Mar 31, 2014
Dear members,
The directors take pleasure in presenting the 27th Annual Report
together with Audited Statement of Accounts of your Company for the
year ended 31st March 2014.
FINANCIAL HIGHLIGHTS
The highlights of your company''s financial results for the financial
year under review are summarized below:
(Rs. in Lacs) (Rs. in Lacs)
Year Ended Year Ended
31.03.2014 31.03.2015
Gross Income 54.15 60.06
Less : Interest & Finance 2.62 4.20
Charges
Less: Personnel &Admn. 53.27 54.40
Charges
Less: Depreciation 1.71 1.22
Less: Provision for Taxes 1.06 0.66
Net Profit/(Loss) for the year (4.52) (0.42)
DIVIDEND
Since with a view to conserve the resources and in absence of profit
the Directors have not recommended any dividend for the year ended
31.03.2014.
PERFORMANCE REVIEW
The financial year 2013-14 began on a positive note with the economies
world over showing signs of recovery from the serious recessionary
effects which had crippled it for greater part of financial year
2012-13 with each sector of the economy getting seriously affected.
During the year under review, the Company has incurred a loss of Rs.
4.52 lakhs as against the loss of Rs. 0.42 lakhs in the last financial
year. However the directors are confident that the company shall revive
back, considering the present market conditions and economic revival of
the country.
The overall risks to the outlook however remain slated to the downside.
There are also looming concerns over a second round of convulsion in
the advanced economies. If this was to happen, the recovery process is
bound to be impacted.
RBI PRUDENTIAL NORMS
Your Company continues to comply with all the guidelines issued by
Reserve Bank of India, to the extent as applicable to the Company.
BUSINESS PROSPECTS
As the demand for financial services is a derived demand, developments
in economic conditions exert a significant influence on the business of
financial sector. Your Company strives to continually understand the
implication to its business of the various changes, as also the impact
of altered economic policies and international developments.
MANAGEMENT''S DISCUSSION AND ANALSYS
The report on Management Discussion and Analysis as required under the
Listing Agreement is enclosed to this report. Certain statements in
that section may be forward-looking. Many factors may affect the actual
results, which could be different from what the Directors envisage in
terms of the future performance and outlook.
PUBLIC DEPOSITS
Your company has not accepted any deposits from public and as such no
amount of principal or interest was outstanding on the date of the
Balance Sheet.
TRANSFER OF RESERVES
Your Company has not transferred any sum to the General reserves.
DIRECTOR
Mr. Sanjeey Jain DIN: (00122687), director of your company, retires by
rotation and being eligible offers himself for reappointment.
Mrs. Jyoti Mehta (06859880) was appointed as additional director of the
Company on 25th April 2014, The Company has received a notice in
writing from a member signifying his intention to propose the
candidature of Mrs. Jyoti Mehta for the office of director in terms of
Section 160 and other applicable provisions of the Companies Act, 2013.
She is being appointed as director liable to retire by rotation.
Mr. Mohd. Nasir (DIN: 02703793) has resigned on 25th April 2014 from
the Board of Directors. The Board expresses deep gratitude and
appreciation for the co-operation and contribution extended by him
during his tenure as director of the Company.
DIRECTOR''S RESPONSIBILITY STATEMENT
Pursuant to the provisions of Section 217(2AA) of the Companies, Act,
1956, the Directors hereby confirm:
(i) That in preparation of annual accounts for the year ended March 31,
2014, the applicable accounting standards have been followed along with
proper explanation relating to material departures:
(ii) That they have selected such accounting policies described in the
notes to accounts which have been applied them consistently and made
judgements and estimates that are responsible and prudent so as to give
a true & fair view of the state of affairs of the company at the end of
financial year and of the profit & loss of the company for that period.
(iii) That they have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of the Companies Act, 1956 for safeguarding the assets of
the Company and for preventing and detecting fraud and other
irregularities;
(iv) We have prepared the annual accounts on a going concern basis.
