Home  »  Company  »  Vintage Securiti  »  Quotes  »  Directors Report
Enter the first few characters of Company and click 'Go'

Directors Report of Vintage Securities Ltd.

Mar 31, 2014

Dear Members,

The Directors have pleasure in presenting 20th Annual Report and the audited accounts of the Company for the year ended 31st March, 2014.

FINANCIAL RESULTS

The performance of the Company for the financial year ended 31st March, 2014 is summarized below:

(Amount in Rs.)

FINANCIAL RESULTS 2013-2014 2012-2013

Profit before Tax 3,45,637.00 1,65,328.82

Provision for Current Tax -66670 -31500 Less/(Add): Provision for Deferred Tax - -

Add/(Less): Income tax

Adjustment (Earlier Yrs.) - -

Profit/(Loss) After Tax 2,78,967.00 1,33,828.82

Prior Period Adjustments - -

Balance Brought Forward 25,29,954.05 24,23,613.23

Profit available for appropriation 28,08,921.05 25,57,442.05

APPROPRIATIONS

Transfer to RBI Reserve Fund -55793 -26766

Contingent Provisions against

Standard Assets 792 -722

Surplus carried to Balance Sheet 27,52,336.05 25,29,954.05

DIVIDEND

In view of non-availability of distributable profits and for conservation of funds, your Directors express their inability to recommend any dividend for the year.

BUSINESS OUTLOOK AND FUTURE PROSPECTS

In General, the outlook for the NBFC''s continues to remain uncertain proposition. The Company has made significant investment in equity capital of the other companies and expects decent return on capital over a longer time period.

FIXED DEPOSITS

The Company has not accepted any deposit under Section 58A of the Companies Act, 1956 during the year under Review.

DIRECTORS

Mr. V. K. Mohatta retire from directorship of the Company by rotation, and being eligible, offers himself for re-appointment.

In strict compliance with Section 149 of the Companies Act, 2013, Mr. Sanjay Modi, Mr. L. K. Parwa and Mr. Rahul Sarda retire from directorship at the upcoming Annual General Meeting and being eligible offer themselves for appointment. They will be designated as "Independent Director" and their tenure of directorship as an Independent Director, if approved by the Members of the Company will be for a term of 5 years commencing on and from the date of the Annual General Meeting in which they are elected by Members of the Company.

Brief resume of the Directors proposed to be appointed/re-appointed, nature of their expertise in specific functional area and the names of the Companies in which they hold directorship and membership/ chairmanship of Board Committees, as stipulated under clause 49 of the Listing Agreement with the Stock Exchanges, are provided as an annexure to the Notice convening the Annual General Meeting.

DIRECTORS'' RESPONSIBILITY STATEMENT

The Directors hereby confirm:

i. that in the preparation of annual accounts, the applicable accounting standards have been followed along with proper explanation relating to material departures;

ii. that the selected accounting policies were applied consistently and the Directors 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 31,2014 and of the profit or loss of the Company for the year ended on that date;

iii. that 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;

iv. that the annual accounts have been prepared on a going concern basis.

AUDITORS

M/s.S.Singhi & Associates, Chartered Accountants (Firm Registration No. 317039E), Auditors of the Company will retire at the forthcoming Annual General Meeting and being eligible offer themselves for re-appointment. The members are requested to appoint the auditors and to authorise the Board of Directors to fix their remuneration.

AUDITORS'' REPORT

The observations made in the Auditors'' Report are self-explanatory and do not require further clarification.

LISTING

The Equity shares of the Company is listed on the following Stock Exchange:

Name of stock Exchange Address Code No. Bombay Stock Exchange Ltd. P. J. Towers Dalal Street } 531051 Mumbai -400001

ENERGY,TECHNOLOGY AND FOREIGN EXCHANGE

As the company is engaged in financial services activities and there is no earning and outgo of foreign exchange, the disclosure required u/s 217(1 )(e) of the Companies (Disclosure of Particulars in the Report of Board of Directors) Rules 1988 is not applicable.

MANAGEMENT DISCUSSION AND ANALYSIS REPORT & REPORT ON CORPORATE GOVERNANCE

As required under the listing agreement with the Stock Exchanges, a Management Discussion and Analysis Report and a Report on Corporate Governance are annexed and form part of this Report.

