Mar 31, 2014
THE SHARE HOLDERS
The Directors present you with the Twenty Ninth Annual Report together
with the Audited Accounts for the year ended 31st March 2014.
1. FINANCIAL RESULTS : 2013-2014 2012-2013
Rs.in lakhs Rs.in lakhs
Income from Operations 263.93 137.90
Profit/(Loss) before Interest &
Depreciation 208.08 83.58
Less: Interest - -
Less: Depreciation - -
Profit before Tax 208.08 83.58
Less : Provision for Tax 49.01 14.30
Profit after Tax 159.07 69.29
Add: Balance brought forward (273.26) (328.69)
Amount available for appropriation (114.18) (259.40)
Less : Appropriations
Transfer to Statutory Reserve 31.81 13.86
Balance Carried Over (146.00) (273.26)
2. OPERATIONS :
The income from operations of the Company was at Rs.263.93 lakhs as
against Rs.137.90 lakhs during the previous year.
3. DIVIDEND :
In view of the accumulated losses, the Directors are unable to
recommend any dividend on equity shares for the year ended 31st March
2014.
4. MANAGEMENT DISCUSSION AND ANALYSIS Classification by RBI
The Company is registered with RBI as Non Deposit taking Non-Banking
Financial Company (NBFC-ND) and has a valid certificate of
Registration.
Business Review
The Company continues to concentrate upon recovery of overdue
receivables. Even while pursuing the legal route, the Company attempts
negotiations with customers for early recovery of debts. During the
year, the Company has collected an amount of Rs. 120.05 lakhs during
the year.
Future Outlook
The company is not entering into fresh contracts for business and is
continuing to concentrate upon recovery of overdue receivables and is
hopeful that the impact of this approach on the net worth will be more
beneficial to the company.
5. DEPOSITS
There are no unclaimed deposits. There are no matured deposits claimed
by the depositors, but not paid by the company.
6. DIRECTORS
During the year, the Ministry of Corporate Affairs (MCA) has notified
majority of the provisions inter alia provisions relating to selection,
manner of appointment, roles, functions, duties, re-appointment of
independent directors and the relevant rules under the Companies Act,
2013 and made them effective 1st April 2014. The existing composition
of the company''s board is fully in conformity with the applicable
provisions of the Companies Act, 2013 and Clause 49 of the Listing
Agreement in respect of Independent Directors as all the Directors of
the Company are non executive independent directors, namely Sri R
Ramakrishnan, Sri S Ramakrishnan and Sri S E S Mani.
In terms of Section 149(10) read with Section 149(5) of the Companies
Act 2013, the independent directors are eligible to hold office for a
term upto five consecutive years on the board. During the period, they
will not be liable to ''retire by rotation'' as per the provisions of the
Companies Act 2013.
It is, therefore proposed to appoint them as independent Directors for
a consecutive period of five years at the Annual General Meeting,
subject to the approval of the shareholders.
In the opinion of the Board, the independent directors fulfil the
conditions specified under the Companies Act, 2013 and rules made
thereunder.
The brief resume of these directors proposed to be appointed and
re-appointed and other relevant information have been furnished in the
notice convening the AGM. Necessary resolutions for their appointment
/re-appointment are being placed for approval of the members at the
AGM.
The board, therefore, recommends their appointment / re-appointment as
directors of the company.
DIRECTORS'' REPORT TO THE SHARE HOLDERS (Contd.,)
7. AUDITORS STATUTORY AUDITOR
As per the provisions of Section 139(1) and (2) of the Companies Act,
2013 read with Rule 6(3) of the Companies (Audit and Auditors) Rules,
2014 M/s. Sundaram & Srinivasan, Chartered Accountants, Chennai (who
were earlier appointed as statutory auditors of the company, at the
annual general meeting held on 12th September, 2013) are eligible to be
appointed for the period of three years, subject to ratification every
year in the Annual General Meeting.The Company has obtained necessary
certificate under Section 141 of the Companies Act, 2013 from the
auditor conveying their eligibility for the above appointment. Their
eligibility criteria were reviewed by the audit committee and board, as
specified under Section 141 of the Companies Act, 2013 and recommended
their appointment as auditors for the above mentioned period.
SECRETARIAL AUDITOR
As required under Section 204 of the Companies Act, 2013 and Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014, the
Company is required to appoint a Secretarial Auditor for auditing the
secretarial and related records of the company and to provide a report
in this regard. Accordingly, M/s. S Krishnamurthy & Co., Company
Secretaries, Chennai have been appointed as Secretarial Auditors for
carrying out the secretarial audit for the financial year 2014- 2015
and the Secretarial Audit Report given by then will be attached with
Board''s Report to the shareholders.
