The Directors have pleasure in presenting their Twenty Third Annual
Report together with the Audited Accounts of the Company for the year
ended 31st March 2012.
(Rs. in Lacs)
Financial Results Year Ended Year Ended
Income 2286.22 1340.01
Profit before Tax & extraordinary
item 131.19 104.87
Less : Provision for Taxation 23.81 34.85
Profit after Tax 107.38 70.02
Add : Profit brought forward
from Previous Year 74.65 33.54
Balance carried forward 182.03 74.65
The Business environment remains extremely challenging and the
recessionary economic conditions leading to slowdown in demand and
inflation pushed scale up of input costs left its adverse imprint on
overall performance for 2011-2012. Directors are pleased to inform that
in spite of difficult times, your Company, based on its intrinsic
strength, has broadly maintained its performance. Gross income from
operations remained in positive figure of Rs. 107.38 Lac during the year.
The Company is one of the RBI Registered NBFC Company and is into the
Business of lending its surplus fund in Money and Capital Market as
well as to lending money to Corporate and HNIs.
The Current financial year was in line in term of Business for the
Company. The Company has expanded its business to some extent and was
in positive in spite of adverse Market situation and tight monetary
situation. The Company is willing to expand this business more and more
in both Capital & Money Market as well as in the arena of
Infrastructure & Software business and thus willing to deliver to
Members of the Company so as the Company give more returns in coming
years. In both the segments of Infrastructure and Software, the Company
could do little due to the reason of high input cost and lower demand
as well as competitive market situation.
In view of inadequate profit and in order to meet financial
requirements to implement its future plans, your Directors do not
propose any dividend for the year under review.
The Company does not have any material non-listed Indian subsidiary
whose turnover or net worth (i.e. paid-up capital and free reserves
exceeding 20% of the consolidated turnover or networth respectively, of
the listed holding company and its subsidiaries in the immediately
preceding accounting year.
MANAGEMENT DISCUSSION & ANALYSIS
As required by Clause 49 of Listing Agreement, the Management
Discussion and Analysis is annexed and forms part of the Directors''
There is no Change in Management of the Company during the year under
In accordance with the provisions of Act and Articles of Association of
your Company, Shri A. K. Das, who retires by rotation at the ensuing
Annual General Meeting and offers himself for re-appointment.
Further, none of the Directors of the Company are disqualified under
section 274(1)(g) of the Companies Act 1956.
DIRECTORS RESPONSIBILITY STATEMENT
Pursuant to Section 217 (2AA) of the Companies (Amendment) Act, 2000
the Directors confirm that:
1. In the preparation of the annuals accounts, for the year ended 31st
March 2012, all the applicable accounting standards prescribed by the
Institute of Chartered Accountants of India have been followed;
2. The Directors had adopted 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 that year.
3. The Directors had taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of this Act for safeguarding the assets of the Company and
for preventing and detecting fraud and other irregularities.
4. The Directors had prepared the annual accounts on going concern
The Company being basically into the Financing and Capital Market,
requirement as well as partially in the business of Infrastructure and
Software trading, regarding and disclosures of
Particulars of conservation of energy and technology absorption
prescribed by the rule is not applicable to us.
Your Company believes that in addition to progressive thought, it is
imperative to invest in research and development to ascertain future
exposure and prepare for challenges. In its endeavor to obtain and
deliver the best, your Company has entered into alliances/tie-ups with
an IT solution Company to harness and tap the latest and the best of
technology in the world and deploy/absorb technology wherever feasible,
relevant and appropriate.
RESEARCH & DEVELOPMENT
The Company believes that technological obsolescence is a reality. Only
progressive research and development will help us to measure up to
future challenges and opportunities. We invest in and encourage
continuous innovation. During the year under review, expenditure on
research and development is not significant in relation to the nature &
size of operations of your Company.
M/s. Bharat D. Sarawgee & Co., Chartered Accountant is hereby appointed
as Auditor of the company from the conclusion of this Annual General
until the conclusion of the next Annual General Meeting. The Company
has received a certificate from them to the effect that their
reappointment as Auditors, if made, would be within the limits as
prescribed under section 224(1-B) of the Companies Act, 1956.
COMMENTS ON AUDITOR''S REPORT
The notes referred to in the Auditor''s Report are self explanatory and
as such they do not call for any further explanation as required under
section 217(3) of the Companies Act, 1956.
PARTICULARS OF EMPLOYEES
People are the backbone of our operations. It is a matter of great
satisfaction for our Company that our employees have been very
supportive of the Company''s plan. By far the employee''s relations have
been cordial throughout the year.
The information as required by provisions of section 217(2A) of the
Companies Act, 1956 read with the companies (Particular of employees)
amendments rules, 1975 is reported to be NIL.
PARTICULARS UNDER SECTION 217 (1) (e) OF THE COMPANIES ACT, 1956
The Company is engaged in the business of finance, Infrastructure &
Software Sectors. Hence, the information regarding conservation of
energy, Technology Absorption, Adoption and innovation, the information
required under 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, is reported to be Nil.
FOREIGN EXCHANGE EARNINGS AND OUTGO
The Company has not earned or used foreign exchange earnings/outgoings
during the year under review.
During the year under review, your Company has not accepted any
deposits from the public within the meaning of section 58A of the
Companies Act 1956 and the rules there under.
REPORT ON CORPORATE GOVERNANCE
The Company conforms to the norms of Corporate Governance as envisaged
in the Companies Act, 1956 and the Listing Agreement with the Bombay
Stock Exchange Limited. Pursuant to Clause 49 of the Listing Agreement,
a Report on the Corporate Governance and the Auditors Certificate on
Corporate Governance are annexed to this report.
Your Directors wish to place on record their appreciation on the
contribution made by employees at all levels but for whose hard work,
solidarity and support your Company''s achievements would not have been
possible. Your Directors also with to thank the customers, service
providers, investors and bankers for their continued support and faith
reposed in the Company.
By Order of the Board
For Global Capital Market & Infrastructures Limited
Place : Kolkata I. C. Baid
Date : May 30, 2012 Chairman