicable to the Company.
ii) Foreign Exchange Earnings Rs. Nil
iii) Foreign Exchange Outgo Rs. Nil
2 Particular''s of Employees
The Company has not paid any remuneration attracting the provisions of
Companies (Particulars of Employees) Rules, 1975 read with Section 217
(2A) of the Companies Act, 1956. Hence, no information is required to
be appended to this report in this regard.
3 Public Deposits
The Company has not invited/accepted any public deposits within the
meaning of Section 58A of the Companies Act, 1956 from the public
during the year, as such no amount of Principal or interest was
outstanding on the date of the Balance Sheet.
AUDITORS
M/s S. Jaykishan, Chartered Accountants, retires at the conclusion
ensuing annual general meeting and being eligible, offer them-selves
for re-appointment. Members are requested to appoint the auditors and
fix the remuneration payable to them.
The Notes to the Accounts referred to in the Auditors Report are self
explanatory and therefore, do not call for any further explanations
under Section 217(3) of the Companies Act, 1956.
CORPORATE GOVERNANCE
The report on Corporate Governance as prescribed by the Listing
Agreement is annexed and forms a part of the Annual Report. The
Auditors Certificate on compliance of the provisions of Corporate
Governance as mentioned in the Listing Agreement is also attached.
CEO/CFO CERTIFICATION
The Chief Financial Officer of the Company has submitted a certificate
to the Board as required under clause 49 of the Listing Agreement for
the year ended 31.03.2013.
DIRECTORS'' RESPONSIBILITY STATEMENT
In pursuance of the provisions of section 217(2AA) of the Companies
Act, 1956, your Directors make the following statement:-
1. That in the preparation of the Annual Accounts, the applicable
Accounting Standards have been followed and there were no material
departures from prescribed accounting standards;
2. That the Board 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 or
loss of the Company for that period.
3. That they 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; and
4. That they have prepared the Annual Accounts ongoing concern basis.
COMPLIANCE CERTIFICATE
For the purpose of Section 383A (1) of the Companies Act, 1956 the
Compliance Certificate attached herewith is self- explanatory and do
not call for any further clarifications from the Board.
INTERNAL CONTROL SYSTEMS
The Company has in place adequate internal control systems and
procedures commensurate with the size and nature of the business. These
systems and procedures provide reasonable assurance of maintenance of
proper accounting records, reliability of financial information,
protection of resources and safeguarding of assets against unauthorized
use.
RBI GUIDELINES FOR NON BANKING FINANCIAL COMPANIES
The company has observed all the prudential norms prescribed by the
Reserve Bank of India. The Schedule as required in terms of Paragraph
9BB of Non-Banking Financial Companies Prudential Norms (Reserve Bank)
Directions, 2008 is annexed herewith.
ACKNOWLEDGEMENT
Your Directors place on record their appreciation of the assistance and
support extended by the Company''s Clients, Bankers, other Governments
Agencies and Investors. The Board also expresses their gratitude to
Employees, Financial Advisors and the Shareholders of the Company for
their continuing support and co-operation in various activities of the
Company.
On behalf of the Board
Registered office:
92B, Chittaranjan Avenue, 2nd Floor, SD/-
Kolkata - 700 012 Goutam Kr. Mondal
Chairman
Dated: The 27th Day of August, 2013
Mar 31, 2012
Dear Members,
The Directors of S.T. Services Limited have pleasure in presenting the
23rd Annual Report together with Audited Statement of Accounts of the
Company for the year ended 31st March, 2012.
FINANCIAL HIGHLIGHTS:
The highlights of the year''s operation with a comparison to last year
are as follows
Particulars 2011-2012 2010-2011
Sales & oter Income 1920419 2184024
Profit before Depreciation £ Taxation 85618 120305
Less: Depreciation 16370 18020
Profit before Taxation 75248 102285
Provision for Taxation 24766 34345
Provision for Deferred Tax (1725) (2953)
Profit after Taxation 52207 70893
Less: Contingent Provisionsnst (4184) (58401)
Standard Assets
Less: Provision for tax for earlier year __ (3640)
Add: Balance of Profit transferred from 1336969 1348117
Last year
Profit available for appropriation 1384992 1356969
Transfer to Special Reserve 15000 20000
Surplus Carried Forward to Balance Sheet 1369992 1336969
DIVIDEND
With a view to consolidate the financial position of the Company, your
Directors recommend to retain the profits as reserve.
OPERATIONS
The Company has been able to earn a reasonable profit from its
operations. Steps are being taken for further improvement.
