Mar 31, 2015
Dear Members,
The Directors take pleasure In presenting the Thirty First Annual
Report together with the audited financial statements for the year
ended March 31,2015.
FINANCIAL PERFORMANCE
The summarized Financial Result of the company are given below:
Particulars 2015 2014
Sales and other income 13,130,150 10,281,548
Earnings before interest,tax and 813,120 1,666,628
depreciation
Interest / Finance charges - -
Depreciation 166,961 36,712
Profit before Taxation 980,081 1,723,340
Taxation 414,919 607,923
Profit for the year 588,044 1,091,800
REVIEW OF FINANCIAL RESULTS:
Your Company s PBT is Rs. 980,081 for the period under review from Rs.
1,723,340 of previous financial year. Your Company has registered a Net
Profit of Rs. 588,044 for the year under review against the Net profit
Rs. 1,091,800 of the previous year.
DIVIDEND
The Board of Directors of your Company has decided to retain and plough
back the profits into the business of the Company, thus no dividend is
being recommended for this year.
RESERVES
The Company has transferred Rs. 112,753 reserve s to Special Reserve.
FINANCE
The Company continues to focus on judicious management of its working
capital. Receivables, inventories and other working capital parameters
were kept under strict check through continuous monitoring. The
Company's relationships with its consortium and other bankers continued
to be cordial during the year.
SHARE CAPITAL
The paid up Equity Share Capital as on March 31, 2015 was Rs.
11,60,23,400. Du ring the year under review, the Company has not issued
shares with differential voting rights nor granted stock options nor
sweat equity.
EXTRACT OF ANNUAL RETURN
Pursuant to Section 134(3)(a) and Section 92(3) of the Companies Act,
2013 rea d with Rule 12 of the Companies (Management and Administration
) Rules, 2014 ,the extract of the Annual Return as at March 31, 2015,
in the prescribed form MGT 9 , forms part of this report as Annexure-A.
MEETINGS
NUMBER OF BOARD MEETINGS
The Board of Directors met seven times in the year 2014-2015. The
details of the board meetings and the attendance of the directors are
provided in the Corporate Governance
AUDIT COMMITTEE
The role, terms of reference, authority and powers of the audit
committee are in conformity with Section 177 of the Companies Act,2013.
The Audit Committee met Six (6) times in the year 2014 - 2015. The
details of the Audit Committee and the attendance of its members are
provided in the Corporate Governance Report.
NOMINATION AND REMUNERATION COMMITTEE
During the year Company has changed the name of the Committee as
Nomination and Remuneration Committee from Remuneration Committee in
the meeting of the board of Directors held on September 05, 2014.
The Nomination and Remuneration Committee met Five (5) times in the
year 2014 - 2015. The details of the Nomination and Remuneration
Committee and the attendance of its members are provided in the
Corporate Governance Report.
SHAREHOLDERS' GRIEVANCE CUM STAKEHOLDERS' RELATIONSHIP COMMITTEE
The Stakeholders Relationship Committee met Three (3) times in the year
2014 - 2015. The details of the Stakeholders Relationship Committee and
the attendance of its members are provided in the Corporate Governance
Report.
PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS
Details of Loans, Guarantees and Investments covered under the
provisions of Section 186 of the Companies Act, 2013 are given i n the
notes to the Financial Statements.
RELATED PARTY TRANSACTION
There is no particulars of contracts or arrangements with related
parties referred to in Section 188 (1) of the Companies Act, 2013 for
the Financial Year 2014-15.
AUDITORS REPORT
The observations of the Statutory Auditors in their report, read with
the relevant notes to the financial statements are self explanatory.
MATERIAL CHANGES AND COMMITMENTS
No other material changes and commitments affecting the financial
position of the Company have occurred between April 1, 2014 and the
date on which this report has been signed.
ENERGY CONSERVATION, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE AS PER
SECTION 134 (3) (m) OF THE COMPANIES ACT, 2013
Conservation of Energy: Since the Company is not engaged in any
manufacturing activity, issues relating to conservation of energy and
technology absorption are not quite relevant to its functioning.
Export Activities: There was no export activity in the Company during
the year under review. The Company is not planning any export in the
near future as well.
