Mar 31, 2018
The Members,
The Directors take pleasure in presenting their Twenty Fourth Annual Report on the Business and Operations of the Company and the Accounts for the Financial Year ended 31st March, 2018 (period under review).
1. FINANCIAL PERFORMANCE OF THE COMPANY:
The summary of consolidated and standalone financial highlights for the financial year ended March 31, 2018 and previous financial year ended March 31, 2017 is given below:
(Rs. in Lacs)
Particulars |
Standalone |
Consolidated |
||
31-Mar-18 |
31-Mar-17 |
31-Mar-18 |
31-Mar-17 |
|
Total Income |
1,090.88 |
505.98 |
3,940.90 |
2,841.93 |
Less: Expenditure |
755.47 |
355.30 |
3,538.86 |
2,509.40 |
Profit before Depreciation |
335.41 |
150.68 |
402.04 |
332.53 |
Less: Depreciation |
11.51 |
10.77 |
19.07 |
17.03 |
Profit before Tax |
323.90 |
139.91 |
382.97 |
315.49 |
Provision for Taxation |
82.86 |
40.17 |
84.34 |
76.90 |
Profit after Tax |
241.04 |
99.74 |
298.63 |
238.59 |
FINANCIAL PERFORMANCE: Standalone:
The Total Income of the Company stood at Rs. 1,090.88 Lacs for the year ended March 31, 2018 as against Rs.505.98 Lacs in the previous year. The Company made a Net Profit of Rs.241.04 Lacs for the year ended March 31, 2018 as compared to the Net Profit of Rs.99.74 Lacs in the previous year.
Consolidated:
The Consolidated Total Income was higher by 38.67% at Rs.3,940.90 Lacs for the financial year ended March 31, 2018 as against Rs.2,841.88 Lacs during the previous financial year. Consolidated Net Profit was higher at R 298.63 Lacs for the year ended March 31, 2018 as compared to Rs.238.56 Lacs in the previous year registering an increase of 25.18%.
The consolidated financials reflect the cumulative performance of the Company together with its subsidiaries. Detailed description about the business carried on by these entities including the Company is contained in the Management Discussion and Analysis report forming part of this Annual Report.
2. DIVIDEND:
The dividend policy for the year under review has been formulated taking into consideration of growth of the company and to conserve resources, the Directors do not recommend any dividend for year ended March 31, 2018.
3. STATE OF AFFAIRS OF THE COMPANY:
Information on the operations and financial performance, among others for the period under review, is given in the Management Discussion and Analysis Report which is annexed to this Report and is in accordance with the SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015
4. DIRECTORS AND KEY MANAGERIAL PERSONNEL:
i. Change in Directors
There is no change in directorship of Board of Directors, during the period under review.
ii. Committees of Board of Directors
There is no change in Committees of Board of Directors.
iii. Independent Directors
Independent Directors have provided their confirmation, that they meet the criteria of independence as provided in subsection (6) of Section 149 of the Companies Act, 2013. An independent director shall hold office for a term up to five consecutive years on the Board of a Company, but shall be eligible for reappointment for next five years on passing of a special resolution by the Company
iv. Retirement by Rotation of the Directors
In accordance with the provisions of the Companies Act, 2013 and the Articles of Association of the Company, Mr. Shripal Shah, Executive Director of the Company, retires by rotation and offers himself for re- appointment.
The brief resume of Mr. Shripal Shah, the nature of his expertise in specific functional areas, names of the companies in which he has held directorships, her shareholding etc. are furnished in the âAnnexure Aâ to notice of the ensuing AGM.
v. Key Managerial Personnel
During the period under review, there are no changes in Key Managerial Personnelâs of the Company.
vi. Re-appointment of Directors
The Board of Directors on recommendation of Nomination and Remuneration Committee has recommended for reappointment of Whole Time Directors and Independent Directors of the Company for a period of 5 years w.e.f April 01, 2019 to March 31,2019.
5. MEETINGS:
During the year, Five Board Meetings were convened and duly held. The details of which are given in the Corporate Governance Report, which forms part of this report. The intervening gap between the Meetings was within the period prescribed under the Companies Act, 2013.
6. AUDIT COMMITTEE:
The Audit Committee comprises of, Mr. Darshit Parikh (Chairman), Mr. Shripal Shah (Member) and Mr. Ram Gaud (Member). Powers and role of the Audit Committee are included in the Corporate Governance Report. All the recommendation made by the Audit Committee were accepted by the Board of Directors.
7. BOARD EVALUATION:
Your Board has devised an Evaluation Policy for evaluating the performance of the Board, its Committees, Executive Directors, Independent Directors. Based on the same, the performance was evaluated for the financial year ended March 31, 2018. As part of the evaluation process, the performance of Non- Independent Directors, the Chairman and the Board was conducted by the Independent Directors. The performance evaluation of the respective Committees and that of Independent and Non- Independent Directors was done by the Board excluding the Director being evaluated.
The policy inter alia provides the criteria for performance evaluation such as Board effectiveness, quality of discussion, contribution at the meetings, business acumen, strategic thinking, time commitment, and relationship with the stakeholders, corporate governance practices, contribution of the committees to the Board in discharging its functions etc.
The Board carried out formal annual evaluation of its own performance and that of its Committees viz., the Audit Committee, Stakeholdersâ Relationship Committee, Nomination and Remuneration Committee (NRC). The Board also carried out the performance evaluation of all the individual directors including the Chairman of the Company. Additionally, NRC also carried out the evaluation of the performance of all the individual directors and Chairman of the Company. The performance evaluation was carried out by way of obtaining feedback from the Directors through a structured questionnaire prepared in accordance with the policy adopted by the Board and after taking into consideration the Guidance Note on Board Evaluation issued by Securities and Exchange Board of India.
The feedback received from the Directors through the above questionnaire was reviewed by the Chairman of the Board and the Chairman of the NRC and then discussed the same at the meetings of the Board and NRC respectively. The performance evaluation of the Chairman, Whole Time Director and the Board as a whole was carried out by the Independent Directors at their separate meeting.
8. EXTRACT OF ANNUAL RETURN:
As required pursuant to section 92(3) of the Companies Act, 2013 and Rule 12(1) of the Companies (Management and Administration) Rules, 2014, an extract of Annual Return in MGT-9 in annexed as a part of this Annual Report as âAnnexure Iâ .
9. REMUNERATION POLICY:
The Company has framed a Nomination and Remuneration Policy pursuant to Section 178 of the Companies Act, 2013 and SEBI (LODR) Regulations, 2015. The Policy is provided in Annexed to this Report as âAnnexure IIâ
10. AUDITORS:
i. Statutory Auditors:
Subject to the amendment stated in The Companies Amendment Act, 2017 read with Notification S.O. 1833(E) dated 7th May 2018 deleting the provision of annual ratification of the appointment of auditor, the requirement to place the matter relating to appointment of Auditors for ratification by members at every Annual General Meeting is done away with and no resolution has been proposed for the same.
ii. Secretarial Auditor:
Pursuant to the provisions of Section 204 of the Companies Act, 2013 and The Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Company has appointed JNG & CO., a firm of Company Secretaries in Practice (CP No. 8108), to undertake the Secretarial Audit of the Company for the F.Y. 2017-18. The Secretarial Audit Report for F.Y. 2017-18 is annexed herewith as âAnnexure IIIâ.
iii. Cost Auditor:
Your Company is principally engaged into Merchant Banking. Therefore, Section 148 of the Companies Act, 2013 is not applicable to the Company.
