Mar 31, 2015
The Members,
The Directors have pleasure in presenting the 34th Annual Report
together with the Standalone and Consolidated Audited Financial
Statements for the year ended 31st March 2015.
I.Performance of the Company
Your Company's performance during the year as compared with the
previous year is summarized below:
Particulars 2014-2015
(Rs in Lakhs)
STANDALONE CONSOLIDATED
Gross Income 180.31 182.57
Profit Before Int. and Depn. 10.29 9.07
Gross Profit 10.29 9.07
Net Profit Before Tax 1.33 0.10
Provision for Tax 2.76 2.77
Net Profit After Tax (1.43) (2.67)
Balance of Profit brought forward 35.69 32.54
Balance available for appropriation 34.26 29.88
Transfer to Statutory Reserve - (1.57)
Surplus carried to Balance Sheet 34.26 31.45
Particulars 2013-2014
(Rs in Lakhs)
STANDALONE CONSOLIDATED
Gross Income 223.42 225.28
Profit Before Int. and Depn. 3.94 0.01
Gross Profit 3.94 0.01
Net Profit Before Tax 3.94 0.01
Provision for Tax 0.91 0.92
Net Profit After Tax 3.03 (0.91)
Balance of Profit brought forward 33.27 33.27
Balance available for appropriation 36.30 32.36
Transfer to Statutory Reserve 0.60 (0.18)
Surplus carried to Balance Sheet 35.70 32.54
2.Operations Review
i. Standalone Results
The Company earned a Net Revenue of Rs.180.31 Lakhs as compared to Rs.
223.42 Lakhs during previous year. The Company incurred a Net Loss of
Rs. (1.43) Lakhs as compared to profit of Rs. 3 Lakhs during previous
year.
ii. Consolidated Results
The Group Company earned a Net Revenue of Rs.182.57 Lakhs as compared
to Rs. 225.28 Lakhs during the previous year. The Group Company
incurred a Net loss of Rs. (2.67) Lakhs as compared to a loss of Rs.
(0.91) Lakhs during the previous year.
The Company is a Non Banking Financial Company (Non Deposit Taking)
engaged in the business of providing loans, making investments in
shares, mutual funds and other financial products. During the year the
company made efforts to consolidate the business operations, strengthen
the organization for the continued development of the business and
develop a business strategy to enable sustainable growth in the future.
3. Dividend
Your Director does not recommend any dividend in view of the losses
made by the Company.
4. Reserves
The Total Reserves at the end of the year, that is, 31st March 2015 is
at Rs. 59.21 Lakhs as against the Total Reserves of Rs. 60.65 Lakhs as
on 31st March 2014.
5. Share Capital
During the year there was no change in the issued, subscribed and
paid-up capital of Your Company. The equity shares of your Company are
listed on the following Stock Exchanges in India.viz BSE Ltd and The
Calcutta Stock Exchange Association Limited.
6. Details of Subsidiary Companies
The following Companies were the subsidiaries of your Company as on
31st March 2015;
a) Pratibhanu Mercantile Limited
b) Udyati Traders Limited
c) Locavi Enterprises Limited
d) Simmander Merchants Limited
The following Companies ceased to remain subsidiaries of your Company
as they were divested during the year:
a) Sindhuchita Enterprises Limited
b) Pushpadant Enterprises Limited
c) Keshwi Traders Limited
d) Gokuleshwar Enterprises Limited
The Consolidated Financial Statements presented by the company in this
Annual Report include the financial information of its subsidiaries.
Pursuant to the provisions of Section 129(3) of the Companies Act, 2013
a statement containing salient features of the subsidiaries in the Form
AOC-I is given in Annexure I to this report.
Further, the Annual Accounts and related documents of the subsidiary
companies shall be kept open for inspection at the Registered Office of
the Company. The Company will also make available copy thereof upon
specific request by any Member of the Company interested in obtaining
the same.
7. Directors and Key Managerial Personnel Directors
Mr. Jitendra Kumar Mehta, Director retires by rotation at the
forthcoming Annual General Meeting and being eligible, offers himself
for reappointment.
Mr. Subrata Saha (Independent Director), Mr. Alok Kumar Goenka
(Independent Director) and Ms. Binjal Mehta (Whole Time Director ) were
appointed for a term of five years in the last Annual General Meeting
of the Company held on 30.09.2014 and Mr. Ajay Agarwal, Independent
Director, resigned during the year with effect from 20.08.2014. The
Board placed on record its appreciation for the outstanding
contribution made by Mr. Ajay Agarwal during his respective tenure of
office.
