CIFCO FINANCE LIMITED
ANNUAL REPORT 2011-2012
MANAGEMENT DISCUSSION AND ANALYSIS
Amount (Rs. lacs)
Year ended Year ended
31st March, 2012 31st March, 2011
Total Income 39.54 23.26
Profit/(Loss) before Depreciation (86.45) (37.40)
(Add)/Less: Depreciation 8.01 9.40
Profit/(Loss) Before Tax
(Add)/Less: Provision for Taxation - (14.14)
Profit/(Loss) after Tax (94.46) (32.66)
Add/(Less): Losses brought forward
from previous year (2,232.64) (2,199,98)
Surplus/(Deficit) carried to (2,327.10) (2,232.64)
In view of the accumulated losses, the Directors do not recommend any
dividend for the year under report.
The Company continued to be impeded by the restrictions for pursuing any
activity of a Non-Banking Finance Company, as imposed by the Reserve Bank
of India. Other income was on account of remission of interest.
However, the quantum of revenues generated being nominal, it was inadequate
to discharge the liabilities.
In the absence of any employee on the payrolls, the Company continued to
rely on the honorary help rendered by the personnel of Associate Companies,
without any obligation, legal or otherwise, arising on the Company on
account of such help being accepted by it, or any kind of binding on such
personnel, legal or otherwise, on account of their rendering such help to
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