Mar 31, 2014
Dear Members,
The Directors of your company present the Twenty Second Annual Report
and the Statement of Audited Accounts for the year ended 31st March
2014.
FINANCIAL HIGHLIGHTS:
(Rs. In Lakhs)
Year Ended Year Ended
31st March 2014 31st March 2013
Operational & Other Income 14,97,216 184,697,773
Profit/(Loss) before
Depreciation & Tax 6,37,566 (2,78,65,345)
Less: Depreciation 74,866 1,757,095
Profit/ (Loss) before Tax 5,62,700 (26,108,250)
Less: Provision for tax
* Current Tax 1,07,233 Â
* Deferred Tax  Â
* Fringe Benefit Tax  Â
* MAT Credit Entitlement  Â
* (Excess)/ Short Provision
for Tax of Earlier Year 204,158
Profit / (Loss) after Tax 4,55,477 (26,312,408)
OPERATIONS:
There is a Profit after tax amounting to Rs. 4,55,477 as compared to
the loss of the previous year Rs.2, 63, 12,409
DIVIDEND & APPROPRIATIONS:
The Board of Directors of the Company do not recommend any dividend for
the year 2013-2014. During the year under review the Company has
transferred an amount of Rs. NIL out of current profits to Reserve Fund
In accordance with Section 45-IC of the RBI Act, 1934.
DIRECTORS
Mr. Vikash Kumar Resigned from the Board of Directors of the Company
w.e.f 20th May, 2014. Mr. Januram Choudhary who retire by rotation and
being eligible offer himself for re-appointment.
DIRECTORS RESPONSIBILITY STATEMENT:
To the best of their knowledge and belief and according to the
information and explanations obtained by them, your Directors make the
following statement pursuant to the provisions of Section 217(2AA) of
the Companies Act, 1956:
1. That in the preparation of the annual accounts, the applicable
accounting standards have been followed along with proper explanation
relating to material departures, if any;
2. That the Directors have selected such accounting policies and
applied them consistently and made judgements 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 the financial year and of the
loss of the Company for the year under review;
3. That 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;
4. That the Annual Accounts for the year ended 31st March, 2014 have
been prepared on a going concern basis.
MANAGEMENT DISCUSSION & ANALYSIS:
Management Discussion & Analysis Report for the year under review as
stipulated under Clause 49 of the Listing Agreement with the Stock
Exchanges is presented separately in the Annual Report.
AUDITORS:
M/s. Motilal Jain and Associates, Chartered Accountants, the Company''s
Auditors will retire at the conclusion of the ensuing Annual General
Meeting and are eligible for re-appointment. Your Directors recommend
their reappointment for the ensuing year.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE
EARNINGS AND OUTGO:
(A) Conservation of Energy and Technology Absorption:
In view of the nature of activities which are being carried out by the
Company, your Directors have nothing to state in connection with
Conservation of Energy and technology Absorption as specified in Rules
2A and 2B of the Companies (Disclosure of Particulars in Report of
Board of Directors) Rules, 1988.
(B) Foreign Exchange Earning & Outgo
During the year under review, the Company did not have any Foreign
Exchange Earnings or Outgo.
CORPORATE GOVERNENCE:
As per Clause 49 of the Listing Agreement, the code of Corporate
Governance is applicable to your Company. A detailed report on
Corporate Governance, declaration of Director and a certificate from a
Practicing Company Secretary regarding compliance of conditions of
Corporate Governance as stipulated under Clause 49 of the Listing
Agreement is annexed and forms part of this report.
AUDITORS'' REPORT:
Observations made in the Auditors'' Report are self explanatory and
therefore, do not call for any further comments under Section 217(3) of
the Companies Act, 1956
FIXED DEPOSITS:
The Company has not accepted or renewed any deposit from public during
the year under review.
PARTICULARS OF EMPLOYEES:
During the year under review, none of the employees of the Company was
in receipt of remuneration exceeding the limits prescribed under
section 217 (2A) of the Companies Act, 1956 and the rules made there
under as amended.
ACKNOWLEDGEMENTS:
The Directors wish to express their gratitude to the bankers, Clients,
and all the Business Associates for their continuous support to the
Company and to the Shareholders for the confidence reposed in the
Company''s management. The Directors also convey their appreciation to
all the employees at all levels for their enormous personal efforts as
well as collective contribution.
For & on behalf of the Board of Director
Place : Mumbai Shri Anil Kothari
Date : August 27th , 2014 Chairman
Registered Office :
''Room No 2, 3rd floor, 5/7,
Kothari House, OAK Lane Fort,
Mumbai - 400 023.
Mar 31, 2012
The Directors of your company present the Twentieth Annual Report and
the Statement of Audited Accounts for the year ended 31st March 2012.