PARTICULARS OF EMPLOYEES

The company had no employee of category indicated u/s 217(2A) of the Companies Act, 1956 read with Companies (Particular of Employees) Rules, 1975 as amended from time to time.

ACKNOWLEDGEMENT

The Board expresses its deep gratitude and thanks to the regulatory authorities, clients, bankers,business associates and shareholders for their valuable contribution towards the progress of the Company. Your Directors particularly wish to place on record their sincere appreciation of the best efforts put in by its employees, but for which, the Company could not have achieved what it did during the year under review.

For and on behalf of the Board

Place:Kolkata V.K. Mohatta L K Parwa Date: 28-05-2014 Director Director


Mar 31, 2013

Dear Members,

The Directors have pleasure in presenting 19th Annual Report and the audited accounts of the Company for the year ended 31st March, 2013.

FINANCIAL RESULTS

The performance of the Company for the financial year ended 31st March, 2013 is summarized below:

(Amount in Rs.)

FINANCIAL RESULTS 2012-2013 2011-2012

Profit before Tax 1,65,328.82 17,540.10

Provision for Current Tax (31,500.00) (3,540.00)

Less/(Add): Provision for Deferred Tax - 9,071.00

Add/(Less):lncometaxAdjustment(EarlierYrs.) - (56,494.00)

Profit/(Loss) After Tax 1,33,828.82 (33,422.90)

Prior Period Adjustments - 13,918.00

Balance Brought Forward 24,23,613.23 24,44,596.13

Profit available for appropriation 25,57,442.05 24,25,091.23

APPROPRIATIONS

Transfer to RBI Reserve Fund (26,766.00) -

Contingent Provisions against

Standard Assets (722.00) 1,478.00

Surplus carried to Balance Sheet 25,29,954.05 24,23,613.23

DIVIDEND

In view of non-availability of distributable profits and for conservation of funds, your Directors express their inability to recommend any dividend for the year.

BUSINESS OUTLOOK AND FUTURE PROSPECTS

In General, the outlook for the NBFC''s continues to remain uncertain proposition. The Company has made significant investment in equity capital of the other companies and expects decent return on capital over a longer time period. FIXED DEPOSITS

The Company has not accepted any deposit under Section 58A of the Companies Act, 1956 during the year under Review.

DIRECTORS

Mr. Laxmi Kant Parwa, Mr. V K Mohatta, Directors, retires by rotation at the ensuing Annual General Meeting, and being eligible, offers himself for re-appointment. DIRECTORS'' RESPONSIBILITY STATEMENT

The Directors hereby confirm:

i. that in the preparation of annual accounts, the applicable accounting standards have been followed along with proper explanation relating to material departures;

ii. that the selected accounting policies were applied consistently and the Directors 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, 2013 and of the profit or loss of the Company for the year ended on that date;

iii. that 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;

iv. that the annual accounts have been prepared on a going concern basis.

AUDITORS

M/s.S.Singhi & Associates, Chartered Accountants, Auditors of the Company will retire at the forthcoming Annual General Meeting and being eligible offer themselves for re-appointment. The members are requested to appoint the auditors and to authorise the Board of Directors to fix their remuneration.

AUDITORS''REPORT

The observations made in the Auditors'' Report are self-explanatory and do not require further clarification.

LISTING

The Equity shares of the Company is listed on the following Stock Exchange:

Name of stock Exchange Address Code No.

Bombay Stock Exchange Ltd. P. J. Towers .

Dalai Street I 531051

Mumbai- 400001 J

ENERGY, TECHNOLOGY AND FOREIGN EXCHANGE

As the company is engaged in financial services activities and there is no earning and outgo of foreign exchange, the disclosure required u/s 217(1)(e) of the Companies (Disclosure of Particulars in the Report of Board of Directors) Rules 1988 is not applicable.

MANAGEMENT DISCUSSION AND ANALYSIS REPORT & REPORT ON CORPORATE GOVERNANCE

As required under the listing agreement with the Stock Exchanges, a Management Discussion and Analysis Report and a Report on Corporate Governance are annexed and form a part of this Report.

