| Dear Members,
The Directors hereby present theTwenty Third Annual Report together
with the Audited Accounts of the company for the financial year ended
31st March, 2014.
FINANCIAL HIGHLIGHTS:
The financial highlights for the current year in comparison to the
previous year are as under:
(Rs In Lacs)
Current Year Previous Year
Particulars (2013-14) (2012-13)
Total Income 62.76 S9.80
Total Expenditure 42.S1 41.02
Profit before tax 20.2S 18.78
Provision for taxation ( Current,
previous Years and Deferred Tax) (6.27) (S.82)
Profit after taxation 13.98 12.93
Add: Balance brought forward from previous year 33.74 23.40
Profit available for appropriation 47.72 36.33
Appropriations:
Transfer to statutory reserve 2.79 2.S9
Balance in SURPLUS 44.93 33.74
REVIEW OF FINANCIAL PERFORMANCE :
During the year under review, the interest income from loans granted
was Rs.62.76 Lacs as against Rs.S9.80 lacs for the previous year. The
marginal increase in revenues is on account of higher realization of
Trade Receivables / earnings of interest on finances made by it. The
operations of the Company have resulted in Profit After Tax of Rs 13.98
Lacs as against Rs. 12.93 lacs in the previous year, which is on
account of the higher employee benefit expenses and other expenses.
DIVIDEND:
With a view to conserve resources for long term needs of the Company,
your Directors do not recommend any dividend for the financial year
2013-14
REGISTERED OFFICE:
During the year under review, the Company has pursuant to the Order of
the Regional Director, Southern Region Bench, Chennai, dated October
28, 2013shifted its registered office from Chennai, State of Tamil Nadu
to Kolkata, State of West Bengal and the Company has registered the
order of the Regional Director vide certificate of registration dated
March 22, 2014, received by the Company on May 16, 2014
FIXED DEPOSITS:
The company has neither accepted nor renewed any deposits falling
within the provisions of Section S8A of the Companies Act, 19S6 read
with the Companies (Acceptance of Deposits) Rules, 197S from the public
during the financial year.
CORPORATE GOVERNANCE:
The Company has implemented the procedures and adopted practices in
conformity with the Code of Corporate Governance enunciated in Clause
49 of the Listing Agreement with the Stock Exchanges Pursuant to clause
49 of the listing agreement a Management Discussion and Analysis,
Corporate Governance Report and Auditor's Certificate regarding
compliance of conditions of corporate governance constitute integral
part of the Annual Report.
DIRECTORS
During the year under review, Sri Ranjeev Ved Malik, Director of the
Company has resigned from his directorship w.e.f 28th May 2014. Sri
Divya Garg retires at the ensuing Annual General Meeting and being
eligible, offers himself for re-appointment.
AUDITORS:
M/s. V. Goyal & Associates, Chartered Accountants, Kolkata (ICAI Firm
Registration No 312136E), were appointed as the statutory auditors of
the Company for the financial year 2013-14 at the Annual General
Meeting (AGM) of the Company held on September 27, 2013 and hold office
until the conclusion of the ensuing Annual General Meeting
The company has received from the Auditors under Section 139(1) of the
Companies Act, 2013 and the Rules framed thereunder a certificate of
their eligibility and consent for re-appointment. to the effect that,
their appointment, if made , would be within the prescribed limits
under provisions of sections specified under the Act and that, they are
not disqualified for such re appointment within the meaning of section
of the said Act.
AUDITORS REPORT:
The auditors have been given their report on the Annual Accounts of the
Company and there is no reservation or qualification made by them. The
notes given in the Auditors Report are self-explanatory and needs no
further clarification
STATUTORY AND OTHER INFORMATION:
There are no employees falling within the purview of Section 217(2A) of
the Companies Act, 19S6read with Companies (Particulars of Employees)
Rules, 197S.
There was no expenditure or income in foreign currency during the year
under review. Since your Company does not own any manufacturing the
disclosure of information on the matter Required to be disclosed in
terms of section 217(l) (e) of the Companies act 19S6 read .with the
Companies (Disclosure of Particulars in Report of Board of Directors)
Rules, 1988, is not applicable and hence not given.
DIRECTORS' RESPONSIBILITY STATEMENT:
The Directors of your Company hereby report:
(i) that in the preparation of Annual Accounts for the financial year
ended 31st March , 2014, the applicable accounting standards have been
followed along with the proper explanation relating to material
departures, if any, there from;
(ii) that the directors have selected such accounting policies and
applied them consistently and made judgments 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
profit and loss of the company for that period:
(iii) that the directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of this Act for safeguarding the assets of the company and
for preventing and detecting fraud and other irregularities
(iv) that the directors have prepared the annual accounts on a going
concern basis.
ACKNOWLEDGEMENTS:
Your directors place on record their appreciation for the sense of
commitment and sincerity shown by the employees .They also place on
record their deep admiration and acknowledge with gratitude for the
support and co-operation extended by the clients, bankers, investors
and shareholders at large for their unwavering support throughout the
year.
BY THE ORDER OF THE BOARD
For GOLECHHA GLOBAL FINANCE LIMITED
Sd/-
Place: Kolkata Gyan Swaroop Garg
Date:04.08.2014 Managing Director
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