Mar 31, 2015
To the Members,
Labored Finance Limited
The Directors have pleasure in presenting the 21st Annual Report along
with the Audited Accounts of the Company for the year ended 31st March,
2015.
FINANCIAL PERFORMANCE
A. A summary of the standalone & consolidated financial performance of
your Company for the financial year ended 31.3.2015, is as under :
Standalone Results Consolidated Results
2014-15 2013-14 2014-15 2013-14
(Rs. in (Rs. in (Rs. in (Rs. in
Lacs) Lacs) Lacs) Lacs)
Gross Income 82.15 167.79 85.75 167.79
Gross Profit before
depreciation & Provision
for Taxation 12.95 65.46 14.08 64.84
Other Income 0.86 1.25 0.86 2.12
Depreciation 1.76 1.32 1.76 1.32
Deferred Tax (1.47) 0.07 (1.47) 0.07
Provision for taxation 4.05 20.31 4.40 20.38
Short Provision
Written Back (0.13) 0.08 (0.13) 0.08
Profit after
taxation (PAT) 9.60 44.92 10.39 45.10
Balance brought forward
from previous year (6.55) (52.84) (6.38) (52.84)
Provision for Gratuity
written back - - - -
Provision for Diminutions
in the value of Investments
Written Back - 1.37 - 1.37
Minority Interest - - (0.05) (0.01)
Transfer to General Reserve 3.05 (6.55) 3.96 (6.38)
1. REVIEW OF OPERATIONS
(a) Standalone Results
The income from operation on standalone basis during the year was
Rs.82.15 Lakhs (Previous Year 167.79 Lakhs). The company's turnover has
decreased by about 51.04% on standalone basis due to less than average
performance in the 4th quarter of this financial year largely on
account of less favorable business conditions. The profits have
decreased by 78.63% due to low level of operations.
(b) Consolidated Results
In a tough business environment that prevailed in the fiscal 2014-15,
your company has achieved a turnover of Rs. 85.75 lakhs which is 48.89%
less than Rs. 167.79 lakhs achieved in the previous year. This was
mainly due to decrease in the revenues from the Consultancy Services
provided by the Company. The net profits have decreased from Rs 45.10
lakhs to Rs 10.39 lakhs ( 76.90%) on consolidated basis.
2. OUTLOOK & PROSPECTS
According to World Economic Outlook (WEO) Update published by the IMF
in April 2015, the Global growth remains moderate, with uneven
prospects across the main countries and regions. However, it is
projected to be 3.5 percent in 2015, in line with forecasts in the
January 2015 World Economic Outlook (WEO) Update. Relative to last
year, the outlook for advanced economies is improving, while growth in
emerging market and developing economies is projected to be lower,
primarily reflecting weaker prospects for some large emerging market
economies and oil-exporting countries.
The Indian Economy is reported to have achieved a growth rate of about
7.3% in 2014-2015 upon changes in the methods of computation. Though it
was much better compared to a dismal performance of last year, it is
yet far away from what can be termed as a glamorous growth rate of
10.4% achieved in the year 2010. According to the Economic Survey
2014-15, "Perspiration and inspiration, investment and efficiency,
respectively, determine long-run growth. But the Indian private
investment climate is clouded by the experience of the last decade. A
combination of factors-weak corporate balance sheets, an impaired
banking system, difficulty of exit, the deficiencies of the public
private partnership (PPP) model in infrastructure-could hold back
private investment going forward."
On January 30, 2015 the Central Statistics Office released a new GDP
series that entailed shifting the base year from 2004- 05 to 2011-12
but also using more data and deploying improved methodologies. However,
as the Economic Survey also opined "These numbers seem difficult to
reconcile with other developments in the economy. 2013-14 was a crisis
year - capital flowed out, interest rates were tightened, there was
consolidation-and it is difficult to see how an economy's growth rate
could accelerate so much in such circumstances. This growth surge also
appears to have been accompanied by dramatic declines in savings and
investment ratios. For example, gross fixed capital formation declined
from 33.6 percent in 2011-12 to 29.7 percent in 2013-14 while gross
domestic savings declined from 33.9 percent to 30.6 percent. The
implication is that the growth surge in the crisis year of 2013-14 was
also a massive productivity surge, reflected in an incremental capital
ratio that declined by about 30 percent, and total factor productivity
growth that improved by over 2 percentage points. The data show that
private corporate investment increased robustly in 2013-14 which seems
at odds with stressed balance sheets and the phenomenon of stalled
projects"
However, amidst an uncertain global economic environment faced with
uncertainty and volatility, the Indian economy has showed considerable
resilience to the euro-zone crisis, and greater degree of preparedness
for the possible hike in federal interest rates in the USA. According
to the opinion given by several international financial institutions
and rating agencies, it has been estimated that India is poised to be
the world's fastest growing economy outpacing China soon.
