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Directors Report of Thirdwave Financial Intermediaries Ltd.

Mar 31, 2014

Dear Members,

The Directors have pleasure in presenting the 24th Annual Report together with the Audited Statement of Accounts for the year ended on 31st March, 2014.

FINANCIAL RESULTS Year Ended Year Ended 31-03-2014 31-03-2013

GROSS INCOME 21,61,158 4,53,090

GROSS PROFIT/(LOSS) BEFORE DEPRECIATION AND INCOME TAX (1,38,765) (8,57,284)

Less : Depreciation 16,989 21,055

Income Tax (including for earlier years) - -

Prior Period Expenses/(Income) - (13,365)

NET PROFIT/(LOSS) AFTER TAXES (1,55,754) (8,64,974)

DIVIDEND

In view of carried forward losses, your directors are unable to declare dividend for the year under consideration.

OPERATIONS

During the year your company moderately participated in Capital Market due to shortage of funds.

COMPLIANCE WITH REGULATIONS

The Company has complied with various regulations formulated from time to time by the authorities.

LISTING

The Equity Shares of the Company are listed at Bombay Stock Exchange (BSE), Calcutta Stock Exchange (CSE) and Madras Stock Exchange (MSE). Listing fees for 2014-15 for all the Stock Exchanges have been paid.

DELISTING OF EQUITY SHARES FROM MADRAS STOCK EXCHANGE (MSE)

The Company has received a letter from MSE that the exchange has decided to de-recognise itself and has applied to SEBI for the same. MSE has therefore advised the company to seek voluntary delisting from their exchange as the Company''s shares are listed on BSE having nationwide trading terminals. Further in terms of SEBI (Delisting of Equity Shares) Regulations, 2009 companies have been permitted to seek voluntary delisting from Regional Stock Exchanges subject to terms and conditions of such regulation. Moreover continued listing at MSE does not provide any tangible advantage to shareholders and investors of the Company. Hence the your Company should take voluntary delisting from MSE and avoid unnecessary financial and administrative burden due to multiple compliance of various exchanges from time to time.

CAPITAL OF THE COMPANY

During the year Authorised Capital of the Company stands at Rs. 6,00,00,000/- (Rupees Six Crores Only) divided into 60,00,000 Equity Shares of Rs. 10/- each. Paid up Capital of the company is Rs. 2,20,76,000/- (Rupees Two Crores Twenty Lacs Seventy-six Thousands Only) divided into 22,07,600 fully paid up Equity Shares of Rs. 10/- each.

PARTICULARS OF EMPLOYEES

There is no employee whose remuneration exceeds the prescribed limit and hence no disclosure is required.

CORPORATE GOVERNANCE

Since the paid up capital of the Company is less than 300 lacs presentation of Corporate Governance Report is not required for the Company.

RESPONSIBILITY STATEMENT

The Directors confirm:-

a) that in preparation of the annual accounts, the applicable accounting standards have been followed and that no material departures have been made from the same;

b) that they 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 the affairs of the company at the end of the financial year and of the loss of the company for the year;

c) that they have taken proper and sufficient care for maintenance of 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.

d) that they have prepared the annual accounts on a going concern basis.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS AND OUTGOINGS

The Company is not engaged in any manufacturing activities, therefore there is no information to submit in respect of conservation of energy and technology absorption. The Company has no foreign exchange earning and outgoing during the year.

DIRECTORS

Sri Vinay Kumar Agarwal retires at the ensuing Annual General Meeting and has expressed his unwillingness to his re-appointment. To fill the vacancy of retiring Director your Company has received notice under Section 160 of the Companies Act, 2013 from a member proposing Smt Suman Agarwal proposing her candidature for the office of the Director of the Company.

AUDITORS

At the Annual General Meeting, members are requested to appoint Auditors for the current financial year and to fix their remuneration.

APPRECIATION

The Directors wish to place on record their appreciation of the valuable support given by our clients, Bankers & shareholders.

Place : Kolkata Dated : 31st July, 2014

For and on behalf of the Board For and on behalf of the Board Vinay Kumar Agarwal Sanwarmal Agarwal (Director) (Director)


Mar 31, 2013

The Directors have pleasure in presenting the 23rd Annual Report together with the Audited Statement of Accounts for the year ended on 31st March, 2013.