The Company has received declarations from all the Independent
Directors of the company confirming that they meet the criteria of
Independence as prescribed both under the Companies Act, 2013 and
Clause 49 of the Listing Agreement with the Stock Exchanges.
Key Managerial Personnel
Mr. S K Singh was appointed as Chief Financial Officer of the Company
with effect from 10.12.2014.
Mrs. Binjal Mehta resigned as Company Secretary with effect from
30.07.2014.
Ms. Sunita Singh was appointed and resigned as Company Secretary with
effect from 14.08.2014 and 30.12.2014 respectively.
Ms. Sradha Gupta has been appointed as Company Secretary with effect
from 30.03.2015.
8. Board Evaluation
The Board carried out an annual performance evaluation of its own
performance, the individual directors as well as the working of the
Committees of the Board. The performance evaluation of Independent
Directors was carried out by the entire Board. The performance of the
Non- Independent Directors was carried out by Independent Directors.
Details of the same are given in the Report on Corporate Governance
annexed to this Report.
9. Board Meeting
During the year twelve Board Meetings and four Audit Committee Meetings
were convened and held. The details of which are given in the Corporate
Governance Report. The intervening gap between the Board Meetings was
within the period prescribed under the Companies Act, 2013.
10. Remuneration Policy
The Board has, on the recommendation of the Nomination & Remuneration
Committee framed a policy for selection and appointment of Directors,
Senior Management and their remuneration. The Remuneration Policy is
stated in the Corporate Governance Report.
11. Managerial Remuneration
a) Details of the ratio of the remuneration of each director to the
median employee's remuneration and other details as required pursuant
to rule 5(1) of the Companies (Appointment and Remuneration of
Managerial Personnel) Rules, 2014 is attached as Annexure II.
b) None of the employees draws remuneration which is in excess of the
limits as prescribed under the said rules of the Act.
12. Auditors
The members had appointed M/s. R. Buthra & Co, Chartered Accountant, as
the Auditors of the Company in the 33rd Annual General Meeting.
However, the Auditors have expressed their unwillingness to continue
beyond the conclusion of the ensuing Annual General Meeting. The
Directors recommend the appointment of M/s. Jhawar Vithal & Co for a
term of five years. Accordingly, requisite resolution forms part of
the notice convening the Annual General Meeting.
13. Auditors' Report
The Auditors' Report does not contain any Qualification, Adverse
Remarks or Disclaimer. Notes to Accounts and Auditors remarks in their
report are self-explanatory and do not call for any further comments.
14. Secretarial Audit Report
M/s. A. M Bubna & Associates, Practicing Company Secretary has been
appointed Secretarial Auditors of the Company. The report of the
Secretarial Auditors is enclosed as Annexure III to this report. The
report is self-explanatory and does not call for any further comments.
15. Internal Audit & Financial Controls
The Company has adequate internal control system to safeguard its
assets. All transactions are properly authorized, recorded and reported
to the Management. Internal Audit is carried out in a programmed way
and follow up action, if required, were promptly undertaken. The
Company has also in place adequate 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.
16. Vigil Mechanism
The Company has a Vigil Mechanism named as Vigil Mechanism/Whistle
Blower Policy to deal with instances of fraud and mismanagement, if
any. Details of the same are given in the Corporate Governance Report.
17. Risk Management Policy
Your Company has adopted a Risk Management Policy in accordance with
the provisions of the Companies Act, 2013 and Clause 49 of the Listing
Agreement. It establishes various level of accountability and overview
within the Company, while vesting identified managers with
responsibility for each significant risk.
18. Related Party Transaction
All related party transactions that were entered into during the
financial year with Related Parties were on arms length basis and were
in the ordinary course of business. The Company presents a statement of
all related party transactions before the Audit Committee. Prior
omnibus approval of the Audit Committee is obtained for the
transactions which were foreseen and of repetitive nature. The
transactions entered into pursuant to the omnibus so granted along with
the statement giving details of all related party transactions is
placed before the Audit
Committee. During the year, the company has not entered into any'
contract/arrangement/transaction with related parties which could be
considered material in accordance with the policy of the company on
materiality of related party transactions.