Foreign Exchange Earnings and Outgo: There was no Foreign Exchange
earnings and outgo during the year under review.
SUBSIDIARIES
Your Company does not have any subsidiary / subsidiaries within the
meaning of the Companies Act, 2013.
POLICIES OF THE COMPANY
Your Company has posted the following documents on its website
www.deltaleasing.in:
1. Code of Conduct and Ethics
2. Vigil's Mechanism Policy
3. Risk Management Policy
RISK MANAGEMENT POLICY
Although the company has long been following the principle of risk
minimization as is the norm in every industry, it has now become a
compulsion.
Therefore, in accordance with clause 49 of the listing agreement the
Board members were informed about risk assessment and minimization
procedures after which the Board formally adopted steps for framing,
implementing and monitoring the risk management plan for the
The main objective of this policy is to ensure sustainable business
growth with stability and to promote a pro-active approach in
reporting, evaluating and resolving risks associated with the
business. In order to achieve the key objective, the policy establishes
a structured and disciplined approach to Risk Management, in order to
guide decisions on risk related issues.
In today s challenging and competitive environment, strategies for
mitigating inherent risks in accomplishing the growth plans of the
Company are imperative.
The common risks inter alia are: Regulations, competition, Business
risk, Technology obsolescence, Investments, retention of talent and
expansion of facilities. Business risk, inter- alia, further includes
financial risk, political risk, fidelity risk, legal risk.
As a matter of policy, these risks are assessed and steps as
appropriate are taken to mitigate
REMUNERATION POLICY
The Board has, on the recommendation of the Nomination & Remuneration
Committee framed a policy for selection and appointment of Directors,
Senior Management and their remuneration. The Remuneration Policy is
stated in the Corporate Governance Report.
DIRECTORS
(A) The current composition of Board of Directors as on date is as
follows:
NAME OF THE DIRECTOR DESIGNATION
Ms. Meera Mishra Managing Director
Ms. Renu Jindal Executive Director
Ms. Seema Khandelwal Executive Director
Mr. Pawan Kumar Poddar Non-Executive & Independent Director
Mr. Uttam Kumar Srivastava Non-Executive & Independent Director
(B) APPOINTMENT
Ms. Meera Mishra (DIN: 00007279) who was holding the position of
executive director of the Company since 19.12.2007 is now appointed as
the Managing Director of the Company for 5 year(s) with effect from
August 13, 2015.
(C) CESSATION
Mr. Subodh Kumar Khandelwal, Managing Director (DIN: 00064205) was not
in a position to devote his time to the affairs of the Company due to
some unavoidable reasons. Accordingly, he is submitting his resignation
to the Company as on August 13, 2015.
The Board placed on record its appreciation for the valuable services
rendered by him.
(D) CHANGE IN DESIGNATION
Ms. Renu Jindal (DIN: 01843439) who was holding the position of
independent & non- executive director of the Company since 27.02.2012
is now appointed as the Executive Director of the Company with effect
from August 13, 2015.
(E) RETIRE BY ROTATION
In accordance with the provisions of Companies Act, 2013 Ms. Seema
Khandelwal (DIN: 00007351), Executive Director retires by rotation and
being eligible offers himself for re- appointment.
SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS
There are no significant material orders passed by the Regulators /
Courts which would impact the going concern status of the Company and
its future operations.
INTERNAL CONTROL SYSTEM
The Company's internal control systems are audited by Ms. Veena,
Internal Auditor. The Internal Auditor independently evaluates the
adequacy of internal controls and reviews major transactions. The
Internal Auditor reports directly to the Audit Committee to ensure
complete independence.
PUBLIC DEPOSITS
Your Company did not accept any deposits from public in terms of the
provisions of Section 73 of the Companies Act, 2013 and to this effect
an undertaking is given to the Reserve bank of India.
DECLARATION BY INDEPENDENT DIRECTORS
The Independent Directors Mr. Uttam Kumar Srivastava (DIN 03372917),
Mr. Pawan Kumar Poddar (DIN 02152971)has given the following
declaration:
* I possess relevant expertise and experience to be an independent
director in the company.
* I am/was not a promoter of the company or its holding, subsidiary or
associate company.