11. AUDITORâS REPORT:
The Auditorâs Report and Secretarial Auditorâs Report does not contain any qualifications, reservations or adverse remarks. Report of the Secretarial Auditor is given as an Annexure, which forms part of this report.
12. VIGIL MECHANISM:
In pursuance of the provisions of section 177(9) & (10) of the Companies Act, 2013, a Vigil Mechanism for Directors and Employees to report genuine concerns has been established. The Vigil Mechanism Policy has been uploaded on the website of the Company athttp ://afsl. co.in/investor-relation. html.
13. INTERNAL AUDIT & CONTROLS:
Pursuant to provisions of Section 138 read with read with rules made there under, the Board has appointed Thakur & Co., Chartered Accountants, as an Internal Auditors of the Company to check the internal controls and functioning of the activities and recommend ways of improvement. The Internal Audit is carried out quarterly basis; the report is placed in the Audit Committee Meeting and the Board Meeting for their consideration and direction.
The Internal Financial Controls with reference to financial statements as designed and implemented by the Company are adequate. During the year under review, no material or serious observation has been received from the Internal Auditors of the Company for inefficiency or inadequacy of such controls.
14. RISK ASSESSMENT AND MANAGEMENT:
Your Company has been on a continuous basis reviewing and streamlining its various operational and business risks involved in its business as part of its risk management policy. Your Company also takes all efforts to train its employees from time to time to handle and minimize these risks.
15. LISTING WITH STOCK EXCHANGES:
Aryaman Financial Services Limited continues to be listed on BSE Limited. It has paid the Annual Listing Fees for the year 2017-2018 to BSE Limited.
16. SUBSIDIARY COMPANIES AND CONSOLIDATED FINANCIAL STATEMENT:
As on March 31, 2018, your Company has 2 subsidiaries (Aryaman Capital Markets Limited & Escorp Asset Management Limited). There are no associate companies or joint venture companies within the meaning of Section 2(6) of the Act. There are no changes in subsidiaries, during the period under review.
The Annual Accounts of the above referred subsidiary shall be made available to the shareholders of the Company and of the subsidiary company on request and will also be kept open for inspection at the Registered Office of the Company and of the subsidiary companies during the office hours on all working days and during the Annual General Meeting. Companyâs consolidated financial statements included in this Annual Report incorporates the accounts of its subsidiaries prepared as per âInd-AS 110 Consolidated Financial Statementsâ. Pursuant to the provisions of Section 129(3) of the Act, a statement containing the salient features of financial statements of the Companyâs subsidiaries in Form AOC-1 is attached to the financial statements of the Company as âAnnexure IVâ.
17. COMPLIANCE WITH SECRETARIAL STANDARDS:
The Company is fully compliant with the applicable Secretarial Standards (SS) viz. SS-1 & SS-2 on Meetings of the Board of Directors and General Meetings respectively.
18. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO:
i. Conservation of Energy
a) The steps taken or impact on conservation of energy - The Operations of the Company are not energy intensive. However, adequate measures have been initiated for conservation of energy.
b) The steps taken by the Company for utilizing alternate source of energy - Company shall consider on adoption of alternate source of energy as and when necessities.
c) The Capital Investment on energy conversation equipment - No Capital Investment yet.
ii. Technology absorption
a) The efforts made towards technology absorption. - Minimum technology required for Business is absorbed.
b) The benefits derived like product improvement, cost reduction, product development or import substitution - Not Applicable.
c) In case of imported technology (imported during the last three years reckoned from the beginning of the financial year) - Not Applicable.
a. the details of technology imported;
b. the year of import;
c. whether the technology been fully absorbed;
d. if not fully absorbed, areas where absorption has not taken place, and the reasons thereof
iii. The expenditure incurred on Research and Development - Not Applicable.
19. PARTICULARS OF LOANS, INVESTMENTS AND GUARANTEES:
Particulars of loans given, investments made, guarantees given and securities provided are provided in the financial statements.
20. PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES:
All contracts / arrangements / transactions entered by the Company during the financial year with related parties were in the ordinary course of business and on an armâs length basis. Thus Disclosure in form AOC-2 is not required. Further, during the year, the Company had not entered into any contract / arrangement /transaction with related parties which could be considered material in accordance with the policy of the Company on materiality of related party transactions. All related party transactions are placed before the Audit Committee and Board for review and approval, if required. The details of the related party transactions as required under Indian Accounting Standard (Ind AS) 110 are set out in Note to the financial statements forming part of this Annual Report.
21. DEPOSITS:
Your Company did not accept / hold any deposits from public / shareholders during the year under review.
22. SIGNIFICANT AND MATERIAL ORDERS:
There are no significant and material orders passed by the Regulators or Courts or Tribunals impacting the going concern status and Companyâs operations in future.
23. OBLIGATION OF COMPANY UNDER THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION, PROHIBITION AND REDRESSAL) ACT, 2013:
In accordance with the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 and rules made there under, the Company has framed and adopted the policy for Prevention of Sexual Harassment at Workplace. Company was not in receipt of any complaint of sexual harassment.
24. HUMAN RESOURCES:
Your Company considers people as its biggest assets and âBelieving in Peopleâ is at the heart of its human resource strategy. It has put concerted efforts in talent management and succession planning practices, strong performance management and learning and training initiatives to ensure that your Company consistently develops inspiring, strong and credible leadership.
Your Company has established an organization structure that is agile and focused on delivering business results. With regular communication and sustained efforts it is ensuring that employees are aligned on common objectives and have the right information on business evolution. Your Company strongly believes in fostering a culture of trust and mutual respect in all its employees seek to ensure that business world values and principles are understood by all and are the reference point in all people matters.
Statement of Disclosure of Remuneration under Section 197 of the Act and Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 (âRulesâ), is annexed as âAnnexure Vâ.
The current workforce breakdown structure has a good mix of employees at all levels. Your Board confirms that the remuneration is as per the remuneration policy of the Company.
25. CORPORATE GOVERNANCE:
Pursuant to SEBI (LODR) Regulations, 2015, the report on Corporate Governance during the period under review with the Certificate issued by M/s JNG and Co., Practicing Company Secretaries, on compliance in this regards forms part of this Annual Report.
26. DIRECTORSâ RESPONSIBILITY STATEMENT:
Pursuant to Section 134(5) of the Companies Act, 2013, the board of directors, to the best of their knowledge and ability, confirm that:
i. In the preparation of the annual accounts, the applicable accounting standards have been followed and there are no material departures.
ii. They have 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.
iii. They have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities.
iv. They have prepared the annual accounts on a going concern basis.
v. They have laid down internal financial controls to be followed by the Company and such internal financial controls are adequate and operating effectively.
vi. They have devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.
Based on the framework of internal financial controls and compliance systems established and maintained by the Company, work performed by the internal, statutory and secretarial auditors and external consultants and the reviews performed by management and the relevant board committees, including the audit committee, the board is of the opinion that the Companyâs internal financial controls were adequate and effective during the financial year 2017-18.
27. CAUTIONARY STATEMENTS:
Statements in this Annual Report, particularly those which relate to Management Discussion and Analysis as explained in the Corporate Governance Report, describing the Companyâs objectives, projections, estimates and expectations may constitute âforward looking statementsâ within the meaning of applicable laws and regulations. Actual results might differ materially from those either expressed or implied in the statement depending on the circumstances.
28. ACKNOWLEDGEMENTS:
Your Directors would like to express deep sense of appreciation for the assistance and co-operation received from the Financial Institutions, Banks, Government Authorities and Shareholders and for the devoted service by the Executives, staff and workers of the Company. The Directors express their gratitude towards each one of them.
