To The Members of Amulya Leasing and Finance Limited.
The Board of Directors have pleasure in presenting the 28th Annual Report onthe business and operations of the Company together with the audited financial statementsand accounts for the year ended March 31 2014.
During the year under review the Company has earned a Net Profit of Rs. 3640161.25as compared to a Net Profit of Rs. 3563946.82 in the previous year. The Financial sectorremains subdued during FY 2013-14 and the company averse of any risk to be taken for smallgains and hence no operations being carried out during the year under review. Yourdirectors are taking various initiatives for overall better performance of the companyimproved profits in the years to come. The details of financial performance of the Companyare appearing in the Balance Sheet and Profit & Loss Account for the year appendedhere with.
The Company has inadequate profits during the year under review and as such yourDirectors do not recommend any dividend considering the need to augment the resources foroperational purposes.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
A detailed discussion on the Companys operations is presented in the chapter onManagement Discussion and Analysis which forms part of this Annual Report.
In the current year the global economy continued to witness sluggish growth. Overallgrowth at 3 per cent was 0.5 per cent lower compared to the pre crisis levels in 2008. Thegrowth of Indian economy also slowed down significantly. GDP growth for the Financial year2013-14 is expected to be around 5.5 per cent the slowest growth in more than a decade.Constant high inflation an area of significant concern of the Reserve Bank of India(RBI) and RBI adopted a conservative approach and maintained the bank rates as per theneed of economy as a whole so that the situation in future become more investor friendly.Liquidity remained under pressure throughout the year because of persistently highgovernment cash balances with RBI and elevated incremental credit to deposit ratio forsignificant part of the year. The government is very much serious to improve the growth ofoverall economy by means of implementation of new and speedy projects of infrastructure /basic needs utilities development in rural areas. Your directors hope for improvement inthe performance of the company as the steps for development will be taken by thegovernment which ultimately leads to financial sector reforms in coming days andhenceforth implementation of innovative and effective decisions.
Mr. Rahul Jain retires by rotation at the ensuing Annual General Meeting and beingeligible offers himself for re-appointment. Necessary resolution for the re-appointment ofthe aforesaid director has been included in the Notice convening the Annual GeneralMeeting.
Pursuant to Section 149 and other applicable provisions of the Companies Act 2013your Directors are seeking appointment of Mr. Rajeev Kohli and Mr. Rahul Jain asIndependent Directors for the terms given in the Notice of the 28th AnnualGeneral Meeting.
The proposals regarding the appointment / re-appointment of the aforesaid directors areplaced for your approval. Details of the proposal for the appointment of above IndependentDirectors are mentioned in the Explanatory Statement under Section 102 of the CompaniesAct 2013 of the Notice of the 28th Annual General Meeting.
The Board of directors of the company recommend their appointment / re-appointment. Thecompany has received declarations from all the Independent Directors of the Companyconfirming that they meet with the criteria of independence as prescribed both undersub-section (6) of Section 149 of the Companies Act 2013 and Clause 49 of the ListingAgreement with the Stock Exchanges.
DIRECTORS RESPONSIBILITY STATEMENT
Pursuant to Section 217(2AA) of the Companies Act 1956 with respect to theDirectors Responsibility Statement it is hereby confirmed:
a) that in the preparation of the accounts for the financial year ended March 31 2014the applicable accounting standards have been followed along with proper explanationrelating to material departures if any;
b) that the directors have selected such accounting policies and applied themconsistently and made judgments and estimates that were reasonable and prudent so as togive a true and fair view of the state of affairs of the Company at the end of thefinancial year and of the profit of the Company for the year under review;
c) that the directors have taken proper and sufficient care for the maintenance ofadequate accounting records in accordance with the provisions of the Companies Act 1956for safeguarding the assets of the Company and preventing and detecting fraud and otherirregularities; d) That the directors have prepared the accounts for the financial yearended March 31 2014 on a going concern basis.
CORPORATE GOVERNANCE REPORT
A report on Corporate Governance as stipulated under Clause 49 of the Listing Agreementform part of the Annual Report. A certificate from M/s. R. Mahajan & AssociatesChartered Accountants with regard to Compliance of the provisions of clause 49 of thelisting agreement by your company is attached hereto as Annexure and forms part of thisreport.
Your Company has taken adequate steps for strict compliance with the CorporateGovernance guidelines as amended from time to time.
The Audit Committee of the Board of Directors which is to function in accordance toterms of reference as contained in Clause 49(II)(c) (d) & (e) of the ListingAgreement and Section 177 of the Companies Act 2013 comprises of 3 members namely Mr.Rahul Jain Mr. Rajeev Kohli and Mr. Sameer Gupta and Mr. Rahul Jain acts as the Chairmanof the said Committee. The committee reviews the companys financial information andthe quarterly/ half yearly/ annual financial statements before they are submitted to theBoard of Directors and performs such other functions in accordance with the terms of itsreference. The Audit Committee of your company has been functioning in compliance to theafore-mentioned guidelines.
The Auditors of the Company M/s. R. Mahajan & Associates Chartered Accountantshold office till the conclusion of the ensuing Annual General Meeting and are eligible forre-appointment.
The company has received letters from them to the effect that their re-appointment ifmade would be within the prescribed limits under Section 141(3)(g) of the Companies Act2013 and they are not disqualified for reappointment.
Notes to Accounts referred in the Auditors Report are self-explanatory and thereforedo not require any further comments.
During FY 2013-14 the company did not accept/renew any deposits within the meaning ofSection 58A of the Companies Act 1956 and the rules made there under and as such noamount of principal or interest was outstanding as on the Date of Balance Sheet.
UNCLAIMED / UNPAID DIVIDEND
Your Company has not declared any dividend so far. Thus there is no unclaimed orunpaid dividend as on March 31 2014.
PARTICULARS OF EMPLOYEES
There is no employee whose particulars are required to be furnished in terms of Section217(2A) of the Companies Act 1956 and rules made there under.
CONSERVATION OF ENERGY TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO
Your company has no activity relating to conservation of energy and technologyabsorption. The company did not have any foreign exchange income or outgo.
RESERVE BANK OF INDIAS DIRECTIONS
Your Company being a Non Banking Finance Company (NBFC) continues to comply with allthe requirements prescribed by the Reserve Bank of India from time to time.
The equity shares of the company are listed at Bombay Stock Exchange and Delhi StockExchange.
The Board acknowledges with gratitude the co-operation and assistance provided by theCompanys bankers financers government and non-government agencies. Therelationship with the employees remained cordial and your Directors wish to place onrecord their appreciation for the contribution made by the employees at all levels. TheDirectors also thank the shareholders for their continued support.
| ||For and on behalf of the Board of Directors || |
| ||Sd/- ||Sd/- |
|Place: Delhi ||(Sameer Gupta) ||(Meenakshi Gupta) |
|Dated: August 14 2014 ||Director ||Director |