Mar 31, 2015
Dear Members,
The Directors have pleasure in presenting the 26th Annual Report on
the business and operations of the Company together with audited
statements of accounts for the financial year ended 31st March, 2015.
FINANCIAL HIGHLIGHTS
The summarized financial results of the Company for the financial year
2014-15 are given hereunder:
(Rs.in lacs)
2014-15 2013-14
Revenue from operations & other income 159.70 122.14
Operating Profit (EBIDTA) 116.03 38.29
Finance Cost 111.81 34.10
Gross Profit (PBD) 4.22 4.19
Depreciation & amortization 0.05 0.94
Profit before tax 4.17 3.25
Provision for
- Current Tax (net) 1.95 1.25
- Deferred Tax - 0.003
- MAT Credit entitlement - -
- Adjustment for prior period tax/tax on dividend - -
Net Profit 2.22 1.99
Balance b/f from
previous year 2387.42 2385.40
Profit available for appropriation 2389.56 2387.42
Appropriation:-
Balance Carried to Balance Sheet 2389.56 2387.42
DIVIDEND
In order to meet the future requirements of the Company, yours
Directors have decided not to recommend dividend for the Financial Year
2014-15.
OPERATIONS
During the year under review, the revenue from operations increased to
Rs.159.70 lacs as against Rs.122.14 lacs in the previous year.
The net profit after tax for the year was Rs. 2.22 lacs as against Rs.
1.99 lacs in the previous year;
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
As required under Clause 49 of the Listing Agreement entered into with
the Stock Exchanges and Circular/Notifications/ Directions issued by
Reserve Bank of India from time to time, the Management Discussion and
Analysis of the financial condition and result of operations of the
Company for the year under review is presented in a separate section
forming part of the Annual Report.
CORPORATE GOVERNANCE
A Report on Corporate Governance as required under Clause 49 of the
Listing Agreement entered into with the Stock Exchanges, forms part of
the Annual Report.
A Certificate from, M/s Kundan Agarwal & Associates, Company
Secretaries, confirming compliance with the conditions of Corporate
Governance as stipulated under the aforesaid Clause 49, also forms part
of the Annual Report.
FINANCE
(i) Share Capital
The paid-up Equity Share Capital as on 31st March, 2015 was Rs.628.35
lacs. During the year under review, the Company has not issued shares
with differential voting rights nor granted stock options nor sweat
equity.
(ii) Public Deposits
The Company being a Non-Deposit Accepting Non-Banking Finance Company
has not accepted any deposits from the public during the year under
review and shall not accept any deposits from the public without
obtaining prior approval of the Reserve Bank of India (RBI).
(iii) Particulars of loans, guarantees or investments
Particulars of loans, guarantees and investments covered under the
provisions of Section 186 of the Companies Act, 2013 are given in the
Notes to the Financial Statements.
RBI GUIDELINES
As a Non Deposit taking Non-Banking Finance Company, your Company
always aims to operate in compliance with applicable RBI laws and
regulations and employs its best efforts towards achieving the same.
NUMBER OF MEETINGS OF THE BOARD
The Board met 6 times in financial year 2014-15 viz., on April 10,
2014, May 30, 2014, August 14, 2014, November 12, 2014, February 12,
2015 and March 05, 2015. The maximum interval between any two meetings
did not exceed 120 days.
COMMITTEES OF THE BOARD
During the year, in accordance with the Companies Act, 2013 and Clause
49 of Listing Agreement, the Board re-constituted some of its
Committees. The Committees are as follows:
Audit Committee
Nomination and Remuneration Committee
Stakeholders' Relationship Committee
Risk Management Committee
Details of the said Committees along with their charters, composition
and meetings held during the year, are provided in the "Report on
Corporate Governance", a part of this Annual Report.
DIRECTORS & KEY MANAGERIAL PERSONNEL
a. Cessation
During the year under review, Ms. Sapna Bhatia (PAN ANTPB7851L) and Ms.