8. CORPORATE GOVERNANCE
Pursuant to Clause 49 of the listing agreement with the stock
exchanges, a separate report on Corporate Governance together with a
certificate from the Company''s Auditors confirming the compliance of
conditions of Corporate Governance is attached to this report.
9. INFORMATION AS PER SECTION 217(1)(e) OF THE COMPANIES ACT 1956
The Company is a Non-Banking Finance Company and is not engaged in
manufacturing activity of any kind. The disclosure of information
regarding conservation of energy is therefore not applicable to the
company. There was no foreign exchange earning or outgo for the company
during the year. The Company has nothing to report with regard to
technology absorption.
10. DIRECTORS'' RESPONSIBILITY STATEMENT The Directors confirm that :
a) in the preparation of annual accounts, the applicable accounting
standards have been followed with proper explanation relating to
material departures.
b) appropriate accounting policies have been selected and applied
consistently, and judgments and estimates that have been made 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 financial year and of the
profit of the company for that year.
c) proper and sufficient care have 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.
d) the annual accounts have been prepared on a going concern basis.
11. PERSONNEL
None of the employees of the Company is in receipt of remuneration in
excess of limits prescribed under Section 217(2A) of the Companies Act,
1956.
12. GENERAL
Your Directors wish to place on record their appreciation for the
continued support from all those assisting the recovery of over dues.
The Directors also wish to thank the employees for their co-operation.
CHENNAI R RAMAKRISHNAN S RAMAKRISHNAN
30th May 2014 DIRECTOR DIRECTOR
Mar 31, 2013
TO THE SHARE HOLDERS
The Directors present you with the Twenty Eighth Annual Report together
with the Audited Accounts for the year ended 31st March 2013.
1. FINANCIAL RESULTS :
2012-2013
Rs.in lakhs 2011-2012
Income from Operations 98.76 376.54
Other Income 39.14 18.86
Profit/(Loss) before Interest
& Depreciation 83.58 339.86
Less: Interest Less: Depreciation
Profit before Tax 83.58 339.86
Less : Provision for Tax 14.30 104.20
Profit after Tax 69.29 235.66
Add: Balance brought forward (328.69) (517.21)
Amount available for appropriation (259.40) (281.56)
Less: Appropriations
Transfer to Statutory Reserve 13.86 47.13
Balance Carried Over (273.26) (328.69)
2. DIVIDEND:
In view of the accumulated losses, the Directors are unable to
recommend any dividend on equity shares for the year ended 31st March
2013
3. DEPOSITS
There are no unclaimed deposits. There are no matured deposits claimed
by the depositors, but not paid by the company
4. DIRECTORS
Sri S Ramakrishnan, Director, retires from the Board by rotation at the
ensuing Annual General Meeting and is eligible for re-appointment.
5. AUDITORS
M/s Sundaram and Srinivasan, Chartered Accountants, Chennai, retire at
the ensuing Twenty Eighth Annual General Meeting and are eligible for
re- appointment.
6. CORPORATE GOVERNANCE
Pursuant to Clause 49 of the listing agreement with the stock
exchanges, a separate report on Corporate Governance together with a
certificate from the Company''s Auditors confirming the compliance of
conditions of Corporate Governance is attached to this report.
7. INFORMATION AS PER SECTION 217 (1) (e) OF THE COMPANIES ACT 1956
The Company is a Non-Banking Finance Company and is not engaged in
manufacturing activity of any kind. The disclosure of information
regarding conservation of energy is therefore not applicable to the
company. There was no foreign exchange earning or outgo for the company
during the year. The Company has nothing to report with regard to
technology absorption
8. DIRECTORS'' RESPONSIBILITY STATEMENT The Directors confirm that:
a) In the preparation of annual accounts, the applicable accounting
standards have been followed with proper explanation relating to
material departures.
b) Appropriate accounting policies have been selected and applied
consistently, and judgments and estimates that have been made 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 financial year and of the
profit of the company for that year
c) Proper and sufficient care have 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.
d) The annual accounts have been prepared on a going concern basis.
9. PERSONNEL
None of the employees of the Company is in receipt of remuneration in
excess of limits prescribed under Section 217(2A) of the Companies Act,
1956.
10. GENERAL
Your Directors wish to place on record their appreciation for the
continued support from all those assisting the recovery of over dues.
The Directors also wish to thank the employees for their co-operation.