Registered Office: By Order Of The Board Of Directors
102, Ganga Chambers, FOR ARYAMAN FINANCIAL SERVICES LIMITED
6A/1, W.E.A., Karol Bagh,
New Delhi - 110 0051
Tel : 022 - 6216 6999 Sd/-
Shripal Shah
Fax: 022 - 2263 0434 DIN: 01628855
CIN: L74899DL1994PLC059009
(Chairman & Executive Director)
Website:http://www.afsl.co.in Mumbai, Tuesday, August 14, 2018
Email:imo@,afsl.co.m
Mar 31, 2015
Dear members,
The Directors present hereunder the 21th Annual Report on the
Business and operations of the Company along with audited statement of
accounts of your Company for the Financial Year ended March 31, 2015.
The financial results are summarized as under:
1. FINANCIAL SUMMARY OR HIGHLIGHTS/PERFORMANCE OF THE COMPANY
(STANDALONE):
(Rs. in Lacs)
Particulars 31-Mar-15 31-Mar-14
Total Income 176.83 263.23
Less: Expenditure 136.09 211.82
Profit before Depreciation 43.17 53.87
Less: Depreciation 2.43 2.39
Profit before Tax 40.74 51.47
Provision for Taxation 8.42 10.29
Profit after Tax 32.32 41.18
2. DIVIDEND:
In order to conserve the resources, the directors do not recommend any
dividend for the year.
3. DEPOSITS:
Your Company did not accept / hold any deposits from public /
shareholders during the year under review.
4. DIRECTORS AND KEY MANAGERIAL PERSONNEL:
In accordance with the provisions of the Companies Act, 2013 and the
Articles of Association of the Company, Mr. Shripal Shah, Executive
Director of the Company retires by rotation and offers himself for
re-appointment.
Mr. Shripal Shah & Mr. Shreyas Shah will continue to be Executive
Directors while Mr. Ram Gaud, Mr. Darshit Parikh and Mrs. Tejal Vala
shall continue to be Independent Directors of the Company.
The Company has received declarations from all the Independent
Directors of the Company confirming that they meet with the criteria
of independence as prescribed under Section 149(6) of the Companies
Act, 2013.
The appointment / re-appointment forms part of the notice convening
the Annual General Meeting and the resolutions are recommended for the
member's approval.
During the year under review Mr. Malcolm Mascarenhas was appointed as
the Company Secretary and Key Managerial Personnel of the company. Mr.
Shripal Shah continues to be the Chief Financial Officer and Key
Managerial Personnel of the company.
5. MEETINGS
A calendar of Meetings is prepared and circulated in advance to the
Directors. During the year five Board Meetings were convened and held
on 26.05.2014, 13.08.2014, 12.11.2014, 12.02.2015, 10.03.2015.The
details of which are given in the Corporate Governance Report, which
forms part of this report. The intervening gap between the Meetings
was within the period prescribed under the Companies Act, 2013 and
Clause 49 of the Listing Agreement.
6. BOARD EVALUATION
Clause 49 of the Listing Agreement mandates that the Board shall
monitor and review the Board evaluation framework. The Companies Act,
2013 states that a formal annual evaluation needs to be made by the
Board of its own performance and that of its committees and individual
directors. Schedule IV of the Companies Act, 2013 states that the
performance evaluation of evaluation of Independent directors shall be
done by the entire Board of Directors, excluding the director being
evaluated.
The evaluation of all the directors and the Board as a whole was
conducted based on the criteria and framework adopted by the Board.
The evaluation process has been explained in the corporate governance
report section in this Annual Report. The Board approved the
evaluation results as collated by the nomination and remuneration
committee.
7. DECLARATION BY AN INDEPENDENT DIRECTOR(S) AND RE- APPOINTMENT
A declaration by an Independent Director(s) that they meet the
criteria of independence as provided in sub-section (6) of Section 149
of the Companies Act, 2013 has been taken by the company.
An independent director shall hold office for a term up to five
consecutive years on the Board of a Company, but shall be eligible for
reappointment for next five years on passing of a special resolution
by the Company and disclosure of such appointment in the Board's
report.
8. RETIREMENT BY ROTATION:
Section 149 of the Companies Act, 2013 provides that an Independent
Director shall not hold office for more than two consecutive terms of
five years each provided that the director is re-appointed by passing
a special resolution on completion of first term of five consecutive
years. Independent Directors are no longer liable to retire by
rotation.
9. INTERNAL AUDIT & CONTROLS
Pursuant to provisions of Section 138 read with read with rules made
there under, the Board has appointed Thakur, Vaidyanath Aiyar & Co.,
Chartered Accountants, as an Internal Auditors of the Company to check
the internal controls and functioning of the activities and recommend
ways of improvement. The Internal Audit is carried out quarterly
basis; the report is placed in the Audit Committee Meeting and the
Board Meeting for their consideration and direction.
The Internal Financial Controls with reference to financial statements
as designed and implemented by the Company are adequate. During the
year under review, no material or serious observation has been
received from the Internal Auditors of the Company for inefficiency or
inadequacy of such controls.
10. AUDITORS AND AUDITOR'S REPORT:
a) STATUTORY AUDITOR
The Directors recommend the ratification of the appointment of
Auditor, M/s Thakur, Vaidyanath Aiyar & Co (Registration No 000038N)
at the forthcoming AGM. The Auditors confirmed their eligibility to
the effect that their re-appointment, if made, would be within the
prescribed limits under the Act and that they are not disqualified for
re-appointment. Comments made by the Auditors in their report are
self-explanatory and therefore do not call for any further
explanations.
b) SECRETARIAL AUDITOR
Pursuant to the provisions of Section 204 of the Companies Act, 2013
and The Companies (Appointment and Remuneration of Managerial
Personnel) Rules, 2014, the Company has appointed M/s. JNG & CO., a
firm of Company Secretaries in Practice (CP No. 8108), to undertake
the Secretarial Audit of the Company for the year 2014-15. The
Secretarial Audit Report is annexed herewith as "Annexure II".
There are no qualifications, reservations or adverse remarks or
disclaimers by the Secretarial Auditor in the Secretarial Audit
Report.
11. VIGIL MECHANISM
In pursuant to the provisions of section 177(9) & (10) of the
Companies Act, 2013 and Clause 49 of the Listing Agreement, a Vigil
Mechanism for directors and employees to report genuine concerns has
been established. The Vigil Mechanism Policy has been uploaded on the
website of the Company at http://www.afsl.co.in
12. SIGNIFICANT AND MATERIAL ORDERS
There are no significant and material orders passed by the regulators
or courts or tribunals impacting the going concern status and
Company's operations in future.
13. MATERIAL CHANGES AND COMMITMENTS, IF ANY, AFFECTING FINANCIAL
POSITION OF THE COMPANY:
There are no material changes or commitments, affecting the financial
position of the company which have occurred between 31st March 2015
and the date of this report.
14. DIRECTOR'S RESPONSIBILITY STATEMENT:
The Directors' Responsibility Statement referred to in clause (c) of
sub-section (3) of Section 134 of the Companies Act, 2013, shall state
that-
i) in the preparation of the annual accounts, the applicable
accounting standards had been followed along with proper explanation
relating to material departures;
ii) 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 as at March 31, 2015 and of the profit and loss of the
company for the year ended on that date;
iii) the directors had taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of this Act for safeguarding the assets of the company and
for preventing and detecting fraud and other irregularities;
iv) the directors had prepared the Annual Accounts for the financial
year ended March 31, 2015 on a ÂGoing Concern' basis; and
v) the directors, in the case of a listed company, had laid down
internal financial controls to be followed by the company and that
such internal financial controls are adequate and were operating
effectively.
vi) the directors had devised proper systems to ensure compliance with
the provisions of all applicable laws and that such systems were
adequate and operating effectively.
15. PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES
In line with the requirements of the Companies Act, 2013 and Equity
Listing Agreement, The Company has formulated a Policy on Related
Party Transactions which is also available on Company's website at
www.afsl.cio.in
The Policy intends to ensure that proper reporting, approval and
disclosure processes are in place for all transactions between the
Company and Related Parties.
All Related Party Transactions are placed before the Audit Committee
as also the Board for approval. Prior omnibus approval of the Audit
Committee is obtained on a quarterly basis for the transactions which
are of a foreseen and repetitive nature.
All contracts / arrangements / transactions entered by the Company
during the financial year with related parties were in the ordinary
course of business and on an arm's length basis. Thus Disclosure in
form AOC-2 is not required. Further, during the year, the Company had
not entered into any contract / arrangement /transaction with related
parties which could be considered material in accordance with the
policy of the Company on materiality of related party transactions.
All related party transactions are placed before the Audit Committee
and Board for approval. The details of the related party transactions
as required under Accounting Standard - 18 are set out in Note to the
financial statements forming part of this Annual Report.
16. SUBSIDIARY COMPANIES AND CONSOLIDATED FINANCIAL STATEMENT:
The Ministry of Corporate Affairs (MCA) vide General Circular
No.2/2011 No. 51/12/2007-CL-III dated 8th February 2011 read with
General Circular No.3/2011 No. 5/12/2007-CL-III dated 21st February
2011 has granted a general exemption from attaching the Balance Sheet
of subsidiary companies with holding company's Balance Sheet if the
holding company presents in its Annual Report the Consolidated
Financial Statements duly audited by its Statutory Auditors. The
Company is publishing Consolidated Financial Statements in its Annual
Report and accordingly, the Company is not attaching the Balance
Sheets of the subsidiary companies.
Further, as required under the said circular, a statement of financial
information of the subsidiary company; Aryaman Capital Markets Limited
(formally known as Aryaman Broking Limited) is given in Annexure
attached to this Report.
The Annual Accounts of the above referred subsidiary shall be made
available to the shareholders of the Company and of the subsidiary
company on request and will also be kept open for inspection at the
Registered Office of the Company and of the subsidiary companies
during the office hours on all working days and during the Annual
General Meeting. As required by Accounting Standard-21 (AS-21), issued
by the Institute of Chartered Accounts of India, the Company's
consolidated financial statements included in this Annual Report
incorporates the accounts of its subsidiaries.
17. EXTRACT OF ANNUAL RETURN:
As required pursuant to section 92(3) of the Companies Act, 2013 and
rule 12(1) of the Companies (Management and Administration) Rules,
2014, an extract of annual return in MGT 9 as a part of this Annual
Report as ANNEXURE I .
18. PUBLIC DEPOSITS:
Your Company has neither accepted nor renewed any deposit within the
meaning of Section 73 of the Companies Act, 2013 and rules made there
under during the year ended March 31, 2014.
19. PERSONNEL:
The Board wishes to inform you that your Company has appointed new
employees to look after the Merchant Banking division of the Company.
The Company plans to recruit more employees in Merchant Banking,
Secretarial, Marketing and Accounts section once the Business is
grown.
During the year under review nine employees were in receipt of
remuneration not exceeding the limits under review as prescribed under
the provisions of Section 134 of the Companies Act, 2013, as amended,
hence no such particulars are furnished. ANNEXURE III.
The Board wishes to place on record their gratitude for continued
co-operation, assistance and guidance extended by the Banks, clients,
Stock Exchange Members and associates.
20. PARTICULARS OF CONSERVATION OF ENERGY, TECHNICAL ABSORPTION,
FOREIGN EXCHANGE EARNING AND OUTGO:
The Company is not engaged in any manufacturing activity and therefore
provisions of Section 134(3)(m) of the Companies Act, 2013 are not
applicable to the company.
21. CORPORATE GOVERNANCE:
Pursuant to Clause 49 of the Listing Agreement entered into with the
BSE Limited, the following have been made a part of the Annual Report
and are attached to this report:
* Management Discussion and Analysis Report
* Corporate Governance Report
* Certificate regarding compliance of conditions of Corporate
Governance
22. CORPORATE GOVERNANCE CERTIFICATE:
The Compliance certificate from JNG & CO., a firm of Company
Secretaries in Practice, regarding compliance of conditions of
corporate governance as stipulated in Clause 49 of the Listing
agreement shall be annexed with the report.
23. AUDIT COMMITTEE:
The Audit Committee consists of Mr. Darshit Parikh, Mr. Shripal Shah
and Mr. Ram Gaud. Mr. Darshit Parikh is Chairman of the Audit
Committee. The Committee interalia reviewed the internal control
system and reports of Internal Auditors and compliance of various
regulations. The Committee reviews at length the financial statements
and approves the same before they are placed before the Board of
Directors.
24. LISTING OF SECURITIES:
The equity shares of your Company continue to be listed on the Bombay
Stock Exchange Limited (BSE), Ahmedabad stock Exchange Limited & Delhi
Stock Exchange Limited. However since Ahmedabad stock Exchange Limited
& Delhi Stock Exchange Limited are no longer Stock Exchanges having
national wide terminals, the Company is in the process of delisting of
securities from the said stock exchanges.
25. OBLIGATION OF COMPANY UNDER THE SEXUAL HARASSMENT OF WOMEN AT
WORKPLACE (PREVENTION, PROHIBITION AND REDRESSAL) ACT, 2013:
In accordance with the Sexual Harassment of Women at Workplace
(Prevention, Prohibition and Redressal) Act, 2013 and rules made there
under, the Company has framed and adopted the policy for Prevention of
Sexual Harassment at Workplace. Your Directors further state that
during the year under review, there were no cases filed pursuant to
the Sexual Harassment of Women at Workplace (Prevention, Prohibition
and Redressal) Act, 2013.
26. ACKNOWLEDGEMENTS:
Your Directors take this opportunity to express their sincere
appreciation for the assistance and co-operation received from all the
Government departments, Banks, Financial Institutions, other business
constituents and members during the year under review and also look
forward to their continued support in the future.
Your Directors also wish to place on record their deep appreciation
for the committed services of the employees of the Company.
For and on behalf of the Board of Directors
Sd/- sd/-
Place: Mumbai Shripal Shah Shreyas Shah
Date: August 13, 2015 Executive Director Executive Director
Mar 31, 2014
TO THE MEMBERS
The Directors present hereunder the 20th Annual Report on the Business
and operations of the Company along with audited statement of accounts
of your Company for the Financial Year ended March 31, 2014. The
financial results are summarized as under:
Standalone Financial Results
(Rs. in Lacs)
Particulars 31-Mar-14 31-Mar-13
Total Income 263.29 323.71
Less: Expenditure 209.43 271.82
Profit before Depreciation 53.86 51.89
Less: Depreciation 2.39 1.55
Profit before Tax 51.47 50.34
Provision for Taxation 10.29 9.95
Profit after Tax 41.18 40.39
Closing Balance of P&L Account (167.32) (208.50)
DIVIDEND
Due to insufficient Profit during the year, the directors do not
recommend any dividend for the year.