Neha Bansal (PAN ANMPB9893K) resigned from the post of Company
Secretary of the Company. The Board placed on its records their
appreciation for the valuable contribution provided by both the Company
Secretaries.
During the year under review, Mr. Robin Garg (DIN 02400919) resigned
from the post of Non Executive Independent Directorship and Committees
in which he was serving as Chairman/Committee Member with effect from
April 23, 2015 The Board placed on its records its appreciation for the
valuable contribution provided by Mr. Robin Garg.
b. Retire by Rotation
In accordance with Section 152 and other applicable provisions of
Companies Act, 2013, Mr. Sushil Kumar (DIN 02171252), being Executive
Director, retires by rotation and being eligible offers himself for
reappointment at the ensuing Annual General Meeting. The Board
recommends his appointment.
c. Appointment of Women Director
With coming into force of the provisions of Companies Act, 2013, the
Board had appointed Ms. Swati Sharma (DIN 06757066) as Additional
Executive Women Director of the Company who shall hold office upto the
date of ensuing Annual General Meeting of the Company. The Company has
received notice in writing under Section 160 of the Companies Act, 2013
from members proposing her appointment as Director.
The Board recommends her appointment. The details of the aforesaid
Director forms part of this Report as Annexure I.
Based on the confirmation received, she is not disqualified for
appointment under Section 164(2) of Companies Act, 2013.
d. Appointment of Independent Directors
During the year under review, Mr. Suraj Chokhani (DIN 03547280) and Mr.
Ravi Jaipuria (DIN 00598138) had been appointed as Additional Non
Executive Independent Directors who shall hold office upto the date of
ensuing Annual General Meeting of the Company. The Company has received
notices in writing under Section 160 of the Companies Act, 2013 from
members proposing appointment as Directors.
The Board recommends their appointment. The details of the aforesaid
Directors forms part of this Report as Annexure I.
Based on the confirmations received, none of the Directors are
disqualified for appointment under Section 164(2) of Companies Act,
2013.
e. Key Managerial Personnel Appointment
During the year under review, Ms. Sarita Aggarwal (PAN- ARZPA2612C) was
appointed as Compliance Officer & Company Secretary of the Company
w.e.f. 01st November, 2014.
During the year under review, Mr. Deependra Singh Negi (PAN-
AGIPN6328E) was appointed as Chief Financial Officer of the Company
w.e.f. 30th May, 2015.
During the year under review, Mr. Pravin Santlal Jain- Managing
Director (DIN 01318161); Mr. Deependra Singh Negi - Chief Financial
Officer; and Ms. Sarita Aggarwal, Compliance officer & Company
Secretary were designated as the Key Managerial Personnel of the
Company pursuant to the requirements of the applicable provisions of
Companies Act, 2013 read with its Rules, by the Board of Directors and
their terms and conditions of the appointment and remuneration was
considered by the Board.
BOARD'S INDEPENDENCE
Our definition of 'Independence' of Directors is derived from Clause 49
of the Listing Agreement with Stock Exchanges and Section 149(6) of the
Companies Act, 2013. Based on the confirmation / disclosures received
from the Directors and on evaluation of the relationships disclosed,
the following Non- Executive Directors are Independent in terms of
Clause 49 of the Listing Agreement and Section 149(6) of the Companies
Act, 2013 :- 1. Mr. Suraj Chokhani (DIN 03547280)
2. Mr. Ravi Jaipuria (DIN 00598138)
3. Mr. Atul Singla (DIN 03555967)
DIRECTORS' RESPONSIBILITY STATEMENT
To the best of their knowledge and belief and according to the
information and explanations obtained by them, your Directors make the
following statements in terms of the section 134(3)(c) of the Companies
Act, 2013:
(i) that in the preparation of the annual financial statements for the
year ended March 31, 2015, the applicable accounting standards have
been followed along with proper explanation relating to material
departures, if any;
(ii) that such accounting policies, as mentioned in Note 2 of the Notes
to the Financial Statements, have been selected and applied
consistently and judgments and estimates have been made that are
reasonable and prudent so as to give a true and fair view of the state
of affairs of the company as at March 31, 2015 and of the profit of the
Company for the year ended on that date;
(iii) that proper and sufficient care has been taken for 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 annual financial statements have been prepared on a going
concern basis;
(v) that proper internal financial controls were in place and that the
financial controls were adequate and were operating effectively;
(vi) that proper systems to ensure compliance with the provisions of
all applicable laws were in place and were adequate and operating
effectively.