* I am not related to promoters / directors / persons occupying
management position at the board level or level below the board in the
company, its holding, subsidiary or associate company)
* Apart from receiving director sitting fees / remuneration, I have/had
no pecuniary relationship / transactions with the company, its
promoters, its directors, its senior management or its holding,
subsidiary or associate company, or their promoters, or directors,
during the two immediately preceding financial years or during the
current financial)
* None of my relatives has or had any pecuniary relationship or
transaction with the company, its holding, subsidiary or associate
company, or their promoters, or directors, amounting to 2% or more of
its gross turnover or total income or Rs. 50 Lacs or such higher amount
as may be prescribed, whichever is lower, during the two immediately
preceding financial years or during the current financial year)
* Neither me nor any of my relatives:
a) holds or has held the position of a key managerial personnel or is
or has been employee/executive of the company or its holding,
subsidiary or associate company in any of the three financial years
immediately preceding the financial year)
b) is or has been an employee or proprietor or a partner, in any of the
three financial years immediately preceding the financial year of)
a. a firm of auditors or company secretaries in practice or cost
auditors of the company or its holding, subsidiary or associate
company) or
b. any legal or a consulting firm that has or had any transaction with
the company, its holding, subsidiary or associate company amounting to
10% or more of the gross turnover of such firm)
c) holds together with my relatives 2% or more of the total voting
power of the company)
d) is a Chief Executive or director, by whatever name called, of any
nonprofit organization that receives 25% or more of its receipts from
the company, any of its promoters, directors or its holding, subsidiary
or associate company or that holds 2% or more of the total voting power
of the company) or
* I am not a material supplier, service provider or customer or a
lessor or lessee of the
* I am not less than 21 years of age.
AUDITORS
The term of office of M/s. S.K. Singla & Associates, as Statutory
Auditors of the Company will expire with the conclusion of forthcoming
Annual General Meeting of the Company and are eligible for
re-appointment. The company has received confirmation that their
appointment,
if made, will be within the limits prescribed under Section 139 of the
Companies Act, 2013. The Directors recommend that M/s. S.K. Singla &
Associates, Chartered Accountants be appointed as the Company s
auditors to hold office until the conclusion of the next Annual General
Meeting.
M/s. S.K. Singla & Associates, over many years, have successfully met
the challenge that the size and scale of the Company s operations pose
for auditors and have maintained the highest level of governance,
rigour and quality in their audit. The Board place on record its
appreciation for the services rendered by M/s. S.K. Singla & Associates
as the Statutory Auditors of the Company.
SECRETARIAL AUDITORS
Pursuant to the provisions of Section 204 of the Companies Act, 2013
and the Rules made thereunder, Mr. Ankit Agarwal, Company Secretary in
Practice, Delhi, has been appointed to conduct a secretarial audit of
the Companys Secretarial and related records for the year ended 31
March, 2015. The Practicing Company Secretary has submitted her Report
on the secretarial audit conducted by her which annexed to this Board
s Report.
PERFORMANCE EVALUATION OF THE DIRECTORS
The Nomination and Remuneration Committee has laid down the criteria
for performance evaluation of the individual Directors and the Board.
The framework of performance evaluation of the Independent Directors
captures the following points:
A) Key attributes of the Independent Directors that Justify his / her
extension / continuation on the Board of the Company)
B) Participation of the Directors in the Board proceedings and his /
her effectiveness)
The evaluation was carried out by means of the replies given /
observations made by all the Independent Directors on the set of
questions developed by them which brought out the key attributes of the
Directors, quality of interactions among them and its effectiveness.
CORPORATE GOVERNANCE
Pursuant to Clause 49 of the Listing Agreement with the Stock
Exchanges, a separate section titled Report on Corporate Governance has
been included in this Annual Report. Your Directors are pleased to
report that as on 31st March 2015 your Company is fully compliant with
the SEBI Guidelines on Corporate Governance.
EMPLOYEE'S REMUNERATION
Disclosures with respect to the remuneration of Directors and employees
as required under Section 197 of Companies Act, 2013 and Rule 5 (1)
Complies (Appointment and Remuneration of Managerial Personnel) Rules,
2014 has been appended as Annexure-B to this Report.
