Mar 31, 2014
Dear Members,
The Directors are pleased to present Twentieth Annual Report together
with the Audited Accounts of the Company for the year ended 31st March,
2014.
1. FINANCIAL RESULTS
The financial results of the company are summarized as below:
(Rs. in lacs) (Rs. in lacs)
Year Ended Year Ended
31/03/2014 31/03/2013
Income 69.21 39.94
Profit/(Loss) before tax 0.12 4.47
Profit after Tax and adjustments 0.09 4.46
Balance carried to Balance Sheet (16.29) (16.38)
2. REVIEW OF OPERATIONS
During the FY 2014, your company has earned a net profit of Rs.0.09
lacs after taking into account tax provisions and MAT credit
entitlement as against Rs. 4.46 lacs during FY 2013.
3. DIVIDEND
In view of inadequate profits, the Board of Directors is not in a
position to recommend any dividend for the year.
4. FUTURE OUTLOOK
The Company is operating with its own limited resources. As the
financial market is facing lot of challenges interest rates are
constantly changing, recoveries have become major concern, therefore
survival of small NBFC with limited resource is becoming difficult. In
the present scenario and based on the present business model the growth
potential in its business is limited.
5. DISCLOSURE UNDER THE LISTING AGREEMENT UNDER CLAUSE 32
Cash flow statement pursuant to Clause 32 of listing agreement is
annexed herewith as Annexure "A" and forming part of this report.
6. DIRECTORS'' RESPONSIBILITY STATEMENT
In the preparation of the annual accounts, the applicable Accounting
Standards had been followed along with proper explanation relating to
material departures.
We 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 at
31st March, 2014 and of the profit of the Company for the year ended on
that date.
We have 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 the preventing
and detecting fraud and other irregularities.
The accompanying financial statements of the company have been prepared
by us on a going concern basis.
7. AUDIT COMMITTEE
The audit committee comprises of four Directors viz. Mr. B.P. Rauka,
Mr. Kishan Sharma, Mr. D.L. Arora and Anand Bagwe, the Committee met
four times during the year. For more details refer the corporate
governance.
8. DIRECTORS
Pursuant to the Companies Act 2013, term of independent Directors is 5
years accordingly Mr. Anand D. Bagwe being appointed for 5 years.
Mr. Dilip Arora, due to his preoccupation expressed his inability to
continue as independent Director for a term of 5 years as per
requirement of appointment of Independent Director under the Companies
Act, 2013 and resigned from the Directorship of the Company.
Mr. Vinod Kumar Sharma in respect of whom notice in writing from a
member has been received proposing Mr. Vinod Kumar Sharma as a
candidate for office of a Director of the Company. The nomination
committee has pursued all requisite details and have the opinion that
he posses requisite skills and experience for such appointment and
recommended his appointment for a term of 5 years. The Board also
recommend his appointment as Independent Director.
Pursuant to Article 58 of The Article of Association of the Company Mr.
Kishan Sharma retires by rotation and being eligible offers himself for
reappointment Mr. Kishan Sharma is a Chartered Accountant and possesses
about 31 years of experience in the field in the field of accountancy,
finance and Corporate laws. He has been associated with Company as a
director of the Company since 28th March 1995.
9. DEPOSIT
The company has not accepted fixed deposit since inception.
10. AUDITORS'' REPORT
The notes referred to by the Auditors in their report are self
explanatory and do not require any further clarification except in
respect of shares of Somani Securities Pvt Ltd, for which the Company
has taken up the matter with the Company for non receipt of share
certificates and is pursuing the matter and necessary legal action is
being initiated.
11. AUDITORS
M/s S.K. Rathi & Co., Chartered Accountants, are being reappointed as
auditors of the Company and given their consent and if appointed will
be within the ceiling provided under the Companies Act, 2013.
12. INSURANCE
The Company does not possess any material properties, which need
insurance.
13. STATUTORY INFORMATION
i. The particulars under the Companies (Disclosure of Particulars in
the report of Board of Directors) Rules, 1988 require disclosure of
particulars regarding conservation of energy in Form A and technology
absorption in Form B prescribed by the rules. The Company not brings an
industry under the Schedule Form A & B disclosures are not applicable.
ii. The Company has no foreign exchange earnings and out go.
iii. None of the employees was in receipt of remuneration in excess of
limits prescribed under Section 217(2A) of the Companies Act, 1956 read
with Companies (Particulars of Employees) rules, 1975.
iv. The Company does not have any subsidiary with in meaning of
Section 4 of the Companies Act, 1956.
