Mar 31, 2014
Dear Members,
The Directors are pleased to present the 22nd Annual Report of your
Company for the financial year ended 31st March, 2014.
FINANCIAL RESULTS:
(Amt.in Lacs ofRs)
CURRENT YEAR PREVIOUS YEAR
2013-2014 2012-2013
Income from Operations 102.42 20.15
Other Income 103.20 84.55
Total Income 205.62 104.70
Total Expenses 180.97 89.92
Exceptional Items - 7.10
Profit/Loss before tax 24.65 7.68
Tax Expenses/Provisions 4.22 2.90
Profit after Tax 20.43 4.78
Balance carried to Balance Sheet 20.43 4.78
PERFORMANCE AND REVIEW
During the Year under review the company had performed good in its
business, which has resulted Gross Income of Rs. 205.62 Lacs as
compared to turnover for previous year of Rs. 104.70 Lacs.
FUTURE PLANS
The Capital Market Continues to be volatile during the last Financial
Year but company will try to generate more income in the next year.
FIXED DEPOSIT
During the period of under review, the company has not accepted any
fixed deposit during the year.
DIVIDEND
Your Directors have not recommended any dividend for the year ended
31st March, 2014.
DIRECTORS
In accordance with the relevant provisions of the Companies Act, 2013
and Articles of Association of the Company, Mr. Kailash Chand Gupta
shall retire in this Annual General Meeting and being eligible, offers
himself for re-appointment.
Mr. Naresh Kumar Singla shall retire in this Annual General Meeting and
being eligible offers himself for reappointment.
DIRECTOR''S RESPONSIBILITY STATEMENT
Pursuant to the requirement under Section 217 (2AA) of the Companies
Act, 1956 with Respect to Director''s Responsibility Statement, it is
hereby confirmed that:
(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.
AUDIT COMMITTEE
I. The Audit Committee held its meeting during the previous financial
year on 29.05.2013, 30.07.2013, 29.10.2013 and 29.01.2014.
II. At the invitation of the Company, representative from various
division of the company, internal auditors, statutory auditors and
company secretary who acting as secretary to the Audit Committee also
attended the Audit Committee meeting to answer and clarify queries
raised at the Committee meetings.
III. The role and terms of reference of the Audit Committee covers the
matters specified for Audit Committees under clause 49 of Listing
Agreement.
AUDITORS
M/s Deepika Setia & Co., Chartered Accountants shall retire at the
ensuring Annual General Meeting & being eligible offer themselves for
reappointment. The Board recommends their re- appointment as auditors
of your company for the period from the conclusion of this Annual
General Meeting to the Conclusion of next Annual General Meeting on
such remuneration as may be decided by the Board.
AUDITORS'' REMARKS
The observations made by the Auditors with reference to notes on the
accounts for the year under report are self explanatory and need no
further comments from the Directors.
CONSERVATION OF ENERGY, RESEARCH AND DEVELOPMENT, TECHNOLOGY
ABSORPTION, FOREIGN EXCHANGE EARNINGS AND OUTGO
Since your Company does not own any manufacturing facility, the
requirements pertaining to disclosure of particulars relating to
conservation of energy, research & development and technology
absorption are not applicable.
PARTICULARS OF EMPLOYEES REFFERED U/S 217 (2A) OF THE COMPANIES ACT,
1956 AND RULES MADE THEREUNDER
Particulars under Section 217 (2A) of Companies Act, 1956 read with
rules made thereunder, are NIL as there are no Employee drawing
remuneration of more than Rs. 5,00,000/- or more per month and/or Rs.
60,00,000/- or more per annum.
FOREIGN EXCHANGE EARNINGS AND OUTGO
There are no Foreign Exchange Earning or outgo during the year under
review.
LISTING OF SHARES
(a) The company''s securities have not been suspended from trading.
(b) The securities of the company are listed at the Bombay Stock
Exchange Limited and will continue to be listed there. Annual Listing
Fee has been paid to the Bombay Stock Exchange Limited.
The name and address of stock exchange where shares of company will
continue to be listed is as under:
Bombay Stock Exchange Limited Phiroze Jeejeebhoy Tower,
Dalal Street, Mumbai.
REPORT ON CORPORATE GOVERNANCE
The detailed Report on Corporate Governance and the certificate from
M/s Deepika Setia & Co., Chartered Accountants regarding compliance
with the conditions of Corporate Governance forms part of this report.
ACKNOWLEDGEMENTS
Your Directors would like to express their grateful appreciation for
the assistance and continued co-operation extended by the Bankers,
Government Agencies, Shareholders, Customers and wish to place on
record their deep sense fo Commitment shown by the employees at all
levels and acknowledge their contribution for the smooth operation of
the company during the year under report.
