Mar 31, 2014
The Members,
Directors have pleasure in presenting the 20th Annual Report of your
company on the business operations together with the audited financial
accounts for the financial year ended 31st March, 2014.
A snapshot of the Financial performance of the company for the year
2013-14 is as under:
Year ended Year ended
31st March 2014 31st March 2013
Particulars (Rs.in Lakhs) (Rs.in Lakhs)
Total Revenue 177.83 198.93
Profit before Interest,
Depreciation & Tax 69.26 70.00
Profit before Depreciation & Tax 31.27 23.37
Profit Before Tax & Execptional Items 16.98 10.77
Prior year Adjustment &
Execptional Items 27.87 15.74
Net Profit Before taxation 44.85 26.51
Less : Provision for Tax
- Current tax 8.55 5.05
- Deferred Tax 1.23 2.39
Net Profit 35.08 19.07
Add : Balance brought forward from the
last year 873.99 850.69
(Earlier Year Tax)/Refund (1.30) 4.23
Profit available for approriation 907.77 873.99
Proposed Dividend - -
Balance carried to Balance Sheet 907.77 873.99
During the year under review the financial year 2013-14 was marked by a
fairly tough financial environment due to slowdown in some of the major
economies of the world. Reflecting the subdued scenario, the Net profit
after tax of your company stood at Rs. 35.08 Lacs.
Keeping in view the future expansion plans and capital requirements of
the company, the Board of Directors believe it is necessary to conserve
cash flow and thereby do not recommend any dividend for the year
2013-14.
Mr. Dhanraj Soni retires by rotation at the ensuing Annual General
Meeting and being eligible, offer himself for re-appointment.
Mr. Suresh Jankiram Kabra has been ceased to be a Director of the
Company w.e.f. 29.12.2013 due to his death which has been taken on
record in the Board Meeting held on 31. 01.2014. The Board of Directors
condolense the untimely demise of Mr. Suresh Jankiram Kabra and took on
record the invaluable contributions made by him towards the progress of
the Company.
The Board in its meeting held on 25th March 2014 had appointed Mrs Rama
Kabra to fill the casual vacancy caused due to death of Mr Suresh
Jankiram Kabra.
M/s. G.D. Upadhyay & Co., Chartered Accountants(Firm Registration No.
05834S), Auditors of the Company hold office till conclusion of the
ensuing Annual General Meeting of the company and are eligible for
re-appointment. The Company is in receipt of confirmation from M/s.
G.D. Upadhyay & Co, that in the event of their re-appointment as
statutory auditors of the Company, such re-appointment will be within
the prescribed limits specified U/s 141(3)(g) of the Companies Act,
2013. The Board of Directors proposes to re-appoint them for another
term and will hold office till the conclusion of the next Annual
General Meeting.
The Equity shares of the Company are listed on Bombay Stock Exchange
Ltd., (B S E). The company has paid upto date annual listing fees of
the Stock Exchange.
Your company has neither invited nor accepted any deposits from public
during the year under review.
The company engaged in providing financial services and as such its
operations do not account for substantial energy consumption. However,
the company is taking all possible measures to conserve energy. Several
environment friendly measures have been adopted by the company such as
:
· Installation of TFT monitors that save power
· Automatic power shutdown of idle monitors.
· Creating environmental awareness by way of distributing information
in electronic form.
· Minimising air-conditioning usage
· Shutting off all the lights when not in use
· Education and awareness programmes for employees.
The management understands the importance of technology in the business
segments it operates and lays utmost emphasis on system development and
the use of best technology available in the industry. The management
keeps itself abreast with technological advancements in the industry
and ensures continued and sustained efforts towards absorption of
technology, adaptation as well as development of the same to meet
business needs and objectives.
c) FOREIGN EXCHANGE EARNINGS/OUTGO
There are no FOREX transactions during the year under review.
No employee of your company is in receipt of remuneration of Rs. 60
lakhs P.A. or part thereof pursuant to Section 217(2A) of the Companies
Act, 1956 and the companies (Particulars of Employees), Rules 1975 as
amended.
The company is committed to uphold the highest standards of Corporate
Governance and adhere to the requirements set out by Securities and
Exchange Board of India and stock Exchanges, As part of the Company''s
efforts towards better corporate practice and transparency, a separate
report on Corporate Governance compliances is included as a part of the
Annual Report.