14. ACKNOWLEDGEMENTS
The Company gratefully acknowledges the co-operation and supports
extended by the Banker, Shareholders and Clients of the Company and
place on record its appreciation for the active support and assistance
of the employees for the performance.
For and on behalf of the Board of Directors
Place : Mumbai Laxminarayan Sharma Kishan Sharma
Date : 8th August 2014 Managing Director Director
Mar 31, 2012
The Directors are pleased to present Eighteenth Annual Report together
with the Audited Accounts of the Company for the year ended 31st March,
2012.
1. FINANCIAL RESULTS
The financial results of the company are summarized as below:
(Rs. in lacs) (Rs. in lacs)
Year Ended Year Ended
31/3/2012 31/3/2011
Income 50.11 69.43
Profit/(Loss) before tax 2.40 2.40
Profit after Tax and adjustments 2.40 1.93
Balance carried to Balance Sheet (20.84) (23.24)
2. REVIEW OF OPERATIONS
During the FY 2012, your company has earned a net profit of Rs. 2.40
lacs after taking into account tax provisions and MAT credit
entitlement as against Rs.1.93 lacs during previous financial year
2011.
3. DIVIDEND
No dividend can be recommended in view of inadequate profit for the
year.
4. FUTURE OUTLOOK
The Company has been operating with its own limited resources.
Financial market is facing lot of new challenges interest rates are
constantly changing, recoveries have become major concern. In the
present scenario and based on the present business model the growth
potential in its business is limited. .
5. DISCLOSURE UNDER THE LISTING AGREEMENT UNDER CLAUSE 32
Cash flow statement pursuant to Clause 32 of listing agreement is
annexed herewith and forming part of this report.
6. DIRECTORS' RESPONSIBILITY STATEMENT
In the preparation of the annual accounts, the applicable Accounting
Standards had been followed along with proper explanation relating to
material departures.
We 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 at
3151 March,2012 and of the profit of the Company for the year ended on
that date.
We have 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 the preventing
and detecting fraud and other irregularities.
The accompanying financial statements of the company have been prepared
by us on a going concern basis.
7. AUDIT COMMITTEE
The audit committee reconstituted and comprises of four directors viz.
Mr. B.P.Rauka, Mr. Kishan Sharma, Mr. D.L. Arora and Anand Bagwe, the
Committee met four times during the year. For more details refer the
corporate governance.
8. DIRECTORS
Pursuant to Article 58 of The Article of Association of the Company Mr
Anand D Bagwe retires by rotation and being eligible offers himself for
reappointment Mr. Bagwe is a science graduate and possesses about 8
years of experience in the field of research & development project
management and finance and business management. He got re associated
with Company as a director since 2009 and his previous association was
for a very brief period of months.
Mr. Pawan Kumar Maurya, who was appointed as an additional Director of
the Company, ceased to be the Director on the date of ensuing Annual
General Meeting ofthe Company.
9. DEPOSITS
The company has not accepted fixed deposits since inception.
10. AUDITORS'REPORT
The notes referred to by the Auditors in their report are self
explanatory and do not require any further clarification except in
respect of shares of Somani Securities Pvt Ltd, for which the Company
has taken up the matter with the Company for non receipt of share
certificates and is pursuing the matter and legal course.
11. AUDITORS
M/s A.H.Agarwal & Associates, Chartered Accountants expressed their
inability for reappointment M/s R. N. Bhutra & Co., Chartered
Accountants are proposed to be appointed as auditors of the Company and
given their consent and their appointment will be within the ceiling
provided under the Companies Act, 1956.
12. INSURANCE
The Company does not possess any material properties, which need
insurance.
13. STATUTORY INFORMATION
i. The particulars under the Companies (Disclosure of Particulars in
the report of Board of Directors) Rules, 1988 require disclosure
of particulars regarding conservation of energy in Form A and technology
absorption in Form B prescribed by the rules. The Company not brings an
industry under the Schedule Form A & B disclosures are not applicable.
ii. The Company has no foreign exchange earnings and out go.
iii. None of the employees was in receipt of remuneration in excess of
limits prescribed under Section 217(2A) of the Companies Act, 1956 read
with Companies (Particulars of Employees) rules, 1975.
iv. The Company does not have any subsidiary with in meaning of
Section 4 of the Companies Act, 1956.