FINANCIAL RESULTS Year Ended Year Ended 31-03-2013 31-03-2012

GROSS INCOME 4,53,090 2,06,626

GROSS PROFIT/(LOSS) BEFORE

DEPRECIATION AND INCOME TAX (8,57,284) (2,54,058)

Less : Depreciation 21,055 21,055

Income Tax (including for earlier years) - 2,630

Prior Period Expenses/(Income) (13,365) -

NET PROFIT/(LOSS) AFTER TAXES (8,64,974) (2,77,743)

DIVIDEND

In view of carried forward losses, your directors are unable to declare dividend for the year under consideration.

OPERATIONS

During the year your company moderately participated in Capital Market due to shortage of funds.

COMPLIANCE WITH REGULATIONS

The Company has complied with various regulations formulated from time to time by the authorities.

RESPONSIBILITY STATEMENT

The Directors confirm :- a) that in preparation of the annual accounts, the applicable accounting standards have been followed and that no material departures have been made from the same;

b) that they 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 the affairs of the company at the end of the financial year and of the loss of the company for the year;

c) that they have taken proper and sufficient care for maintenance of 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.

d) that they have prepared the annual accounts on a going concern basis.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGNEXCHANGE EARNINGS AND OUTGOINGS

The Company is not engaged in any manufacturing activities, therefore there is no information to submit in respect of conservation of energy and technology absorption. The Company has no foreign exchange earning and outgoing during the year.

DIRECTORS

Sri Nirmal Kumar Agarwal retires at the ensuing Annual General Meeting and being eligible offers himself for re- appointment. Your Company has received notice under Section 257 of the Companies Act, 1956 from a member proposing his candidature for the office of the Director of the Company.

AUDITORS

At the Annual General Meeting, members are requested to appoint Auditors for the current financial year and to fix their remuneration.

PARTICULARS OF EMPLOYEES

In compliance with the provisions of section 217(2A) of the Companies Act, 1956 read with the Companies (particulars of employees) Rules, 1975 as amended from time to time, there is no such employee in receipt of remuneration of more than the specified limit under the said act.

APPRECIATION

The Directors wish to place on record their appreciation of the valuable support given by our clients, Bankers & shareholders.



Place : Kolkata For and on behalf of the Board For and on behalf of the Board

Dated : 29th May, 2013 Vinay Kumar Agarwal Sanwarmal Agarwal (Director) (Director)


Mar 31, 2012

The Directors have pleasure in presenting the 22nd Annual Report together with the Audited Statement of Accounts for the year ended on 31st March, 2012.

FINANCIAL RESULTS Year Ended Year Ended 31-03-2012 31-03-2011

GROSS INCOME 2,06,626 4,82,473

GROSS PROFIT/(LOSS) BEFORE

DEPRECIATION AND INCOME TAX (2,54,058) (3,56,097)

Less: Depreciation 21,055 30,624

Income Tax (including for earlier years) 2,630 -

NET PROFIT/(LOSS) AFTER TAXES (2,77,743) (3,86,721)

DIVIDEND

In view of carried forward losses, your directors are unable to declare dividend for the year under consideration. OPERATIONS

During the year your company moderately participated in Capital Market due to shortage of funds.

COMPLIANCE WITH REGULATIONS

The Company has complied with various regulations formulated from time to time by the authorities.

RESPONSIBILITY STATEMENT

The Directors confirm

a) that in preparation of the annual accounts, the applicable accounting standards have been followed and that no material departures have been made from the same;

b) that they 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 the affairs of the company at the end of the financial year and of the loss of the company for the year;

c) that they have taken proper and sufficient care for maintenanace of 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.

d) that they have prepared the annual accounts on a going concern basis.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION,

FOREIGNEXCHANGE EARNINGS AND OUTGOINGS

The Company is not engaged in any manufacturing activities, therefore there is no information to submit in respect of conservation of energy and technology absorption. The Company has no foreign exchange earning and outgoing during the year.

DIRECTORS

Sri Vinay Kumar Agarwal retires at the ensuing Annual General Meeting and being eligible offers himself for re- appointment. As your Company has received notice under Section 257 of the Companies Act, 1956 from a member proposing his candidature for the office of the Director of the Company, he is appointed a Director of the Company from the date of ensuing Annual General Meeting.

