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A.K.Capital Services Directors Report, A.K.Capital Ser Reports by Directors
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A.K.Capital Services
BSE: 530499|ISIN: INE701G01012|SECTOR: Finance - General
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Directors Report Year End : Mar '13    Mar 12
To the Members of A. K. Capital Services Limited,
 
 The Directors have pleasure in presenting their 20th Annual Report on
 the business and operations of the Company together with the audited
 statement of accounts for the financial year 2012-13:
 
 FINANCIAL HIGHLIGHTS
 
 Consolidated financial highlights of A. K. Capital Services Limited and
 its subsidiaries
 
                            (Rs. in Crore except per share data)
 
 Particulars                       2012-13         2011-12
 
 Total Income                       197.35         198.49
 
 Total Expenditure                 128.33          139.94
 
 Profit Before Tax                  69.02           58.55
 
 Provision For Taxes                22.84           20.22
 
 Profit After Tax                   46.18           38.33
 
 Less: Share Of Minority 
 Interest And Adjustment 
 On Account Of Further q               22              23
 
 Investment In Subsidiary 
 Company
 
 Profit For The Year                45.96           38.10
 
 Add: Surplus Brought Forward 
 From Previous Year                184.03          154.93
 
 Profit Available For 
 Appropriation                     229.99          193.03
 
 Less: Appropriations
 
 Proposed Dividend              
 
 Transfer To Reserves                3.25            3.25
 
 Transfer To Special Reserves        2.65            1.15
 
 Dividend Distribution Tax           0.67            0.64
 
 Surplus Carried To The Balance
 Sheet                             219.46          184.03
 
 Earnings Per Equity Share 
 (Face Value Rs. 10 Per Share)
 
 Basic (Rs.)                          69.74           57.65
 
 Diluted (Rs.)                        69.74           57.65
 
 Standalone financial highlights 
 of A. K. Capital Services Limited
 
                                   (Rs. in Crore except per share data)
            
 Particulars                    2012-13          2011-12
 
 Total  Income                   110.53          143.51
 
 Total Expenditure                62.99           96.46
 
 Profit Before Tax                47.54           47.05
 
 Provision For Taxes              15.87           15.97
 
 Profit After Tax                 31.67           31.08
 
 Add: Surplus Brought 
 Forward From Previous Year      173.37          150.14
 
 Profit Available For
 Appropriation                   205.04          181.22
 
 Less: Appropriations Proposed
 Dividend                      
 
 Transfer To General Reserves      3.25            3.25
 
 Dividend Distribution Tax         0.67            0.64 
 
 Surplus Carried To The 
 Balance Sheet                   197.16          173.37
 
 Earnings Per Equity Share
 (Face Value Rs. 10 Per Share)
 
 Basic (Rs.)                        47.98           47.09
 
 Diluted (Rs.)                      47.98           47.09
 
 FINANCIAL PERFORMANCE
 
 On consolidated basis, your Company earned gross income of Rs. 197.35
 Crore during the year under review as against Rs. 198.49 Crore in the
 previous year. The consolidated profit before tax is Rs. 69.02 Crore as
 against X 58.55 Crore in the previous year. After providing for tax,
 the consolidated net profit of your Company is Rs. 46.18 Crore as against
 X 38.33 Crore in the previous year. On standalone basis, your Company
 earned gross income of ^ 110.53 Crore during the year under review as
 against Rs. 143.51 Crore reported in the previous year.  The profit
 before tax is Rs. 47.54 Crore as against the X 47.05 Crore during the
 previous year. After providing for tax, the net profit of your Company
 is X 31.67 Crore as against the net profit of X 31.08 Crore in the
 previous year.
 
 DIVIDEND ON EQUITY SHARES
 
 Your Directors are pleased to recommend a final dividend of 60% i.e. X
 6 per equity share (on the face value of Rs. 10 per equity share) on
 6,600,000 equity shares for the financial year 2012-13. The amount of
 dividend on equity shares and tax thereon aggregates to Rs.4.63 Crore.
 
