DIRECTORS REPORT
Members of Carina Finvest Ltd.
Your Directors present the 18th Annual Report together with the Audited Accounts of the
Company for the year ended 31st March 2014.
FINANCIAL RESULTS :
Figures in Rs.
|
For The Year Ended |
|
31st March 2014 |
31st March 2013 |
| Profit / (Loss) before Interest and Depreciation |
380,478 |
82,614,420 |
| Less : Interest |
0 |
0 |
| Less : Depreciation |
1.007,660 |
1,009.502 |
| Profit/ (Loss) before Taxation |
-1,388,138 |
81,604,918 |
| Less : Provision for Taxation |
10,401 |
16,511,086 |
| Profit / (Loss) after Taxation |
1,398,539 |
65,093,832 |
| Add : Profit brought forward |
68,774,679 |
16.680,847 |
| Amount available for appropriation |
67,376,140 |
81,774,679 |
| APPROPRIATIONS ; |
|
|
| Transfer to Special Reserve u/s 45IC of the RBI Act |
0 |
13,000,000 |
| Surplus carried to Balance Sheet |
67,376,140 |
68,774,679 |
Dividend
Your Directors do not recommend payment of dividend on Equity Shares for the year ended
31st March 20124. (Previous Year Nil).
Financials
Your Company has earned a Gross income of Rs. 31,28,887/- (Previous year Rs.
29,69,406/-) during the year comprising of Interest, Dividend and Service Charges, company
has a net toss after Tax of Rs. 13,98,539/- during the year. (Previous year Profit Rs.
6,50,93,832/-).
Fixed Deposits
The Company has not accepted any deposits from the public.
Particulars regarding Conservation of Energy, Technology Absorption and Foriegn
Exchange Earnings and outgo
The information as required under Section 217 (1) (e) of the Companies Act, 1956, read
with The Companies (Disclosure of particulars in the Report of the Board of Directors)
Rules, 1988 is not applicable.
PARTICULARS OF EMPLOYEES
The Company has no employees requiring disclosures pursuant to the provisions of
Section 217(2A) of the Companies Act, 1956 read with the Companies (Particulars of
Employees) Rules, 1975.
DIRECTORS
In accordance with the provisions of the Companies Act, 1956 and the Articles of
Association of the Company Mr. H. B. Doshi, niwrlnr of the Company, retires by rotation
and being eligible, offers himself tor re-appointment.
DIRECTORS RESPONSIBILITY STATEMENT
Pursuant to Section 217 (2A) of the Companies Act , 1956 , the Directors confirm that,
a) in the preparation of the Annual Accounts, the appiicabie accounting standards
have been followed.
b) Appropriate accounting policies have been selected and applied consistently and
judgements and estimates made 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 the profit and
loss account of the Company for that year.
c) Proper and sufficient care has been taken for maintaining 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.
d) The Annual Accounts have been prepared on a going concern basis.
SECRETARIAL COMPLIANCE CERTIFICATE
A Secretarial Compliance Certificate pursuant to section 383 A of the Companies Act,
1956 is attached herewith as per Annexure A.
AUDITORS
You are requested to appoint auditors for the current year and authorise the board to
fix their remuneration. The retiring auditors M/s Rajen T. Gala & Co., Chartered
Accountants, being eligible offer themselves for re-oppointment.
ACKNOWLEDGEMENTS
Your Directors take this opportunity to place on record their sincere appreciation of
the timely assistance and cooperation extended by the Companys Bankers and various
Government Agencies / Bodies and look forward to receiving their continued support.
The Board of Directors also expresses its thanks to the shareholders for their support
and confidence reposed in the Company.
On behalf of the Board of Directors
H. B. Doshi
Chairman
Place : Mumbai Date :4th August 2014
Registered Office :
Carina Finvest Ltd.
52, Maker Tower "F" Cuffe Parade, Mumbai 400 005.
ANNEXURE ATO DIRECTORS REPORT COMPLIANCE CERTIFICATE
To,
The Members, 52, 5"1 Floor, Maker Tower F, Cuffe Parade, Mumbai-400 005
CIN U67120MH1996FLC101364 Nominal Capital Rs 1,25,00,000/-
We have examined the registers, records, books and papers of M/s CARINA FINVEST LIMITED
(the company) as required to be maintained under the Companies Act, 1956 (the Act) and
rules made there under and also the provisions contained in the Memorandum and Articles of
Association of the company for the financial year ended on 31st March 2014. In our opinion
and to the best of our information and according to the examinations carried out by us and
explanations furnished to us by the company, its officers, agents, we certify that in
respect of the financial year ended on 31st March 2014:
1. The company has kept and maintained all the registers as stated in the Annexure
"A" to this certificate, as per the provisions of the Act and the rules made
there under and all the entries therein have been duly recorded.
2. The company has duly filed the forms and returns as stated in Annexure "B"
to this certificate with the Registrar of Companies, Regional Director, Central
Government, Company Law Board, or other authorities within the time prescribed under the
Act and the rules made there under.
3. The company is a public limited company and has paid up capital of Rs 56,97,820/-
(Rupees Fifty Six Lacs Ninety Seven Thousand Eight Hundred and Twenty) as on 31 st March
2014.
4. The Board of Directors duly met 4 times on 20th June 2013, 12th July 2013, 13th
December 2013 and 28th February 2014 and in respect of such meetings proper notices were
given and proceedings were properly recorded and signed.
5. The company has closed its register of members from 9th September 2013 to 17th
September 2013 (Both days inclusive).