A certificate from M/s. G.D. Upadhyay & Co., Chartered Accountants, the
Statutory Auditors, regarding compliance with the conditions of
Corporate Governance as stipulated under clause 49 of the Listing
Agreement is attached to this report on Corporate Governance.
Pursuance to provisions of Section 217(2AA) of the Companies Act, 1956
the Directors of your
company confirm that :
i. in the preparation of the annual accounts for the financial year
ended 31st March, 2014, the applicable accounting standards have been
followed along with proper explanation prelating to material
departures, if any, therefrom; ii. appropriate Accounting policies
have been selected and applied them consistently.
The Judgments and estimates made are reasonable and prudent so as to
give a true and fair view of the state of affairs of the Company at the
end of the Financial year ended 31st March, 2014 and of the profit of
company for the said period. iii proper and sufficient care has been
taken for the maintenance of 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 iv. the annual Accounts have been prepared on a
going concern basis.
Your Directors would like to express their sincere appreciation for the
co-operation and assistance received from the Bankers, Regulatory
bodies, stake holders and other business associates who have extended
their valuable sustained support and encouragement during the year
under review.
Your Directors take this opportunity to recognize and place on record
their gratitude and appreciation for the commitment displayed by all
employees at all levels of the company. We look forward to their
continued support in the future.
By order of the Board
Sd/-
Chairman
Place : Hyderabad
Registered Office
Date : 31.07.2014 G-15, Raghava Ratna Towers,
5-8-352/14 & 15, Chirag Ali Lane,
Hyderabad - 1.
CIN No : L67120AP1994PLC017583
Mar 31, 2013
To The Members,
The Directors have pleasure in presenting the 19th Annual Report of
your company on the business operations together with the audited
financial accounts for the financial year ended 31st March, 2013.
FINANCIAL RESULTS:
A snapshot of the Financial performance of the Company for the year
2012-13 is as under:
Year ended Year ended
Particulars 31st March
2013 31st March 2012
(Rs.in Lakhs) (Rs.in Lakhs)
Total Revenue 198.93 231.73
Profit before Interest, Depreciation&Tax 70.00 89.57
Profit before Depreciation & Tax 57.40 47.58
Profit Before Tax & Execptional Items 10.77 35.24
Prior year Adjustment
& Execptional Items 15.74 (3.26)
Net Profit Before taxation 26.51 31.98
Less : Provision for Tax
- Current tax 5.05 8.44
- Deferred Tax 2.39 1.48
Net Profit 19.07 22.06
Add : Balance brought forward from the
last year 850.69 828.63
Earlier Year Tax/Refund 4.23 0
Profit available for approriation 873.99 850.69
Proposed Dividend
Balance carried to Balance Sheet 873.99 850.69
REVIEW OF PERFORMANCE:
During the year under review the financial year 2012-13 was marked by a
fairly tough financial environment due to slowdown in some of the major
economies of the world. Reflecting the subdued scenario, the Net profit
after tax of your company stood reduced to Rs. 19.07Lacs.
DIVIDEND:
Keeping in view the future expansion plans and capital requirements of
the company, the Board of Directors believe it is necessary to conserve
cash flow and thereby do not recommend any dividend for the year
2012-13.
DIRECTORS:
In accordance with the provisions of section 255 of the Companies
act,1956 and articles 113 of the Articles of Association of the Company
Mr. Suresh Jankiram Kabra Director retires by rotation at the ensuing
Annual General meeting and being eligible, offer himselves for the re-
appointment.
Shri Ramesh Athasniya retires by rotation at the ensuing Annual General
Meeting and has given a notice to the Company expressing his
unwillingness to be re-appointed. The Board received notice proposing
to appoint Shri Dhanraj Soni in place of Shri Ramesh Athasniya.
STATUTORY AUDITORS:
M/s. G.D. Upadhyay & Co., Chartered Accountants Auditors of the Company
hold office till conclusion of the ensuing Annual General Meeting of
the company and are eligible for the re- appointment. The Company is in
receipt of confirmation from M/s. G.D. Upadhyay & Co, that in the event
of their re-appointment as statutory auditors of the Company, such
re-appointment will be within the prescribed limits specified U/s 224(1
B) of the companies Act, 1956. The Board of Directors proposes to
re-appoint them for another term and will hold office till the
conclusion of the next Annual General Meeting. LISTING ARRANGEMENT:
The Equity shares of the Company are listed on Bombay Stock Exchange
Ltd., (B S E). The listing fees for the year 2013-14 has been paid to
the Exchange.
