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Geefcee Finance Ltd.

BSE: 530389 | NSE: | Series: NA | ISIN: INE632D01016 | SECTOR: Finance - Leasing & Hire Purchase

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Annual Report

For Year :
2015 2014 2013 2012 2011 2010 2009 2008 2006

Director’s Report

Dear Members, The directors have pleasure in presenting the TWENTY FIFTH ANNUAL REPORT together with the Audited statement of accounts for the year ended 31st March, 2015. FINANCIAL PERFORMANCE The summarized Financial results of your Company are given in the table below. (Figures in Rupees) Particulars Financial Year ended 31/03/2015 31/03/2014 Total Income 6,07,510 5.79,698 Profit/)loss) before Interest, Depreciation & Tax (EBITDA) 17.830 11.701 Finance Charges 149 260 Depreciation NIL NIL Provision for Income Tax 5,510 3,686 Net Profit/(Loss) After Tax 12,320 8,015 Profit/fLoss) brought forward from 7,13,64,434 7,13,56,434 previous year Profit/!Loss) carried to Balance Sheet 7,13.76,769 7,13,64,449 SUMMARY OF OPERATIONS Net profits increased marginally during the year. Your directors are hopeful that the business will improve in the coming years. Your directors are trying their best and are continuously looking for opportunities to boost the business and profitability for the company. CHANGE THE NATURE BUSINESS There is no change in the nature of business of the company during the year under review. CHANGES IN SNARE CAPITAL Your company did not issue any shares during the year under review DIVIDEND Your directors do not recommend dividends for the current year. DEPOSITS During the year under report, the Company has not accepted any deposits from public in terms of Section 58A and/or 58AA of the Companies Act, 1956 and Chapter V of Companies Act, 2013. hence, there is no overdue deposit as on 31st March, 2015. STATUTORY AUDITORS AND THEIR REPORT The Auditors M/s Singla & Associates, Chartered Accountants, were appointed w''ith your approval at the 24th AGM to hold such office till the conclusion of the 27th AGM. The Board, in terms of Section 139 of the Act, on the recommendation of the Audit Committtee, ahs recommended for the ratification of the Members the appointment of M/s Singla & Associates, from the conclusion of the ensuing AGM till the conclusion of the 27lh AGM. The Board, in terms of Section 142 OF the Act. on the recommendation of the Audit Committee, has also recommended for the approval of the Members the remuneration of M/s Singla & Associates, for the Financial Year 201 5-16. There are no observations (including any qualification, reservation, adverse remark or disclaimer) of the Auditors in their Audit Report that may call for any explanation from the Directors. Further, the notes to accounts referred to in the Auditors'' Report are self-explanatory. SECRETARIAL AUDITORS'' Your Board, during the year, appointed M/s Tanveer llahi. Company Secretary, to conduct secretarial audit of the Company for the financial year ended 31st March, 2015. The Report of M/s Tanveer llahi Company Secretaries in terms of Section 204 of the Act. is provided in Annexure I forming part of this Report. DIRECTORS RESPONSIBILITY ''S STATAEMENT Pursuant to the requirement clause (c) of sub-section (3) of Section 134 of the Companies Act. 2013. your Directors confirm that: (a) in the preparation of the annual accounts, the applicable accounting standards had been followed along with proper explanation relating to material departures; (b) the directors had selected such accounting policies and applied them consistently and made judgments and estimates that are 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 and loss of the company for that period: (c) 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 the company and for preventing and detecting fraud and other irregularities; (d) the directors had prepared the annual accounts on a going concern basis; and (e) the directors, had laid down internal financial controls to be followed by the company and that such internal financial controls are adequate and were operating effectively. (1) the directors had .devised proper systems to ensure compliance with the provisions of all applicable laws and that sue it systems were adequate and operating effectively. PARTICULARS EMPLOYEES The Company has no employee during the year in respect of which the statement pursuant to section 197 of the Companies Act. 2013 and the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 is required to be annexed. INTERNAL FINANCIAL CONTROLS A strong internal control culture is pervasive in the company. The company has documented a robust and comprehensive internal control system for the major processes to ensure reliability of financial reporting, timely feedback on achievement of operational and strategic goals, compliance with policies, procedures, laws and regulations, safeguarding of assets and economical and efficient use of resources. The formalized system of control facilitate effective compliance as per Clause 49 of the Listing Agreement The internal Audit department continuously monitors the efficacy of internal controls with the objective of providing to the Audit Committee and the Board of Directors, an independent, objective and reasonable assurance on the adequacy and effectiveness of the organization''s risk management, control and governance processes. The internal financial controls with reference to the Financial Statements are commensurate with the size and nature of business of the Company. The scope and authority of the Internal Audit activity are approved by the Audit Committee. During the year Audit Committee met regularly to review reports submitted by Internal Audit department. All significant audit observations and follow up actions thereon were reported to Audit Committee. The Audit Committee also met the company''s Statutory Auditors to ascertain their views on the financial statements, including