Mar 31, 2015
Dear Members,
The Directors have pleasure in presenting their Annual Report and
Audited Statement of Accounts of the Company for the year ended on 31st
March 2015.
FINANCIAL RESULTS (Rs. In Lacs)
Year ended Year ended
31.03.2015 31.03.2014
Gross Total Income 111.13 117.71
Profit / Loss before Depreciation & Taxation 31.74 43.53
Less: Depreciation 1.36 1.07
Profit Before tax 30.38 42.46
Less: Provision for Income Tax 4.20 1.94
Less: Short Provision for earlier years 9.05 0.00
Add: Provision for Deferred Tax -0.02 0.14
Net Profit /(Loss) after Tax 17.15 40.38
Profit/(Loss) brought forward 163.68 131.38
Adjustment pursuant to ScheduleÂII to the 0.15 00.00
Company Act , 2013 ( Net of tax)
Profit carried to P&L Appropriation a/c 180.98 171.76
Less: Special Reserve (As per RBI Guidelines) 3.43 8.08
Surplus/ (Deficit ) carried to Balance Sheet 177.55 163.68
2. State of Company's Affairs:
During the year under review, the gross income of the Company stood at
Rs 111.13 Lacs as compared to Rs 117.71 Lacs during the previous year.
The net profit of the Company was Rs 17.15 Lacs during the year under
review.
3. Material Changes and Commitments:
No material changes / commitments have occurred between the end of
financial year to which the financial statements relate till the date
of this report, which have any adverse affect on the financial position
of the Company.
4. Dividend
No dividend has been recommended by the Board of Directors for the
year.
5. Directors:
The Company has Mrs. Latika Datt Abbott, Mrs. Charu Datt Bhatia, Mrs.
Usha Datt and Brig. Lalit Mohan Segat on the Board of Directors of the
Company. Mrs. Charu Datt Bhatia was appointed as the director of the
Company on 30th September, 2014.
Mr. D.P. Rawal has resigned from the directorship of the Company on 096
March, 2015. The Company is in the process of appointing a new Director
in his place.
Mr. Rajeev Gautam was appointed as Chief Financial Officer of the
Company on 25th August, 2014.
6. Re-Appointment
As per the provisions of the Companies Act, 2013, Mrs. Charu Datt
Bhatia retires at the ensuring Annual General Meeting and being
eligible, seeks re-appointment. The Board recommends her
re-appointment.
7. Subsidiaries
At the beginning of the year, we had one subsidiary i.e. M/s Som Datt
Infosoft Private Limited. As on 31st March, 2015 we still have M/s Som
Datt Infosoft Private Limited as subsidiary company.
During the year, the Board of Directors ('the board') reviewed the
affairs of the subsidiaries. In accordance with section 129(3) of the
Companies Act, 2013, we have prepared consolidated financial statements
of the Company and all its subsidiaries, which form part of the Annual
Report. Further, a statement containing the salient features of the
financial statement of our subsidiary in the prescribed format AOC-1 is
appended as Annexure B to the Boards' Report. The statement also
provides the details ofperformance, financial positions of the
subsidiary.
8. Consolidated Financial Statement
In accordance with the Companies Act, 2013 ("the Act") and Accounting
Standard (AS) - 21 on Consolidated Financial Statements read with AS -
23 on Accounting for Investments in Associates and AS - 27 on Financial
Reporting of Interests in Joint Ventures, the audited consolidated
financial statement is provided in the Annual Report.
9. Declaration from Independent Directors on annual basis
The Company has received necessary declaration from Independent
Director of the Company under Section 149(7) of the Companies Act, 2013
that the Independent Director of the Company meet with the criteria of
their Independence laid down in Section 149(6).
10. Corporate Governance
Corporate Governance is an ethically driven business process that is
committed to values aimed at enhancing an organizations' brand and
reputation. This is ensured by taking ethical business decisions and
conducting business with firm commitment to values, while meeting
stakeholders' expectations. At Som Datt Finance Corporation, it is
imperative that our company affairs are managed in a fair and
transparent manner. This is vital to gain and retain the trust of our
stakeholders.
