Dec 31, 2014
Dear members,
The Directors have pleasure in presenting the 21st Annual Report of
the Company along with Audited Accounts for the year ended 31st
December, 2014.
* FINANCIAL RESULTS:
The Financial Results of the Company for the year ended on 31st
December 2014, as compared to the previous year are summarized below: -
(Rs. In Lacs)
31/12/2014 31/12/2013
Total Income 98997.23 58884.42
Profit/ (Loss) before Taxation 69.28 0.09
Less: Depreciation 12.83 6.17
Profit/ (Loss) before Taxation 56.45 (6.08)
Provision for Income Tax NIL NIL
Net Profit/(Loss) After Tax 56.45 (6.08)
Transfer to General Reserve 56.45 (6.08)
Proposed Dividend 00.00 00.00
The total net income of the Company during the year was Rs. 98997.23
lacs against Rs. 58884.42 lacs in the previous financial year. The
total expenditure during the year was Rs 98940.78 lacs against Rs.
58890.50 lacs in the previous year. The Profit/(Loss) after tax for the
year under review at Rs. 56.45 lacs was likewise higher than that of
the previous year of Rs. (6.08) lacs. The Directors trust that the
shareholders will find the performance of the company for financial
year 2014 to be satisfactory. The Earning Per Share (EPS) of the
company is Rs. 1.83 per share.
However, with a view to plough back the profits and to cater the
growing need of funds for business operations, your Board of Directors
have decided not to recommend a dividend on Equity Share for the year
under review.
* BUSINESS OPERATIONS AND FUTURE OUTLOOK:
The Company is essentially concentrating on broking activities,
advisory and consultancy assignments in capital markets. The company is
investing its funds in the capital market and other financial
instruments in view of the long term prospects of the Indian economy
and the Company is confident that it would be able to take advantage of
emerging opportunities in the coming years.
* DIRECTOR:
Mrs. Bhavna D. Mehta (DIN- 1590958), Director of the Company retires
from office by rotation in accordance with the requirement of the
Companies Act, 2013 and being eligible, offers herself for
reappointment.
Mrs. Bhavna D. Mehta (DIN- 1590958) was the Director of company. The
Nomination and Remuneration Committee at its meeting convened 28th
February, 2015, recommended re-appointment of Mrs. Bhavna D. Mehta as
Managing Director of Company to hold office for a period of five years
from 28th February,2015 on the terms and condition more particularly
mentioned in the above resolution. The board of directors at its
meeting held on 28th February, 2015 also approved the same subject to
the approval of members.
* PERTICULARS OF EMPLOYEES :
The Company has no employees of the categories specified in Section 217
(2A) of the Companies Act, 1956.
* PARTICULARS OF CONSERVATION OF ENERGY ETC.:
The company has no manufacturing activities relating to Conservation of
Energy, Technology Absorption and Foreign Exchange Earnings and Outgo
during the year under review.
* APPOINTMENT OF INDEPENDENT DIRECTORS:
In line with the requirements of Clause 49 of the Listing Agreement
entered into with the Stock Exchange, the Company had appointed Mr.
Ramnik D. Sojitra and Mr. Upen P. Parekh as Independent Directors of
the Company. As per section 149(4) of the Companies Act, 2013, every
listed public company is required to have atleast one-third of total
number of Directors as Independent Directors. Such Directors will be
appointed for a fixed term of upto 5 (five) years and will not be
liable to retire by rotation. In order to meet these requirements, the
Director is appointed as an Independent Director for a fixed tenure as
mentioned in the notice of forthcoming Annual General Meeting (AGM) of
the Company.
The company has received a declaration confirming that they meet with
the criteria of Independence from the Independent Director as
prescribed under section 149(6) of Companies Act, 2013.
* RELATED PARTY TRANSACTIONS:
The company has given loans, guarantees and made investments as
authorized and prescribed under law u/s 186 as well section 188 of
Companies Act, 2013, the resolution for which has been proposed in the
notice of an ensuing Annual General Meeting (AGM) and the disclosure of
which has been made in the Notice of an ensuing Annual General Meeting
and notes to Financial Statements as per Accounting Standard- 18.