AUDITORS

At the Annual General Meeting, members are requested to appoint Auditors for the current financial year and to fix their remuneration.

PARTICULARS OF EMPLOYEES

In compliance with the provisions of section 217(2A) of the Companies Act, 1956 read with the Companies (particulars of employees) Rules, 1975 as amended from time to time, there is no such employee in receipt of remuneration of more than the specified limit under the said act.

APPRECIATION

The Directors wish to place on record their appreciation of the valuable support given by our clients, Bankers & shareholders.

Place : Kolkata For and on behalf of the Board

Dated : 29th June, 2012 Sanwarmal Agarwal

(Director)


Mar 31, 2011

The Directors have pleasure in presenting the 20th Annual Report together with the Audited Statement of Accounts for the year ended on 31st March, 2011.

FINANCIAL RESULTS Year Ended Year Ended 31-03-2011 31-03-2010

GROSS INCOME 4,82,473 21,39,997

GROSS PROFIT/(LOSS) BEFORE DEPRECIATION AND INCOME TAX (3,56,097) 1,96,995

Depreciation 30,624 59,810

Provision for Taxes - 21,195

NET PROFIT/(LOSS) AFTER TAXES (3,86,721) 1,15,990

DIVIDEND

In view of carried forward losses, your directors are unable to declare dividend for the year under consideration.

OPERATIONS

During the year your company moderately participated in Capital Market due to shortage of funds.

COMPLIANCE WITH REGULATIONS

The Company has complied with various regulations formulated from time to time by the authorities.

RESPONSIBILITY STATEMENT

The Directors confirm :-

a) that in preparation of the annual accounts, the applicable accounting standards have been followed and that no material departures have been made from the same;

b) that they 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 the affairs of the company at the end of the financial year and of the loss of the company for the year;

c) that they have taken proper and sufficient care for maintenanace of 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.

d) that they have prepared the annual accounts on a going concern basis.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS AND OUTGOINGS

The Company is not engaged in any manufacturing activities, therefore there is no information to submit in respect of conservation of energy and technology absorption. The Company has no foreign exchange earning and outgoing during the year.

DIRECTORS

Sri Nirmal Kumar Agarwal was appointed as Non Executive Independent Director on the Board of your Company to replace Mr Sunil Kumar Periwal who resigned from the Board. As per the provisions of Section 260 of the Companies Act, 1956 Mr. Agarwal holds office only till the date of ensuing Annual General Meeting. As your Company has received notice under Section 257 of the Companies Act, 1956 from a member proposing his candidature for the office of the Director of the Company, he is appointed a Director of the Company from the date of ensuing Annual General Meeting.

AUDITORS

At the Annual General Meeting, members are requested to appoint Auditors for the current financial year and to fix their remuneration.

PARTICULARS OF EMPLOYEES

In compliance with the provisions of section 217(2A) of the Companies Act, 1956 read with the Companies (particulars of employees) Rules, 1975 as amended from time to time, there is no such employee in receipt of remuneration of more than the specified limit under the said act.

APPRECIATION

The Directors wish to place on record their appreciation of the valuable support given by our clients, Bankers & shareholders.

For and on behalf of the Board Sanwarmal Agarwal (Director)

Place : Kolkata Dated : 31st May, 2011






Mar 31, 2010

The Directors have pleasure in presenting the 19th Annual Report together with the Audited Statement of Accounts for the year ended on 31st March. 2010.

FINANCIAL RESULTS Year Ended Year Ended

31-3-2010 31-3-2009

GROSS INCOME 21.39.997 44,48.725

GROSS PROFIT/(LOSS) BEFORE

DEPRECIATION AND INCOME TAX 1,96.995 (2,31.428)

Depreciation 59,810 59.810

Provision for Taxes 21.195 -

NET PROFIT/(LOSS) AFTER TAXES 1.15.990 (2,91,238)



DIVIDEND



In view of carried forward losses, your directors are unable to declare dividend for the year under consideration.

OPERATIONS

During the year your company moderately participated in Capital Market due to shortage of funds.

COMPLIANCE WITH REGULATIONS

The Company has complied with various regulations formulated from time to time by the authorities.

