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Kshitiz Leasing and Finance Ltd.

BSE: 511074 | NSE: | Series: NA | ISIN: INE407F01018 | SECTOR: Finance - Investments

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Feb 18, 16:00
253.20 4.95 (1.99%)
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Dec 27, 11:22
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Kshitiz Leasing and Finance is not listed on NSE

Annual Report

For Year :
2014 2013 2012 2011 2010 2009 2008

Director’s Report

Dear Members, The Directors present the Twenty Ninth Annual Report together with Audited Accounts for the year ended 31st March 2014. 1. FINANCIAL RESULT: (Amount in Rs.) Year ended Year ended 31st March 2014 31st March 2013 Total Income 11,09,293 10,07,229 Profit / (Loss) before tax 8,44,208 7,66,423 Prior Year Adjustment - - Provision for Taxation 2,06,884 1,57,547 Profit / (Loss) after tax 6,37,324 6,08,876 Profit / (Loss) brought forward (3,11,40,410) (3,17,49,287) Profit / (Loss) Carried to Balance Sheet (3,05,03,086) (3,11,40,410) 2. DIVIDEND : In view of inadequate profits, your directors do not recommend any dividend for the year ended 31st March 2014. 3. OPERATIONAL REVIEW : The Company registered a total income of Rs.11,09,293 as compared to Rs.10,07,229/- in the previous year. The Company registered a profit after tax of Rs.6,37,324/- as compared to Rs.6,08,876/- in the previous year. 4. CORPORATE GOVERNANCE : Since the listed paid up equity share capital of the Company is less than Rs.3.00crores, the norms setup by the stock exchange for corporate governance is not applicable to the Company. 5. DIRECTORS : Shri Subhrangshu Chakrabarti resigned as director of the company w.e.f. 29/01/2014. The board places on record its appreciation for the services rendered by Shri Subhrangshu Chakrabarti during his tenure as Director. Shri Harish Toshniwal resigned as director of the company w.e.f. 29/01/2014. The board places on record its appreciation for the services rendered by Shri Harish Toshniwal during his tenure as Director. Shri Hemant Sajjankumar Goenka was appointed as a Director of the company w.e.f. 29/01/2014 on casual vacancy created on resignation of Shri Subhrangshu Chakrabarti as director whose period of office was liable to determination by retirement of directors by rotation. Shri Hemant Sajjankumar Goenka holds office only up to the date of the ensuing Annual General Meeting. The company has received requisite notice in writing from a member proposing his name for the office of Director. Shri Lalit Kumar Chandalia was appointed as an Additional Director of the company w.e.f. 29/01/2014. In terms of section 161of the Companies Act, 2013, Shri Lalit Kumar Chandalia holds office only up to the date of the ensuing Annual General Meeting. The company has received requisite notice in writing from a member proposing his name for the office of Director. 6. DIRECTORS'' RESPONSIBILITY STATEMENT: Your Directors confirm:- i) that in the preparation of the Annual Accounts the applicable accounting standards have been followed along with proper explanation relating to material departures; ii) that the Directors have selected such accounting policies and applied them consistently and made judgment and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company for the financial year ended March,31 2014 and of the Profit of the Company for that year; iii) that Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of Companies Act, 1956 for safeguarding the assets of the company and for preventing and detecting fraud and other irregularities; iv) that the Directors have prepared the Annual Accounts on a going concern basis. 7 AUDITORS: M/s. U. B. Sura & Co., Chartered Accountants of the Company retire at the ensuing Annual General Meeting and have given their consent for re- appointment for 3 years from the date of this Annual General Meeting. The members will be required to appoint auditors for the next three years and fix their remuneration. As required under the provisions of section 224 of the Companies act, 1956 the company has obtained a written confirmation from the above Auditors proposed to be re- appointed to th effect that their re- appointment, if made at the ensuing Annual General Meeting will be within the limits specified in section 224(1B) of the Companies Act, 1956 8 CONSERVATION OF ENERGY, RESEARCH AND DEVELOPMENT AND TECHNOLOGY ABSORPTION: Since the Company is not a manufacturing Company, the Companies (Disclosure of Particulars in the Report of Board of Directors) Rules, 1988 relating to conservation of energy, research and development and technology absorption are not applicable. There were no foreign exchange earnings or outgo during the year under review. 9. PARTICULARS OF EMPLOYEES: The Company does not have any employee whose particulars are required to be given under the provisions of Section 217(2A) of the Companies Act, 1956 read with Companies (particulars of Employees) Rules, 1975, as amended up to date. 10. ACKNOWLEDGEMENT: Your Directors place on record their appreciation of the support received from banks, shareholders and employees for their continued support. For and on behalf of the Board Sd/- Place : Mumbai Date : 28th May, 2014 Director

Director’s Report