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Prism Mercantile Company Ltd.

BSE: 512032 Sector: Financials
NSE: N.A. ISIN Code: N.A.
BSE 05:30 | 01 Jan Prism Mercantile Company Ltd
NSE 05:30 | 01 Jan Prism Mercantile Company Ltd

Prism Mercantile Company Ltd. (PRISMMERCANTILE) - Director Report

Company director report

1996 AMAN & ADITYA FINANCIAL SERVICES LIMITED DIRECTORS' REPORT Your Directors have pleasure in presenting the 12th Annual Report together with Audited Account of the Company for the year ended 31st March, 1996. 1. DIVIDEND: In view of the loss incurred by the Company during the year under review, your Directors regret their inability to declare any dividend on the equity share capital of the Company. 2. OPERATIONS: During the year under review, the total income from operations amounted to Rs. 59.69 lacs as against Rs. 88.51 lacs for the previous year. The reduction in the operations income of the Company occurred mainly on account of subdued conditions prevailing in the capital market and consistently fall in prices of shares and securities, which resulted into loss from dealing in securities of Rs. 75.61 lacs and Net Loss of Rs. 38.23 lacs. 3. FUTURE PROSPECTS: With a view to regain profitability, your Directors have decided to marginalise investment activities in the current year as the uncertainty prevailing in capital market as well as political instability have rendered investment activities as a high risk area. Your Company has taken significant steps to broadbase the operations during the current year and appointed professionals from the field of finance, engineering and marketing. The Company proposes to undertake following business activities viz. (i) Auto Finance mainly in Maharashtra & Rajasthan, (ii) Housing Finance, (iv) Equipment Finance. 4. CHANGE OF NAME: In accordance with the Special Resolution passed by the members of the Company at their Extra-ordinary General Meeting held on 1st July, 1996, an application was made to the Registrar of Companies, Maharashtra, Mumbai for change of name of the Company from "MRINAL CAPITAL MARKETS LIMITED" to AMAN & ADITYA FINANCIAL SERVICES LIMITED". The Registrar of Companies, Maharashtra, Mumbai signified his approval for the same vide Fresh Certificate of Incorporation pursuant to Change of name of the Company issued on 27th August, 1996 for the said new name. 5. DIRECTORS: Savashri A.K. Chopra (Jain), Chandmal Kumawat, M.R. Chavan, Viren Mahatan and Radheshyam Saini, Additional Directors appointed during the year, hold their respective offices till the date of ensuing Annual General Meeting of the Company. The Company has received notices proposing the candidature of Saravashri A.K. Chopra (Jain), Chandmal Kumawat and M.R. chavan for the respective office alongwith necessary deposits from members pursuant to Section 257 of the Companies Act, 1956. Saravashri Raj Kumar Nahata, Nishant Raj Nahata, Madhav Pradhan, R.K. Goyal, R.B. Singhi, B. Choraria, Rakesh Sharma and Smt. Nirmaladevi nahata resigned from the Board during the year under review. The Board places on record its sincere appreciation of the valuable services rendered by the said directors during their tenure. 6. FIXED DEPOSITS : Your Company has not accepted any deposits from public during the year. 7. AUDITORS : M/s. N.K. Jalan and Co., Chartered Accountants, Statutory Auditors of the Company retire at the forthcoming Annual General Meeting. Due to their other pre-occupations, they have expressed inability to continue in the said office for the year 1996 97. It is proposed to appoint M/s. Laxminiwas & Jain & Co., Chartered Accountants as the new Statutory Auditors of the Company for 1996-97. The said new Auditors have furnished the necessary certificate of eligibility under Section 224(1) of the Companies Act, 1956. The retiring auditors have signified that they do not intend to make any representation to the members in the ensuing Annual General Meeting. Special Notice under Section 225 (1) of the Companies Act, 1956 is also given in the Notice for the forthcoming Annual General Meeting for the resolution proposing the appointment of new Auditors in place of the retiring Auditors and that the retiring Auditors shall not be re-appointed. 8. AUDITORS' REPORT: The observations made by the Auditor in Point No. 2(d) of their Report read with Point Nos. 5, 6 and 9 of Schedule M for Notes to the Accounts, are self explanatory and do not call for any further clarifications. 9. PARTICULARS OF EMPLOYEES: During the year under review, The Company did not have any employee drawing remuneration equal to or exceeding the limits specified in Section 217 (2A) of the Companies Act, 1956. 11. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO: The Company has no activity in relation to conservation of energy or technology absorption. The Company did not have any foreign exchange earnings and outgoings during the year under review. 11. ACKLNOWLEDGEMENTS: The Directors express their gratitude to the Financial Institutions, Banks, customers and suppliers for the continued support and help received during the year and further record their appreciation of the dedicated and sincere services provided by the staff members of the Company at all levels. For and on behalf of the Board of Directors A.K. CHOPRA CHANDMAL KUMAWAT Directors Place : Bombay Date : 15th November, 1996.