We comply with the Securities and Exchange Board of India (SEBI)
guidelines on corporate governance. We have documented our Internal
Policies on corporate governance. During the year, we have complied
several aspects such as Whistleblower Policy and Code of Conduct and
Ethics. Our Corporate Governance report for fiscal 2015 forms part
ofthis Annual Report.
11. Meeting of the Board of Directors
During the financial year under review, 5 Board meetings were held on
29.05.2014, 13.08.2014, 13.11.2014,
13.02.2015 and 30.03.2015 The Company held at least four Board Meetings
in the year as required under the Act and the gap between two Board
meetings was in compliance with the provisions contained in the Act.
Details of Directors as on March 31, 2015 and their attendance at the
Board during the financial year ended March 31.2015 are given below:
Name of the Director No. of Board No. of Board Meetings
Meetings held attended
Mrs. Charu Datt Bhatia 5 3
Mrs. Latika Datt Abbott 5 5
Mr. Usha Datt 5 5
Mr. Lalit Mohan Segat 5 5
Mr. D.P.Rawal 5 5
12. Committees of the Board
The composition andother details of all the Committees of the Board are
provided in the Corporate Governance Report forming part ofthis Report.
13. Director's Responsibility Statement
In compliance to the provisions of Section 134 (3)(c) of the Companies
Act, 2013, your Directors wish to place on record -
(a) in the preparation of the annual accounts, the applicable
accounting standards had been followed along with proper explanation
relating to material departures;
(b) 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 and of the profit and loss
of the company for that period;
(c) the directors had 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;
(d) the directors had prepared the annual accounts on a going concern
basis; and
(e) the directors had laid down internal financial controls to be
followed by the company and that such internal financial controls are
adequate and were operating effectively.
(f) 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.
14. Auditors :
A.S. Gupta & Co., Chartered Accountants, statutory auditors of the
Company, holds office till the conclusion of the ensuring Annual
General Meeting and are eligible for re-appointment. Auditors has been
received to the effect that their re-appointment, if made, would be
within the limits prescribed under Section 141(3)(g) of the Act and
they are not disqualified for re-appointment
15. Secretarial Auditors
Naveen Narang of M/s Naveen Narang & Associates, Practicing Company
Secretaries was appointed to conduct the secretarial audit of the
Company for the financial year 2014-2015, as required under section 204
of the Companies Act, 2013 and Rules thereunder. The Secretarial Audit
report for FY 2014-2015 forms part of the Annual Report in Annexure A
of the Board's Report.
The Secretarial Auditor of the Company has qualified in its report that
the Company has failed to appoint a Whole- Time Company Secretary as
required under section 203(1) of the Companies Act 2013 read with Rule
8 of Companies (Appointment & Remuneration of Managerial Personnel)
2014.
The board of directors would like to comment that the company is in the
process to appoint full time Company Secretary and vacancy will soon be
filled.
16. Auditor's qualification / reservation / adverse remark:
There is no adverse qualification/ reservation/ remark in the Auditor's
Report. However for other notes Directors would like to state that
notes are self-explanatory and there is no need to give any further
explanation/ comments.
17. Particulars of Loan given, Investment made, Guarantees given and
Securities Provided:
During the year under review the Company has not made any Loan,
Guarantee or Investment pursuant to the provisions of section 186 of
the Companies Act, 2013.
18. Contracts / Arrangement with related parties:
All transactions with related parties, during the financial year, were
on arm's length basis and in the ordinary course of business. No
material contracts or arrangements with related party were entered into
during the year under review. Accordingly, no transactions are being
reported in Form AOC-2 in terms of Section 134 of the Act read with
rules made thereunder.
19. Particulars of Employees
The information required pursuant to Section 197 of the Companies Act,
2013 ("the Act") read with Rule 5 of the Companies (Appointment and
Remuneration of Managerial Personnel) Rules, 2014 in respect of
employees of the Company, will be provided upon request. In terms of
Section 136 of the Act, the Report and Accounts are being sent to the
members and others entitled thereto, excluding the information on
employees' particulars, which is available for inspection by the
members at the Registered Office of the Company during business hours
on working days of the Company up to the date of the ensuing AGM. If
any member is interested in obtaining a copy thereof, such member may
write to the Director of the Company in this regard.
