Beryl Securities Limited Indore.
We are pleased to present the SIXTEENTH ANNUAL REPORT to the members, along with theaudited Balance Sheet as at 31st March 2010, the Profit & Loss Account and Cash FlowStatement for the financial year ended on March 31, 2010.
1. REVIEW OF YEAR FOR NBFCs:
The economic instability and the sudden change in the stock market followed by thediversification by of services by the banking company the year under review was not ofmuch scope for the NBFCs. Strict compliance of rules and regulation of RBI assured thatthere could be no deviation from any of the rules of RBI. In the spirit of maintainingcustomer satisfaction the NBFCs are trying to provide personalized services.
NBFC sector has witnessed presence of a large no. of small and large sized Companies.Further entry of strong NBFCs in the fields like Banking, Insurance, finance etc. has beenthe major development in the sector. Multi National Companies are also attracted by thissector and their entry has also been significant.
2. FINANCIAL RESULTS AND OPERATION:
The financial performance of the Company during the financial year have been summarizedas follows:
| ||(Rs. in Thousands) |
| ||Year ended 31.03.2010 ||Year ended 31.03.2009 |
|Income form interest ||1552.82 ||611.73 |
|Other income ||2079.41 ||2018.52 |
|Total Expenditure excluding depreciation ||1428.59 ||1547.04 |
|Depreciation ||44.41 ||48.04 |
|Profit/ (loss) before prior period adjustment ||215.92 ||1035.17 |
|Add : Prior period items ||NIL ||(1) |
|Adjustment of Provision for Tax ||445.51 ||324.53 |
|Profit/ (loss) after tax ||1713.71 ||709.64 |
The Profit and Loss Account for the Current year shows a growth of 38.09% in the totalIncome to Rs 3632227.20 vis--vis Rs. 2630250.00 in the previous year, and thus resultedin the profit before tax of the Company Rs. 2159221.17 as against the profit of Rs.1035170.15 recorded in the previous year. Your Directors expect a better performance inthe coming years.
3. DIVIDEND :
As the company is deciding to strengthen its position further hence your directors arenot able to declare any dividend. The Directors regret for their inability to recommendany dividend for the financial year 2009-2010.
4. PUBLIC DEPOSITS :
The Company has neither invited nor accepted any deposit from the public with in themeaning of Section 58A of the Companies Act, 1956 read with the Companies (Acceptance ofDeposit) Rules, 1975 during the year.
5. RBI REGISTRATION :
The registration granted by Reserve Bank of India as Non-Banking Financial Company isalso continues during the year under review.
Further, pursuant to Non-Banking Financial Companies Auditors Report (ReserveBank of India) Directions, 1998, a report from the statutory auditor of the Company hasbeen received by the Board of Directors of the Company. This report shows that the Companyhas complied with all the directions and prudential norms as prescribed under Reserve Bankof India Act, 1934.
Mr. Avinash Sharma, Director of the Company will retire by rotation at the forthcomingAnnual General Meeting and being eligible offers himself for re-appointment.
7. DIRECTOR'S RESPONSIBILITY STATEMENT:
Pursuant to the provision of Section 217 (2AA) of the Companies Act, 1956 as amendedwith respect to Director's responsibility statement and subject to where so ever otherwisecontained in the Audit Report, Your Directors hereby confirm.
1. That in the preparation of the annual accounts for the financial period ended on31st March, 2010 the applicable accounting standards had been followed, along with properexplanation relating to material departures;
2. That the Director have selected such accounting policies and applied themconsistently and made judgements and estimates that are reasonable and prudent, so as togive a true and fair view of the state of affairs of the Company at the end of thefinancial period ended and of the profit or loss of the Company for the period underreview;
3. That the Directors have taken proper and sufficient care for the maintenance ofadequate accounting records, in accordance with the provisions of the Companies Act, 1956for safeguarding the assets of the Company and for preventing and detecting fraud andother irregularities;
4. That the Directors have prepared the annual accounts on a going concern basis.
M/s. Subhash Chand Jain Anurag & Associates, Chartered Accountants and StatutoryAuditors of the Company, have audited the Accounts of the Company for the year 2009-2010as per the accounting standards followed in India. Their Report and Notes to the accountsare self-explanatory and, therefore, do not call for any further comments.
M/s. Subhash Chand Jain Anurag & Associates, auditors of the Company would beretiring at the conclusion of the ensuing Annual General Meeting (AGM) of the Company.They have expressed their willingness to continue as the Statutory auditors, ifre-appointed at the AGM, and hold office until the conclusion of the next AGM.
The Company has received a certificate from the statutory Auditors to the effect thattheir appointment, if made, would be within the limits under Section 224(1B) of theCompanies Act, 1956.
The members are requested to confirm their re-appointment, at a remuneration to bedecided by the Board of Directors of the Company for the financial year 2010-2011.
9. PARTICULARS OF EMPLOYEES:
The information as required under Section 217(2A) of the Companies Act, 1956 read withthe Companies (Particulars of Employees) Rules, 1975 are not applicable to the Company asthe Company does not have any employee receiving Remuneration exceeding Rs. 24,00,000.00per annum or Rs. 2,00,000.00 per month or part thereof.
10. DISCLOSURE OF CONSERVATION OF ENERGY, TECHNOLOGY, ABSORPTION AND FOREIGN EXCHANGEEARNING AND OUTGO :
Since, Company is not a manufacturing Company; therefore the particulars with respectto conservation of energy & technology absorption as required under Companies(disclosure of particulars in the report of the Director) Rules, 1988 are not required.There was no foreign exchange earning & outgo during the year.
11. CORPORATE GOVERNANCE:
The Company has complied with the mandatory statutory requirement of corporateGovernance specified by the Securities and Exchange Board of India through Clause 49 ofthe Listing agreement. As required by the said clause, a separate report on the CorporateGovernance forms part of this Annual report.
A certificate form the Company Secretary in Practice regarding compliance of conditionsof Corporate Governance has been obtained and is enclosed to this report.
12. LISITING AT STOCK EXCHANGES:
Currently the Equity Shares of the Company are listed with the Stock Exchanges ofMumbai and Madhya Pradesh and the Company has duly paid the listing fees to such StockExchanges. But the proceeding of dilisting of the securities of company from Jaipur StockExchange is going on.
Your Company is grateful for the continued Company-operation and assistance extended toit by the Government and Semi-Government Authorities, Banks and other Statutory Bodies.Your Director also expresses their warm appreciation for the dedicated and sincereservices rendered by the employees of the Company
| ||For and on Behalf of the Board. |
| ||SD/- |
|Place : Indore ||(SUDHIR SETHI) |
|Date : August 21st, 2010. ||Chairman Cum Managing Director |