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Consolidated Finvest & Holdings Ltd.

BSE: 500226 Sector: Financials
NSE: CONSOFINVT ISIN Code: INE025A01027
BSE LIVE 05:30 | 01 Jan Stock Is Not Traded.
NSE LIVE 15:17 | 09 Dec 57.90 -1.55
(-2.61%)
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Consolidated Finvest & Holdings Ltd. (CONSOFINVT) - Director Report

Company director report

DIRECTORS

To the members

Your Directors have pleasure in presenting the 27th Annual Report of your companytogether with the audited accounts of the company for the year ended 31st March2013.

FINANCIAL RESULTS

(Rs. In Lacs)
Year ended 31-3-2013 Year ended 31-3-2012
Income 1029 531
Profit before Interest, Depreciation & Tax 861 478
Less:
i. Provision for Depreciation 5 5
ii. Provision for Taxation 156 29
iii. Deferred Tax Liability/(Asset) for the year (68) 77
iv. MAT Credit entitlement (1) -
v. I. Tax relates to earlier year - 5
Profit After Tax 769 362
Less : Loss from discounting operations 8 9
Add : Taxation related to discounting operations (1) 1
Profit for the Year 762 354
Add: Previous year profit brought forward 2510 3916
Balance Available for appropriations 3272 4270
Appropriations
Dividend (Proposed) - 162
Tax on Dividend - 26
Transfer to Reserve Fund 154 72
Transfer to General Reserves - 1500
Balance Carried to Balance Sheet 3118 2510

OPERATIONS

During the year your Company has earned a profit after tax of Rs 769 lacs as comparedto Rs. 362 lacs in the previous year. The profit earned is mainly on account of MutualFund Redemption, dividend and Interest received.

DIVIDEND

Your Directors intend to plough back available resources for financial requirements andexpress their inability to recommend any dividend for the year under review.

DEPOSITS

The Company has not accepted any deposit and the provisions of Section 58A of theCompanies Act, 1956 are not applicable to the Company.

RBI REGULATIONS

Your Company continues to fulfill all the applicable prevailing norms and standard laiddown by the Reserve Bank of India (RBI) and regularly filing all the returns.

DIRECTORS

Shri Sanjiv Kumar Agarwal is retiring by rotation at the ensuing Annual GeneralMeeting, and being eligible, offers himself for re-appointment.

AUDIT COMMITTEE

At present the audit committee comprises of the following Directors: Shri GhanshyamDass Singal (Chairman) Shri Praveen Bansal Shri Sanjiv Kumar Agarwal Shri Radhey Shyam

CORPORATE GOVERNANCE

The Company has complied with the mandatory provisions of Corporate Governance asprescribed in terms of clause 49 of the Listing Agreement with the Stock Exchanges. Aseparate report on Corporate Governance is included as a part of the Annual Report alongwith Auditor’s Certificate on its compliance.

SUBSIDIARY COMPANIES

Jindal Photo Investments Limited, Consolidated Finvest & Investments Limited,Budhiya Marketing Private Limited and Glow Infrabuild Limited are the wholly ownedsubsidiary of our company and Jesmin Investments Limited, Horizon Propbuild Limited andGlobal Nonwovens Limited are also the subsidiaries of the company.

LISTING OF COMPANY’S SHARES ON STOCK EXCHANGES

The Company’s shares are listed on "The National Stock Exchange of IndiaLimited" (NSE). The listing fee up to the year 2013-2014 has already been paid to thestock exchange.

CONSOLIDATED FINANCIAL STATEMENTS

In accordance with Accounting Standard-21 (Consolidated Financial Statements), theConsolidated Financial Statements form part of this report & accounts. These FinancialStatements have been prepared from the audited financial statements received fromSubsidiary Companies, as approved by their respective Boards.

FINANCIAL STATEMENTS OF SUBSIDIARY COMPANIES

General Exemption Under Section 212(8)

The Ministry of Corporate Affairs, Government of India has allowed general exemption toCompanies from complying with Section 212(8) of the Companies Act, 1956, provided suchcompanies to publish audited consolidated financial statements in the Annual report. YourBoard has decided to avail the said general exemption from applicability of provisions ofCompanies Act, 1956 and accordingly, the Annual Accounts of the Subsidiaries of theCompany viz. Jindal Photo Investments Limited, Consolidated Finvest & InvestmentsLimited, Global Nonwovens limited, Glow Infrabuild Limited, Horizon Propbuild Limited,Budhiya Marketing Limited and Jesmin Investments Limited for the financial year endedMarch 31, 2013 are not being attached with the Annual report of the Company and thespecified financial highlights of the said Subsidiary Companies are disclosed in theAnnual Report , as part of the Consolidated Financial Statements. The Audited AnnualAccounts and related information of the subsidiaries will be made available, upon requestand also be open for inspection at the Registered Office, by any Shareholder.

AUDITORS

M/s Kanodia Sanyal & Associates, Chartered Accountants, New Delhi, the auditors ofyour Company, retire at the ensuing Annual General Meeting and your directors recommendtheir re-appointment. They have furnished a certificate to this effect that theirre-appointment, if made, will be in accordance with sub-Section (1B) of Section 224 of theCompanies Act, 1956.

AUDITORS’ REPORT

The comments/observations of Auditors are explained in the Notes to the Accounts,forming part of the Balance Sheet as at 31st March, 2013 which are selfexplanatory and, therefore; do not call for any further comment under Section 217(3) ofthe Companies Act, 1956.

ENERGY CONSERVATION, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO

The provisions of clause 2(A) (d) of the Companies (Disclosure of particulars in thereport of Board of Directors) Rules, 1988, in so far as it relates to conservation ofenergy and technology absorption are not applicable, as the company does not have anymanufacturing activity.

The Company is also not having any foreign exchange earnings and outgo during theperiod under review.

PERSONNEL

Your Directors would like to place on record their appreciation of the dedicated andloyal services rendered by the officers and staff of the Company. The information requiredunder Section 217(2A) of the Companies Act, 1956 read with the Companies (Particulars ofEmployee) Rules, 1975 are not applicable to the Company as there is no employee who hasreceived the remuneration of Rs. 5,00,000 per month and/or above or Rs. 60,00,000 perannum and/or above during the year under review.

DIRECTORS’ RESPONSIBILITY STATEMENT AS PER SECTION 217(2AA) OF THE COMPANIES ACT,1956.

The Directors confirm: a. That in the preparation of the annual accounts, theapplicable accounting standards have been followed along with proper explanations relatingto material departures, if any; b. That they have selected such accounting policies andapplied them consistently and made judgments and estimates that are reasonable and prudentso as to give a true and fair view of the state of affairs of the Company at the end ofthe financial year and of the profit or loss of the company for the year under review; c.That they have taken proper and sufficient care for the maintenance of adequate accountingrecords in accordance with the provisions of the Companies Act, 1956, and for preventingand detecting frauds and other irregularities; d. That they have prepared the annualaccounts on a ‘going concern’ basis.

ACKNOWLEDGEMENT

The Directors express their gratitude towards the Banks and various other agencies forthe cooperation extended to the company. The Directors also take this opportunity to thankthe shareholders for the confidence reposed by them in the company.

The employees of the company contributed significantly in achieving the results. TheDirectors take this opportunity to thank them and hope that they will maintain theircommitment towards excellence in the years to come.

For and on behalf of the Board
Place : New Delhi (Radhey Shyam) (G.D. Singal)
Dated : 7th August 2013 Managing Director Director

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