CORPORATE GOVERNANCE
Your Company''s philosophy on Corporate Governance envisages the highest
level of transparency, accountability and equity in alt facets of its
operations as well as in all interactions with its stakeholders
including shareholders, Lenders and regulatory Authorities. Your
Company has also implemented several best corporate governance, code of
conduct and ethics. As per clause 49 of the listing agreement with the
Stock Exchanges, a separate section of Corporate Governance report
together with the certificate from the Company''s Auditors confirming
compliance is set out in the Annexure forming part of this report.
AUDITORS
(a) Statutory Auditors:
In compliance with the Companies (Audit & Auditors) Rules, 2014. M/s
Saxena & Saxena, Chartered Accountants (Firm Registration
Number-006103N), the Statutory Auditors of the company will retire at
the conclusion of the Annual General Meeting and being eligible
for reappointment consented to be reappointed for another term till the
conclusion of fourth Annual General Meeting, with this AGM being
counted as the first AGM to authorize the Board of Directors to fix
their remuneration,
(b) Internal Auditors:
The Company has appointed M/s R. Mahajan & Associates (Firm
Registration Number-0011348N), Chartered Accountants as its Internal
Auditors to cany out the Internal Audit of various operational areas of
the Company.
(c) Secretarial Auditors:
As per provisions of section 204 of the Companies Act, 2013 and rules
made thereunder, the Company is required to appoint Secretarial Auditor
to carry out secretarial audit of the Company. The Company has
appointed M/s S. Aggarwal & Associates, Practicing Company Secretaries
(Membership Number-FCS6l58 & C.P. No.-8989) as Secretarial Auditors of
the Company for the Financial Year 2014-15.
AUDITORS REPORT
The company has only few employees and the provision for gratuity has
been made on the estimated basis but not on actuarial basis as required
by AS-15 on employee benefits.
The observations of the Auditors and the relevant notes on the accounts
are self-explanatory & therefore do not call for any further comments.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE
INCOME/OUTFLOW
Additional information on conservation of energy, technology absorption
as required under Sec.217 (1)(e) of the Companies Act, 1956 is not
applicable, as the company is a Non-Manufacturing Company. During the
year under review, there has been no foreign exchange Income/ Out flow.
PARTICULARS OF EMPLOYEES
As required by Section 217(2A) of the Companies Act 1956 read with the
companies (Particulars of employees) Rules, 1975. There is no employee
in the aforesaid category.
ACKNOWLEDGEMENT
Your directors would like to express their appreciation and gratitude
to the company''s Business Associates, Bankers, valued clients,
Association of Leasing & Finance companies, Government agencies as well
as shareholders.
Your directors also take the opportunity to place on record, their deep
sense of appreciation of the devoted and dedicated services provided by
the employees at all levels, and also their contribution towards
company''s continuing success.
For & On behalf of the Board
Sanjay Jain
Director
Place: New Delhi
Date: 29th May 2014
Mar 31, 2013
To the members,
The directors have the pleasure in presenting the 26th Annual Report
together with Audited Statement of Accounts of your Company for the
year ended 31st March 2013.
FINANCIAL RESULTS
Financial results of the company for the year under review are
summarized below:
(Rs. In Lacs) (Re. In Lace)
Year Ended Year Ended
31.03.2013 31.03.2012
Gross Income 60.06 46.72
Less: Interest & Finance Charges 4.20 1.03
Less: Personnel & Admn.Charges 54.40 43.50
Less: Depreciation 1.22 1.45
Less: Provision for Taxes 0.66 0.23
Net Profit/(Loss) for the year (0.42) 0.50
DIVIDEND
Since with a view to conserve the resources the Directors have not
recommended any dividend for the year ended 31.03.2013.
PERFORMANCE REVIEW
The financial year 2012-13 began on a positive note with the economies
world over showing signs of recovery from the serious recessionary
effects which had crippled K for greater part of financial year 2011-12
with each sector of the economy getting seriously affected. During the
year under review, the Company has incurred a loss of Rs. 0.42 lakhs as
against the profit of Rs. 0.50 lakhs in the last financial year.
However the directors are confident that the company shall revive back,
considering the present market conditions and economic revival of the
country.
The overall risks to the outlook however remain slated to the downside.
There are also looming concerns over a second round of convulsion in
the advanced economies. If this was to happen, the recovery process is
bound to be impacted.