Details of employee remuneration as required under provisions of
Section 197 of the Companies Act, 2013 and Rule 5(2) & 5(3) of
Companies (Appointment and Remuneration of Managerial Personnel )
Rules, 2014 are available at the Registered Office of the Company
during working hours before 21 days of the Annual General Meeting and
shall be made available to any shareholder on request.
DISCLOSURE UNDER THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE
(PREVENTION, PROHIBITION AND REDRESSAL) ACT, 2013
The Company has been employing about 7 women employees in the Company.
Therefore, according to Sexual Harassment of Women at Workplace
(Prevention, Prohibition and Redressal) Act, 2013, Internal Complaint
Committee is not applicable to the Company.
MANAGEMENT DISCUSSION & ANALYSIS REPORT
Management Discussion and Analysis Report for the year under review,
as stipulated under Clause 49 of the Listing Agreement with the Stock
Exchanges, annexed to this Directors Report, provides a more detailed
review of the operating performance.
BUSINESS RESPONSIBILITY REPORT
As per Clause 55 of the Listing Agreement with the Stock Exchanges, a
separate section on Business Responsibility Reporting forms an integral
part of this Report.
DIRECTORS' RESPONSIBILITY STATEMENT
To the best of their knowledge and belief and according to the
information and explanations obtained by them, your Directors make the
following statements in terms of Section 134(3)(c) of the Companies Act
2013:
* that in the preparation of the annual financial statements for the
year ended March 31, 2015 the applicable accounting standards have been
followed along with proper explanation relating to material departures,
if any)
* 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 profits of the
Company for that period)
* they have taken proper and sufficient care for the maintenance of
adequate accounting records in accordance with the provisions of the
Companies Act, 2013, for safeguarding the assets of the Company and for
preventing and detecting fraud and other irregularities) and
* that the annual financial statements have been prepared on a going
concern basis)
* The directors have laid down internal financial controls to be
followed by the company and that such internal financial controls are
adequate and were operating effectively.
* The directors have devised proper system to ensure compliance with
the provisions of all applicable laws and that such systems were
adequate and operative effective.
BOARD EVALUATION
Pursuant to the provisions of Companies Act, 2013 and clause 49 of the
Listing Agreement, the Board has carried out annual performance
evaluation of its own performance, the directors individually as well
the evaluation of the working of its Audit, Nomination & Remuneration,
Share Transfer and Stakeholder Relationship Committee. The manner in
which the evaluation has been carried out has been explained in
Corporate Governance
SUSTAINABILITY LIVING
Sustainability is at the core of your Company s way of doing business.
It guides your Company on the path to achieve long term success in a
world where the battle for resources is escalating.
PERSONNEL
Employee relations have been very cordial during the year under review.
APPRECIATIONS & ACKNOWLEDGMENTS
Your Directors place on record their deep appreciation to employees at
all levels for their hard work, dedication and commitment. The
enthusiasm and unstinting efforts of the employees have enabled the
Company to remain as industry leaders.
The Board places on record its appreciation for the support and
co-operation your Company has been receiving from its suppliers,
redistribution stockists, retailers, business partners and others
associated with the Company as its trading partners. Your Company looks
upon them as partners in its progress and has shared with them the
rewards of growth. It will be the Company s endeavour to build and
nurture strong links with the trade based on mutuality of benefits,
respect for and co-operation with each other, consistent with consumer
interests. The Directors also take this opportunity to thank all
Investors, Clients, Vendors, Banks, Government and Regulatory
Authorities and Stock Exchanges, for their continued support.
For and on behalf of the Board of Directors
For Delta Leasing & Finance Ltd.
Sd/- Sd/-
(MEERA MISHRA) (RENU JINDAL)
Chairman & Managing Director Director
DIN: 00007279 DIN:01843439
Place: New Delhi
Date: 02/09/2015
Mar 31, 2014
To the Members,
The Company''s Directors are pleased to present the 30th Annual Report
of the Company, along with Audited Accounts, for the financial year
ended 31st March, 2014.
