Mar 31, 2014
TO THE MEMBERS.
The Directors'' have pleasure in presenting their Twentieth Annual
Report together with the Audited Statement of Accounts for the year
ended March 31st, 2014.
FINANCIAL RESULTS
The financial results of the Company for the year ended March 31st,
2014 compared to the previous year are summarized below:
(Amount in Rupees)
Particulars March 31, 2014 March 31, 2013
Revenue from Operations 10,94,441 15,20,752
Other Income /Loss (6,15,430) 2,69,332
Total Revenue 4,79,011 17,90,084
Profit before depreciation and
tax (EBDTA) 33,918 4,76,068
Provision for Taxes 3,80,483 40,000
Provision for Deferred tax - -
Fringe Benefit Taxes - -
Depreciation & Amortisation - -
Total profit available for
appropriation (3,46,565) 4,36,068
OPERATIONS
Your Company posted a total business revenue of Rs. 4,79,011/Â and the
net loss of Rs. (3,46,565/-) for the financial year 2013-14 as against
the revenue of Rs.17,90,084/Â and profit of Rs. 4,36,068/Â in the
previous year. Appropriations from the net profit have been effected
as per the table given above.
DIVIDEND
Due to loss incurred by the Company during the year, the Board of
Directors do not recommend declaration of any dividend for the year
ended 31.03.2014.
PUBLIC DEPOSITS
During the year the company has neither accepted nor renewed any
deposit. As on 31.03.2014, the outstanding public deposits amounted to
Rs. NIL. Further the company has resolved not to accept public deposits
in future.
RESERVE BANK OF INDIA REGULATIONS
The Reserve Bank of India has classified the Company as "Category ''B''
Non-Banking Finance
Company".
The Company has complied with all the applicable regulations of the
Reserve Bank of India
as on March 31st, 2014.
CORPORATE GOVERNANCE
Pursuant to Clause 49 of the Listing Agreement entered into with the
Stock Exchanges, a report on Corporate Governance and a certificate
obtained from the Statutory Auditors confirming compliance thereto, is
given in Annexure to this Report.
MANAGEMENT DISCUSSION AND ANALYSIS
Management Discussion and Analysis Report is given in the latter part
of the Annual Report.
DIRECTORS
During the year under review, following were the changes in the
Composition of Board of Directors.
Mr. Ajay Sarupria retires by rotation at ensuing Annual General Meeting
and being eligible has offered himself for re-appointment.
Mr. Bhavesh Bhatt resigned as the Director of the Company w.e.f 1st
August, 2013
Mr. Ramakant Nayak resigned as the Director of the Company w.e.f 6th
December, 2013
It is proposed to appoint Mr. Shailesh Hingarh and Mr. Harshad Dholakia
as Independent Directors for a fresh period of 5 consecutive years to
comply with the provision of Section 149 of the Companies Act, 2013
read with Companies (Appointment and Qualification of Directors) Rules,
2014 of Company.
Brief details of the Director being re-appointed have been incorporated
in the Notice for the ensuing Annual General Meeting pursuant to Clause
49(iv)(g)(i) of Listing Agreement.
AUDITORS
The Statutory Auditors M/s. ASP & Co. Chartered Accountants [Firm
Registration No. 000576N] hold office until the conclusion of the
ensuing Annual General Meeting and are recommended for re-appointment.
Certificate from the Auditors has been received to the effect that
their re-appointment if made, would be within limits prescribed under
Section 224(1B) of the Companies Act, 1956.
PARTICULARS ON ENERGY CONSERVATION, TECHNOLOGY ABSORPTION & FOREIGN
EXCHANGE EARNING AND OUTGO.
In the view of the nature of activities being carried on by the
Company, Rules 2A and 2B of the Companies (Disclosure of Particulars in
the Report of Board of Directors) Rules, 1988, concerning conservation
of energy and technology absorption respectively, are not applicable to
the Company.
PARTICULARS OF EMPLOYEES
There is no employee covered under the provisions of Section 217(2A) of
the Companies Act, 1956, read with the Companies (Particulars of
Employees) Rules, 1975 as amended.
DIRECTORS'' RESPONSIBILITY STATEMENT
Pursuant to Section 217(2AA) of the Companies Act, 1956, the Directors,
based on the representations received from operating Management, and
after due enquiry, confirm that: 1. in the preparation of annual
accounts, the applicable accounting standards have been followed and
there has been no material departures ;
2. that 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 of the Company for that period.
3. That 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.
4. That the Directors have prepared the annual accounts on a going
concern basis.
5. Proper systems are in place to ensure compliance of all laws
applicable to the Company.
AUDITOR''S REPORT
The Auditor''s Report is self-explanatory and therefore do not call for
any further clarification under Section 217(3) of the Companies Act,
1956.
