MEHTA SECURITIES LIMITED,
Your Directors have pleasure in presenting the 15th Annual Report of the Company along
with Audited Accounts for the year ended 31 ST DECEMBER 2008.
1. FINANCIAL RESULTS :
The financial results of the Company for the year ended on 31ST DECEMBER 2008 as
compared to the previous year are summarized below :-
||(Rs. In Lacs)
|Profit/(Loss) before Taxation
|Provision for Income Tax
|Net Profit/Loss After Tax
2. OVERALL REVIEW OF PERFORMANCE :
The operations of the Company have improved moderately in spite of several
organizational and market related issues.
During the year under review, the Company has a gross income of Rs. 6981.72 Lacs.
Simultaneously, during the year under review, as well as historically the Company has
provided substantial amount towards decrease in investments value, which has resulted into
loss of 46 lacs.
3. DIVIDEND :
In view of the loss, the Board of Directors do not recommend dividend .
4. BUSINESS OPERATIONS AND FUTURE OUTLOOK :
The business of the Company is being affected by several external factors, which are
beyond the control of the Company. Some of them are fluctuating market conditions,
political situation, government control etc. But looking to the structural changes that
have taken place in the economic environment, the future of the Company and the area in
which the Company carries on Its business is bright. The company is exploring various
initiatives relating to the capital market.
One of your Directors viz. Mr. Upen Parekh retires from office by rotation in
accordance with the requirement of The Companies Act, 1956. He however, being eligible,
offers himself for reappointment.
6. PARTICULARS OF EMPLOYEES :
The Company has no employees of the category specified in Section 217 (2A) of The
Companies Act, 1956.
7. PARTICULARS OF CONSERVATION OF ENERGY ETC :
Since the Company is not engaged in any manufacturing activity, the disclosures as
required under the Companies (Disclosure of Particulars in the Report of Board of
Directors) Rules, 1988 pertaining to conservation of energy, etc. is not applicable.
8. AUDITORS AND THEIR REPORT :
Auditors M/s. Dinesh K. Shah & Co., Chartered Accountants hold office till the
conclusion of ensuing Annual General Meeting and having furnished the required certificate
U/s. 224 (1-B) of The Companies Act, 1956 are eligible for re-appointment. Board
recommends the reappointment and requests the members to fix their remuneration.
9. PUBLIC DEPOSITS :
There was no deposit unclaimed or unpaid by the Company after the date on which it has
become due for payment or renewal as on 31st DECEMBER 2008.
10. DIRECTORS' RESPONSIBILITY STATEMENT :
Your Director Confirm:-
(a) That in preparation of the annual accounts, the applicable accounting standards
have been followed along with proper explanation.
(b) That the Directors had selected such accounting polices and applied them
consistently and made judgments and estimates that are reasonable and prudent so as give a
true and fair view of the state of affairs of the company at the end of the financial year
ended on 31st DECEMBER 2008 and of the Profit of the Company for that year.
(c) That the Directors had taken proper and sufficient care for maintenance of adequate
accounting records for the year ended 31 ST DECEMBER 2008 in accordance with the provision
of The Companies Act, 1956 for safeguarding the assets of the Company and for prevention
and detection of fraud and other irregularities.
(d) That the Directors had prepared the Annual Accounts on an ongoing basis.
11. LISTING :
The equity shares of the Company are listed on The Stock Exchange of Mumbai, Listing
fees for the year 2008-09 have been duly paid.
12. CORPORATE GOVERNANCE:
A detailed section on the code of Corporate Governance forms part of the Annual Report.
Your Directors take this opportunity to place on record the appreciation of the
valuable contribution and dedication shown by the employees of the Company, which have
contributed to the successful management of the Company's affairs.
|PLACE : AHMEDABAD.
||FOR AND ON BEHALF OF THE BOARD OF DIRECTORS
|DATE : 29/04/2009
||(BHAVNA D. MEHTA)