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Vishwamitra Financial Services Ltd.

BSE: 511361 Sector: Financials
NSE: N.A. ISIN Code: INE002I01011
BSE LIVE 14:43 | 02 Feb Stock Is Not Traded.
NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 21.45
PREVIOUS CLOSE 22.55
VOLUME 500
52-Week high 21.45
52-Week low 0.00
P/E
Mkt Cap.(Rs cr) 15
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 21.45
CLOSE 22.55
VOLUME 500
52-Week high 21.45
52-Week low 0.00
P/E
Mkt Cap.(Rs cr) 15
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Vishwamitra Financial Services Ltd. (VISHWAMITRAFIN) - Director Report

Company director report

BLUE BLENDS FINANCE LIMITED ANNUAL REPORT 2011-2012 DIRECTOR'S REPORT To, The Members, Your Directors have pleasure in submitting the Twenty Sixth Annual Report of your Company together with the Audited Statement of Accounts for the year ended 31st March, 2012. FINANCIAL RESULTS: The financial results for the period under review are summarized as under for your consideration:- (Rs. in Lakhs) Particulars Year ended Year ended 31st March, 2012 31st March, 2011 Gross Income 7.73 7.84 Profit/(Loss) before Depreciation, Interest & Tax 2.59 0.59 Less: Depreciation 0.08 0.08 Less: Interest - - Profit/(Loss) before exceptional items and taxes 2.51 0.51 Add: Provision for NPA's written back Profit/(Loss) before Tax 2.51 0.51 Add: Prior Period Expenses - - Profit/(Loss) after Tax 2.51 0.51 Add: Balance brought forward (793.96) (794.47) Deficit in Profit & Loss account carried to Balance Sheet (791.45) (793.96) DIVIDEND: Your Directors have not recommended any dividend on Equity Shares for the year under review. OPERATIONS: The Company is still concentrating only on recovery of its dues. Despite best efforts, the Company is finding it difficult to recover its dues from its defaulting lessees/hirers against whom decrees have been obtained, since the said lessees/hirers are either under winding up or under BIFR. In the other cases, the company is facing difficulties in tracing the main promoters of the lessees/hirers. CURRENT YEAR OPERATIONS AND FUTURE BUSINESS PLANS: As you are aware, the company is presently not engaged in any business operations. Due to paucity of capital, which has been totally eroded, the company's plans to get into other avenues are not taking off. However, the company is striving its best to formulate a profitable business plan by looking out for new opportunities, which do not involve any capital outlay/investment. The Company shall also continue with its efforts for recovery of its dues. FIXED DEPOSITS: The Company has neither invited nor accepted any deposit from the public within the meaning of Non Banking Financial Companies (Reserve Bank Directions) or Section 58A of the Companies Act, 1956 or Rules made thereunder. DIRECTORS: Mr. Janardan Joshi and Mr. Pujaram Purohit retire by rotation and being eligible offers themselves for re-appointment at the ensuing Annual General Meeting. Mr. Vijay Kumar Bothra was appointed as Additional Director of the Company with effect from 21st October, 2011 and he holds office of Director up to the conclusion of forthcoming Annual General Meeting. The Company has received a notice in writing under Section 257 of the Companies Act, 1956 with requisite security deposit form a shareholder proposing the candidature of Mr. Vijay Kumar Bothra as a Director of the Company. The resolution for appointment of Mr. Vijay Kumar Bothra is contained in the notice of the ensuing Annual General Meeting of the Members of the Company. Mr. Mahendra Dugar had resigned from the office of the Director of the Company with effect from 21st October, 2011. The Board of Directors place on records its deep appreciation for the support and co-operation extended to the Company by the outgoing Director of the Company during the tenure of his office. Mr. K. Srinivasa Varadhan had resigned from the office of the Director of the Company with effect from 10th April, 2012. The Board of Directors place on records its deep appreciation for the support and co-operation extended to the Company by the outgoing Director of the Company during the tenure of his office. DIRECTORS' RESPONSIBILITY STATEMENT: Pursuant it the requirement under section 217(2AA) of the Companies Act, 1956, with respect of Director's Responsibility Statement, it is hereby confirmed that:- (i) In the preparation of the accounts for the financial year ended 31st March, 2012, the applicable Accounting Standards have been followed along with proper explanations relating to material departures; (ii) The Directors have selected such accounting policies and applied them consistently and made judgments and estimates that were reasonable and prudent so as to give a true and fair view of the state of affairs of the Company at the end of the financial year and of the profit of the Company for the year ended that date; (iii) The Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 1956 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities and (iv) The Directors have prepared the accounts for the financial year ended 31st March, 2012 on a going concern basis. AUDITORS' QUALIFICATION: As regards Auditors' Qualification in para no. 6 of the Report, your attention is drawn to Note No. 