PUBLIC DEPOSITS:
Your company has neither invited nor accepted any deposits from public
within the meaning of Section 58A of the Companies Act, 1956 during the
year under review.
STATUTORY INFORMATION:
A. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE
EARNINGS AND OUTGO:
a) CONSERVATION OF ENERGY
The company engaged in providing financial services and as such its
operations do not account for substantial energy consumption. However,
the company is taking all possible measures to conserve energy. Several
environment friendly measures have been adopted by the company such as:
- Installation of TFT monitors that save power
- Automatic power shutdown of idle monitors.
- Creating environmental awareness by way of distributing information
in electronic form.
- Minimising air-conditioning usage
- Shutting off all the lights when not in use
- Education and awareness programmes for employees.
b) TECHNOLOGY ABSORPTION
The management understands the importance of technology in the business
segments it operates and lays utmost emphasis on system development and
the use of best technology available in the industry. The management
keeps itself abreast with technological advancements in the industry
and ensures continued and sustained efforts towards absorption of
technology, adaptation as well as development of the same to meet
business needs and objectives.
c) FOREIGN EXCHANGE EARNINGS/OUTGO
There are no FOREX transactions during the year under review.
PARTICULARS OF EMPLOYEES :
No employee of your company is in receipt of remuneration of Rs. 60
lakhs P.A. or part thereof pursuant to Section 217(2A) of the Companies
Act, 1956 and the companies (Particulars of Employees), Rules 1975 as
amended.
CORPORATE GOVERNANCE :
The company is committed to uphold the highest standards of Corporate
Governance and adhere to the requirements set out by Securities and
Exchange Board of India and stock Exchanges, As part of the Company''s
efforts towards better corporate practice and transparency, a separate
report on Corporate Governance compliances is included as a part of the
Annual Report.
A certificate from M/s. G.D. Upadhyay & Co., Chartered Accountants the
Statutory Auditors, regarding compliance with the conditions of
Corporate Governance as stipulated under clause 49 of the Listing
Agreement is attached to this report on Corporate Governance.
DIRECTORS'' RESPONSIBILITY STATEMENT:
Pursuance to provisions of Section 217(2AA) of the Companies Act, 1956
the Directors of your confirm that:
i. in the preparation of the annual accounts for the financial year
ended 31st March, 2013, the applicable accounting standards have been
followed along with proper explanation relating to material departures,
if any, therefrom;
ii. appropriate Accounting policies have been selected and applied
them consistently. The Judgments and estimates made are reasonable and
prudent so as to give a true and fair view of the state of affairs of
the Company at the end of the Financial year ended 31st March, 2013 and
of the profit of company for the said period.
iii proper and sufficient care has been taken for the maintenance of
accounting records in accordance with the provisions of this Companies
Act, 1956 for safeguarding the assets of the Company and for preventing
and detecting fraud and other irregularities: and
iv. the annual Accounts have been prepared on a going concern basis.
ACKNOWLEDGEMENTS:
Your Directors would like to express their sincere appreciation for the
co-operation and assistance received from the Bankers, Regulatory
bodies, stake holders and other business associates who have extended
their valuable sustained support and encouragement during the year
under review.
Your Directors take this opportunity to recognize and place on record
their gratitude and appreciation for the commitment displayed by all
employees at all levels of the company. We look forward to their
continued support in the future.
By order of the Board
Sd/-
Place : Hyderabad SHRIGOPALINANI
Date : 30.05.2013 Chairman
Mar 31, 2012
The Directors have pleasure in presenting the 18th Annual Report of
your company on the business operations together with the audited
financial accounts for the financial year ended 31st March, 2012.
FINANCIAL RESULTS:
A snapshot of the Financial performance of the Company for the year
2011-12 is as under:
Year ended Year ended
Particulars 31st March 2012 31st March 2011
(Rs.in Lakhs) (Rs.in Lakhs)
Total Revenue 231.73 270.48
Profit before Interest,
Depreciation & Tax 89.57 110.28
Profit before Depreciation & Tax 47.58 87.31
Profit Before Tax & Expectional Items 35.24 73.35
Less: Prior year Adjustment &
Expectional Items 3.26 2.46
Net Profit Before taxation 31.98 70.89
Less : Provision for Tax
- Current tax 8.44 21.33
- Deferred Tax 1.48 0.50
Net Profit 22.06 49.06
Add : Balance brought forward from the
last year 828.63 780.01
Less: Earlier Year Tax 0 0.45
Profit available for appropriation 850.69 828.63
Proposed Dividend - -
Balance carried to Balance Sheet 850.69 828.63
REVIEW OF PERFORMANCE:
During the year under review the financial year 2011-12 was marked by a
fairly tough financial environment due to slowdown in some of the major
economies of the world. Reflecting the subdued scenario, the Net profit
after tax of your company stood reduced to Rs. 22.06 Lacs.