LISTING OP SHARES OF THE COMPANY
The shares of the Company are listed in Kolkata, Ahmedabad and Jaipur
Stock Exchanges. The Annual listing Fees have been paid to the above
mentioned Stock -Exchanges regularly.
DIRECTORS
Mr. Nikhil Patodia retires by rotation in terms of Article 89 of
Articles of Association of the Company and being eligible, offers
himself for re-appointment.
STATUTORY INFORMATION
1. Conservation of Energy, Technology absorption, Foreign Exchange
Earning and outgo
i) The Company has no activities relating to
conservation ofenergy or technology absorption hence this part of
Section 217(i)(e) ofthe Companies Act, 1956 are not applicable to the
Company.
ii) Foreign Exchanege earnings Rs. Nil
iii) Foreign Exchange outgo Rs. Nil
2 Particular''s of Employees
The Company ''has not paid any remuneration attracting the provisions of
Companies (Particulars of Employees) Rules, 1975 read with Section 217
(2A) of the Companies Act, 1956. Hence, no information is required to
be appended to this report in this regard.
3 Public Deposits
The Company has not invited/accepted any public deposit''s within the
meaning of Section 58A of the Companies Act, 1956 from the public
during the year, as such no amount of Principal or interest was
outstanding on the date of the Balance Sheet.
AUDITORS
M/s S. Jaykishan, Chartered Accountants, retires at the conclusion
ensuing annual general meeting and being eligible, offer them-selves
for re-appointment. Members are requested to appoint the auditors and
fix the remuneration payable to them.
The Notes to the Accounts referred to in the Auditors Report are seif
explanatory and therefore, do not call for any further explanations
under Section 217(3) of the Companies Act, 1956.
CORPORATE GOVERNANCE
The report on Corporate Governance as prescribed by the Listing
Agreement is annexed and forms a part of the Annual Report. The
Auditors Certificate on compliance of the provisions of Corporate
Governance as mentioned in the Listing Agreement is also attached.
CEO/CFO CERTIFICATION
The Chief Financial Officer of the Company ha3 submitted a certificate
to the Board as required under clause 49 of the Listing Agreement for
the year ended 31.03.2012.
DIRECTORS'' RESPONSIBILITY STATEMENT
In pursuance of the provisions of section 217(2AA) of the Companies
Act, 1956, your Directors make the following statement:-
1. That in the preparation of the Annual Accounts, the applicable
Accounting Standards have been followed and there were no materia-
departures from prescribed accounting standards;
2. That the Board 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 or
loss of the Company for that period.
3. That they 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; and
4. That they have prepared the Annual Accounts ongoing concern basis.
COMPLIANCE CERTIFICATE
For the purpose of Section 383A(1) of the Companies Act, 1956 the
Compilance Certificate attached herewith is self-explanatory and do not
call for any further clarifications from the Board.
INTERNAL CONTROL SYSTEMS
The Company has in place adequate internal control systems and
procedures commensurate with the size and nature of the business.
These systems and procedures provide reasonable assurance of
maintenance of proper accounting records, reliability of financial
information, protection of resources and safeguarding of assets against
unauthorized use.
RBI GUIDELINES FOR NON BANKING FINANCIAL COMPANIES
The company has observed all the prudential norms prescribed by the
Reserve Bank of India. The Schedule as required in terms of Paragraph
9BB of Non-Banking Financial Companies Prudential Norms (Reserve Bank)
Directions, 2008 is annexed herewith.
ACKNOWLEDGEMENT
Your Directors place on record their appreciation of the assistance and
support extended by the Company''s Clients, Bankers, other Governments
Agencies and Investors. The Board also expresses their gratitude to
Employees, Financial Advisors and the Shareholders of the Company for
their continuing support and co-operation in various activities of the
Company.
On behalf of the Board
Registered office:
92B, Chittaranjan Avenue, 2nd Floor, SD/-
Kolkata - 700 012 Goutam Kr. Mondal
Chairman
Dated: The 27th Day of August, 2012
Mar 31, 2011
Dear Members,
The Directors of S.T Services Limited have pleasure In presenting the
22nd Annual Report together with Audited Statement of Accounts of the
Company for the year ended 31st March 2011
FINANCIAL HIGHLIGHTS
The highlights of the year''s operation with a comparison to last year
are as follows -
Particulars 2010-2011 2009-2010
Sales & Other Income 2187S69 2620313
Profit before Depreciation 233250 114341
& Taxation
Less: Depreciation 18020 10775
Profit before Taxation 102285 103566
Provision for Taxation 34345 33897
Provision for Deferred Tax (2953) (1177)
Profit after Taxation 70893 70846
Less: Contingent Provisions
against Standard Assets (58401) -
Less: Provision for tax for
earlier year (3640) 157
Add Balance of Profit transferred
from Last year 1348118 1297115
Profit available for appropriation 1356969 1368118
Transfer to Special Reserve 20000 20000
Surplus Carried Forward to
Balance Sheet 1336969 1348118
DIVIDEND
With a view to consolidate the financial position of the Company, your
Directors recommend to retain the profits as reserve
OPERATIONS
The Company has been able to earn a reasonable profit from Its
operations Steps are being taken for further improvement.