RBI PRUDENTIAL NORMS
Your Company continues to comply with all the guidelines issued by
Reserve Bank of India, to the extent as applicable to the Company.
BUSINESS PROSPECTS
As the demand for financial services is a derived demand, developments
In economic conditions exert a significant influence on the business of
financial sector. Your Company strives to continually understand the
implication to its business of the various changes, as also the impact
of altered economic policies and international developments.
PUBLIC DEPOSITS
In terms of the provisions of Section 58A of the Act read with
companies (Acceptance of deposit rules), 1975, your company has not
accepted any deposits from public and as such no amount of principal or
interest was outstanding on the date of the Balance Sheet.
DIRECTOR
Mr. Sanjay Jain, director of your company, retires by rotation and
being eligible offers himself for reappointment.
DIRECTOR''S RESPONSIBILITY STATEMENT
Pursuant to the provisions of Section 217(2AA) of the Companies, Act,
1956, the Directors hereby confirm:
i) In the preparation of annual accounts, the applicable accounting
standards have been followed along with proper explanation relating to
material departures;
ii) We have selected such accounting policies and applied them
consistently and made judgements and estimates that are responsible and
prudent so as to give a true & fair view of the state of affairs of the
company at the end of financial year and of the profit & loss of the
company for that period.
lii) 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 preventing and
detecting fraud and other irregularities;
iv) We have prepared the annual accounts on a going concern basis.
CORPORATE GOVERNANCE
As per clause 49 of the listing agreement with the Stock Exchanges, a
separate section of Corporate Governance report together with the
certificate from the Company''s Auditors confirming compliance is set
out in the Annexure forming part of this report.
AUDITORS
M/s Saxena * Saxena, Chartered Accountants, the Statutory Auditors of
the company will retire at the conclusion of the Annual General Meeting
and being eligible for reappointment consented to be reappointed for
another term. Necessary certificate pursuant to Section 224(1) (B) of
the Companies Act 1956 have been obtained from the Auditors and that
they are not disqualified for re-appointment within the meaning of
Section 226 of the Act.
AUDITOR8 REPORT
The company has only few employees and the provision for gratuity has
been made on the estimated basis but not on actuarial basis as required
by AS-15 on employee benefits.
The observations of the Auditors and the relevant notes on the accounts
are self- explanatory & therefore do not call for any further comments.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE
INCOME/OUTFLOW
Additional Information on conservation of energy, technology absorption
as required under Sec.217(1)(e)of the CompaniesAct, 1956 is not
applicable, as the company Is a Non-Manufacturing Company. During the
year under review, there has been no foreign exchange Income/Out flow.
PARTICULARS OF EMPLOYEES
As required by Section 217(2A) of the Companies Act 1956 read with the
companies (Particulars of employees) Rules, 1975. There is no employee
in the aforesaid category.
ACKNOWLEDGEMENT
Your directors would like to express their appreciation and gratitude
to the company''s Business Associates, Bankers, valued clients,
Association of Leasing & Finance companies, Government agencies as well
as shareholders.
Your directors also take the opportunity to place on record, their deep
sense of appreciation of the devoted and dedicated services provided by
the employees at all levels, and also their contribution towards
company''s continuing success.
For & On behalf of the Board
Place: New Delhi
Date: 30705/2013 Chairman
Mar 31, 2012
The directors have the pleasure in presenting the 25th Annual Report
together with Audited Statement of Accounts of your Company for the
year ended 31st March 2Q12.
FINANCIAL RESULTS
Financial results of the company for the year under review are
summarized below.
(Rs. in Lacs)
Year Ended Year Ended
31.03.2012 31,03.2011
Gross Income 46.72 42.08
Less : Interest & Finance Charges 1.03 0.19
Less: Personnel &Admn.Charges 43.50 36.63
Less : Loss on sale of Shares/Mutual Fund 0.00 2.67
Less: Depreciation 1.45 1.76
Less. Provision for Standard Assets 0.00 0.40
Add: Provision no longer required 0.00 2.27
Less: Provision for Taxes 0.23 1.47
Net Profit/(Loss) for the year 0.50 1,23
DIVIDEND
Since with a view to conserve the resources the Directors have not
recommended any dividend for the year ended 31.03.2012.
