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Minolta Finance Directors Report, Minolta Finance Reports by Directors
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Directors Report Year End : Mar '13    « Mar 12
To The Members,
 
 The Directors have pleasure in presenting the 21st Annual Report of
 your Company together with the Audited Statements of Accounts for the
 year ended March 31, 2013.
 
                                                    (Rs. in Lacs)
 
 FINANCIAL RESULTS                         Year Ended   Year Ended
                                           31.03.2013   31.03.2012
 
 Income                                         10.16         5.82
 
 Profit /(Loss) before Tax & 
 extraordinary item                             (0.11)       (6.80)
 
 Less : Provision for Taxation                   0.00         0.00
 
 Profit / (Loss) after Tax                      (0.11)       (6.80)
 
 Less : Extra-Ordinary Items                     0.20        17.92
 
 Less : Statutory Reserves                       0.37         0.46
 
 Add: Profit/(Loss) brought forward 
 from Previous Year                           (134.33)     (109.11)
 
 Balance of Profit / (Loss) carried 
 forward                                      (134.25)     (134.33)
 
 OVERVIEW OF ECONOMY
 
 According to the latest estimates, Indian Economy grew by 5% in FY
 2013, reflecting lower than expected growth in both industry and
 services sectors. Inflation also was at elevated levels. However with
 commodity and crude oil prices on the decline from the peak and with
 various policy initiatives coming through, the Economy is estimated to
 grow by around 6% in FY2014 with lower Inflation.
 
 OVERALL PERFORMANCE & OUTLOOK
 
 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 2012-2013.
 
 Due to sluggishness in economy and lack of demand by consumers, Gross
 income from operations remained at Rs. 10.16 Lac in comparison to last
 years'' figure of Rs. 5.82 Lac. In term of Net Loss, the same was of Rs.
 0.11 Lac in comparison to last years'' net loss of Rs. 6.80 Lac.  The
 Company is in to the Business of Investment and Financing activities.
 
 The company is willing to continue to be in the business of Investment
 in financing but is also willing to invest wisely so as the Company can
 be a profit making entrepreneur during the year and thus can deliver to
 its Shareholders.
 
 DIVIDEND
 
 In view of loss as well carried forward losses, your Directors do not
 recommend any Dividend for the year under review.
 
 SUBSIDIARY COMPANY
 
 The Company does not have any Subsidiary Company.
 
 MANAGEMENT DISCUSSIONS & ANALYSIS
 
 As required by Clause 49 of Listing Agreement, the Management
 Discussion and Analysis is annexed and forms part of the Directors''
 Report.
 
 MANAGEMENT
 
 There is no Change in Management of the Company during the year under
 review.
 
 DIRECTORS
 
 There is no change in composition of Board during the Financial Year
 under review.
 
 In accordance with the requirements of the Companies Act, 1956 and as
 per the provisions of Articles of Association of the Company, Mr.
 Vikash Bansal is liable to retire after conclusion of forthcoming
 Annual General Meeting and is eligible, offers themselves for
 re-appointments in the forthcoming Annual General Meeting.
 
 Except Mr. Vikash Bansal himself, none other Directors are interested
 in their respective re-appointments.
 
 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 annual accounts, for the year ended 31st
 March 2013, 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 period.
 
 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 a going concern
 basis.
 
 STATUTORY INFORMATION
 
 The Company being basically in to the business of NBFC and is lending
 its fund to Corporate Clients and HNIs.  Beside this the Company is
 investing its fund in the Capital Market. Due to said line of business,
 the requirement, regarding and disclosures of Particulars of
 conservation of energy and technology absorption prescribed by the rule
 is not applicable to us.
 
 INFORMATION TECHNOLOGY
 
 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 invested its money for acquiring
 latest Computer hardware and software.
 
 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.
 
 AUDITORS
 
 The Auditors M/s U. S. Agarwal & Associates, Chartered Accountants,
 Kolkata hold the office until the conclusion of ensuing Annual General
 Meeting. Your Company has received certificate from the Auditors u/s
 224(1B) of the Companies Act, 1956 to the effect that their
 reappointment if made, will be within the limit prescribed.  The
 shareholders are requested to appoint Auditors and fix their
 remuneration.
 
 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
 
 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 having no business other than the business of Investing
 in Securities Market as well as to lend money to Corporate and HNIs
 during the year under review and 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.
 
 PUBLIC DEPOSITS
 
 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.
 
 APPRECIATION
 
 Your Directors wish to place on record their appreciation towards the
 contribution of all the employees of the Company and their gratitude to
 the Company''s valued customers, bankers, vendors and members for their
 continued support and confidence in the Company.
 
 Kolkata, May 30, 2013
 
                                          By order of the Board
 
                                    For MINOLTA FINANCE LIMITED 
 
 Registered Office : 
 
 37 A&B, Stephen House
 
 4, B.B.D. Bagh (East)                                       Sd/-
 
 Kolkata-700 001                            DINESH KUMAR PATNIA
 
                                                       Chairman
Source : Dion Global Solutions Limited
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