It can be reasonably expected that the government's 'policies of
reforms' together with several positive factors such as low rates of
inflation, decrease in crude oil prices and fiscal consolidation and a
more favorable balance of payments may help prepare a sound base for
accelerated overall growth in India.
With the outlook for the economy improving, the Company sees growth
opportunities for its business in the year ahead.
3. SHARE CAPITAL
There was no change in the share capital of the company during the year
under review. The paid up equity capital remained at Rs. 800 lakhs
comprising of 80 lakh shares of Rs. 10 each as on March 31, 2015. The
company has not issued shares with differential voting rights nor
granted stock options nor sweat equity.
4. DIVIDEND
In view of insufficient profits made by the company due to reasons
discussed above, your directors do not recommend any dividend for the
current year under review. A sum of Rs. 9.60 lakhs has been transferred
to the Reserves. Pursuant to transitional provisions prescribed in
Schedule II to the Companies Act, 2013, the Company has adjusted an
amount of Rs. 5.23 lakhs against the opening balance in the statement
of Profit & Losss under Reserve and Surplus.
5. FIXED DEPOSITS
Your Company has not accepted any deposits within the meaning of
Section 73 of the Companies Act, 2013 and the Companies (Acceptance of
Deposits) Rules, 2014.
6. INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY
The Company has an Internal Control System, commensurate with the size
and nature of its operations. During the year, controls were tested and
no material weakness in design and operation were observed.
7. DIRECTORS & KEY MANAGERIAL PERSONNEL
In accordance with the provisions of the Companies Act, 2013, Mr. Nawal
Agrawal (DIN - 01753155), Director of the Company will be retiring by
rotation at the ensuing Annual General Meeting and is eligible for
re-appointment. Dr. (Mrs.) Vandna Dangi (DIN - 00886496) has been
appointed as the Managing Director & Chief Executive Officer with
effect from 10.3.2015 for a term of three years. Details about her
remuneration are provided in the Notice as well as Annexure to the
Directors' Report.
During the year under review, Mr. Nawal Agrawal has been appointed as
the CFO of the Company with effect from 10.3.2015 for a term of three
years.
Mr. V. H. Pandya (DIN - 00031857), an Independent Director of the
Company who was re-appointed as a Director, liable to retire by
rotation has expressed his unwillingness to be reappointed due to ill
health and old age issues in the Annual General Meeting to be held on
30.9.2015. The Board places on record deep appreciation for the
commendable contribution made by him during his long association with
the company as an independent director.
8. CORPORATE GOVERNANCE AND MANAGEMENT DISCUSSION & ANALYSIS
In pursuance of SEBI Circular CIR/CFD/POLICY CELL/7/2014 dated
September 15, 2014 to all Recognized Stock Exchanges, amongst others,
made the compliance with the provisions of amended Clause 49 of the
Listing Agreement, non-mandatory for time being, to those companies
having paid-up equity share capital not exceeding Rs 10 Crore and Net
Worth not exceeding Rs. 25 Crore as on the last day of the previous
financial year. Considering that the Company's paid-up equity share
capital was less than Rs 10.00 Crore and the Net Worth was less than Rs
25 crore as on 31.3.2014, compliance with the provisions of revised
Clause 49 of the Listing Agreement are not mandatory to the Company.
Therefore, a separate Section on Corporate Governance and Management
Discussion and Analysis Report and other details as stipulated under
Clause 49 of the Listing Agreement with the Stock Exchange do not form
part of this Annual Report.
9. NUMBER OF MEETINGS OF THE BOARD OF DIRECTORS
During the year there were five Board Meetings held on 26.05.2014,
30.07.2014, 31.10.2014, 21.01.2015 and 9.03.2015. The intervening gap
between the meetings was within the period prescribed under the
Companies Act, 2013.
10. DECLARATION GIVEN BY INDEPENDENT DIRECTORS
As per the requirement of Section 149 (7) of the Companies Act, 2013,
the Independent Directors have given their respective declarations that
they meet the criteria of independence as specified under Section 149
(6) of the Act.
11. REMUNERATION POLICY
Based on the recommendation of the Nomination & Remuneration Committee,
the Board of Directors has approved and adopted a Remuneration policy
for Directors, Key Managerial Personnel and other employees of the
Company under section 178 (3) of the Companies Act, 2013. The
remuneration policy is annexed to this Report and forms part of this
Report.
12. CODE OF CONDUCT
The Code of Conduct for the Board of Directors and the Senior
Management has been adopted by the Company. The Code of Conduct has
been disclosed on the website of the company at www.libord.com.