PARTICULARS OF EMPLOYEES

The company had no employee of category indicated u/s 217(2A) of the Companies Act, 1956 read with Companies (Particular of Employees) Rules, 1975 as amended from time to time.

ACKNOWLEDGEMENT

The Board expresses its deep gratitude and thanks to the regulatory authorities, clients, bankers,business associates and shareholders for their valuable contribution towards the progress of the Company. Your Directors particularly wish to place on record their sincere appreciation of the best efforts put in by its employees, but for which, the Company could not have achieved what it did during the year under review.

For and on behalf of the Board

Place:Kolkata V.K. Mohatta L K Parwa

Date: 24-05-2013 Director Director


Mar 31, 2012

The Directors have pleasure in presenting 18th Annual Report and the audited accounts of the Company for the year ended 31st March, 2012.

FINANCIAL RESULTS

The performance of the Company for the financial year ended 31st March. 2012 is summarized below:

(Amount in Rs.)

FINANCIAL RESULTS 2011-2012 2010-2011

Profit before Tax 17540.10 -6263.83 Provision for Current Tax -3,540.00 -

Less/(Add): Provision for Deferred Tax 9,071.00 -30,631.00

Add/(less):Income tax Adjustment (Earlier Yrs.) -56,494.00 -34,210.00

Profit/(Loss) After Tax -33,422.90 -71,104.83

Prior Period Adjustments 13,918.00 45,656.06

Balance Brought Forward 24,44,596.13 24,79,269.90

Profit available for appropriation 24,25,091.23 24,53,821.13

APPROPRIATIONS

Transfer to RBI Reserve Fund - -

Contingent Provisions against Standard Assets 1,478.00 9,225.00

Surplus carried to Balance Sheet 24,23,613.23 24,44,596.13

DIVIDEND

In view of non-availability of distributable profits and for conservation of funds, your Directors express their inability to recommend any dividend for the year.

BUSINESS OUTLOOK AND FUTURE PROSPECTS

In General, the outlook for the NBFC's continues to remain an uncertain proposition. The Company has made significant investment in equity capital of the other companies and expects decent return on capital over a longer time period.

FIXED DEPOSITS

The Company has not accepted any deposit under Section 58A of the Companies Act, 1956 during the year under Review.

DIRECTORS

Sanjay Modi, Director retires by rotation at the ensuing Annual General Meeting, and being eligible, offers himself for re-appointment.

DIRECTORS' RESPONSIBILITY STATEMENT

The Directors hereby confirm:

i. That in the preparation of annual accounts, the applicable accounting standards have been followed along with proper explanation relating to material departures;

ii. That the selected accounting policies were applied consistently and the Directors 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, 2012 and of the profit or loss of the Company for the year ended on that date;

iii. That 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;

iv. That the annual accounts have been prepared on a going concern basis.

AUDITORS

M/s. S. Singhi & Associates, Chartered Accountants, Auditors of the Company will retire at the forthcoming Annual General Meeting and being eligible offer themselves for re-appointment. The members are requested to appoint the auditors and to authorise the Board of Directors to fix their remuneration.

AUDITORS' REPORT

The observations made in the Auditors' Report are self-explanatory and do not require further clarification.

LISTING

The Equity shares of the Company are listed on the following Stock Exchanges:

Name of stock Exchange Address Code No.

Bombay Stock Exchange Ltd. P. J. Towers 531051 Dalai Street 531051 Mumbai-400001 531051

ENERGY, TECHNOLOGY AND FOREIGN EXCHANGE

As the company is engaged in financial services activities and there is no earning and outgo of foreign exchange, the disclosure required u/s 217(1)(e) of the Companies (Disclosure of Particulars in the Report of Board of Directors) Rules 1988 is not applicable.

MANAGEMENT DISCUSSION AND ANALYSIS REPORT & REPORT ON CORPORATE GOVERNANCE

As required under the listing agreement with the Stock Exchanges, a Management Discussion and Analysis Report and a Report on Corporate Governance are annexed and form a part of this Report.

PARTICULARS OF EMPLOYEES

The company had no employee of category indicated u/s 217(2A) of the Companies Act, 1956 read with Companies (Particular of Employees) Rules, 1975 as amended from time to time.