CHENNAI R RAMAKRISHNAN S RAMAKRISHNAN
30th April 2013 DIRECTOR DIRECTOR
Mar 31, 2012
The Directors are pleased to present the Twenty Seventh Annual Report
together with the Audited Accounts for the year ended 31st March 2012.
Rs.in lakhs
1. FINANCIAL RESULTS : 2011-2012 2010-2011
Income from Operations 376.54 99.69
Other Income 18.86 13.27
Profit/(Loss) before Interest & Depreciation 339.86 57.16
Less: Interest - 1.07
Less: Depreciation - 0.01
Profit before Tax 339.86 56.08
Less : Provision for Tax 104.20 (19.10)
Profit after Tax 235.66 75.18
Add: Balance brought forward (517.21) (583.86)
Amount available for appropriation (281.56) (508.68)
Less: Appropriations
Transfer to Statutory Reserve 47.13 8.53
Balance Carried Over (328.69) (517.21)
2. DIVIDEND:
In view of the accumulated losses, the Directors are unable to
recommend any dividend on equity shares for the year ended 31st March
2012.
3. MANAGEMENT DISCUSSION AND ANALYSIS
Classification by RBI
The Company is registered with RBI as Non Deposit taking Non-Banking
Financial Company (NBFC-ND) and has a valid certificate of
Registration.
Business Review
The Company continues to concentrate upon recovery of overdue
receivables. Even while pursuing the legal route, the Company attempts
negotiations with customers for early recovery of debts. During the
year, the Company has collected an amount of Rs. 313.45 lakhs during
the year.
Future Outlook
The company is not entering into fresh contracts for business and is
continuing to concentrate upon recovery of overdue receivables and is
hopeful that the impact of this approach on the net worth will be more
beneficial to the company.
4. DEPOSITS
There are no unclaimed deposits. There are no matured deposits claimed
by the depositors, but not paid by the company.
5. DIRECTORS
Sri R Ramakrishnan, Director, retires from the Board by rotation at the
ensuing Annual General Meeting and is eligible for re-appointment.
6. AUDITORS
M/s Sundaram and Srinivasan, Chartered Accountants, Chennai, retire at
the ensuing Twenty Seventh Annual General Meeting and are eligible for
re- appointment.
7. CORPORATE GOVERNANCE
Pursuant to Clause 49 of the listing agreement with the stock
exchanges, a separate report on Corporate Governance together with a
certificate from the Company's Auditors confirming the compliance of
conditions of Corporate Governance is attached to this report.
8. INFORMATION AS PER SECTION 217 (1) (e) OF THE COMPANIES ACT 1956
The Company is a Non-Banking Finance Company and is not engaged in
manufacturing activity of any kind. The disclosure of information
regarding conservation of energy is therefore not applicable to the
company. There was no foreign exchange earning or outgo for the company
during the year. The Company has nothing to report with regard to
technology absorption.
9. DIRECTORS1 RESPONSIBILITY STATEMENT The Directors confirm that:
a) in the preparation of annual accounts, the applicable accounting
standards have been followed with proper explanation relating to
material departures.
b) appropriate accounting policies have been selected and applied
consistently, and judgments and estimates that have been made 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 financial year and of the
profit of the company for that year.
c) proper and sufficient care have 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.
d) the annual accounts have been prepared on a going concern basis.
10. PERSONNEL
None of the employees of the Company is in receipt of remuneration in
excess of limits prescribed under Section 217(2A) of the Companies Act,
1956.
11. GENERAL
Your Directors wish to place on record their appreciation for the
continued support from all those assisting the recovery of over dues.
The Directors also wish to thank the employees for their co-operation.
CHENNAI R RAMAKRISHNAN S RAMAKRISHNAN
18th May 2012 DIRECTOR DIRECTOR
Mar 31, 2010
The Directors present you with the Twenty Fifth Annual report together
with the Audited Accounts for the year ended 31st March 2010.
Rs. In Lakhs
1. FINANCIAL RESULTS 2009-2010 2008-2009
Income from Operations 61.90 91.40
Other Income 47.66 33.72
Profit/(Loss) before Interest &
Depreciation 109.56 125.12
Less: Interest Nil 0.55
Less: Depreciation 0.01 0.01
Profit before Tax 63.47 77.48
Less : Provision for Tax 12.76 26.43
Profit after Tax 50.71 51.05
Add: Balance brought forward (624.43) (665.38)
Amount available for appropriation (573.72) (614.32)
Less: Appropriations Transfer to
Statutory Reserve 10.14 10.21
Tax relating to earlier years Nil (0.10)
Balance Carried Over (583.86) (624.43)
2. DIVIDEND:
In view of the accumulated losses, the Directors are unable to
recommend any dividend on equity shares for the year ended 31st March
2010.
