| Dear Shareholders,
The directors are pleased to present their 23rd Annual Report on the
Business and operations of your company and its working Results for the
year ending March 31,2014.
1. OPERATIONS
The Summarised financial highlights are as under:
Sr.No Particular As at 31.03.2014 As at 31.03.2013
1 Sales/ Income 5,77,071 6,48,469
2 Rent Received 1,17,000 74,000
3 Other Income/Excess Prov.W/back 1505 -
Total Income 6,95,576 7,22,469
4 Total Expenditure 5,49,847 5,25,271
5 Operating Profit/(Loss) 1,45,729 1,97,198
6 Depreciation 48,507 56,025
7 Profit /(Loss) before Tax 97,222 1,41,173
8 Provision for Taxation 28,860 45,024
9 Deferred Tax Assets Created/W/Back* (9,229) (10,579)
10 Profit/(Loss) after tax 83,673 1,06,728
11 Balance Carried Forward from (1,08,61,449) (1,09,68,177)
last Year
12 Balance Carried to Balance Sheet (1,07,94,511) (1,08,61,449)
Deferred tax assets/liabilities has been created to comply with AS-22
issued by the Institute of Chartered Accountants of India
1. DIVIDEND
In view of the Carried forward losses and inadequate profit during the
year, the directors are unable to declare any dividend for the year.
2. CAPITAL
During the Year the Authorised & Issued Subscribed and Paid- up Capital
remain unchanged at Rs. 7,00,00,000/-and Rs. 3,30,34,000/-respectively.
3. DEPOSITS
In terms of the provisions of Section 58A of the Companies Act,
1956'read with the Companies (Acceptance of Deposit) Rules, 1975, The
Company has not accepted any fixed cfeposit during the year under
review.
4. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND POLLUTION CONTROL
AND FOREIGN EARNINGS AND OUTGO
The Company has no activity relating to conservation of energy and
technology absorption. There were no foreign exchange earnings and
outgo during the year.
5. AUDITORS
M/s S. Misra and Associates, Chartered Accountants have been
reappointed by the Board of Directors to hold office till the
conclusion of ensuing Annual General Meeting.
6. AUDIT COMMITTEE:-
Audit Committee consists following directors,
Mr. Virendra Krishna Chairman
Mr. Vikas Khator Member
Mr.NawneetSomani Member
Meeting of the committee was held during the financial year in
accordance with section 292A of the CompaniesAct, 1956 -
7. CORPORATE GOVERNANCE
In pursuance of Clause 49 of the Listing Agreement entered into with
the recognised Stock Exchanges, a separate section on Corporate
Governance has been incorporated in the Annual Reportforthe information
of Shareholders. Certificate of the Auditors regarding compliance with
the conditions of Corporate Governance as stipulated in clause 49 of
the Listing agreement is also annexed with this annual report.
8. AUDITOR'S REPORT
The notes to the Accounts referred to in the Auditor's Report are self-
explanatory and, therefore, do not call for any further explanation
under Section 217(3) of the CompaniesAct, 1956.
9. DIRECTOR'S RESPONSIBILTY STATEMENT
In term of Section 217 (2AA) of the CompaniesAct, 1956, the directors
would like to State that:
i) In the preparation of the annual accounts, the applicable accounting
standards have been followed.
ii) The directors have selected such accounting policies and applied
them consistently and made judgments and estimates that were reasonable
and prudent so as to give a true and fair view of the state of affair
of the Company as at the end of the financial year under review.
iii) The directors have taken proper and sufficient care for the
maintenance of adequate accounting, records in safeguarding the assets
of the Company and for preventing and detecting fraud and other
irregularities.
iv) The directors have prepared the annual accounts on a going concern
basis.
10. MANAGEMENT DISCUSSION AND ANALYSIS REPORT
A Detailed Management Discussion & Analysis report as required under
clause 49 (IV) (F) on the Financial Condition and Result of operations
of the Company is included in this Annual Report.
11. PERSONNEL
There were no employees whose remuneration was in excess of the limits
prescribed under Section 217 (2A) of the Companies Act, 1956 as per the
latest amendment.
12. ACKNOWLEDGMENT
The Board takes this opportunity to express its sense of gratitude to
all the Shareholders, Government Departments, Bankers and other
Business Consultants of the Company.
BY ORDER OF THE BOARD
FOR PREM SOMANI FINANCIAL SERVICES LIMITED
Nawneet Somani Prem Lata
Director Director
Place: Jaipur
Dated: August 26,2014
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