The Directors have pleasure in presenting their Sixteenth Annual Report
together with the audited statement of Accounts of the Company for the
year ended 31st March 2000.
(Rs. IN LAKHS)
Gross Income 27.40 67.71
Gross Profit before interest
& Depreciation (2.06) 33.22
Interest & Financial Charges 49.25 100.03
Depreciation & Miscellaneous
Expenses Written Off 59.33 309.73
Lease Equalistion writtenback (57.68) --
Profit Before Tax (52.96) (376.54)
Income Tax -- (1.77)
Provision (As per RBI Norms) (13.13) (229.35)
Previous Year Adjustments (610.37) (2.71)
Loss carried to Balance Sheet (676.46) (610.37)
During the year under review the Company has incurred a loss of Rs.
66.09 lacs after providing for higher depreciation and interest as
against loss of Rs. 607.67 lacs in the previous year. In the absence
of any additional facilities from the business and the financial
institutions, the Company could not execute a fresh Lease and hire
Purchase business during the year as compared to Rs. 3 lacs in the
In view of the loss incurred the Directors propose not to declare any
dividend for this year.
DISCLOSURE AS PER LISTING AGREEMENT
The Company's securities are listed at the following Exchanges :-
The Delhi Stock Exchange Association Ltd. Asaf Ali Road, New Delhi -
The Stock Exchange Mumbai, Phiroze Jeejeebhoy Towers, Dalal Street,
Mumbai - 400001.
The Company has paid the payment of Listing Fee to each of the above
Stock Exchange for the year 1999. 2000.
The Equity Shares of the Company will be compulsorily dematerialised
from 25th February, 2001 and as per the directive of SEBI, the Company
has entered into an agreement with NSDL and CDSL.
Dealing in shares in electronic from eliminate loss, left mutilation,
bad deliveries, forgeries false certificates etc. associated with
physical handling of share certificates besides reducing transactioned
cost of the investor.
The adoption of this modern automated system necessitates certain
alterations to the provisions of the Articles of Association of the
Company. An appropriate Special Resolution for effecting these
alterations is being proposed is the ensuing Annual General Meeting for
Observations made by the Auditor in their Report are self explanatory
and do not call for any further comments.
The Company has Fixed Deposits of Rs. 473.84 Lakhs as on 31.03.2000 out
of which a sum of Rs 15.17 lakhs from 34 depositories of Delhi Office.
Which matured, has remained unclaimed at the end of the year under
report However since then the deposits amounting to Rs. 1.43 lakhs to
10 depositories have either been renewed or repaid. The remaining
concerned depositories have again been reminded for their instructions
for renewal/repayment of their deposits.
Sh. Pawan Jain, Director retires by rotation and being eligible offers
himself for reappointment.
As required under Section 212 of the Companies Act, 1956 the audited
Statement of Accounts alongwith the Reports of the Board of Directors
of Rashi Leasing Limited and the auditors report thereon for the year
ended 31st March, 2000 is annexed to this report.
M/s. S. Kumar & Associates, Chartered Accountants, New Delhi, the
statutory auditors of the Company retire and being eligible offer
themselves for reappointment. Mr. S.P. Kuppan, Chartered Accountant,
Chennai, the Branch Auditors of the Company also retires and offers
himself for reappointment.
The provisions of Section 217 (2A) of the Companies Act, 1956 read with
the particulars of Employees Rule 1975 as ammended are not applicable
to the Company as no employee is in receipt of remuneration as per the
limits prescribed under said Section.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNING AND OUTGO.
Particulars under Companies (Disclosure of Particulars in the Report of
Board of Directors) Rules, 1988, on the Conservation of Energy,
Technology Absorption and Foreign Exchange Earnings and outgo are not
The Directors would like to express their appreciation for the
continued co-operation, assistance and support received from the
bankers. Financial Institutions, Deposit Holders, Shareholders and
valued Customers during the year under review. The Directors also wish
to place on record their appreciation for the contribution of employees
at all levels to the Company.