13. SUBSIDIARY COMPANIES/ ASSOCIATED COMPANIES
The Company has M/s. Libord Stock Brokers Private Limited (LSBPL) as
its Subsidiary Company. LSBPL is registered as a stock broker under the
SEBI Act and is an approved member of the BSE Limited. Your Company
has 93.57% of equity holding in LSBPL.
The net profit after tax of LSBPL is Rs. 0.79 lakhs for the year ended
on 31.3.2015. LSBPL is yet to commence business as a trading member of
the BSE Ltd.
M/s. Libord Advisors Private Ltd (LAPL) is an Associate Company of your
Company. Your Company has 46.29% of the equity holding in the Associate
Company LAPL. LAPL is a SEBI registered Category 1 Merchant Banker
w.e.f. 18.10.2013. The net profit after tax of LAPL is Rs. 7.73 lakhs
for the year ended as at 31.3.2015.
During the year 2014-15, no Company has become or ceased to be the
Company's subsidiary or associate.
14. VIGIL MECHANISM / WHISTLE BLOWER POLICY
The Company has adopted a Whistle Blower Policy to report to the
Management instances of unethical behavior, actual or suspected, fraud
or violation of the Company's code of conduct or ethics policy. Under
this policy, the employees can approach the Company's Compliance
Officer and/or Chairman of the Audit Committee. Whistle Blower Policy
ensures that strict confidentiality is maintained whilst dealing with
concerns and also that no discrimination be meted out to any person for
a genuinely raised concern. The Whistle Blower Policy of the Company is
also posted on the website of the Company.
15. PREVENTION OF INSIDER TRADING
The Company has adopted a code of conduct for Prevention of Insider
Trading with a view to regulate trading in securities by the Directors
and designated employees of the Company. The "Code of Fair Disclosure,
Internal Procedures and Conduct for Regulating, Monitoring and
Reporting of Trading by Insiders" has been adopted and has been
disclosed on the website of the company at www.libord.com.
The Code requires pre-clearance for dealing in the Company's shares and
prohibits the purchase or sale of Company shares by the Directors and
the designated employees while in possession of unpublished price
sensitive information in relation to the Company and during the period
when the Trading Window is closed.
16. CORPORATE SOCIAL RESPONSIBILITY COMMITTEE
The provisions of Section 135 of the Companies Act, 2013 are not
presently applicable to the Company.
17. DIRECTORS' RESPONSIBILITY STATEMENT
Pursuant to the requirement under Section 134 (3c) & (5) of the
Companies Act, 2013, with respect to Directors' Responsibility
Statement, it is hereby confirmed:
(i) That in the preparation of the accounts for the financial year
ended 31st March, 2015, the applicable accounting standards have been
followed along with proper explanation relating to material departures;
(ii) That the Directors have selected such accounting policies and
applied them consistently and made judgments and estimates that were
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 or loss of the Company for the year under review.
(iii) That the Directors have taken proper and sufficient care of 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.
(iv) That the Directors have prepared the accounts for the financial
year ended 31st March, 2015 on a going concern basis.
(v) That 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.
(vi) That the directors have devised proper systems to ensure
compliance with the provisions of all applicable laws and that such
systems were adequate and operating effectively
18. BUSINESS RISK MANAGEMENT
Pursuant to section 134 (3) (n) of the Companies Act, 2013, the Company
has undertaken suitable measures for the development and implementation
of a risk management policy for the Company including identification of
elements of risk, if any, which in the opinion of the board may
threaten the existence of the Company. At present the Company has not
identified any element of risk which may threaten the existence of the
Company.
19. PARTICULARS OF MATERIAL ORDERS
During the year under review, neither any Regulator nor any Court or
Tribunal has passed any significant and material order impacting the
going concern status and the Company's operations in future.
20. BOARD EVALUATION
The performance of Board of Directors and the Committees constituted by
the Board and the individual Directors has been evaluated during the
Financial Year ended 31.3.2015.
21. PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES
Particulars of contracts or arrangements with related parties as
required pursuant to the provisions of section 134(3)(h) and rule 8 of
the Companies (Accounts) Rules, 2014 in form no. AOC- 2 is annexed to
this report and forms part of this report.
22. PURCHASE OF SHARES OF THE COMPANY
The Company does not give any loan, guarantee or security, or any
financial assistance to the employees of the Company for the purpose of
purchase or subscription for any shares of the Company pursuant to
Section 67 (2) of the Companies Act, 2013.
23. EXTRACT OF ANNUAL RETURN
An extract of the Annual Return as provided under section 92(3) of the
Companies Act, 2013 is annexed to this Report and forms part of this
Report.
