Mar 31, 2014
The Directors have pleasure in presenting 27th Annual Reports of your Company together with the Audited Accounts for the year ended on 31st March, 2014.
FINANCIAL RESULTS (Rs. in Lakh)
Particulars Currentt Year Previous Year (2013-2014) (2012-2013)
Gross Income 15.91 14.47
Expenditure 11.25 11.92
Profit/ (Loss) Before Depreciation & Tax 4.66 2.77 Depreciation 0.20 0.21
Provision for Deferred Tax (MAT)/Tax 4.59 0.23
Profit/ (Loss) for the Year (0.13) 2.33
Balance brought forward from the Previous Year (28.69) (30.56)
Transferred to RBI Reserve Fund 0.00 0.47
Balance Carried Forward (28.82) (28.69)
In view of the accumulated losses of the Company, your Directors do not recommend any dividend for the year ended 31st March, 2014.
OPERATIONS AND FUTURE PROSPECTS
This financial year of the company has continued to be a struggling period to consolidate its portfolio for increasing the revenue but desired results could not be achieved in view of the adverse market conditions. Management is optimistic about better results in the future in view of the regaining economic momentum and growth of Indian economy.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
Please refer to Annexure ''A'' of this report.
AUDITORS & THEIR REPORT
M/s Tiwari & Associates, Chartered Accountants retire as Auditors of the Company at the ensuing Annual General Meeting and being eligible, offer themselves for re-appointment. The company has received a letter from them that their reappointment, if made, would be within the provisions prescribed u/s 139 of the Companies Act, 2013. Your directors and Audit Committee recommend their appointment as Statutory Auditors for another one year.
Auditors'' Report is self-explanatory and required no comments by the Directors.
Shri Kapoor Chand Gupta, Director retires by rotation at the ensuing Annual General Meeting and being eligible, offer himself for re-appointment. The directors recommend his reappointment.
The Company has complied with the mandatory provisions of Corporate Governance as prescribed in the Listing Agreement. A Separate report on Corporate Governance is included as a part of the Annual Report.
Certificate from the auditors of the Company M/s Tiwari & Associates confirming compliance of conditions of Corporate Governance as stipulated of under the clause 49 of Listing Agreement is annexed to this report as annexure "B"
PARTICULARS OF EMPLOYEES INFORMATION IN ACCORDANCE WITH SECTION 217(2A) OF THE COMPANIES ACT 1956 WITH COMPANIES (PARTICULARS OF EMPLOYEES) RULES 1975
During the year under review, no employees, whether employed for the whole or part of the year, was drawing remuneration exceeding the limits as laid down under section 217 (2A) of the Companies Act, 1956, read with Companies (Particulars of Employees) Rules, 1975 as amended. Hence the details required under Section 217 (2A) are not given.
As on March 31, 2014 no deposit from public have been accepted or renewed by the I Company.
CONSERVATION OF ENERGY
The company is not engaged in any activity relating to conservation of energy and technology.
FOREIGN EXCHANGE EARNINGS AND OUTGO
There are no foreign exchange earning & outgo during the financial year under review.
DIRECTORS'' RESPONSIBILITY STATEMENT
Pursuant to Section 217( 2AA) of the Companies Act, 1956 as introduced by Companies (Amendment) Act, 2000, the Directors confirm that:
* In the preparation of the annual accounts, the applicable accounting standards have been followed;
* Appropriate accounting policies have been selected and applied consistently, and judgments and estimates made are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company as at 31st March, 2014 and of the profits of the Company for the year ended 31st March, 2014
* Proper and sufficient care has been taken 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.
* The annual accounts have been prepared on a going concern basis.
The company has obtained Compliance Certificate from Practicing Secretary as required under provision to Section 383A(1) of the Companies Act,1956
Your directors are pleased to place on record their sincere thanks to the Reserve Bank of India, Bankers, stock exchange, customers and share holders of the company for their continued and valuable co-operation and support to the Company.
Your Directors also express their appreciation for the hard work and sincere services rendered by employees at all level during the year.
Place : New Delhi By order of the Board of Directors Dated : 5th September 2014 Standard Capital Markets Limited
Durga Prasad Sharma Narender K. Arora Director Managing Director
Mar 31, 2010
The Directors are pleased to present the 23rd Annual Report together with the Audited Accounts of the Company for the year ended March 31st, 2010.