COMPANY'S POLICY ON DIRECTORS' APPOINTMENT AND REMUNERATION &
EVALUATION
Pursuant to the provisions of the Companies Act, 2013 and Clause 49 of
the Listing Agreement, Policy on Nomination and Remuneration of
Directors, Key Managerial Personnel, Senior Management and other
employees has been formulated including criteria for determining
qualifications, positive attributes, Independence of a Director and
other matters as required under the said Act and Listing Agreement.
The evaluation framework for assessing the performance of Directors
comprises of the following key areas
Expertise;
Objectivity and Independence;
Guidance and support in context of life stage of the Company;
Understanding of the Company's business;
Understanding and commitment to duties and responsibilities;
Willingness to devote the time needed for effective contribution to
Company;
Participation in discussions in effective and constructive manner;
Responsiveness in approach;
Ability to encourage and motivate the Management for continued
performance and success;
The evaluation involves Self-Evaluation by the Board Member and
subsequently assessment by the Board of Directors. A member of the
Board will not participate in the discussion of his / her evaluation.
Accordingly a process of evaluation was followed by the Board for its
own performance and that of its Committees and individual Directors and
also the necessary evaluation was carried out by Nomination and
Remuneration Committee and Independent Director at their respective
meetings held for the purpose.
RELATED PARTY TRANSACTIONS
No Related Party Transactions were entered into during the financial
year 2014-15. All Related Party Transactions entered into in the past
were on an arm's length basis and were in the ordinary course of
business. There are no materially significant Related Party
Transactions made by the Company with promoters, directors, Key
Managerial Personnel or other designated persons which may have
potential conflict with the interest of the Company at large.
On the recommendation of the Audit Committee, the Board of Directors
has adopted a policy on Related Party Transactions. The Policy
envisages the procedure governing related party transactions required
to be followed to ensure compliance with the applicable laws and
regulations as well as to ensure that the Related Party Transactions
are managed and disclosed in accordance with the strict legal and
accounting requirements.
A statement of all related party transactions is presented before the
Audit Committee on a quarterly basis, specifying the nature, value and
terms & conditions of the transactions. The statement is supported by a
certificate from the CFO.
None of the Directors has any pecuniary relationships or transactions
vis-Ã -vis the Company.
EXTRACT OF ANNUAL RETURN
The details forming part of the extract of the Annual Return in form
MGT 9 is annexed herewith as Annexure 2 to this Director's Report.
STATUTORY AUDITORS & THEIR REPORT
M/s. STRG & Associates, Chartered Accountants, having ICAI Firm
Registration No. 014826N were appointed as Statutory Auditors of your
Company at the Extra-Ordinary General Meeting
(EGM) held on March 30, 2015 from the conclusion of the said EGM till
conclusion of Twenty Sixth Annual General Meeting. As per the
provisions of Section 139 of the Companies Act, 2013, the appointment
of Statutory Auditors is required to be ratified by members at every
Annual General Meeting. Accordingly, the appointment of M/s. STRG &
Associates, Chartered Accountants, as Statutory Auditor of the Company
is placed for ratification by the shareholders.
The Auditor's Report does not contain any qualification, reservation or
adverse remark.
SECRETARIAL AUDITORS & THEIR REPORT
Pursuant to the provisions of Section 204 of the Companies Act, 2013
and Rules made thereunder, the Company had appointed M/s. Kundan
Agarwal & Associates, Practicing Company Secretaries, to undertake the
Secretarial Audit of the Company for the financial year 2014-15. The
Secretarial Audit Report for financial year 2014-15, has been appended
as Annexure 3 to this Report.
The Auditor's Report does not contain any qualification, reservation or
adverse remark.
