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Prem Somani Financial Services Directors Report, Prem Somani Reports by Directors
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Prem Somani Financial Services

BSE: 530669|ISIN: INE035401012|SECTOR: Finance - Leasing & Hire Purchase
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Directors Report Year End : Mar '14    Mar 13
Dear Shareholders,
 
 The directors are pleased to present their 23rd Annual Report on the
 Business and operations of your company and its working Results for the
 year ending March 31,2014.
 
 1. OPERATIONS
 
 The Summarised financial highlights are as under:
 
 Sr.No Particular                    As at 31.03.2014   As at 31.03.2013
 
 1   Sales/ Income                           5,77,071           6,48,469
 
 2   Rent Received                           1,17,000             74,000
 
 3   Other Income/Excess Prov.W/back             1505                  -
 
     Total Income                            6,95,576           7,22,469
 
 4   Total Expenditure                       5,49,847           5,25,271
 
 5   Operating Profit/(Loss)                 1,45,729           1,97,198
 
 6   Depreciation                              48,507             56,025
 
 7   Profit /(Loss) before Tax                 97,222           1,41,173
 
 8   Provision for Taxation                    28,860             45,024
 
 9   Deferred Tax Assets Created/W/Back*      (9,229)           (10,579)
 
 10   Profit/(Loss) after tax                  83,673           1,06,728
  
 11   Balance Carried Forward from      (1,08,61,449)      (1,09,68,177)
      last Year
 
 12   Balance Carried to Balance Sheet  (1,07,94,511)      (1,08,61,449)
 
 Deferred tax assets/liabilities has been created to comply with AS-22
 issued by the Institute of Chartered Accountants of India
 
 1.  DIVIDEND
 
 In view of the Carried forward losses and inadequate profit during the
 year, the directors are unable to declare any dividend for the year.
 
 2.  CAPITAL
 
 During the Year the Authorised & Issued Subscribed and Paid- up Capital
 remain unchanged at Rs. 7,00,00,000/-and Rs. 3,30,34,000/-respectively.
 
 3.  DEPOSITS
 
 In terms of the provisions of Section 58A of the Companies Act,
 1956''read with the Companies (Acceptance of Deposit) Rules, 1975, The
 Company has not accepted any fixed cfeposit during the year under
 review.
 
 4.  CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND POLLUTION CONTROL
 AND FOREIGN EARNINGS AND OUTGO
 
 The Company has no activity relating to conservation of energy and
 technology absorption. There were no foreign exchange earnings and
 outgo during the year.
 
 5.  AUDITORS
 
 M/s S. Misra and Associates, Chartered Accountants have been
 reappointed by the Board of Directors to hold office till the
 conclusion of ensuing Annual General Meeting.
 
 6.  AUDIT COMMITTEE:-
 
 Audit Committee consists following directors,
 
        Mr. Virendra Krishna                   Chairman
 
        Mr. Vikas Khator                       Member
 
        Mr.NawneetSomani                       Member
 
 Meeting of the committee was held during the financial year in
 accordance with section 292A of the CompaniesAct, 1956 -
 
 7.  CORPORATE GOVERNANCE
 
 In pursuance of Clause 49 of the Listing Agreement entered into with
 the recognised Stock Exchanges, a separate section on Corporate
 Governance has been incorporated in the Annual Reportforthe information
 of Shareholders.  Certificate of the Auditors regarding compliance with
 the conditions of Corporate Governance as stipulated in clause 49 of
 the Listing agreement is also annexed with this annual report.
 
 8.  AUDITOR''S REPORT
 
 The notes to the Accounts referred to in the Auditor''s Report are self-
 explanatory and, therefore, do not call for any further explanation
 under Section 217(3) of the CompaniesAct, 1956.
 
 9.  DIRECTOR''S RESPONSIBILTY STATEMENT
 
 In term of Section 217 (2AA) of the CompaniesAct, 1956, the directors
 would like to State that:
 
 i) In the preparation of the annual accounts, the applicable accounting
 standards have been followed.
 
 ii) The directors have selected such accounting policies and applied
 them consistently and made judgments and estimates that were reasonable
 and prudent so as to give a true and fair view of the state of affair
 of the Company as at the end of the financial year under review.
 
 iii) The directors have taken proper and sufficient care for the
 maintenance of adequate accounting, records in safeguarding the assets
 of the Company and for preventing and detecting fraud and other
 irregularities.
 
 iv) The directors have prepared the annual accounts on a going concern
 basis.
 
 10.  MANAGEMENT DISCUSSION AND ANALYSIS REPORT
 
 A Detailed Management Discussion & Analysis report as required under
 clause 49 (IV) (F) on the Financial Condition and Result of operations
 of the Company is included in this Annual Report.
 
 11. PERSONNEL
 
 There were no employees whose remuneration was in excess of the limits
 prescribed under Section 217 (2A) of the Companies Act, 1956 as per the
 latest amendment.
 
 12. ACKNOWLEDGMENT
 
 The Board takes this opportunity to express its sense of gratitude to
 all the Shareholders, Government Departments, Bankers and other
 Business Consultants of the Company.
 
                                                  BY ORDER OF THE BOARD
                             FOR PREM SOMANI FINANCIAL SERVICES LIMITED
 
                                             Nawneet Somani   Prem Lata
                                                   Director    Director
 
 Place: Jaipur
 
 Dated: August 26,2014
Source : Dion Global Solutions Limited
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