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Devki Leasing and Finance Directors Report, Devki Leasing Reports by Directors

Devki Leasing and Finance

BSE: 530765|ISIN: INE510B01018|SECTOR: Finance - Leasing & Hire Purchase
, 16:01
Devki Leasing and Finance is not listed on NSE
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Directors Report Year End : Mar '14    Mar 13
Dear members,
 The Directors submit the Annual Report of the Company along with the
 audited financial statements for the financial year ended March 31,
                                          (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
 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.
 Your directors do not recommend any dividend due to losses in current
 financial year.
 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
 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
 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;
 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.
 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.
 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.
 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.
 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.
 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.
 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.
 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 as required under the
 Listing Agreements with the Stock Exchanges are attached to this report
 as Annexure - III.
 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
Source : Dion Global Solutions Limited
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