Mar 31, 2014
The Members of SHREEVATSAA FINANCE AND LEASING LIMITED
The Directors feel pleasure in presenting their Annual Report of the
business and operations together with Annual Accounts of the company
for the period ended 31st March, 2014.
STATE OF COMPANY''S AFFAIRS:
The summary of the financial position of the Company is given here in
below: -
PARTICULARS YEAR ENDED 31.03.2014 YEAR ENDED 31.03.2013
Profit Before Taxation and 42,395.93 29,421,686.95
Depreciation
Depreciation 5,738 6,767
Profit Before Taxation 48,133.93 29,414,919.95
Current Tax 6,780 5,989,019
Less: MAT Credit Entitlement 23,35,928.00 892,497
Net Current Tax (23,29,148.00) 5096522
Deferred Tax written Back (1937) (899)
Profit after Taxation 2,373,480.93 24,319,296.95
Add: - Balance Brought forward 37,969,814.75 18,569,767.80
from Previous Year
Profit available for 40,343,295.68 42,889,064.75
Appropriation
DIVIDEND
With a view to provide a cushion for any financial contingencies in the
future and to strengthen the financial position of the Company, your
Directors have decided not to recommend any dividend for the period
under review
OPERATIONS:
During the year review the overall performance of the Company was
steady and satisfactory. The Company has been mainly carrying on the
business of sale and purchase of shares, securities and units. It also
earned interest income on FDR''s, jobbing profits from shares and
interest and dividend from units and mutual funds.
The Company continues to focus its main attention on cost reduction,
Assets/Liability  Management and collection. Your company managed to
carry out all its business and commercial obligations in time and with
dignity.
Your Directors shall continue to put in all efforts to increase the
business of the Company and are confident of even better and brighter
prospects of the Company.
The Company is considering various possibilities for optimizing the
present business activities and also other business proposals, keeping
in view the profitability and stability of business of the Company. The
Company is also pursuing the possibility into other related activities.
There have not been any material changes and commitments affecting the
financial position of the Company between the end of the financial year
of the Company and the date Board''s Report.
DIRECTORS
During the period under review, Mr. Deepak Kumar, Mr. Manohar Lal and
Mr. Sanjay Mehrotra has appointed as an Independent Director as per
Companies Act, 2013.
As per section 149(4) of the Companies Act, 2013 (Act), which came into
effect from April 1, 2014, every listed public company is required to
have at least one-third of the total number of directors as Independent
Directors. In accordance with the provisions of section 149 of the Act,
Mr. Deepak Kumar, Mr. Manohar Lal and Mr. Sanjay Mehrotra are being
appointed as Independent Directors to hold office as per their tenure
of appointment mentioned in the Notice of the forthcoming Annual
General Meeting (AGM) 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. Based on the confirmations received from
Directors, none of the Directors are disqualified from appointment
under Section 164 of the Companies Act 2013.
Pursuant to Section 149(1) of Companies Act, 2013, which has made it
compulsory for every listed Company to have a Women Director in Board
of Directors of the Company, the Company proposed the appointment of
Mrs. Vrsha Arora as Non-Executive Director of the Company.
Mr. Praveen Kumar Arora, retire by rotation at the ensuing Annual
General Meeting and being eligible have respectively offered themselves
for reappointment.
AUDITORS REMARKS:
The Auditor''s Report is self-explanatory and contains no adverse
remarks or qualifications and hence no explanation thereof is being
given.
LISTING AGREEMENT:
The equity shares of the Company are listed at the Bombay Stock
Exchange Limited, Mumbai, U.P. Stock Exchange, Kanpur and Ahmedabad
Stock Exchange, Gujrat.
AUDIT COMMITTEE:
Pursuant to the provisions contained in Section 292 A of the Companies
Act, 1956 and clause 49 of Listing Agreement, an Audit Committee of the
Company has been constituted. The committee is fully aware of its
rights and obligations and has been since its constitution closely
monitoring the affairs of the company so far as they affect the
company''s financial reporting process and the disclose of its financial
information to ensure that the financial statement is correct and
credible.
