The Directors have pleasure in presenting the 18th Annual Report on
the affairs of your Company together with the Audited Statements of
Account for the year ended 31st March, 2012.
FINANCIAL RESULTS 2011-2012 2010-2011
(Rs. In lacs) (Rs. In lacs)
Revenue from operations 1698.92 2147.14
PBIDT 1362.29 1130.29
Interest 1057.74 960.66
PROFIT BEFORE TAXATION 302.21 167 41
Less: Provision for taxation 84.47 69.63
Less :Contingent Provisions
against Standard Assets (0-42) 2.19
PROFIT AFTER TAXATION 218.16 95.60
Profit Brought Forward from Previous Year 487.93 425.31
PROFIT AVAILABLE FOR APPROPRIATIONS 706.09 520.91
Transfer to Statutory Reserve 59.78 32.97
Income Tax on Dividend - -
Balance carried to Balance Sheet 646.31 487.93
With a view to augmenting the working capital requirement, your
Directors intend to plough back entire profit after tax in respect of
the year ended 31st March, 2012. As succinct dividend is recommended
for the year ended 31st March, 2012.
REVIEW OF OPERATIONS
During the financial year under review the Company has achieved
turnover of Rs. 1698.92 Lacs against Rs. 2147.14 Lacs for the previous
year. The Profit after Tax is higher at Rs. 218.16 Lacs against Profit
after Tax of Rs. 95.60 Lacs in the previous year.
The recent GDP and IIP patterns indicate a muted growth. It is expected
that the GDP growth for the year ending 2013 will not exceed 6.5% and
IIP for the same period is expected to be 3.5%. The above data suggest
that the Indian economy will be under pressure and rupee exchange rate
will remain volatile, in the near future. -
The Indian Stock market will remain range bound unless and until the
central Government takes bold steps for Financial reforms. Your
directors have taken pre-cautionary steps to ensure that the top line
and bottom line of your company show improvement, even in adverse
Your Company has not accepted any deposits during the year under review
within the meaning of Section 58A of the Companies Act, 1956 read with
the Companies (Acceptance of Deposit) Rules, 1975.
Mr. Mohan Kishen Ogra will retire by rotation at the ensuing Annual
General Meeting and being eligible, have offered himself for
DIRECTORS'' RESPONSIBILITY STATEMENT
Pursuant to the requirement under Section 217 (2AA) of the Companies
Act, 1956, with respect to Directors'' Responsibility Statement, the
Directors confirm that :
1. In the preparation of the Annual Accounts, the applicable
Accounting Standards have been followed along with proper explanations
relating to material departures.
2. The Directors have selected 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, 31st March, 2012, and the profit for that period.
3. Directors have taken proper and sufficient care for maintenance of
adequate accounting records in accordance with provisions of the
Companies Act, 1956, for safeguarding the assets of the Company and for
preventing and detecting frauds and other irregularities.
4. The Directors have prepared Annual Accounts on going concern basis.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
Management discussion and analysis are covered in a separate report
annexed hereto and marked as Annexure “A”.
A separate report on Corporate Governance is enclosed as part of this
annual report and marked as Annexure “B”. Requisite Certificate
from the Auditors of the Company regarding compliance of Corporate
Governance as stipulated under Clause 49 of the Listing Agreement is
annexed to the report of Corporate Governance. Adequate steps to ensure
compliance of all the mandatory provisions of ‘Corporate
Governance'' as provided in the Listing Agreements of the Stock
Exchanges with which the Company''s Shares are listed have been taken
and your company has ensured its required compliance.
M/s. H.R. Agarwal & Associates, Chartered Accountants, Kolkata, the
Auditors of the Company, retire at the ensuing Annual General Meeting
and are eligible for re-appointment for which company has received a
requisite certificate pursuant to Section 224(1 B) of the Companies
Act, 1956 from M/s. H.R. Agarwal & Associates, the retiring Auditors of
your Company regarding their eligibility for re- appointment as
Auditors, and we recommend their re-appointment.
The observation made by the auditors in their Report together with
Notes on Accounts are self explanatory and, therefore, do not call for
any further explanation under Section 217 (3) of the Companies Act,
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNING AND OUTGO
Being an investment company, the provisions regarding conservation of
energy and technology absorption are not applicable to the company.
There was no foreign exchange earnings and outgo during the period
PARTICULARS OF EMPLOYEES
None of the employees are drawing remuneration exceeding Rs.5.00 Lacs
per month or Rs.60.00 Lacs per year. Hence, details required to be
furnished in accordance with Sub Section (2A) of Section 217 of the
Companies Act, 1956 read with Companies (Particulars of Employees)
Rules, 1975 are not applicable.
The Board of Directors place on record their sincere appreciation for
the dedicated efforts, good understanding and support, and valuable
contributions made by all our employees in achieving the excellent
result for the year. They also wish to sincerely thank shareholders,
customers and financial institutions including banks for their support
By order of the Board
Place : Kolkata Sushil Patwari
Date : 26th May, 2012 Chairman & Managing Director