HIMGIRI FINCAP LIMITED
ANNUAL REPORT 2001-2002
HIMGIRI FINCAP LIMITED
Your Directors have pleasure in presenting the Eighth Annual Report
together with the Audited Statement of Accounts for the year ending 31st
In view of the losses, your Directors do not recommend any dividend.
2. COMPANIES OVERALL PERFORMANCE:
It is that time of the year again, when we look back at the year gone by
and look forward to the future that awaits us. The last financial year has
seen the most ups and downs in the capital market due to various reasons,
viz problem with the Unit Trust of India, Drought condition in various
states, budget proposals 2002-2003, scams in Indian & American Companies
and due to Political instability. This has contributed to the declining
investors confidence in the Stock Markets. However, the capital Market,
being the pulse of Indian Economy, have been deeply looked into by the
market regulator who are taking all necessary steps to improve the
sentiments. We hope that the market will improve and the following year
will stow some good results.
- To appoint a Director in plate of Shri Mukesh Kumar Jain who retires by
rotation and being j eligible, offers himself for re-appointment.
- Shri Ravi Kumar Lal, Shri Amit Goel and Shri Vishal Goyal were appointed
as additional director with effect from 16th August, 2002.
4. CORPORATE GOVERNANCE:
As mentioned in our last report also the Stock Exchanges have amended the
Listing Agreement by incorporating a new clause covering Corporate
Governance which is an important instrument of investor protection. As, per
the amendment, your Company Is required to comply with the requirements
from the Financial Year 2002-2003. Your Company has Commenced the
implementation of the required provisions of Corporate Governance, and will
ensure that all mandatory provisions be fully complied with before the last
date prescribed by the Stock Exchanges.
5. DIRECTORS RESPONSIBILITY STATEMENT:
Pursuant to the requirement under section 217 (2AA) of the Companies Act,
1956 with respect to Directors Responsibility Statement, it is hereby
i. that in the preparation of the annual accounts for the financial year
ended 31st March, 2002, the applicable accounting standards have been
followed along with proper explanation relating to material departures.
ii. that the directors have 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 at the end of the financial year and of the loss of the Company for
the year under review.
iii. that 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 aril for preventing and detecting fraud and other irregularities.
iv. that the directors have prepared the annual accounts for the financial
year ended 31st March, 2002 on a going concern basis.
v. As indicated in our. previous year report, all actions which have been
legally advised, has been initiated against Mr. Arun Kumar Jain the
terminated director of the company. Should any further offences come to
light the required action, as the Company may be advised, will also be
taken. The Board of Directors acknowledges the gravity of situation and all
possible steps are being taken to restore the financial health of the
6. AUDITORS QUALIFICATIONS:
With reference to Auditors main report pare No.4, the provision for
doubtful debts has not been considered necessary as the matter is
subjudice. However, efforts are being made to recover the amount.
7. AUDIT COMMITTEE:
An Audit Committee was formed after the introduction of Section 292A of the
Companies Act, 1956 which comprises Shri K.K. Goel, Shri Mukesh Kumar Jain
and Shri Mohan P. Patel. The Audit Committee Meetings were also attended by
the Manager Finance and the statutory auditor.
The committee met three times during the year and the attendance of the
members at the meeting was as follows:
Name of Member Status No. of Meetings attended
Kamlesh Kumar Goel Chairman 3
Mukesh Kumar Jain Member 3
Mohan P. Patel Member 3
8. CONSERVATION OF ENERGY, TECHNOLOGY, ABSORPTION, FOREIGN EXCHANGE EARNING
The Company being in the financial sector, the particulars required under
Section 217(1)(e) of the Companies Act, 1956 read with the Companies
(Disclosure of particulars in the Report of Board of Directors) Rules, 1988
are not applicable, except Foreign Exchange earning and outgo. However, the
Company has not earned or spent any foreign exchange during the year.
9. STOCK EXCHANGES:
Your Company's Shares are listed in the following Stock Exchanges:
(i) The Delhi Stock Exchange Association Ltd.
(ii) The Stock Exchange, Mumbai.
M/S. VIPAN KUMAR AGGARWAL & ASSOCIATES, Chartered Accountants, retiring at
the ensuing Annual General Meeting are eligible for re-appointment.
11. PARTICUALRS OF EMPLOYEES:
The Company did not employ any person during the year, who was in receipt
of remuneration of not less than Rs.12,00,000/- per annum, if employed for
whole of the year or not less than Rs.1,00,000/- per month, if employed for
part of the year. Hence the particulars of the employees pursuant to the
provisions of Section 217(2A) of the Companies Act, 1956 are not
The Board wishes to record its appreciation for the efforts put in by the
.employees of the company. The Board also acknowledges the support received
from its clients, Bankers and National Stock Exchange and from the
shareholders who have reposed the confidence in the management of the
For and on behalf of the Board of Directors
Place: New Delhi K.K. GOEL
Dated: 2nd September, 2002 Director