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Asit C Mehta Financial Services Ltd.

BSE: 530723 | NSE: | Series: NA | ISIN: INE041B01014 | SECTOR: Miscellaneous

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Annual Report

For Year :
2015 2014 2013 2012 2011 2010 2009 2008 2007

Director’s Report

The Directors are happy to present the 23rd Annual Report together with the audited accounts of the Company for the year ended 31st March, 2007. FINANCIAL RESULTS: (Rs in Thousands) 2006-07 2005-06 Income from Operations 63,415 56,775 Other Income 6,774 12,612 Total 70,189 69,387 Profit before Depreciation, Interest and Tax 25,418 31,954 Less: Depreciation 3,684 4,499 Interest 508 450 Tax (including credit of prior period) 141 1829 Profit after Tax 21,085 25,176 Add :Brought forward surplus of profit of Previous year 2,987 - Surplus from Amalgamating Company - 1,687 Available for appropriation 24,072 26,863 APPROPRIATIONS Interim Dividend paid 11,707 9,365 Tax on Dividend 1,642 1,314 Transfer to General Reserve 6,808 13,200 Surplus retained in Profit and Loss Account 3,915 2,984 DIVIDEND The Board of Directors at the meeting held on 23rd March, 2007 declared and paid an interim dividend of Rs 2.50 per share (25%) which entailed a total outgo (including dividend distribution tax) of Rs 13.34 millions and which be considered as final dividend. PERFORMANCE REVIEW During the financial year of 2006-7 the Company posted a nominal growth of 12% in top-line with total revenues aggregating to Rs 63.41 mio. as compared to Rs 56.77 mio. in the previous year. The company earned a profit after tax of Rs 20.9 mio. resulting into earnings per share of Rs 4.26. The exports earnings recorded a growth of 12.58 % at Rs 41.76 mio. as compared to Rs 37.09 mio. in the previous year. The Company continued with its strategy of export-led growth. All the exports earnings were from USA. Regular visits to the US market coupled with a marketing support from the wholly-owned US based subsidiary helped the Company in sustaining growth in exports. The Company executed various assignments for a US customer whose business during the year was taken over by a Fortune 500 Company, The Domestic Services recorded a modest growth of 6%. GIS services received a small order at the fag end of the year and the same will be executed during the current financial year. Portfolio Management Services (PMS) division reported a gross revenues of Rs 2.3 mio. With a view to focus more on IT related businesses the PMS division was closed and the business was discontinued from the close of 31,3.2007. The relevant information in compliance to the Accounting Standard 17 of the Institute of Chartered Accountants is given separately in the Profit and Loss Account / Notes to Accounts. OUTLOOK The outlook for the year 2007-8 appears to be positive and the company will step up its marketing efforts mainly in the offshore markets. The Company has retained the services of an expert business consultant to assist to draw the future strategy for the next 3 years. As a part of this strategy new recruitments at various levels will be made in the near future. The Company is also contemplating to explore new business verticals in ITES segment. The construction work for the additional office space adjacent to the existing premises is nearing completion. The new office will have more contemporary facilities which will increase the seating capacity and also improve the overall operational efficiencies. DIRECTORS RESPONSIBILITY STATEMENT Pursuant to Section 217(2AA) of the Companies Act, 1956, the Directors to the best of their knowledge and belief confirm that: i. in preparation of the annual accounts, the applicable accounting standards have been followed by the Company; ii. appropriate accounting policies have been selected and applied consistently and such judgments and estimates have been made that are reasonable and prudent so as to give true and fair view of the state of affairs of the Company as at 31st March, 2007and of the profit of the Company for the year ended on that date; iii. proper and sufficient care has been taken for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 1956, for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities; and iv. the annual accounts have been prepared on a going concern basis. MANAGEMENT DISCUSSION AND ANALYSIS The Management Discussion and Analysis Report is furnished separately and forms part of this Directors Report. CORPORATE GOVERNANCE A report on Corporate Governance as stipulated under Clause 49 of the Listing Agreement with the Bombay Stock Exchange Ltd, is annexed hereto and forms part of the Annual Report. INFORMATION PURSUANT TO SECTION 217 OF THE COMPANIES ACT, 1956 a) Conservation of energy, Technology absorption and adoption: Operations of your Company are not energy-intensive. Energy conservation efforts are being pursued on a continuous basis. Close monitoring of power consumption is maintained to minimize wastage an facilitated optimum utilization of energy. The Company has not imported any technology nor incurred any expenditure on research and development of technology. b) Particulars of employees : The Company had no employee covered under section 217 (2A) of the Companies Act, 1956. c) Foreign exchange earnings and outgo: During the year, your Companys foreign exchange earnings were Rs. 41.76 millions and outgo aggregated to Rs. 4.83 millions. DIRECTORS Mr. Asit. C. Mehta has offered the Board to relinquish himself from the post of Managing Director. The Board at the meeting held as of date has reluctantly accepted the resignation of Mr. Mehta. In terms of the contract and as agreed mutually with Mr. Mehta his termination would be effective from the close of business day of 30th September, 2007. The Board places on record their appreciation of the valuable services and contribution made by Mr. Mehta, during his tenure as Managing Director of the Company. Mr. Mehta has agreed to be Non-Executive Chairman from 1.10.2007 and the Company would therefore continue to receive his guidance and valuable inputs. In accordance with the provisions of the Companies Act, 1956 and Companys Articles of Association, Mrs. Deena A Mehta and Mr. Kirit H. Vora retires by rotation at the ensuing AGM and being eligible, offers themselves for re-election. The information on the particulars of the Directors seeking re-appointment as required under clause 49 of the Listing Agreement has been given in the Report on Corporate Governance. SUBSIDIARY COMPANY The audited financials of Nucleus GIS, Inc for the year ended March 31, 2007 together with the Reports of the Directors and Auditors and the Statement pursuant to section 212 of the Companies Act, 1956 are attached. CONSOLIDATED FINANCIAL STATEMENTS In accordance with Accounting Standards 21 and 23 issued by the Institute of Chartered Accountants of India, the consolidated financial statement incorporating the operation of the Company, its subsidiary and associate concern have been attached hereto which forms part of the Annual Report. AUDITORS The Companys Auditors, M/s P C Hansotia & Co has expressed their unwillingness for reappointment. A notice is received from a member proposing the name of Deloitte Haskins and Sells as the Statutory Auditor for the year 2007-2008. The Audit Committee and the Board recommends their reappointment, as Auditors for the year 2007-2008. APPRECIATION The Directors thank the customers, bankers and shareholders for their continued support to the Company. Deep appreciation is also recorded for the dedicated efforts and contribution of all the employees. The Directors also look forward for the continuing support from the shareholders. For and on behalf of the Board of Directors Asit C Mehta Chairman and Managing Director Mumbai, 26th June, 2007

Director’s Report