DIVIDEND:
Keeping in view the future expansion plans and capital requirements of
the company, the Board of Directors believe it is necessary to conserve
cash flow and thereby do not recommend any dividend for the year
2011-12.
DIRECTORS:
In accordance with the provisions of section 255 of the Company
act,1956 and articles 113 of the Articles Association of the Company
Mr. Shrigopal Inani and Mr. Anand Rameshchandra Chandak Director(s)
retires by rotation at the ensuing Annual General meeting and being
eligible, offer themselves for the re-appointment.
STATUTORY AUDITORS:
M/s. G.D. Upadhyay & Co., Chartered Accountants Auditors of the Company
hold office till conclusion of the ensuing Annual General Meeting of
the company and are eligible for the re- appointment. The Company is in
receipt of confirmation from M/s. G.D. Upadhyay & Co., that in the
event of their re-appointment as statutory auditors of the Company,
such re-appointment will be within the prescribed limits specified U/s
224(1B) of the Companies Act, 1956. The Board of Directors proposes to
re-appoint them for another term and will hold office till the
conclusion of the next Annual General Meeting.
LISTING ARRANGEMENT:
The Equity shares of the Company are listed on Bombay Stock Exchange
Ltd., (B S E). The listing fees for the year 2012-13 has been paid to
the Exchange.
PUBLIC DEPOSITS:
Your company has neither invited nor accepted any deposits from public
within the meaning of Section 58A of the Companies Act, 1956 during the
year under review.
STATUTORY INFORMATION:
A. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE
EARNINGS AND OUTGO :
a). CONSERVATION OF ENERGY
The company is engaged in providing financial services and as such its
operations do not account for substantial energy consumption. However,
the company is taking all possible measures to conserve energy. Several
environment friendly measures have been adopted by the company such as
:
- Installation of TFT monitors that save power
- Automatic power shutdown of idle monitors.
- Creating environmental awareness by way of distributing information
in electronic form.
- Minimising air-conditioning usage
- Shutting off all the lights when not in use
- Education and awareness programmes for employees.
b) TECHNOLOGY ABSORPTION
The management understands the importance of technology in the business
segments, it operates and lays utmost emphasis on system development
and the use of best technology available in the industry. The
management keeps itself abreast with technological advancements in the
industry and ensures continued and sustained efforts towards absorption
of technology, adaptation as well as development of the same to meet
business needs and objectives.
c) FOREIGN EXCHANGE EARNINGS/OUTGO
There are no FOREX transactions during the year under review.
PARTICULARS OF EMPLOYEES :
No employee of your company is in receipt of remuneration of Rs. 60
lakhs p.a. or part thereof pursuant to Section 217 (2A) of the
Companies Act, 1956 and the Companies (Particulars of Employees), Rules
1975 as amended.
CORPORATE GOVERNANCE:
The company is committed to uphold the highest standards of Corporate
Governance and adhere to the requirements set out by Securities and
Exchange Board of India and stock Exchanges, As part of the Company's
efforts towards better corporate practice and transparency, a separate
report on Corporate Governance compliances is included as a part of the
Annual Report.
A certificate from M/s. G.D. Upadhyay & Co., Chartered Accountants the
Statutory Auditors, regarding compliance with the conditions of
Corporate Governance as stipulated under clause 49 of the Listing
Agreement is attached to this report on Corporate Governance.
DIRECTORS' RESPONSIBILITY STATEMENT:
Pursuance to provisions of Section 217(2AA) of the Companies Act, 1956
the Directors of your Company confirm that :
i. In the preparation of the annual accounts for the financial year
ended 31st March, 2012, the applicable accounting standards have been
followed along with proper explanation relating to material departures,
if any, therefrom;
ii. appropriate Accounting Policies have been selected and applied
them consistently. The Judgments and estimates made are reasonable and
prudent so as to give a true and fair view of the state of affairs of
the Company at the end of the Financial year ended 31st March, 2012 and
of the profit of company for the said period.
iii. proper and sufficient care has been taken for the maintenance of
accounting records in accordance with the provisions of this Companies
Act, 1956 for safeguarding the assets of the Company and for preventing
and detecting fraud and other irregularities:
and
iv. the annual Accounts have been prepared on a going concern basis.