For and on behalf of the Board of Directors
Manju Singla Naresh Kumar Singla
Date: 25.08.2014 Managing Director Director
Place: Delhi DIN: 00027790 DIN: 00027448
Mar 31, 2012
The Members,
The Directors have pleasure in presenting their 20th Annual Report and
Audited Accounts of the Company for the year ended 31st March 2012.
FINANCIAL RESULTS: (Rs. In Lacs.)
(Rs. In Lacs.)
CURRENT YEAR PREVIOUS YEAR
2011-2012 2010-11
Income from Operations 228.86 443.30
Other Income 113.58 71.35
Total Income 342.44 514.65
Total Expenses 319.11 485.28
Exceptional Items 0.00 31.60
Profit before Tax 23.33 60.97
Tax Expense/Provisions 9.76 1.64
Profit after Tax 13.57 59.33
Balance Carried to Balance Sheet 13.57 59.33
PERFORMANCE AND REVIEW
During the year under review the company could not do much business
which has resulted in a Gross Income of Rs 342.44 Lacs during the
current year as against Gross income of Rs. 514.65 Lacs during
previous year.
FUTURE PLANS
The Capital Market continues to be volatile during the last financial
year.
FIXED DEPOSIT
During the period under review, the company has not accepted any fixed
deposits.
DIRECTORS
Mr. Rakesh Kumar Gupta shall retire in this Annual General Meeting and
being eligible offers himself for re-appointment.
Mr. Naresh Kumar Singla shall retire in this Annual General Meeting and
being eligible offers himself for reappointment.
Mrs. Manju Singla, Managing Director is also proposed to be reappointed
as Managing Director for a period of 5 years from 1 st October, 2012 on
the remuneration as given in the resolution proposed.
DIRECTORS RESPONSIBILITY STATEMENT
Pursuant to the requirement under Section 217 (2AA) of the Companies
Act, 1956 with respect to Director''s Responsibility Statement, it is
hereby confirmed:
(1) that in the preparation ofthe annual accounts for the financial
year ended 31st March 2012 the applicable accounting standards had been
followed along with proper explanations relating to material
departures;
(2) 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 financial year and ofthe
profit or loss ofthe company for the year under review;
(3) that the directors had taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provision of the Companies Act, 1956 for safeguarding the assets ofthe
Company and preventing and detecting fraud and other irregularities;
(4) That the directors had prepared the accounts for the financial year
ended 31st March. 2012 on a going concern basis.
AUDIT COMMITTEE
I The Audit Committee held its meeting during the previous financial
year on 30th April 2011. 30th July 2011, 3rd September 2011, 31st
October, 2011 and 30th January. 2012.
II At the invitation of the Company, representatives from various
divisions of the company, internal auditors, statutory auditors and
company secretary who is acting as secretary to the Audit Committee
also attended the Audit Committee meeting to answer and clarify queries
raised at the Committee meetings.
III. The role and terms of reference of the Audit Committee covers the
matters specified for Audit Committees under clause 49 of Listing
Agreement as well as in Sec. 292A of the Companies Act, 1956.
AUDITORS
M/s Deepika Setia & Co., Chartered Accountants shall retire at the
ensuring Annual General Meeting & being eligible offer themselves for
reappointment. They have also furnished a certificate of eligibility
for re-appointment u/s 224(1) of the Companies Act, 1956. The Board
recommends their re-appointment as auditors of your company for the
period from the conclusion of this Annual General Meeting to the
conclusion of next Annual General Meeting on such remuneration as may
be decided by the Board.
AUDITORS'' REMARK
The observation made by the Auditors with reference to notes on the
accounts for the year under report are self explanatory and need no
further comments from the Directors.
PARTICULARS REFERED U/S 217(1) (e) OF THE COMPANIES ACT, 1956
Not Applicable
PARTICULARS REFERED U/S 217 (2A) OF THE COMPANIES ACT, 1956
Particulars are NIL as there are no employees drawing remuneration of
more than Rs. 5,00,000/-or more per month and/or Rs.60, 00,000/-or more
per annum.
FOREIGN EXCHANGE EARNINGS AND OUTGO
There is no foreign exchange earning or outgo during the year under
review.
INFORMATION AS PER CLAUSE43 OFTHE LISTING AGREEMENT
a) The company securities have not been suspended from trading.
b) The securities of the company are listed at the Bombay Stock
Exchange Limited and will continue to be listed there. Annual Listing
Fee has been paid to the Bombay Stock Exchange Limited.