3. TRADING IN EQUITY SHARES OF THE COMPANY
As the members are aware that the equity shares of the Company have
been suspended from trading by the Bombay Stock Exchange Limited (BSE).
At the request of the Company, BSE vide its letter dated 15th June 2010
has granted in principle approval for revocation of suspension in
trading of Equity Shares of the Company subject to certain conditions.
The Company has complied with the conditions and has vide its letter
dated 20th July 2010 requested the BSE to revoke the suspension. The
response from BSE is awaited.
4. DEMATERLISATION OF EQUITY SHARES
The Companys equity shares have been admitted into the Depository
System of National Securities Depository Limited, Mumbai (NSDL) and
Central Depository Services (India) Limited, Mumbai (CDSL). The ISIN
code of the Company in the Depository system is INE819K01014. The
shareholders can now dematerialise their equity shares for trading.
5. CAPITAL REDUCTION
Members had approved a scheme of Capital Reduction at the 23rd Annual
General Meeting held on 29th September 2008. The scheme was subject to
approval from the Reserve Bank of India (RBI) for adjusting the
Statutory Reserve. The RBI vide its letter dated 3rd March 2010 has
rejected the proposal to adjust the Statutory Reserve against
accumulated losses. In view of the above, the Capital Reduction scheme
as approved by the members was not implemented.
6. APPOINTMENT OF SHARE TRANSFER AGENT (COMMON AGENCY)
The Company has appointed Intergrated Eneterprises India Limited, II
Floor, Kences Towers, No. 1, Ramakrishna Street, North Usman Road, T
Nagar Chennai 600 017 as Share transfer agents to take care of all the
work related to investor related activities in terms of both physical
and electronic holdings.
7. MANAGEMENT DISCUSSION AND ANALYSIS
Classification by RBI
The Company is registered with RBI as Non Deposit taking Non-Banking
Financial Company (NBFC-ND) and has a valid certificate of
Registration.
Business Review
The Company continues to concentrate upon recovery of overdue
receivables. Even while pursuing the legal route, the Company attempts
negotiations with customers for early recovery of debts. During the
year, the Company has collected an amount of Rs. 61.90 lakhs during the
year.
Future Outlook
The company is not entering into fresh contracts for business and is
continuing to concentrate upon recovery of overdue receivables and is
hopeful
that the impact of this approach on the net worth will be more
beneficial to the company.
8. DEPOSITS
There are no unclaimed deposits. There are no matured deposits claimed
by the depositors, but not paid by the company.
9. DIRECTORS
Sri S Ramakrishnan, Director, retires from the Board by rotation at the
ensuing Annual General Meeting and is eligible for re-appointment.
10. AUDITORS
M/s Sundaram and Srinivasan, Chartered Accountants, Chennai, retire at
the ensuing Twenty Fifth Annual General Meeting and are eligible for
re- appointment.
11. CORPORATE GOVERNANCE
Pursuant to Clause 49 of the listing agreement with the stock
exchanges, a separate report on Corporate Governance together with a
certificate from the Companys Auditors confirming the compliance of
conditions of Corporate Governance is attached to this report.
12. INFORMATION AS PER SECTION 217(1)(e) OF THE COMPANIES ACT 1956
The Company is a Non-Banking Finance Company and is not engaged in
manufacturing activity of any kind. The disclosure of information
regarding conservation of energy and technology absorption are
therefore not applicable to the company. There was no foreign exchange
earning or outgo for The company during the year.
13. DIRECTORS RESPONSIBILITY STATEMENT
The Directors confirm that:
a) in the preparation of annual accounts, the applicable accounting
standards have been followed with proper explanation relating to
material departures.
b) appropriate accounting policies have been selected and applied
consistently, and judgments and estimates that have been made 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 financial year and of the
profit of the company for that year.
c) proper and sufficient care have 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.
d) the annual accounts have been prepared on a going concern basis.
14. PERSONNEL:
None of the employees of the Company are in receipt of remuneration in
excess of limits pre scribed under Section 217(2A) of the Companies
Act, 1956.
15. GENERAL:
Your Directors wish to place on record their appreciation for the
continued support from all those assisting the recovery of over dues.
The Directors also wish to thank the employees for their co-operation.
CHENNAI R RAMAKRISHNAN S RAMAKRISHNAN
11th August 2010 DIRECTOR DIRECTOR
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