ACKNOWLEDGEMENTS:
Your Directors would like to express their sincere appreciation for the
co-operation and assistance received from the Bankers, Regulatory
bodies, stake holders and other business associates who have extended
their valuable sustained support and encouragement during the year
under review.
Your Directors take this opportunity to recognize and place on record
their gratitude and appreciation for the commitment displayed by all
employees at all levels of the company. We look forward to their
continued support in the future.
By order of the Board
Sd/-
Place : Hyderabad SHRIGOPAL INANI
Date : 30.05.2012 Chairman
Mar 31, 2011
The Directors have pleasure in presenting the 17th Annual Report of
your company on the business operations together with the audited
financial accounts for the financial year ended 31st March, 2011.
FINANCIAL RESULTS:
A snapshot of the Financial performance of the Company for the year
2010-11 is as under:
Year ended Year ended
Particulars 31st March 2011 31st March 2010
(Rs.in Lakhs) (Rs.in Lakhs)
Total Revenue 249.04 252.60
Profit before Interest, Depreciation & Tax 110.28 113.01
Profit before Depreciation & Tax 87.31 93.58
Profit Before Tax & Expectional Item 73.35 75.72
Less: Prior year Adjustment &
Expectional Items 2.46 1.51
Net Profit Before taxation 70.89 74.21
Less : Provision for Tax
- Current tax 21.33 22.89
- Deferred Tax 0.50 (0.20)
- Earlier Year Tax 0.45 1.01
Net Profit 48.61 50.51
Add : Balance brought forward from the
last year 780.01 729.50
Profit available for approriation 828.63 780.01
Proposed Dividend - -
Balance carried to Balance Sheet 828.63 780.01
REVIEW OF PERFORMANCE:
During the year under review the financial year 2010-11 was marked by a
fairly tough financial environment due to slowdown in some of the major
economies of the world. The Net profit after tax of your company stood
reduced to Rs. 48.61 Lacs (Previous Year Rs. 50.51 Lacs ).
DIVIDEND:
Your Directors do not recommend any dividend for the year 2010-11.
DIRECTORS:
In accordance with the provisions of section 255 of the Companies Act,
1956 and article 113 of the Articles of Association of the Company, Mr.
Suresh Janakiram Kabra and Mr. Ramesh Ashasiya Director(s) retires by
rotation at the ensuing Annual General meeting and being eligible,
offer themselves for the re-appointment.
STATUTORY AUDITORS:
M/s. G.D. Upadhyay & Co., Chartered Accountants Auditors of the Company
hold office till conclusion of the ensuing Annual General Meeting of
the company and are eligible for the re- appointment. The Company is in
receipt of confirmation from M/s. G.D. Upadhyay & Co., that in the
event of their re-appointment as statutory auditors of the Company,
such re-appointment will be within the prescribed limits specified U/s
224(1B) of the Companies Act, 1956. The Board of Directors proposes to
re-appoint them for another term and will hold office till the
conclusion of the next Annual General Meeting.
LISTING ARRANGEMENT:
Your Companys shares are listed on
1) Bombay Stock Exchange Ltd., (BSE)
The listing fees for the year 2010-11 have been paid.
PUBLIC DEPOSITS:
During the year under review, your company has not accepted any Public
Deposits pursuant to section 58A of the Companies Act, 1956.
STATUTORY INFORMATION:
A. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE
EARNINGS AND OUTGO :
a). CONSERVATION OF ENERGY
The company is engaged in providing financial services and as such its
operations do not account for substantial energy consumption. However,
the company is taking all possible measures to conserve energy. Several
environment friendly measures have been adopted by the company such as
:
- Installation of TFT monitors that save power
- Automatic power shutdown of idle monitors.
- Creating environmental awareness by way of distributing information
in electronic form.