20. Listing
The shares ofthe Company are listed on the Bombay Stock Exchange. The
annual listing fee has been paid to the BSE.
21. Conservation of energy, technology absorption & foreign exchange
earning & outgo:
Information in accordance with the provision of Section 134 (3) (m) of
the Companies Act, 2013, read with Rule 8 of Companies (Account) Rules
2014 regarding conservation of energy technology absorption and foreign
exchange earnings and outgo is given below is as under:
I. Conservation of energy : N.A
II. Technology Absorption : N.A
III. Foreign Exchange Earnings & Expenditure:
( a ) Foreign Exchange Earnings : Nil
( b ) CIF Value of Import : Nil
( c ) Foreign Exchange Expenditure : Nil
22. Vigil Mechanism
The Company has constituted a Vigil Mechanism for employees and
directors to report concerns about unethical behavior, actual or
suspected fraud or violation of the Company's Code of Conduct and
ethics. The purpose of the mechanism to promote the highest ethical
standards, the company will maintain a workplace that facilities the
reporting of potential violations of Company policies and applicable
laws.
23. Board Evaluation
The evaluation of Board, Committee(s) and individual Directors was
carried out based on structured questionnaire encompassing parameters
such as level of engagement and contribution, independence of judgment,
safeguarding the interest of the Company and its minority shareholders
etc.
24. Corporate Social Responsibility:
The provisions relating to Corporate Social Responsibility are not
applicable on the Company and therefore no policy in this regard has
been developed / implemented by the Company during the financial year.
25. Internal Financial Control
The Company has in place adequate internal financial controls with
reference to financial statements. During the year, such controls were
tested and no reportable material weaknesses in the design or operation
were observed.
26. Public Deposits
In terms of the provisions of Section 73 & 74 of the Act read with the
Companies (Acceptance of Deposits Rules), 2013, your Company has not
accepted any fixed deposits from public and, as such, no amount of
principal or interest was outstanding on the date of the Balance Sheet.
27. Extract of Annual Return:
The extract of Annual return in prescribed Form MGT 9 has been annexed
herewith and forms part of this report.
28. Appreciation:
Your Directors wish to place on record their deep sense of appreciation
of the devoted services rendered by the executives of the company.
For and on behalf of the Board of
Som Datt Finance Corporation Limited
Latika Datt Abbott Charu Datt Bhatia
Managing Director Director
DIN:00031056 DIN:00035069
C-10, Geetanjali, G-106, Saket,
Place: Delhi Malviya Nagar, New Delhi-110017
Date: 01.09.2015 New Delhi-110017
Mar 31, 2014
Dear Members,
The Directors have pleasure in presenting the Annual Report together
with the audited statement of Accounts for the year ended 31 stMarch
2014.
FINANCIAL RESULTS
(Rs. In Lacs)
Year ended Year ended
31.03.2014 31.03.2013
Gross Total Income 117.71 96.57
Profit / Loss before Depreciation & Taxation 43.53 25.67
Less: Depreciation 1.07 1.31
Profit Before tax 42.46 24.37
Less: Provision for Income Tax 1.94 6.80
Add: Provision for DeferredTax 0.14 0.13
Net Profit /(Loss) after Tax 40.38 17.43
Profit/(Loss) brought forward 131.38 117.43
Profit carried to P&L Appropriation a/c 171.76 134.87
Less: Special Reserve (As per RBI Guidelines) 8.08 3.49
Surplus/(Deficit ) carried to Balance Sheet 163.68 131.38
OPERATION
During the year under review, the gross income of the Company stood at
Rs. 117.71 Lacs as compared to Rs. 96.57 Lacs during the previous year.
The net profit of the Company was Rs. 40.38 lacs during the year under
review.
DIVIDEND
No dividend has been recommended by the Board of Directors.