* AUDITORS:
M/s. Dinesh K. Shah & Co. Chartered Accountants, hold office till the
conclusion of ensuring Annual General Meeting and having received the
required certificate u/s 141(3)(g) of the Companies Act, 2013 are
eligible for reappointment from the conclusion of this Annual General
Meeting till the conclusion of 26th Annual General Meeting under the
provisions of Section 139 and other applicable provisions and rules
thereto if any, of the Companies Act, 2013. The board recommends the
reappointment and requests the members to fix their remuneration. The
notes on financial statement referred to in the auditor''s report are
self explanatory and do not call for any further explanation/comment
from the board.
* SECRETARIAL AUDIT REPORT:
Pursuant to General Circular 08/2014 under Ref.No. 1/19/2013-CL-V
issued by Ministry of Corporate Affairs, it was notified that Board''s
Report in respect of financial years that commenced earlier than 1st
April, 2014 shall be governed by the relevant provisions / schedules /
rules of the Companies Act,1956 and that in respect of financial years
commencing on or after 1st April,2014,the provisions of the new Act
shall apply. However, your company has as a good corporate practice in
accordance with section 204(1) of Companies Act, 2013 annexed with its
Board''s Report a secretarial audit report given by a company secretary
in Practice in prescribed form.
* PUBLIC DEPOSITS:
The company does not take any deposits from public. There was no
Deposits unclaimed or unpaid by the Company after the date on which it
has become due for payment or renewal on 31st December 2014.
* CORPORATE SOCIAL RESPONSIBILITY:
The company considers CSR as part of its activity and believes that it
is imperative for the growth of the country and company. Your company
is not required to constitute Corporate Social Responsibility Committee
of Board under Section 135(1) of Companies Act, 2013.
* REPORTING ON SUSTAINABILITY:
We are continuously striving to promote better and more effective
sustainability policy and practices. In order to ensure transparent
communication of our sustainability efforts to all our stakeholders we
have made conscious efforts through technology innovation and effective
communication and transparency.
* DEMATERIALISATION OF SHARES:
To provide best services to the shareholders and investors, company''s
equity shares are made available for dematerialization in electronic
form in the Depository systems operated by National Securities
Depository Limited (NSDL) and Central Depository Services (India)
Limited (CDSL).
* DIRECTORS RESPONSIBILITY STATEMENT:
The Board of Directors hereby confirms:-
a) That in preparation of the annual accounts, the applicable
accounting standards have been followed along with proper explanation
relating to material departures.
b) That the Directors had selected such accounting policies and applied
them consistently and made judgments and estimates that are reasonable
and prudent so as to give a true and fair view of the state of affairs
of the company at the end of the financial year ended on 31st December,
2014 and of the Profit of the Company for that year.
c) That the Directors had taken proper and sufficient care for
maintenance of adequate accounting records for the year ended 31st
December, 2014 in accordance with the provisions of the Companies Act,
2013 for safeguarding the assets of the company, and for prevention and
detection of fraud and other irregularities.
d) That the directors have prepared the annual accounts on an ongoing
concern basis.
e) That the Directors had laid down internal financial controls to be
followed by the company and such internal financial controls are
adequate and were operating effectively.
f) That the Directors had devised proper systems to ensure compliance
with the provisions of all applicable laws and that such systems were
adequate and operating effectively.
* LISTING:
The equity shares of the company are listed on Bombay Stock Exchange
(BSE code: 511738)
The company is generally regular in payment of Annual Listing Fees. The
company has paid listing fees for the year 2014-2015 to Bombay Stock
Exchange.
* CORPORATE GOVERNANCE:
A detailed section on the code of Corporate Governance forms part of
the Annual Report. Requisite Certificate from the Auditor of the
Company regarding compliance of Corporate Governance as stipulated
under clause 49 of the Listing Agreement is annexed to the report of
Corporate Governance.
* ACKNOWLEDGEMENT:
Your Directors take this opportunity to place on record the
appreciation of the valuable contribution and dedication shown by the
employees of the Company, RTA, Auditors and Practicing Company
Secretary which have contributed to the successful management of the
Company''s affairs.
