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Subway Finance And Investment Company Directors Report, Subway Finance Reports by Directors
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Subway Finance And Investment Company
BSE: 511024|ISIN: INE033F01012|SECTOR: Finance - Investments
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Directors Report Year End : Mar '13    « Mar 12
The Member of SUBWAY FINANCE AND INVESTMENT CO. LIMITED,
 
 Dear Shareholder 
 
 The Directors have pleasure in presenting the Annual Report on the 
 business and operations of the Company and Audited Statement of 
 Accounts of the Company for the year ended 31st March, 2013.
 
 FINAPCIAL RESULTS                            Amount in Rs.
 
                                     Year ended   Year Ended
 Particulars                         31st March
                                     2011         31st March 2013
 
 Sabs and Other Income              (16.82.731 ) 
 froth htfthre tax                                   (16.82.791 > 
 
 Profit aftcrm                       (12,84,619)      50,11,324 
 
 Balance brought forward 
 fromprevious year                    33.28.533       33.28.533 
 
 Surplus                              20,43,914
 
 Less: Transfer to Reserves                           19,76,000
 
 33,28,533 [Surplus carried forward      67,914
 
 GENERAL REVIEW:
 
 The company''s perform once was not satisfactory during the year. I he
 company could not achieve its turnover as well it could not achieve its
 target of Net Profit. Your Directors are hopeful lhut the company shall
 be able to achieve its target of Net Profit in the year to come. The
 future of the company seems to be bright
 
 DIVIDEND:
 
 In view of the losses incurred by the company, directors do not
 recommend any payment or dividend.
 
 ACCEPTANCE OF DEPOSITS
 
 The Company has not accepted any deposits during the year under review,
 
 PARTICULARS OF EMPLOYEES:
 
 Norte of die employee of the company received remuneration in excess of
 the limit specified u/s 217 (2 A) of the Companies Act, 1956, l V
 
 DIRECTORS IN THF COMPAM :
 
 The Company has fol lowing director; in the Company:
 
 a) Kalpesh Kanubhai Shah
 
 b) Sukctu Bhogiial Shah
 
 c) Maytir KantilaJ Shah
 
 d) Ashok Narouam Tarina
 
 t) Amu lakh Bhupstray Mehta 0 Javesh Amulakh Mchu g) Dilip Madhubhai
 Karelia
 
 MATERIAL CHANGES:
 
 5.  Pursuant in completion of open offer under SEBl (Substantial
 Acquisition of shares and takeovers) Regulations. 20 M, the entire
 shares held by earlier promoters of ihe Company. Lfc, M/s, AJS
 Enterprises LLP and M/s, AJS Nirman LLP were iransferred to the new
 promoters.
 
 6.  The Company has appointed Mr. Dilip Karelia and Mr, Ashok Timna as
 an Additional and Independent Directors of the Company w.e.f
 31.12.2012.
 
 7.  Mr. Kaipcsh Shah was appointed as Additional Director and Managing
 Director of the Company For period of 5 years w.e.f. Sth February, 2013
 at Nil remuneration. The Company has appointed Mr. Mayur Shah and Mr.
 Sukctu Shah, as an Additional Directors of the Company w.tf 8th
 February, 2013.
 
 8.  The registered office of the Company had been changed.
 
 9.  Post completion of financial year, die Company had initiated the
 process of postal ballot for seeking approval of shareholders for
 alteration of Main object clause and Incidental and ancillary Objects
 clause of the Memorandum or Association of the Company, change of name
 of the Company to Sadguru Fincon Ltd and for appointment of new
 auditor to fill the casuai vacancy pursuant to resignation of die
 earlier auditors of die Company. As on the date of this Report, the
 postal ballot process has been completed. However, other procedural
 format!lies for change in Objects clause and Name of the Company with
 the Registrar of Companies (ROC) and Reserve Bank of India (.RBII are
 yet to he completed as on the date of this Report.
 
 DISCLOSURE OF PARTICULARS WITH RESPECT OF CONSERVATION OF ENERGY:
 
 The details as required by Companies (Disclosure of particulars in
 Report of Board of Directors) Rules, 1988 for conservation of Energy,
 Technology Absorption and Foreign Exchange earnings and outgo are not
 applicable to the Company having regard to the nature of business of
 the Company.
 
 COMPLIANCE CERTIFICATE
 
 The Compliance Certificate required under section 383A of Companies
 Act, 1956 received tor the year ended 31 March, 2013 is attached
 here with.  
 
 DIRECTOR RESPONSIBILITY STATEMENT
 
 Pursuant to sect ion  of the Com pan ies A ct, T 956 the
 Directo re con firm that:
 
 10, In presentation of the annual accounts, the applicable standards
 hod been followed aiong with proper explanation relation to material
 departures: 1 L The Directors had selected such accounting polities and
 applied (hem consistently and made judgments and estimates that arc
 reasonable and prudent so as to give a true and lair view of the state
 of affairs of your Company at the end of the financial year and of the
 profit of your Company for that period;
 
 12- 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 your Company and
 for preventing and detection fraud and oiher irregularities;
 
 13. The Director had prepared the annual accounts on a going concern
 basis.
 
 AUDITORS
 
 M/a N B S A Co,* Chartered \ccountants, arc auditors appointed vide
 ordinary resolution passed by postal ballot process, pursuant to casual
 vacancy caused by resignation of old auditors M/s. N. B. Parekh &
 Associates, Chartered Accountants.
 
 At the forthcoming Annual General Meeting, M/s _N B S & Cm Chartered
 Accountants, arc retiring auditors eligible for reappointment and have
 offered themselves for reappointment.
 
 APPRECIATION:
 
 We wish to place on record our deep and sincere appreciation for ibe
 contribution mode by the workers, staff and executives to the
 performance of the Company.
 
 Date: 31st August 2013            For and on behalf of the 
                                   Board of Directors
 
 Place : Mumbai                    Managinag
Source : Dion Global Solutions Limited
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