14. ACKNOWLEDGEMENTS
The Company gratefully acknowledges the co-operation and supports
extended by the Bankers, Shareholders and Clients of the Company and
place on record its appreciation for the active support and assistance
of the employees for the performance.
For and on behalf of the Board of Directors
Place : Mumbai Laxminarayan Sharma Kishan Sharma
Date :31st May 2012 Managing Director Director
Mar 31, 2010
The directors are pleased to present Sixteenth Annual Report together
with the Audited Accounts of the Company for the year ended 31st March,
2010.
1. FINANCIAL RESULTS:
The financial results of the company are summarized as below:
(Rs. in lacs) (Rs. in lacs)
Year Ended Year Ended
31/3/2010 31/3/2009 Income 35.89 75.88
Profit/(Loss) After Depreciation 19.07 10.84
Provision for Tax 2.96 1.18
Balance carried to Balance Sheet (30.47) (46.58)
2. REVIEW OF OPERATIONS:
The company has earned a profit ofRs. 19.07 lacs as against Rs.10.84
lacs during the previous year.
3. DIVIDEND:
No dividend can be recommended in view of inadequate profit for the
year.
4. FUTURE OUTLOOK:
The Company has been operating with its own limited resources.
Financial market is facing lot of new challenges interest rates are
constantly changing, recoveries have become major concern. In the
present scenario and based on the present business model the growth
potential in its business is limited.
5. DISCLOSURE UNDER THE LISTING AGREEMENT: UNDER CLAUSE 32
Cashflow statement pursuant to Clause 32 of listing agreement is
annexed herewith as Annexure "A" and forming part of this report.
6. DIRECTORSRESPONSIBILITY STATEMENT:
In the preparation of the annual accounts, the applicable Accounting
Standards had been followed along with proper explanation relating to
material departures.
We 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 at
31st March,2010 and of the profit of the Company for the year ended on
that date.
We have 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 the preventing
and detecting fraud and other irregularities.
The accompanying financial statements of the company have been prepared
by us on a going concern basis.
7. AUDIT COMMITTEE:
The audit committee comprises of four directors viz. Mr. B.P.Rauka,
Kishan Sharma, Mr. L.N.Sharma and Mr. D. L.A rora, the Committee met
four times during the year. For more details refer the corporate
governance.
8. DIRECTORS:
Pursuant to Article 58 of The Article of Association of the Company Mr
Kishan Sharma, retires by rotation and being eligible offers himself
for reappointment Mr Sharma is a Chartered Accountant and possesses
about 27 years of experience in the field of accountancy, corporate
laws and finance.
9. DEPOSITS:
The company has not accepted fixed deposits since inception.
10. AUDITORSREPORT:
The notes referred to by the Auditors in their report are self
explanatory and do not require any further clarification.
11. AUDITORS:
M/s A.H.Agarwal & Associates, Chartered Accountants are proposed to be
reappointed as auditors of the Company and given their consent and if
appointed will be within the ceiling provided under the Companies Act,
1956.
12. INSURANCE:
The Company does not possess any material properties, which need
insurance.
13. STATUTORY INFORMATION:
i. The particulars under the Companies(Disclosure of Particulars in the
report of Board of Directors)
Rules, 1988 require disclosure of particulars regarding conservation of
energy in Form A and technology absorption in Form B prescribed by the
rules. The Company not bring an industry under the Schedule, Form A&B
disclosures are not applicable.
ii. The Company has no foreign exchange earnings and out go.
iii. None of the employees was in receipt of remuneration in excess of
limits prescribed under Section 217(2A) of the Companies Act, 1956 read
with Companies (Particulars of Employees) rules, 1975.
iv. The Company does not have any subsidiary with in meaning of Section
4 of the Companies Act, 1956.
14. ACKNOWLEDGEMENTS:
The Company gratefully acknowledges the co-operation and support
extended by the Bankers, Shareholders and Clients of the Company and
place on record its appreciation for the active support and assistance
of the employees for the performance.
For and on behalf of
the Board of Directors
Place: Mumbai Kishan Sharma
Date : 14,h August 2010 Chairman