PERFORMANCE REVIEW
During the year under review, revenue account shows Profit of Rs. 0.50
lacs as against the profit of Rs. 1.23 lacs in the last financial year.
Directors are hopeful to earn more revenue in current year.
RBI PRUDENTIAL NORMS
Your Company continues to comply with all the guidelines issued by
Reserve Bank of India, to the extent as applicable to the Company.
BUSINESS PROSPECTS
As the demand for financial services is a derived demand, developments
in economic conditions exert a significant influence on the business
of financial sector. Your Company strives to continually understand
the implication to its business of the various changes, as also the
impact of altered economic policies and international developments.
FIXED DEPOSITS
For the year ending 31 March 2012 your company has not accepted any
deposits under section 58Aof the Companies Act 1956.
DIRECTOR
Mr. Shyam Sharma, director of your company, retires by rotation and
being eligible offers himself for reappointment.
DIRECTOR'S RESPONSIBILITY STATEMENT
Pursuant to the provisions of Section 217(2AA) of the Companies, Act,
1956, the Directors hereby confirm:
i) In the preparation of annual accounts, the applicable accounting
standards have been followed along with proper explanation relating to
material departures;
ii) We have selected such accounting policies and applied them
consistently and made judgements and estimates that are responsible and
prudent so as to give a true & fair view of the state of affairs of the
company at the end of financial year and of the profit & loss of the
company tor that period.
iii) We have taken proper and sufficient care for the maintenance of
adequate ac- counting records in accordance with the provisions of this
Act for safeguarding the assets of the Company and for preventing and
detecting fraud and other irregularities;
iv) We have prepared the annual accounts on a going concern basis,
CORPORATE GOVERNANCE
As per clause 49 of the listing agreement with the Stock Exchanges, a
separate section of Corporate Governance report together with the
certificate from the Company's Auditors confirming compliance is
set out in the Annexure forming part of this report.
AUDITORS
M/s Saxena 4 Saxena, Chartered Accountants, the Statutory Auditors of
the company will retire at the conclusion of the Annual General
Meeting and being eligible for reappointment consented to be
reappointed for another term. Necessary certificate pursuant to Section
224(1) (B) of the Companies Act 1956 have been obtained from the
Auditors.
AUDITORS REPORT
The company has only few employees and the provision for gratuity has
been made on the estimated basis but not on actuarial basis as required
by AS-15 on employee benefits.
The observations of the Auditors and the relevant notes on the accounts
are self- explanatory 4 therefore do not call for any further comments.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOR EIGN EXCHANGE
INCOME/OUTFLOW
Additional information on conservation of energy, technology absorption
as required under Sec.217 (1)(e) of the Companies Act, 1956 is not
applicable, as the company is a Non-Manufacturing Company. During the
year under review, there has been no foreign exchange Income/Out flow.
PERSONNEL
There is no employee in the company whose particulars are required to
be given under Section 217(2A) of the Companies Act 1956
ACKNOWLEDGEMENT
Your directors would like to express their appreciation and gratitude
to the company's Business Associates, Bankers, valued clients,
Association of Leasing A Finance companies, Government agencies as well
as shareholders.
Your directors also take the opportunity to place on record, their deep
sense of appreciation of the devoted and dedicated services provided
by the employees at all levels, and also their contribution towards
company's continuing success.
For & On behalf of the Board
Place; New Delhi Chairman
Date. 24/05/2012
Mar 31, 2010
The directors have the pleasure in presenting the 23rd Annual Report
together with Audited Statement of Accounts of your Company for the
year ended 31 March 2010.
FINANCIAL RESULTS
Financial results of the company for the year under review are
summarized below:
(RS. In Lacs)
Year Ended Year Ended
31.03.2010 31,03,2009
Gross Income 45,25 51.48
Less: Interest & Finance Charges 0,34 0,35
Less: Personnel & Admn, Charges 38.49 41.09
Less: Loss on sale of
Shares/Mutual Fund 0.00 8.66
Less: Depreciation 1.75 2.66
Less: Provision for
Substandard Assets 8.27 1.05
Less: Provision for Taxes 2.05 15.46
Less: Prior Period Items 0.00 1.52
Net Profit / (Loss) for the year (5.65) (19.32)
DIVIDEND
Since with a view to conserve the resources the Directors have not
recommended any dividend for the year ended 31.03.2010.