Details of such transactions are given in the accompanying financial
statements. Disclosures of the Related Party Transactions in Form AOC-2
as required under section 134(3) of the Companies Act, 2013 read with
Rule 8 of Companies (Accounts) Rules 2014 is attached as Annexure IV
with the report as per the format prescribed.
19. Disclosure under The Sexual Harassment of Women at Workplace
(Prevention, Prohibition & Redressal) Act 2013
Your Company has in place a policy of Prevention, Prohibition and
Redressal of Sexual Harassment and Non discrimination at Workplace in
line with the requirements of the Sexual Harassment of Women at
Workplace (Prevention, Prohibition & Redressal) Act, 2013.
All employees (permanent, temporary, contractual and trainees) are
covered under this policy. During the year ended 31st March, 2015 Your
Company has received no complaints pertaining to Sexual
Harassment/Discrimination at workplace.
20. Extract of Annual Return
Pursuant to section 92(3) of the Companies Act, 2013 and rule 12(1) of
the Companies (Management and Administration) Rules, 2014, an extract
of annual return in MGT 9 as a part of this Annual Report is attached
as Annexure V.
21. Corporate Governance Certificate
The Company is committed to maintain the highest standards of Corporate
Governance and adhere to the corporate governance requirements as set
out by SEBI. The report on Corporate Governance as stipulated under the
listing agreement forms an integral part of this report. The requisite
certificate from the auditors of the company confirming compliance
forms a part of the Annual Report.
22. Management Discussion and Analysis
The Management Discussion and Analysis of the Company for the year
under review as stipulated under Clause 49 of the Listing Agreement
with the Stock Exchange is given as a separate section forming part of
the Annual Report.
23. Others Disclosures/Report
Your Directors state that no disclosure or reporting is required in
report of the following items as there were no transactions on these
items during the year under review:
a) Details relating to deposits as required under Chapter V of the
Companies Act, 2013.
b) Issue of Equity shares (Including Sweat Equity Shares) and ESOPs and
shares with differential voting rights.
c) The Whole Time Director of the Company does not receive any
remuneration or commission from any of its subsidiaries.
d) Risk Management Committee is not applicable to the Company as it
does not fall within the criteria.
e) No significant or material orders were passed by the Regulators or
Courts or Tribunals which impact the going concern status and Company's
operation in future.
f) Particulars of Loans, Guarantee or Investments under section 186 is
not required as the Company is exempted from the same as per section
186(11), as our Company is registered with RBI as NBFC.
g) Conservation of energy, technology absorption and foreign exchange
earnings and out go is Nil.
h) Corporate Social Responsibility Committee is not applicable to the
Company as it does not fall within the criteria.
i) There is no material changes or commitments affecting the financial
position of the company to which the financial statement relate and the
date of the report.
j) The Company has not declared dividends till date so there is no fund
lying unpaid or unclaimed for a period of seven years. Therefore there
were no funds which were required to be transferred to Investor
Education and Protection Fund (IEPF).
As per the provisions of Companies Act, 2013 read with Clause 32 of the
Listing Agreement, the Annual Report is being sent to all the members
of the Company and others entitled thereto. Any member interested in
obtaining such particulars may write to the Company at the registered
office of the Company.
24. Human Resources
Your Company treats its "human resources" as one of its most
important assets. Your Company continuously invests in attraction,
retention and development of talent on an ongoing basis. A number of
programs that provide focused people attention are currently underway.
Your Company's thrust is on the promotion of talent internally through
job rotation and job enlargement.
25. Directors' Responsibility Statement
Your Directors state that:-
(a) in the preparation of the annual accounts, the applicable
accounting standards have been followed and there are no material
departures from the same;
(b) 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 as at 31st March, 2015 and of the profit and loss of the
company for year ended on that date;
(c) the directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of the Companies Act, 2103 for safeguarding the assets of
the company and for preventing and detecting fraud and other
irregularities;
(d) the directors have prepared the annual accounts on a going concern
basis;
(e) the directors, have laid down internal financial controls to be
followed by the company and that such internal financial controls are
adequate and are operating effectively.
(f) the directors have devised proper systems to ensure compliance with
the provisions of all applicable laws and that such systems are
adequate and operating effectively.
26. Acknowledgement
An acknowledgement to all with whose help, cooperation and hard work
the Company is able to achieve the results.