RESPONSIBILITY STATEMENT

The Directors confirm :-

a) that in preparation of the annual accounts, the applicable accounting standards have been followed and that no material departures have been made from the same;

b) that they 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 the affairs of the company at the end of the financial year and of the loss of the company for the year;

c) that they have taken proper and sufficient care for maintenanace of 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.

d) that they have prepared the annual accounts on a going concern basis.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGNEXCHANGE EARNINGS AND OUTGOINGS

The Company is not engaged in any manufacturing activities, therefore there is no information to submit in respect of conservation of energy and technology absorption. The Company has no foreign exchange earning and outgoing during the year.

DIRECTORS

Sri Aran Kumar Sharma as appointed as Non Executive Independent Director on the Board of your Company w.e.f 10/05/2010 to expand the Board. As per the provisions of Section 260 of the Companies Act. 1956 Mr. Sharma holds office only till the date of ensuing Annual General Meeting. As your Company has not received any notice under Section 257 of the Companies Act. 1956 from any member proposing his candidature for the office of the Director of the Company, he ceases to be a Director of the Company from the date of ensuing Annual General Meeting.

Sri Sunil Periwal, retire by rotation at the ensuing Annual General Meeting and being eligible, offer himself for re- appointment.

AUDITORS

At the Annual General Meeting, members are requested to appoint Auditors for the current financial year and to fix their remuneration.

PARTICULARS OF EMPLOYEES

In compliance with the provisions of section 217(2 A) of the Companies Act. 1956 read with the Companies (particulars of employees) Rules. 1975 as amended from time to time, there is no such employee in receipt of remuneration of more than the specified limit under the said act.

APPRECIATION

The Directors wish to place on record their appreciation of the valuable support given by our clients. Bankers & shareholders.



Place : Kolkata For and on behalf of the Board

Dated : 31st May, 2010 VINAY K AGARWAL

(Director)








Mar 31, 2009

The Directors have pleasure in presenting the 18th Annual Report together with the Audited Statement of Accounts for the year ended on 31st March, 2009.

FINANCIAL RESULTS Year Ended Year Ended 31-3-2009 31-3-2008

GROSS INCOME 44,48,725 1,00,28,903

GROSS PROFIT/(LOSS) BEFORE

DEPRECIATION AND INCOME TAX (2,31,428) 9,600

Depreciation 59,810 59,810 Provision for Taxes

NET PROFIT/(LOSS) AFTER TAXES (2,91,238) (50,210)

DIVIDEND

In view of carried forward losses, your directors are unable to declare dividend for the year under consideration.

OPERATIONS

During the year your company moderately participated in Capital Market due to shortage of funds.

COMPLIANCE WITH REGULATIONS

The Company has complied with various regulations formulated from time to time by the authorities.

RESPONSIBILITY STATEMENT

The Directors confirm :-

a) that in preparation of the annual accounts, the applicable accounting standards have been followed and that no material departures have been made from the same;

b) that they 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 the affairs of the company at the end of the financial year and of the loss of the company for the year;

c) that they have taken proper and sufficient care for maintenanace of 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.

d) that they have prepared the annual accounts on a going concern basis.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGNEXCHANGE EARNINGS AND OUTGOINGS

The Company is not engaged in any manufacturing activities, therefore there is no information to submit in respect of conservation of energy and technology absorption. The Company has no foreign exchange earning and outgoing during the year.

DIRECTORS

Sri Sanwarmal Agarwal, retire by rotation at the ensuing Annual General Meeting and being eligible, offer himself for re-appointment.

AUDITORS

At the Annual General Meeting, members are requested to appoint Auditors for the current financial year and to fix their remuneration.

PARTICULARS OF EMPLOYEES

In compliance with the provisions of section 217(2A) of the Companies Act, 1956 read with the Companies (particulars o* employees) Rules, lyvs as amended from tune to time, there is no sucft employee in receipt of remuneration of more than the specified limit under the said act.

APPRECIATION

The Directors wish to place on record their appreciation of the valuable support given by our clients, Bankers & shareholders.

Place : Kolkata For and on behalf of the Board

Dated : 31st July, 2009 SD/-

VINAYKAGARWAL (Director)



 
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