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Optimus Finance Ltd.

BSE: 531254 Sector: Financials
NSE: N.A. ISIN Code: INE031G01014
BSE LIVE 14:54 | 17 Oct 24.70 -1.30
(-5.00%)
OPEN

24.70

HIGH

24.70

LOW

24.70

NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 24.70
PREVIOUS CLOSE 26.00
VOLUME 143
52-Week high 37.00
52-Week low 20.85
P/E 32.50
Mkt Cap.(Rs cr) 14
Buy Price 24.70
Buy Qty 57.00
Sell Price 0.00
Sell Qty 0.00
OPEN 24.70
CLOSE 26.00
VOLUME 143
52-Week high 37.00
52-Week low 20.85
P/E 32.50
Mkt Cap.(Rs cr) 14
Buy Price 24.70
Buy Qty 57.00
Sell Price 0.00
Sell Qty 0.00

Optimus Finance Ltd. (OPTIMUSFINANCE) - Director Report

Company director report

DIRECTORS

To

The Members

The Directors are pleased to present the Twenty Third Annual Report and the AuditedAccounts of the Company for the year ended on 31st March 2014.

1. FINANCIAL RESULTS

Particulars 31.03.2014 31.03.2013
Operating Revenue 37.81 61.70
Others 00.04 00.10
Total Income 37.85 61.80
Expenditure 33.54 39.63
Finance Charges 16.16 17.05
Gross Profit/ (Loss) after interest but before depreciation and taxation (11.85) 5.12
Depreciation 3.23 4.61
Profit / (Loss) before Tax (15.08) 0.51
Provision for tax (current) NIL NIL
Deferred Tax Added back/written off NIL: NIL
Profit for the year (15.08) 0.51
Earning per Equity Share
Basic (0.42) 0.01

During the period under review the Company earned total income of Rs. 37.85 lacscompared to Rs.61.80 lacs in the previous year. However due to increase in interestburden and other expenses the net loss aftertax is arrived at Rs.15.08 lacs compared tonet profit of Rs. 0.51 lacs in the previous year.

2. DIVIDEND

In view of carried forward losses your Directors do not recommend any dividend on theEquity Share Capital

3. MANAGEMENT DISCUSSION AND ANALYSIS REPORT

a) Overview of Industry:

Due to de-growth in Industries and weak investment sentiment the various facets ofNBFC activities like equipment finance vehicle finance corporate finance and leasestrategic asset finance housing finance asset management capital products activitiessuffered significantly and have created serious challenges for any company in N B FCsector.

b) Threats and Challenges

The Industry has opportunity for enrooting its activity in rural areas which stillprovides substantial growth plus cultivating innovative financial and capital products formiddle income group of the society and posited to challenges among low capital base highcost of raising funds vigorous regulatory compliances of apex body and increasingcompletion from Banks and financial institutions.

c) Outlook

As far as your Company is concerned it has established itself as investment vehicle inpromoting existing group companies by providing able equity and interse corporate loansfrom time to time and closely monitoring their corporate activities on a day to day basis.The investments so held by the Company have off late started yielding in terms of interestand dividend.

The rental arrangements for Company's unoccupied premises are also time and againgetting renewed to the benefits of the Company.

Moreover your Company has continued on recovering outstanding dues expediting itspending appeals with tax authorities and liquidating its non-yielding loans andinvestments.

As a conscious decision your Company has decided to keep itself away from retail /micro finance activities.

d) Risks and Concerns

Your Company is subject to external risks like increasing interest rates liquiditycrunch inflationary pressure plunging capital market slowdown in Indian and globaleconomy etc. the company manages this risk by conservative financial profile costreducing measures and prudent business practices.

Apart from external risks the performance of your Company is linked to its groupcompanies which are manufactured companies and further subject to the vulnerability of allmarket forces. The company manages this risk by looking the affairs of its group companieswith a peer view on a regular basis.

e) Adequacy of Internal Control

The Company has an adequate internal controls system commensurate with its size and thenature of its business.

The Audit Committee of the Board of Directors reviews the adequacy of internalcontrols.

f) Human Resource Development

Your Company continued to have cordial and harmonious relations with its employees

g) Discussion on financial performance with respect to operational Performance

The Company has generated total income of Rs. 37.85lacs in this financial year. TheLoss after depreciation and interest stood at Rs. 15.08 lacs. There is no need for anyprovision for Non-Performing Assets and Bad Debts. After providing NIL provision for taxesand carried forward loss of Rs. 15.08 lacs and after transfer of Rs. 2.21 lacs toStatutory Reserve the total loss of Rs. 180.52 lacs has been carried over.

4. DIRECTORS

At the ensuing Annual General Meeting Shri Mukesh D. Patel and Shri Dushyant D. PatelPromoters and Executive Directors of the Company shall respectively retire by rotation andthey being eligible offer themselves for re-appointment.

5. PUBLIC DEPOSITS

The Company has neither accepted nor renewed any Public Deposits during the year underreview.

At the end of the financial year No deposit remained unclaimed on the due dates. Infact the Company has fully repaid all its public deposits and as on date the Company doesnot hold any fixed depositfrom public.

6. AUDITORS

M/s. Deepak Desai & Co. have forwarded a certificate to the Company stating thattheir reappointment at the ensuing Annual general Meeting if made will be within thelimit specified in Section 224of the Companies Act 1956.

7. OBSERVATIONS OF AUDITORS

Regarding observation made by the Auditors for not having internal audit system theBoard of Directors would like to mention that the Company has already in place theadequate internal control system under the direct supervision of Managing Director andExecutive Director.

8. CONSERVATION OF ENERGY TECHNOLOGY ABSORPTION FOREIGN EXCHANGE EARNINGS AND OUTGO

Since your Company is not a manufacturing Company the statement with respect toconservation of energy technology absorption is not applicable to the Company.

The Company has neither earned nor used any foreign exchange during the year underreview.

9. PARTICULARS OF EMPLOYEES

The Company did not have any employee falling within the scope of sub-section [2A] ofSection 217 of the Companies Act 1956.

10. CORPORATE GOVERNANCE

The report on Corporate Governance pursuant to clause 49 of the listing agreement withMumbai and Vadodara Stock Exchanges along with the certificate of M/s. Deepak Desai &Co. Chartered Accountants Vadodara Statutory Auditors of the Company form part of thisreport and attached to this report.

11. DIRECTORS' RESPONSIBILITY STATEMENT

In accordance with the Companies (Amendment) Act 2000 the Directors state that:

a. In the preparation of the annual accounts for the year ended on 31stMarch 2014 the applicable Accounting Standards have been followed.

b. Accounting Policies have been consistently applied. The judgments and estimates havebeen made that are reasonable and prudent so as to give a true and fair view of the stateof affairs of the Company as on 31st March 2014 and the profit and loss of theCompany for the accounting year ended on that date;

c. Proper and sufficient care for maintenance of adequate accounting records has beentaken in accordance with the provision of the Act so as to safeguard the assets of theCompany and to prevent and detect fraud and other irregularities;

d. The annual accounts have been prepared on a going concern basis.

12. ACKNOWLEDGEMENT

Your Directors acknowledges the support received from all its Business AssociatesBankers Shareholders and other business constituents.

Your Directors also wish to place on record their appreciation for the continuedco-operation made by employees during the year.

For and on behalf of the Board
ForTranspek Finance Limited
Place: Regd. Office:
1st Floor ABS Towers
Old Padra Road Vadodara - 390 007 [Mukesh D. Patel]
Date: 28.05.2014 Chairman & Managing Director