24. AUDIT COMMITTEE
a) Terms of Reference
To oversee iter alia, the Company's financial reporting process and
disclosure of its financial information, to recommend the appointment
of Statutory Auditors and fixation of the audit fees, to review and
discuss with the Auditors about internal control systems, scope of
audit including observations of the auditors on adequacy of internal
control systems, major accounting policies & practices, adopting
accounting standards and complying various requirements concerning
financial statements, if any, to review the Company's quarterly and
annual financial statements before submission to the Board of
Directors.
b) Composition of Audit Committee
The Audit Committee comprises of three directors with Independent
Directors forming the majority. Mr. Romil Choksey, is the Chairman of
the Audit Committee. Mr. V.H. Pandya and Mr. Lalit Kumar Dangi are the
other two members of the Audit Committee. The members possess adequate
knowledge of accounts, audit and finance, among others. The composition
of the Audit Committee meets the requirement as per section 177 of the
Companies Act, 2013. There are no recommendations of the Audit
Committee which have not been accepted by the Board. During the year,
four Audit Committee meetings were held on 26.05.2014, 30.07.2014,
31.10.2014 & 21.01.2015.
25. SECRETARIAL AUDIT REPORT
Pursuant to the provisions of Section 204 of the Companies Act, 2013
and the Companies (Appointment and Remuneration of Managerial
Personnel) Rules, 2014, Ms Shivani Surana Member of the Institute of
Company Secretaries of India (Membership Number ACS: 35359) and a
Company Secretary in Practice (CP Number: 13273) had been appointed for
conducting the Secretarial Audit of the Company for the financial year
2014-15. As required under section 204 (1) of the Companies Act, 2013
the Company has obtained a Secretarial Audit report. The observations
made in the Auditors' Report read together with relevant notes thereon
are self explanatory and hence, do not call for any further comments
under Section 134 (3) of the Companies Act, 2013 besides that the
Company could not appoint a Company Secretary in the Year 2014-15 as it
could not locate a suitable candidate. The company is currently in the
process of appointing a Company Secretary.
26. AUDITORS
At the Annual General Meeting, Members will be required to appoint
Auditors for the next term. M/s. Amar Bafna & Associates, Chartered
Accountants, Mumbai, the existing Auditors have furnished a
certificate, confirming that if re-appointed, their re- appointment
will be in accordance with Section 139 read with Section 141 of the
Companies Act, 2013. The Members are requested to consider their
re-appointment as Auditors of the Company for the next term of one
year, and authorize the Board of Directors to fix their remuneration.
The Auditors Report to the shareholders for the year under review does
not contain any qualification.
27. CERTIFICATION AND RECOGNITION
A Certification of Registration as a stock broker was granted by SEBI
under SEBI Act to Libord Stock Brokers Private Limited (A Subsidiary
Company of Libord Finance Limited), to act as a member of the BSE
Limited w.e.f. 16.4.2015.
28. PARTICULARS OF LOANS, GUARANTEES AND INVESTMENT
The company has not given any loans or guarantees covered under the
provisions of section 186 of the Companies Act, 2013.The details of the
investments made by company is given in the notes to the financial
statements.
29. STATEMENT PURSUANT TO LISTING AGREEMENT
The Company's Equity Shares are listed at BSE Ltd., Mumbai. The listing
fee for the year under review has been paid to BSE timely.
30. PERSONNEL
The information required to be disclosed in the Directors' Report
pursuant to section 197 of the Companies Act 2013 read with Rule 5 of
the Companies (Appointment and Remuneration of Managerial Personnel)
Rule 2014 is set out as an Annexure to the Report.
31. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE
EARNINGS AND OUTGO
(A) CONSERVATION OF ENERGY
Not Applicable.
(B) TECHNOLOGY ABSORPTION
Not Applicable.
(C) FOREIGN EXCHANGE EARNINGS AND OUTGO
Particulars For the year ended March 31, 2015 For the year ended March
31, 2014
(In Rupees) (In Rupees)
Foreign Exchange Earnings NIL NIL
Foreign Exchange outgo 30825/- NIL
32. ACKNOWLEDGEMENTS
Your Directors place on record their appreciation for the valuable
contribution made by the staff members of the company. Your Directors
wish to place on record their appreciation for the active support given
by Banks, Investors, Shareholders, Brokers, Employees and Customers.
By the Order of the Board
Place: Mumbai Dr.(Mrs.) Vandna Lalit Dangi
Date: 31.07.2015 Managing Director
Mar 31, 2014
Dear Members,
The Directors have pleasure in presenting the 20th Annual Report along
with the Audited Accounts of the Company for the year ended 31st March,
2014.
