The Directors present their Tenth Annual Report together with Audited
Statement of Accounts for the year ended on 30th September, 1998.
FINANCIAL RESULTS :
(Rs. in Lacs)
AS AT AS AT
Income from Operations (14.85) (54.95)
Less : Depreciation 15.37 192.85
Less : Preliminary Expenses written off 4.12 4.12
Profit/(Loss) before Tax (34.33) (251.92)
Less : Provision for Taxation NIL 0.18
Profit/(Loss) After Tax (34.33) (252.10)
Less : Income Tax for earlier years 0.02 0.21
Add : Balance Brought Forward (131.20) 121.15
Surplus (Deficit) (165.55) (131.16)
CHANGE IN ACCOUNTING YEAR :
The Directors inform you that Accounting Year of the Company has been
changed from July June to Oct.-Sept. Hence, the accounts for the current year comprise of 15 months ended
on 30th Sept, 1998.
Due to absence of divisible profit the Directors are unable to recommend any dividend for the year.
The year under consideration has not been good for Non-banking Finance
Companies in general and the industry has seen big casualities. Our
stock markets also have not performed well during the year. There was
continuous fall in the value of investments and the investors were in
deliema whether to hold or to disinvest. The Company is not an exception to the conditions prevailing in
the market in general. However wherever possible, the Directors have taken all remedial actions to safeguard
the interests of the Company.
REGISTRATION WITH RBI :
The Company has submitted application for registration with Reserve
Bank of India and the registration certificate is awaited.
During the year, Shri O.P. Agrawal was appointed as additional Director
and whole time Director of the Company. In accordance with the provisions of Article 126 of Articles of
Association of the Company,
Mr. G.L. Sharma will retire by rotation at the forthcoming Annual
General Meeting and is eligible for reappointment.
The Retiring Auditors M/s. S.S. Somani and Co., Chartered Accountants,
hold office until the conclusion of the ensuing Annual General Meeting
and are eligible for reappointment.
AUDITORS REPORT :
The observations made in the Auditors Report are self explanatory hence
do not require further explanation.
PARTICULARS OF EMPLOYEES :
None of the employees of the Company during the year. was in receipt
of remuneration in excess of the limits prescribed under the provisions
of the Section 217(2A) of the Companies Act, 1956, read with Companies
(Particular of Employees) Rules, 1975.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE
EARNINGS AND OUTGO :
Our Company, basically a Finance Company, has not consumed energy of
any significant level and accordingly no measures were taken for energy
conservations and no additional investment has been made for reduction
No comment is made on Technology absorption considering the nature of
activities undertaken by the Company.
There has been no Foreign Exchange inflow or outflow during the year
FUTURE PROSPECTS :
Due to the depression in NBFC Industry and the Political instability,
the future prospects of the NBFC Industry seem to be uncertain. Still
the Directors look forward for the favorable policies of the Government
and the better growth of NBFC Industry.