NBFC STATUS:
The Company is duly registered with Reserve Bank of India as an NBFC,
not accepting public deposits.
Since the Company has neither accepted any deposit nor it intends to
accept any deposit hence it has duly been passing appropriate
resolution in each financial year.
PARICULAR OF EMPLOYEES:
None of the employees of the company are in receipt of remuneration in
excess of the limits as stated in sub-section (2A) or Section 217 of
the Companies Act, 1956, and hence no particulars of any employees are
being given.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION & FOREIGN EXCHANGE
EARNINGS AND OUTGO:
Companies (Disclosure of Particulars in the report of Directors) Rules,
1988 do not apply to the company; however the following information is
being set out under this head:
(i) Conservation of Energy:
The operations of the Company are not energy intensive yet, but besides
that all possible measures shall be taken to conserve the energy in all
related areas.
(ii) Technology Absorption & Research And Development:
The Company has not imported any technology, and has not established
any separated research and development unit, however the Company shall
always kept itself updated with latest technological innovations by way
of constant communications and personal discussions with the experts.
(iii) Foreign Exchange Earning And Outgo:
During the year under review there was no a foreign exchange earnings
or outgo.
CHANGE IN THE NATURE OF THE COMPANY''S BUSINESS ETC:
There has not been any change in the nature of the Company''s business
or in the class of the business in which the company has an interest.
Company has no subsidiary.
BUY BACK:
The Company has not bought back any shares during the financial year.
DIRECTOR''S RESPONSIBILITY STATEMENT:
Pursuant to sub section (2AA) of Section 217 of the Act the Directors
declare as under,
1. That in the preparation of Annual Accounts for the year ended
31.03.2014, the applicable Accounting Standards have been followed and
there was no departure has been made there from.
2. 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 same period.
3. That the Directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of the Act, for safeguarding the assets of the company and
for preventing and detecting fraud and other irregularities.
4. That the Directors have prepared the annual accounts on a going
concern basis.
Directors have exercised their responsibility for the accuracy of the
financial statements based on the accounting systems, policies and
procedures designed to provide reasonable assurance of the reliability
of financial records. Such controls based on established policies and
procedures are implemented by the trained and skilled personnel of the
Company.
CORPORATE GOVERNANCE:
As per the requirement of clause 49 Listing Agreement of the Company
has to necessarily comply with the Corporate Governance norms as per
the said clause. Accordingly the company has duly complied with the
Corporate Governance norms to the extent and in the manner as set out
in the Report on Corporate Governance annexed herewith which forms part
of this report.
SECRETARIAL AUDIT REPORT
In Compliance with the directives issued by the Securities and Exchange
Board of India (SEBI), Secretarial Audit Report by a practicing company
secretary at specified periodicity and the reports are being submitted
to Stock Exchange.
DEMATERIALISATION OF EQUITY SHARES:
The equity shares of the Company may be dealt in dematerialized form.
The shareholders are requested to send their share certificate through
their depository participants for having their shares in electronic
form.
ACKNOWLEDGEMENT
Your Directors wish to place on record their appreciation and thanks
for the cooperation, support and assistance extended by shareholders,
employees, associates, customers, Bankers, Government Agencies and all
other concerns.
Place: Kanpur For and on behalf of Board of directors
Date: 02.09.2014
Sd/-
Praveen Kumar Arora
(Chairman)
Mar 31, 2011
To the members of Shreevatsaa Finance and Leasing Limited
The Directors feel pleasure in presenting their Annual Report of the
business and operations together with Annual Accounts of the company
for the period ended 31st March, 2011.
