To the Members,
Your Directors present the Eighteenth Annual Report with the Audited Accounts for theyear ended 31st March, 2010.
|1. Financial Results || ||(Rs. in Lacs) |
| ||Year Ended 31.3.2010 ||Year Ended 31.3.2009 |
|Profit / (Loss) for the year before || || |
|Depreciation & Taxation ||5.87 ||(24.33) |
|Less : Depreciation ||(0.11) ||(0.11) |
|Provision for Income Tax ||(0.26) ||- |
|Provision for Fringe Benefit Tax ||- ||(0.01) |
|Net Profit/(Loss) after tax ||5.49 ||(24.45) |
In view of the accumulated tosses, no dividend is recommended for the year underreview.
III. Performance Review
For the financial year under review the company has recorded a net profit of Rs.5,49,646/- as against a loss of 24,45,314/- in previous financial year. The turnaround inprofits was primarily on account of easing in global recession resulting in to outperformance by industries at large.
As compared to in previous year company has performed well and expect to maintain thegrowth in coming years too, growth target set by government is 8 to 9% which is seems tobe achievable. Your company will also participate for set growth of the economy and isexpect to deliver results accordingly.
V. Risk and Concerns
Company's performance is closely linked to Indian Capital Market & risks associatedwith market operations.
The value of company's Investments may be affected generally by factors affectingcapital markets, such as price and volume volatility, interest rates, currency exchangerates, foreign investment, changes in government policy, political economic or otherdevelopments, crude oil prices and economic performance overseas.
Company believes that the long term growth story of India remains intact though therewould be several short term upheavals like crude oil prices and interest rates etc. Ourperformance in the fiscal year 2010-11 is subject to some of these factors on the IndianCapital Market.
The primary segment of the company is investment in capital market & alliedservices.
VII. Internal Control Systems and Adequacy
Adequate system of internal control is in place, which assures us of maintaining properaccounting records and reliability of financial information.
VIII. Cautionary Statement
(The statement in this report including Management's Discussion & Analysisreport reflects Company's projections, estimates, expectations or predictions &contains forward looking statement that involve risks and uncertainty. The companyundertakes no obligation to publicly update or revise any forward looking statements,whether as a result of new information, future events or otherwise. Actual results,performance, or achievements could differ materially from those expressed or implied insuch forward-looking statements. Readers are cautioned not to place undue reliance onthese forward looking statements that speak only of the expectations as on the date.)
1. To appoint a Director in place of Shri Babulal Goyal, who retires by rotation, andbeing eligible, offers himself for reappointment
2. To appoint a Director in place of Shri Amilesh Rai, who retires by rotation, andbeing eligible, offers himself for reappointment.
A brief resume, expertise, shareholding in the Company and details of otherdirectorships of these Directors as stipulated under Clause 49 of the Listing Agreementwith the Stock Exchange forms part of the Report on Corporate Governance
X. Listed Stock Exchange
The Company has paid up to date listing fees to Bombay Stock Exchange Limited and theshares of the company are traded at Bombay Stock Exchange, (BSE) having nationwideterminals.
XI. Directors' Responsibility Statement
Pursuant to the requirement under Section 217(2AA) of the Companies Act, 1956, withrespect to Director's Responsibility Statement, it is hereby confirmed :
(i) . That in the preparation of the accounts for the financial year ended 31st March2010, the applicable accounting standards have been followed along with proper explanationrelating to material departures.
(ii) . That the Directors have selected such accounting policies and applied themconsistently and made judgments and estimates that were reasonable and prudent so as togive a true and fair view of the state of affairs of the Company at the end of financialyear and of the profit or loss of the Company for the year under review.
(iii) . 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.
(iv) . That the Directors have prepared the accounts for the financial year ended 31stMarch 2010 on 'going concern' basis.
XII. Corporate Governance
The company has complied with the requirements of Corporate Governance as stipulated inclause 49 of the listing agreement of the Stock Exchange. The Corporate Governance reportfor the financial year ended 31st March, 2010 is annexed hereto along with theAuditor's Certificate on its compliance.
XIII. Particulars of Employees
During the financial year, the Company had no employees on Company's rolls in receiptof remuneration attracting the provisions of section 217 ,(2A) of the Companies Act, 1956.
XIV. Conservation' of Energy, Technology Absorption etc.
The Board has nothing to report under this head as the Company is in the FinancialSector.
XV. Fixed Deposits
The Company has not accepted any deposit during the current financial year.
M/s. N.B. Thakore & Co., Chartered Accountants, Auditors of the Company areretiring at the forthcoming Annual General Meeting & being eligible, have offeredthemselves for re-appointment.
Your Directors acknowledge with gratitude and wish to place on record theirappreciation for the support and cooperation received by the Company from its Bankers,Share Holders and Employees and look forward to their continued support.
| ||For & on behalf of the Board |
|Place: Mumbai || |
|Date : 27th May 2010 || |
| ||D.K. Goyal |
| ||(Chairman) |