SUBSIDIARY COMPANY (SOM DATTINFOSOFT PRIVATE LIMITED)
The Company has not been able to conduct commodity market business. In
the present scenario, the risk free arbitrage opportunities as
visualized are not available. Considering high risk of speculation, the
company has reviewed the business model and is of the view that trading
in commodity exchange not being the core business of company is not
found suitable and there is aneedto shift to other areas of business.
CONSOLIDATED FINANCIALS
The Consolidated financial results of the Company along with its
subsidiary M/s Som Datt Infosoft Private Limited are forming part
ofthis report and are given as perAnnexure.
PARTICULAR OF EMPLOYEES
None of the employee is covered under section 217 (2A) of the Companies
Act, 1956 read with the Companies (Particulars of Employees) Rules,
1975 as amended.
DIRECTOR
Mrs. Usha Datt, Director retires by rotation at the ensuing Annual
General Meeting and being eligible, offers herself for reappointment.
DIRECTORS''RESPONSIBILITY STATEMENT
Pursuant to the requirement under Section 217 (2AA) of the Companies
Act, 1956 with respect to Directors'' Responsibility Statement, it is
hereby confirmed:
I) That in the preparation of the annual accounts for the year ended
31st March 2014 the applicable accounting standards had been followed
along with proper explanation relating to material departures;
ii) That the Directors had selected such accounting policies and
applied them consistently and made judgments and estimates that were
reasonable and prudent so as to give a true and fair view of the state
of affairs of the Company at the end ofthe year and ofthe profit or
loss ofthe Company for the year under review;
iii) That the Directors had 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) That the Directors had prepared the accounts for year ended 31st
March 2014 on a going concern basis.
PARTICULAR REGARDING CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND
FOREIGNEXCHANGE EARNING AND OUTGO
The information, required under Rule 2 of the Companies (Disclosure of
Particular in the Report of Board of Directors) Rules, 1998 relating to
the conservation of energy and technology absorption, is not given as
the Company is not engaged in manufacturing activity.
During the year, there is no earning and outgo ofthe foreign exchange.
AUDITORS
M/s A.S. Gupta & Co. Chartered Accountants Kolkata, Auditors ofthe
company retire at the ensuing Annual General Meeting andbeing eligible,
offer themselves for re-appointment. The observations ofthe auditors
are self-explanatory.
LISTING
The shares ofthe Company are listed on the Bombay Stock Exchange. The
annual listing fee has been paid to the BSE.
CORPORATE GOVERNANCE
The report on Corporate Governance together with theAuditor''s
certificate on compliance of mandatory requirements of Corporate
Governance are given in annexure to this report.
PUBLIC DEPOSITS
In terms of the provisions of Section 58AoftheAct read with the
Companies (Acceptance of Deposits Rules), 1975, your Company has not
accepted any fixed deposits from public and, as such, no amount of
principal or interest was outstanding on the date ofthe Balance Sheet.
By Order of the Board
(Latika Datt Abbott)
Chairperson & Managing Director
DIN : 0031056
Mar 31, 2013
The Directors have pleasure in presenting the Annual Report together
with the audited statement of Accounts for the yearended31st March2013.
FINANCIAL RESULTS (Rs.InLacs)
Year ended Year Ended
31.03.2013 31.03.2012
Gross Total Income 96.57 174.74
Profit/Loss before
Depreciation & Taxation 25.67 78.33
Less: Depreciation 1.31 1.66
Add: Provision written Back
Profit Before tax 24.37 76.70
Less: Provision for Income Tax 6.80 23.00
Less: Provision for F.B.T for Earlier Year
Add: Provision for Deferred Tax 0.13 0.11
Less: Tax Adjustment for Earlier Years
Net Profit /(Loss) after Tax 17.43 53.57
Profit/(Loss) brought forward 117.43 74.57
Profit carried to P&LAppropriation a/c 134.87 128.14
Less: Special Reserve (As per
RBI Guidelines) 3.49 10.72
Less: Proposed Dividend
Less: Corporate Dividend tax
Surplus/ (Deficit)carried
to Balance Sheet 131.38 117.43
OPERATION During the year under review, the gross income of the Company
stood at Rs. 96.57 Lacs as compared to Rs. 174.74 Lacs during the
previous year.The net profitofthe Company was Rs. 17.43 lacs during the
year under review. Declining trend of profits during the year under
review has been due to extremely depressed Stock market volumes and
adverse conditionsofeconomy through out the year.