The name and address of stock exchange where shares of company will
continue to be listed is as under:
Bombay Stock Exchange Limited Phiroze Jeejeebhoy Tower Dalai Street,
Mumbai
ACKNOWLEDGEMENT
Your Directors would like to express their grateful appreciation for
the assistance and continued co-operation extended by the Banker.
Government Agencies, Shareholders, customers and wish to place on
record their deep sense of commitment shown by the employees at all
levels and acknowledge their contribution for the success of the
operation for the company.
For and on the behalf of the Board of Directors
Manju Singla Naresh Kumar Singla
Managing Director Director
Place: New Delhi
Date: 31.05.2012
Mar 31, 2010
The Directors have pleasure in presenting their 18th Annual Report and
Audited Accounts of the Company for the year ended 31st March 2010
FINANCIAL RESULTS:
(Rs. In Lacs.)
CURRENT YEAR PREVIOUS YEAR
2009-2010 2008-2009
Gross Income 767.79 192.43
Total Expenditure 762.90 187.44
Interest charges 0.00 0.00
Gross Profit/Loss 7.28 4.98
Depreciation 2.39 1.89
Profit/Loss before tax 4.89 3.09
Provision for Taxation 0.78 0.63
Provision for
deferred Tax Assets (+) 0.83 0.43
Income Tax of earlier years 0.00 0.37
Balance Carried to Balance Sheet 3.27 1.66
PERFORMANCE AND REVIEW
The company had earned profit before tax of Rs 489204.67 during the
current year as compared to Net Profit before tax of Rs.309535.32
during the previous year. The company managed to arrive at Gross Income
of Rs. 7,67,79,460.49 as compared to Gross Income of only Rs.
1,92,42,966.88 during previous year.
FUTURE PLANS
The Company is making all out efforts to recover its past losses and
improve its position
in the domestic market and establish its position in the Indian Capital
Market. The prospects
of the company are bright and company expect to improve its performance
in the time to
come.
FIXED DEPOSIT
During the period of under review, the company has not accepted the
deposits.
DIRECTORS
Mr. Naresh Kumar Singla Director, liable to retire by rotation, being
eligible offer 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:
(1) that in the preparation of the annual accounts for the financial
year ended 31st March 2010 the applicable accounting standards had been
followed along with proper explanations relating to material
departures;
(2) 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 financial year and of the
profit or loss of the company for the year under review;
(3) that the directors had taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provision of the Companies Act, 1956 for safeguarding the assets of the
Company and preventing and detecting fraud and other irregularities;
(4) that the directors had prepared the accounts for the financial year
ended 31st March 2010 on a going concern basis
AUDITORS
M/S Deepika Setia & Co., Chartered Accountants, the retiring auditors
of the company have given their consent for re-appointment if made.
They have also furnished a certificate of eligibility for
re-appointment u/s 224(1) of the Companies Act, 1956. The Board
recommends the re-appointment of M/S Deepika Setia & Co.as auditors of
your Company for the period from the conclusion of this Annual General
Meeting to the conclusion of next Annual General Meeting.
AUDITORS REMARK
The observation made by the Auditors with reference to accounts for the
year under report are self explanatory .
PARTICULARS REFERED U/S 217 (1) (e) OF THE COMPANIES ACT, 1956
The Clause pertaining to conservation of energy and technology
absorption are not applicable.
PARTICULARS REFERED U/S 217 (2A) OF THE COMPANIES ACT, 1956
Particulars are NIL as there are no employees drawing remuneration of
more than Rs. 2, 00,000/- or more per month and/or Rs.24, 00,000/- or
more per annum.
FOREIGN EXCHANGE EARNINGS AND OUTGO
During the period under review, your company had neither any foreign
earnings nor outgo of any foreign exchange. (import)
INFORMATION AS PER CLAUSE 43 OF THE LISTING AGREEMENT a) The securities
of the company are listed at the following stock exchanges and Annual
Listing Fee has been paid to the Bombay Stock Exchange Limited.
Name of Stock Exchange Address
1 Bombay Stock Exchange Limited Phiroze Jeejeebhoy Tower,
Dalal Street, Mumbai
ACKNOWLEDGEMENT
Your Directors would like to express their grateful appreciation for
the assistance and continued co-operation extended by the Banker,
Government Agencies, Shareholders Customers, and wish to place on
record their deep sense of commitment shown by the employees at all
levels and acknowledge their contribution for the success of the
operation for the company.