the financial reporting systems, compliance to accounting policies and procedures, the adequacy and effectiveness of the internal controls and systems followed by the company. RISK MANAGEMENT POLICY In terms of the requirement of the Act. the Company has developed and implemented the Risk Management Policy and the Audit Committee of the Board reviews the same periodically. DETAILS OF CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION. FOREIGN EXCHANGE EARNINGS AND OUTGO (a) Conservation of energy (i) the steps taken or impact on Not applicable conservation of energy (ii) the steps taken by the company for utilizing alternate sources of energy Not applicable (in) the capital investment on energy conservation equipments Not applicable (b) Technology absorption (i) the efforts made towards technology absorption Not applicable (ii) the benefits derived like product improvement, cost reduction. product development or import Not applicable substitution (iii) in case of imported technology (imported during the last three years reckoned from the beginning of the financial year)- (a) the details of technology imported Not applicable (b) the year of import; Not applicable (c) whether the technology been fully absorbed Not applicable (d) if not hilly absorbed, areas where absorption has Not applicable not taken place, and the reasons thereof iv) the expenditure incurred on Research and Development Not applicable (c) Foreign exchage earnings and Outgo During the year, the tota foreign exchage earned in terms of actual infolows was nill during the year and the foreign exchange outgo during the year was nil in terms of actual outflows. CORPORATE GOVERNANCE REPORT Your company is committed .TO the tenets of good Corporate Governance and has token adequate steps to ensure that the requirements of Corporate Governance as laid down in C lause 49 of the Listing Agreement are complied with. A separate report on Corporate Governance and a management Discussion and Analysis Report are being published as a part of the Annual Report ot the Company is annexed as Annexure 2 The Auditors of the Company have certified that conditions of Corporate Governance as stipulated under Clause 49 of the Listing Agreement are complied by the Company and then Certificate is annexed to the Report on Corporate Governance as Annexure 3. CORPORATE SOCIAL RESPONSIBILITIES (CSR) Your Company has not made any Contribution under CSR policy as make the contribution pursuant to the provisions of section 135 and schedule V11 ot tl Companies Act, 2013 VIGIL MECHANISM free fraud and corruption free work has been core to the company In view of the potential risk of fraud and corruption due to rapid growth and geographical spread of operations, the company has put an even greater emphasis to address the risk. To meet this objective, a comprehensive fraud risk management policy akin to vigil mechanism or the whistle blower policy has been laid down. LOAN GUARANTEES OR INVESTMENT UNDER SECTION 186 The company has not made any investment through not more than two layers of investment Companies. During the year under review, the Company has not give any loan, give any guarantee or provide any security in connection with loan to any body corporate or any person. RELATED PARTY TRANSACTIONS COMPLIANCE WITH All the related party transactions are entered Agreement There are no Materially the applicable provisions of the Act and the Listing with Promoters, Directors and may have the potential conflict with the interest of the company at large. The details of the transactions with Related Party arc provided in the accompanying financial statements. DETAILS OF SUNSIDAIARY/ JOINT VENTURE /ASSOCIATE COMPANIES There are no companies which hasve become or ceased to be subsidiary/ joint venture and /or Associate Companies of the Company. SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS, COURTS AND/ OR TRIBUNAL There is/ was no order passed by Regulators. Courts and/or Tribunal which may impacting the going concern status and Company s OperatIons in future. EXTRACT OF ANNUAL RETURN Extract of the Annual Returin of the Company is annexed as Annexure 4 to this Report. INFORMATION REQUIRED UNDER CLAUSE 49 OF THE LISTING AGREEMENT WITH RESPECT TO THE DIRECTOR RETIRING BY ROTATION AND SEEKING REAPPOINTMENT / DIRECTOR SOUGHT TO BE APPOINTED IS AS UNDER: Particulars Mr. Yogesh Kumar Mrs Usha Rani Date of birth 25/04/1978 18/03/1879 Nationality India India Date of Appointment on the 30/09/2010 31/03/2015 Board Qualifications Graduate Graduate Expertise in specific functional areas Directorship held in other Nil NIL Companies * Membership/ Chairmanship of Committees of other public NIL NIL Companies (include only Audit Committee and Shareholders/ Investor Grievance ( ommittee) Number of shares held in the NIL NIL Company Director include directorship of other indian public companies and committee membership includes only audit committes and stake holders'' relationship committes of public limited company (whether Listed or not) PREVENTION OF SEXUAL HARASSMENT As required byt ht esexual harassment of women at workplace (prevention) prohibiton & redressal) Act,2013, the company has formulated and implements a plicy on prevetion of sexual harassment at workplace with a mechanism of lodging complaints. during the yare under year under review, no complaints were reported to the Board. ACKNOWLEDGMENT your directors place on record their apreciation for employee at all levels,who have contributed to the growth and performance of your company. Your Directors also thank the clients, vendors, bankers, shareholders and advisers of the Company for their continued support. Your Directors also thank the Central and State Governments, and other statutory authorit.es lor their continued support. By order of the Board for Geefcee Finance Limited G. R. Goyal Chairman Place: New Delhi Dated: 30th July, 2015

Director’s Report