DIVIDEND
No dividend has been recommended by the Board of Directors.
SUBSIDIARY COMPANY (SOMDATTIN FOSOFTPRIVATE LIMITED)
The Company has not been able to conduct commodity market business. In
the present scenario, the risk free arbitrage opportunities as
visualized are not available. Considering high risk of speculation, the
company has reviewed the business model and is of the view that trading
in commodity exchange not being the core business of company is not
found suitable and the managementisexploringtoshift toother viable
business areas.
CONSOLIDATED FINANCIALS
The Consolidated financial results of the Company along with its
subsidiary M/s Som Datt Infosoft Private Limited are forming partofthis
report and are givenas perAnnexure.
PARTICULAROFEMPLOYEES
None of the employee is covered under section 217 (2A) of the Companies
Act, 1956 read with the Companies (ParticularsofEmployees) Rules,
1975asamended.
DIRECTOR
Brigadier Lalit Mohan Segat, Director retires by rotation at the
ensuing Annual General Meeting and being eligible, offers himself for
reappointment.
DIRECTORS''RESPONSIBILITYSTATEMENT
Pursuant to the requirement under Section 217 (2AA) of the Companies
Act, 1956 with respect to Directors''
Responsibility Statement,itis hereby confirmed:
i) That in the preparation of the Annual Accounts for the year ended
31st March 2013 the applicable Accounting Standards had been followed
along with proper explanation relatingtomaterial departures;
ii) That the Directors had selected such accounting policies and
applied them consistently and made judgments and estimates that were
reasonable and prudent so as to give a true and fair view of the state
of affairs of the Company at the endofthe year andofthe profit or
lossof the Company for the year under review;
iii) That the Directors had 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) That the Directors had prepared the accounts for year ended 31st
March 2013ona `going concern'' basis.
PARTICULAR REGARDING CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND
FOREIGNEXCHANGEEARNINGANDOUTGO
The information, required under Rule 2 of the Companies (Disclosure of
Particular in the Report of Board of Directors) Rules, 1998
relatingtothe conservationofenergy and technology absorption,isnot
given as the Companyisnot engaged in manufacturing activity. During
the year, thereisnoearning and outgoof the foreign exchange.
AUDITORS
M/s A.S. Gupta & Co. Chartered Accountants Kolkata, Auditors of the
company retire at the ensuing Annual General Meeting and being
eligible, offer themselves for re-appointment.The observationsofthe
auditors are self-explanatory.
LISTING
The sharesofthe Company are listedon the Bombay Stock Exchange. The
annual listing fee has been paidtothe BSE.
CORPORATEGOVERNANCE
The report onCorporate Governance together with theAuditor''s
certificate on compliance of mandatory requirements of Corporate
Governance are given inannexuretothis report.
PUBLICDEPOSITS
In terms of the provisionsof Section 58AoftheAct read with the
Companies (Acceptance of Deposits Rules), 1975, your Company has not
accepted any fixed deposits from public and, as such, no amount of
principal or interest was outstandingonthe dateofthe Balance Sheet.
By Order of the Board
(Latika Datt Abbott)
Chairperson & Managing Director
Mar 31, 2012
The Directors have pleasure in presenting the Annual Report together
with the audited statement of Accounts for the year ended 31st March
2012.