FINANCIAL PERFORMANCE
The summarized Financial Result of the company are given below:
FINANCIAL RESULT (in Rupees)
PARTICULARS 2013-2014 2012-2013
Sales and other income 1,02,81,548 1,20,96,085
Earnings before interest, tax 16,86,628 12,97,672
and depreciation Interest / Finance
charges
Depreciation 36,712 16,282
Profit before taxation 17,23,340 13,13,954
Taxation 6,07,923 5,38,244
Profit for the year 10,91,800 7,63,339
REVIEW OF FINANCIAL RESULTS :
Your Company''s PBT has increased to Rs. 17,23,340 for the period under
review from Rs. 13,13,954 of previous financial year. Your Company has
registered a Net Profit of Rs. 10,91,800 for the year under review
against the Net Profit Rs. 7,63,339 of the previous year.
DIVIDEND
The Board of Directors of your Company has decided to retain and plough
back the profits into the business of the Company, thus no dividend is
being recommended for this year.
FINANCE
The Company''s relationships with its consortium and other bankers
continued to be cordial during the year. The Company would like to
thank its Bankers for their support.
PUBLIC DEPOSITS
Your Company did not accept any deposits from public in terms of the
provisions of Section 73 of the Companies act, 2013 and to this effect
an undertaking is given to the Reserve bank of India.
CORPORATE SOCIAL RESPONSIBILITY
Your Company has fairly understood its responsibility towards the
society and environment in which it operate and accordingly had been
working towards CSR and Sustainable Development focusing on the Triple
Bottomline'' ethos'' since its inception. Further, in terms of Section
135 of the Companies Act, 2013, the Company has constituted Corporate
Social Responsibility Committee to monitor the CSR activities of the
Company in terms of the provisions of the Act.
PARTICULARS OF EMPLOYEES
» Particulars of Employees as required under Section 134 (3) (e) of the
Companies Act, 2013 as amended is not given as there was no employee I
drawing the salary as per the limits mentioned in the said Section.
DIRECTORS'' RESPONSIBILITY STATEMENT
The Directors confirm that:
D In the preparation of the annual accounts, the applicable accounting
standards have been followed and that no material departures have been
made from the same;
D 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 profits of the
Company for that period;
D They have taken proper and sufficient care for the maintenance of
adequate accounting records in accordance with the provisions of the
Companies Act, 1956, for safeguarding the assets of the Company and for
preventing and detecting fraud and other irregularities; and
- They have prepared the annual accounts on a going concern basis.
- The directors have laid down internal financial controls to be
followed by the company and that such internal financial controls are
adequate and were operating effectively.
- The directors have devised proper system to ensure compliance with
the provisions of all applicable laws and that such systems were
adequate and operative effective.
ENERGY CONSERVATION, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE AS PER
SECTION 134 ("3) (m) OF THE COMPANIES ACT, 2013
Conservation of Energy : Since the Company is not engaged in any
manufacturing activity, issues relating to conservation of energy and
technology absorption are not quite relevant to its functioning.
Export Activities : There was no export activity in the Company during
the year under review. The Company is not planning any export in the
near future as well.
Foreign Exchange Earnings and Out go : There was no Foreign Exchange
earnings and out go during the year under review.
FIXED DEPOSITS
The Company has not accepted/renewed any public deposits during the
year under review.
DIRECTORS
As per Section 152 of the companies Act, 2013, Ms. Seema Khandelwal,
Executive Director of the Company retires by rotation and being
eligible for re-appointment subject to retirement by rotation.
Mr. Pawan Kumar Poddar, Ms. Renu Jindal and Mr. Uttam Kumar Srivastava,
Independent Directors retires by rotation at the forthcoming Annual
General Meeting and is proposed to the members for appointment as an
Independent Director of the Company under 149 of the Companies Act,
2013 and appointed for fixed term of Five Years.
AUDIT COMMITTEE
The role, terms of reference, authority and powers of the audit
committee are in conformity with Section 177 of the Companies Act,
2013. The committee met periodically during the year and had
discussions with the auditors on internal control systems and internal
audit report.
CORPORATE GOVERNANCE
Your Company is renowned for exemplary governance standards since
inception and continues to lay a strong emphasis on transparency,
accountability and integrity.
A separate report on Corporate Governance is enclosed as a part of this
Annual Report of the Company, together with a Certificate from the
Auditors of the Company regarding compliance of conditions of Corporate
Governance as stipulated under Clause 49 of the Listing Agreement with
the Stock Exchange(s).
