| Dear Members,
The Directors have pleasure in presenting before you the 24th Annual
Report of the Company together with the Audited Statement of Accounts
for the year ended 31st March, 2014.
FINANCIAL RESULTS (Amts. in Rupees )
2013-2014 2012-2013
Total Income 2582114 432555
Total Exp enditure 2538820 488007
Profit be fore Tax 43294 (55452)
Profit after Tax 43294 (55452)
FINANCIAL & OPERATIONAL HIGHLIGHTS
Because of persistent recession prevailing in the Economy and generally
in credit market, credt off-take is negligent. Your company turned to
certain other fin. Business i.e. in the trading of shares and F & O and
achieved better performance in comparison to previous year.
DIVIDEND
To augment resources for ongoing expansion plan company accumulating
its reserves therefore Your Board of Directors of the Company has not
declared any dividend for the year 2013-2014.
FIXED DEPOSITS
The Company has not accepted deposits from the public during the year
attracting the provisions of section 58A of the Co. Act, 1956 and Rules
framed there under.
SSI DUES
The Company has no dues outstanding for more than 30 days to any small
scale undertaking.
AUDIT COMMITTEE
The Company has formed an Audit committee comprising of 3 directors.
The terms of the reference of the committee are in line with the
requirements specified u/s. 177 of the Co-Act, 2013 and Corporate
Governance as stated in Clause 49 of the Listing Agreement.
DIRECTORS
During the year under review, Mr. Kaushik Sanghavi will retire by
rotation at the ensuing Annual General Meeting of the Company and being
eligible, offer themselves for re-appointment.. During the year Jagdish
Jani resigned due to their pre occupation and in his place Deepa R
Dalwadi has been inducted in the board of company.
As per the provisions of the Co.Act,2013, Deepa R Dalwadi and Kaushik C
Sanghavi have been appointed as Ind. Directors of the company for 5
years.
AUDITORS
The Board of Directors appointed M/s C.B.Mehta & Co., Chartered
Accountants, Vadodara as statutory auditors of the company for the
audit of F.Y. 2014-2015 subject to approval of the shareholder in AGM.
PARTICULARS OF EMPLOYEES
There was no employee in the Company whose particulars are required to
be furnished as per section 217 (2A) of the Companies Act, 1956, read
with Companies (Particulars of Employees) Rules, 1975 as amended upto
date.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNING/OUTGO.
The information under section 217(1) (e) of the Companies Act, 1956 on
Conservation of Energy, Technology Absorption as required to be
disclosed is not applicable to your company since it is engaged in the
financial activities.
During the year under review the Company has no foreign exchange
earnings and outgo.
DIRECTORS' RESPONSIBILITY STATEMENT
Pursuant to section 217(2AA) of the Companies Act. 1956 the Directors
confirm :
(a) that in the preparation of annual accounts, the applicable
accounting standards have been followed;
(b) that the Directors have selected such accounting policies and
applied them consistently and made judgements and estimates that are
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 of the Company for that period;
(c) that the Directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provision of the Companies Act, 1956 for safeguarding the assets of the
company and for preventing and detecting fraud and other
irregularities;
(d) that the Directors have prepared the Annual Accounts on a going
concern basis.
CORPORATE GOVERNANCE AND COMPLIANCE
A report on corporate governance along with Management Discussion and
Analysis is annexed to this report. A certificate from Statutory
Auditors with regards to the compliance of the corporate governance, as
stipulated in Clause 49 of the Listing Agreement, by the company is
annexed to this report.
The company has fully complied with all mandatory requirements
prescribed under Clause 49 of the listing agreement. In addition, the
company has also implemented some of the non mandatory provisions of
Clause 49.
ACKNOWLEDGEMENT
Your Directors wish to express their sincere appreciation for the
co-operation and support received from Banks, shareholders, customers,
Officers and other employees of the Company throughout the year.
By order of the Board
For INSTA FINANCE LTD.
Sd/-
Place : Vadodara Satish Raval
Date : 01/09/2014 CHAIRMAN | 