AVAILABLE FINANCE LIMITED
ANNUAL REPORT 2011-2012
Your directors have pleasure in presenting the 20th Annual Report together
with the audited financial results for the period ended on 31st March,
Rs. in Lakhs
Particulars 31.03.2012 31.03.2011
Income 158.34 76.60
Profit Before Taxation 52.38 45.87
Less: Provision for Tax 14.44 12.92
Less: Income Tax Earlier Year - (1.35)
Less: Provision for Deferred Income Tax 0.63 0.72
Profit for the year 37.31 33.59
EPS 0.39 0.36
In the absence of adequate profits the directors regret their inability to
recommend any dividend for the year.
The company has neither invited nor accepted any deposits during the year
and also complied with the requirements of Non Banking Financial Companies,
Reserve Bank directives and the rules made there under.
DISCLOSURES AS PER TERMS OF PARAGRAPH 13 OF NON-BANKING FINANCIAL COMPANIES
PRUDENTIAL NORMS (RESERVE BANK) DIRECTIONS, 2007:
The disclosures as required under Non-Banking Financial Companies
Prudential Norms (Reserve Bank) directions, 2007 is enclosed with the
AUDITORS & AUDITORS' REPORT:
The Auditor's Report given elsewhere in the annual report is self-
explanatory and does not call any explanation from the Board. M/s. Jain
Doshi & Co. Chartered Accountants, auditor of the company hold office until
the conclusion of ensuing Annual General Meeting and being eligible and
offer themselves for reappointment are recommended for reappointment.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS
Particulars under Companies (Disclosure of particulars in the report of
Directors) Rules, 1988 on conservation of energy and technology absorption
are NIL, being the company is a finance and investment company.
The company is listed with The Bombay Stock Exchange Ltd., Mumbai.
The Company did not have any employee drawing salary in excess of limit
prescribed, as such no particulars as required by provisions of Section 217
(2A) of the Companies Act, 1956 read with Companies (Particulars of
Employees) Rules 1975, as amended is furnished.
The Company is not a manufacturing Company and hence part A and part B of
the Particulars required to be furnished under the companies (disclosure of
particulars in the report of Board of Directors) Rules, 1988 are not
applicable. There was no foreign exchange earning and out go during the
COMPLIANCE OF RESERVE BANK OF INDIA GUIDELINES:
The company is complying circulars and directions issued by the Reserve
Bank of India from time to time.
During the year Mr. Rajendra Sharma is retiring director by rotation and
being eligible and offers himself for re-appointment.
DIRECTOR'S RESPONSIBILITY STATEMENT:
In accordance with the provisions of section 217(2AA) of the Companies Act,
1956, your directors confirm that:
1. In the preparation of annual accounts, the accounting standards issued
by the Institute of Chartered Accountants of India and the requirements of
the Companies Act, 1956, to the extent applicable to the company.
2. The directors have selected such accounting polices 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 affair of the
company at the end of the financial year 2011-12 and of the profit of the
company for that period.
3. The directors have taken proper and sufficient care for the maintenance
of adequate accounting records in accordance with the provisions of the
Companies Act, 1956, for safeguarding the assets of the company and for
preventing and detecting fraud and other irregularities; and
4. The directors have prepared the annual accounts on a going concern
Your Directors would like to express their appreciation of the co-operation
and assistance received from the shareholders, bankers and other business
constituents during the year under review.
For and on Behalf of the Board
Place: Mumbai Sd/-
Date : 24/08/2012 Ajay Mitral
MANAGEMENT DISCUSSION AND ANALYSIS
The Management of the company presents its analysis report covering
performance and outlook of the company. The report has been prepared in
compliance with corporate governance requirement as laid down in the
listing agreement. The Non banking financial services (NBFC) in private
sector in India is represented by a large number of small and medium sized
companies with regional focus. Over the years, our company has steadily
broadened its business activities to cover a wide spectrum of services in
the financial intermediation space with the basic focus on investment &
finance. Your company has reduced its operational cost and carefully
evaluating investments. The company has no NPA account and no bad debts for
the period ended on 31st March 2012.
The Company has a proper and adequate system of internal control to ensure
that all activities are monitored and controlled against any unauthorized
use or disposition of assets. The audit committee of the Board of Directors
reviews the adequacy of internal control.
Considering company's current business activities enterprise resource
planning Module-SAP is not practically feasible and financially viable for
the company. Company's current business activity does not require any
technology up gradation or modernization. Statements in Management
Discussion and Analysis, describing the company's objectives, projections
and estimates are forward looking statements and progressive within the
meaning of applicable security laws and regulations. Actual results may
vary from those expressed or implied, depending upon economic conditions.
Govt., policies and other incidental factors.