The Ministry of Corporate Affairs has made majority of the provisions
of the Companies Act, 2013 effective from 1st April, 2014. The new act
is a positive step towards strengthening corporate governance regime in
the country. Your Company is already in substantial compliance of most
of the governance requirements provided under the new law. Your Company
has proactively adopted provisions related to formation of Nomination
and Remuneration Committee and Corporate Social Responsibility
Committee, ahead of implementation of the new law. Your Company is
committed to embrace the new law in letter and spirit.
SUSTAINABILITY LIVING
Sustainability is at the core of your Company''s way of doing business.
It guides your Company on the path to achieve long term success in a
world where the battle for resources is escalating.
BUSINESS RESPONSIBILITY REPORT
SEBI, through its circular CIR / CFD / DIL / 8 / 2012 dated August 13,
2012, mandated inclusion of Business Responsibility Report ("BRR") as
part of the Annual Report for top 100 listed entities based on market
capitalisation at BSE and NSE as on March 31, 2012. In compliance with
the said circular, a separate report called BRR forms part of this
Annual Report.
MANAGEMENT DISCUSSION & ANALYSIS
Management Discussion & Analysis has been given in detail in this
Annual Report.
AUDITORS
The term of office of M/s S.K. Singla & Associates, as Statutory
Auditors of the Company will expire with the conclusion of forthcoming
Annual General Meeting of the Company and are eligible for
re-appointment. The Company has received confirmation that their
appointment, if made, will be within the limits prescribed under
Section 139 of the Companies Act, 2013.
The Directors recommend that M/s S.K. Singla & Associates, Chartered
Accountants be appointed as the Company''s auditors to hold office until
the conclusion of the next Annual General Meeting.
M/s Singla & Associates, over many years, have successfully met the
challenge that the size and scale of the Company''s operations pose for
auditors and have maintained the highest level of governance, rigour
and quality in their audit. The Board place on record its appreciation
for the services rendered by M/s Singla & Associates as the Statutory
Auditors of the Company.
PERSONNEL
Employee relations have been very cordial during the year under review.
APPRECIATIONS & ACKNOWLEDGMENTS
Your Directors place on record their deep appreciation to employees at
all levels for their hard work, dedication and commitment. The
enthusiasm and unstinting efforts of the employees have enabled the
Company to remain as industry leaders.
The Board places on record its appreciation for the support and
co-operation your Company has been receiving from its suppliers,
distributors, stockists, retailers, business partners and others
associated with the Company as its trading partners. Your Company looks
upon them as partners in its progress and has shared with them the
rewards of growth. It will be the Company''s endeavour to build and
nurture strong links with the trade based on mutuality of benefits,
respect for and co-operation with each other, consistent with consumer
interests.
The Directors also take this opportunity to thank all Investors,
Clients, Vendors, Banks, Government and Regulatory Authorities and
Stock Exchanges, for their continued support.
For and on behalf of the Board of Directors
Sd/- Sd/-
(SUBODH KUMAR KHANDELWAL) (MEERA MISHRA)
Chairman & Managing Director Director
DIN : 00064205 DIN : 00007279
Place : Delhi
Dated : September 5, 2014
Mar 31, 2013
Dear Shareholders,
The Directors take pleasure in presenting the Twenty Ninth Annual
Report together with the audited accounts of the Company for the year
ended 31st March 2013.
FINANCIAL RESULTS
The summarized financial results of the Company are given below:
FINANCIAL RESULTS (In Rupees)
Particulars 2013 2012
Sales and other income 1,20,96,085 4,29,95,904
Earnings before interest,
tax and depreciation 12,97,672 10,99,019
Interest / Finance charges
Depreciation 16,282 2,567
Profit before taxation 13,13,954 11,01,586
Taxation 5,38,244 3,50,836
Profit for the year 7,63,339 7,50,750
REVIEW OF OPERATION:
Your company''s profit before tax increased to Rs. 13,13,954/- for the
period under review from Rs.11,01,586/- of previous financial year.
Your company has registered a Net profit of Rs. 7,63,339/- for the year
under review against the net profit of Rs. 750,750/- of the previous
year.
