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Shikhar Leasing & Trading Ltd.

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Shikhar Leasing & Trading Ltd. (SHIKHARLEASING) - Director Report

Company director report

Director’s Report

The Members,

The Directors have pleasure in presenting their Annual Report together with the AuditedAccounts of the Company for the year ended 31st March, 2013.

Financial Results:

Rupees in Lacs
Particulars 2010-2011 2011-2012
Income From Operation 20.39 7.35
Interest & Other Income 4.93 6.58
13.93
Profit/(Loss) before Depreciation (1.11) (0.65)
Less: Depreciation 0.53 2.92
Profit/(Loss) before taxation (1.64) (3.54)
Less: Deferred tax Provision (Assets) (17.74) (123.25)
Less: Income Tax of earlier year (0.45) (0.47)
Contingent provision for standard assets 0.11 0.37
Net Profit/(Loss) for the year 40.96 118.87
Add: Balance of Profit & Loss a/c. b/f. from Previous Year 153.25 (272.12)
Balance Carried to Balance Sheet 194.21 153.25

OPERATION:

The Company has earned total Income of Rs.25.32 lacs for the year under review againstthe total income of Rs.14.91 lacs during the previous year.

DIVIDEND:

In view of the loss the directors are unable to recommend any dividend for the yearunder report.

DIRECTORATE:

Mr. Sanjay A. Desai and Mr. Damji L Shah retire by rotation and being eligible offerthemselves for re-appointment. Mr. Vipul P Chheda has been reappointed as whole timedirector of the Company for a period of 5 years with effect from 1st October, 2013 on aremuneration as laid down in the ordinary resolution proposed in the accompanying notice.

PARTICULARS OF EMPLOYEES:

The company did not employ anybody drawing remuneration of Rs.60,00,000/- or more perannum or Rs.5,00,000/- or more per month and hence the question of providing informationunder section 217(2A) Of the companies Act, 1956 does not arise.

COMPLIANCE CERTIFICATE:

A compliance certificate from D. Kothari & Associates, Company Secretaries, thatthe company has complied with all the provisions of the Companies Act,1956, pursuant tosection 383A of the Companies Act,1956 as amended is attached herewith and forms part ofthis report.

DISCLOSURES OF PARTICULARS WITH RESPECT TO CONSERVATION ENERGY.TECHNOLOGY ABSORPTIONAND FOREIGN EXCHANGES EARNINGS AND OUTGO:

Particulars regarding conservation of energy, technology absorption as requiredpursuant to section 217 (1) (e) of the Companies Act, 1956, as amended are not given sincethe said section is not applicable to the Company.

Foreign exchange earnings. Rs. Nil,
Foreign exchange outgo. Rs. Nil

PUBLIC DEPOSIT:

The Company has not accepted any deposit from Public. Therefore provision of section58(A) of Companies Act,1956 are not applicable to the Company.

DIRECTORS' RESPONSIBILITY STATEMENT:

Pursuant to the provision of Sub-Section (2AA) of section 217 of the companies Act,1956 your directors confirm:

I. That in the preparation of the annual accounts for year ended on 31st March, 2013,the applicable accounting standards had been followed;

II. That the Directors had selected such accounting policies and applied themconsistently and made judgments and estimates that are reasonable and prudent so as togive a true and fair view of the state of affairs of the Company at the end of thefinancial year ended on 31st March,2013 and of the profit of the Company forthat period;

III. That the Directors had taken proper and sufficient care for the maintenance ofadequate accounting records in accordance with the provisions of this act for safeguardingthe assets of the Company and for preventing and detecting fraud and other irregularities;

IV. That the Directors had prepared the annual accounts for the year ended on 31stMarch, 2013 on a going concern basis.

AUDITORS:

M/S. A.C. MODI & ASSOCIATES, Chartered Accountants the present Auditors of theCompany have furnished a certificate regarding their eligibility for reappointment You arerequested to appoint auditors of the company and fix their remuneration.

FOR AND ON BEHALF OF THE BOARD

DIRECTOR

PLACE: MUMBAI

Dated: 30th May, 2013.

COMPLIANCE CERTIFICATE:

(Under Sub-Section (1) Of Section 383 A of the Companies Act, 1956)

To,

The Members

SHIKHAR LEASING & TRADING LIMITED

C-101, Innova Marathon Nextgen

Off G.k. Marg, Opp Peninsula Corporate Park

Lower Parel (W) Mumbai-400 013

CIN No.: L51900MH1984PLC034709

Authorised Capital: 10,000,000/-

Paidup Capital: 10,000,000/-

We have examined the registers, records, books and papers of SHIKHAR LEASING &TRADING LIMITED (the Company) as required to be maintained under the Companies Act, 1956,(the Act) and the rules made thereunder and also the provisions contained in theMemorandum and Articles of Association of the Company for the financial year ended on 31stMarch, 2013. In our opinion and to the best of our information and according to theexaminations carried out by me/us and explanations/written statements, furnished to me/usby the company, its officers and agents, We certify that in respect of the aforesaidfinancial year:

1. The company has kept and maintained all registers as stated in Annexure `A' to thiscertificate, as per the provisions and the rules made thereunder and all entries thereinhave been duly recorded.

2. The company has duly filed the forms and returns as stated in Annexure `B’ tothis certificate, with the Registrar of Companies, Regional Director, Central Government,Company Law Board or other authorities within the time prescribed under the Act and therules made thereunder, except documents mentioned therein.