FINANCIAL PERFORMANCE
A. Summary of the Consolidated Financial Performance of your company
for the financial year ended 31.3.2014 is as under :
2013-2014 2012-2013
(Rs. in Lakhs) (Rs. in Lakhs)
Gross Income 169.91 120.85
Gross Profit before depreciation
& Provision for Taxation 66.96 13.40
Depreciation 1.32 1.35
Deferred Tax 0.07 0.12
Provision for taxation 20.38 3.50
Short provisions written back 0.08
Profit after taxation (PAT) 45.10 8.43
Balance brought forward from (52.84) (63.21)
Previous Years
Provision for Gratuity written back - 1.94
Other provision 0.01 -
Provision for Diminutions in the value 1.37 -
of Investments Written Back
Balance carried to Balance sheet (6.38) (52.84)
B. A summary of the standalone financial performance of your Company
for the financial year ended 31.3.2014, is as under :
2013-2014 2012-2013
(Rs. in Lakhs) (Rs. in Lakhs)
Gross Income 169.04 120.85
Gross Profit before depreciation
& Provision for Taxation 66.70 13.40
Depreciation 1.32 1.35
Deferred Tax 0.07 0.12
Provision for taxation 20.31 3.50
Short provisions written back 0.08
Profit after taxation (PAT) 44.92 8.43
Balance brought forward from (52.84) (63.21)
Previous Years
Provision for Gratuity written back - 1.94
Provision for Diminutions in the value 1.37 -
of Investments Written Back
Balance carried to Balance sheet (6.55) (52.84)
REVIEW OF OPERATIONS
The income from operation on consolidated basis during the year was
Rs.169.91 Lakhs. The income from operation on standalone basis during
the year was Rs.169.04 Lakhs (Previous Year 120.85 Lakhs)
FIXED DEPOSITS
Your Company has not accepted any deposits from the public during the
year.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE
EARNINGS AND OUTGO
Your Company has no activities relating to conservation of energy or
technology absorption. There were no earnings or outgo in foreign
exchange for the period under review.
PERSONNEL
No employee of the Company was drawing salary in excess of the limits
specified under section 217 (2A) of the Companies Act,1956 read with
the Company''s (Particular of Employees) Rules,1975.
DIRECTORS
In accordance with the provisions of the Companies Act, 2013 Mr. Lalit
Kumar Dangi and Mr. V.H. Pandya, Directors of the Company will be
retiring by rotation at the ensuing Annual General Meeting and are
eligible for re-appointment.
Pursuant to the provisions of Section 161(1) of the Companies Act, 2013
and the Articles of Association of the Company, Mr. Romil Y. Choksey
was appointed as an Additional Director designated as an Independent
Director with effect from 1st October, 2013 and he shall hold office up
to the date of ensuing Annual General Meeting. The Company has received
requisite notice in writing from a Member proposing Mr.Ckoksey for
appointment as an Independent Director. As per the provisions of
Section 149 of the Act, which has come into force with effect from 1st
April, 2014, an Independent Director shall hold office for a term upto
five consecutive years on the Board of a Company and is not liable to
retire by rotation.
CORPORATE GOVERNANCE
A separate Section on Corporate Governance and 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 forms part of this Annual Report.
MANAGEMENT DISCUSSION AND 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 in India, is presented in a separate Section forming part of
this Annual Report.
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:
(i) That in the preparation of the accounts for the financial year
ended 31st March, 2014, the applicable accounting standards have been
followed along with proper explanation relating to material departures;
(ii) That the Directors have selected such accounting policies and
applied them consistently and made judgments and estimates that were
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 or loss of the Company for the year under review.
(iii) That the Directors have taken proper and sufficient care of the
maintenance of adequate accounting records in accordance with the
provisions of the Companies Act, 1956 for safeguarding the assets of
the Company and for preventing and detecting fraud and other
irregularities.
(iv) That the Directors have prepared the accounts for the financial
year ended 31st March, 2014 on a going concern basis.
REPORT ON AUDIT COMMITTEE
a) Terms of Reference
To oversee the Company''s financial reporting process and disclosure of
its financial information, to recommend the appointment of Statutory
Auditors and fixation of the audit fees, to review and discuss with the
Auditors about internal control systems, scope of audit including
observations of the auditors on adequacy of internal control systems,
major accounting policies & practices, adopting accounting standards
and complying various requirements concerning financial statements, if
any, to review the Company''s half-yearly and annual financial
statements before submission to the Board of Directors.