The Board of the Directors at their Meeting held on May 30, 2015 has
appointed M/s. Kundan Agarwal & Associates, Practicing Company
Secretaries, to undertake the Secretarial Audit of the Company.
INTERNAL AUDITORS & THEIR REPORT
Pursuant to provisions of Section 138 of Companies Act 2013 and rules
made thereunder, the company had appointed MAKS & Co. as Internal
Auditor for the year 2014-2015.
PARTICULARS OF EMPLOYEES
The provisions of Rule 5(2) & (3) of the Companies (Appointment &
Remuneration of Managerial Personnel) Rules, 2014 requiring particulars
of the employees in receipt of remuneration in excess of Rs.60 lacs per
year to be disclosed in the Report of Board of Directors are not
applicable to the Company as none of the employees was in receipt of
remuneration in excess of Rs.60 lacs during the financial year 2014-15.
PARTICULARS OF ENERGY CONSERVATION, TECHNOLOGY ABSORPTION, EXPENDITURE
ON RESEARCH AND DEVELOPMENT, FOREIGN EXCHANGE INFLOW/OUTFLOW, ETC.
The requirements of disclosure with regard to Conservation of Energy in
terms of Section 134 of the Companies Act, 2013, read with the
Companies (Accounts) Rules, 2014, are not applicable to the Company
since it doesn't own any manufacturing facility.
However, the Company makes all efforts towards conservation of energy,
protection of environment and ensuring safety.
There are no earnings and outgoing Foreign Exchange during the year
under review.
VIGIL MECHANISM
Your Company has established a 'Whistle Blower Policy and Vigil
Mechanism' for directors and employees to report to the appropriate
authorities concerns about unethical behavior, actual or suspected,
fraud or violation of the Company's code of conduct policy and provides
safeguards against victimization of employees who avail the mechanism
and also provide for direct access to the Chairman of the Audit
Committee. The said policy has been uploaded on the website of the
Company.
MATERIAL CHANGES AND COMMITMENTS AFFECTING THE FINANCIAL POSITION OF
THE COMPANY
There have been no material changes and commitments, if any, affecting
the financial position of the Company which have occurred between the
end of the financial year of the Company to which the financial
statements relate and the date of the report.
DETAILS OF SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR
COURTS OR TRIBUNALS IMPACTING THE GOING CONCERN STATUS AND COMPANY'S
OPERATIONS IN FUTURE
There have been no significant and material orders passed by the
regulators or courts or tribunals impacting the going concern status
and company's operations in future.
RISK MANAGEMENT POLICY AND INTERNAL CONTROL
The Company has adopted a Risk Management Policy duly approved by the
Board and also has in place a mechanism to identify, assess, monitor
and mitigate various risks to key business objectives. Major risks
identified by the businesses and functions are systematically addressed
through mitigating actions on a continuing basis. These are discussed
at the meetings of the Risk Management Committee, Audit Committee and
the Board of Directors of the Company. The Company's internal control
systems are commensurate with the nature of its business and the size
and complexity.
DISCLOSURES UNDER SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION,
PROHIBITION & REDRESSAL) ACT 2013 READ WITH RULES
Pursuant to the requirements of Section 22 of Sexual Harassment of
Women at Workplace (Prevention, Prohibition & Redressal) Act 2013 read
with Rules thereunder, the Company has not received any complaint of
sexual harassment during the year under review.
ACKNOWLEDGEMENT
We are grateful to the Government of India, the Reserve Bank of India,
the Securities and Exchange Board of India, the Stock Exchanges, and
other regulatory authorities for their valuable guidance and support
and wish to express our sincere appreciation for their continued
co-operation and assistance. We look forward to their continued support
in future.
We wish to thank our bankers, investors, rating agencies, customers and
all other business associates for their support and trust reposed in
us.
Your Directors express their deep sense of appreciation for all the
employees whose commitment, co-operation, active participation,
dedication and professionalism has made the organization's growth
possible.
Finally, the Directors thank you for your continued trust and support.