3. The company is a public limited company and has the minimum prescribed paid-upcapital.

4. The Board of Directors duly met 7 times on 28.06.2012, 01.08.2012, 14.08.2012,01.10.2012, 14.11.2012, 14.02.2013 and 25.03.2013 in respect of which meetings propernotices were given and the proceedings were properly recorded and signed.

5. The company has closed its Register of Members during the financial year underreview from 07.08.2012 to 14.08.2012.

6. The Annual General Meeting for the financial year ended on 31st March 2012 was heldon 14th August, 2012 after giving due notice to the members of the company and theresolutions passed thereat were duly recorded In Minutes Book maintained for the purpose.4

7. No Extra ordinary meeting was held during the financial year under review.

8. The company has not advanced any loans to its directors during the year underreview.

9. During the year the company has not entered into any contracts within the meaning ofsection 297 of the Act.

10. The company has made necessary entries in the register maintained under section 301of the Act.

11. As there were no instances falling within the purview of section 314 of theCompanies Act, the Company has not obtain any approvals from the Board of Directors,Members or Central Government, as the case may be.

12. The company has not issued any duplicate share certificates during the financialyear.

13. The Company:

(i). Was not required to deliver any certificates in respect of any shares, as therewas no allotment/transfer/transmission of securities during the financial year.

(ii). Was not required to deposit any amount in a separate bank account as no dividendwas declared.

(iii). Was not required to pay dividend or post any dividend warrants as no dividendwas declared.

(iv). Did not have any amounts in unpaid dividend account, application money due forrefund, matured deposits, matured debentures and the interest accrued thereon which haveremained unclaimed or unpaid for a period of seven years and were required to transfer toInvestor Educational and Protection Fund.

(v). Duly complied with the requirements of section 217 of the Act.

14. The Board of Directors of the company is duly constituted. There was no changeamong the Directorships.

15. Mr. Vipul P. Chheda was re-appointed as whole time Director w.e.f. 01.10.2012.

16. The company has not appointed any sole-selling agents during the financial year.

17. The company was not required to obtain any approvals of the Central Government,Company Law Board, Regional Director, Registrar or such other authorities as may beprescribed under the various provisions of the Act, during the year under review.

18. The directors have disclosed their interest in other firms/companies to the Boardof Directors pursuant to the provisions of the Act and the rules made thereunder.

19. The company has not issued any shares/debentures/other securities during thefinancial year.

20. The company has not bought back any shares during the financial year.

21. The company has not issued any redeemable preference shares/debentures during thefinancial year and there is no redemption of preference shares.

22. There were no transaction necessitating the company to keep in abeyance the rightsto dividend, rights shares and bonus shares pending registration of transfer of shares.

23. The company has not accepted deposits within the meaning of section 58A of theCompanies Act, 1956 during the financial year.

24. The company has complied with the provisions of section 293(l)(d) of the Act.

25. During the financial year under review the company has not given any loans or madeinvestments, or given guarantees or provided securities to other bodies corporate.

26. The company has not altered the provisions of the memorandum with respect tosituation of the company's registered office from one State of another during the yearunder scrutiny.

27. The company has not altered the provisions of the memorandum with respect to theobjects of the company during the year under scrutiny.

28. The company has not altered the provisions of the memorandum with respect of nameof the company during the year under scrutiny.

29. The company has not altered the provisions of the memorandum with respect to sharecapital of the company during the year under scrutiny.

30. The company has not altered its articles of association during the financial year.

31. There was no prosecution initiated against or show cause notice received by thecompany and no fines or penalties or any other punishment was imposed on the companyduring the financial year, for offences under the Act.

32. The company has not received any money as security from its employees during thefinancial year as per provisions of section 417 (1) of the Act.

33. The company was not required to deposit both employers and employees contributiontowards Provident Fund as required under section 418 of the Act during the financial year.

For D. Kothari And Associates

Company Secretaries

Dhanraj Kothari

Proprietor

Place: Mumbai

Date: 30th May, 2013.

ANNEXURE-A

Annexure to the Compliance Certificate of Shikhar Leasing & Trading Limited.Registers/Records as maintained by the Company

PARTICULARS

1. Register of Members and Index under Section 150 and 151.

2. Register of Transfer of shares.

3. Copies of Annual Returns under Section 159.

4. Books of Accounts under Section 209.

5. Register of particulars of contracts in which Directors are interested under Section301.

6. Register of Directors, Managing Director, Manager and Company Secretary underSection 303.

7. Register of Directors' shareholdings under Section 307.

8. Register of Directors' Attendance as per Regulation 71 contained under Schedule-1(Table 'A') the Act.

9. Register of Members Attendance meetings.

10. Minutes Books for minutes of meetings of the Board of the Directors and Members.

11. Register of application and allotment of shares.

ANNEXURE-B

Annexure to the Compliance Certificate of Shikhar Leasing & Trading Limited.

Forms and Returns as filed by the Shikhar Leasing & Trading Limited with theRegistrar of Companies, Regional Director, Central Government or other authorities duringthe financial year ended 31st March, 2013.

Form No./Return Filed under relevant Section of the Act. Particulars Date of filing Whether filed within prescribed time. Yes/No If delay in filing whether requisite additional fee paid Yes/N.A.
1 Form 23AC and 23ACA Section 220 Balance sheet for the year ended on 31st March, 2012 01.12.2012 Yes NA
2 Form 20B 159 Annual Return made upto 14.08.2012 30.10.2012 No Yes
3 Form 66 383A(1) Compliance certificate for the year ended on 31.03.2012 29.09.2012 No Yes

Form 25C for Mr. Vipul P. Chedda was filed on 14.05.2013.