DEPOSITS
Your Company did not accept / hold any deposits from public /
shareholders during the year under review. THE COMPANIES ACT, 2013
The Ministry of Corporate Affairs (MCA) has notified 282 sections of
the Companies Act, 2013 (CA2013/Act) in tranches in September 2013 and
March 2014 with majority of the sections as well as rules being
notified in March 2014. The Companies Act, 1956 continues to be in
force to the extent of the corresponding provisions of the Companies
Act, 2013 which are yet to be notified. MCA vide its Circular dated
April 4, 2014 has clarified that the financial statements and documents
annexed thereto, auditorâÂÂs report and boardâÂÂs report in respect of
financial year that have commenced earlier than April 1, 2014 shall be
governed by the provisions of the Companies Act, 1956 and in line with
the same, the CompanyâÂÂs financial statements, auditorâÂÂs report and
BoardâÂÂs report and attachments thereto have been prepared in
accordance with the provisions of the Companies Act, 1956. With respect
to other provisions of the Act, appropriate references have been made
in this report to the extent these provisions have become applicable
effective April 1, 2014.
DIRECTORS
In accordance with the provisions of the Companies Act, 2013 and the
Articles of Association of the Company, Mr. Shreyas Shah, Executive
Director of the Company retires by rotation and offers himself for re-
appointment.
Mr. Shripal Shah & Mr. Shreyas Shah will continue to be Executive
Directors while Mr. Ram Gaud, Mr. Darshit Parikh and Mrs. Tejal Vala
shall continue to be Independent Directors of the Company. The Company
has received requisite notices in writing from members proposing the
candidature of Mr. Ram Gaud, Mr. Darshit Parikh and Mrs. Tejal Vala
for appointment as Independent Directors.
The Company has received declarations from all the Independent
Directors of the Company confirming that they meet with the criteria of
independence as prescribed under Section 149(6) of the Companies Act,
2013.
The appointment / re-appointment forms part of the notice convening the
Annual General Meeting and the resolutions are recommended for the
memberâÂÂs approval.
CLASSIFICATION OF DIRECTORS AS PER COMPANIES ACT, 2013
Section 149 of the Companies Act, 2013 which defines the composition of
the Board and the criteria for a director to be considered as
independent has been notified effective April 1, 2014. Nominee
directors i.e. a director nominated by any financial institution in
pursuance of the provisions of any law for the time being in force, or
of any agreement, or appointed by any Government, or any other person
to represent the interests of the financial institution/Government/any
other person are excluded from the definition of Independent Director.
The Board of the Company consists of 5 Directors, out of which three
are Independent Directors and two are Executive Directors. In
classification of Directors as independent, the company has relied on
the declaration of independence provided by the Independent Directors
as prescribed under Section 149(7) of the Act and placed at the Board
Meeting of the Company held on May 26, 2014.
RETIREMENT BY ROTATION
Section 149 of the Companies Act, 2013 provides that an Independent
Director shall not hold office for more than two consecutive terms of
five years each provided that the director is re-appointed by passing a
special resolution on completion of first term of five consecutive
years. Independent Directors are no longer liable to retire by
rotation.
As per the explanation provided under Section 149 of the Companies Act,
2013 any tenure of an Independent Director on the date of commencement
of this Section i.e. April 1, 2014 shall not be counted as a term. The
tenure of every Independent Director to compute the period of first
five consecutive years would be reckoned afresh from April 1, 2014.
AUDITORS AND AUDITORâÂÂS REPORT STATUTORY AUDITOR
M/s Thakur, Vaidyanath Aiyar & Co., Chartered Accountants, the
statutory auditors of the Company, retires at the ensuring Annual
General Meeting and is eligible for re-appointment for a period of
three years from the conclusion of this Annual General Meeting. The
Directors recommend their re-appointment by the Members at the
forthcoming AGM. Comments made by the Auditors in their report are
self-explanatory and therefore do not call for any further
explanations.
DIRECTORâÂÂS RESPONSIBILITY STATEMENT
As required under Section 217(2AA) of the Companies Act, 1956 your
Directors state:
1. While preparing annual accounts the applicable accounting standards
have been followed with proper explanation.
2. The Company has selected such accounting policies and applied them
consistently and made judgment that are reasonable and prudent which
give true and fair view of affairs of the Company at the end of
financial year and of the profit of the company for the financial year.
3. The Company has taken proper and sufficient care for the maintenance
of adequate accounting records in accordance with the provisions of the
act for safeguarding the assets of the Company and the preventing and
detecting the frauds and other irregularities.
4. The Company has prepared accounts on a going concern basis.
CONSOLIDATED FINANCIAL STATEMENTS
As stipulated by Clause 32 of the Listing Agreement, the attached
consolidated financial statements have been prepared in accordance with
Accounting Standards AS-21 on Consolidated Financial Statements read
with Accounting Standards AS-23 on Accounting for Investments in
Associates.
PERSONNEL
The Board wishes to inform you that your Company has appointed new
employees to look after the Merchant Banking division of the Company.
The Company plans to recruit more employees in Merchant Banking,
Secretarial, Marketing and Accounts section once the Business is grown.
The relations between the Management and employees of the Company are
cordial. Your Directors wish to place on record appreciation of service
rendered by all the staff members. There is no employee who draws
salary in excess of the limits as prescribed under section 217(2A) of
the Companies (Particulars of Employees) Rules, 1975 as amended.
The Board wishes to place on record their gratitude for continued
co-operation, assistance and guidance extended by the Banks, clients,
Stock Exchange Members and associates.
CONSERVATION OF ENERGY, TECHNICAL ABSORBATION, FOREIGN EXCHANGE EARNING
AND OUTGO
The Company is not engaged in any manufacturing activity and therefore
provisions of Section 217(1)(e) of the Companies Act, 1956 are not
applicable to the company.
CORPORATE GOVERNANCE
During the year under report, your Company has followed the Corporate
Governance practices very well. The required internal procedures and
systems for governance have been in place. The meetings are taking
place periodically as per ideal practices mentioned in the Clause 49 of
the Listing Agreement.
Management discussions and Analysis Report is separately given in the
Annual Report. A separate report on Corporate Governance is annexed
hereto as a part of this report. A certificate from Practising Company
Secretary regarding compliance of conditions of Corporate Governance as
prescribed under Clause 49 of the Listing Agreement is attached to this
report.
AUDIT COMMITTEE:
The Audit Committee consists of Mr. Darshit Parikh, Mr. Shripal Shah
and Mr. Ram Gaud. Mr. Darshit Parikh is Chairman of the Audit
Committee. The Committee interalia reviewed the internal control system
and reports of Internal Auditors and compliance of various regulations.
The Committee reviews at length the financial statements and approves
the same before they are placed before the Board of Directors.
LISTING AT THE STOCK EXCHANGE
The equity shares of your Company continue to be listed on the Bombay
Stock Exchange Limited (BSE), Ahmedabad stock Exchange Limited & Delhi
Stock Exchange Limited. However since Ahmedabad stock Exchange Limited
& Delhi Stock Exchange Limited are no longer Stock Exchanges having
national wide terminals, the Company is in the process of delisting of
securities from the said stock exchanges
SUBSIDARIES
Your company has one subsidiary i.e. Aryaman Capital Markets Limited
(Formerly known as Aryaman Broking Limited).