The Performance of the Company for the financial year ended March 31, 2010 is summarized below:
For the Year ended For the Year ended 31.03.2010 31.03.2009 (Rs. In Lacs) (Rs. In Lacs)
Gross Income 14.28 5.51
Expenditure 15.83 23.26
Profit /(Loss) Before Depreciation & Tax (1.55) (17.75)
Depreciation 0.83 0.56
Provision for Tax 0.00 NIL
Profit/(Loss) for the Year (2.38) (18.31)
Balance brought forward from the Prev. Year (92.26) (140.13)
General Reserve NIL NIL
Prov. For Doubtful Debts Written Back 11.70 66.19
Prov. For Doubtful Investment written back 10.00 NIL
Tfd to RBI Reserve Fund NIL NIL
Balance Carried Forward (72.94) (92.26)
In view of the accumulated losses of the company, your directors do not recommend any dividend for the year ended 31st March, 2010.
M/s Tiwari & Associates, Chartered Accountants, retire at the conclusion of this Annual General Meeting and being eligible, offer themselves for re-appointment. They have furnished a Certificate to the effect that the proposed reappointment, if made, will be in accordance with sub-section (1-B) of Section 224 of the Companies Act, 1956. Members of the Company are requested to appoint the auditors for the next year and fix up their remuneration.
The observation made in the Auditors Report are self explanatory and therefore, do not call for any further comment under section 217(3) of the Companies Act, 1956.
The Directors of the company put in their hard efforts to bring the financial operation on a satisfactory note. Your company suffered financial loss during the year under report as compared to financial loss during the previous year.
In accordance with the requirements of section 256 of the Companies Act, 1956 and the articles of association of the company, Sh. Durga Prasad Sharma, Director of the company retire by rotation at the ensuing Annual General Meeting.
DIRECTORS RESPONSIBILITY STATEMENT
Pursuant to the requirement under Section 217 (2AA) of the Companies Act, 1956, with respect to Directors Responsibility Statement, it is hereby confirmed that:
a) in the preparation of annual accounts, the applicable accounting standards have been followed and that there are no material departures 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 as at March 31,2010 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 irregularities; and
d) the Directors have prepared the annual accounts of the Company on a going concern basis.
Report on Corporate Governance as stipulated under Clause 49 of the Listing Agreement with the Stock Exchange in India forms part of the Annual Report.
Certificate from the Auditors of the Company, M/s Tiwari & Associates, confirming compliance of conditions of Corporate Governance as stipulated under the aforesaid Clause 49, is annexed to this Report.
PARTICULARS OF EMPLOYEES
None of the companys employees, employed throughout the Financial year under review, was in receipt of an aggregate remuneration of Rs. 24,00,000/- p.a. or more, Similarly no employees of the company, employed for a part of the financial year, received remuneration @ Rs. 2,00,000/- p.m. or more. Hence the details required under section 217 (2A) of the Companies Act, 1956 read with the companies (Particulars of Employees) Rules, 1975 is not given.
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.
ENERGY CONVERVATION, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNING AND OUTGO:
Particulars under Companies (Disclosure of Particulars in the report of Board of Directors) Rules 1988 on conservation of energy, technology absorption and foreign exchange earnings and outgo are not applicable to the company and hence no disclosure is being made in this report.
The company has obtained Compliance Certificate from Practicing Company Secretary as required under proviso to Section 383A (1) of the Companies Act, 1956. The copy of the same has been annexed to this report.
Your Directors thanks our esteemed shareholders, customers, business associates, Financial/Investment Institutions and Commercial Banks for their faith reposed by them in your company and its management.
Your Directors placed on record their deep appreciation of dedication and commitment of employees at all levels and look forward to their continued support in the future as well.
The Board also acknowledges the faith reposed in the company by lessees, investing public and Banks for their valuable assistance, and look forward to their continued co-operation.
For and on behalf of the Board
SD/- SD/- DURGA PRASAD SHARMA NARENDER K ARORA (DIRECTOR) (DIRECTOR)
PLACE : NEW DELHI DATE : 25.08.2010