FINANCIAL HIGHLIGHTS: ( Rs. In Lakhs)
Year Ended Year Ended
31st March 2012 31st March 2011
Operational & Other Income 3848.65 16642.04
Profit/(Loss) before
Depreciation & Tax (386.70) 39.88
Less: Depreciation 20.62 16.01
Profit/(Loss) before Tax (366.08) 23.87
Less : Provision for tax
- Current Tax - -
- Deferred Tax - -
- Fringe Benefit Tax - -
- MAT Credit Entitlement - -
Profit/(Loss) after Tax (366.08) 23.87
Balance Brought Forward 54.34 36.27
Balance available for appropriations (311.74) 58.86
Less: transferred to Reserve Fund NIL 4.51
Balance Carried Forward (311.74) 54.34
OPERATIONS:
Operational and Other Income decreased to Rs. 3848.65 Lakhs from Rs.
16642.04 Lakhs in the previous year - a decline of 76.87 %. The loss
after tax for the current year is Rs. 366.08 Lakhs as against profit of
Rs. 23.87 Lakhs in the previous year.
DIVIDEND & APPROPRIATIONS:
The Board of Directors of the Company do not recommend any dividend for
the year 2011- 2012. During the year under review the Company has
transferred an amount of Rs. NIL out of current profits to Reserve Fund
I accordance with Section 45-IC of the RBI Act, 1934.
DIRECTORS:
Mr. Manu Punnoose, Director of the Company retires by rotation at the
ensuing Annual General Meeting and being eligible, offers himself for
re-appointment. Your directors have pleasure in recommending the above
appointment.
DIRECTORS RESPONSIBILITY STATEMENT:
To the best of their knowledge and belief and according to the
information and explanations obtained by them, your Directors make the
following statement pursuant to the provisions of Section 217(2AA) of
the Companies Act, 1956:
1. That in the preparation of the annual accounts, the applicable
accounting standards have been followed along with proper explanation
relating to material departures, if any;
2. That the Directors have selected such accounting policies and
applied them consistently and made judgements 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 the financial year and of the
loss of the Company for the year under review;
3. That 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;
4. That the Annual Accounts for the year ended 31st March, 2012 have
been prepared on a going concern basis.
MANAGEMENT DISCUSSION & ANALYSIS:
Management Discussion & Analysis Report for the year under review as
stipulated under Clause 49 of the Listing Agreement with the Stock
Exchanges is presented separately in the Annual Report.
AUDITORS:
M/s. Mehta Chokshi & Shah., Chartered Accountants, the Company's
Auditors will retire at the conclusion of the ensuing Annual General
Meeting and are eligible for re-appointment. Your Directors recommend
their reappointment for the ensuing year.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE
EARNINGS AND OUTGO:
(A) Conservation of Energy and Technology Absorption:
In view of the nature of activities which are being carried out by the
Company, your Directors have nothing to state in connection with
Conservation of Energy and technology Absorption as specified in Rules
2A and 2B of the Companies (Disclosure of Particulars in Report of
Board of Directors) Rules, 1988.
(B) Foreign Exchange Earning & Outgo
During the year under review, the Company did not have any Foreign
Exchange Earnings or Outgo.
CORPORATE GOVERNANCE:
As per Clause 49 of the Listing Agreement, the code of Corporate
Governance is applicable to your Company. A detailed report on
Corporate Governance, declaration of Director and a certificate from a
Practicing Company Secretary regarding compliance of conditions of
Corporate Governance as stipulated under Clause 49 of the Listing
Agreement is annexed and forms part of this report.
AUDITORS' REPORT:
Observations made in the Auditors' Report are self explanatory and
therefore, do not call for any further comments under Section 217(3) of
the Companies Act, 1956
FIXED DEPOSITS:
The Company has not accepted or renewed any deposit from public during
the year under review.
PARTICULARS OF EMPLOYEES:
During the year under review, none of the employees of the Company was
in receipt of remuneration exceeding the limits prescribed under
section 217 (2A) of the Companies Act, 1956 and the rules made there
under as amended.
ACKNOWLEDGEMENTS:
The Directors wish to express their gratitude to the bankers, Clients,
and all the Business Associates for their continuous support to the
Company and to the Shareholders for the confidence reposed in the
Company's management. The Directors also convey their appreciation to
all the employees at all levels for their enormous personal efforts as
well as collective contribution.
