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Devki Leasing and Finance Ltd.

BSE: 530765 | NSE: | Series: NA | ISIN: INE510B01018 | SECTOR: Finance - Leasing & Hire Purchase

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Aug 21, 16:00
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374
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229
30-Day
431
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    1.20 (500)

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Devki Leasing and Finance is not traded on BSE in the last 30 days

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Dec 27, 11:22
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Devki Leasing and Finance is not listed on NSE

Annual Report

For Year :
2014 2013 2012 2011 2010 2009 2008 2006

Director’s Report

Dear members, The Directors submit the Annual Report of the Company along with the audited financial statements for the financial year ended March 31, 2014. FINANCIAL RESULTS (Amount in Lacs) Particulars As on 31.03.2014 As on 31.03.2013 Revenue from operations 7.38 10.62 Other Income 0.211 0.08 Operating Expenditure 13.09 19.07 Interest & Depreciation 2.25 2.25 Profit before Tax -7.74 -10.62 Provisions for Tax -0.58 -0.32 Profit after Tax -07.15 -10.30 COMPANY''S PERFORMANCE & FUTURE OUTLOOK During the year under review the company has earned the revenue of Rs. 7.38 Lacs. In the financial year 2013-14 the financial sector remain subdued, hence the profit from operations of sale purchase of shares has not been earned. Your directors are taking various initiatives for overall better performance of the company. The last year was one of worst year and adversely affected due to the slowest growth rate in more than a decade, In the current year also the company is continued to experience sluggish growth and hence revenue growth during this year is also decreased. GDP growth for the financial year 2013-14 is estimated at 4.9% as compared to the growth rate of 4.5% in the previous year. The RBI and the Government have taken notable steps in FY 2013-14 to address the economic headwinds. Your director''s also hope for improvement in the performance of the company as the steps for development will be taken by the government which ultimately leads to financial sector reforms in coming days and henceforth implementation of innovative and effective decisions. DIVIDEND Your directors do not recommend any dividend due to losses in current financial year. DIRECTOR The Board in its meeting held on 30th July, 2014 has appointed Mrs. Sarita Bindal as the Additional Director as Nonexecutive Promoter Director of the Company till the ensuing AGM of the Company. The Company has received notice in writing from the members as required under section 160 of the Companies Act 2013 for proposal for her appointment as Director of the Company liable to retire to rotation at the ensuing Annual General Meeting. Mr. Rajesh Khandelwal has resigned from the directorship of the Company in the Board Meeting held on 30th July 2014. The Board considered and appreciated valuable guidance and support extended by Mr. Rajesh Khandelwal as Independent Director of the Company. Mr. Sudhir Bindal has been re-appointed as Managing Director of the Company by the Board for a period of three years commencing from 1st October 2014 subject to approval of the Members in the ensuing AGM, pursuant to the provisions of sections 196, 197, 203 and other applicable provisions if any, of companies act 2013. Further Mr. Kamlesh Kasliwal and Mr. Manoj Kumar Singh the existing Independent Directors are further proposed to be appointed as Independent Directors for a term of 5 years as per requirement of section 149 of the Companies Act, 1956 as well as Clause 49 of the Listing Agreement to hold the office till 31st March, 2019. The Company has received notice in writing from the members as required under section 160 of the Act for proposal for appointment of both the Independent Directors of the Company at the ensuing Annual General Meeting. DIRECTORS RESPONSIBILITY STATEMENT Pursuant to the requirement of Section 217 (2AA) of the Companies Act, 1956, and based on the representation received from the operating management, the Directors hereby confirm that: I. in the preparation of the annual accounts, the applicable accounting standards have been followed and there is no material departures; II. they have selected such accounting policies and applied them consistently and made judgments and estimates that have been 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 the year under review; III. They have taken proper and sufficient care to the best of their Knowledge and ability for the maintenance of adequate accounting records in accordance with the provision of this Act. They confirm that there are adequate systems and controls for safeguarding the assets of the company and for preventing and detecting frauds and other irregularities ; IV. they have prepared the annual accounts for the financial year ended 31st March, 2014 on a going concern basis; AUDITORS M/s A.B. Doshi & Co., Chartered Accountants, Indore, statutory auditors of the Company, hold the office until the ensuing Annual General Meeting. The said Auditors have furnished the Certificate of their eligibility for re-appointment. Pursuant to the provisions of section 139 and other applicable provisions, if any, of Companies Act, 2013 read with Rule 3 of Companies (Audit and Auditors) Rules, 2014, it is