| Dear Members,
The Directors present the 23rd Annual Report and Audited Statement of
Accounts for the financial year ended 31 * Marqh 2013.
FINANCIAL RESULTS
The Financial Results of the Company for the year under review are
summarized below:
(Rs.in lacs)
For the For the
Particulars Year ended year ended
31.03.2013 31.03.2012
Profit / (Loss) before interest,
tax and depreciation (2.63) (3.23)
Interest 0.01 0.01
Income Tax
Depreciation
Profit/'(Loss) for the year (2.64) (3.24)
Brought forward Loss (2625.41) (2622.17)
(2628.05) (2625.41)
DIVIDEND
Since the company has incurred loss during the year under review, the
Board of Directors is not in a position to recommend any dividend for
2012-13.
OPERATIONS
The Reserve Bank of India barred bur Company from accepting or renewing
the deposits and the company was not alidwed to enter into any fresh
hire purchase / lease business. During the year, the Company has made a
loss of RS. 2.64 lacs as against a loss of RS. 3.24 lacs in the previous
year.
DEPOSITS
The total Fixed Deposits outstanding as at 31.03.2013 isRS. Nil.
REGISTRATION WITH RESERVE BANK OF INDIA
The Registration granted by the Reserve Bank of India expired on
31.03.2004 and the same has not been considered for renewal. The
Company has preferred an appeal before the Appellate Authority for
NBFC's, which is pending disposal.
PREFERENCE SHARES
The company had issued preference shares on 09.03.1998 aggregating RS.
80.35 lacs. The shares are required to be redeemed in three
installments. Due to-the poor performance of the Company, the Company
could not declare any dividend to the preference shareholders. As the
preference shares can be redeemed only out of profits or fresh issue,
no redemption is possible as the company continues to incur losses and
no fresh issue is possible due to changed market conditions.
DIRECTORS
Sri. Ramanathan, Director of the Company, retires by rotation at the
ensuing Annual General Meeting. The retiring Director being eligible,
offers himself for re-appointment.
CONSERVATION OF ENERGY RESEARCH AND DEVELOPMENT, TECHNOLOGY ABSORPTIONS
AND EQREIGNlEXCHANGE EARNINGS AND OUTGO:
Furnishing of details regarding Conservation of Energy, Research and
Development, Technology absorptions and Foreign Exchange Earnings and
Outgo are not applicable to the Company.
AUDIT COMMITTEE
The Audit committee consists of following Directors viz., Smt. Mani
Rajagopal, Sri. V. Ramanathanand Sri. S. Parameswaran.
AUDITORS
M/s Suri & Co., Auditors of the Company will retire at the ensuing
Annual General Meeting and they have given their consent for
re-appointment. The , requisite certificate from Auditors, pursuant to
Section 224( 1B) of the Compqnies Act, 1956 has been received.
DIRECTORS' RESPONSIBILITY STATEMENT
In terms of the provisions of Sections 217(2AA) of the Companies Act,
1956, your Directors conf irm-
a. That in the preparation of the Annual Accounts, the applicable
accounting standards had been followed.
b. That the. Directors had selected such accounting policies and
applied them consistently and made judgments and estimates that are
reasonable and prudent so as so to give a true and fair view of the
state of affairs of the Company at the end of the financial year and
the loss of Company for that period.
a That the Directors had taken proper and sufficient care of 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 and;
d. That the directors had prepared the annual accounts on a going
concern basis.
AUDITORS QUALIFICATION
With reference to the remarks of the Auditors in their report, we wish
to state as under;
a) & b) Regarding non-reconciliation of certain accounts and subsidiary
records, the Company is in the process of reconciling the accounts and
arriving at the correct difference. The provision may not be .
required on completion of reconciliation of accounts.
c) Regarding confirmation of balance from parties, confirmation letters
have been sent.
d) The company accounts are maintained on a going concern 'basis. The
re-payment to depositors has been periodically reviewed by the Company
Law Board and the Reserve Bank of India.
e) As regards sales of assets of Bangalore Branch, the Company had
initiated legal proceedings against the employee for rendering correct
account of sale proceeds and other remaining assets.
INFORMATION AS PER SECTION 217(1 )(e) OF THE COMPANIES ACT, 1956
Your Company has no activity relating to conservation of energy and
technology absorption. The Company did not have any foreign exchange or
outgo.
PERSONNEL
Your company has no employees drawing remuneration as prescribed under
subsection (2A) of Section 217 of the Companies AGt, 1956 read with
Rule 1A of Companies (Particulars of Employees) Amendment Rules,
2011,.during the period under review.
REPORT ON CORPORATE GOVERNANCE
A detailed report on Corporate Governance is annexed to this report.
The Company has complied with the Conditions of Corporate Governance as
stipulated in clause 49 of the Listing Agreement. The Certificate from
the Auditors of the Company confirming compliance of Corporate
Governance reauirements is also attached to this report.
ACKNOWLEDGEMENT
Your Directors wish to thank the Company's bankers, for their continued
co-operation. Your - Directors also wish to thank the customers and the
depositors for their support. Your Directors place on record their
appreciation of the good work done by the employees of the Company.
By order of the Board
For Coimbatore Lakshmi Investment
and Finance Company Limited
Coimbatore (Sd/-)
S. PARAMESWARAN
02.12.2013 Director |