| Dear members,
The directors take pleasure in presenting the 27th Annual Report
together with Audited Statement of Accounts of your Company for the
year ended 31st March 2014.
FINANCIAL HIGHLIGHTS
The highlights of your company's financial results for the financial
year under review are summarized below:
(Rs. in Lacs) (Rs. in Lacs)
Year Ended Year Ended
31.03.2014 31.03.2015
Gross Income 54.15 60.06
Less : Interest & Finance 2.62 4.20
Charges
Less: Personnel &Admn. 53.27 54.40
Charges
Less: Depreciation 1.71 1.22
Less: Provision for Taxes 1.06 0.66
Net Profit/(Loss) for the year (4.52) (0.42)
DIVIDEND
Since with a view to conserve the resources and in absence of profit
the Directors have not recommended any dividend for the year ended
31.03.2014.
PERFORMANCE REVIEW
The financial year 2013-14 began on a positive note with the economies
world over showing signs of recovery from the serious recessionary
effects which had crippled it for greater part of financial year
2012-13 with each sector of the economy getting seriously affected.
During the year under review, the Company has incurred a loss of Rs.
4.52 lakhs as against the loss of Rs. 0.42 lakhs in the last financial
year. However the directors are confident that the company shall revive
back, considering the present market conditions and economic revival of
the country.
The overall risks to the outlook however remain slated to the downside.
There are also looming concerns over a second round of convulsion in
the advanced economies. If this was to happen, the recovery process is
bound to be impacted.
RBI PRUDENTIAL NORMS
Your Company continues to comply with all the guidelines issued by
Reserve Bank of India, to the extent as applicable to the Company.
BUSINESS PROSPECTS
As the demand for financial services is a derived demand, developments
in economic conditions exert a significant influence on the business of
financial sector. Your Company strives to continually understand the
implication to its business of the various changes, as also the impact
of altered economic policies and international developments.
MANAGEMENT'S DISCUSSION AND ANALSYS
The report on Management Discussion and Analysis as required under the
Listing Agreement is enclosed to this report. Certain statements in
that section may be forward-looking. Many factors may affect the actual
results, which could be different from what the Directors envisage in
terms of the future performance and outlook.
PUBLIC DEPOSITS
Your company has not accepted any deposits from public and as such no
amount of principal or interest was outstanding on the date of the
Balance Sheet.
TRANSFER OF RESERVES
Your Company has not transferred any sum to the General reserves.
DIRECTOR
Mr. Sanjeey Jain DIN: (00122687), director of your company, retires by
rotation and being eligible offers himself for reappointment.
Mrs. Jyoti Mehta (06859880) was appointed as additional director of the
Company on 25th April 2014, The Company has received a notice in
writing from a member signifying his intention to propose the
candidature of Mrs. Jyoti Mehta for the office of director in terms of
Section 160 and other applicable provisions of the Companies Act, 2013.
She is being appointed as director liable to retire by rotation.
Mr. Mohd. Nasir (DIN: 02703793) has resigned on 25th April 2014 from
the Board of Directors. The Board expresses deep gratitude and
appreciation for the co-operation and contribution extended by him
during his tenure as director of the Company.
DIRECTOR'S RESPONSIBILITY STATEMENT
Pursuant to the provisions of Section 217(2AA) of the Companies, Act,
1956, the Directors hereby confirm:
(i) That in preparation of annual accounts for the year ended March 31,
2014, the applicable accounting standards have been followed along with
proper explanation relating to material departures:
(ii) That they have selected such accounting policies described in the
notes to accounts which have been applied them consistently and made
judgements and estimates that are responsible and prudent so as to give
a true & fair view of the state of affairs of the company at the end of
financial year and of the profit & loss of the company for that period.
(iii) That they have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of the Companies Act, 1956 for safeguarding the assets of
the Company and for preventing and detecting fraud and other
irregularities;
(iv) We have prepared the annual accounts on a going concern basis.
CORPORATE GOVERNANCE
Your Company's philosophy on Corporate Governance envisages the highest
level of transparency, accountability and equity in alt facets of its
operations as well as in all interactions with its stakeholders
including shareholders, Lenders and regulatory Authorities. Your
Company has also implemented several best corporate governance, code of
conduct and ethics. As per clause 49 of the listing agreement with the
Stock Exchanges, a separate section of Corporate Governance report
together with the certificate from the Company's Auditors confirming
compliance is set out in the Annexure forming part of this report.
AUDITORS
(a) Statutory Auditors:
In compliance with the Companies (Audit & Auditors) Rules, 2014. M/s
Saxena & Saxena, Chartered Accountants (Firm Registration
Number-006103N), the Statutory Auditors of the company will retire at
the conclusion of the Annual General Meeting and being eligible
for reappointment consented to be reappointed for another term till the
conclusion of fourth Annual General Meeting, with this AGM being
counted as the first AGM to authorize the Board of Directors to fix
their remuneration,
(b) Internal Auditors:
The Company has appointed M/s R. Mahajan & Associates (Firm
Registration Number-0011348N), Chartered Accountants as its Internal
Auditors to cany out the Internal Audit of various operational areas of
the Company.
(c) Secretarial Auditors:
As per provisions of section 204 of the Companies Act, 2013 and rules
made thereunder, the Company is required to appoint Secretarial Auditor
to carry out secretarial audit of the Company. The Company has
appointed M/s S. Aggarwal & Associates, Practicing Company Secretaries
(Membership Number-FCS6l58 & C.P. No.-8989) as Secretarial Auditors of
the Company for the Financial Year 2014-15.
AUDITORS REPORT
The company has only few employees and the provision for gratuity has
been made on the estimated basis but not on actuarial basis as required
by AS-15 on employee benefits.
The observations of the Auditors and the relevant notes on the accounts
are self-explanatory & therefore do not call for any further comments.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE
INCOME/OUTFLOW
Additional information on conservation of energy, technology absorption
as required under Sec.217 (1)(e) of the Companies Act, 1956 is not
applicable, as the company is a Non-Manufacturing Company. During the
year under review, there has been no foreign exchange Income/ Out flow.
PARTICULARS OF EMPLOYEES
As required by Section 217(2A) of the Companies Act 1956 read with the
companies (Particulars of employees) Rules, 1975. There is no employee
in the aforesaid category.
ACKNOWLEDGEMENT
Your directors would like to express their appreciation and gratitude
to the company's Business Associates, Bankers, valued clients,
Association of Leasing & Finance companies, Government agencies as well
as shareholders.
Your directors also take the opportunity to place on record, their deep
sense of appreciation of the devoted and dedicated services provided by
the employees at all levels, and also their contribution towards
company's continuing success.
For & On behalf of the Board
Sanjay Jain
Director
Place: New Delhi
Date: 29th May 2014
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