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Morgan Ventures Ltd.

BSE: 526237 | NSE: | Series: NA | ISIN: INE902C01015 | 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

The Directors are pleased to present the 21st Annual Report and audited accounts for the financial year ended June 30,2008. FINANCIAL RESULTS (Rs. In Lakhs) FOR THE PREVIOUS YEAR YEAR PARTICULARS ENDED ENDED 30.06.2008 30.06.2007 Gross Income 1273.38 2359.13 Profit before Depreciation & Tax 576.41 386.85 Less: Depreciation 118.69 123.79 Profit before Tax 457.72 263.06 Less: Income Tax 44.63 29.80 Less: Fringe Benefit Tax 0.22 0.14 Add.: Deferred Tax 33.34 55.28 Profit after Tax 446.21 288.40 Excess Provision Written Back - 0.55 Adjustment Relating to earlier year 29.80 (186.43) Net Profit 476.01 102.52 OPERATIONS: The performance of your Company during the year under review has been satisfactory. The total income of the Company for the period under review was Rs 1273.38 lakhs as against Rs 2359.13 lakhs in the last year and the net profit after tax and adjustment relating to earlier years for the period under review was Rs 476.01 lakhs as against Rs 102.52 lakhs in the last year. DIVIDEND With a view to conserve the resources and to meet the fund requirement of the Company, your directors express their inability to recommend dividend for the year under report. DIRECTORS Mr. P. K Gupta and Mr. M. K. Doogar, Directors of the Company retire by rotation and being eligible offer themselves for re-appointment. PUBLIC DEPOSITS The company has not accepted, invited or renewed any public deposits during the year under review. The Company has no deposit, which is due or unclaimed at the end of the year. AUDITORS The Statutory Auditors M/s K. K. Jain & Co., Chartered Accountants, New Delhi retire at the conclusion of ensuing Annual General Meeting and are eligible for re-appointment. The Company has received a letter from them to the effect that their appointment, if made, would be in conformity with the limits prescribed under Section 224 (1 -B) of the Companies Act, 1956 and also that they are not otherwise disqualified within the meaning of sub-section (3) of Section 226 of the Companies Act, 1956 for such appointment. AUDITORS REPORT The notes to accounts referred to in the Auditors Report are self-explanatory. Auditors remarks at sub-para (f) of para 3 of the Auditors Report dated 30.09.2008 have been explained at note no. 1 (c) of the notes to account of even date, which in the opinion of the Board of Directors, are explanatory in nature and may be treated as explanation furnished by them under section 217 (3) of the Companies Act, 1956. COMPLIANCE WITH THE ACCOUNTING STANDARDS The company prepares its accounts and other Financial Statements in accordance with the relevant Accounting Principles and also complies with the Accounting Standards issued by the Institute of Chartered Accountants of India. SUBSIDIARY COMPANY The Company has incorporated wholly owned subsidiary Company i.e. Satlej Real Estate Pvt. Ltd. in the state of Maharashtra. Satlej Real Estate Pvt. Ltd. further incorporated wholly owned subsidiary Company i.e. Brahmputra Properties Pvt. Ltd. also in the state of Maharashtra. Satlej Real Estate Pvt. Ltd. was incorporated on 10th January ,2008 and the Company has not commenced commercial operation till date and would observe 10th January, 2008 to 31st March , 2009 as first Accounting Year. Brahmputra Properties Pvt. Ltd. was incorporated on 11th February ,2008 and the Company has not commenced commercial operation till date and would observe 11th February, 2008 to 31st March , 2009 as first Accounting Year. Therefore, accounts of these subsidiary companies have not been annexed but statement as at 30th June, 2008 pursuant to section 212 of the Companies Act, 1956 is appended. STOCK EXCHANGE LISTING The Equity Shares of your Company are continued to be listed on Bombay Stock Exchange Limited, Mumbai. (BSE). The Company confirms that the annual listing fee to Bombay Stock Exchange Ltd. has been paid and is up to date. PARTICULARS OF EMPLOYEES During the financial year under review, none of the Companys employees was in receipt of remuneration as prescribed under section 217(2A) of the Companies Act, 1956, read with the Companies (Particulars of Employees) Rules, 1975, and hence no particulars are required to be disclosed in this Report. DIRECTORS RESPONSIBILITY STATEMENT As per provisions of Section 217(2AA) of the Companies Act, 1956 your Directors confirm as under:- I that in the preparation of annual accounts, the applicable accounting standards had been followed along with proper explanation relating to material departures; II that 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 of the Company for the year ended on that date; III that the Directors had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the company and for preventing and detecting fraud and other irregularities; and IV that the Directors had prepared the annual accounts on a going concern basis. CORPORATE GOVERNANCE Your Company is committed to maintain the highest standards of Corporate Governance. Your Directors adhere to the requirements set out by the Securities and Exchange Board of Indias Corporate Governance practices and have implemented all the stipulations prescribed. A separate report each on corporate governance and management discussions and analysis is given elsewhere in the annual report are annexed hereto as part of Annual Report along with Auditors Certificate on its due compliance. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS AND OUTGO a. Conservation of Energy & Technology Absorption: Since the Company is engaged in NBFC activities & generation of electricity by wind power in which no energy is consumed, information relating to conservation of energy and technology absorption are not applicable under section 217 (1) (e) of the Companies Act, 1956 read with the Companies (Disclosure of Particulars in the Report of Board of Directors). b. Foreign Exchange Earnings and Outgo: There was no Foreign Exchange earnings and outgo during the year under review. APPRECIATION & ACKNOWLEDGEMENT Your Directors appreciate the valuable co-operation extended by the Companys Bankers, monitoring agency & other Central and State Government departments, SEBI, RBI, Banks, TNEB (Tamil Nadu Electricity Board) and Clients for their continued support. Your Directors also express its deep gratitude for wholehearted and continuous support extended by the members who have always been a source of strength for the Company. For and on behalf of Board of Directors Sd/- Place: New Delhi S. C. Goyal Date : 30/09/2008 Chairman

Director’s Report