PERFORMANCE REVIEW
The financial year 2009-10 began on a positive note with the economies
world over showing signs of recovery from the serious recessionary
effects which had crippled it for greater part of financial year
2008-09 with each sector of the economy getting seriously affected.
During the year under review, the Company has incurred a loss of Rs.
5.65 lakhs as against the loss of Rs. 19.32 In the last financial year.
However the directors are confident that the company shall revive back,
considering the present market conditions and economic revival of the
country.
The overall risks to the outlook however remain slated to the downside.
There are also looming concerns over a second round of convulsion in
the advanced economies. If this was to happen, the recovery process is
bound to be impacted.
RBI PRUDENTIAL NORMS
Your Company continues to comply with all the guidelines Issued by
Reserve Bank of India, to the extant as applicable to the Company.
BUSINESS PROSPECTS
As the demand for financial services is a derived demand, developments
In eco- nomic conditions exert a significant influence on the business
of financial sector. Your Company strives to continually understand
the Implication to Its business of the various changes, as also the
impact of altered economic policies and interna- tional developments.
FIXED DEPOSITS
For the year ending 31 March 2010 your company has not accepted any
deposits under section 58A of the Companies Act 1956.
DIRECTOR
Mr. Sanjeev Jain, director of your company, retires by rotation and
being eligible offers himself for reappointment.
Mr. Rakesh Ram has resigned from the Board of Directors. The Board
expresses deep gratitude and appreciation for the co-operation and
contribution extended by him during his tenure as director of the
Company.
DIRECTORS RESPONSIBILITY STATEMENT
Pursuant to the provisions of Section 217(2AA) of the Companies, Act,
1956, the Directors hereby confirm:
I) In the preparation of annual accounts, the applicable accounting
standards have been followed along with proper explanation relating to
material departures; ii) We have selected such accounting policies and
applied them consistently and made judgements and estimates that are
responsible and prudent so as to give a true & fair view of the state
of affairs of the company at the end of financial year and of the
profit & loss of the company for that period.
Ill) 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 preventing and
detecting fraud and other irregularities;
Iv) We have prepared the annual accounts on a going concern basis.
TRADING IN EQUITY SHARES OF OUR COMPANY
The Company equity shares are being traded at Bombay Stock Exchange
Ltd., Mumbai (BSE) W.e.f. July 06,2010.
CORPORATE GOVERNANCE
As per clause 49 of the listing agreement with the Stock Exchanges, a
separate sec- tion of Corporate Govenance report together with the
Auditors confirming compliance is set out In the Annexure forming part
of this report
AUDITORS
M/s Saxena & Saxena, chartered Accountants, the Statutory Auditors of
the com- pany will retire at the conclusion of the Annuel General
Meeting and being eli- gible for reappointment consented to be
reappointed for another term. Necessary certificates pursuant to
Section 224(1)(B) of the Companies Act 1956 have been obtained from the
Auditors.
AUDITORS REPORT
The observations of the Auditors and the relevant notes on the accounts
are self- explanatory & therefore do not call for any further comments.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE
INCOME/OUTFLOW
Additional information on conservation of energy, technology absorption
as re- quired under Sec.217 (1)(e) of the Companies Act, 1958 Is not
applicable, as the company Is a Non-Manufacturing Company. During the
year under review, there has been no foreign exchange Income/Out flow.
PERSONNEL
There Is no employee In the company whose particulars are required to
be given under Section 217(2A) of the Companies Act 1956
ACKNOWLEDGEMENT
Your directors would like to express their appreciation and gratitude
to the com- panys Business Associates, Bankers, valued clients,
Association of Leasing & Finance companies, Government agencies as well
as shareholders.
Your directors also take the opportunity to place on record, their deep
sense of ap- preciation of the devoted and dedicated services provided
by the employees at all levels, and also their contribution towards
companys continuing success.
For & On behalf of the Board
Chairman
Place: New Delhi
Date : 22/07/2010
Mar 31, 2003
The directors have the pleasure in presenting the 16th Annual Report
together with Audited Statement of Accounts of your Company for the
year ended 31 March 2003.