- Minimising air-conditioning usage
- Shutting off all the lights when not in use
- Education and awareness programmes for employees.
b) TECHNOLOGY ABSORPTION
The management understands the importance of technology in the business
segments, it operates and lays utmost emphasis on system development
and the use of best technology available in the industry. The
management keeps itself abreast with technological advancements in the
industry and ensures continued and sustained efforts towards absorption
of technology, adaptation as well as development of the same to meet
business needs and objectives.
C) FOREIGN EXCHANGE EARNINGS/OUTGO
There are no FOREX transactions during the year under review.
PARTICULARS OF EMPLOYEES :
No employee of your company is in receipt of remuneration of Rs. 60
lakhs p.a. or part thereof pursuant to Section 217 (2A) of the
Companies Act, 1956 and the Companies (Particulars of Employees), Rules
1975 as amended.
CORPORATE GOVERNANCE :
Your company has complied with all the mandatory provisions of the
revised clause 49 of the Listing Agreement. As part of the Companys
efforts towards better corporate practice and transparency, a separate
report on Corporate Governance compliances is included as a part of the
Annual Report.
A certificate from the Statutory Auditors, regarding compliance with
the conditions of Corporate Governance as stipulated under clause 49 of
the Listing Agreement is attached to this report on Corporate
Governance.
DIRECTORS RESPONSIBILITY STATEMENT:
Pursuant to provisions of Section 217(2AA) of the Companies Act, 1956
the Directors of your Company confirm that:
i. in preparation of the annual accounts for the financial year ended
31st March, 2011, the applicable accounting standards have been
followed along with proper explanation relating to material departures,
if any, there from;
ii. appropriate accounting policies have been selected and applied them
consistently. The Judgements and estimates made are reasonable and
prudent so as to give a true and fair view of the state of affairs of
the Company at the end of the financial year ended 31st March, 2011 and
of the profit of company for the said period.
iii proper and sufficient care has been taken for the maintenance of
accounting records in accordance with the provisions of this Companies
Act, 1956 for safeguarding the assets of the Company and for preventing
and detecting fraud and other irregularities: and
iv. the annual accounts have been prepared on a going concern basis.
ACKNOWLEDGEMENTS:
The Directors place on record their gratitude to the Government,
Regulators, Stock Exchanges, other Statutory bodies and the companys
bankers for the assistance, co-operation and encouragement extended to
the Company.
The Directors would like to take this opportunity to express sincere
thanks to its valued clients for their continued patronage.The
Directors express their deep sense of appreciation of all the
employees, whose continuing support, commitment and intiatives has made
the organisations growth. Finally, the Directors wish to express their
gratitude to the shareholders for their trust and support in the
future.
for and on behalf of the Board
Sd/-
SHRIGOPAL INANI
Chairman
Place : Hyderabad
Date : 24th June, 2011
Mar 31, 2010
The Directors have pleasure in presenting the 16th Annual Report of
your company on the business operations together with the audited
financial accounts for the financial year ended 31st March, 2010.
FINANCIAL RESULTS:
A snapshot of the Financial performance of the Company for the year
2009-10 is as under:
Year ended Year ended
Particulars 31st March
2010 31st March,
2009
(Rs.in Lakhs) (Rs.in Lakhs)
Total Revenue 252.60 232.82
Profit before Interest, Depreciation&Tax 113.01 99.00
Profit before Depreciation & Tax 93.58 73.34
Profit Before Tax & Expectional Item 75.72 56.07
Less: Prior year Adjustment &
Expectional Items 1.51 0.06
Net Profit Before taxation 74.21 56.01
Less : Provision for Tax
- Current tax 22.89 16.56
- Deferred Tax (0.20) 1.64
- Fringe Benefit Tax - 1.18
Tax Adjustment of earlier years (Net) 1.01 -
Less : Adjustment for employee benefits - 2.26
Net Profit 50.51 34.37
Add : Balance brought forward from
the last year 729.50 695.13
Profit available for approriation 780.01 729.50
Proposed Dividend
Balance carried to Balance Sheet 780.01 729.50
REVIEW OF PERFORMANCE:
During the year under review the profit before tax increased to
Rs.50.51 lacs from Rs. 34.37 lacs in previous year. The return of
confidence in Economy and Stock Markets added to the financial
performance of your company and overall growth of the company was
satisfactory.
DIVIDEND:
Your Directors do not recommend any dividend for the year 2009-10.
DIRECTORS:
In accordance with the provisions of section 255 of the Company act,
1956 and article 113 of the Articles of Association of the Company, Mr.
