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Himgiri Fincap Ltd.

BSE: 531827 Sector: Financials
NSE: N.A. ISIN Code: N.A.
BSE 05:30 | 01 Jan Himgiri Fincap Ltd
NSE 05:30 | 01 Jan Himgiri Fincap Ltd

Himgiri Fincap Ltd. (HIMGIRIFINCAP) - Director Report

Company director report

HIMGIRI FINCAP LIMITED ANNUAL REPORT 2001-2002 DIRECTORS' REPORT TO THE MEMBERS HIMGIRI FINCAP LIMITED Your Directors have pleasure in presenting the Eighth Annual Report together with the Audited Statement of Accounts for the year ending 31st March, 2002. 1. DIVIDEND: In view of the losses, your Directors do not recommend any dividend. 2. COMPANIES OVERALL PERFORMANCE: It is that time of the year again, when we look back at the year gone by and look forward to the future that awaits us. The last financial year has seen the most ups and downs in the capital market due to various reasons, viz problem with the Unit Trust of India, Drought condition in various states, budget proposals 2002-2003, scams in Indian & American Companies and due to Political instability. This has contributed to the declining investors confidence in the Stock Markets. However, the capital Market, being the pulse of Indian Economy, have been deeply looked into by the market regulator who are taking all necessary steps to improve the sentiments. We hope that the market will improve and the following year will stow some good results. 3. DIRECTORATE: - To appoint a Director in plate of Shri Mukesh Kumar Jain who retires by rotation and being j eligible, offers himself for re-appointment. - Shri Ravi Kumar Lal, Shri Amit Goel and Shri Vishal Goyal were appointed as additional director with effect from 16th August, 2002. 4. CORPORATE GOVERNANCE: As mentioned in our last report also the Stock Exchanges have amended the Listing Agreement by incorporating a new clause covering Corporate Governance which is an important instrument of investor protection. As, per the amendment, your Company Is required to comply with the requirements from the Financial Year 2002-2003. Your Company has Commenced the implementation of the required provisions of Corporate Governance, and will ensure that all mandatory provisions be fully complied with before the last date prescribed by the Stock Exchanges. 5. DIRECTORS RESPONSIBILITY STATEMENT: Pursuant to the requirement under section 217 (2AA) of the Companies Act, 1956 with respect to Directors Responsibility Statement, it is hereby confirmed: i. that in the preparation of the annual accounts for the financial year ended 31st March, 2002, the applicable accounting standards have been followed along with proper explanation relating to material departures. ii. that the directors have selected such accounting policies and applied them consistently and made judgements and estimates that 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 the year under review. iii. that 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 aril for preventing and detecting fraud and other irregularities. iv. that the directors have prepared the annual accounts for the financial year ended 31st March, 2002 on a going concern basis. v. As indicated in our. previous year report, all actions which have been legally advised, has been initiated against Mr. Arun Kumar Jain the terminated director of the company. Should any further offences come to light the required action, as the Company may be advised, will also be taken. The Board of Directors acknowledges the gravity of situation and all possible steps are being taken to restore the financial health of the company. 6. AUDITORS QUALIFICATIONS: With reference to Auditors main report pare No.4, the provision for doubtful debts has not been considered necessary as the matter is subjudice. However, efforts are being made to recover the amount. 7. AUDIT COMMITTEE: An Audit Committee was formed after the introduction of Section 292A of the Companies Act, 1956 which comprises Shri K.K. Goel, Shri Mukesh Kumar Jain and Shri Mohan P. Patel. The Audit Committee Meetings were also attended by the Manager Finance and the statutory auditor. The committee met three times during the year and the attendance of the members at the meeting was as follows: Name of Member Status No. of Meetings attended Kamlesh Kumar Goel Chairman 3 Mukesh Kumar Jain Member 3 Mohan P. Patel Member 3 8. CONSERVATION OF ENERGY, TECHNOLOGY, ABSORPTION, FOREIGN EXCHANGE EARNING AND OUTGOING: The Company being in the financial sector, the particulars required under Section 217(1)(e) of the Companies Act, 1956 read with the Companies (Disclosure of particulars in the Report of Board of Directors) Rules, 1988 are not applicable, except Foreign Exchange earning and outgo. However, the Company has not earned or spent any foreign exchange during the year. 9. STOCK EXCHANGES: Your Company's Shares are listed in the following Stock Exchanges: (i) The Delhi Stock Exchange Association Ltd. (ii) The Stock Exchange, Mumbai. 10. AUDITORS: M/S. VIPAN KUMAR AGGARWAL & ASSOCIATES, Chartered Accountants, retiring at the ensuing Annual General Meeting are eligible for re-appointment. 11. PARTICUALRS OF EMPLOYEES: The Company did not employ any person during the year, who was in receipt of remuneration of not less than Rs.12,00,000/- per annum, if employed for whole of the year or not less than Rs.1,00,000/- per month, if employed for part of the year. Hence the particulars of the employees pursuant to the provisions of Section 217(2A) of the Companies Act, 1956 are not applicable. 12. ACKNOWLEDGEMENT: The Board wishes to record its appreciation for the efforts put in by the .employees of the company. The Board also acknowledges the support received from its clients, Bankers and National Stock Exchange and from the shareholders who have reposed the confidence in the management of the Company. For and on behalf of the Board of Directors Place: New Delhi K.K. GOEL Dated: 2nd September, 2002 Director