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Shikhar Consultants Ltd.

BSE: 526883 Sector: Financials
NSE: N.A. ISIN Code: INE641B01011
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Shikhar Consultants Ltd. (SHIKHARCONS) - Director Report

Company director report

DIRECTOR

Dear Shareholders,

Your Directors have pleasure in presenting their Twentieth Annual Report on the affairsof the Company and the Financial Accounts for the year 2012-2013 and the Auditors Reportthereon.

1. FINANCIAL RESULTS

For the Period

Sr. No. PARTICULARS 2012-2013 2011-2012
1. Income / (Loss) from operation 18.19 06.18
2. Other Income 00.00 00.00
3. Total Income / (Loss) 18.19 06.18
4. Total Expenditure 05.21 09.31
5. Profit / (Loss) before depreciation and taxation 12.98 (3.51)
6. Depreciation 00.10 00.19
7. Profit / (Loss) before Tax 12.87 (3.32)
8. Net Profit / (Loss) After Taxes 12.87 (3.32)
9. Paid up Equity Share Capital 453.55 453.55
10. Reserves and Surplus (176.77) (189.65)

2. DIVIDEND

In the absence of profit during the year, directors are unable to recommend anydividend.

3. OPERATIONS

The Company's performance and profitability is increased comparing to last year andprofit after taxation for the current year is of Rs. 12.87 Lakhs and accumulated lossesreduced by the same amount.

4. DIRECTORS

Shri Bharat Deora retires by rotation at he ensuring Annual General Meeting and beingeligible, offer himself for re-appointment.

5. DIRECTORS' RESPONSIBILITY STATEMENT:

As required under section 217 (2AA) of the Companies Act 1956, the Directors herebyconfirm that:

(a) In the preparation of Annual Accounts, the applicable accounting standards havebeen followed.

(b) The Directors have selected such accounting policies and applied them consistentlyand made judgements and estimates that are reasonable and prudent so as to give a true& fair view of the state of affairs of the Company at the end of the financial yearand of the profit / loss of the Company for that period.

(c) The Directors have, as far as possible, taken proper and sufficient care for themaintenance of adequate accounting records in accordance with the provisions of this Actfor safeguarding the assets of the Company and for preventing and detecting fraud andother irregularities, to the est of their knowledge and ability.

(d) The Directors have prepared the Annual Accounts on a going concern basis.

6. MANAGEMENT DISCUSSIONS AND ANALYSIS

1. Industry structure & developers :-

We are finance & investment company and main business activity is granting of loans& advances and investing / dealing in shares & securities. A potentiality ofdevelopment is very high as capital market & money market sector of economy is verybigger.

2. Opportunities & threats :-

Capital market is very much uncertain as well as financing is also risky business. Atthe same time there is a great opportunity of earning good profitability also. In shortmore profit more the risk slogan is perfectly associated for finance & capital marketbusiness.

3. Segment wise performance :-

Report on segment wise performance is given in Note 2 (m) of schedule on notes to theaccounts.

4. Outlook:-

The capital market & money market performance is depending upon the credit policy,government stability, industrial development & piece, international trends, etc.

5. Risk & concern:-

Capital market & money market is more risk-prone & concern should also beengiven to industrial development which depends upon the demand of product, availability offunds in market etc.

6. Internal control system & their adequacy :-

Internal control system of the company is adequate and in commensurate with the size ofthe company and the nature of its business.

7. CORPORATE GOVERNANCE

The Report on Corporate Governance as prescribed by the Listing Agreement is annexedand forms a part of the Annual Report. The certificate on compliance of the provision ofthe Code of Corporate Governance as required under the Listing Agreement is also attached.

8. DISCLOSURE

Your Company is not engaged in any manufacturing activity, inclusion of particularswith respect to conservation of energy and technology absorption as required underCompanies (Disclosure of particulars in the Report of Directors) Rules - 1988 is notrequired, Further there is no foreign exchange earning & outgo during the year.)

9. APPOINTMENT OF AUDITOR'S

Based on recommendation of the audit committee it is proposed to appoint S. K. Patodia& Associates, Shree Shakamhari Corporate Park, Plot No. 156-158, Chakravarti AshokComplex, J.B. Nagar, Andheri (E), Mumbai - 400 099. Chartered Accountants, as statutoryAuditors of the Company.

The Company has received a certificate form the proposed auditors to the effect thattheir appointment, if made, would be within the prescribed limits under section 224 (1B)of the Companies Act, 1956.

10. PARTICULARS OF EMPLOYEES

The Company has no employee in respect of whom the information as per Section 217 (2A)of the Companies Act, 1956 read with companies (Particulars of Employees Rules, 1975, isrequired to be given.

11. FIXED DEPOSITS

During the year, the Company has not accepted any deposits under Section 58-A of theCompanies Act, 1956.

12. ACKNOWLEDGMENT

Your Director would like to express their grateful appreciation for the assistance andco-operation received from the Shareholders, Bankers and Customers during the year underreview. Your Directors wish to place on record their deep sense of appreciation for thedevoted services of all the persons related with the company.

For and on behalf of the Board
Place : Mumbai BABULAL AGRAWAL
Dated : 27.08.2013 DIRECTOR