'L .2' which are self explanatory. PERSONNEL: The Company had not paid any remuneration attracting the provisions of the Companies (Particulars of employees) Rules 1975 read with the Section 217(2A) of the Companies Act, 1956. Hence no information is required to be appended to this report in this regard. CORPORATE GOVERNANCE: In terms of Clause 49 of the Listing Agreement with the Stock Exchanges a report on the Corporate Governance is appended as Annexure to this report. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS/OUTGO: 1) Information in accordance with the provisions of Section 217(1) of the Companies Act, 1956, read with Companies (Disclosures of Particulars in the Report of Board of Directors) Rules, 1988 regarding Conservation of energy & technology absorption, being not applicable, are not given. 2) Foreign Exchange earnings & Outgo: Earnings : Nil Outgo : Nil AUDITORS: The Auditors of the Company, M/s. P. C. Surana & Co. retire at the conclusion of the ensuing Annual General Meeting and being eligible, offer themselves for re-appointment. Necessary certificate under Section 224(1B) of the Companies Act, 1956 has been received from them. ACKNOWLEDGMENT: The Directors acknowledge with gratitude the co-operation and support extended by the Bankers, Shareholders and Employees of the Company. For and on behalf of the Board Place: Mumbai (Anand Arya) Date : 26th May, 2012 Chairman MANAGEMENT DISCUSSION AND ANALYSIS (a) Industry Structure and Development: The financial sector has been having a tough time since the last few years especially those engaged in leasing and hire purchase of industrial machineries. Initially, this sector was affected by persistent depressed economic scenario and of late it is severely affected by the fall in the interest rates resulting in very poor margins. This has forced a lot of Companies engaged in this sector out of business. The Company is also one among them. (b) Budgetary Proposals: The Company is presently out of business and is in the process of evolving suitable future business plans. Also, in view of almost nil cash flows and credit facilities coupled with no definite business plans, the Company is not in a position to spell out the budgetary proposals. (c) Segmentwisc or Productwise Performance: The Company is not carrying on any business activities. The Company is concentrating mainly on recovery of its dues from lessees/hirers who have defaulted in their payments. (d) Outlook, Opportunities and Threats and Risks and Concerns: The Company had entered into leasing and hire purchase through the cash credit limits from Banks. The said credit facilities were obtained at high interest costs. With the eventual depression in the economy, most of the lessees/hirers defaulted in their commitments to the Company and the Company is burdened with heavy financial liabilities on account of the said defaults. The Company has already settled its dues to the Banks and has become totally debt-free. The Company is presently in the process of working out an appropriate future business strategy. (e) Internal Control and their Adequacy: The Company has an adequate system of internal controls commensurate with the size and nature of business. The Company is complying with all the mandatory requirements of Corporate Governance as laid down in Clause 49 of the Listing Agreement. This has improved the management of the affairs of the Company and strengthened transparency and accountability. (f) Financial Performance: (Rs. In Lakhs) Year ended Year ended 31.03.2012 31.03.2011 Gross Income 7.73 7.84 Profit/(Loss) before Depreciation, Interest & Tax 2.59 0.59 Less: Depreciation 0.08 0.08 Less: Interest - - Profit/(Loss) before exceptional items and taxes 2.51 0.51 Add: Provision for NPA's written back - - Profit/(Loss) before Tax 2.51 0.51 Add: Prior Period Expenses - - Profit/(Loss) after Tax 2.51 0.51 Add: Balance brought forward (793.96) (794.47) Deficit in Profit & Loss account carried to Balance Sheet (791.45) (793.96) (g) Human Resources: As of now the Company is working with depleted staff strength due to almost nil operations. However, the Company is confident of attracting, developing and nurturing the best talent in the industry as and when it is ready to venture into future operations in view of the Company's and Group's inherent strengths gained over the years. (h) Cautionary Statement: Statements in the Management Discussion and Analysis describing the Company's present position, objectives, expectations or predictions may be 'forward looking' statements within the meaning of applicable laws and regulations. For and on behalf of the Board Place: Mumbai (ANAND ARYA) Date : 26th May, 2012 CHAIRMAN