STATE OF COMPANY'S AFFAIRS:
The summary of the financial position of the Company is given
Here in below: -
PARTICULARS YEAR ENDED YEAR ENDED
31.03.2011 31.03.2010
Profit Before Taxation and (3,777,929.17) 420,110,85
Depreciation
Depreciation 9,649 11,652
Profit Before Taxation (3,787,578.17) 408,458.85
Provision for Taxation for current - 123,548
Year
Add/(less) Deferred Tax (1,333) 74,164
Add/(less) MAT Credit Availed 58,229 _
Profit after Taxation (3,728,016.17) 210,746.85
Add: - Balance Brought forward 28,905,825.40 28,737,228.55
from Previous Year
Profit available for Appropriation 25,177,809.23 28,947,975.40
DIVIDEND
The Company has incurred a Net loss of Rs. 37,28,016/- (Rupees Thirty
Seven Lac Twenty Eight Thousand and Sixteen only) in the current
financial year, henceforth Board of Directors does not recommended any
dividend for the year 2010-11.
OPERATIONS:
During the year review the overall performance of the company was
steady and satisfactory. The Company has been mainly carrying on the
business of sale and purchase of shares, securities and units. It also
earned interest income on FDR's, jobbing profits from shares and
interest and dividend from units and mutual funds.
The Company continues to focus its main attention on cost reduction,
Assets/Liability - Management and collection. Your company managed to
carry out all its business and commercial obligations in time and with
dignity.
Your Directors shall continue to put in all efforts to increase the
business of the company and are confident of even better and brighter
prospects of the Company.
The Company is considering various possibilities for optimizing the
present business activities and also other business proposals, keeping
in view the profitability and stability of business of the Company. The
company is also pursuing the possibility into other related activities.
There have not been any material changes and commitments affecting the
financial position of the company between the end of the financial year
of the company and the date Board's Report.
DIRECTORS
Since the date of last Annual General Meeting there has been no change
in the constitution of the Board. Mrs. Rekha Chawla, retire by rotation
at the ensuing Annual General Meeting and being eligible have
respectively offered themselves for reappointment.
AUDITORS:
The Statutory Auditors, M/s Tandon & Mahendra, Chartered Accountants,
hold office upto and retire at the conclusion of ensuring Annual
General Meeting and being eligible and have expressed their willingness
for being re-appointed. The matter relating to their re-appointment has
been appropriately included in the notice of the ensuing Annual General
Meeting.
AUDITORS REMARK:
The Auditor's Report is self-explanatory and contains no adverse
remarks or qualifications and hence no explanation thereof is being
given.
LISTING AGREEMENT:
The equity shares of the company are listed at the U.P. Stock Exchange,
Kanpur, Bombay Stock Exchange Limited, Mumbai and Ahemadabad Stock
Exchange, Ahemdabad.
The cash flow statement pursuant to Clause 32 of the Listing Agreement
is being annexed herewith.
AUDIT COMMITTEE:
Pursuant to the provisions contained in Section 292-A of the Companies
Act, 1956 and clause 49 of Listing Agreement, an Audit Committee of the
Company has been constituted. The committee is fully aware of its
rights and obligations and has been since its constitution closely
monitoring the affairs of the company so far as they affect the
company's financial reporting process and the disclose of its
financial information to ensure that the financial statement is correct
and credible.
NBFC STATUS:
The Company is duly registered with Reserve Bank of India as an NBFC,
not accepting public deposits.
Since the Company has neither accepted any deposit nor it intends to
accept any deposit hence it has duly been passing appropriate
resolution in each financial year.
PARICULAR OF EMPLOYEES:
None of the employees of the company are in receipt of remuneration in
excess of the limits as stated in sub-section (2A) or Section 217 of
the Companies Act, 1956, and hence no particulars of any employees are
being given.
CHANGE IN THE NATURE OF THE COMPANY'S BUSINESS ETC.:
There has not been any change in the nature of the Company's business
or in the class of the business in which the company has an interest.
Company has no subsidiary.
BUY BACK:
The Company has not bought back any shares during the financial year.
DIRECTOR'S RESPONSIBILITY STATEMENT:
Pursuant to sub section (2 A A) of Section 217 of the Act the Directors
declare as under,
1. That in the preparation of Annual Accounts for the year ended 31
-03-2011, the applicable Accounting Standards have been followed and
there was no departure has been made there from.
2. 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 same period.
3. That the Directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of the Act, for safeguarding the assets of the company and
for preventing and detecting fraud and other irregularities.