proposed to appoint M/s A.B. Doshi & Co., Chartered Accountants (ICAI Firm Registration No. 001577C), the retiring Auditors of the Company as Statutory Auditors of the Company from the conclusion of this Annual General Meeting (AGM) till the conclusion of the twenty-fifth AGM of the Company to be held in the year 2017 (subject to ratification of their appointment at every AGM) on such remuneration as may be decided & fixed by the board on the recommendations of the Audit Committee. The Auditors'' Report read with relevant notes are self explanatory, except note no. 1.8 and note no. 21 of the notes to accounts read with last Para of the Auditors Report. Note no. 1.8, specifically relates to retirement benefits as the Company has not provide gratuity, privilege leave and other retirement benefits as the company follows the practice of accounting for the retirement benefits as and when paid. And note no. 21 relates to no provision for interest on the Secured Loan - the Company has not made provision for interest on the Secured Loan given by Dena Bank as the matter is in litigation and the same shall be accounted on the settlement of case. SUBSIDIARY COMPANY As on date the Company has no subsidiary Company as the Company has disposed off the shares of its subsidiary company, Devki Cyber Securities Private Limited, on 30.07.2014. The Ministry of Corporate Affairs, Government of India has issued a Circular No.2 / 2011 dated 8th February 2011 granting general exemption to Companies under section 212 (8) from attaching the documents referred to in section 212 (1) pertaining to its subsidiaries, subject to approval by the Board of Directors of the Company and furnishing of certain financial information in the Annual Report. The Board of Directors of the Company have accordingly accorded approval to the Company dispensing with the requirement of attaching to its Annual Report the annual audited accounts of the Company''s subsidiaries. Accordingly, the Annual Report of the Company does not contain the individual financial statements of these subsidiaries, but contains the audited consolidated financial statements of the Company, its subsidiaries and associate. The Annual Accounts of this subsidiary company as on 31st March 2014 and the related detailed information will be made available to the shareholder seeking such information at any point of time. The annual accounts of the Subsidiary company will also be kept for inspection by any shareholder at its registered / corporate office and that of the concerned subsidiary company. The statement pursuant to the approval under section 212 (8) of the Companies Act, 1956 is annexed together with the Annual Accounts of the Company. CONSOLIDATED FINANCIAL STATEMENTS The Consolidated Financial Statements of the Company prepared as per the Accounting Standard AS21 and Accounting AS 23, consolidating the Company''s accounts with its subsidiary have also been included as part of this Annual Report. FIXED DEPOSITS Your Company has not accepted or invited any deposits from public within the meaning of Section 58A of the Companies Act, 1956 during the year under review and that there is no overdue unpaid/unclaimed deposit as at 31st March, 2014. PARTICULARS OF EMPLOYEES ETC Your company did not have any person in employment that, if employed throughout the financial year or part thereof, was in receipt of remuneration, particulars of which are required to be included in this report as per Section 217 (2A) of the Companies Act, 1956 read with Companies (Particulars of Employees) Rules 1975. ENERGY CONSERVATION AND OTHER REPORTING U/S 217(1) (E) The provisions of Energy Conservation in terms of section 217 (1)(e) of the Companies Act, 1956, are not applicable on the Company. Your Company also did not have any foreign exchange earnings or out go your Directors place on record their sincere appreciation for the devoted performance of the employees of the Company at all levels. COMPLIANCE CERTIFICATE Your Directors have obtained a Compliance Certificate from Practicing Company Secretary, pursuant to Rule 3 of Companies (Compliance Certificate) Rules, 2001 which is forming part of this report as Annexure - I. CORPORATE GOVERNANCE REPORT Report on Corporate Governance as required under the Listing Agreements with the Stock Exchanges along with the certificate of the Auditors, M/s. A.B. Doshi & Co, confirming compliance of conditions of Corporate Governance as stipulated under Clause 49 of the Listing Agreement with the Stock Exchanges are attached to this report as Annexure II. MANAGEMENT DISCUSSION AND ANALYSIS STATEMENT Management Discussion and Analysis statement as required under the Listing Agreements with the Stock Exchanges are attached to this report as Annexure - III. ACKNOWLEDGEMENTS Your Directors place on record their gratitude to all the Government and Semi Government Departments and Company''s Bankers, for the assistance and co-operation and encouragement they extended to the Company. Your Directors also wish to place on record their sincere thanks and appreciation for the continuing support and unstinting efforts of Customer, Vendors Employees and all other Stakeholders in ensuring an excellent all around operational performance. For and on behalf of the Board of Directors DEVKI LEASING & FINANCE LIMITED PLACE: Indore DATE: 30.07.2014 SUDHIR BINDAL CHAIRMAN OF THE MEETING Registered Office: Velocity, 18-A Scheme No 94 C, Ring Road, Indore (M.P.) 452010

Director’s Report