For and on behalf of
Purshottam Investofin Limited
Sd/- Sd/-
Pravin Santlal Jain Suraj Chokhani
Managing Director Director
(DIN-01318161) (DIN-03547280)
Mar 31, 2014
Dear Members,
The Directors have immense pleasure in presenting this Annual Report
on the business and operation of the company together with Audited
Statement of Accounts of the Company for the year ended March 31, 2014.
FINANCIAL RESULTS
Financial results of the Company for the year under review are
summarized as below:
(In Rs.)
Particulars Standalone Consolidated
Year ended Year ended Year ended Year ended
31.03.2014 31.03.2013 31.03.2014 31.03.2013
Total Income 1,22,14,767 95,23,942 1,22,14,767 95,23,942
Less: Total
Expenditure 1,18,89,848 94,19,876 1,18,89,848 94,19,876
Profit / (Loss)
before Tax 3,24,919 1,04,066 3,24,919 1,04,066
Less: Provision for
Income tax 1,25,284 2,42,587 1,25,284 2,42,587
Deferred Tax 311 87,682 311 87,682
Profit / (Loss)
After Tax 1,99,324 (2,26,203) 1,99,324 (2,26,203)
PERFORMANCE REVIEW
During the year under review, the Company has earned a net profit after
tax of Rs. 1,99,324/- as compared to the loss after tax of Rs.
2,26,203/- in the previous year. Your directors are continuously
looking for avenues for future growth of the Company in its business
operations.
OPERATIONS
Your Company continues to take effective steps in broad-basing its
range of activities.
FUTURE OUTLOOK
In the current year, your directors are putting up efforts to increase
the earning speed and it is hope that the company will do better in
current year as compared to last year.
With our industry leading organic growth programme and the successful
integration of recent strategic investment in our company, our company
is very well placed to capitalize on the positive outlook for
commodities demand and to continue to deliver growth and long term
value for our shareholders.
AMOUNT TRANSFERRED TO RESERVES
During the year under review, the company has transferred Rs. 64,984/-
to the reserves of the Company.
DIVIDEND
Keeping in view the future requirements of funds by the company for its
proposed growth and expansion, the Board expresses its inability to
recommend any dividend from the available profit during the year under
review.
DIRECTORS
Mr. Pravin Sant lal Jain has been appointed as Managing Director of the
Company w.e.f. August 14, 2013.
Mr. Surinder Dewan, Director of the Company has been ceased from the
directorship of the Company on account of his death on March 17, 2014.
Mr. Robin Garg, who was appointed as Additional Director on May 30,
2014 is being appointed as Director of the Company.
The Company had, pursuant to the Listing agreement entered into with
the Stock Exchanges, appointed Mr. Atul Singla and Mr. Robin Garg as
Independent Directors of the Company. As per Section 149(4) of the
Companies Act, 2013 which came into effect from April 1, 2014, every
listed company is required to have atleast one-third of the total
number of directors as Independent Directors. In accordance with the
provisions, these directors are being appointed as Independent
Directors to hold office as per their tenure of appointment as
mentioned in the Notice of forthcoming Annual General Meeting of the
Company.
The Company has received declarations from all the Independent
Directors of the Company confirming that they meet with the criteria of
independence as prescribed both under sub-section (6) of Section 149 of
the Companies Act, 2013 and under Clause 49 of the Listing Agreement
with the Stock Exchanges.
Mr. Bharat Bhushan Bansal retires by rotation in accordance with the
provisions of Articles of Association of the Company and, being
eligible, offer himself for re appointment. He has vast experience of
Management and operations. With his rich business experience and
extensive contacts in business circles, Mr. Bharat Bhushan Bansal has
contributed immensely to the growth of the company. He has served our
board with his valuable knowledge.
COMPLIANCE OFFICER
As per the requirement of the Listing Agreement with the Stock
Exchange, Ms. Neha Bansal, Company Secretary of the company, acts as
the Compliance officer of the Company.
Ms. Sapna Bhatia had resigned from the post of Company Secretary w.e.f.