6. The Annual General Meeting for the financial year ended 31 * M arch 2013 was held on
17th September 2013 after giving due notice to the members of the company and the
resolutions passed thereat were duly recorded in the Minutes book maintained for the
purpose.
7. No extra ordinary general meeting was held during the financial year under review.
8. The company has not advanced any loans to its Directors or persons or firms or
companies referred to under section 295 of the Act. However there is an outstanding
balance of loans already granted to one company covered in the registered maintained under
section 301 of the Act. The outstanding amount of loan aggregates to Rs. 45 lacs and the
maximum amount outstanding during the year amounts to Rs. 60 lacs.
9. The company has duly complied with the provisions of section 297 of the Act in
respect of contracts specified in that section.
10. The company has made necessary entries in the register maintained under section 301
of the Act.
11. As there were no instances falling within the purview of section 314 of the Act,
the Company has not obtained any approvals from the Board of Directors, Members or the
Central Govt..
12. The Board of Directors has approved the issue of duplicate share certificates.
13. During the financial year ended 31st March 2014:
(i) The company has delivered all the certificates on jadgement thereof for
transfer/transmission or any other purpose in accordance with the provisions of the Act.
The company has not made any allotment of securities during the financial year.
(ii) The company has not deposited any amount in a separate bank account as no dividend
was declared during the financial year.
(iii) The company was not required to post warrants to any member of the company as no
dividend was declared during the financial year.
(iv) The company has transferred the amounts in unpaid dividend account which have
remained unclaimed or unpaid for a period of seven years to Investor Education and
Protection Fund.
(v) The Company has duly complied with the requirements of section 217 of the Act.
14. The Board of Directors of the company is duly constituted. There was no appointment
of Additional Directors, Alternate Directors and Directors to fill casual vacancies during
the financial year ended March 31, 2014.
15. The company has not appointed any Managing Director I Whole time Director /
Manager during the financial year.
16. The company has not made any appointment of sole selling agents during the year.
17. The company was not required to obtain any approvals of the Central Govt. Company
Law Board, Regional Director, Registrar of Companies or such other authorities as may be
prescribed under the various provisions of the Act during the financial year.
18. The Directors have disclosed their interest in other firms/companies to the Board
of Directors pursuant to the provisions of the Act and the rules made there under.
19. The company has not issued any shares/debentures/other securities during the
financial year.
20. The company has not bought back any shares during the financial year.
21. There was no redemption of preference shares/debentures during the financial year.
22. There was no transaction necessitating the company to keep in abeyance the right to
dividend, rights shares and bonus shares pending registration of transfer of shares.
23. The company has not invited/accepted any deposits during the year under review and
hence the question of complying with the provisions of Section 58A and 58AA read with the
Companies (Acceptance of Deposits) Rules 1975/the applicable directions issued by the
Reserve Bank of India/ any other authority in respect of deposits accepted including
unsecured loans taken does not arise.
24. The amount borrowed by the company from directors, members, public, financial
institutions, banks and others during the financial year ending 31st March 2014 is within
the borrowing limits of the company.
25. The company has given loans and made investments in other bodies corporate in
compliance with the provisions of section 372A and has made necessary entries in the
register kept for that purpose.
26. The company has not altered the provisions of the Memorandum with respect to
situation of the companys registered office from one state to another during the year
under scrutiny.
27. The company has not altered the provisions of the Memorandum with respect to the
objects of the company during the year under scrutiny.
28. The company has not altered the provisions of the Memorandum with respect to name
of the company during the year under scrutiny.
29. The company has not altered the provisions of the Memorandum with respect to share
capital of the company during the year under scrutiny.
30. The company has not altered any of the provisions of its Articles of Association
during the year under scrutiny.
31. There were no prosecutions initiated against or show cause notices received by the
company and no fines or penalties or any other penalties or punishments were imposed on
the company during the financial year for any of the offences under the Act.
32. The company has not received any money as security from its employees during the
year under certification.
33. The provisions of the Provident Fund Act are not applicable to the company.
| Place : Mumbai |
Signature |
| Date: 4th August 2014 |
Name : BIPIN RAJE |
|
CP No :6147 |
ANNEXURE A
(1) Register of Members u/s 150 of the Act
(2) Register of Directors shareholding u/s 307 of the Companies Act, 1956
(3) Register of Directors, Managing Director, Manager and Secretary u/s 303 of the
Companies Act, 1956
(4) Books of accounts u/s 209
(5) Register of Particulars of Contracts in which Directors are interested u/s 301
(6) Register of Directors Attendance
(7) Minutes of the General Meetings and Board Meetings u/s 193 of the Act
(8) Register of charges u/s 143 of the Act
ANNEXURE B
Forms and Returns as filed by the Company with the Registrar of Companies, Maharashtra,
Mumbai during the financial year ending on 31st March 2014
| Sr No |
Form No/ Return |
Filed Under Section |
Purpose |
Date of Filing |
Whether filed in time* |
If delay in filing, whether with requisite late filing fees |
| 1 |
Annual Return SRN Q21821244 |
159 |
Annual Return for the financial year ended 31, March 2013 |
31st October 2013 |
Yes |
NA |
| 2 |
Balance Sheet SRN Q13882345 |
210 |
For the Year ended 31st March 2013 |
16th October 2013 |
Yes |
NA |
| 3 |
Compliance certificate SRN Q12904512 |
383 A |
Compliance certificate for the year ended 31st March 2013 |
9th October 2013 |
Yes |
NA |
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