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INDUSTRIES STRUCTURE & DEVELOPMENT
Due to the present business scenario it has become extremely competitive & difficult to carry on with business associated with NBFCs Companies in any significant manner. The Management is looking for the appropriate time to re enter this business as soon as the business climate & economy improve.
Opportunities & Threats
The Company is facing tough competition in its lending business from large NBFCs & Banks. It is difficult to continue with leasing & Hire Purchase activity. The Companys main Income is from stock market related operations and since the market is extremely volatile it offer ample opportunities to make meaningful Investments/profits. However returns on these Investments are intricately related with external factors and market conditions.
Segment Wise or Product wise Performance
The Company main activity is sale & purchase of equity and trading in commodities and has negligible lending /hire purchase business and performance is as per market conditions.
With the world economy looking up , and the recession receding, India is poised for rapid growth over the next decade, which augurs well for the economy in general and would likewise benefit the Company.
RISKS AND CONCERNS
High interest regime in the economy may act as a dampener in the business of financing. There is also stiff competition with entry of large players in the market.
INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY
The Company has an adequate system of Internal control to ensure accuracy of accounting records, compliance with all laws & regulations and Compliance with all rules & guidelines prescribed by management. The Audit Committee of Board reviews the scope and observations of the internal audit on regular basis.
The loss for the year after write offs/provisions etc. and tax amounts to Rs. 33.04 Lacs the total accumulated losses at the end of the financial year 2017-18 amounted to Rs. 445.20 lacs.
HUMAN RESOURCES AND INDUSTRIAL RELATIONS
The Company has adequate competent staff to carry out the day to day operations. In addition in order to ensure greater accountability efficiency the company imparts regulate training to its employees.
Your Directors have the pleasure in presenting their 27th Annual Report of the Company and the Audited Accounts, for the period ended 31st March, 2018.
|Depreciation & Impairment||0.00||0.00|
|Profit/(Loss) after tax||(33.04)||(2.37)|
|Brought forward from the previous year||(412.17)||(409.80)|
|Profit available for Appropriation||(445.20)||(412.17)|
REVIEW OF PERFORMANCE AND BUSINESS PROSPECTS
During the year, the Company has incurred/suffered a loss of Rs. 33.04 lacs before tax as against the loss of Rs. 2.37 lacs in the previous year. Efforts are also being made to improve the performance by exploring new avenues of business which are likely to arise with the passage of time.
In order to conserve the resources of the Company, no dividend has been considered for the year.
During the year, the Company has neither accepted nor invited any deposits and there are no deposits which are either overdue or unclaimed as on March 31st, 2018.
PARTICULARS OF LOAN, GUARANTEES OR INVESTMENTS
The Company has neither given any loans nor provided any guarantee to entities as per provisions of Section 186 of the Act.
Mr. Gurpreet Singh, Directors were appointed till the forthcoming Annual General Meeting. Their tenure ceases on the Annual General Meeting i.e. 29th September, 2018 and being eligible board recommended their appointment as non executive Independent Directors from this 27th Annual General Meeting "AGM" till the conclusion of 31st Annual General Meeting by passing Special Resolutions. Mr. Saranjeet Singh is confirmed as Director from his appointment as Additional Director of the company on 14.11.2017.
AUDITORS & AUDITORS REPORT
As per the provisions of Section 139 of the Companies Act, 2013. Mr. Ashutosh Shukla , Prop. Ashutosh Shukla & Co., Regn. No. 027437N, Chartered Accountants were appointed as the Statutory Auditors of the Company for the period of five years.The Auditors Report for fiscal 2018 does not contain any Qualification, reservation or adverse remarks. Auditors Report is enclosed with the financial Statements in this Annual Report.
Pursuant to Provisions of the Companies Act, 2013, The Company is required to appoint Secretarial Auditors. Mr. Prasant K. Sarkar , Practicing Company Secretary is appointed as Secretarial Auditor of the Company.
The secretarial auditors report for the Year 2017-18 has been received from the Secretarial Auditors. The report does not contain any qualification, reservation or adverse remark. The report is annexed herewith as Annexure-A.
PARTICULARS OF ENERGY CONSERVATION, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGOING
Particulars required by the section 134( 3 ) (m) of the Companies Act, 2013 ("the Act") read with rule 8 (3) of the companies (Accounts) rules, 2014 and forming part of the Directors Report for the year ended March 31, 2018. (Disclosure of Particulars) are not applicable since there is no such activity being followed by the Company.
Conservation of Energy
I. Your Company being engaged in financing business and does not have any activity relating to conservation of energy.
II. Research & Development (R&D)
Specific R&D Activities: There is no Research and Development activity in the Company.
Benefits derived as a result of above R&D: N.A.
Future Plan of Action: NIL
Expenditure on R & D : NIL
III. Technology Absorption, Adaptation and Innovation:
Efforts in brief made towards Technology absorption etc.: NIL
Benefits derived as a result of above: N.A.
Technology imported, years of Import, Has technology been fully absorbed? If not fully absorbed, areas where this has not taken place, reasons therefore and future plans of action: N.A.
IV. Foreign exchange earnings and outgo
During the period under review, there was no foreign exchange outflow from your Company and it had no foreign exchange earnings.
PARTICULARS OF EMPLOYEES
None of the Employees of your Company is in receipt of remuneration requiring disclosure pursuant to the provisions of Section 197(12) of the Companies Act, 2013, read with the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014; hence no such particulars are annexed.