rishab financial services ltd Directors report

Directors Report

The Board of Directors herein present the "Twenty Second Annual Report" of the Company together with the Audited Accounts for the year ended 31st March, 2013.

FINANCIAL RESULTS AND APPROPRIATIONS

The financial results for the year ended 31st March, 2013 are as follows:

		(Rs. In lakhs)
PARTICULARS	Year ended	Year ended
	31.03.2013	31.03.2012
FINANCIAL RESULTS
Profit/Loss before Depreciation and Tax	9.99	15.47
Add/Less: Depreciation on Fixed Assets	(1.52)	(1.27)
Provision for Non-Performing Assets	20.18	(35.90)
Contingent Provision for Standard Assets	(0.82)	0.35
Profit/Loss Before Tax	27.84	(21.35)
Provision for Current Tax	(2.28)	(4.60)
Provision for Deferred Tax	(0.44)	(0.09)
Profit/Loss after Tax	25.12	(26.05)
Less: Transfer to Statutory Reserve	-	-
Add : Balance brought forward from previous Years	(182.82)	(156.78)
Deficit carried to Balance Sheet	(157.70)	(182.82)

DIVIDEND:

The directors have decided not to recommend any dividend in view of the accumulated losses.

PERFORMANCE:

The Company conducted fresh business to the extent of Rs.64.19 Lacs, during the year. The Company has continued the recovery process of funds that had been disbursed earlier.

FIXED DEPOSITS:

Your Company has not accepted any deposits from the shareholders/public during the year under review.

The Company does not have any Public deposits at the end of the year.

DIRECTORS:

Shri Ramesh Kumar was appointed as a Director on 27.09.2012 in the Companys Annual General Meeting. Shri Ramesh Kumar, being eligible for appointment, offers himself for appointment.

For the kind perusal of the shareholders, a brief resume of the Director being appointed, nature of his expertise and the names of the companies in which he holds the directorship and the details of the membership of the committees of the Board, are mentioned in the Explanatory Statement. The Board of Directors recommends his appointment.

AUDITORS:

M/s. Bhandari & Keswani, Chartered Accountants, Chennai, retire at the ensuing Annual General Meeting and are eligible for re-appointment as Auditors of the Company till the next Annual General Meeting.

RBI GUIDELINES:

The Company continues to follow the prudential norms prescribed by the Reserve Bank of India for NBFCs.

Since your Company is not accepting deposits, your company has received Category B Certificate from RBI. (i.e. a Company not accepting Public Deposits) on 03.12.2002.

ENERGY, TECHNOLOGY, FOREIGN EXCHANGE, INFORMATION REQUIRED U/S.217 (1) (e) OF THE COMPANIES ACT, 1956:

Your Company has no activity relating to conservation of energy/technology absorption. The Company does not have any foreign exchange earnings or outgo.

DISCLOSURE U/S. 217 (2A) OF THE COMPANIES ACT, 1956:

During the year under review, the Company has no employee who is in receipt of remuneration attracting the provisions of Section 217 (2A) of the Companies Act, 1956.

CORPORATE GOVERNANCE:

Your Company has taken adequate steps to ensure that alt mandatory provisions of Corporate Governance as prescribed under the amended. Listing Agreement of the Stock Exchanges on which the Company is listed are complied with.

A separate report on Corporate Governance is included in the Annual Report, a declaration signed by the CEO that Code of Conduct has been complied on an annual basis is annexed and forms part of the Directors Report.

RESPONSIBILITY STATEMENT OF THE BOARD OF DIRECTORS:

Pursuant to Section 217 (2AA) of the Companies Act, 1956, the Board of Directors, report that:

(i) In the preparation of Annual Accounts, the applicable accounting standards have been generally followed;

(ii) Appropriate accounting policies have been selected and applied consistently and have 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 31st March, 2013 of the Profit of the Company for that year;

(iii) The Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 1956, for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities and

(iv) The annual accounts have been prepared on a going concern basis.

ACKNOWLEDGEMENT:

Your Directors record their appreciation and their sincere thanks to the Companys Bankers, Customers and all others for their valuable support and co-operation. Your Directors also thank all the employees of the Company for their dedicated service and support.

For and on behalf of the Board of Directors

MANGALCHAND C SURANA

Chairman

Place: Chennai

Date : 31.05.2013.