DIVIDEND
The Board of Directors of your Company has decided to retain and plough
back the profits into the business of the Company, thus no dividend is
being recommended for this year.
FINANCE
The Company''s relationships with its consortium and other bankers
continued to be cordial during the year. The Company would like to
thank its Bankers for their support.
CORPORATE SOCIAL RESPONSIBILITY
The Company supports community welfare initiatives.
PARTICULARS OF EMPLOYEES
Particulars of Employees as required under Section 217(2A) of the
Companies Act, 1956 read with Companies (Particulars of Employees)
Rules, 1975, as amended is not given as there was no employee drawing
the salary as per the limits mentioned in the said Section and Rules.
LISTING OF SHARES AT STOCK EXCHANGE
The Equity Shares of the Company is listed on Delhi Stock Exchange.
The Equity shares of the company recently listed and permitted for
trading on Bombay Stock Exchange Ltd vide BSE Notice No. 20130416-27
on April 16, 2013. The Listing fees to all Stock Exchanges have been
paid up to date.
DIRECTORS'' RESPONSIBILITY STATEMENT
Pursuant to the requirement under Section 217 (2AA) of the Companies
Act, 1956 with respect to Directors Responsibility Statement, it is
hereby confirmed that:
1. In the preparation of the annual accounts, for the financial year
ended 31st March, 2013 the applicable accounting standards have been
followed and that no material departures have been made from the same.
2. The Directors 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 profits or
loss of the Company for the Year under review period.
3. The Directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of the Companies Act, 1956, for safeguarding the assets of
the Company and for preventing and detecting fraud and other
irregularities.
4. The Directors have prepared the accounts for the financial year
ended 31st March 2013 on a going concern basis.
ENERGY CONSERVATION, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
Conservation of Energy: Since the Company is not engaged in any
manufacturing activity, issues relating to conservation of energy and
technology absorption are not quite relevant to its functioning.
Export Activities: There was no export activity in the Company during
the year under review. The Company is not planning any export in the
near future as well.
Foreign Exchange Earnings and Outgo: There was no Foreign Exchange
earnings and outgo during the year under review.
FIXED DEPOSITS
The Company has not accepted/renewed any public deposits during the
year under review.
DIRECTORS
Mr. Uttam Kumar Srivastava was appointed as an Additional Director on
the Board of the Company with effect from 15th March, 2013 in
accordance with Section 260 and Articles of Association of the Company.
Mrs. Seema Khandelwal was appointed on board of the company with effect
from 6th February, 2013.
Mrs. Meera Mishra, Director retire by rotation and being eligible and
offer herself for re-appointment. The Board recommends her
re-appointment as Director subject to approval of the shareholders at
the ensuing Annual General Meeting of the company.
CORPORATE GOVERNANCE
Pursuant to clause 49 of the listing agreement entered in to with the
Stock Exchanges, a report on Corporate Governance and a Certificate
obtain from the Statutory Auditors confirming Compliance thereto, is
made a part of the Annual Report.
MANAGEMENT DISCUSSION & ANALYSIS
Management Discussion & Analysis is given elsewhere in this Annual
Report.
AUDITORS
M/s. S.K. Singhla & Associates, Chartered Accountants, retire as
Auditors of the Company at the forthcoming Annual General Meeting and
are eligible for re-appointment. The Company has received confirmation
that their appointment, if made, will be within the limits prescribed
under Section 224(1B) of the Companies Act, 1956. The Directors
recommend that M/s. S.K. Singhla & Associates,
Chartered Accountants be appointed as the Company''s auditors to hold
office until the conclusion of the next Annual General Meeting.
PERSONNEL
Employee relations have been very cordial during the year under review
APPRECIATIONS & ACKNOWLEDGEMENTS
Your Directors place on record their deep appreciation to employees at
all levels for their hard work, dedication and commitment. The
enthusiasm and unstinting efforts of the employees have enabled the
Company to remain at the forefront of the Industry. The Directors also
take this opportunity to thank all investors, clients, vendors, banks,
regulatory and government authorities and stock exchanges, for their
continued support.
For and on behalf of the Board of Directors
Sd/- Sd/-
(Subodh Kumar Khandelwal) (Meera Mishra)
Managing Director Director
Date: 03/09/2013
Place: Delhi
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