FINANCIAL RESULTS (Rs. in Lacs)
Year ended Year Ended
31.03.2012 31.03.2011
Gross Total Income 174.74 221.28
Profit / Loss before
Depreciation & Taxation 78.33 132.87
Less: Depreciation 1.66 2.11
Add: Provision written Back - 0.04
Profit Before tax 76.70 130.80
Less: Provision for Income Tax 23.00 14.00
Less: Provision for F.B.T for Earlier Year - -
Add: Provision for Deferred_Tax 0.11 16.60
Less: Tax Adjustment for Earlier Years - 0.61
Net Profit /(Loss) after Tax 3.57 132.79
Profit/(Loss) brought forward 74.57 85.04
Profit carried to P&L Appropriation a/c 128.14 217.83
Less: Special Reserve
(As per RBI Guidelines) 10.72 26.56
Less: Proposed Dividend - 100.08
Less: Corporate Dividend_tax - 16.62
Surplus/ (Deficit) carried to Balance Sheet 117.43 74.57
OPERATION
During the year under review' the gross income of the Company stood at
Rs. 174.74 Lacs as compared to Rs. 221.28 Lacs during the previous
year. The net profit of the Company was Rs. 53.57 lacs during the year
under review.
DIVIDEND
No dividend has been recommended by the Board of Directors.
SUBSIDIARY COMPANY (SOM DATT INFOSOFT PRIVATE LIMITED)
The Company has not been able to conduct commodity market business. In
the present scenario' the risk free arbitrage opportunities as
visualized are not available. Considering high risk of speculation' the
company has reviewed the business model and is of the view that trading
in commodity exchange not being the core business of company is not
found suitable and the management is exploring to shift to other viable
business areas.
CONSOLIDATED FINANCIALS
The Consolidated financial results of the Company along with its
subsidiary M/s Som Datt Infosoft Private Limited are forming part of
this report and are given as per Annexure.
PARTICULAR OF EMPLOYEES
None of the employee is covered under section 217 (2A) of the Companies
Act' 1956 read with the Companies (Particulars of Employees) Rules'
1975 as amended.
DIRECTOR
Mr. Dharam Pal Rawal' Director retires by rotation at the ensuing
Annual General Meeting and being eligible' offers himself for
reappointment.
DIRECTORS'RESPONSIBILITY STATEMENT
Pursuant to the requirement under Section 217 (2AA) of the Companies
Act' 1956 with respect to Directors' Responsibility Statement' it is
hereby confirmed:
i) That in the preparation of the Annual Accounts for the year ended
3T1 March 2012 the applicable Accounting Standards had been followed
along with proper explanation relating to material departures;
ii) That the Directors had selected such accounting policies and
applied them consistently and made judgments and estimates that were
reasonable and prudent so as to give a true and fair view of the state
of affairs of the Company at the end of the year and of the profit or
loss of the C ompany for the year under review;
iii) That the Directors had 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) That the Directors had prepared the accounts for year ended 31st
March 2012 on a à going concern' basis.
PARTICULAR REGARDING CONSERVATION OF ENERGY TECHNOLOGY ABSORPTION
AND FOREIGN EXCHANGE EARNING AND OUTGO
The information' required under Rule 2 of the Companies (Disclosure of
Particular in the Report of Board of Directors) Rules' 1998 relating to
the conservation of energy and technology absorption' is not given as
the Company is not engaged in manufacturing activity.
During the year' there is no earning and outgo of the foreign exchange.
AUDITORS
M/s A.S. Gupta & Co. Chartered Accountants Kolkata' Auditors of the
company retire at the ensuing Annual General Meeting and being
eligible' offer themselves for re-appointment. The observations of the
auditors are self-explanatory.
LISTING
The shares of the Company are listed on the Bombay Stock Exchange. The
annual listing fee has been paid to the BSE.
CORPORATE GOVERNANCE
The report on Corporate Governance together with the Auditor's
certificate on compliance of mandatory requirements of Corporate
Governance are given in annexure to this report.
PUBLIC DEPOSITS
In terms of the provisions of Section 58 A of the Act read with the
Companies (Acceptance of Deposits Rules)' 1975' your Company has not
accepted any fixed deposits from public and' as such' no amount of
principal or interest was outstanding on the date of the Balance Sheet.