During the year four Audit Committee meetings were held on 30.05.2013,
29.07.2013, 28.10.2013 & 24.01.2014.The Minutes of the Audit Committee
are circulated to the Board, discussed and taken note of.
b) Composition
Name of Member Status No. of Meeting
Attended
Mr. V. H. Pandya Chairman 4
Mr. Lalit Kumar Dangi Member 4
Mr. Nawal Agrawal Member 2
Mr. Romil Y. Choksey Member 2
AUDITORS
At the Annual General Meeting, Members will be required to appoint
Auditors for the next term. M/s. Amar Bafna & Associates, Chartered
Accountants, Mumbai, the existing Auditors have furnished a
certificate, confirming that if re-appointed, their re- appointment
will be in accordance with Section 139 read with Section 141 of the
Companies Act, 2013. The Members are requested to consider their
re-appointment as Auditors of the Company for the next term of one
year, and authorize the Board of Directors to fix their remuneration.
ACKNOWLEDGEMENTS
Your Directors place on record their appreciation for the valuable
contribution made by the staff members of the company.
Your Directors wish to place on record their appreciation for the
active support given by Banks, Investors, Shareholders, Brokers,
Employees and Customers.
For and on Behalf of the Board
Place: Mumbai Dr. (Mrs.) Vandna Lalit Dangi
Date: 26.05.2014 Managing Director
Mar 31, 2013
To the Members of Libord Finance Limited
The Directors have pleasure in presenting the 19th Annual Report along
with the Audited Accounts of the Company for the year ended 31st March,
2013.
FINANCIAL PERFORMANCE
2012-2013 2011-2012
(Rs. in /lacs) (Rs. in /lacs)
Gross Income 120.85 90.55
Gross Profit before depreciation
& Provision for Taxation 13.40 13.57
Depreciation 1.35 1.35
Deferred Tax 0.12 -
Provision for taxation 3.50 3.50
Profit after taxation (PAT) 8.43 8.95
Balance brought forward from (63.21) (72.17)
Provisions for Gratuity
written back 1.94 -
Balance carried forward to Balance (52.84) (63.21)
sheet
REVIEW OF OPERATIONS
The income from operation during the year was Rs. 120.85 Lakhs
(Previous Year 90.55 Lacs)
FIXED DEPOSITS
Your Company has not accepted any deposits from the public during the
year.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE
EARNINGS AND OUTGO
Your Company has no activities relating to conservation of energy or
technology absorption. There were no earnings or outgo in foreign
exchange for the period under review.
PERSONNEL
No employee of the Company was drawing salary in excess of the limits
specified under section 217 (2A) of the Companies Act,1956 read with
the Company''s (Particular of Employees) Rules,1975.
DIRECTORS
Mr. Nawal Agrawal retires by rotation as director. He has offered
himself for reappointment being eligible for the same.
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:
(i) That in the preparation of the accounts for the financial year
ended 31st March, 2013, the applicable accounting standards have been
followed along with proper explanation relating to material departures;
(ii) That the Directors have selected such accounting policies and
applied them consistently and made judgments and estimates that were
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 or loss of the Company for the year under review.
(iii) That the Directors have taken proper and sufficient care of the
maintenance of adequate accounting records in accordance with the
provisions of the Companies Act, 1956 for safeguarding the assets of
the Company and for preventing and detecting fraud and other
irregularities.
(iv) That the Directors have prepared the accounts for the financial
year ended 31st March, 2013 on a going concern basis.
REPORT ON AUDIT COMMITTEE
a) Terms of Reference
To oversee the Company''s financial reporting process and disclosure of
its financial information, to recommend the appointment of Statutory
Auditors and fixation of the audit fees, to review and discuss with the
Auditors about internal control systems, scope of audit including
observations of the auditors on adequacy of internal control systems,
major accounting policies & practices, adopting accounting standards
and complying various requirements concerning financial statements, if
any, to review the Company''s half-yearly and annual financial
statements before submission to the Board of Directors.
During the year four Audit Committee meetings were held on 7.05.2012,
25.07.2012, 29.10.2012 & 28.01.2013.The Minutes of the Audit Committee
are circulated to the Board, discussed and taken note of.
b) Composition
Name of Member Status No. of Meeting
Attended
Mr. V. H. Pandya Member 4
Mr. Lalit Kumar Dangi Chairman 4
Mr. Nawal Agrawal Member 4
AUDITORS
M/s. Amar Bafna & Associates, Chartered Accountants have shown their
willingness for the re-appointment.
Your Directors recommend the appointment of M/s. Amar Bafna &
Associates, Chartered Accountants as the auditors for the Company from
the conclusion of ensuing Annual General Meeting up to the conclusion of
the next Annual General Meeting.
The Notes on accounts referred to in the Auditor''s Report are
self-explanatory and therefore do not call for any further explanation.
ACKNOWLEDGEMENTS
Your Directors place on record their appreciation for the valuable
contribution made by the staff members of the company.
