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S I Capital and Financial Services Directors Report, S I Capital Reports by Directors
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S I Capital and Financial Services

BSE: 530907|ISIN: INE417F01017|SECTOR: Finance - Leasing & Hire Purchase
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Directors Report Year End : Mar '14    Mar 13
Dear Members,
 
 The Directors have pleasure in presenting the 20th Annual Report
 together with the Audited financial statements of your Company for the
 year ended 31st March, 2014.
 
 FINANCIAL HIGHLIGHTS
 
 The highlights of the financial performance of the Company are as
 follows:
 
                                                     ( Rs. in Lakhs)
 
      Particulars           Year Ended                  Year Ended
                            31.03.2014                  31.03.2013
 
      Total Income                24.03                 28.60
 
      Total Expenditure           18.40                 20.99
 
      Profit / (Loss) 
      before depreciation         5.63                   7.61
 
      Less: Depreciation          1.92                   0.48
 
      Profit / (Loss) 
      after Tax                   1.93                   4.01
 
      Paid Up Capital           300.00                 300.00
 
 OPERATIONS
 
 The Directors are very keen to convert the idle asset like the property
 at Cochin to cash to improve the liquidity and to carry on the core
 business of the company.
 
 The Company is taking all possible efforts to improve the performance
 and achieve better results in future years.
 
 DIVIDEND
 
 In view of insufficient Profits, Your Directors do not recommend any
 dividend for the financial year ended 31st March 2014.
 
 INDUSTRY STRUCTURE & DEVELOPMENT
 
 The Company''s activity is mainly dealing in foreign exchange
 transactions.
 
 OPPORTUNITIES & THREATS
 
 Due to heavy competitions in forex market, margins in foreign exchange
 transactions have been reduced and the Company is taking all possible
 efforts to perform better and also been very careful and selective when
 doing sales as creditably factor is of most importance.
 
 INTERNAL CONTROL SYSTEMS & ADEQUACY
 
 Suitable control measure has been put in place and periodic checks are
 done to ensure norms are followed.  The Company has adequate internal
 control procedures commensurate with the size of the company and the
 nature of its business.
 
 OUTLOOK
 
 The Management is exploring avenues of diversified lines of business
 activity as the income generated from Money Changing Business does not
 seems attractive due to heavy competition. The Company has looked at
 consolidating its position and checking various options and avenues for
 increasing business and improving the performance of the Company.
 
 Since the hotel project as mentioned in the last report, is still in
 the stage of completion, we are still contemplating to invest on this
 project.
 
 DIRECTORS
 
 Mr. Sanjay Arjundas Wadhwa (DIN: 00203083) Director is liable to retire
 by rotation and being eligible offers himself for re-appointment.
 
 AUDITORS
 
 The Auditors of the Company M/s. Sudhindran & Co, Chartered
 Accountants, Chennai (bearing Firm Reg No.006019S) retire at the
 conclusion of this meeting and being eligible offer themselves for re-
 appointment to hold office till the conclusion of the next Annual
 General Meeting.
 
 PARTICULARS OF EMPLOYEES AS PER SECTION 217(2A) & INFORMATION PURSUANT
 TO SECTION-217(2AA) OF THE COMPANIES ACT, 1956
 
 There are no employees drawing remuneration in excess of the limits
 specified under Section-217 (2A) of the Companies Act, 1956 read with
 Companies (Particulars of Employees) Rules, 1975. The Company has
 maintained cordial relationship with its employees throughout the year.
 
 None of the Directors of the company are disqualified from being
 appointed as a Director under Section-274(1) (g) of the Companies Act,
 1956.
 
 DIRECTORS RESPONSIBILITY STATEMENT U/S.217 (2AA) OF THE (COMPANIES
 AMENDMENT) ACT, 2000, INDICATING THEREIN;
 
 i) That in the preparation of the Annual Accounts for the financial
 year ended 31.03.2014, 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 judgements and estimates that are
 reasonable and prudent so as to give a true and fair view of the state
 of affairs of the company as on 31.3.2014and of the profit of the
 company for the financial year ended 31.3.2014.
 
 iii) That 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;
 
 iv) That the directors had prepared the annual accounts for the
 financial year ended 31.03.2014 on a going concern basis.
 
 CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION &
 FOREIGN EXCHANGE EARNINGS AND OUTGO
 
 A.  Conservation of Energy                    - Not Applicable
 
 B.  Technology Absorption                     - Not Applicable
  
 C.  Foreign Exchange Earnings and Outgo       - Nil
  
 DEPOSITORY SYSTEM
 
 Pursuant to the directions of the Securities and Exchange Board of
 India, the company''s Securities have been dematerialised and also
 admitted into National Securities Depository Limited and has been
 allotted with ISIN - INE417F01017.
 
 CORPORATE GOVERNANCE
 
 The Corporate Governance Report as set out in Annexure hereto forms an
 integral part of this Report.  A Certificate from the Auditors of the
 company certifying compliance of the conditions of Corporate Governance
 as stipulated in Clause 49 of the Listing Agreement with Stock
 Exchanges is also annexed to the Report on Corporate Governance.
 
 PUBLIC DEPOSITS
 
 The Company has not accepted any Public Deposits during the year.
 
 STATEMENT PURSUANT TO LISTING AGREEMENT
 
 The Company''s shares are listed with Madras Stock Exchange and Stock
 Exchange Mumbai. Your company has paid the Annual listing Fees
 up-to-date and there are no arrears with the respective stock
 exchange(s).
 
 FUTURISTIC STATEMENTS
 
 This analysis may contain certain statements, which are futuristic in
 nature. Such statements represent the intentions of the management and
 the efforts being put in by them to realize certain goals. The success
 in realizing these goals depends on various factors, both internal and
 external. Therefore the investors are requested to make their own
 independent judgments by taking into account all relevant factors
 before any investment decision.
 
 ACKNOWLEDGEMENT
 
 Your director''s place on record the valuable services rendered by the
 Company''s Shareholders employees, Bankers and other agencies associated
 with the company. The Board looks forward to their continued support in
 our future endeavours.
 
 
 For & On Behalf of the Board of Directors 
                                                Sd/-           Sd/-
  Place: Chennai                             V.A.Kurien  Sanjay Arjundas
  Date : 01.07.2014                                         Wadhwa
Source : Dion Global Solutions Limited
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