By Order of the Board
(Latika Datt Abbott)
Chairperson & Managing Director
Mar 31, 2010
The Directors have pleasure in submitting the 17th Annual Report
together with the Audited statement Accounts for the year ended 31st
March 2010:
Financial Results (Rs. in Lacs)
Year Ended Year Ended
31.03.2010 31.03.2009
Gross Total Income 161.65 201.48
Profit /Loss before Depreciation
& Taxation 71.22 90.84
Less: Depreciation 4.22 5.07
Add: Provision written Back 2.48 --
Profit Before tax 69.48 85.77
Less: Provision for Income Tax 18.00 29.50
Less: Provision for F.B.T - .72
Less: Provision for F.B .T
for Earlier Year .07 -
Add: Provision for DeferredTax 1.96 .16
Less: Tax Adjustment for Earlier Years 3.75 -
Net Profit/(Loss) after Tax 49.62 55.71
Profit/(Loss) brought forward 45.35 .78
Profit carried to P&L Appropriation A/c 94.97 56.49
Less: Special Reserve (As per
RBI Guidliness) 9.92 11.14
Surplus/ (Deficit) carried to
Balance Sheet 85.05 45.35
OPERATION
During the year under review, the gross income of the Company stood at
Rs. 161.65 Lacs as compared to income of corresponding previous year
amounting to Rs. 201.48 Lacs.
During the year under review, the Company has registered a net profit
after tax at Rs. 49.62 Lacs.
DIVIDEND
The Board is of the opinion that it would be in the overall interest of
the company and its shareholders that the profits of the Company are
retained and used in its business. Therefore, the Board of Directors do
not recommend any dividend for the year.
SUBSIDIARY COMPANY
The Company has not been able to conduct commodity market business.
Thus for the reason that risk free arbitrage opportunities as
visualized are not available. Considering high risk of speculation, the
company is in process of reviewing the business model.
CONSOLIDATED FINANCIALS
The consolidated financial results of the Company alongwith its
subsidiary M/s Som Datt Infosoft Private Limited are forming part of
this report and are given as per Annexure.
DIRECTOR
Mrs. Usha Datt, Director retires by rotation at the ensuing Annual
General Meeting and being eligible, offers herself for reappointment.
DIRECTORS RESPONSIBILITY STATEMENT
Pursuant to the requirement under Section 217 (2 AA) of the Companies
Act, 1956 with respect to Directors Responsibility Statement, it is
hereby confirmed:
i) That in the preparation of the annual accounts for the year ended
31st March 2010 the applicable accounting standards had been followed
along with proper explanation relating to material departures;
ii) That the Directors had selected such accounting policies and
applied them consistently and made judgments and estimates that were
reasonable and prudent so as to give a true and fair view of the state
of affairs of the Company at the end of the year and of the profit or
loss of the Company for the year under review;
iii) That the Directors had 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) That the Directors had prepared the accounts for year ended 31st
March 2010 on a going concern basis.
AUDITORS
M/s A.S. Gupta & Co. Chartered Accountants Kolkata, Auditors of the
company hold the office until conclusion of the ensuing Annual General
Meeting and are recommended for re-appointment.
PARTICULAR OF EMPLOYEES
None of the employee is covered under section 217 (2A) of the Companies
Act, 1956 read witii the Companies (Particulars of Employees) Rules,
1975 as amended
PARTICULAR REGARDING CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND
FOREIGN EXCHANGE EARNINGAND OUTGO
The information, required under Rule 2 of the Companies (Disclosure of
Particular in the Report of Board of Directors) Rules, 1998 relating to
the conservation of energy and technology absorption, is not given as
the Company is not engaged in manufacturing activity.
During the year, there is no earning and outgo of the foreign exchange.
LISTING
The shares of the Company are listed on the Bombay Stock Exchange. The
annual listing fee has been paid to the BSE.
CORPORATE GOVERNANCE
The report on Corporate Governance together with the Auditors
certificate on compliance of mandatory requirements of Corporate
Governance are given in annexure to this report.
ACKNOWLEDGEMENTS
Your Directors take this opportunity to thank its bankers and
shareholders for their continued support to the Company. The Directors
would also like to place on record their deep sense of appreciation of
the devoted services rendered by employees of the Company.
For and on behalf of the Board of Directors
Sd/- Sd/-
Place: New Delhi D.P.Rawal Latika Dart Abbott
Dated: 30.08.2010 Director Managing Director