For and on behalf of the Board
RAKESH S KATHOTIA
Chairman
Place: Mumbai
Date : May 28, 2012
Registered Office
"The International House",
4th Floor, New Marine Line Cross Road No. 1,
Near American Centre, 16, Maharshi Karve Road,
Churchgate,
Mumbai - 400 020
Mar 31, 2011
To The Members,
The Directors of your company present the Nineteenth Annual Report and
the Statement of Audited Accounts for the year ended 31st March 2011
FINANCIAL HIGHLIGHTS:
( Rs. In Lakhs)
Year Ended Year Ended
31st March 2011 31st March 2010
Operational & Other Income 16642.04 11,206.42
Profit/(Loss) before Depreciation & Tax 39.88 105.11
Less: Depreciation 16.01 3.96
Profit/(Loss) before Tax 23.87 101.15
Less : Provision for tax
- Current Tax --- 11.90
- Deferred Tax --- (3.22)
- Fringe Benefit Tax --- ---
- MAT Credit Entitlement --- (3.00)
Profit / (Loss) after Tax 23.87 95.47
Balance Brought Forward 36.27 (50.13)
Balance available for appropriations 58.86 45.34
Less: transferred to Reserve Fund 4.51 9.07
Balance Carried Forward 54.34 36.27
OPERATIONS:
Operational and Other Income increased to Rs 16,642.04 Lakhs from Rs
11,206.42 Lakhs in the previous year à a growth of 162.20 %. The profit
after tax for the current year is Rs 23.87 Lakhs as against Rs 95.47
Lakhs in the previous year.
DIVIDEND & APPROPRIATIONS:
The Board of Directors of the Company do not recommend any dividend for
the year 2010- 2011. During the year under review the Company has
transferred an amount of Rs. 4,51,715 out of current profits to Reserve
Fund I accordance with Section 45-IC of the RBI Act, 1934.
DIRECTORS:
In accordance with Article 136 of Article of Association of your
company, Mr. Rakesh Kathotia, Chairman of the Company retires by
rotation at the ensuing Annual General Meeting and being eligible,
offers himself for re-appointment. Your directors have pleasure in
recommending the re-election.
DIRECTORS RESPONSIBILITY STATEMENT:
To the best of their knowledge and belief and according to the
information and explanations obtained by them, your Directors make the
following statement pursuant to the provisions of Section 217(2AA) of
the Companies Act, 1956:
1. That in the preparation of the annual accounts, the applicable
accounting standards have been followed along with proper explanation
relating to material departures, if any;
2. That the Directors have selected such accounting policies and
applied them consistently and 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 the financial year and of the
profit of the Company for the year under review;
3. That 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;
4. That the Annual Accounts for the year ended 31st March, 2011 have
been prepared on a going concern basis.
AUDITORS:
M/s. Price Waterhouse & Co, Chartered Accountants, the Company's
Auditors will retire at the conclusion of the ensuing Annual General
Meeting. M/s. Price Waterhouse & Co has intimated the Company that they
do not wish to seek re-appointment at the ensuing Annual General
Meeting.
The Company will consider and appoint Statutory Auditor of the Company
at the ensuing Annual General Meeting for the financial year 2011-12.
Your Directors recommend the said appointment.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE
EARNINGS AND OUTGO:
(A) Conservation of Energy and Technology Absorption:
In view of the nature of activities which are being carried out by the
Company, your Directors have nothing to state in connection with
Conservation of Energy and technology Absorption as specified in Rules
2A and 2B of the Companies (Disclosure of Particulars in Report of
Board of Directors) Rules, 1988.
(B) Foreign Exchange Earning & Outgo
During the year under review, the Company did not have any Foreign
Exchange Earnings or Outgo.
CORPORATE GOVERNENCE:
As per Clause 49 of the Listing Agreement, the code of Corporate
Governance is applicable to your Company. A detailed report on
Corporate Governance, declaration of Director and a certificate from a
Practicing Company Secretary regarding compliance of conditions of
Corporate Governance as stipulated under Clause 49 of the Listing
Agreement is annexed and forms part of this report.
AUDITORS' REPORT:
Observations made in the Auditors' Report are self explanatory and
therefore, do not call for any further comments under Section 217(3) of
the Companies Act, 1956
FIXED DEPOSITS:
The Company has not accepted or renewed any deposit from public during
the year under review.
PARTICULARS OF EMPLOYEES:
During the year under review, none of the employees of the Company was
in receipt of remuneration exceeding the limits prescribed under
section 217 (2A) of the Companies Act, 1956 and the rules made there
under as amended.
ACKNOWLEDGEMENTS:
The Directors wish to express their gratitude to the bankers, Clients,
and all the Business Associates for their continuous support to the
Company and to the Shareholders for the confidence reposed in the
Company's management. The Directors also convey their appreciation to
all the employees at all levels for their enormous personal efforts as
well as collective contribution.
