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Rishab Financial Services Ltd.

BSE: 531218 Sector: Financials
NSE: N.A. ISIN Code: INE346D01013
BSE 00:00 | 09 Feb Rishab Financial Services Ltd
NSE 05:30 | 01 Jan Rishab Financial Services Ltd
OPEN 3.04
PREVIOUS CLOSE 3.04
VOLUME 65
52-Week high 3.04
52-Week low 0.00
P/E
Mkt Cap.(Rs cr) 2
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 3.04
CLOSE 3.04
VOLUME 65
52-Week high 3.04
52-Week low 0.00
P/E
Mkt Cap.(Rs cr) 2
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Rishab Financial Services Ltd. (RISHABFINSERV) - Director Report

Company director report

Director's Report

The Board of Directors herein present the "Twenty Second Annual Report" ofthe Company together with the Audited Accounts for the year ended 31st March 2013.

FINANCIAL RESULTS AND APPROPRIATIONS

The financial results for the year ended 31st March 2013 are as follows:

(Rs. In lakhs)
PARTICULARS Year ended Year ended
31.03.2013 31.03.2012
FINANCIAL RESULTS
Profit/Loss before Depreciation and Tax 9.99 15.47
Add/Less: Depreciation on Fixed Assets (1.52) (1.27)
Provision for Non-Performing Assets 20.18 (35.90)
Contingent Provision for Standard Assets (0.82) 0.35
Profit/Loss Before Tax 27.84 (21.35)
Provision for Current Tax (2.28) (4.60)
Provision for Deferred Tax (0.44) (0.09)
Profit/Loss after Tax 25.12 (26.05)
Less: Transfer to Statutory Reserve - -
Add : Balance brought forward from previous Years (182.82) (156.78)
Deficit carried to Balance Sheet (157.70) (182.82)

DIVIDEND:

The directors have decided not to recommend any dividend in view of the accumulatedlosses.

PERFORMANCE:

The Company conducted fresh business to the extent of Rs.64.19 Lacs during the year.The Company has continued the recovery process of funds that had been disbursed earlier.

FIXED DEPOSITS:

Your Company has not accepted any deposits from the shareholders/public during the yearunder review.

The Company does not have any Public deposits at the end of the year.

DIRECTORS:

Shri Ramesh Kumar was appointed as a Director on 27.09.2012 in the Company's AnnualGeneral Meeting. Shri Ramesh Kumar being eligible for appointment offers himself forappointment.

For the kind perusal of the shareholders a brief resume of the Director beingappointed nature of his expertise and the names of the companies in which he holds thedirectorship and the details of the membership of the committees of the Board arementioned in the Explanatory Statement. The Board of Directors recommends his appointment.

AUDITORS:

M/s. Bhandari & Keswani Chartered Accountants Chennai retire at the ensuingAnnual General Meeting and are eligible for re-appointment as Auditors of the Company tillthe next Annual General Meeting.

RBI GUIDELINES:

The Company continues to follow the prudential norms prescribed by the Reserve Bank ofIndia for NBFCs.

Since your Company is not accepting deposits your company has received Category BCertificate from RBI. (i.e. a Company not accepting Public Deposits) on 03.12.2002.

ENERGY TECHNOLOGY FOREIGN EXCHANGE INFORMATION REQUIRED U/S.217 (1) (e) OF THECOMPANIES ACT 1956:

Your Company has no activity relating to conservation of energy/technology absorption.The Company does not have any foreign exchange earnings or outgo.

DISCLOSURE U/S. 217 (2A) OF THE COMPANIES ACT 1956:

During the year under review the Company has no employee who is in receipt ofremuneration attracting the provisions of Section 217 (2A) of the Companies Act 1956.

CORPORATE GOVERNANCE:

Your Company has taken adequate steps to ensure that alt mandatory provisions ofCorporate Governance as prescribed under the amended. Listing Agreement of the StockExchanges on which the Company is listed are complied with.

A separate report on Corporate Governance is included in the Annual Report adeclaration signed by the CEO that Code of Conduct has been complied on an annual basis isannexed and forms part of the Director's Report.

RESPONSIBILITY STATEMENT OF THE BOARD OF DIRECTORS:

Pursuant to Section 217 (2AA) of the Companies Act 1956 the Board of Directorsreport that:

(i) In the preparation of Annual Accounts the applicable accounting standards havebeen generally followed;

(ii) Appropriate accounting policies have been selected and applied consistently andhave made judgments and estimates that are reasonable and prudent so as to give a true andfair view of the state of affairs of the Company at the end of 31st March 2013 of theProfit of the Company for that year;

(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 and

(iv) The annual accounts have been prepared on a going concern basis.

ACKNOWLEDGEMENT:

Your Directors record their appreciation and their sincere thanks to the Company'sBankers Customers and all others for their valuable support and co-operation. YourDirectors also thank all the employees of the Company for their dedicated service andsupport.

For and on behalf of the Board of Directors

MANGALCHAND C SURANA

Chairman

Place: Chennai

Date : 31.05.2013.