Pursuant to the approval of the central government under Section 212(8)
of the Companies Act, 1956, copies of the balance sheet, profit & loss
account, report of the Board of Directors and Report of the Auditors of
each of the subsidiary companies have not been attached to the accounts
of your Company for financial year 2013-2014. The Board of Directors
has given its consent for not attaching the financial statements of the
subsidiaries referred to in the aforesaid annexed statement, pursuant
to the general circular no. 2/2011 dated 8th February, 2011 of the
Ministry of Corporate Affairs, Government of India. Your Company will
make these documents/ details available upon request by any member of
Your Company. These documents/ details will also be available for
inspection by any member of Your Company at its registered office and
also at the registered offices of the concerned subsidiaries. As
required by Accounting Standard-21 (AS-21), issued by the Institute
of Chartered Accounts of India, the Company''s consolidated
financial statements included in this Annual Report incorporates the
accounts of its subsidiaries.
The Subsidiary Company Aryaman Capital Markets Limited has pursuant to
relevant laws and rules filed a Draft Prospectus dated August 11, 2014
with the BSE Ltd. and it proposes to list itself separately through an
IPO on the SME Platform of BSE.
MATERIAL CHANGES AND COMMITMENTS
There were no material changes occurred between the end of financial
year to which the balance sheet relates and the date of this report.
ACKNOWLEDGEMENT
Your Directors would like to express deep sense of appreciation for the
assistance and co-operation received from the Financial Institutions,
Banks, Government Authorities and Shareholders and for the devoted
service by the Executives, staff and workers of the Company in
difficult times faced by the Company in the past. The Company is able
to grow the business with the help of all the above and it is confident
that the Company will regain its position (among top 3), which was
claimed by the Company during the peak period. The Directors express
their gratitude towards each one of them.
Place: Mumbai For and behalf of the Board For and behalf of the Board
Date: May 26, Shripal Shah Shreyas Shah
2014
Sd/- Sd/-
Executive Director Executive Director
Mar 31, 2013
TO THE MEMBERS
The Directors present hereunder the 19th Annual Report on the Business
and operations of the Company along with audited statement of accounts
of your Company for the Financial Year ended March 31, 2013. The
financial results are summarized as under:
Standalone Financial Results (Rs.inLacs)
Particulars 31-Mar-13 31-Mar-12
Total Income 323.71 127.40
Less: Expenditure 271.82 86.19
Profit before Depreciation 51.89 41.21
Less: Depreciation 1.55 0.66
Profit before Tax 50.34 40.55
Provision for Taxation 9.95 7.62
Profit after Tax 40.39 32.93
Closing Balance of P&L Account (208.50) (248.90)
DIVIDEND
Due to insufficient Profit during the year, the directors do not
recommend any dividend for the year.
DEPOSITS
Your Company did not accept / hold any deposits from public /
shareholders during the year under review.
DIRECTORS
In accordance with the provisions of the Companies Act, 1956 and the
Articles of Association of the Company, Mr. Ram Gaud, Independent
Director of the Company retires by rotation and offers himself for re-
appointment.
The Board of Directors at its meeting held on May 29, 2013 appointed
Mr. Shreyas Shah as an Additional Director of the Company and Mr.
Shreyas Shah will hold office upto the date of this Annual General
Meeting. The Company has received notice under Section 257 of the
Companies Act, 1956 from a member of the Company with requisite deposit
signifying his intention to propose Mr. Shreyas Shah as the Director of
the Company.
Mr. Shripal Shah & Mr. Shreyas Shah will continue to be Executive
Directors, while Mr. Ram Gaud, Mrs. Tejal Vala and Mr. Darshit Parikh
will continue to be Independent Directors of the Company.
The appointment / re-appointment forms part of the notice convening the
Annual General Meeting and the resolutions are recommended for the
member''s approval.
AUDITORS AND AUDITOR''S REPORT
M/s Thakur, Vaidyanath Aiyar & Co., Chartered Accountants, the
statutory auditors of the Company, retires at the ensuring Annual
General Meeting and is eligible for re-appointment. The Directors
recommend their re- appointment by the Members at the forthcoming AGM.
Comments made by the Auditors in their report are self- explanatory and
therefore do not call for any further explanations.
DIRECTOR''S RESPONSIBILITY STATEMENT
As required under Section 217(2AA) of the Companies Act, 1956, your
Directors state:
1. While preparing annual accounts the applicable accounting standards
have been followed with proper explanation.
2. The Company has selected such accounting policies and applied them
consistently and made judgment that are reasonable and prudent which
give true and fair view of affairs of the Company at the end of
financial year and of the profit of the company for the financial year.
3. The Company has taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of the act for safeguarding the assets of the Company and
the preventing and detecting the frauds and other irregularities.
4. The Company has prepared accounts on a going concern basis.
CONSOLIDATED FINANCIAL STATEMENTS
As stipulated by Clause 32 of the Listing Agreement, the attached
consolidated financial statements have been prepared in accordance with
Accounting Standards AS-21 on Consolidated Financial Statements read
with Accounting Standards AS-23 on Accounting for Investments in
Associates.
PERSONNEL
The Board wishes to inform you that your Company has appointed new
employees to look after the Merchant Banking division of the Company.
The Company plans to recruit more employees in Merchant Banking,
Secretarial, Marketing and Accounts section once the Business is grown.
The relations between the Management and employees of the Company are
cordial. Your Directors wish to place on record appreciation of service
rendered by all the staff members. There is no employee who draws
salary in excess of the limits as prescribed under section 217(2A) of
the Companies (Particulars of Employees) Rules, 1975 as amended.
The Board wishes to place on record their gratitude for continued
co-operation, assistance and guidance extended by the Banks, clients,
Stock Exchange Members and associates.
CONSERVATION OF ENERGY, TECHNICAL ABSORBATION, FOREIGN EXCHANGE EARNING
AND OUTGO
The Company is not engaged in any manufacturing activity and therefore
provisions of Section 217(1)(e) of the Companies Act, 1956 are not
applicable to the company.
CORPORATE GOVERNANCE
During the year under report, your Company has followed the Corporate
Governance practices very well. The required internal procedures and
systems for governance have been in place. The meetings are taking
place periodically as per ideal practices mentioned in the Clause 49 of
the Listing Agreement.
Management Discussions and Analysis Report is separately given in the
Annual Report. A separate report on Corporate Governance is annexed
hereto as a part of this report. A certificate from Practicing Company
Secretary regarding compliance of conditions of Corporate Governance as
prescribed under Clause 49 of the Listing Agreement is attached to this
report.
LISTING AT THE STOCK EXCHANGE
The equity shares of your Company continue to be listed on the Bombay
Stock Exchange Limited (BSE), Ahmedabad Stock Exchange Limited & Delhi
Stock Exchange Limited.
SUBSIDIARIES
Your Company has one subsidiary i.e. Aryaman Broking Limited
Pursuant to the approval of the central government under Section 212(8)
of the Companies Act, 1956, copies of the balance sheet, profit and
loss account, report of the Board of Directors and Report of the
Auditors of each of the subsidiary Companies have not been attached to
the accounts of your Company for financial year 2012-2013. The Board of
Directors has given its consent for not attaching the financial
statements of the subsidiaries referred to in the aforesaid annexed
statement, pursuant to the general circular no. 2/2011 dated 8th
February, 2011 of the Ministry of Corporate Affairs, Government of
India. Your Company will make these documents/ details available upon
request by any member of Your Company. These documents/ details will
also be available for inspection by any member of Your Company at its
registered office and also at the registered offices of the concerned
subsidiaries. As required by Accounting Standard-21 (AS-21), issued by
the Institute of Chartered Accountants of India, the Company''s
consolidated financial statements included in this Annual Report
incorporates the accounts of its subsidiaries.