The Directors also take this opportunity to thank all the stakeholders,
Investors, Clients, Banks, Government, Regulatory Authorities and Stock
Exchange for their continued support.
On behalf of Board of Directors:
Place: Ahmedabad Bhavna D. Mehta
Date: 28th February, 2015 (Managing Director)
Dec 31, 2013
Dear Members,
The Directors have pleasure in presenting the 20th Annual Report of the
Company on the business and operations of the company along with
Audited Accounts for the year ended 31st DECEMBER 2013.
1. FINANCIAL RESULTS :
The financial results of the Company for the year ended on 31st
DECEMBER 2013 as compared to the previous year are summarized below :-
(Rs. In Lacs) (Rs. In Lacs)
31/12/2013 31/12/2012
Total Income 58884.42 49926.00
Total Expenditure 58890.50 49918.18
Profit/(Loss) before Taxation (6.08) 7.82
Provision for Income Tax Nil Nil
Net Profit/Loss After Tax (6.08) 7.82
2. PERFORMANCE DURING THE YEAR :
During the year under review, the Company has a gross loss of Rs. 6.08
lacs due to certain economical and out of control factors. company will
make efforts to make good the loss within reasonable time.
3. FUTURE OUTLOOK :
The local and Global economic indicators are improving,which is led by
positive prospects in advanced economies. Despite a strengthening
external demand, uncertainty continues to loom large on the economic,
fiscal and current account horizon of some emerging economies owing to
domestic fraglities. the global economic climate continues to be
volatile, uncertain and prone to geo-political risks.
4. DIVIDEND :
In order to conserve resources the Board of Directors do not recommend
dividend .
5. DIRECTOR :
In accordance with the requirement of companies Act 1956, Mr. Upen
Parekh, director of the company retire by rotation at ensuing Annual
General Meeting, and being eligible offer himself for re-appointment.
6. PARTICULARS OF EMPLOYEES :
The Company has no employees of the category specified in Section 217
(2A) of The Companies Act, 1956.
7. PARTICULARS OF CONSERVATION OF ENERGY ETC :
Since the Company is not engaged in any manufacturing activity, the
disclosures as required under the Companies (Disclosure of Particulars
in the Report of Board of Directors) Rules, 1988 pertaining to
conservation of energy, etc. is not applicable.
8. AUDITORS AND THEIR REPORT :
Auditors M/s. Dinesh K. Shah & Co., Chartered Accountants hold office
till the conclusion of ensuing Annual General Meeting and having
furnished the required certificate U/s. 224 (1-B) of The Companies Act,
1956 are eligible for reappointment. Board recommends the reappointment
and requests the members to fix their remuneration.
9. PUBLIC DEPOSITS :
There was no deposit unclaimed or unpaid by the Company after the date
on which it has become due for payment or renewal as on 31st DECEMBER
2013.
10. DIRECTORS'' RESPONSIBILITY STATEMENT :
Your Director Confirm:-
(a) That in preparation of the annual accounts, the applicable
accounting standards have been followed along with proper explanation.
(b) That accounting policies have been applied by them consistantly and
made judgments and estimates that are reasonable and prudent, so as to
give 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.
(c) Proper and adequate care taken by the company as per the provision
of the company''s Act 1956 to safeguard the assets of the company and
has prevented the company from financial irregularities.
(d) That the Directors had prepared the Annual Accounts on an ongoing
basis.
11. LISTING :
The equity shares of the Company are listed on The Bombay Stock
Exchange Limited, Listing fees for the year 2013-14 have been duly
paid.
12. CORPORATE GOVERNANCE:
The company has been observing the best corporate governance practices
and benchmarking itself against each such practice on an ongoing basis.
A separate section on corporate governance and a certificate from
statutory auditors M/s. Dinesh K. Shah & Co., Charterd accountants(
Membership no. F-010477) regarding compliance of the conditions of the
Corporate Governance as stipulated under clause 49 of the listing
agreements with the stock exchanges form part of this annual report.