ACKNOWLEDGMENTS
The Board of Directors would like to thank Reserve Bank of India and
other regulatory / Government authorities and Stock exchanges for their
support and stakeholders for their continued co-operation and support.
By Order of the Board
For TRC FINANCIAL SERVICES LIMITED
Sd/-
VIJAY M. S. MISQUITTA
MANAGING DIRECTOR
DIN: 00993141
PLACE: MUMBAI
DATE: 11TH AUGUST, 2014
Mar 31, 2011
To The Members
TRC Financial Services Limited
The Directors' have pleasure in submitting the Seventeenth Annual
Report of your Company together with the Audited Statement of Accounts
for the year ended 31st March, 2011.
FINANCIAL RESULTS
The financial results of the Company for the year ended 31st March,
2011 compared to the previous year are summarized below:
(Rs. in Lakhs)
Particulars Year Ended Year Ended
31.03.2011 31.03.2010
Total Income 12.75 13.12
Profit (Loss) before 6.70 4.67
interest & depreciation
Interest
Profit (Loss) after 6.70 4.67
interest but before
depreciation
Depreciation 0.32 1.12
Profit (Loss) Before Tax 6.38 3.55
Provision for Tax 0.27 0.66
Profit (Loss) After Tax 6.11 2.89
OPERATIONS
The profits of the Company have increased from 2.89 Lacs to 6.11 Lacs.
And the Directors believe the strategies and Business Plans made by the
Management will provide more positive yields in the time to come. The
Company is now only doing Loan financing activities.
DIVIDEND
Due to inadequate profit during the year under review and with purpose
to retain profit for strengthening capital base of the company, the
Board of Directors do not recommend declaration of any dividend for the
year ended 31.03.2011.
PUBLIC DEPOSITS
During the year the company has neither accepted nor renewed any
deposit. As on 31.03.2011, the outstanding public deposits amounted to
Rs. NIL. Further the company has resolved not to accept public deposits
in future.
RBI CLASSIFICATION
The Reserve Bank of India has classified the Company as "Category 'B'
Non-Banking Finance Company".
CORPORATE GOVERNANCE
Your Company and its Board have taken adequate steps towards
implementation of the provisions of Clause 49 of the Listing Agreement
and it is committed to achieve the highest standards of the Corporate
Governance.
For the matters concerning Corporate Governance, you are requested to
refer to the separate segment on the same, forming part of the Annual
Report.
DIRECTORS
ring the year under review, following were the changes in the
Composition of Board of Directors.
. Ramakant Nayak was appointed as an Additional Director of the Company
w.e.f. 29th November, 2010. The mpany has received notice from a member
of the Company under Section 257 of the Companies Act, 1956 in spect of
his appointment as Director, along with the requisite deposit. It is
proposed to appoint him as a Director of i Company at the ensuing
Annual General Meeting.
r. Bhupendra Avasthi resigned as Director w.e.f. 29th November, 2010.
r. Ajay Sarupria and Mr. Harshad Dholakia retire by rotation and, being
eligible, offer themselves for reappoint- ed.
rief details of the Directors being appointed / reappointed have been
incorporated in the Notice for the forthcoming nnual General Meeting
pursuant to Clause 49(iv)(g)(i) of Listing Agreement.
SHIFTING OF REGISTERED OFFICE
he Registered Office of the Company was shifted from A-45, Radial Road,
Connaught Place, New Delhi -110001 i the National Capital Territory of
Delhi to Bandra Hill View CHS, (3rd Floor), 85, Hill Road, Opp. Yoko
Sizzlers, Jandra (W), Mumbai - 400050 in the State of Maharashtra,
w.e.f 4th April, 2011.
AUDITORS
vl/s. A S P & Co., Chartered Accountants [Firm Registration No.
000576N], Statutory Auditor of the Company be appointed at the ensuing
Annual General Meeting in place of retiring Auditors i.e. M/s. Johar &
Kathpalia to hold office from the conclusion of this Annual General
Meeting until the conclusion of the next Annual General Meeting
PARTICULARS ON ENERGY CONSERVATION, TECHNOLOGY ABSORPTION & FOREIGN
EXCHANGE EARNING AND OUTGO
The Company is not engaged in any manufacturing activity and therefore
there are no particulars to be disclosed under the Companies
(Disclosure of Particulars in the Report of the Board of Directors)
Rules, 1988.
FOREIGN EXCHANGE EARNINGS AND OUTGO
Foreign Exchange earnings Nil
Foreign Exchange outgo Nil
PARTICULARS OF EMPLOYEES
There is no employee covered under the provisions of Section 217(2A) of
the Companies Act, 1956, read with the Companies (Particulars of
Employees) Rules, 1975 as amended.
DIRECTORS' RESPONSIBILITY STATEMENT
The Directors confirms:
1. That in the preparation of annual accounts, the applicable
accounting standards have been followed.