July 31, 2014 and the Company should fill up the vacancy by appointing
some other person thereto pursuant to the provisions of the Section 203
of the Companies Act, 2013 whereby listed company is required to
appoint a Company Secretary in the Company.
Keeping in view the above legal requirements Ms. Neha Bansal was
appointed as Company Secretary of the Company.
LISTING WITH STOCK EXCHANGES
The Equity Shares of the Company are listed Delhi Stock Exchange (DSE).
The annual listing fee to these Exchanges and custodial fees to NSDL &
CDSL have been paid by the Company for the financial year 2014-15.
However, the Company is in process of listing its equity shares on
Bombay Stock exchange Limited (BSE).
DIRECTORS'' RESPONSIBILITY STATEMENT
Pursuant to Section 217(2AA) of the Companies Act, 1956, with respect
to the Directors'' Responsibility Statement, it is hereby confirmed:
a) that in the preparation of the annual accounts for the financial
year ended March 31, 2014, the applicable accounting standards had been
followed along with proper explanation relating to material departures,
wherever applicable;
b) that the directors have 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 and of the
profit or loss of the Company for the year under review;
c) that the directors 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; and
d) That the directors have prepared the annual accounts for the
financial year ended March 31, 2014 on going concern basis.
AUDIT COMMITTEE
The members of the audit committee have been changed due to death of
Mr. Surinder Dewan on March 17, 2014 as follows:
1. Mr. Robin Garg
2. Mr. Atul Singla
3. Mr. Sushil Kumar
The Committee oversees the Company''s financial information, reviews the
quarterly/half yearly /annual financial statements before they are
submitted to the Board of Directors and performs such other function as
are referred to it by the terms of its reference.
CORPORATE GOVERNANCE
Your Company continues to be complied to uphold the standards of
Corporate Governance and adherence to the requirements set out by
Clause 49 of the Listing Agreement with the Stock Exchanges.
A detailed report on the Corporate Governance along with the
Certificate confirming compliance of conditions of Corporate Governance
as stipulated in clause 49 is set out in this Annual Report and forms
part of the Annual Report.
AUDITORS
M/s Vipin Agarwal & Associates, Chartered Accountants, Membership No.
016544 and Firm Registration No. 014454N, appointed as Statutory
Auditors of the Company, in place of M/s. Narinder Arora & Co.,
Chartered Accountants, the retiring Auditors of the Company who had
shown their unwillingness for reappointment as Statutory Auditor of the
Company.
AUDITORS'' REPORT
The observations of the Auditors in their report read together with the
Notes on Accounts are self explanatory and therefore, in the opinion of
the Directors, do not call for any further explanation.
DEPOSITS
Your Company has not accepted any deposits within the meaning of
Section 58A of the Companies Act, 1956 read with Companies (Acceptance
of Deposit) Rules, 1975 during the year under review.
As per NBFC guidelines issued by the Reserve Bank of India, the Board
of Directors has passed the required resolution confirming that the
Company has neither accepted any public deposits nor does it intend to
do so in the coming year 2014-15.
STATEMENT OF PARTICULARS OF EMPLOYEES
None of the employee drew remuneration of Rs. 60,00,000/- or more per
annum or Rs. 5,00,000/- per month during the financial year
2013-2014.This information is furnished with respect to Section 217(2A)
of the Companies Act, 1956 and Amended Companies (Particulars of the
Employees) Rules, 1975 forming part of the Directors'' Report.
However, pursuant to Section 219(1)(b)(iv) of Companies Act, 1956 the
reports and accounts are being sent to all the shareholders of the
company excluding the statement of particulars of employees. Any
shareholder interested in obtaining a copy of the same may write to the
Company Secretary.
HUMAN RESOURCES
The Company seeks to nurture a mutually beneficial relationship with
its employees. This relationship is characterized by the investment
which the Company makes in its employees by providing challenging roles
and assignments opportunities for personal growth, relevant and timely
performance support, training and an enabling environment. The Company
seeks to create a workplace which combines achievement orientation with
care for employees. The Company lists ''people'' as one of its stated
core values.
