The Directors have pleasure in presenting the 23rd Annual Report of
the Company together with Audited Accounts for the year ended 31st
Rs in Lacs
Gross Profit before depreciation,
interest and Tax 381.13 311.19
(Less): Depreciation (81.86) (82.85)
(Less): Interest (191.65) (194.38)
(Less): Provision for Current Tax (58.05) (40.31)
Add/(Less): Provision for Deferred Tax 29.52 30.61
Net Profit after tax 79.09 24.26
Add : Brought forward from
previous year 1,300.97 1,287.46
Add : Income Tax adjustment
from earlier years (1-23) (5.89)
Profit available for appropriation 1,378.83 1,305.83
Statutory Reserve 15.82 4.86
Surplus Carried to balance sheet 1,363.01 1,300.97
Total 1,378.83 1,305.83
The Company has made a net profit of Rs. 79.09 lacs against 124.26 lacs
registered in the previous year despite higher write- offs. Such
increase is by & large attributable to increase in gross income from
financing operation by 15% and increase in income from power generation
Keeping in view the low profit, the Directors are unable to recommend
any dividend in respect of the financial year under review.
Mr. Nand Lai Todi and Mr. Rajendra Kumar Duggar, Directors of the
Company retire by rotation at the ensuing Annual General Meeting and
being eligible offers them self for re-appointment.
Further Mr. Debiprasad Chatterjee resigned from the office of
directorship on 5m April, 2012 as he was unable to continue as a
Director of the Company and Board hereby records its appreciation of
the service and advices rendered by him during tenure of his office.
DIRECTORS'' RESPONSIBILITY STATEMENT
Pursuant to Section 217(2AA) of the Companies Act, 1956, the Board of
i. that in the preparation of the Company''s Annual Accounts for the
period ended March, 31, 2012, the applicable Accounting Standards have
been followed and there are no material departures;
ii. that 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 and of the
profit of the Company for that period;
iii. that the directors had taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of the Act for safeguarding the assets of the Company and
for preventing and detecting fraud and other irregularities;
iv. that the directors had prepared the annual accounts on a going
CORPORATE GOVERNANCE REPORT
Your Company has been complying with all the requirements of the code
of Corporate Governance, as specified by SEBI.
A separate report on Corporate Governance is furnished as a part of the
Directors'' Report and the certificate from the Company Secretary in
whole time practice regarding compliance of condition of Corporate
Governance is annexed to the said Report.
MANAGEMENT DISCUSSION AND ANALYSIS
In accordance with the listing requirement, the Management Discussion
and Analysis forms part of this Report.
M/s. L. N. Todi & Co. , Chartered Accountants of Hudco Niwas, 15N,
Nelie Sengupta Sarani ( Lindsay Street), 4th Floor, Room No. 4,
Kolkata- 700 087, who are the Statutory Auditors of the Company, hold
office, in accordance with the provisions of the Companies Act, 1956,
upto the conclusion of the forthcoming Annual General Meeting. They
have not offered themselves for re-appointment as Auditors of the
Company for the Financial Year 2012-2013 as their partnership firm is
in process of merger with M/s. R. P. Boobna & Co., Chartered
Accountants of 209, A.J.C.Bose Road, Karnani Estate, 2nd Floor, Room
No. 87, Kolkata-700 017 and post merger, the partner(s) of M/s. L. N.
Todi & Co. will become partners of M/s. R. P. Boobna & Co. only. Since
the merger is likely to be affected any time after ensuring Annual
General Meeting, it is therefore advisable, to appoint M/s. R. P.
Boobna & Co. only as Statutory Auditor instead of M/s. L. N.Todi & Co.
as the Statutory Auditors of the Company to hold office from the
conclusion of this Annual General Meeting until the conclusion of the
next Annual General Meeting, in place of M/s. L. N. Todi & Co., the
retiring Auditors of the Company.
M/s. R. P. Boobna & Co., Chartered Accountants, have expressed their
willingness for appointment as the Statutory Auditors and confirmed
that their appointment, if made, will be within the prescribed limits
under Section 224 (1B) of the Companies Act, 1956, and they are not
disqualified for appointment within the meaning of Section 226 of the
Companies Act, 1956.
Auditor''s Report is self explanatory and hence does not require any
Total Public Deposit as on 31st March, 2012 after taking into account
interest accrued but not due stood at Rs. 400.82 lacs (previous year Rs.
377.35 lacs). As on 31st March, 2012, there were 17 deposits
aggregating to Rs. 17.43 lacs which matured but remained unclaimed by the
depositors out of which 14 deposits aggregating to Rs. 17.16 lacs have
already been paid/ renewed. For the remaining deposits, steps are
continuously been taken to arrange for repayment/renewals.
Further, the Board of Directors of the Company have resolved to stop
accepting / renenewing public deposits and is currently making
repayments of deposits according to maturity schedule.
PRUDENTIAL NORMS FOR NBFCs
Your Company has been complying with all the requisite norms prescribed
by the Reserve Bank of India for income recognition, accounting
standards, capital adequacy, credit rating, provisioning & all other
PARTICULARS OF EMPLOYEES
The Company has no employee of the category indicated under Section 217
(2A) of the Companies Act, 1956, read with Companies (Particulars of
Employees) Rules, 1975 as amended from time to time.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE
EARNINGS AND OUTGO
The Company has no activity relating to conservation of energy and
technology absorption in terms of Section 217 (1) (e) of the Companies
Act, 1956. The Company has Foreign exchange earnings of Rs. 1.14 lacs and
no Foreign exchange outgo during the financial year under review.
Your Directors take this opportunity to place on record their deep
sense of gratitude to the banks, financial institutions, customers and
business associates for their continued co-operation and support. Your
directors express their deep sense of appreciation for the total
commitment, dedication and hard work put in by the employees of the
Company. Lastly, your directors are deeply grateful for the confidence
and faith shown by the members of the Company.
Place : Kolkata ON BEHALF OF THE BOARD OF DIRECTORS
Dated : 30.05.2012 NAND LAL TODI