UCIL LEASING LIMITED
Your Directors have pleasure in presenting the Twelfth Annual Report of
your Company together with the Audited statement of Accounts for the year
ended 31st March, 1996.
As you are aware, the Company is planning to make Further Issue of
60,00,000 Equity Shares of Rs. 10/- each for cash at par aggregating to
Rs.6,00,00,000 out of which 38,90,000 Equity Shares of Rs.10/- each would
be offered to Public for subscription. The balance 21,10,000 Equity Shares
of Rs. 10/- each for cash at par aggregating to Rs. 2,11,00,000/- will be
brought in by Directors, their relatives, friends and associates.
The proposed issue is to meet the requirements of the funds for proposed
expansion in the areas of Corporate Finance and diversification in the
areas of Leasing, Hire Purchase, Investment Banking in Primary and
Secondary market and other allied activities.
The Issue is scheduled to open in the first week of September, 1996.
In order to conserve resources, the Directors do not recommend dividend for
the year under report.
M/s. K.M.TULSlAN & ASSOCIATES, Auditors of the Company hold office upto the
conclusion of the ensuing Annual General Meeting and are eligible for re-
appointment. Further, the Company has received a certificate from the
Auditors to the effect that in case of their re-appointment at the Annual
General Meeting the same would be within the limit prescribed under section
224 (1B) of the Companies Act, 1956. The members are requested to re-
appoint the Auditors for the current year.
It is also proposed to appoint M/s Saurabh Shah & Associates, Chartered
Accountants, Mumbai, as Joint Auditors of the Company to hold office from
the conclusion of the ensuing Annual General Meeting till the conclusion of
the next Annual General Meeting of the Company. The Company has received a
certificate from the proposed Joint Auditors to the effect that in case of
their appointment at the Annual General Meeting, the same would be within
the limits prescribed under Section 224 (1 B) of the Companies Act, 1956.
The members are requested to appoint the Joint Auditors in the best
interest of the Company.
During the year under report Mr. Kishor Sangani, Mr. Jitendra Pal Sethi and
Mr. Narayan Pasari were appointed as Additional Directors of the Company
and they cease to hold office at the ensuing Annual General Meeting. The
Company has received notices from shareholders proposing their candidature
for being appointed as Directors of the Company liable to retire by
During the year Mr. Purushottam Somani resigned as a Director of the
Company. The Directors wish to place on record their earnest appreciation
for the valued guidance and services rendered by Mr. Somani during his
tenure as Director of the Company.
Mr. B. V. Kargutkar retires by rotation at the Annual General Meeting and
is eligible for re-appointment.
During the year, Mr. Kishor Sangani was appointed as Managing Director of
the Company for a period of 5 years on terms and condition which were
approved by the members at the Extraordinary General Meeting held on 28th
The Company has not accepted any deposits from the public.
During the year under review, there were no employees covered by the
provisions of Section 217(2A) of the Companies Act, 1956.
The Companies (Disclosure of Particulars in the Report of Board of
Directors) Rules, 1988, require the disclosure of particulars regarding
Conservation of Energy, in Form A and Technology Absorption, in Form B
prescribed by the Rules. Since the Company is not a manufacturing company,
it is advised that Forms A and B are not applicable to it.
The Company has neither used nor earned any foreign exchange during the
year under review.
Your Directors wish to place on record their sincere appreciation for the
co-operation and support rendered by all the staff members and its Bankers
which made the results possible.
For and on behalf of the Board of Directors
KISHOR SANGANI B. V. KARGUTKAR
Managing Director Director
Place : Mumbai,
Dated : 15th June, 1996.