ACKNOWLEDGEMENT

The Board expresses its deep gratitude and thanks to the regulatory authorities, clients, bankers, business associates and shareholders for their valuable contribution towards the progress of the Company. Your Directors particularly wish to place on record their sincere appreciation of the best efforts put in by its employees, but for which, the Company could not have achieved what it did during the year under review.

For and on behalf of the Board

V.K. Mohatta L K Parwa Director Director

Place : Kolkata Date : 30-05-2012


Mar 31, 2010

The Directors have pleasure in presenting 16th Annual Report and the audited accounts of the Company for the year ended 31st March, 2010.

FINANCIAL RESULTS

The performance of the Company for the financial year ended 31st March, 2010 is summarized below:

Rs. in Lakhs

2009-10 2008-09

Profit Before Tax (2.35) (2.99)

Fringe Benefit Tax - 0.20

Less/(Add): Provision for Deferred Tax (1.13) 1.07

Profit / (Loss) After Tax (1.22) (4.26)

Less : Adjustment for Employees (0.08) -

Benefits as per AS 15 (Revised)

Less : Provision for NPA Assets 1.02 -

Balance Brought Forward 26.96 31.22

Profit Available for Appropriation 24.80 26.96

APPROPRIATIONS

Transfer to RBI Reserve Fund - -

Surplus carried to Balance Sheet 24.80 26.96

DIVIDEND

In view of non-availability of distributable profits and for conservation of funds, your Directors express their inability to recommend any dividend for the year.

BUSINESS OUTLOOK AND FUTURE PROSPECTS In General, the outlook for the small NBFCs continues to remain uncertain. The Company has made significant investment in equity capital of the other companies and expects decent return on capital over a longer time period.

FIXED DEPOSITS

The Company has not accepted any deposit under Section 58A of the Companies Act, 1956 during the year under Review.

DIRECTORS

Mr. Sanjay Modi, Director retires by rotation at the ensuing Annual General Meeting and being eligible offers himself for re-appointment.

DIRECTORS RESPONSIBILITY STATEMENT

The Directors hereby confirm:

i. that in the preparation of annual accounts, the applicable

accounting standards have been followed alongwith proper explanation relating to material departures;

ii. that the selected accounting policies were applied consistently and the Directors 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 as at March 31, 2010 and of the profit or loss of the Company for the year ended on that date;

iii. that 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;

iv. that the annual accounts have been prepared on a going concern basis.

AUDITORS

M/s. S.Singhi & Associates, Chartered Accountants, Auditors of the Company will retire at the forthcoming Annual General Meeting and being eligible offer themselves for re-appointment. The members are requested to appoint the auditors and to authorise the Board of Directors to fix their remuneration.

AUDITORS REPORT

The observations made in the Auditors Report are self-explanatory and do not require further clarification.

LISTING

The Equity shares of the Company are listed on the following stock Exchange:

Name of Stock Exchange Address Code No.

Bombay Stock Exchange Ltd P.J.Towers

Dalal Street 531051

Mumbai- 400001

ENERGY, TECHNOLOGY AND FOREIGN EXCHANGE

As the company is engaged in financial services activities and there is no earning and outgo of foreign exchange, the disclosure required u/s 217(1)(e) of the Companies (Disclosure of Particulars in the Report of Board of Directors) Rules 1988 is not applicable.

MANAGEMENT DISCUSSION AND ANALYSIS REPORT & REPORT ON CORPORATE GOVERNANCE

As required under the listing agreement with the Stock Exchanges, a Management Discussion and Analysis Report and a Report on Corporate Governance are annexed and form a part of this Report.

PARTICULARS OF EMPLOYEES

The company had no employee of category indicated u/s 217(2A) of the Companies Act, 1956 read with Companies (Particular of Employees) Rules, 1975 as amended from time to time.

ACKNOWLEDGEMENT

The Board expresses its deep gratitude and thanks to the regulatory authorities, clients, bankers, business associates and shareholders for their valuable contribution towards the progress of the Company. Your Directors particularly wish to place on record their sincere appreciation of the best efforts put in by its employees, but for which, the Company could not have achieved what it did during the year under review.

For and on behalf of the Board

Place : Kolkata V.K. Mohatta B.L. Rathi

Date : 29th day of May, 2010 Managing Director Director

 
Subscribe now to get personal finance updates in your inbox!