For and behalf of the Board of Directors
For TTI ENTERPRISE LIMITED
Jitendra Kumar Mehta Binjal Mehta Subrata Saha
Director Whole Time Director Director
Din: 00049249 Din: 00043830 Din: 00959921
Address: 43, Sarat Bose Address: 43, Sarat Bose Address: P-47/1
Road, 503 Padmaneer Road, 503 Padmaneer C.I.T Road, VII-MS,
Kolkata- 700020 Kolkata- 700020 (Block-1),
Kolkata- 700020
Mar 31, 2014
Dear Shareholders,
The Directors are pleased to present the Thirty-Third Annual Report
tighter with the Audited Accounts of your company for the financial
year ended March 31st, 2014.
FINANCIAL RESULTS
Year ended 31st March, 31st March,
2014 2013
Net Profit before Tax 393,691 752,569
Less Tax Expense 90,876 145,128
Profit after Tax 302,815 607,441
Less Transferred to Statutory Reserve 60,563 121,488
Profit and Loss A/c balance brought
forward 33,27,186 28,41,233
Profit & Loss A/c Balance carried to 35,69,437 33,27,186
Balance Sheet
OPERATIONS
Due to adverse economic and business conditions the Company could not
register an increase in profit compared to past year and achieved a Net
Profit of Rs. 302,815/- during the year.
DIVIDEND
In view of further growth prospects, expansion programme and due to
inadequacy of profit, your Directors do not recommend any dividend for
the year.
SUBSIDIARY COMPANIES AND CONSOLIDATED FINANCIAL STATEMENTS
During the year the Company had eight subsidiary companies. As required
under the Listing Agreement entered into with the Stock Exchange and in
compliance with the accounting standards, a consolidated financial
statement of the Company and all its subsidiaries is attached. These
financial statements disclose the assets, liabilities, income, expenses
and other details of the Company and its subsidiaries.
LISTING
The equity shares of the company are listed on Calcutta Stock Exchange
and the Bombay Stock Exchange and the Listing fee has been paid up to
date.
PARTICULARS OF EMPLOYEES
As required under the provisions of Section 217(2 A) of the Companies
Act, 1956 read with the Companies (Particulars of Employees) Rules,
1975 have not been given since none of the employees are in receipt of
remuneration above the stipulated limits.
CORPORATE GOVERNANCE
Your Company has always practiced sound corporate governance and takes
necessary actions at appropriate times for enhancing and meeting
stakeholders'' expectations while continuing to comply with the
mandatory provisions of Corporate Governance.
A separate section on Corporate Governance and a Certificate from the
Auditors of your Company regarding compliances with the requirements of
corporate governance as stipulated under Clause 49 of the Listing
Agreement with the Stock Exchange forms part of the Annual Report.
DIRECTORS
Mr. Ajay Agarwal, a Non-Executive Independent Director of the Company
has resigned from his office w.e.f. 20th August, 2014. The Directors
place on record his valuable and constructive contribution during his
association with the Company.
Pursuant to the provisions of Section 161 of the Companies Act, 2013
and the Articles of Association of the Company, Mr. Subrata Saha was
appointed as an additional Director designated as an Independent
Director with effect from 14th August, 2014 and he shall hold office
upto the date of ensuing Annual General Meeting. The Company has
received in writing from a member proposing his candidature for the
office of Director, designated Non-Executive Independent Director. As
per the provisions of Section 149 of the Act, an independent Director
shall hold office for a term of five consecutive years on the Board of
a Company and is not liable to retire by rotation.
In compliance of the provisions of Section 149 read with Schedule IV of
the Act, Mr. Alok Kumar Goenka, the Non-Executive Independent Director
of the Company shall be re-appointed for tenure of 5 years and the same
shall be confirmed in the ensuing Annual General Meeting.
Mrs. Binjal Mehta who was appointed as an Additional Director,
designated Executive Director by the board on 14th August, 2014 to hold
office upto the ensuing Annual General Meeting, the Company received
notice from a shareholder proposing her appointment beyond the
conclusion of the forthcoming AGM and accordingly the same has been
included in the notice.
DIRECTORS'' RESPONSIBILITY STATEMENT
Pursuant to Section 217 (2AA) of the Companies Act, 1956, your
Directors confirm that:
1. in the preparation of annual accounts the applicable Accounting
Standards have been followed;
2. they have, in the selection of accounting policies, consulted the
statutory auditors and these have been applied consistently and
reasonable and prudent judgements and estimates have been made so as to
give a true and fair view of the state of affairs of the company as at
March 31, 2014 and the Profit of the Company for the year ended on that
date;
3. proper and sufficient care has been taken 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
4. the annual accounts have been prepared on a going concern basis.
