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, 2011
Dear Members,
The Directors have pleasure in presenting 17th Annual Report and the
audited accounts of the Company for the year ended 31st March, 2011.
FINANCIAL RESULTS
The performance of the Company for the financial year ended 31st March,
2011 is summarized below:
Rs. in Lakhs
2010-11 2009-10
Profit Before Tax (0.06) (2.35)
Provision for Current Tax à Ã
Less/(Add): Provision for Deferred Tax 0.31 (1.13)
Add/(Less) :Prior Period Adjustment (net) 0.46 Ã
Add/(Less) : Income Tax Adjustment
(Earlier Yrs.) (0.34) Ã
Profit / (Loss) After Tax (0.25) (1.22)
Less : Adjustment for Employees
Benefits as per AS 15 (Revised) Ã (0.08)
Less: Provision for NPA Assets à (1.02)
Balance Brought Forward 24.80 26.96
Profit Available for Appropriation 24.54 24.80
APPROPRIATIONS
Transfer to RBI Reserve Fund à Ã
Contingent Provisions Against Standard
Assets 0.09 Ã
Surplus carried to Balance Sheet 24.45 24.80
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 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
Rahul Sarda, Director retires by rotation at the ensuing Annual General
Meeting, and being eligible, offers himself for re-appointment.
Mr.L.K.Parwa was appointed as Additional Director pursuant to the
provisions of section 260 of the Companies Act,1956. He continues to
hold office upto the date of the forthcoming Annual General Meeting of
the Company. The Company has received notice u/s 257 of the Act along
with requisite deposit in respect of Mr. Parwa proposing his
appointment as Director of the company. Resolution seeking approval of
the members for the appointment of Mr. L.K.Parwa as Director of the
Company has been incorporated in the Notice of the forthcoming Annual
General Meeting along with brief details.
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, 2011 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
Dalal Street
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
V.K. Mohatta B.L. Rathi
Managing Director Director
Place : Kolkata
Date : 30th day of May, 2011
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