 The payment of the aforesaid dividend is subject to the approval of the
 Members to be obtained at the ensuing Annual General Meeting and shall
 be paid to all those equity shareholders whose names appear in the
 Register of Members as on Tuesday, August 13,2013. The Register of
 Members and Share Transfer Books will remain closed from Wednesday,
 August 14, 2013 to Saturday, August 17, 2013, both days inclusive. The
 Annual General Meeting of the Company is scheduled to be held on
 Saturday, August 17,2013.
 
 CREDIT RATING
 
 Your Company enjoys the credit rating for long term bank facilities of
 CARE A  [Single A Plus] of X100.00 Crore from Credit Analysis &
 Research Limited (CARE).
 
 TRANSFERTO RESERVES
 
 The Company proposes to transfer Rs. 3.25 Crore to the General Reserve.
 
 SUBSIDIARIES
 
 Currently, the Company''s subsidiaries are A. K. Stockmart Private
 Limited, A. K. Capital Corporation Private Limited, A. K. Capital
 Finance Private Limited, A. K. Wealth Management Private Limited.
 
 On consolidated basis, your Company posted consolidated revenue of Rs.
 197.35 Crore and a consolidated profit after tax (after minority
 interest) of Rs. 46.03 Crore.
 
 In terms of the general exemption granted by the Ministry of Corporate
 Affairs vide Circular No. 2/2011 dated February 8,2011 the Board of
 Directors of the Company had at their meeting held on May 25, 2013
 approved attaching the Consolidated Financials of all the Subsidiaries
 of the Company along with that of the Company.
 
 Pursuant to the aforesaid Circular, the copies of the Balance Sheet,
 Profit and Loss Account, Directors'' Report and Auditors'' Report of each
 of the Subsidiary Companies has not been attached to this Annual
 Report. The Company will make available these documents/details upon
 written request by any Member of the Company to the Company Secretary
 in this regard. These documents/details will also be available for
 inspection by any Members of the Company at the Registered Office of
 the Company and also at the Registered Office of the concerned
 Subsidiaries on any working day, except Saturdays, between 11.00 a.m.
 and 3.00 p.m. The financial information of the Subsidiaries has been
 furnished under ''Statement pursuant to Section 212 of the Companies
 Act, 1956, related to Subsidiary Companies'' and forms part of this
 Annual Report.
 
 The Consolidated Financial Statements has been prepared in accordance
 with the Accounting Standard 21 - Consolidated Financial Statements
 prescribed by the Companies (Accounting Standards) Rules, 2006 and
 forms part of this Annual Report.
 
 A statement pursuant to Section 212 of the Companies Act, 1956 is set
 out as an annexure to this Annual Report.
 
 DIRECTORS
 
 In accordance with the applicable provisions of the Companies Act, 1956
 read with the Articles of Association of the Company,
 
 Mr. Subhash Chandra Bhargava and Mrs. Anshu, Directors of the Company,
 retire by rotation at the ensuing Annual General Meeting of the Company
 and being eligible, offer themselves for re-appointment.
 
 A brief resume of these Directors along with the nature of their
 expertise in specific functional areas, names of Companies in which
 they hold Directorship and/or Membership/Chairmanship of Committees of
 the Board and the number of shares held by them in the Company, as
 stipulated under Clause 49 of the Listing Agreement is given in the
 notice of the ensuing Annual General Meeting.
 
 DIRECTORS'' RESPONSIBILITY STATEMENT
 
 Pursuant to the requirement under Section 217(2AA) of the Companies
 Act, 1956, with respect to Directors'' Responsibility Statement, it is
 hereby confirmed that:
 
 1.  the Company has, in the preparation of the annual accounts,
 followed the applicable accounting standards along with proper
 explanation relating to material departures, if any;
 
 2.  the Directors have selected such accounting policies and applied
 them consistently and made judgments and estimates that were reasonable
 and prudent so as to give a true and fair view of the state of affairs
 of the Company as at March 31,2013 and of the profit of the Company for
 the financial year 2012-13;
 
 3.  the Directors have taken proper and sufficient care to the best of
 their knowledge and ability, 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.  the annual accounts have been prepared on a going concern basis.
 
 MANAGEMENT DISCUSSION & ANALYSIS AND CORPORATE GOVERNANCE REPORTS
 
 The Management Discussion and Analysis for the financial year 2012-13
 and the report on Corporate Governance as required under Clause 49 of
 the Listing Agreement executed with the Stock exchange where the shares
 of the Company are listed, are given in separate sections forming part
 of the Annual Report.
 
