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Minolta Finance
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Directors Report Year End : Mar '14    « Mar 13
Dear Members,
 
 The Directors have pleasure in presenting the 22nd Annual Report of
 your Company together with the Audited Statements of Accounts for the
 year ended March 31, 2014.
 
                                                           (Rs. in Lac)
 
 FINANCIAL RESULTS                              Year Ended   Year Ended
                                                31.03.2014   31.03.2013
 
 Income                                               9.58        10.16
 
 Profit /(Loss) before Tax & 
 extraordinary item                                 (0.20)       (0.11)
 
 Less : Provision for Taxation                        0.00         0.00
 
 Profit / (Loss) after Tax                          (0.20)       (0.11)
 
 Less : Extra-Ordinary Items                          0.00         0.20
 
 Less : Statutory Reserves                            0.37         0.37
 
 Add: Profit/(Loss) brought 
 forward from Previous Year                       (134.25)     (134.33)
 
 Balance of Profit / (Loss) carried forward       (134.66)     (134.25)
 
 OVERVIEW OF ECONOMY
 
 A survey by global consultancy firm Ernst & Young (E&Y) sees India as
 the world''s most attractive investment destination. With the opening up
 of foreign direct investment (FDI) in several sectors, India is today
 an eye-catching destination for overseas investors. The relaxation of
 norms by the government has created a vast opportunity for foreign
 players, who are competing for a greater role in the Indian market.
 Sectors projected to do well in the coming years include automotive,
 technology, life sciences and consumer products.
 
 India has also become a hotbed for research and development (R&D) and
 the country is now a preferred destination for automotive R&D, as per a
 study on the Global Top 500 R&D spenders by globalization advisory and
 market expansion firm, Zinnov. The study noted that there was strong
 potential for growth in areas such as engineering analytics and that
 significant talent could be found in ''Deccan Triangle'' region, which
 encom- passes Pune, Bangalore and Hyderabad.
 
 The World Bank has projected an economic growth rate of 5.7 per cent in
 FY15 for India, due to a more competitive exchange rate and several
 significant investments going forward.
 
 India is the third biggest economy in the world in terms of purchasing
 power parity (PPP), according to a World Bank report. The country was
 ranked 10th in the previous survey conducted in 2005.
 
 The stakes held by foreign institutional investors (FII) in Indian
 companies touched a record high in the fourth quarter of FY 14. The
 estimated value of FII holdings in India stands at US$ 279 billion.
 
 The cumulative amount of FDI equity inflow into India stood at US$
 212,031million in the period April 2000- February 2014, while FDI
 equity inflow during April 2013-February 2014 was recorded as US$
 20,766 million, as per data published by Department of Industrial
 Policy and Promotion (DIPP).
 
 Thus, the emphasis is on a massive road connectivity plan which will
 tie the region together and subsequently enhance economic objectives.
 Also, agricultural gross domestic product (GDP) in the country is
 projected to grow by over five per cent in the current agricultural
 year (July 2013-May 2014).
 
 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 perform- ance for 2013-2014.
 
 Due to sluggishness in economy and lack of demand by consumers, Gross
 income from operations remained at 9.58 Lac in comparison to last
 years'' figure of 10.16 Lac. In term of Net Loss, the same was of 0.20
 Lac in comparison to last years'' net Profit of 0.09 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 losses as well as 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.
 
 Further, none of the Directors of the Company are disqualified under
 sub-section (2) of Section 164 of the Companies Act, 2013.
 
 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 2014, 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 require- ment 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 who are Statutory Auditors of the Company and holds the office
 until the conclusion of ensuing Annual General Meeting and ajre
 recommended for re-appointment to audit the account. of the Company
 from the conclusion of the 22n Annual General Meeting up to the
 conclusion of the 25th consecutive Annual General Meeting (subject to
 ratification by the members at every subsequent AGM). As required under
 the provisions of Section 139 & 142 of the Companies Act, 2013 the
 Company has obtained written confirmation from M/s. U. S. Agarwal &
 Associates that their appointment, if made, would be in conformity with
 the limits specified in the said Section.
 
 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 73 of the
 Companies Act 2013 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 Agree-
 ment, 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 27, 2014
                                                   By order of the Board
                                             For MINOLTA FINANCE LIMITED
 
 Registered Office :                                                Sd/-
 37 A&B, Stephen House                               DINESH KUMAR PATNIA
 4, B.B.D. Bagh (East)                                  (DIN : 01709741)
 Kolkata-700 001                                                Chairman
Source : Dion Global Solutions Limited
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