MATERIAL CHANGES AND COMMITMENTS
No material changes occurred between the end of financial year to which
the balance sheet relates and the date of this report.
ACKNOWLEDGEMENT
Your Directors would like to express deep sense of appreciation for the
assistance and co-operation received from the Financial Institutions,
Banks, Government Authorities and Shareholders and for the devoted
service by the Executives, staff and workers of the Company in
difficult times faced by the Company in the past. The Company is able
to grow the business with the help of all the above and it is confident
that the Company will regain its position (among top 3), which was
claimed by the Company during the peak period. The Directors express
their gratitude towards each one of them.
Place: Mumbai For and behalf of the Board For and behalf of the Board
Shripal Shah Shreyas Shah
Date: May 29,
2013 Executive Director Executive Director
Mar 31, 2012
The Directors present hereunder the 18th Annual Report on the Business
and operations of the Company along with audited statement of accounts
of your Company for the Financial Year ended March 31, 2012 . The
financial results are summarized as under:
Standalone Financial Results (Rs. in Lacs)
Particulars 31-Mar-12 31-Mar-11
Total Income 127.40 139.73
Less: Expenditure 86.19 110.13
Profit before Depreciation 41.21 29.59
Less: Depreciation 0.66 0.64
Profit before Tax 40.55 28.95
Provision for Taxation 7.62 5.26
Profit after Tax 32.93 23.69
Closing Balance of P&L Account (248.90) (281.83)
DIVIDEND
Due to insufficient Profit during the year, the directors do not
recommend any dividend for the year.
DEPOSITS
Your Company did not accept / hold any deposits from public /
shareholders during the year under review.
DIRECTORS
In accordance with the provisions of the Companies Act, 1956 and the
Articles of Association of the Company, Mr. Darshit Parikh, Independent
Director of the Company retires by rotation and offers himself for re-
appointment.
The Board of Directors at its meeting held on 24th August, 2012
appointed Mrs. Tejal Vala as an Additional Director of the Company and
Mrs. Tejal Vala will hold office upto the date of this Annual General
Meeting. The Company has received notice under Section 257 of the
Companies Act, 1956 from a member of the Company with requisite deposit
signifying his intention to propose Mrs. Tejal Vala as a Director of
the Company.
Mr. Shripal Shah will continue to be Executive Director, while Mrs.
Tejal Vala and Mr. Darshit Parikh will continue to be Independent
Directors of the Company.
The appointment / re-appointment forms part of the notice convening the
Annual General Meeting and the resolutions are recommended for the
members approval.
AUDITORS AND AUDITOR'S REPORT
M/s Thakur, Vaidyanath Aiyar & Co., Chartered Accountants, the
statutory auditors of the Company, retires at the ensuing Annual
General Meeting and are eligible for re-appointment. The Directors
recommend their re-appointment by the Members at the forthcoming AGM.
Comments made by the Auditors in their report are self-explanatory and
therefore do not call for any further explanations.
DIRECTOR'S RESPONSIBILITY STATEMENT
As required under Section 217(2AA) of the Companies Act, 1956 your
Directors state:
1. While preparing annual accounts the applicable accounting standards
have been fallowed with proper explanation. :
2. The Company has selected such accounting policies and applied them
consistently and made judgment that are reasonable and prudent which
give true and fair view of affairs of the Company at the end of
financial year and. of the profit of the company for the financial
year.
3. The Company has taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of the act for safeguarding the assets of the Company and
the preventing and detecting the frauds and other irregularities.
4. The Company has prepared accounts on a going concern basis.
CONSOLIDATED FINANCIAL STATEMENTS
As stipulated by Clause 32 of the Listing Agreement, the attached
consolidated financial statements have been prepared in accordance with
Accounting Standards AS-21 on Consolidated Financial Statements read
with Accounting Standards AS-23 on Accounting for Investments in
Associates.
PERSONNEL
The Board wishes to inform you that your Company has appointed new
employees to look after the Merchant Banking division of the Company.
The Company plans to recruit more employees in Merchant Banking,
Secretarial, Marketing and Accounts section once the Business is grown.
The relations between the Management and employees of the Company are
cordial. Your Directors wish to place on record appreciation of service
rendered by all the staff members. There is no employee who draws
salary in excess of the limits as prescribed under section 217(2A) of
the Companies (Particulars of Employees) Rules, 1975 as amended.
The Board wishes to place on record their gratitude for continued
co-operation, assistance and guidance extended by the Banks, clients,
Stock Exchange Members and associates.
CONSERVATION OF ENERGY, TECHNICAL ABSORBATION, FOREIGN EXCHANGE EARNING
AND OUTGO
The Company is not engaged in any manufacturing activity and therefore
provisions of Section 217(1)(e) of the Companies Act, 1956 are not
applicable to the company.
CORPORATE GOVERNANCE
During the year under report, your Company has followed the Corporate
Governance practices very well. The required internal procedures and
systems for governance have been in place. The meetings are taking
place periodically as per ideal practices mentioned in the Clause 49 of
the Listing Agreement.
Management discussions and Analysis Report is separately given in the
Annual Report. A separate report on Corporate Governance is annexed
hereto as a part of this report. A certificate from Practising Company
Secretary regarding compliance of conditions of Corporate Governance as
prescribed under Clause 49 of the Listing Agreement is attached to this
report.
MATERIAL CHANGES AND COMMITENTS
There were no material changes occurred between the end of financial
year to which the balance sheet relates and the date of this report.
ACKNOWLEDGEMENT
Your Directors would like to express deep sense of appreciation for the
assistance and co-operation received from the Financial Institutions,
Banks, Government Authorities and Shareholders and for the devoted
service by the Executives, staff and workers of the Company in
difficult times faced by the Company in the past. The Company is able
to grow the business with the help of all the above and it is confident
that the Company will regain its position (among top 3), which was
claimed by the Company during the peak period. The Directors express
their gratitude towards each one of them.
Place: Mumbai For and behalf of the Board For and behalf of the Board
Shripal Shah Ram Gaud
Date: August
24, 2012
Executive Director Director
Mar 31, 2011
DIRECTORÃS REPORT TO THE MEMBERS
The Directors present hereunder the 17th Annual Report on the Business
and operations of the Company along with audited statement of accounts
of your Company for the Financial Year ended March 31, 2011. The
financial results are summarized as under:
Financial Results (Rs. in Lacs)
Particulars 31-Mar-11 31-Mar-10
Income from operations 139.85 50.94
Less: Expenditure 110.26 49.70
Profit before Depreciation 29.59 1.24
Less: Depreciation 0.64 0.54
Profit before Tax 28.95 0.70
Provision for Taxation 5.26 0.24
Profit after Tax 23.69 0.46
Balance carried to
Balance sheet (281.83) (305.51)
DIVIDEND
Due to insufficient Profit during the year, the directors do not
recommend any dividend for the year.
DEPOSITS
Your Company did not accept / hold any deposits from public /
shareholders during the year under review.
DIRECTORS
Mr. Ram Gaud, Independent Director of the Company retires by rotation
and offers himself for re- appointment. The shareholders are requested
to consider his candidature for reappointment as a Director.
Mr. Shripal S Shah will continue to be Executive Director, while Mr.
Mohan Datari and Mr. Darshit Parikh will continue to be Independent
Directors of the Company.