FINANCIAL RESULTS
Financial results of the company for the year under review are
summarized below:
(RS. in Lacs)
Year Ended Year Ended
31.03.2003 31.03.2002
Gross Income 103.34 128.24
Less : Interest & Finance
Charges 19.68 22.93
Less : Personnel & Admn.Charges 10.21 12.08
Less : Loss on sale of assets 59.07 167.92
Depreciation 39.48 41.10
Less : Provision for Income
Tax/ W/back _ 0.04
Less : Deferred Tax (60.65) 3.48
Net Profit/(Loss) for the year 35.55 (119.30)
DIVIDEND
The Directors have not recommended any dividend for the year ended
31.03.2003 in the absence of divisible surplus.
PERFORMANCE REVIEW
During the year under review, revenue account shows Profit of
RS. 35.55 lacs. This is a transitory and cleansing phase after a
prolonged recessionary economic cycle affecting the quality of
assets.
RBI PRUDENTIAL NORMS
Your Company continues to comply with all the prescriptions of Reserve
Bank of India, as applicable.
BUSINESS PROSPECTS
As the demand for financial services is a derived demand, developments
in industrial sector exert a significant influence on the business of
financial sector. Your Company strives to continually understand the
implication to Its business of the various changes, as also the impact
of altered economic policies and international developments.
FIXED DEPOSITS
For the year ending 31 March 2003 your company has not accepted any
deposits under section 58a of the Companies Act 1956. DIRECTOR
Mr. Rakesh Dodeja, Director of your company, retires by rotation and
being eligible offers himself for reappointment. Mr. S.C. Jain was
appointed as additional director with effect from 27th September 2002.
He will hold the office up to the date of ensuing Annual General
Meeting and is eligible offered for appointment as director.
DIRECTORS RESPONSIBILITY STATEMENT
According to the best of their knowledge & belief and of the
information and documents collected by them, your Directors report:
i) In the preparation of annual accounts, the applicable accounting
standards have been followed along with proper explanation relating to
material departures;
ii) We have selected such accounting policies and applied them
consistently and made judgements and estimates that are responsible and
prudent so as to give a true & fair view of the state of affairs of the
company at the end of financial year 2002-2003 and of the profit of the
company for the period.
iii) 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 preventing and
detecting fraud and other irregularities,
iv) We have prepared the annual accounts on a going concern basis.
CORPORATE GOVERNANCE
As per clause 49 of the listing agreement with the Stock Exchanges, a
separate section of Corporate Governance report together with the
certificate from the Companys Auditors confirming compliance is set
out in the Annexure forming part of this report.
AUDITORS
M/S Saxena & Saxena Chartered Accountants, the Statutory Auditors of
the company will retire at the conclusion of the Annual General Meeting
and being eligible for reappointment consented to be reappointed for
another term. Necessary certificates pursuant to Section 224(1)(B) of
the of the Companies Act 1956 have been obtained from the Auditors.
AUDITORS REPORT
The Auditors Report is self-explanatory & does not require any
clarification.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE
INCOME/OUTFLOW
Additional information on conservation of energy, technology absorption
as required under Sec.217 (1)(e) Of the Companies Act, 1956 is not
applicable, as the company is a Non- Manufacturing Company. During the
year under review there has been no foreign exchange Income/Out flow.
PERSONNEL
There Is no employee in the company whose particulars are required to
be given under Section 217(2A) Of the Companies Act 1956
ACKNOWLEDGEMENT
Your directors would like to express their appreciation and gratitude
to the companys Business Associates, Bankers, valued clients,
Association of Leasing & Finance companies, Government agencies as well
as shareholders.
Your directors also take the opportunity to place on record , their
deep sense of appreciation of the devoted and dedicated services
provided by the employees at all levels, and also their contribution
towards companys continuing success.
For & On behalf of Board
Chairman
Place: New Delhi
Date : August 12, 2003
Mar 31, 2002
The directors have the pleasure in presenting the 15th Annual Report
together with Audited Statement of Accounts of your Company for the
year ended 31 March 2002.