Your Directors wish to place on record their appreciation for the
active support given by Banks, Investors, Shareholders, Brokers,
Employees and Customers.
For & on Behalf of the Board
Place : Mumbai Dr.(Mrs.) Vandna Lalit Dangi
Date : 30.5.2013 Managing Director
Mar 31, 2011
The Directors have pleasure in presenting the 17h Annual Report along
with Audited Accounts of the Company for the year ended 31st March,
2011.
FINANCIAL PERFORMANCE
2010-2011 2009-2010
(Rs. in Lacs) (Rs. in Lacs)
Gross Income 80.12 65.28
Gross Profit before
depreciation
& Provision for Taxation 13.17 10.62
Depreciation 1.60 1.37
Provision for taxation & FBT 3.00 3.74
Provisions written back (0.50) (0.29)
Profit after taxation (PAT) 8.58 5.80
Balance brought forward from (80.75) (86.55)
Previous Years
Balance carried to Balance
sheet (72.17) (80.75)
REVIEW OF OPERATIONS
The income from operation during the year was Rs.80.12 Lakhs (Previous
Year 65.28 Lacs)
DELISTING OF EQUITY SHARES FROM STOCK EXCHANGES The Equity Shares of
the Company have been voluntarily delisted in Madras Stock Exchange,
Jaipur Stock Exchange & Ahmedabad Stock Exchange w.e.f.
15.03.2011,07.06.2010 & 02.06.2010 respectively. The Company continues
to be listed with Bombay Stock Exchange.
FIXED DEPOSITS
Your Company has not accepted any deposits from the public during the
year.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE
EARNINGS AND OUTGO
Your Company has no activities relating to conservation of energy or
technology absorption. There were no earning or outgo in foreign
exchange for the period under review.
PERSONNEL
No employee of the Company was drawing salary in excess of the limits
specified under section 217 (2A) of the Companies Act,1956 read with
the Company's (Particular of Employees) Rules, 1975.
DIRECTORS
Mr. V.H.Pandya & Mr. Nawal Agrawal retire by rotation as directors.
They have offered themselves for reappointment being eligible for the
same.
Mr, N,G,Deshpande has resigned due to his health & his resignation was
accepted in the Board Meeting held on 24.06.2011. The Board appreciated
the services rendered by Mr.N.G Deshpande. Dr Vandna Dangi was appointed
as an additional director on 24.06.2011. Her tenure ends at the
conclusion of the Annual General Meeting.
A notice as required under section 257 of the Companies Act, 1956 had
been received from the shareholders for proposing Dr. Vandna Dangi for
the office of the Director.
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:
(i) That in the preparation of the accounts for the financial year
ended 31st March, 2011, the applicable accounting standards have been
followed along with proper explanation relating to material departures;
(ii) That the Directors have selected such accounting policies and
applied them consistently and made judgments and estimates that were
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 or loss of the Company for the year under review.
(iii) That the Directors have taken proper and sufficient care of the
maintenance of adequate accounting records in accordance with the
provisions of the Companies Act, 1956 for safeguarding the assets of
the Company and for preventing and detecting fraud and other
irregularities.
(iv) That the Directors have prepared the accounts for the financial
year ended 31st March, 2011 on a going concern basis.
REPORT ON AUDIT COMMITTEE
a) Terms of Reference
To oversee the Company's financial reporting process and disclosure of
it's financial information, to recommend the appointment of Statutory
Auditors and fixation of the audit fees, to review and discuss with the
Auditors about internal control systems, scope of audit including
observations of the auditors on adequacy of internal control systems,
major accounting policies & practices, adopting accounting standards
and complying various requirement concerning financial statements, if
any, to review the Company's half-yearly and annual financial
statements before submission to the Board of Directors. During the
year four Audit Committee meetings were held on
20.04.2010,29.07.2010,22.10.2010 & 27.01.2011. The Minutes of the Audit
Committee are circulated to the Board, discussed and taken note of.
b) Composition
Name of Member Status No. of Meeting
Attended
Mr. N. G. Deshpande Member 1
Mr. Lalit Kumar Dangi Member 4
Mr.Nawal Agrawal Member 4
AUDITORS
M/s. Amar Bafna & Associates, Chartered Accountants have shown their
willingness for the re-appointment.
Your Directors recommend the appointment of M/s. Amar Bafna &
Associates, Chartered Accountants as the auditors for the Company from
the conclusion of ensuing annual general meeting up to the conclusion of
the next annual general meeting. The Notes on accounts referred to in
the Auditors Report are self- explanatory and therefore do not call for
any further explanation.