AUDITORS
Mr. Vikash Chamaria, the proprietor of M/s. Vikash Chamaria & Co.,
Chartered Accountants, has joined M/s. R. Buthra & Co. as a partner.
M/s. R. Buthra & Co. would discharge all persisting appointments of
M/s. Vikash Chamaria & Co. and have confirmed their eligibility and
willingness for appointment as statutory auditors of the Company. As
per the provisions of the Companies Act, 2013, the Auditor can hold
office till the conclusion of the 6th Annual General Meeting from the
conclusion of the ensuing Annual General Meeting subject to
ratification at every Annual General Meeting.
The auditors have confirmed in writing that their appointment, if made,
would be within the limits prescribed under section 141 of the
Companies Act, 2013 and that they are not disqualified for appointment.
DEPOSITS
During the year under review your Company has not invited or accepted
any deposits from the public under Section 58A under Companies Act,
1956 and rules made thereunder.
PARTICULARS OF ENERGY CONSERVATION, ETC.
Particulars in respect of conservation of energy and technology
absorption required under Section 217(1)(e) of the Companies Act, 1956,
read with the Companies (Disclosure of Particulars in Report of Board
of Directors) Rules, 1988 are not applicable. There were no foreign
exchange earnings or outgo during the year under review.
ACKNOWLEDGEMENT
The Board places on record its sincere appreciation for the continued
support from the Promoters, Shareholders, Customers, Employees and
other business associates for their strong support.
For and on behalf of the Board
For TTI Enterprise Ltd.
Jitendra Kumar Mehta
Director
For TTI Enterprise Ltd.
Binjal Mehta
Director
For TTI Enterprise Ltd.
Place: Kolkata Sunita Singh
Date: 20th August, 2014 Company Secretary
Mar 31, 2013
Dear members,
The Directors have pleasure in presenting the 32nd Annual Report
together with the Audited Accounts of the Company for the financial
year ended 31st March, 2013.
FINANCIAL HIGHLIGHTS
(Amount in Rs.)
Year ended 31st March, 2013 31st March, 2012
Net Profit before Tax 752,569 258,341
Less Tax Expense 145,128 98,804
Profit after Tax 607,441 159,537
Less Transferred to Statutory
Reserve 121,488 31,906
Profit and Loss A/c balance
brought forward 28,41,233 2,713,602
Profit & Loss A/c Balance
carried to Balance Sheet 33,27,186 2,841,233
OPERATIONS
The Company''s performance during the year registered a Net Profit of
Rs. 607,441 which is a reasonable growth over the previous year.
DIVIDEND
In view of further growth prospects and expansion programme and due to
inadequacy of profit, your Directors do not recommend any dividend for
the year.
SUBSIDIARY COMPANIES AND CONSOLIDATED FINANCIAL STATEMENTS
During the year five subsidiary companies were set up by the Company.
As required under the Listing Agreement entered into with the Stock
Exchange and in compliance with the accounting standards, a
consolidated financial statement of the Company and all its
subsidiaries is attached. These financial statements disclose the
assets, liabilities, income, expenses and other details of the Company
and its subsidiaries.
POST MERGER ISSUE OF SHARES & ITS LISTING
The Company has completed the amalgamation of M/s. Nirja Trimpex Ltd.
with itself and as per the approved exchange ratio, requisite number of
equity shares have been issued to the erstwhile shareholders of the
amalgamating company.
LISTING
The company''s equity shares are listed on Calcutta Stock Exchange and
the Listing fee has been paid up to date.
PERSONNEL
The particulars of employees required under Sec. 217(2A) of the
Companies Act, 1956 read with the Companies (Particulars of Employees)
Rules, 1975 have not been given since none of the employees are in
receipt of remuneration above the stipulated limits.
CORPORATE GOVERNANCE
The Company has been practicing the principles of good corporate
governance over the years and lays strong emphasis on transparency,
accountability and integrity. The Company strongly believes that
Corporate Governance is the key to improving efficiency.
Pursuant to Clause 49 of the Listing Agreement with the Stock Exchange,
a Management Discussion and Analysis, Corporate Governance Report,
Auditors'' Certificate regarding compliance of conditions of Corporate
Governance and Declaration of Compliance of Code of Conduct by Board
Members are made part of the Annual Report.