4. That the Directors have prepared the annual accounts on a going
concern basis.
Directors have exercised their responsibility for the accuracy of the
financial statements based on the accounting systems, policies and
procedures designed to provide reasonable assurance of the reliability
of financial records. Such controls based on established policies and
procedures are implemented by the trained and skilled personnel of the
Company.
CORPORATE GOVERNANCE:
As per the requirement of clause 49 Listing Agreement of the company
has to necessarily comply with the Corporate Governance norms as per
the said clause. Accordingly the company has duly complied with the
Corporate Governance norms to the extent and in the manner as set out
in the Report on Corporate Governance annexed herewith which forms part
of this report.
SECRETARIAL AUDIT REPORT
In Compliance with the directives issued by the Securities and Exchange
Board of India (SEBI), Secretarial Audit Report by a practicing company
secretary at specified periodicity and the reports are being submitted
to Stock Exchange.
DEMATERIALISATION OF EQUITY SHARES:
The equity shares of the company may be dealt in dematerialized form.
The shareholders are requested to send their share certificate through
their depository participants for having their shares in electronic
form.
ACKNOWLEDGEMENT
Your Directors wish to place on record their appreciation and thanks
for the cooperation, support and assistance extended by shareholders,
employees, associates, customers, Bankers, Government Agencies and all
other concerns.
For and on behalf of Board of Directors
Sd/-
Praveen Kumar Arora
Dated: 03.09.2011 (Chairman)
Place: Kanpur
Mar 31, 2010
The Directors feel pleasure in presenting their Annual Report of the
business and operations together with Annual Accounts of the company
for the period ended 31st March, 2010.
STATE OF COMPANYS AFFAIRS:
The summary of the financial position of the Company is given
hereinbelow: -
PARTICULARS YEAR ENDED YEAR ENDED
31.03.2010 31.03.2009
Profit Before Taxation and 4,20,110.85 (253,253.57)
Depreciation
Depreciation 11,652 14,272.00
Profit Before Taxation 4,08,458.85 (267,525.57)
Provision for Taxation for
current Year 1,23,548 ----
Add/(less) Deferred Tax 74,164 (77,882.00)
Profit after Taxation 2,10,746.85 (189,643.57)
Add: - Balance Brought
forward 2,87,37,228.55 28,926,872.12
from Previous Year
Profit available for
Appropriation 2,89,47,975.40 28,737,228.55
DIVIDEND
The depression in the domestic market and increasing global competition
has compelled the company to conserve the resources. Hence, the Board
of Directors has decided to skip recommending any dividend for the year
2009 -10.
OPERATIONS:
During the year review the overall performance of the company was
steady and satisfactory. The Company has been mainly carrying on the
business of sale and purchase of shares, securities and units. It also
earned interest income on FDRs, jobbing profits from shares and
interest and dividend from units and mutual funds.
The company continues to focus its main attention on cost reduction,
Assets/Liability à Management and collection. Your company managed to
carry out all its business and commercial obligations in time and with
dignity.
Your directors shall continue to put in all efforts to increase the
business of the company and are confident of even better and brighter
prospects of the company.
The company is considering various possibilities for optimizing the
present business activities and also other business proposals, keeping
in view the profitability and stability of business of the Company. The
company is also pursuing the possibility into other related activities.
There have not been any material changes and commitments affecting the
financial position of the company between the end of the financial year
of the company and the date Boards Report.
DIRECTORS
Since the date of last Annual General Meeting there has been no change
in the constitution of the Board. Mr. M.L.Bajaj, retire by rotation at
the ensuing Annual General Meeting and being eligible have respectively
offered himself for reappointment.
AUDITORS:
The Statutory Auditors, M/s Tandon & Mahendra, Chartered Accountants,
hold office upto and retire at the conclusion of ensuring Annual
General Meeting and being eligible and have expressed their willingness
for being re-appointed. The matter relating to their re-appointment has
been appropriately included in the notice of the ensuing Annual General
Meeting.
AUDITORS REMARK:
The Auditors Report is self-explanatory and contains no adverse
remarks or qualifications and hence no explanation thereof is being
given.