AUDITORS AND AUDITORÃS REPORT
M/s Thakur, Vaidyanath Aiyar & Co., Chartered Accountants, the
statutory auditors of the Company, retires at the ensuing Annual
General Meeting and is eligible for re-appointment. The Directors
recommend their re-appointment by the Members at the forthcoming AGM.
Comments made by the Auditors in their report are self-explanatory and
therefore do not call for any further explanations.
DIRECTORÃS RESPONSIBILITY STATEMENT
As required under section 217(2AA) of the Companies Act, 1956 your
Directors state:
1) While preparing annual accounts the applicable accounting standards
have been followed with proper explanation.
2) Company has selected such accounting policies and applied them
consistently and made judgment that are reasonable and prudent which
give true and fair view of affairs of the Company at the end of
financial year and of the profit or loss of the company for that year.
3) Company has taken proper and sufficient care for the maintenance of
adequate accounting records in accordance with the provisions of the
act for safeguarding the assets of the Company and the preventing and
detecting the frauds and other irregularities.
4) Company has prepared accounts on a going concern basis.
PERSONNEL
The Board wishes to inform you that your Company has appointed new
employees to look after the Merchant Banking division of the Company.
The Company plans to recruit more employees in Merchant Banking,
Secretarial, Marketing and Accounts section once the Business is grown.
The relations between the Management and employees of the Company are
cordial. Your Directors wish to place on record appreciation of service
rendered by all the staff members. There is no employee who draws
salary in excess of the limits as prescribed under section 217(2A) of
the Companies (Particulars of Employees) Rules, 1975 as amended.
The board wishes to place on record their gratitude for continued
co-operation, assistance and guidance extended by the Banks, clients,
Stock Exchange Members and associates.
CONSERVATION OF ENERGY, TECHNICAL ABSORBATION, FOREIGN EXCHANGE EARNING
AND OUTGO
The Company is not engaged in any manufacturing activity and therefore
provisions of section 217(1) of the Companies Act, 1956 are not
applicable.
CORPORATE GOVERNANCE
During the year under report, your Company has followed the Corporate
Governance practices very well. The required internal procedures and
systems for governance have been in place. The meetings are taking
place periodically as per ideal practices mentioned in the code.
Management discussions and Analysis Report is separately given in the
Annual Report. A separate report on Corporate Governance is annexed
hereto as a part of this report. A certificate from the Auditors of the
Company regarding compliance of conditions of Corporate Governance as
prescribed under clause 49 of the listing agreement is attached to this
report.
MATERIAL CHANGES AND COMMITENTS
There were no material changes occurred between the end of financial
year to which the balance sheet relates and the date of this report.
ACKNOWLEDGEMENT
Your Directors would like to express deep sense of appreciation for the
assistance and co-operation received from the Financial Institutions,
Banks, Government Authorities and Shareholders and for the devoted
service by the Executives, staff and workers of the Company in
difficult times faced by the Company in the past. The Company is able
to grow the business with the help of all the above and it is confident
that the Company will regain its position (among top 3), which was
claimed by the Company during the peak period. The Directors express
their gratitude towards each one of them.
For and behalf of the Board
Shripal Shah
Executive Director
Place: Mumbai
Date: August 24, 2011
Mar 31, 2010
The Directors present hereunder the 16lh Annual Report on the Business
and operations of the Company along with audited statement of accounts
of your Company for the Financial Year ended March 31, 2010. The
financial results are summarized as under:
Financial Results (Rs. in Lacs)
Particulars 31-Mar-10 31-Mar-09
Income from operations 50.94 4.74
Less: Expenditure 49.70 27.00
Profit before Depreciation 1.24 (22.26)
Less: Depreciation 0.5 40.27
Profit before Tax 0.70 (22.53)
Provision for Taxation 0.24 (0.04)
Profit after Tax 0.46 (22.67)
Balance carried to Balance sheet (305.51) (305.98)
DIVIDEND
Due to insufficient Profit during the period, the directors do not
recommend any dividend for the period.
DEPOSITS
Your Company did not accept / hold any deposits from public /
shareholders during the period under review.
DIRECTORS
Mr. Mohan Datari, Independent Director of the Company retires by
rotation and offers himself for re- appointment. The shareholders are
requested to consider his candidature for reappointment as a Director.
Mr. D S Sharma & Mr. Shripal S Shah will continue to be Executive
Director and Mr. Ram M. Gaud will continue to be Independent Directors
of the Company.
AUDITORS AND AUDITORS REPORT
M/s Thakur Vaidyanath Aiyar & Co., Chartered Accountant, the statutory
auditors of the Company, retires at the ensuing Annual General Meeting
and is eligible for re-appointment. The Directors recommend their
re-appointment by the Members at the forthcoming AGM.
Comments made by the Auditors in their report are self-explanatory and
therefore do not call for any further explanations.
DIRECTORS RESPONSIBILITY STATEMENT
As required under section 217(2AA) of the Companies Act, 1956 your
Directors state:
1) While preparing annual accounts the applicable accounting standards
have been followed with proper explanation.
2) Company has selected such accounting policies and applied them
consistently and made judgment that are reasonable and prudent which
give true and fair view of affairs of the Company at the end of
financial year and of the profit or loss of the company for that
period.
3) Company has taken proper and sufficient care for the maintenance of
adequate accounting records in accordance with the provisions of the
act for safeguarding the assets of the Company and the preventing and
detecting the frauds and other irregularities.
4) Company has prepared accounts on a going concern basis.
PERSONNEL
The Board wishes to inform you that your Company has appointed new
employees to look after the Merchant Banking division of the Company.
The Company plans to recruit more employees in Merchant Banking,
Secretarial, Marketing and Accounts section once the Business is grown.
The relations between the Management and employees of the Company are
cordial. Your Directors wish to place on record appreciation of service
rendered by all the staff members. There is no employee who draws
salary in excess of the limits as prescribed under section 217(2A) of
the Companies (Particulars of Employees) Rules, 1975 as amended.
The board wishes to place on record their gratitude for continued
co-operation, assistance and guidance extended by the Banks, clients,
Stock Exchange Members and associates.
CONSERVATION OF ENERGY, TECHNICAL ABSORBATION, FOREIGN EXCHANGE EARNING
AND OUTGO
The Company is not engaged in any manufacturing activity and therefore
provisions of section 217(1) of the Companies Act, 1956 are not
applicable.
CORPORATE GOVERNANCE
During the period under report, your Company has followed the Corporate
Governance practices very well. The required internal procedures and
systems for governance have been in place. The meetings are taking
place periodically as per ideal practices mentioned in the code.
Management discussions and Analysis Report is separately given in the
Annual Report. A separate report on Corporate Governance is annexed
hereto as a part of this report. A certificate from the Auditors of the
Company regarding compliance of conditions of Corporate Governance as
prescribed under clause 49 of the listing agreement is attached to this
report.
MATERIAL CHANGES AND COMMITENTS
There were no material changes occurred between the end of financial
year to which the balance sheet relates and the date of this report.
ACKNOWLEDGEMENT
Your Directors would like to express deep sense of appreciation for the
assistance and co-operation received from the Financial Institutions,
Banks, Government Authorities and Shareholders and for the devoted
service by the Executives, staff and workers of the Company in
difficult times faced by the Company in the past. The Company is able
to grow the business with the help of all the above and it is confident
that the Company will regain its position (among top 3), which was
claimed by the Company during the peak period. The Directors express
their gratitude towards each one of them.
For and behalf of the Board
D S Sharma Shripal Shah
Executive Director Executive Director
Place: Mumbai
Date: August 25, 2010