Sanchay Finvest Director Discussions


DIRECTORS REPORT

Dear shareholders,

Your directors have pleasure in submitting the Annual report and Audited accounts of the company for the financial year ended 31st march, 2012.

Financial Performance.

The company has incurred a Loss of Rs 16.18 lakhs as compared to the previous year’s Profit of Rs 11.51 lakhs due to adverse market conditions and other unavoidable extreme situations which prevented your company from doing its normal broking business due to SEBI order and other legal litigations, during the year under preview but the directors are hopeful of achieving much better results and performance in future.

PARTCULARS YEAR ENDED 31-03-2012 YEAR ENDED 31-03-2011
(Rupees in Lacs) (Rupees in Lacs)
Turnover 13.30 262.73
Profit after Interest but before Depreciation & Tax (11.89) 17.01
Depreciation 4.29 5.50
Profit Before Tax (16.18) 11.51
Provision for Current Tax NIL NIL
Provision for Deferred Tax (0.21) (0.38)
Profit After Tax (15.97) 11.89
Prior year tax adjustment NIL NIL
Balance of profit B/f (16.05) (27.94)
Balance Carried Forward to Balance Sheet (32.02) (16.05)

Personnel and industrial relations.

The company has not paid any remuneration attracting the provisions of Companies (particular of employees) rules, 1075 read with section 217 (2A) of the companies act, 1956. No information is therefore, required to be appended to this report in this regard.

Dividend.

The directors have decided to conserve the reserves and hence, and hence no dividend is declared for the year in view of loss.

Fixed Deposit

The company has not accepted deposits from the public during the year under review. There are no overdue deposits for repayment on the date of this report.

Directors Responsibility Statement

Pursuant to requirement under section 217(2A) of the companies act, 1956 with respect to the directors responsibility statement, it is hereby confirmed ;

That in the preparation of the accounts for the financial year ended 31st march, 2012, the applicable accounting standards have been followed along with the proper explanation relating to material departures. That the directors have selected such accounting policies and applied them consistently and made judgment and estimates that were reasonable and prudent so as to give a true and fair view of the state of affairs of the company at the end of the financial year and of the profit or loss of the company for the year under review. That the directors have taken proper and sufficient care for maintenance of the adequate accounting records in accordance with the companies act, 1956 for safeguarding assets of the company for preventing and detecting fraud and other irregularities. That the directors have prepared the accounts for the financial year ended 31st March 2012 on a going concern basis Your management is feeling immense pleasure in informing you that SEBI vide its order dated 16th March, 2012 have revoked their earlier interim ex-parte order dated 02nd December , 2010 against your company and have given clean chit in all allegations made by them after the investigation of the matter. Your management is expecting the normal business scenario and is trying its level best to bring the normalcy in its core business of broking as early as possible.

Auditors

M/S. V. R. Bhabhara and Co. Chartered accountants, the auditors of the company hold office till conclusion of the ensuing Annual General Meeting and being eligible their reappointment for a period of one year till the next Annual General Meeting is recommended.

Conservation Of Energy, Technology Absorption and Foreign Exchange

There is no information to be disclosed in accordance with the provisions of section 217 ( 1 ) ( e ) of the companies Act, 1956 read with the companies ( Disclosures of particulars in the report of the Board of Directors ) rules, 1988 regarding conservation of energy, technology absorption and foreign exchange and outgo.

Corporate Governance Code

A report as per the requirement of clause 49 of the listing agreement on the Corporate Governance Practices followed by the company and the Auditors Certificate on Compliance of mandatory requirements along with Management Discussions and Analysis is given as an annexure to this report.

Acknowledgement

Your Directors take this opportunity to place their appreciation of the Company’s Clients, Vendors , bankers and investors for their continued support during the year. The Directors also take this opportunity to record their deep sense of gratitude to the Financial Institutions, Banks Central state Government Authorities for their guidance and support. The Directors also appreciate the perseverance and contribution made by the employees at all levels who through their proficiency hard work and support have enabled to realize better performance and look forward to their prolonged support in the future as well. Your Directors are deeply grateful for the confidence and faith shown by all shareholders of the company.

Place : Mumbai For and on behalf of the Board
Naresh Sharma
Date : 27th August, 2012 Director