 A certificate from the Statutory Auditors of the Company, M/s Suresh
 Surana & Associates, Chartered Accountants (Firm Registration
 No:121750W) confirming compliance with the conditions of Corporate
 Governance stipulated in Clause 49 is annexed to the report on
 Corporate Governance.
 
 STATUTORY AUDITORS
 
 M/s. Suresh Surana & Associates, Chartered Accountants, (Firm
 Registration No:121750W), Statutory Auditors of the Company hold office
 until the conclusion of the ensuing Annual General Meeting and are
 eligible for re-appointment. They have confirmed that their
 appointment, if made, at the ensuing Annual General Meeting, will be
 within the limits prescribed under sub-section (1B) of Section 224 of
 the Companies Act, 1956.
 
 M/s. Suresh Surana & Associates, Chartered Accountants, (Firm
 Registration Number 121750W), Statutory Auditors of the Company have
 sought reappointment and confirmation that their reappointment shall be
 within the limits of Section 224(1 B) of the Companies Act, 1956 and
 that they are not disqualified for re-appointment within the meaning of
 Section 226 of the said Act.
 
 The Notes on Financial Statements referred to in the Auditors'' Report
 are self-explanatory and do not call for any further comments.
 
 PUBLIC DEPOSITS
 
 During the financial year 2012-13, the Company did not accept any
 deposits from the public within the meaning of Section 58A of the
 Companies Act, 1956 and the rules made thereunder.
 
 CONSERVATION OF ENERGYJECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
 EARNINGS AND OUTGO
 
 The provisions of Section 217(1)(e) of the Companies Act, 1956 read
 with the Companies (Disclosure of Particulars in the Report of Board of
 Directors) Rules, 1988, relating to conservation of energy and
 technology absorption are not applicable to the Company.
 
 The Company has no foreign exchange earnings during the financial year
 2012-13. The information on foreign exchange outgo is furnished in the
 Notes to the financial statements no. 28, forming part of this Annual
 Report.
 
 TRANSFER OF AMOUNTSTO INVESTOR EDUCATION AND PROTECTION FUND
 
 Pursuant to the provisions of Section 205A(5) and 205C of the Companies
 Act, 1956, relevant amounts which remained unpaid or unclaimed for a
 period of 7 years have been transferred by the Company to the Investor
 Education and Protection Fund. Pursuant to the provisions of Investor
 Education and Protection Fund (Uploading of information regarding
 unpaid and unclaimed amounts lying with companies) Rules, 2012, the
 Company has uploaded the details of unpaid and unclaimed amounts lying
 with the Company as on September 29, 2012 (date of last Annual General
 Meeting) on the website of the Company (www.akcapindia.com), as also on
 the Ministry of Corporate Affairs website.
 
 PARTICULARS OF EMPLOYEES
 
 In terms of the provisions of Section 217(2A) of the Companies Act,
 1956, read with the Companies (Particulars of Employees) Rules, 1975 as
 amended from time to time, the names and other particulars of the
 employees are set out in the annexure to the Directors'' Report. Having
 regard to the provisions of Section 219(1 )(b)(iv) of the said Act, the
 Annual Report excluding the aforesaid information is being sent to all
 the members of the Company and others entitled thereto. The Annexure is
 available for inspection at the Registered Office of the Company. Any
 member interested in obtaining such particulars may write to the
 Company Secretary at the Registered Office of the Company.
 
 ACKNOWLEDGEMENT
 
 Your Directors would like to express their appreciation for the
 assistance and co-operation received from the Government Authorities,
 Regulators, Stock Exchanges, Bankers of the Company, Other Statutory
 Bodies, etc. during the year under review. Your Directors would also
 like to take this opportunity to express their gratitude to the members
 of the Company for their trust and support. The Board also wishes to
 thank the employees of the Company and its subsidiaries at all levels
 for the dedicated services rendered by them.
  
                                 On behalf of the Board of Directors
 
                                 A. K. Mittal Anshu
 
                                 Managing Director Director
 
 Place: Mumbai 
 
 Date : July 1,2013
Source : Dion Global Solutions Limited
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