Your Company takes the pride in the Commitment, Competence and
dedication shown by its employees in all areas of business. Various HR
initiatives are taken to align the HR Policies to the growing
requirements of the business.
CONSERVATION OF ENERGY AND TECHNOLOGY ABSORPTION
In view of the nature of activities which are being carried on by the
Company, Rules 2A and 2B of The Companies (Disclosure of Particulars in
the Report of Board of Directors) Rules, 1988, concerning conservation
of energy and technology absorption respectively, are not applicable to
the Company.
FOREIGN EXCHANGE EARNINGS / OUTGO
The foreign exchange earnings and outgo in the Company are as follows:
Foreign Exchange Earnings: NIL
Foreign Exchange Outgo : NIL
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
Management''s Discussion & Analysis Report for the year under review, as
stipulated under Clause 49 of the Listing Agreement with the Stock
Exchange, is presented in a separate section forming part of the
Director''s Report.
MATERIAL CHANGES
Following are the material changes and commitments, affecting the
financial position of the Company between the end of the financial year
of your Company and the date of the Directors'' Report:
A. Appointment of Mr. Robin Garg as independent director of the
Company w.e.f.30th May 2014.
B. Listing on Bombay Stock Exchange Limited (BSE)
The Company has filed an application for listing of its equity shares
on Bombay Stock Exchange Limited (BSE) for which in-principal approval
has been received by the Company and the Company is in process of
filing final trading approval to the concerned stock exchanges.
SECRETARIAL COMPLIANCE CERTIFICATE
According to Section 383A of the Companies Act, 1956 and the Companies
(Appointment and Qualifications of Secretary) Rules, 1988, every
company having a paid-up share capital of not less than rupees Five
Crores shall have a whole-time secretary and where a company increase
its paid up share capital to more than Rs. Five Crores then the company
shall, within a period of one year from the date of such increase, will
appoint a whole time company secretary.
In view of above, the Company has appointed Ms. Sapna Bhatia as a
Company Secretary of the Company who had resigned w.e.f. 31st July,
2014 and as such to fill up the casual vacancy arises due to her
resignation, the Board of Directors of our company has appointed Ms.
Neha Bansal as the Company Secretary of the Company w.e.f. 1st August
2014.
ADOPTION OF VIGIL MECHANISM
Pursuant to sub-section (9) of section 177 of Companies Act, 2013,
every listed company shall establish a vigil mechanism for their
directors and employees for reporting genuine concerns or grievances.
Board has adopted vigil mechanism in its meeting which shall be
operated as a part of Audit Committee.
COMPANIES ACT, 2013
The Companies Act, 2013 has become effective from April 1, 2014 and the
rules relating to the Act were made effective subsequently. The
Ministry of Corporate Affairs, vide circular no. 1/19/2013-CL-V dated
April 4, 2014, notified that matters pertaining to maintenance of books
of accounts and preparations/adoption/filing of financial statements,
auditor''s report, Board''s report and attachments to such statements and
reports in respect of financial years that commenced earlier than April
1, 2014 shall be governed by the relevant provisions/ schedules/ rules
of the Companies Act, 1956. Thus, the Board''s report and the financial
statements of the Company were prepared as per the Companies Act, 1956.
ACKNOWLEDGEMENT
The Board acknowledges with gratitude the co-operation and assistance
provided by the company''s bankers, financers, government and
non-government agencies. The relationship with the employees remained
cordial and your director''s wish to place on record their appreciation
of the contribution made by the employees at all levels. The directors
also wish to thanks the shareholders for their continued support and
faith reposed in the Company.
By Order of the Board of Directors
For Purshottam Investofin Limited
Sd/- Sd/-
Place: New Delhi Pravin Santlal Jain Naman Jain
Date : August 14,
2014 Managing Director Director
DIN: 01318161 DIN: 03436419
R/o 64, Rajat Apartment, R/o C-125, Sushant Lok,
Mount Pleasant Road, Phase-I, Gurgaon, 122001,
Mumbai-400006 Haryana
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