For and on behalf of the Board
Place: Mumbai RAKESH S KATHOTIA
Date: May 24th,2011 Chairman
Mar 31, 2010
The Directors of your Company present the Eighteenth Annual Report and
the Statement of Audited Accounts for the year ended 31st March 2010
FINANCIAL HIGHLIGHTS:
( Rs. In Lakhs)
Year Ended Year Ended
31st March 2010 31st March 2009
Operational & OtherIncome 11,206.42 8,304.81
Profit/(Loss) before Depreciation &
Tax 105.11 (580.75)
Less:Depreciation 3.96 3.91
Profit/(Loss) before Tax 101-15 (584.66)
Less : Provision for tax
-Current Tax 11.90 -
-Deferred Tax (3.22) (0.19)
- Fringe Benefit Tax - 0.70
- MAT Credit Entitlement (3.00) -
Profit/(Loss) after Tax 95.47 (585.17)
Balance Brought Forward (50.13) _535.04
Balance available for appropriations 45.34 (50-13)
Less: transferred to Reserve
Fund 9.07 -
Balance Carried Forward 36.27 (50.13)
OPERATIONS:
Operational and Other Income increased to Rs.11,206.42 Lakhs from
Rs.8,304.81 Lakhs in the previous year - a growth of 34.94%. The profit
after tax for the current year is Rs.95.47 Lakhs as against loss of
Rs.585.17 Lakhs in the previous year.
DIVIDEND & APPROPRIATIONS:
The Board of Directors of the Company do not recommend any dividend for
the year 2009- 2010. During the year under review the Company has
transferred an amount of Rs. 9.07 Lakhs out of current profits to
Reserve Fund, in accordance with Section 45-IC of the RBI Act, 1934.
DIRECTORS:
Mr. V. Shridharan, Director of the Company retires by rotation at the
ensuing Annual General Meeting and being eligible, offers himself for
re-appointment. Your directors have pleasure in recommending the above
appointment.
DIRECTORS RESPONSIBILITY STATEMENT;
To the best of their knowledge and belief and according to the
information and explanations obtained by them, your Directors make the
following statement pursuant to the provisions of Section 217(2AA) of
the Companies Act, 1956 :
1. That in the preparation of the annual accounts, the applicable
accounting standards have been followed along with proper explanation
relating to material departures, if any;
2. That the Directors have selected such accounting policies and
applied them consistendy and made judgements 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 the financial yearand of the
profit of the Company for the year under review,
3. That 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;
4. That the Annual Accounts for the year ended 31st March, 2010 have
been prepared on a going concern basis.
AUDITORS:
M/s. Price Waterhouse, Chartered Accountants, the Companys Auditors
will retire at the conclusion of the ensuing Annual General Meeting and
are eligible for re-appointment. Your Directors recommend their
reappointment for the ensuing year.
CONSERVATION OF ENERGY. TECHNOLOGY ABSORPTION. FOREIGN EXCHANGE
EARNINGS AND OUTGO:
(A) Conservation of Energy and Technology Absorption:
In view of the nature of activities which are being carried out by the
Company, your Directors have nothing to state in connection with
Conservation of Energy and technology Absorption as specified in Rules
2A and 2B of the Companies (Disclosure of Particulars in Report of
Board of Directors) Rules, 1988.
(B) Foreign Exchange Earning & Outgo
During the year under review, the Company did not have any Foreign
Exchange Earnings or Outgo.
CORPORATE GOVERNENCE:
As per Clause 49 of the Listing Agreement, the code of Corporate
Governance is applicable to your Company. A detailed report on
Corporate Governance, declaration of Director and a certificate from a
Practicing Company Secretary regarding compliance of conditions of
Corporate Governance as stipulated under Clause 49 of the Listing
Agreement is annexed and forms part of this report.
AUDITORS REPORT:
Observations made in the Auditors Report are self explanatory and
therefore, do not call for any further comments under Section 217(3) of
the Companies Act, 1956
FIXED DEPOSITS;
The Company has not accepted or renewed any deposit from public during
the year under review.
PARTICULARS OF EMPLOYEES:
During the year under review, none of the employees of the Company was
in receipt of remuneration exceeding the limits prescribed under
section 217 (2A) of die Companies Act, 1956 and the rules made there
under as amended.
ACKNOWLEDGEMENTS:
The Directors wish to express their gratitude to the bankers, Clients,
and all the Business Associates for their continuous support to the
Company and to the Shareholders for the confidence reposed in the
Companys management. The Directors also convey their appreciation to
all die employees at all levels for dieir enormous personal efforts as
well as collective contribution.
For and on behalf of the Board
RAKESH S KATHOTIA
Chairman
Place: Mumbai
Date : 29th May 2010