The Directors have pleasure in presenting their Eighteenth Annual
Report together with Audited Accounts of the Company for the year ended
on 31st March, 2012.
1. FINANCIAL RESULTS : (Rs. in Lacs)
For the Year ended 31-03-2012 31-03-2011
Income From Operations 17.54 22.37
Other Income 0.26 0.00
Operational Expenses 12.73 12.59
Profit/Loss before Dep., Tax &
Misc. Expenses 5.07 9.78
Depreciation & Misc. Exp. W/off 1.07 1.10
Provision for Taxation
1. Current Taxes 0.53 1.45
2. Deferred Taxes (0.13) (0.11)
Profit / Loss after Tax 3.60 7.34
Balance Carried to Balance Sheet 3.60 7.34
2. PERFORMANCE :
The Net Profit of the Company during the year under review was Rs. 3.60
Lacs as compared to Net Profit of Rs. 7.34 Lacs in the previous year.
REVIEW OF OPERATIONS & FUTURE OUTLOOK :
Interest was the major source of earning during this year. The
initiatives taken by the Company to improve its operations in the
coming financial years are good. Your Company is intensifying its focus
on new business avenues like real estate, energy and power sector.
3. DIVIDEND :
Since your Company has not made enough profit during the year under
review, your directors have not recommended any dividend.
4. PUBLIC DEPOSITS :
The Company has not accepted any deposit from public during the year
ended 31st March 2012, as per provisions of Section 58 A of the
Companies Act, 1956.
5. APPOINTMENT OF CSP :
Compliance Certificate U/s 383 (A) of the Companies Act, 1956 has been
obtained from a Company Secretary in practice.
6. CONSERVATION OF ENERGY :
Not applicable since your Company being a Financial Services Company.
7. TECHNOLOGY ABSORPTION :
No comment is necessary considering the nature of activities undertaken
by your Company during the year under review.
8. FOREIGN EXCHANGE EARNINGS AND OUTGO :
Your Company does not have any foreign exchange earning and outgo
during the year under review.
9. DIRECTORS :
Mr. Ajesh Sethi retires by rotation at this Annual General Meeting &
due to some other occupations not willing for his re-appointment. Board
express its grateful thanks and appreciation for his sincere
association with the Company during his tenure and wish him a very
bright future. It is proposed to appoint Mr. Rajendra Jain (C.A.) as a
director in his place. Mrs. Meena Karnawat also retires by rotation at
this AGM and being eligible, offers herself for reappointment.
10. DIRECTOR''S RESPONSIBILITY STATEMENT :
Pursuant to the requirements under Section 217 (2AA) of the Companies
Act, 1956, the Board of Directors of the Company hereby state and
confirm that :
i. in the preparation of the Annual Accounts, the applicable
accounting standards have been followed along with proper explantions
relating to material departures.
11. the Directors have selected 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 Profit or Loss
of the Company for the year under review.
iii. 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
iv. the Directors have arranged preparation of the accounts for the
financial year ended March 31, 2012 on a going concern basis.
12. AUDITORS :
M/s B.L. Pagaria & Co., Chartered Accountants, Auditor''s of the Company
shall hold office until the conclusion of ensuing Annual General
Meeting. The Auditor''s, being eligible, offer themselves for
reappointment. The Company has received a letter from them to the
effect that their appointment, if made, would be within the prescribed
limits under Section 224 (1-B) of the Companies Act, 1956.
14. EMPLOYEES :
There is no employee earning salary over and above as specified under
Sec. 217(2A) of the Companies Amendment Act, 1988 read with the
Companies (particulars of employees) Rules 1990.
15. AUDITOR''S OBSERVATIONS :
The observations in the Auditor''s Report are self explanatory and
therefore do not call for any further comments.
16. ACKNOWLEDGEMENTS :
Your Director''s place on record their grateful thanks and appreciation
for the assistance received from the Auditors M/s B.L. Pagaria & Co.,
Chartered Accountants, HDFC Bank Ltd. & IndusInd Bank Ltd. Your
Directors express their gratitude to the shareholders for the
confidence reposed in the Company. Your Directors place on record their
appreciation and thanks for the sincere efforts and active involvement
by the employees of the Company during the year.
For B. L. PAGARIA & CO.
(FRN : 01821C)
Place : UDAIPUR (B. L. PAGARIA)
Dated : 25th May, 2012 PARTNER
(M No : 071017)