For and on the behalf of the Board of Directors
of Titan Securities Limited
Manju Singla Naresh Kumar Singla
Managing Director Director
Place: New Delhi
Date: 27.08.2010
Mar 31, 2009
The Directors have pleasure in presenting their 17th Annual Report and
Audited Accounts of the Company for the year ended 31st March 2009
FINANCIAL RESULTS:
CURRENT YEAR PREVIOUS YEAR
2008-2009 2007-2008
Gross Income 192.43 238.39
Total Expenditure 187.44 234.34
Interest charges 0.00 0.00
Gross Profit/Loss 4.99 4.05
Depreciation- 1.90 0.43
Profit/Loss before tax 3.09 3.63
Provision for Taxation 0.63 1.23
Provision for deferred Tax Assets (+) 0.43 0.00
Income Tax of earlier year 0.37 0.47
Balance Carried to Balance Sheet 1.66 1.92
PERFORMANCE AND REVIEW
The company had earned profit after tax of Rs. 1,66,033.00 during the
current year as compared to Net Profit after tax of Rs. 1,92,669 during
the previous year. The company had earned Gross Income of Rs. 192.43
Lacs as compared to Gross Income of only Rs. 238.39 Lacs during
previous year.
FUTURE PLANS
The Company is making all out efforts to recover its past losses and
improve its position in the domestic market and establish its position
in the Indian Capital Market. The prospects of the company are bright
and company expect to improve its performance in the time to come.
FIXED DEPOSIT
During the period under review, the company has not accepted any
deposits
ISSUE OF EQUITY SHARES ON PREFERENTAL BASIS
The Company had issued 12,00,000 Equity Shares of Rs. 10 each at par as
on 2nd March, 2009 to M/s Ad fin Capita! Services India Private
Limited, a Non Promoter Group company on preferential basis.
DIRECTORS
Mr. Suresh Chand Singla, Director, liable to retire by rotation, being
eligible offer himself for reappointment.
Mr. Rakesh Gupta, Director, retiring by rotation, being eligible offer
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:
1. that in the preparation of the annual accounts for the financial
year ended 31si March 2009 the applicable accounting standards had
been. followed along with proper explanations relating to material
departures;
2. that the directors had selected such accounting policies and
applied them consistently and made judgements and estimates that were
reasonable and prudent so as to give a true and fair wew 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;
3. 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 preventing and detecting fraud and other
irregularities;
4. that the directors had prepared the accounts for the financial year
ended 313! March 2009 on a going concern basis
AUDITORS
M/S Deepika Setia & Co., Chartered Accountants, the retiring auditors
of the company have given their consent for re-appointment, if made.
They have also furnished a certificate of eligibility for
re-appointment u/s 224(1) of the Companies Act, 1956. The Board
recommends the re-appointment of M/S Deepika Setia & Co as auditors of
your Company for the period from the conclusion of this Annual Genera!
Meeting to the conclusion of next Annual General Meeting
EXPLANATION TO AUDITORS REMARK
The observation made by the Auditors with reference to notes on the
accounts for the year under report are explained hereunder:
Observation regarding non adoption of Accounting Standard No. 15
relating to retirement benefit of employees alongwith observation
regarding non-provision of gratuity and leave encashment mentioned in
Note no. 1(A) of Accounting Policies is taken care of once any employee
p uts in more than 3 years of service since there has been frequent
change in employees the provision for retirement benefits of employees
vis-a-vis gratuity and leave encashment has not been made every year.
PARTICULARS REFEREDU/S 217(1) (e) OF THE COMPANIES ACT, 1956
The Clause pertaining to conservation of energy and technology
absorption are not applicable.
PARTICULARS REFERED U/S 217 (2A) OF THE COMPANIES ACT, 1956
Particulars are NIL as there are no employees drawing remuneration of
more than Rs. 2,00,000/- or more per month and/or Rs.24,00,000/- or
more per annum.
FOREIGN EXCHANGE EARNINGS AND OUTGO
During the period under review, your company had neither any foreign
earnings nor outgo of . any foreign exchange.
INFORMATION AS PER CLAUSE 43 OF THE LISTING AGREEMENT
The securities of the company are listed at the following stock
exchanges and Annual Listing Fee has been paid to the Bombay Stock
Exchange Limited.
Name of Stock Exchange Address
Bombay Stock Exchange Limited Phiroze Jeejeebhoy Tower,
Dalai Street, Mumbai
ACKNOWLEDGEMENT
Your Directors would like to express their grateful appreciation for
the assistance and continued co-operation extended by the Banker,
Government Agencies, Shareholders Customers, and wish to place on
record their deep sense of commitment shown by the employees at all
levels and acknowledge their contribution for the success of the
operation for the company.
For and on the behalf of the Board of Directors of
Titan Securities Limited
Manju Singla Naresh Kumar Singla
Managing Director Director
Place: New Delhi
Date :03.09.2009
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