13. ACKNOWLEDGMENT:
Your Directors take this opportunity to place on record the
appreciation of the valuable contribution and dedication shown by the
employees of the Company, which have contributed to the successful
management of the Company''s affairs.
PLACE : AHMEDABAD. FOR AND ON BEHALF OF THE BOARD OF DIRECTORS
DATE : 29/04/2014 sd/-
(BHAVNA D. MEHTA)
DIRECTOR
Dec 31, 2012
To , The Members of MEHTA SECURITIES LIMITED,
Ahmedabad.
The Directors have pleasure in presenting the 19th Annual Report of
the Company along with Audited Accounts for the year ended 31ST
DECEMBER 2012.
1. FINANCIAL RESULTS :
The financial results of the Company for the year ended on 31ST
DECEMBER 2012 as compared to the previous year are summarized below :-
(Rs. In Lacs) (Rs. In Lacs)
31/12/2012 31/12/2011
Total Income 49926.00 20481.30
Total Expenditure 49918.19 20566.62
Profit/(Loss) before Taxation 7.82 (46.98)
Provision for Income Tax Nil Nil
Net Profit/Loss After Tax 7.82 (46.98)
2. PERFORMANCE AND FUTURE OUTLOOK :
During the year under review, the Company has a gross income of Rs.
7.82 lacs.
The Company has during the year under review, provided appropriate
amount towards increase in investments value, which has resulted into
Profit. The indian economy shows promise of growth and development in
the capital market.
3. DIVIDEND :
In order to conserve resources the Board of Directors do not recommend
dividend .
4. DIRECTOR :
One of your Directors viz. Mr. R. D.Sojitra retires from office by
rotation in accordance with the requirement of The Companies Act, 1956.
He however, being eligible, offers himself for reappointment.
5. PARTICULARS OF EMPLOYEES :
The Company has no employees of the category specified in Section 217
(2A) of The Companies Act, 1956.
6. PARTICULARS OF CONSERVATION OF ENERGY ETC :
Since the Company is not engaged in any manufacturing activity, the
disclosures as required under the Companies (Disclosure of Particulars
in the Report of Board of Directors) Rules, 1988 pertaining to
conservation of energy, etc. is not applicable.
7. AUDITORS AND THEIR REPORT :
Auditors M/s. Dinesh K. Shah & Co., Chartered Accountants hold office
till the conclusion of ensuing Annual General Meeting and having
furnished the required certificate U/s. 224 (1-B) of The Companies Act,
1956 are eligible for reappointment. Board recommends the reappointment
and requests the members to fix their remuneration.
8. PUBLIC DEPOSITS :
There was no deposit unclaimed or unpaid by the Company after the date
on which it has become due for payment or renewal as on 31st DECEMBER
2012.
9. DIRECTORSÂ RESPONSIBILITY STATEMENT :
Your Director Confirm:- (a) That in preparation of the annual accounts,
the applicable accounting standards have been followed along with
proper explanation.
(b) The application of certain accounting standards by the Directors
has lead the company to acquire smooth progress at the end of the
financial year ended as on 31st December 2012.
(c) Proper and adequate care taken by the company as per the provision
of the companyÂs Act 1956 to safeguard the assets of the company and
has prevented the company from financial irregularities.
(d) That the Directors had prepared the Annual Accounts on an ongoing
basis.
10. LISTING :
The equity shares of the Company are listed on The Bombay Stock
Exchange Limited, Listing fees for the year 2012-13 have been duly
paid.
11. CORPORATE GOVERNANCE:
A detailed section on the code of Corporate Governance forms part of
the Annual Report.
12. ACKNOWLEDGMENT:
Your Directors take this opportunity to place on record the
appreciation of the valuable contribution and dedication shown by the
employees of the Company, which have contributed to the successful
management of the CompanyÂs affairs.
PLACE : AHMEDABAD. FOR AND ON BEHALF OF THE BOARD OF DIRECTORS
DATE : 29/04/2013
sd/-
(BHAVNA D. MEHTA)
DIRECTOR
Dec 31, 2008
The Directors have pleasure in presenting the 15th Annual Report of
the Company along with Audited Accounts for the year ended 31 ST
DECEMBER 2008.
