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Aasheesh Securities Ltd.

BSE: 531514 Sector: Financials
NSE: N.A. ISIN Code: INE174C01011
BSE 05:30 | 01 Jan Aasheesh Securities Ltd
NSE 05:30 | 01 Jan Aasheesh Securities Ltd

Aasheesh Securities Ltd. (AASHEESHSEC) - Director Report

Company director report

AASHEESH SECURITIES LIMITED ANNUAL REPORT 2009-2010 DIRECTOR'S REPORT TO THE MEMBERS, Your Directors have pleasure in presenting the Fifteenth Annual Report alongwith Audited Accounts for the year ended on 31st March, 2010. FINANCIAL RESULTS The Financial Results for the year ended on March 31, 2010 are as under: Year Ended 31.03.2010 (Rs.) Total Income 8,640.00 Less : Total Expenses 71,890.00 Loss before Tax 63,250.00 Loss after Tax 63,250.00 PERFORMANCE As conveyed earlier, the company's operations remained suspended during the year on account of very precarious financial position. The costs have been reduced to the extent possible so as to check the losses being incurred by the company. The company being a listed company, the statutory compliances require maintenance of basic records for which minimal staff is being maintained and overhead expenses are minimised to the extent possible. As reported earlier, some sub-brokers/clients of the company had defaulted in making payment of their dues to the company. In all such cases where legal proceedings were considered useful for recovery, cases had been filed against such parties, which are at advance stages of proceedings in the Courts. There has not been any progress in the matter of recovery of inter- corporate deposit made by the company.The company is saddled with large amount of debtors. All out efforts so far made by the company to realise the money have remained futile. In the meantime, as advised by the auditors, debtors amounting to Rs.1,70, 87, 831.51 have been considered doubtful and had accordingly been written off during the previous year. As reported earlier, a search was carried out by the Income Tax Department on 15.12.1999 in the Corporate Office of the Company at Delhi. The block assessment proceedings had been completed by the Dy. Commissioner of Income-tax wherein adhoc additions have been made on the basis of loose, rough sheets seized at the time of search and on the basis of such additions a demand of Rs. 1,63,06,964/- had been created against the company. The company had filed appeal against the said Order before ITAT and the matter has been remanded back to CIT (Appeals). In the meantime, the Income-tax authorities had attached the debtors of the company to recover their dues. This has led to virtual no recovery from the debtors of the Company. DIVIDEND In view of losses incurred during the year, your Directors feel their inability in declaring any dividend for the period under review. FUTURE PROSPECTS As reported earlier, your company had disposed off the assets of the company to augment resources for retiring some of the liabilities of the company and consequently the financial position of the company is very precarious and the company is finding it very difficult to even meet out its statutory obligations of payment of listing fee etc. In view of financial stringency, no new business activity could be taken-up during the year. DIRECTORS Shri B.K.Jha, retires by rotation at the ensuing Annual General Meeting and being eligible, offers himself for reappointment. AUDITORS The Company's Auditors M/s. Atul Kumar Gupta & Co., Chartered Accountants, retire at the conclusion of the ensuing Annual General Meeting and are eligible for reappointment. DIRECTORS' RESPONSIBILITY STATEMENT In terms of provisions of Section 217(2AA) of the Companies Act,1956, your Directors confirm as under:- 1. That in the preparation of Annual Accounts, the applicable accounting standards have been followed alongwith proper explanation relating to material departures; 2. That the accounting policies selected and applied are consistent and the judgements and estimates made are 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 loss of the Company for that period; 3. That proper and sufficient care has been taken 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; 4. That the annual accounts have been prepared on a going concern basis. CORPORATE GOVERNANCE Pursuant to Clause 49 of the Listing Agreement, a report on Corporate Governance alongwith a certificate from the auditors of the company is given as Annexure to this Report. LOANS/ADVANCES AND INVESTMENT The Company nor any of its associates has made any investment in company's shares and no loan and advance in the nature of loan has been made to any associate. DELISTING OF COMPANY'S SHARES As reported earlier, requests had been made for delisting of the shares of the company to Ludhiana and Jaipur Stock Exchanges. It may be noted that ever since the shares of the company had been got listed at both these Stock Exchanges, there had hardly been any transaction in its shares at these Stock Exchanges. As approved by the members last year, application had been made for delisting of the company's shares from the Delhi Stock Exchange. Even after delisting, company's shares will continue to be listed at Mumbai Stock Exchange, whose address is given hereunder. The company has always been regular in complying with the provisions of the listing agreement. The listing fee could not be paid to both Delhi and Mumbai Stock Exchange in time. PARTICULARS OF EMPLOYEES No employee is covered under section 217(2A) of the Companies Act, 1956 read with the Companies (Particulars of Employees) Rules, 1975. OTHER PARTICULARS The Provisions relating to the conservation of energy and technology absorption as required to be disclosed under Section 217(1)(e) of the Companies Act, 1956 do not apply to the company. The company had no foreign exchange earning/outgo during the year under review. FIXED DEPOSITS The Company has not accepted any deposits from the Public during the year. ACKNOWLEDGEMENT Your Directors wish to place on record their appreciation for the cooperation and support extended by the Bankers, shareholders & members of the staff at all levels. By order of the Board For Aasheesh Securities Limited Sd/- (Sadhna Goel) Managing Director Place: Jagadhari Dated: 31st May,2010.