DIRECTORS
In accordance with the provisions of Section 255 & 256 of the Companies
Act, 1956 and the Articles of Association of the Company, Mr. Jitendra
Kumar Mehta retires by rotation at the ensuing Annual General Meeting
and being eligible, has offered himself for reappointment. A brief
profile of Mr. Jitendra Kumar Mehta forms part of the notice of the
ensuing Annual General Meeting.
Based on the confirmations received, none of the directors are
disqualified for appointment as per section 274(1)(g) of the Companies
Act, 1956. The Directors have made necessary disclosures as per the
provisions of the Companies Act and the Listing Agreement.
DIRECTORS'' RESPONSIBILITY STATEMENT
Pursuant to Section 217 (2AA) of the Companies Act, 1956, your
Directors confirm that:
1. in the preparation of annual accounts the applicable Accounting
Standards have been followed;
2. they have, in the selection of accounting policies, consulted the
statutory auditors and these have been applied consistently and
reasonable and prudent judgements and estimates have been made so as to
give a true and fair view of the state of affairs of the company as at
March 31, 2013 and the Profit of the Company for the year ended on that
date;
3. proper and sufficient care has been taken 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
4. the annual accounts have been prepared on a going concern basis.
AUDITORS'' REPORT
The observations made in the Auditors'' Report read together with the
relevant notes thereon are self explanatory and hence, do not call for
any comments under Section 217 of the Companies Act, 1956.
AUDITORS
The Auditors, M/s Vikash Chamaria & Co., Chartered Accountants, vacate
their office at the conclusion of the ensuing Annual General Meeting
and being eligible offer themselves for re-appointment. A certificate
under Section 224 (1B) has been furnished by them confirming their
eligibility for their proposed appointment.
DEPOSITS
During the year 2012-13 your Company did not accept any deposits within
the meaning of Section 58A under Companies Act, 1956 and rules made
thereunder.
PARTICULARS OF ENERGY CONSERVATION, ETC.
Particulars in respect of conservation of energy and technology
absorption required under Section 217(1)(e) of the Companies Act, 1956,
read with the Companies (Disclosure of Particulars in Report of Board
of Directors) Rules, 1988 are not applicable. There were no foreign
exchange earnings or outgo during the year under review.
ACKNOWLEDGEMENT
The Directors wish to thank the Bankers, Employees and the Company''s
valued investors for their continued assistance, cooperation and
support to the Company and their confidence in its management.
For and on behalf of the Board
For TTI Enterprise Ltd.
Jitendra Kumar Mehta
Director
For TTI Enterprise Ltd.
Alok Kumar Goenka
Director
For TTI Enterprise Ltd.
Place: Kolkata Binjal Mehta
Date: 14th August, 2013 Company Secretary
Mar 31, 2012
Dear members,
We are delighted to present the THIRTY FIRST Annual Report on our
business and operations of the Company together with the Audited
Statement of Accounts of the Company for the financial year ended 31st
March, 2012.
FINANCIAL HIGHLIGHTS
(Amount in Rs.)
Year ended 31st March, 2012 31st March, 2011
Net Profit before Tax 258,341 16,419
Less Tax Expense 98,804 24,454
Profit after Tax 159,537 (8,035)
Profit and Loss A/c
balance brought forward 2,713,602 3,068,098
Profit & Loss A/c Balance
carried to Balance 2,841,233 2,713,602
Sheet
DIVIDEND
The Directors do not recommend dividend in view of insufficient profits
earned during the year.
WORKING RESULTS
The Company has recorded a Net Profit of Rs. 159,537. An adverse
Capital Market scenario had a negative impact on the results of the
Company. However, the Company managed to convert its previous year''s
losses into profit.
DIRECTORS
In accordance with the provisions of the Articles of Association of the
Company, Mr. Alok Kumar Goenka is liable to retire by rotation in the
forthcoming Annual General Meeting and he has confirmed his eligibility
and willingness to accept the office of Directorship of your Company,
if reappointed. A brief profile of Mr. Alok Kumar Goenka forms part of
the notice of the ensuing Annual General Meeting. None of the
directors of the company are disqualified as per section 274(1) (g) of
the Companies Act, 1956. The Directors have made necessary disclosures
as required under various provisions of the Act and Clause 49 of the
Listing Agreement.
MERGER WITH NIRJA TRIMPEX LTD.
Hon''ble Calcutta High Court approved the merger of Nirja Trimpex Ltd.
with the Company vide its order dated 27th June, 2012. The Company is
in the process of issuing shares to the shareholders of the Transferor
Company.
