| The Directors have pleasure in presenting the Fifteenth Annual Report
alongwith Audited Accounts for the year ended on 31st March, 2010.
FINANCIAL RESULTS
The Financial Results for the year ended on March 31, 2010 are as under
:
Year Ended
31.03.2010
(Rs.)
Total Income 8,640.00
Less : Total Expenses 71,890.00
Loss before Tax 63,250.00
Loss after Tax 63,250.00
PERFORMANCE
As conveyed earlier, the companys operations remained suspended during
the year on account of very precarious financial position.The costs
have been reduced to the extent possible so as to check the losses
being incurred by the company. The company being a listed company, the
statutory compliances require maintenance of basic records for which
minimal staff is being maintained and overhead expenses are minimised
to the extent possible.
As reported earlier, some sub-brokers/clients of the company had
defaulted in making payment of their dues to the company. In all such
cases where legal proceedings were considered useful for recovery,
cases had been filed against such parties, which are at advance stages
of proceedings in the Courts. There has not been any progress in the
matter of recovery of inter-corporate deposit made by the company.The
company is saddled with large amount of debtors. All out efforts so far
made by the company to realise the money have remained futile. In the
meantime, as advised by the auditors, debtors amounting to Rs.1, 70 ,
87 , 831.51 have been considered doubtful and had accordingly been
written off during the previous year.
As reported earlier, a search was carried out by the Income Tax
Department on 15.12.1999 in the Corporate Office of the Company at
Delhi. The block assessment proceedings had been completed by the Dy.
Commissioner of Income-tax wherein adhoc additions have been made on
the basis of loose,rough sheets seized at the time of search and on the
basis of such additions a demand of Rs. 1,63,06,964/- had been created
against the company. The company had filed appeal against the said
Order before ITAT and the matter has been remanded back to CIT
(Appeals). In the meantime, the Income-tax authorities had attached the
debtors of the company to recover their dues. This has led to virtual
no recovery from the debtors of the Company.
DIVIDEND
In view of losses incurred during the year, your Directors feel their
inability in declaring any dividend for the period under review.
FUTURE PROSPECTS
As reported earlier, your company had disposed off the assets of the
company to augment resources for retiring some of the liabilities of
the company and consequently the financial position of the company is
very precarious and the company is finding it very difficult to even
meet out its statutory obligations of payment of listing fee etc. In
view of financial stringency, no new business activity could be
taken-up during the year.
DIRECTORS
Shri B.K.Jha, retires by rotation at the ensuing Annual General Meeting
and being eligible, offers himself for reappointment.
AUDITORS
The Companys Auditors M/s. Atul Kumar Gupta & Co., Chartered
Accountants, retire at the conclusion of the ensuing Annual General
Meeting and are eligible for reappointment.
DIRECTORS RESPONSIBILITY STATEMENT
In terms of provisions of Section 217(2AA) of the Companies Act,1956,
your Directors confirm as under:-
1. That in the preparation of Annual Accounts, the applicable
accounting standards have been followed alongwith proper explanation
relating to material departures;
2. That the accounting policies selected and applied are consistent
and the 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 at
the end of the financial year and of the loss of the Company for that
period;
3. That 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;
4. That the annual accounts have been prepared on a going concern
basis.
CORPORATE GOVERNANCE
Pursuant to Clause 49 of the Listing Agreement, a report on Corporate
Governance alongwith a certificate from the auditors of the company is
given as Annexure to this Report.
LOANS / ADVANCES AND INVESTMENT
The Company nor any of its associates has made any investment in
companys shares and no loan and advance in the nature of loan has been
made to any associate.
DELISTING OF COMPANYS SHARES
As reported earlier, requests had been made for delisting of the shares
of the company to Ludhiana and Jaipur Stock Exchanges. It may be noted
that ever since the shares of the company had been got listed at both
these Stock Exchanges, there had hardly been any transaction in its
shares at these Stock Exchanges. As approved by the members last year,
application had been made for delisting of the companys shares from
the Delhi Stock Exchange. Even after delisting, companys shares will
continue to be listed at Mumbai Stock Exchange, whose address is given
hereunder.The company has always been regular in complying with the
provisions of the listing agreement. The listing fee could not be paid
to both Delhi and Mumbai Stock Exchange in time.
PARTICULARS OF EMPLOYEES
No employee is covered under section 217(2A) of the Companies Act, 1956
read with the Companies (Particulars of Employees) Rules, 1975.
OTHER PARTICULARS
The Provisions relating to the conservation of energy and technology
absorption as required to be disclosed under Section 217(1)(e) of the
Companies Act, 1956 do not apply to the company. The company had no
foreign exchange earning/outgo during the year under review.
FIXED DEPOSITS
The Company has not accepted any deposits from the Public during the
year.
ACKNOWLEDGEMENT
Your Directors wish to place on record their appreciation for the
cooperation and support extended by the Bankers, shareholders & members
of the staff at all levels.
By order of the Board
For Aasheesh Securities Limited
Sd/-
(Sadhna Goel)
Managing Director
Place : Jagadhari
Dated : 31st May,2010.
|