LISTING AGREEMENT:
The equity shares of the company are listed at the U.P. Stock Exchange,
Kanpur, Bombay Stock Exchange Limited, Mumbai and Ahemadabad Stock
Exchange, Ahemdabad.
The cash flow statement pursuant to clause 32 of the Listing Agreement
is being annexed herewith.
AUDIT COMMITTEE:
Pursuant to the provisions contained in section 292-A of the Companies
Act, 1956 and clause 49 of Listing Agreement, an Audit Committee of the
Company has been constituted. The committee is fully aware of its
rights and obligations and has been since its constitution closely
monitoring the affairs of the company so far as they affect the
companys financial reporting process and the disclose of its financial
information to ensure that the financial statement is correct and
credible.
NBFC STATUS:
The company is duly registered with Reserve Bank of India as an NBFC,
not accepting public deposits.
Since the company has neither accepted any deposit nor it intends to
accept any deposit hence it has duly been passing appropriate
resolution in each financial year.
PARICULAR OF EMPLOYEES:
None of the employees of the company are in receipt of remuneration in
excess of the limits as stated in sub-section (2A) or section 217 of
the Companies Act, 1956, and hence no particulars of any employees are
being given.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION & FOREIGN EXCHANGE
EARNINGS AND OUTGO:
Companies (Disclosure of Particulars in the report of Directors) Rules,
1988 do not apply to the company; however the following information is
being set out under this head:
(i) Conservation of energy:
The operations of the company are not energy intensive yet, but besides
that all possible measures shall be taken to conserve the energy in all
related areas.
(ii) Technology absorption & research and development:
The company has not imported any technology, and has not established
any separated research and development unit, however the Company shall
always kept itself updated with latest technological innovations by way
of constant communications and personal discussions with the experts.
(iii) Foreign exchange earning and outgo:
During the year under review there were no foreign exchange earning or
outgo.
CHANGE IN THE NATURE OF THE COMPANYS BUSINESS ETC.:
There has not been any change in the nature of the Companys business
or in the class of the business in which the company has an interest.
Company has no subsidiary.
BUY BACK:
The Company has not bought back any shares during the financial year.
DIRECTORS RESPONSIBILITY STATEMENT:
Pursuant to sub section (2AA) of section 217 of the Act the Directors
declare as under,
1. That in the preparation of Annual Accounts for the year ended
31-03-2010, the applicable Accounting Standards have been followed and
there was no departure has been made therefrom.
2. 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 same period.
3. That the directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of the Act, for safeguarding the assets of the company and
for preventing and detecting fraud and other irregularities.
4. That the directors have prepared the annual accounts on a going
concern basis.
Directors have exercised their responsibility for the accuracy of the
financial statements based on the accounting systems, policies and
procedures designed to provide reasonable assurance of the reliability
of financial records. Such controls based on established policies and
procedures are implemented by the trained and skilled personnel of the
company.
CORPORATE GOVERNANCE:
As per the requirement of clause 49 Listing Agreement of the company
has to necessarily comply with the Corporate Governance norms as per
the said clause. Accordingly the company has duly complied with the
Corporate Governance norms to the extent and in the manner as set out
in the Report on Corporate Governance annexed herewith which forms part
of this report.
SECRETARIAL AUDIT REPORT
In compliance with the directives issued by the Securities and Exchange
Board of India (SEBI), Secretarial Audit Report by a practicing company
secretary at specified periodicity and the reports are being submitted
to Stock Exchange.
DEMATERIALISATION OF EQUITY SHARES:
The equity shares of the company may be dealt in dematerialized form.
The shareholders are requested to send their share certificate through
their depository participants for having their shares in electronic
form.
ACKNOWLEDGEMENT
Your directors wish to place on record their appreciation and thanks
for the cooperation, support and assistance extended by shareholders,
employees, associates, customers, Bankers, Government Agencies and all
other concerns.
For and on behalf of Board of Directors
-Sd/.-
Praveen Kumar Arora
(Chairman)
Dated: 02-09-2010
Place: Kanpur