PERSONNEL
The particulars of employees required under Sec. 217(2A) of the
Companies Act, 1956 read with the Companies (Particulars of Employee)
rules, 1975 have not been given since none of the employee is in
receipt of remuneration above the stipulated limit.
LISTING
The Shares of the Company are listed in Calcutta Stock Exchange and the
Listing fee has been paid up to date.
AUDITORS'' REPORT
The Auditors'' Report to the shareholders of the Company does not
contain any qualification, reservation or adverse remarks.
AUDITORS
The Company''s auditor M/s Vikash Chamaria & Co. will hold office till
the conclusion of the ensuing Annual General Meeting and are eligible
for re-appointment. The auditors have expressed their willingness to
continue as Auditors of your Company.
PUBLIC DEPOSITS
The Company has not accepted any Fixed Deposit during the period under
review.
DISCLOSURE
The provisions of Companies (Disclosure of Particulars in Report of
Board of Directors) Rules, 1988 relating to conservation of energy are
not applicable. There were no foreign exchange earnings or outgo and no
technology absorption during the year under review.
CORPORATE GOVERNANCE
The Company believes that Corporate Governance is the foundation of
corporate excellence. In continuance with the Company''s commitment to
good Corporate Governance and in compliance with Clause 49 of the
Listing Agreement, Corporate Governance Report, Management Discussion
and Analysis and Auditor''s Certification regarding the same form a part
of the Annual Report.
FINANCIAL STATEMENTS
Since the format of disclosure of Financial Statements under Schedule
VI of the Companies Act, 1956 has been substantially revised, the
previous years'' figures have been restated to confirm with current
year''s presentation.
DEMATERIALISATION OF SHARES
The Company''s shares are available for dematerialization with both the
depositories i.e. CDSL & NSDL. As on 31st March, 2012, 99.4% shares of
the Company were held in dematerialized form. All the shares are to be
compulsorily traded in dematerialized form.
CONSOLIDATED FINANCIAL STATEMENTS
The Directors have presented consolidated financial statements drawn in
accordance with the applicable Accounting Standards.
DIRECTORS'' RESPONSIBILITY STATEMENT
In compliance of section 217 (2A) of the Companies Act, 1956, the
Directors of your company confirm that:
1. All applicable Accounting Standards have been followed in the
preparation of annual accounts and that there are no material
departure;
2. Such accounting policies have been selected and applied
consistently and such judgements and estimates made 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, 2012 and of the profit of the company for
the year ended on that date;
3. Proper and sufficient care has been taken for the maintenance of
adequate accounting records in accordance with the provision of the Act
for safeguard the assets of the Company and for preventing and
detecting fraud and other irregularities.
4. The annual accounts have been prepared on a going concern basis.
APPRECIATION
The directors would like to thank the Bankers, Government Authorities
and Shareholders for their continued assistance, cooperation and
support to the Company.
For and on behalf of the Board of Directors
Place: Kolkata Jitendra Kumar Mehta
Date: 13th August, 2012
Chairman
Mar 31, 2011
Dear Members,
The Directors are pleased to present the THIRTIETH Annual Report of
the Company together with the Audited Statement of Accounts of the
Company for the financial year ended 31st March, 2011.
FINANCIAL HIGHLIGHTS
(Amount in Rs.)
Year ended 31st March, 2011 31st March, 2010
Net Profit before Tax 16,419 449,602
Less Provision for Income Tax
& F.B.T 24,454 225,152
Profit after Tax (8,035) 224,451
Profit and Loss A/c balance
brought forward 3,068,098 2,888,538
Profit Balance carried to
Balance Sheet 2,713,602 3,068,098
DIVIDEND
The Directors do not recommend dividend in view of the loss incurred
during the year.
BUSINESS
The Company has recorded a Loss of Rs. 8,035/-. During the year, there
was a moderation in GDP and a steep rise in the inflation figures. This
rise was due to both, structured and transitory factors. The industrial
production also slowed down. Both these factors combined to leave
reduced disposable funds in the hands of consumers and thus reduction
in investments and stock market prices. The reduction in profitability
of the Company is mainly attributed to the above factors.
DIRECTORS
In accordance with the provisions of the Articles of Association of the
Company, Mr. Ajay Agarwal is liable to retire by rotation in the
forthcoming Annual General Meeting and he has confirmed his eligibility
and willingness to accept the office of Directorship of your Company,
if reappointed. A brief profile of Mr. Ajay Agarwal forms part of the
notice of the ensuing Annual General Meeting.