LISTING OF SHARES OF THE COMPANY
The shares of the Company are listed in Kolkata, Ahmedabad and Jaipur
Stock Exchanges The Annual listing Fees have been paid to the above
mentioned Stock Exchanges regularly
DIRECTORS
Mr Shiv Kumar Jana Mondal retires by rotation in terms of Article 89 of
Articles of Association of the Company and being eligible, offers
himself for re-appointment.
STATUTORY INFORMATION
1 Conservation of Energy. Technology absorption Foreign Exchange
Earning and outgo
i) The Company has no activities relating to conservation of energy or
technology absorption hence this part of Section 217(i)(e) of the
Companies Act, 1956 are not applicable to the Company
ii) Foreign Exchange Earnings Rs. Nil
Foreign Exchange outgo Rs. Nil
2 ParticularÂs of Employees
The Company has not paid any remuneration attracting the provisions of
Companies (Particulars of Employees) Rules, 1975 read with Section 217
(2A) of the Companies Act, 1956 Hence. no information is required to bo
appended to this report in this regard.
3 Public Deposits
The Company has not invited/accepted any public deposits within the
meaning of Section 58A of the Companies Act, 1956 from the public
during the year, as such no amount of Principal or interest was
outstanding on the date of the Balance Sheet.
AUDITORS
M/s S Jaykishan Chartered Accountants retires at the conclusion ensuing
annual general meeting and being eligible . offer themselves for
re-appointment. Members are requested to appoint the auditors and fix
the remuneration payable to them
The Notes to the Accounts referred to in the Auditors Report are self
explanatory and therefore, do not call for any further explanations
under Section 217(3) of the Companies Act, 1956
CORPORATE GOVERNANCE
The report on Corporate Governance as prescribed by the Listing
Agreement is annexed and forms a part of the Annual Report. The
Auditors Certificate on compliance of the provisions of Corporate
Governance as mentioned in the Listing Agreement is also attached
CEO/CFO CERTIFICATION
The Chief Financial Officer of the Company has submitted a certificate
to the Board as required under clause 49 of the Listing Agreement for
the year ended 31.03.2011
DIRECTORS'' RESPONSIBILITY STATEMENT
In pursuance of the provisions of section 217(2AA) of the Companies
Act, 1956. your Directors make the following statement:-
1 That in the preparation of the Annual Accounts the applicable
Accounting Standards have been
followed and there were no material departures from prescribed
accounting standards
2 That the Board 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 or
loss of the Company for that period
3. That they 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. and
4 That they have prepared the Annual Accounts on going concern basis.
COMPLIANCE CERTIFICATE
For the purpose of Section 383A(1) of the Companies Act 1956 the
Compliance Certificate attached herewith is self-explanatory and do not
call for any further clarifications from the Board.
INTERNAL CONTROL SYSTEMS
The Company has in place adequate internal control systems and
procedures commensurate with the size and nature of the business These
systems and procedures provide reasonable assurance of maintenance of
proper accounting records, reliability of financial information
protection of resources and safeguarding of assets against unauthorized
use.
RBI GUIDELINES FOR NON BANKING FINANCIAL COMPANIES
The Company has observed all the prudential norms prescribed by the
Reserve Bank of India The Schedule as required in terms of Paragraph
9BB of Non-Banking Financial Companies Prudential Norms (Reserve Bank)
Directions. 2008 is annexed herewith.
ACKNOWLEDGEMENT
Your Directors place on record their appreciation of the assistance and
support extended by the Company''s Clients, Bankers other Governments
Agencies and Investors The Board also expresses their gratitude to
Employees Financial Advisors and the Shareholders of the Company for
their continuing support and co-operation in various activities of the
Company.
On behalf of the Board
Registered office:
92B. Chittaranjan Avenue. 2nd Floor, SD/-
Kolkata - 700 012 Goutam Kumar Mondal
Chairman
Dated: The 26th Day of August. 2011
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