you are here:

Asit C Mehta Financial Services Ltd.

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

BSE Live

Oct 22, 15:40
129.50 6.10 (4.94%)
Volume
AVERAGE VOLUME
5-Day
1,634
10-Day
2,580
30-Day
2,868
1,346
  • Prev. Close

    123.40

  • Open Price

    129.00

  • Bid Price (Qty.)

    121.00 (10)

  • Offer Price (Qty.)

    129.55 (43)

NSE Live

Dec 27, 11:22
NT* 0.00 (0.00%)
Volume
No Data Available
0
  • Prev. Close

    -

  • Open Price

    -

  • Bid Price (Qty.)

    - (0)

  • Offer Price (Qty.)

    - (0)

Asit C Mehta Financial Services is not listed on NSE

Annual Report

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

Director’s Report

The Directors present the 24th Annual Report together with the audited accounts of the Company for the year ended 31st March, 2008. FINANCIAL RESULTS: (Rs. in Thousands) 2007-08 2006-07 Income from Operations 42,839 63,414 Other Income 5,411 6,774 Total 48,250 70,188 Profit before Depreciation, Interest and Tax 7,585 25,421 Less: Depreciation 3,522 3,683 Interest 244 508 Tax (including credit of prior period) 674 141 Profit after Tax 3,145 21,089 Add : Brought forward surplus of profit of previous year 3,915 2,983 Available for appropriation 7,060 24,072 APPROPRIATIONS Interim Dividend paid - 11,707 Proposed Dividend - 4,683 Tax on Dividend 796 1,642 Transfer to General Reserve - 6,808 Surplus retained in Profit and Loss Account 1,581 3,915 DIVIDEND The Board of Directors have proposed dividend of Re 1.00 per share (10%) entailing a total outgo (including dividend distribution tax) of Rs 5.48 millions. PERFORMANCE REVIEW During the financial year 2007-08 the Company posted operating revenues aggregating to Rs 42.83 millions as compared to Rs 63.41 millions in the previous year, a drop of 32%. The exports revenues declined from Rs 41.7 millions to Rs 25.8 millions, a decline by 38%. This was mainly on account of: a) steep rupee appreciation against US dollar and b) low business volume from the Companys major customer due to sub prime crisis coupled with weaker US economy. Your company has been servicing a Customer in Mortgage industry in USA for last few years. The recent sub-prime crisis in USA has affected this market severely in spite of concerted efforts made by the Company, the shortfall could not be made good. Nonetheless, the Company was able to retain the overseas customers albeit at lower revenue earnings. The Domestic Services also recorded a decline in revenues from Rs 16.3 millions to Rs 12.2 millions mainly on account of companys major customer terminating part contract. The efforts made to make good this shortfall were partly successful as 2 new customers were added during the last quarter of the year. The GIS services recorded a modest growth in data conversion services segment and earned gross revenue of Rs 2.1 millions. All efforts are being made to have steady flow from this offering. Also, a vital installation of the asset tracking solution was done at a renowned port and is working satisfactorily. Discussions are at advanced stage to replicate this offering to other ports. OUTLOOK The members have approved the transfer of business of the Companys ITeS business through Postal Ballot to a wholly owned subsidiary (WOS) formed under the name Nucleus GIS And ITES Ltd. The Board has finalized the modalities of the transfer of business to the WOS on or about from 1st July, 2008. The Company would then focus into investing into technology and financial services industries for short to long term. 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 31 st March, 2008 and 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. INFORMATION PURSUANT TO SECTION 217 OF THE COMPANIES ACT, 1956 a) Conservation of energy, Technology absorption and adoption: The operations of your Company involve low energy consumption. Energy conservation efforts are being pursued on a continuous basis. Close monitoring of power consumption is maintained to minimize wastage and facilitate 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 hed 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 25.8 millions and outgo aggregated to Rs 0.38 millions as per details given in Note no. 8 of Schedule 15 of the Accounts. 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. DIRECTORS As reported in the previous report, Mr. Asit. C. Mehta resigned from the post of Managing Director from the close of business day of 30th September, 2007. Mr. Mehta continues to be on the Board as a non- executive Chairman. In accordance with the provisions of the Companies Act, 1956 and Companys Articles of Association, Mr Asit C. Mehta and Mr. Vijay G. Ladha retire by rotation at the ensuing Annual General meeting and being eligible, offer 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, 2008 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 form part of the Annual Report. AUDITORS The Companys Auditors, M/s Deolitte Haskin & Sells holds office up to the conclusion of the forthcoming Annual General Meeting. M/s Deolitte Haskin & Sells has expressed their unwillingness for reappointment. A notice is received from a member proposing the name of Manek & Associates as the Statutory Auditor for the year 2008-2009. The Audit Committee and the Board recommend appointment of M/s Manek & Associates. Members are requested to appoint the auditors and to fix their remuneration. APPRECIATION The Directors thank the customers, bankers, employees and shareholders for their continued support to the Company. The Directors also look forward for the continuing support from them in coming days also. For and on behalf of the Board of Directors Asit C Mehta Mumbai, 20th June, 2008 Chairman

Director’s Report