FINANCIAL RESULTS
Financial results of the company for the year under review are
summarized below:
(Rs. in Lacs)
Year Ended Year Ended
31.03.2002 31.03.2001
Gross Income 128.24 145.53
Less : Interest & Finance Charges 22.93 30.93
Less : Personnel & Admn.Charges 12.08 10.45
Less : Loss on sale of assets 167.92 95.65
Depreciation 41.10 80.43
Provision For Taxation - -
Less : Provision for Income Tax/W/back - 0.04
Add : Unclaimed TDS written off 0.04 (0.32)
Less : Deferred Tax 3.48 -
Net Profit/(Loss) for the year (119.30) (72.21)
Profit Brought Forward from 132.38 204.60
The Previous Year
Carried to Balance sheet 13.08 132.39
DIVIDEND
The Directors have not recommended any dividend for the year ended
31.03.2002 in the absence of divisible surplus.
PERFORMANCE REVIEW
During the year under review, revenue account shows loss of RS. 119.30
mainly on account of depreciation and write off. This is a transitory
and cleansing phase after a prolonged recessionary economic cycle
affecting the quality of assets.
RBI PRUDENTIAL NORMS
Since the Company does not accept and hold any public
deposits,Non-Banking Financial Companies Prudential Norms (Reserve Bank
of India) Directions 1998 are not applicable to the Company in regard
to capital adequacy or in any other aspects.
BUSINESS PROSPECTS
As the demand for financial services is a derived demand , developments
in industrial sector exert a significant influence on the business of
financial sector. Your Company strives to continually understand the
implication to its business of the various changes, as also the impact
of altered economic policies and international developments.
DIVERSIFICATION
Your company has large diversification plans in the field of Software
Applications and exports. The management of the company is regularly in
touch with other companies in the field of information technology
looking for a mutually beneficial merger or collaboraion.
FIXED DEPOSITS
For the year ending 31 March 2002 your company has not accepted any
deposits under section 58a of the Companies Act 1956.
DIRECTOR
Mr. Sanjay Jain, Director of your company, retires by rotation and
being eligible offers himself for reappointment.
DIRECTORS RESPONSIBILITY STATEMENT
According to the best of their knowledge & belief and of the
information and documents collected by them, your Directors report:
i) In the preparation of annual accounts,the applicable accounting
standards have been followed along with proper explanation relating to
material departures;
ii) We have selected such accounting policies and applied them
consistently and made judgements and estimates that are responsible and
prudent so as to give a true & fair view of the state of affairs of the
company at the end of financial year 2001-2002 and of the profit of the
company for the period.
iii) 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 preventing and
detecting fraud and other irregularities;
iv) We have prepared the annual accounts on a going concern basis.
CORPORATE GOVERNANCE
As per the schedule of implementation announced for the purpose, the
compliance of provisions of clause 49 of the listing agreement, as
amended, shall be applicable to the company with the financial year
2002-03. Your directors have already initiated steps to comply with the
requirements of the amended listing agreement.
AUDITORS
M/S Saxena & Saxena ,Chartered Accountants, the Statutory Auditors of
the company will retire at the conclusion of the Annual General Meeting
and being eligible for reappointment consented to be reappointed for
another term. Necessary certificates pursuant to Section 224(1)(B) of
the of the Companies Act 1956 have been obtained from the Auditors.
AUDITORS REPORT
The Auditors Report is self-explanatory & does not require any
clarification.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE
INCOME/OUTFLOW
Additional information on conservation of energy, technology absorption
as required under Sec.217 (1)(e) Of the Companies Act, 1956 is not
applicable, as the company is a Non- Manufacturing Company. During the
year under review there has been no foreign exchange Income/Out flow.
PERSONNEL
There is no employee in the company whose particulars are required to
be given under Section 217(2A) Of the Companies Act 1956
ACKNOWLEDGEMENT
Your directors would like to express their appreciation and gratitude
to the companys Business Associates Bankers,valued clients,Association
of Leasing & Finance companies,Government agencies as well as
shareholders.
Your directors also take the opportunity to place on record , their
deep sense of appreciation of the devoted and dedicated services
provided by the employees at all levels , and also their contribution
towards companys continuing success.
For & On behalf of the Board
Chairman
Place : New Delhi
Date : August 12, 2002