| Dear members,
The Directors have pleasure in presenting herewith their 21st Annual
Report for the year ended 31st March, 2014.
FINANCIAL PERFORMANCE
(Rs in Lacs)
PARTICULARS 2013-14 2012-13
Gross Income from Operations / Sale of Shares 4.51 6.25
Less : Total Expenditure 4.40 5.78
Gross Profit/(Loss) before Interest,
Depreciation and Taxation 0.16 0.51
Profit / (Loss) Before Tax 0.12 0.47
Profit / (Loss) After Tax 0.09 0.38
Prior period items - -
Special Reserve Fund (RBI) (0.02) (0.08)
Balance of Profit/(Loss) brought forward (39.61) (39.91)
Balance carried to the Balance Sheet (39.54) (39.61)
DIVIDEND
In view of inadequacy of distributable profits your directors express
their inability to recommend a dividend on Equity Shares of the
Company for the year under review.
OPERATIONS
On account of overall economic slowdown, liquidity crisis faced by the
Company and blocking of investment. Your Company is striving hard to
restructure its business activities and also trying new avenues to
provide impetus to the operations of the Company and achieve target as
per business plan of the Company.
FIXED DEPOSITS
The Company has not accepted or renewed any Fixed Deposits during the
Financial Year 2013-14 from public. There are no unpaid deposits or
unpaid interest on deposits outstanding at the end of the year.
DIRECTORS
In accordance with the provisions of the Companies Act, 1956 and
Articles of Association of the Company, Mr. Anil Bhandari, director of
the Company, retires by rotation and being eligible offers himself for
re-appointment at the ensuing Annual General Meeting. Your Directors
recommend his re-appointment respectively.
Also during the year, Mr. Mahendra Singh has been appointed as
additional director of the company w.e.f. 07th February, 2014. His
brief resume is given in the explanatory statement attached to the
Notice convening the Twenty First Annual General Meeting of the
Company. Your Directors recommend his re-appointment.
The Company had, pursuant to the provisions of clause 49 of the
Listing Agreements entered into with Stock Exchanges, appointed Mr.
Uttareshwar Vyas and Mr. Mahendra Singh as Independent Directors of
the Company. As per Section 149 of the Companies Act, 2013, which came
into effect from 1st April, 2014, every listed public company is
required to have at least one-third of the total number of directors
as Independent Directors.
Appropriate resolutions seeking your approval for the re-appointment
of directors of the company are included in the notice convening the
21st Annual General Meeting of the company.
AUDITORS
M/s. Naimish Shah & Co., Chartered Accountants, Ahmedabad the
Statutory Auditors of the Company retire on the conclusions of the
ensuing 21st Annual General Meeting of the Company and being eligible
offer themselves for reappointment. You are requested to consider
their reappointment.
DIRECTORS' RESPONSIBILITY STATEMENT
Pursuant to the provisions of Section 217 (2AA) of the Companies Act,
1956, the Board of Directors, hereby confirms that:
(i) that in the preparation of annual accounts for the financial year
ended 31st March, 2014, the applicable accounting standards have been
followed and there are no material departures.
(ii) that the directors have selected the 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 at the end of the current financial year and
of the profit 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 the Act for safeguarding the assets of the Company and
for preventing and detecting fraud and other irregularities; and
(iv) that the directors had prepared the annual accounts for the
financial year ended 31st March, 2014 on a "going concern" basis.
CORPORATE GOVERNANCE
The Company has been proactive in following the principles and
practices of good corporate governance. A report in line with the
requirements of Clause 49 of the listing agreement on Management
Discussion and Analysis report and the Corporate Governance practices
followed by the Company and the Auditors Certificate on Companies of
mandatory requirements are given as an Annexure "A & B"
respectively to this report.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS AND OUTGO
The particulars regarding Conservation of Energy, Technology
Absorption and Foreign Exchange Earnings and Outgo pursuant to Section
217(1) (e) of the Companies Act, 1956 read with Rule 2 of the
Companies (Disclosures of Particulars in the Report of Board of
Directors) Rules, 1988 are not given as the same is not applicable to
the Company.
PARTICULARS OF EMPLOYEES
None of the employees of the Company drew remuneration of '
60,00,000/- or more per annum/' 5,00,000/- or more per month of the
Company during the year. Hence, no information is required to be
furnished as required under Section 217(2A) of the Companies Act, 1956
read with the Companies (Particulars of Employees) Rules, 1975.
ACKNOWLEDGMENT
Your Directors place on record their sincere thanks to the Banks,
Central and State Government, RBI and devoted staff members for their
continuous contribution to the growth and progress of the Company.
The directors also express their gratitude to the shareholders for the
confidence reposed in the management.
For & on behalf of the Board of Directors
Place : Ahmedabad Aji P George Uttareshwar Vyas Anil Bhandari
Date :14th August, 2014 Executive Director Director
Director
Din: 00439554 Din: 01905833 Din:02718111
REGISTERED OFFICE
304, Kaling, Near Mt.Carmel School,
B/H. Bata Show Room,Ashram Road,
Ahmedabad-380 009 Tele Fax - 079-26580366
CIN: L65910GJ1993PLC020651
Email - indocredit@rediffmail.com
Website: www.indocreditcapital.com
| 