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Nu-Tech Corporate Services Ltd.

BSE: 526313 Sector: Financials
NSE: N.A. ISIN Code: INE041C01012
BSE LIVE 11:02 | 24 Aug Stock Is Not Traded.
NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 1.56
PREVIOUS CLOSE 1.64
VOLUME 15000
52-Week high 1.56
52-Week low 0.00
P/E
Mkt Cap.(Rs cr) 2
Buy Price 0.00
Buy Qty 0.00
Sell Price 1.56
Sell Qty 12000.00
OPEN 1.56
CLOSE 1.64
VOLUME 15000
52-Week high 1.56
52-Week low 0.00
P/E
Mkt Cap.(Rs cr) 2
Buy Price 0.00
Buy Qty 0.00
Sell Price 1.56
Sell Qty 12000.00

Nu-Tech Corporate Services Ltd. (NUTECHCORP) - Director Report

Company director report

DIRECTORS

Your Directors present their Twenty Fifth Annual Report of the Company together withthe Audited Statement of Accounts for the year ended March 31 2014.

1. FINANCIAL RESULTS

April 01 2013 to March 31 2014 April 01 2012 to March 31 2013
(A) Gross income 2288500 2289500
Profit / (Loss) before depredation provision for non performing assets written back (24239449) (24257782)
Less: Depreciation 771089 628508
Add: Provision written back for Non- Performing assets (net)
Profit/(Loss) before Tax (25010538) (24886290)
Provision for tax
Profit/(Loss) after tax (25010538) (24886290)
Add: Balance brought forward (579229157) (554342867)
(B) Leaving a balance to be earned forward (604239695) (579229157)
Basic and diluted earnings per equity share (Rs.) (2.08) (2.07)

In view of the carried forward losses your directors are unable to recommend anydividend.

2. OPERATING RESULTS

The Company still continues to concentrate its efforts to recover its dues from NonPerforming Assets (NPA) accounts arising out of it's leasing/hire purchase activities. TheCompany is exerting all its efforts in making more and more recoveries.

3. FIXED DEPOSITS

The Company does not accept any fixed deposits.

4. OUTLOOK

Due to high NPAs and slow recovery the company cannot contemplate on starting any newbusiness.

5. DIRECTORS

In accordance with the Articles of Association of the Company Mr. Mahesh Jain Directorretire at the ensuing Annual General Meeting.

The Company has appointed Mr. Mahesh Jain Mr. B.S. Rajpurohit and Mrs. Ragini Gupta asIndependent Directors from time to time.

The Companies Act 2013 provides for appointment of Independent Directors. Sub section(10) of Section 149 of the Companies Act 2013 (effective April 1 2014) provides thatindependent directors shall hold office for a term of up to five consecutive years on theBoard of a company; and shall be eligible for re-appointment on passing a specialresolution by the shareholders of the company.

Sub section (11) states that no independent director shall be eligible for more thantwo consecutive terms of five years. Sub section (13) states that the provisions ofretirement by rotation as defined in sub sections (6) and (7) of Section 152 of the Actshall not apply to such independent directors.

The Company has received Notices in writing from a Member alongwith the deposit oftherequisite amount under Section 160 of the Act proposing the candidatures of Mr. MaheshJain Mr. B.S. Rajpurohit and Mrs. Ragini Gupta for the office of Independent Directors ofthe Company.

The Company 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 under Clause 49 of theListing Agreement with the Stock Exchange.

Brief Resume of the Directors nature of expertise in specific functional areas namesof companies in which the Directorship is held and the membership of the Committees of theBoard and their shareholdings in the Company are given in the Notice for the ensuingAnnual General Meeting.

6. AUDITOR'S REPORT

The observations made by the auditors in para x of the Annexure to the Auditors' Reporthave been appropriately dealt with in the notes forming part of the accounts.

With reference to their statement set out in para xvii of the Annexure to the Auditor'sReport management is of the opinion that since the Company does not have adequate longterm funds partly short term funds have been used to finance the losses.

7. AUDIT COMMITTEE

The Audit Committee comprises of Mr. B.S. Rajpurohit (Chairman) Mr. Mahesh Jain andMrs. Ragini Gupta all being Non-Executive Independent Directors. The Audit Committee met4 times during the year under review.

8. AUDITORS

Mis. Prashant Wakhariya & Co. Chartered Accountants (Firm Registration No.048877) retire at the conclusion of the ensuing Annual General Meeting. They have beenAuditors of the Company from Financial Year 2008-09 i.e. for a continuous period of 6years including Financial Year 2013-2014. In terms of the Companies Act 2013 ("thenew Act") and the Rules framed thereunder it is proposed to appoint them asStatutory Auditors of the Company to hold office from the conclusion of the ensuing AnnualGeneral Meeting until the conclusion of the Fourth consecutive AGM of the Company to beheld in the year 2018 (subject to ratification of their appointment by the Members atevery Annual General Meeting held after the ensuing Annual General Meeting).

As required under the provisions of section 139(1) of the new Act the Company hasreceived a written consent from M/s. Prashant Wakhariya & Co. Chartered Accountantsto their being appointed and a Certificate to the effect that their re-appointment ifmade would be in accordance with the new Act and the Rules framed thereunder and thatthey satisfy the criteria provided in section 141 of the new Act.

The Members are requested to elect Auditors as aforesaid.

9. MANAGEMENT DISCUSSION AND ANALYSIS REPORT

Management Discussion and Analysis Report for the year under review as required underClause 49 (IV)(F) of the Listing Agreement with the Stock Exchanges is given as aseparate statement in the Annual Report.

10. CORPORATE GOVERNANCE

A separate section on Corporate Governance forms part of the Annual Report. Acertificate regarding compliance of conditions of Corporate Governance as stipulated underClause 49 of the Listing Agreement forms part of the Annual Report.

11. DIRECTORS' RESPONSIBILITY STATEMENT

Pursuant to Section 217 (2AA) of the Companies (Amendment) Act 2000 your Directorsconfirm that;

(a) in the preparation of the accounts the applicable accounting standards have beenfollowed;

(b) appropriate accounting policies have been selected and applied consistently andthat the Directors have made judgments and estimates that are reasonable and prudent so asto give a true and fair view of the affairs of the Company for the year ended March 312014;

(c) proper and sufficient care has been taken for the maintenance of adequateaccounting records in accordance with the provisions of the Companies Act 1956 forsafeguarding the assets of the Company and for preventing and detecting fraud and otherirregularities; and

(d) the accounts have been prepared on a going concern basis.

12. PARTICULARS OF EMPLOYEES UNDER SECTION 217{2A)

There are no employees whose particulars are required to be disclosed in terms of theprovisions of Section 217 (2A) of the Companies (Particulars of Employees) Rules 1975 asamended.

13. CONSERVATION OF ENERGY TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS ANDOUTGOINGS

Your Company is not engaged in any manufacturing activities and therefore there areno particulars to be disclosed under the Companies (Disclosure of Particulars in theReport of the Board of Directors) Rules 1988 relating to conservation of energy ortechnology absorption. During the year under review the Company did not earn any foreignexchange and there was no expenditure in foreign exchange.

14. ACKNOWLEDGEMENTS

Your Directors wish to thank the shareholders for their continued confidence in theCompany.

For and on behalf of the Board of Directors
B.S. Rajpurohit
Place: Mumbai Chairman
Date: August 14 2014 (DIN: 00171666)