Dear Members
The directors present the 32nd Annual Report together with the audited
accounts of the company for the year ended 31st March 2014.
WORKING RESULTS:
The working results of the company for the year under report are as
under:-
Amount in Rupees
Year ended Year ended
31.03.2014 31.03.2013
Gorss Income 29648846 18432676
Profit before tax 27604508 17532458
Less : Provision for income tax (6820156) (5394110)
Deferred Tax Liability/ Assets 126560 (19620)
Profit after Tax for the year 20910912 12118728
Add - Balance B/F from previous year 4642392 4949760
LAvailable for appropriation 25553304 17068488
Income tax adjustments for prior periods 3649 (1096)
Transferred to Reserve Fund (4183000) (2425000)
Transferred to general reserve 0 (10000000)
Balance carried forward 21373953 4642392
OPERATIONS
During the year under review the company's funds remained invested in
Shares, Loans and Advances. The dividend income earned was Rs.31,
92,083/- (previous year Rs 8.58, 043/-). The interest income earned was
Rs.67, 65,806/- (previous years Rs. 57, 52,870/-). During the year the
company also earned brokerage income of Rs 1, 49, 23,530/- (net of
service tax) on mobilization of funds of third parties (previous year
1, 16, 37,321/-).
DIVIDEND
The directors do not recommend any dividend for the year under
consideration.
DIRECTORS
Sh. Navdeep Sharma, ( DIN No.0454285) Director of the company retires
by rotation at the ensuing Annual General meeting and being eligible
offers himself for re-appointment.
BONUS SHARES ISSUED TO PUBLIC SHAREHOLDERS
The company has issued on 08.08.2013. 517704 equity shares of Rs. 10/-
each as bonus shares to the public shareholders (promoters/ promoter
group forgoing their entitlement) in order to comply with the
provisions of clause 40A of the listing agreement regarding minimum
public shareholding requirement (MPS). For the said issue the company
has raised its authorized share capital from Rs. 2 crores to Rs. 3
crores. on 15.07.2013 This fact was also disclosed in the last
Directors Report being material information
CORPORATE GOVERNANCE
The Corporate Governance clause under the listing agreement is not
applicable to our company as the paid-up capital of the company is less
than Rs.3 Crores.
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:
(i) That in the preparation of the annual accounts for the financial
year ended 31st March 2014, the applicable accounting standards had
been followed along with proper explanation relating to material
departure.
ii) 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 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.
iii) That the directors had taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of Companies Act 1956 for safeguarding the assets of the
company and for preventing and detecting fraud and other
irregularities.
iv) That the directors had prepared the accounts for the financial year
ended 31.03.2014 on a 'going concern' basis.
COMPLIANCE CERTIFICATE
A certificate from a secretary in whole time practice regarding
compliance of all provisions of the companies act as required under
proviso to section 383A of the Act is attached to this report.
PUBLIC DEPOSITS:
The company did not accept any public deposit during the financial year
under consideration within the meaning of Section 58-A & 58-AA of the
companies Act. 1956 and to which pars 4-8 of Non-Banking financial
Companies (Reserve Bank) directions. 1998 apply.
AUDITORS & AUDITOR'S REPORT
M/s. Gupta Vigg & Co. Chartered Accountant, Ludhiana being eligible
offers themselves as auditors of the Company for re-appointment. The
Board of Directors has proposed the appointment of M/s. Gupta Vigg &
Co. as the Statutory Auditors of the Company for a period of one year
to hold the office from the conclusion of this Annual General Meeting
till the conclusion of next Annual General Meeting.
The Company has obtained from the auditors a written consent and a
certificate as required under Section 139 the Companies Act. 2013 to
the effect that their re-appointment, if made, would be within the
limits and in accordance with the conditions specified under section
141(3) (g) of the Companies Act,2013.
The Auditor's Report on the Accounts of the Company for the year under
review is self-explanatory and requires no comments. Further there are
no adverse remarks or qualification in the Report that calls for
Board's explanation.
CONSERVATION OF ENERGY, TECHNOLOGY, ABSORPTION AND FOREIGN EXCHANGE
EARNINGS AND OUTGO
Information as per Section 217(1) (e) read with companies (disclosure
of particulars in the report of Board of Directors), Rules 1988 is
given as under:
PARTICULARS OF EMPLOYEES
None of the employees is covered under companies {particulars of
employees) Rules, 1975 made in accordance with Section 217(2A) of the
companies Act, 1956. Hence no statement u/s 217(2A) of the companies
Act, 1956 is required.
LISTING FEES
Your company's shares are listed on the Stock Exchange, Mumbai and the
listing fee for the financial year 2014-2015 has been paid.
GENERAL:
The notes forming part of the accounts being self-explanatory, the
comments made by the auditors in their report are not being dealt with
separately.
ACKNOWLEDGEMENT
The Directors of the company wish to place on record their sincere
thanks to the shareholders for their continued support, co-operation
and confidence in the management of the company.
For and on behalf of the Board
Sd/-
Navdeep Sharma
Chairman
(DIN No.0454285)
Place: Ludhiana
Date: 01.09.2014
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