2. that 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 or loss of the Company for that period.
3. That the Directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of the Companies Act for safeguarding the assets of the
company and for preventing and detecting fraud and other
irregularities.
4. That the Directors have prepared the annual accounts on a going
concern basis.
ACKNOWLEDGMENTS
Your Directors' place on record their deep appreciation to the Bankers,
Shareholders and Customers for their co- operation and support and to
the staff members for their contribution towards the performance of the
company.
By Order of the Board
For TRC FINANCIAL SERVICES LIMITED
Place: Mumbai (VIJAY M. S. MISQUITTA)
Date: 25.08.2011 MANAGING DIRECTOR
Mar 31, 2010
The Directors have pleasure in submitting the Sixteenth Annual Report
of your Company together with the Audited Statement of Accounts for the
year ended 31st March, 2010.
FINANCIAL RESULTS
The financial results of the company for the year ended 31st March,
2010 compared to the previous year are summarized below:
(Rs. in lakhs)
Particulars Year Ended Year Ended
31.03.2010 31.03.2009
Total Income 13.13 17.04
Profit (Loss) before interest & depreciation 4.67 5.86
Interest - -
Profit (Loss) after interest but before
depreciation 4.67 5.86
Depreciation 1.12 1.84
Profit (Loss) Before Tax 3.55 4.02
Provision for Tax 0.66 0.63
Profit (Loss) After Tax 2.89 3.39
OPERATIONS
Due to Global recessionary phenomenon and the adverse market
conditions, the profits of the Company have reduced from 3.39 Lacs to
2.89 Lacs. However your Directors are hopeful that the strategies and
Business Plans made by the Management will reap positive yields in the
time to come. The company is now only doing Loan financing activities.
DIVIDEND
Due to inadequate profit during the year under review and with purpose
to retain profit for strengthening capital base of the company, the
Board of Directors do not recommend, declaration of any dividend for
the year ended 31.03.2010.
PUBLIC DEPOSITS
During the year the company has neither accepted nor renewed any
deposit. As on 31.03.2010, the outstanding public deposits amounted to
Rs. NIL, Further the company has resolved not to accept public deposits
in future.
RBI CLASSIFICATION
The Reserve Bank of India has classified the company as an "Category
B Non-Banking Finance Company".
CORPORATE GOVERNANCE
Your Company and its Board, have taken adequate steps towards
implementation of the provisions of Clause 49 of the listing agreement
and it is committed to achieve the highest standards of the Corporate
Governance.
For the matters concerning Corporate Governance, you are requested to
refer to the separate segment on the same, forming part of the Annual
Report.
DIRECTORS
During the year under review, following were the changes in the
Composition of Board of Directors:
Mr. Harshad Dholakia & Mr. Bhavesh Bftatt who retire by rotation at the
ensuring Annual General Meeting are proposed to be re-appointed.
Mr. Vijay M. S. Misquitta whose term for Managing Director ends on
29.01.2010 was re-appointed by the Board as the Managing Director for a
period of Five years w.e.f. 30.01.2010, subject to members approval at
the ensuring Annual General Meeting.
AUDITORS
M/s. Johar & Kathpalia, Chartered Accountants retire and being
eligible, offer themselves for re-appointment.
PARTICULARS ON ENERGY CONSERVATION, TECHNOLOGY ABSORPTION & FOREIGN
EXCHANGE EARNING AND OUTGO.
The Company is not engaged in any manufacturing activity and therefore
there are no particulars to be disclosed under the Companies
(Disclosure of Particulars in the Report of the Board of Directors)
Rules, 1988.
FOREIGN EXCHANGE EARNINGS AND OUTGO:
Foreign Exchange earnings Nil
Foreign Exchange outgo Nil
PARTICULARS OF EMPLOYEES
There is no employee covered under the provisions of Section 217(2A) of
the Companies Act, 1956, read with the Companies (Particulars of
Employees) Rules, 1975 as amended.
DIRECTORS" RESPONSIBILITY STATEMENT
The Directors confirms:
1. That in the preparation of annual accounts, the applicable
accounting standards have been followed.
2. That 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 or loss of the Company for that period.
3. That the Directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of the Companies Act for safeguarding the assets of the
company and for preventing and detecting fraud and other
irregularities.
4. That the Directors have prepared the annual accounts on a going cc
ncern basis.
ACKNOWLEDGMENTS
Your Directors place on record their deep appreciation to the Bankers,
Shareholders and Customers for their co-operation and support and to
the staff members for their contribution towards the performance of the
Company.
For TRC FINANCIAL SERVICES LIMITED
Place: New Delhi (VIJAY M. S. MISQUITTA)
Date : 28.08.2010 MANAGING DIRECTOR