Your Directors here by present the 30th Annual Report on business and operations of theCompany together with the Audited statements of Accounts for the financial year ended on31st March 2014.
During the year under review due to sluggish market condition and financial crisiscompany faces huge set back. So company not in position to generate any revenue from theoperation but due to some fixed cost company posted Net Loss of Rs. 158695/-.
The management has taken measures as part of its continuous improvements to strengthenoperations and viability.
Your Directors have not declared any dividend during the year under review due to lossincurred.
The Company has not accepted any deposit from the public pursuant to the provisions ofSection 58A of the Companies Act 1956.
CHANGE IN BOARD OF DIRECTORS:
MR. ULLASHKUMAR PARIKH Director of the Company is retires by rotation at the ensuingAnnual General Meeting and being eligible offer himself for reappointment.
MR. ANAND TRIVEDI and MR. AMISHKUMAR DANTARA who was appointed directors of the Companywhose period of office will be liable to retire by rotation and be and is hereby appointedas an Independent Director of the Company to hold office for five consecutive years for aterm up to 31st March 2019.
CHANGES IN CAPITAL STRUCTURE:
Issued and Paid-up Share Capital
The Company in its Board Meeting held on 06.01.2014 converted and allotted 9870000convertibles fully paid warrant in to equal number of equity shares of Rs.10/- each pershare on preferential basis to other then promoters. Accordingly after said allotmentthe issued and paid-up share Capital of the Company stood at Rs.148700000 comprising of14870000 equity share of Rs.10/-(Rupees Ten Only) each.
MANAGEMENT DISCUSSION AND ANALYSIS:
Management Discussion and Analysis forms part of the Annual Report to the shareholdersand it includes discussion on matters as required under the provisions of Clause 49 of thelisting agreement forming part of this report is annexed herewith. The Audit Committee ofthe Company has regularly reviewed internal Control System of the company.
CORPORATE GOVERNANCE REPORT:
Your Company has complied with the requirements of Clause 49 of the Listing Agreementon Corporate Governance. Pursuant to Clause 49 of the Listing Agreement with the StockExchanges Report on Corporate Governance along with the Auditors Certificate on itscompliance is annexed separately to this Annual Report.
AUDITORS AND AUDITORS REPORT:
M/s. Y. D. & Co. Chartered Accountants Ludhiana Statutory Auditors of theCompany hold office until the conclusion of the ensuing Annual General Meeting and areeligible for reappointment. The observations made by the Auditors in theirAuditors Report and the Notes on Accounts referred to in the Auditors Reportare self-explanatory and do not call for any further comments.
CONSERVATION OF ENERGY TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO:
The details of conservation of energy technology absorption etc. as required to begiven under Section 217(1)(e) of the Companies Act 1956 are not applicable to ourCompany as our Company has not engage in manufacturing activities.
The foreign exchange earning on account of the operation of the Company during the yearwas Rs. Nil.
PARTICULARS OF EMPLOYEES:
The statement showing particulars of employees under section 217(2A) of the CompaniesAct 1956 read with the companies (Particulars of Employees) Rules 1975 as amended isnot required to be given as there were no employees coming within the purview of thissection.
DIRECTORS RESPONSIBILITY STATEMENT:
Pursuant to the provisions of Section 217(2AA) of the Companies Act 1956 theDirectors of your Company confirm that:
i) in the preparation of the annual accounts the applicable accounting standards havebeen followed along with proper explanation relating to material departures;
ii) the Directors have selected such accounting policies and applied them consistentlyand made judgments and estimates that were reasonable and prudent so as to give a true andfair view of the state of affairs of the Company at the end of the financial year and ofthe profit or loss of the Company for that period;
iii) the Directors have taken proper and sufficient care for the maintenance ofadequate accounting records in accordance with the provisions of the Companies Act 1956for safeguarding the assets of the company and for preventing and detecting fraud andother irregularities;
iv) Directors have prepared the accounts on a "going concern basis".
Your Directors would like to express their sincere appreciation for the assistance andco-operation received from the Banks Government Authorities Customers and Shareholdersduring the year. Your directors also wish to take on record their deep sense ofappreciation for the committed services of the employees at all levels which has made ourCompany successful in the business.
| ||For and on Behalf of the Board |
| ||For GOLDEN LEGAND LEASING AND FINANCE LIMITED |
|PLACE: MUMBAI || |
|DATE: 26.08.2014 || |
| ||(ULLASHKUMAR PARIKH) |
| ||CHAIRMAN |
Annexure to Directors Report
MANAGEMENT DISCUSSION ANALYSIS REPORT
The company is confident in spite of the possible recessionary conditions in theindustry it will perform better in view of the strong fundamentals of the Indian companiesand hope to improve its Turnover.
Internal Controls Systems and their adequacy:
The company has adequate internal control systems to ensure operational efficiencyprotection and conservation of resources accuracy and promptness in financial reportingand compliance of law and regulations. The internal control system is supported by theinternal audit process. The Internal Auditor reviews and ensures that the auditobservations are acted upon. The Audit Committee of the Board reviews the Internal Auditreports and the adequacy and effectiveness of internal controls.
The relationship with the employees continues to be cordial. The Company recognizes theimportance and contribution of its employees for its growth and development and constantlyendeavors to train nurture and groom its people The Company puts emphasis on attractingand retaining the right talent. The company places emphasis on training and development ofemployees at all levels and has introduced methods and practices for Human ResourceDevelopment.
Statements in this Management Discussion and Analysis describing the companysobjectives projections estimates and expectations may be forward looking statementwithin the meaning of applicable laws and regulations. Actual results might differmaterially from those either expressed or implied.