None of the directors of the company are disqualified as per section
274(1)(g) of the Companies Act, 1956.The Directors have made necessary
disclosures as required under various provisions of the Act and Clause
49 of the Listing Agreement.
During the year Mr. Kishan Lal Sarda resigned as a Director of the
Company. The Board expresses its sincere appreciation for the services
rendered by Mr. Kishan Lal Sarda during his tenure as the Director of
the Company.
SUBDIVISION OF EQUITY SHARES
During the year, the Equity Shares of the Company of face value of Rs.
10/- each were Sub-divided into Equity Shares of Nominal Value of Rs.
2/- each by the members of the Company in the Extra ordinary General
Meeting of the Company held on 13th May 2011.The Sub-divided Shares
have been listed on the Calcutta Stock Exchange.
CHANGE OF NAME OF THE COMPANY
The Shareholders of the Company at the Extra Ordinary General Meeting
held on 30th June,2011 approved the change of name of the company to
TTI Enterprises Ltd.. All necessary approvals were then, obtained and
Certificate of Incorporation with new name has been received from the
Registrar of Companies, West Bengal.
PERSONNEL
The Board acknowledges the understanding, services and support of the
staff and the executives of the Company which has contributed to the
efficient management of the Company.
The particulars of employees required under Sec. 217(2A) of the Company
Act, 1956 read with the Companies (Particulars of Employee) rules, 1975
have not been given since none of the employee is in receipt of
remuneration above the stipulated limit.
LISTING
The Shares of the Company are listed in Calcutta Stock Exchange and the
Listing fee has been paid up to date.
AUDITORS'' REPORT
The Auditors'' Report to the shareholders of the Company does not
contain any qualification, reservation or adverse remarks.
AUDITORS
The Company''s auditor M/s Vikash Chamaria & Co. will hold office till
the conclusion of the ensuing Annual General Meeting and are eligible
for re-appointment. The auditors have expressed their willingness to
continue as Auditors of your Company.
PUBLIC DEPOSITS
The Company has not accepted any Fixed Deposit during the period under
review.
DISCLOSURE
The provisions of Companies (Disclosure of Particulars in Report of
Board of Directors) Rules, 1988 relating to conservation of energy are
not applicable. There were no foreign exchange earnings or outgo and no
technology absorption during the year under review.
CORPORATE GOVERNANCE
The Company is committed to the principles of good Corporate Governance
and the Board of Directors lays strong emphasis on transparency,
accountability and integrity. The Company has complied with all the
mandatory clauses of the Code of Corporate Governance as per Clause 49
of the Listing Agreements with the Stock Exchanges and pursuant
thereto, Management Discussion and Analysis Report, Corporate
Governance Report and the Auditors'' Certificate regarding compliance of
the same are annexed as a part of this Annual Report.
CONSOLIDATED FINANCIAL STATEMENTS
The directors also present the audited consolidated financial
statements incorporating the duly audited financial statements of M/s.
Jayalakshmi Merchants Limited which is prepared in compliance with the
accounting standards and listing agreement.
DEMATERIALISATION OF SHARES
The Company''s shares are available for dematerialization with both the
depositories i.e. CDSL & NSDL. As on 31st March, 2011, 99.4% shares of
the Company were held in dematerialized form. All the shares are to be
compulsorily traded in dematerialized form.
DIRECTORS'' RESPONSIBILITY STATEMENT
In compliance of section 217 (2A) of the Companies Act, 1956, the
Directors of your company confirm that:
1. All applicable Accounting Standards have been followed in the
preparation of annual accounts and that there are no material
departure;
2. Such accounting policies have been selected and applied
consistently and such judgements and estimates made 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, 2011 and of the profit of the company for
the year ended on that date;
3. Proper and sufficient care has been taken for the maintenance of
adequate accounting records in accordance with the provision of the Act
for safeguard the assets of the Company and for preventing and
detecting and detecting fraud and other irregularities.
4. The annual accounts have been prepared on a going concern basis.
APPRECIATION
The directors would like to thank the Bankers, Government Authorities
and Shareholders for their continued assistance, cooperation and
support to the Company.
For and on behalf of the Board of Directors
Place: Kolkata Jitendra Kumar Mehta
Date: 19.08.2011 Chairman
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