Shrigopal Inani and Mr. Anand Rameshchandra Chandak Directors) retires
by rotation at the ensuing Annual General meeting and being eligible,
offer themselves for the re-appointment.
STATUTORY AUDITORS:
M/s. G.D. Upadhyay & Co., Chartered Accountants Auditors of the Company
hold office till conclusion of the ensuing Annual General Meeting of
the company and are eligible for the re- appointment. The Company is in
receipt of confirmation from M/s. G.D. Upadhyay & Co., that in the
event of their re-appointment as statutory auditors of the Company,
such re-appointment will be within the prescribed limits specified U/s
224(1 B) of the companies Act, 1956. The Board of Directors proposes to
re-appoint them for another term and will hold office till the
conclusion of the next Annual General Meeting.
LISTING ARRANGEMENT:
Your Companys shares are listed on
1) Bombay Stock Exchange Ltd., (B S E)
The listing fees for the year 2010-11 have been paid.
PUBLIC DEPOSITS:
During the year under review, your company has not accepted any Public
Deposits pursuant to section 58A of the Companies Act, 1956.
STATUTORY INFORMATION:
A: CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE
EARNINGS AND OUTGO :
a). CONSERVATION OF ENERGY
The company is engaged in providing financial services and as such its
operations do not account for substantial energy consumption. However,
the company is taking all possible measures to conserve energy. Several
environment friendly measures have been adopted by the company such as
:
- Installation of TFT monitors that save power
- Automatic power shutdown of idle monitors.
- Creating environmental awareness by way of distributing information
in electronic form.
- Minimising air-conditioning usage
- Shutting off all the lights when not in use
- Education and awareness programmes for empoyees.
b) TECHNOLOGY ABSORPTION
The management understands the importance of technology in the business
segments it operates and lays utmost emphasis on system development and
the use of best technology available in the industry. The management
keeps itself abreast with technological advancements in the industry
and ensures continued and sustained efforts towards absorption of
technology, adaptation as well as development of the same to meet
business needs and objectives.
c) FOREIGN EXCHANGE EARNINGS/OUTGO
There was a Foreign Exchange outflow of Rs.3.34 Lacs during the year
under review.
PARTICULARS OF EMPLOYEES :
No employee of your company is in receipt of remuneration of Rs. 24
lakhs p.a. or part thereof pursuant to Section 217 (2A) of the
Companies Act, 1956 and the companies (Particulars of Employees), Rules
1975 as amended.
CORPORATE GOVERNANCE :
Your company has complied with all the mandatory provisions of the
revised clause 49 of the Listing Agreement. As part of the Companys
efforts towards better corporate practice and transparency, a separate
report on Corporate Governance compliances is included as a part of the
Annual Report.
A certificate from the Statutory Auditors, regarding compliance with
the conditions of Corporate Governance as stipulated under clause 49 of
the Listing Agreement is attached to this report on Corporate
Governance.
DIRECTORS RESPONSIBILITY STATEMENT:
Pursuance to provisions of Section 217(2AA) of the Companies Act, 1956
the Directors of your Company confirm that:
i. in preparation of the annual accounts for the financial year ended
31 st March, 2009, the applicable accounting standards have been
followed along with proper explanation relating to"material departures,
if any, there from;
ii. appropriate accounting policies have been selected and applied them
consistently. The Judgements and estimates made are reasonable and
prudent so as to give a true and fair view of the state of affairs of
the Company at the end of the financial year ended 31 st March, 2009
and of the profit of company for the said period.
iii proper and sufficient care has been taken for the maintenance of
accounting records in accordance with the provisions of this Companies
Act, 1956 for safeguarding the assets of the Company and for preventing
and detecting fraud and other irregularities: and
iv. the annual accounts have been prepared on a going concern basis.
ACKNOWLEDGEMENTS:
The Directors place on record their gratitude to the Government,
regulators, stock exchanges, other statutory bodies and the companys
bankers for the assistance, co-operation and encouragement extended to
the Company.
The Directors would like to take this opportunity to express sincere
thanks to its valued clients for their continued.patronage.The
Directors express their deep sense of appreciation of all the
employees, whose continuing support, commitment and intiatives has made
the organisations growth. Finally, the Directors wish to express their
gratitude to the shareholders for their trust and support in the
future.
for and on behalf of the Board
Place : Hyderabad Sd/-
SHRIGOPAL INANI
Date :31st July, 2010 Chairman