AMAN & ADITYA FINANCIAL SERVICES LIMITED
Your Directors have pleasure in presenting the 12th Annual Report together
with Audited Account of the Company for the year ended 31st March, 1996.
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.
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
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
The Company proposes to undertake following business activities viz. (i)
Auto Finance mainly in Maharashtra & Rajasthan, (ii) Housing Finance, (iv)
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.
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.
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
Place : Bombay
Date : 15th November, 1996.