1. FINANCIAL RESULTS :
The financial results of the Company for the year ended on 31ST
DECEMBER 2008 as compared to the previous year are summarized below :-
(Rs. In Lacs)
31/12/2008 31/12/2007
Total Income 6981.72 4896.77
Total Expenditure 7027.72 4905.25
Profit/(Loss) before Taxation (46.00) (8.48)
Provision for Income Tax Nil Nil
Net Profit/Loss After Tax (46.00) (8.48)
2. OVERALL REVIEW OF PERFORMANCE :
The operations of the Company have improved moderately in spite of
several organizational and market related issues.
During the year under review, the Company has a gross income of Rs.
6981.72 Lacs.
Simultaneously, during the year under review, as well as historically
the Company has provided substantial amount towards decrease in
investments value, which has resulted into loss of 46 lacs.
3. DIVIDEND :
In view of the loss, the Board of Directors do not recommend dividend .
4. BUSINESS OPERATIONS AND FUTURE OUTLOOK :
The business of the Company is being affected by several external
factors, which are beyond the control of the Company. Some of them are
fluctuating market conditions, political situation, government control
etc. But looking to the structural changes that have taken place in the
economic environment, the future of the Company and the area in which
the Company carries on Its business is bright. The company is exploring
various initiatives relatirtgto the capital market.
5. DIRECTOR;
One of your Directors viz. Mr. Upen Parekh retires from office by
rotation in accordance with the requirement of The Companies Act, 1956.
He however, being eligible, offers himself for reappointment.
6. PARTICULARS OF EMPLOYEES :
The Company has no employees of the category specified in Section 217
(2A) of The Companies Act, 1956.
7. PARTICULARS OF CONSERVATION OF ENERGY ETC :
Since the Company is not engaged in any manufacturing activity, the
disclosures as required under the Companies (Disclosure of Particulars
in the Report of Board of Directors) Rules, 1988 pertaining to
conservation of energy, etc. is not applicable.
8. AUDITORS AND THEIR REPORT :
Auditors M/s. Dinesh K. Shah & Co., Chartered Accountants hold office
till the conclusion of ensuing Annual General Meeting and having
furnished the required certificate U/s. 224 (1-B) of The Companies Act,
1956 are eligible for re-appointment. Board recommends the
reappointment and requests the members to fix their remuneratiori.
9. PUBLIC DEPOSITSi :
There was no deposit unclaimed or unpaid by the Company after the date
on which jt has.become due for payment or renewal as on 31st DECEMBER
2008.
10. DIRECTORS RESPONSIBILITY STATEMENT :
Your Director Confirm:-
(a) That in preparation of the annual accounts, the applicable
accounting standards have been followed along with proper explanation.
(b) That the Directors had selected such accounting polices and applied
them consistently and made judgments and estimates that are reasonable
and prudent so as give a true and fair view of the state of affairs of
the company at the end of the financial year ended on 31s DECEMBER
2008 and of the Profit of the Company for that year.
(c) That the Directors had taken proper and sufficient care for
maintenance of adequate accounting records for the year ended 31 ST
DECEMBER 2008 in accordance with the provision of The Companies Act,
1956 for safeguarding the assets of the Company and for prevention and
detection of fraud and other irregularities.
(d) That the Directors had prepared the Annual Accounts on an ongoing
basis.
11. LISTING :
The equity shares of the Company are listed on The Stock Exchange of
Mumbai, Listing fees for the year 2008-09 have been duly paid.
12. CORPORATE GOVERNANCE:
A detailed section on the code of Corporate Governance forms part of
the Annual Report.
13. ACNOWLEDGEMENT:
Your Directors take,this opportunity to place on record the
appreciation of the valuable contribution and dedication shown by the
employees of the Company, which have contributed to the successful
management of the Companys affairs.
PLACE : AHMEDABAD. FOR AND ON BEHALF OF THE BOARD OF DJRECTORS
DATE : 29/04/2009 (BHAVNA D. MEHTA)
DIRECTOR
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