ACKNOWLEDGEMENTS
Your Directors place on record their appreciation for the valuable
contribution made by the staff members of the company. Your Directors
wish to place on record their appreciation for the active support given
by Banks, Investors, Shareholders, Brokers, Employees and Customers.
For and on behalf of the Board
Place: Mumbai Lalit Kumar Dangi
Date: 24.06.2011 Director
Mar 31, 2010
The Directors have pleasure in presenting the 16th Annual Report along
with Audited Accounts of the Company for the year ended 31st March,
2010.
FINANCIAL PERFORMANCE
2009-2010 2008-2009
(Rs. in Lacs) (Rs. in Lacs)
Gross Income 65.28 52.22
Gross Profit before depreciation
& Provision for Taxation 10.62 5.31
Depreciation 1.37 0.60
Provision for taxation & FBT 3.74 2.70
Provisions written back (0.29) 4.95
Profit after taxation (PAT) 5.80 (2.94)
Balance brought forward from (86.55) (83.61)
Previous Years
Balance carried to Balance sheet (80.75) (86.55)
REVIEW OF OPERATIONS
The income from operation during the year was Rs.65.28 Lakhs (Previous
Year 52.22 Lacs)
DELISTING OF EQUITY SHARES FROM JAIPUR & AHMEDABAD STOCK EXCHANGES
The Company filed application for voluntarily delisting of Equity
Shares of the Company from Madras, Jaipur & Ahmedabad Stock Exchanges.
The Equity Shares of the Company have been voluntarily delisted by
Ahmedabad Stock Exchange w.e.f. 2.6.2010 & by Jaipur Stock Exchange
w.e.f. 7.6.2010. The delisting from Madras Stock Exchange is still
awaited. The Company continue to be listed with Bombay Stock Exchange &
also with Madras Stock Exchange (till gets delisting certificate).
FIXED DEPOSITS
Your Company has not accepted any deposits from the public during the
period.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE
EARNINGS AND OUTGO
Your Company has no activities relating to conservation of energy or
technology absorption. There were no earning or outgo in foreign
exchange for the period under review.
PERSONNEL
No employee of the Company was drawing salary in excess of the limits
specified under section 217 (2A) of the Companies Act 1956 read with
the Companys (Particular of Employees) Rules,1975.
DIRECTORS
Mr. N.G Deshpande & Mr. Lalrt Dangi retire by rotation as directors.
They have offered themselves for reappointment being eligible for the
same.
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:
(i) That in the preparation of the accounts for the financial year
ended 31st March, 2010, the applicable accounting standards have been
followed along with proper explanation relating to material departures;
(ii) That the Directors have selected such accounting policies and
applied them consistently and made judgments and estimates that were
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 or loss of the Company for the year under review.
(iii) That the Directors have taken proper and sufficient care of the
maintenance of adequate accounting records in accordance with the
provisions of the Companies Act, 1956 for safeguarding the assets of
the Company and for preventing and detecting fraud and other
irregularities.
(iv) That the Directors have prepared the accounts for the financial
year ended 31st March, 2010 on a going concern basis.
REPORT ON AUDIT COMMITTEE
a) Terms of Reference
To oversee the Companys financial reporting process and disclosure of
its financial information, to recommend the appointment of Statutory
Auditors and fixation of the audit fees, to review and discuss with the
Auditors about internal control systems, scope of audit including
observations of the auditors an adequacy of internal control systems,
major accounting policies & practices, adopting accounting standards
and complying various requirement concerning financial statements, if
any, to review the Companys half-yearly and annual financial
statements before submission to the Board of Directors. During the
year four Audit Committee meetings were held on 27.4.2009,
6.7.2009,23.10.2009 & 29.1.2010. The Minutes of the Audit Committee are
circulated to the Board, discussed and taken note of.
b) Composition
Name of Member Status No. of Meeting
Attended
Mr. N. G Deshpande Member 3
Mr. Lalit Kumar Dangi Member 4
Mr.Nawal Agrawal Member 4
AUDITORS
M/s. Amar Bafna & Associates, Chartered Accountants have shown their
willingness for the re-appointment.
Your Directors recommend the appointment of M/s. Amar Bafna &
Associates, Chartered Accountants as the auditors for the Company from
the conclusion of ensuing annual general meeting upto the conclusion of
the next annual general meeting. The Notes on accounts referred to in
the Auditors Report are self- explanatory and therefore do not call for
any further explanation
ACKNOWLEDGEMENTS
Your Directors place on record their appreciation for the valuable
contribution made by the staff members of the company. Your Directors
wish to place on record their appreciation for the active support given
by Banks, Investors, Shareholders, Brokers, Employees and Customers.
For and on behalf of the Board
Place: Mumbai Lalit Kumar Dangi
Date: 25th June, 2010 Director
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