ESCORTS SECURITIES LIMITED
ANNUAL REPORT 2008-2009
DIRECTOR'S REPORT
TO
THE MEMBERS
Your Directors present the Fourteenth Annual Report of your Company
together with the Audited Accounts for the year ended 31st March 2009.
FINANCIAL RESULTS Year ended
31.03.2009 31.03.2008
(Rs. Lacs) (Rs. Lacs)
Gross Income 771.12 986.68
Profit before Depreciation and Bad (-)54.65 219.29
Debts Written off Depreciation (-) 29.51 (-) 28.49
and Bad Debts
Written off Profit before Tax (-) 84.17 190.80
Current Tax - (-) 68.00
Deferred Tax 31.95 2.40
Fringe Benefit Tax (-) 5.12 (-) 4.91
Profit after Tax (-) 57.33 120.29
DIVIDEND:
Since there are no profits, no dividend is recommended for the year under
review.
REVIEW OF OPERATIONS:
Escorts Securities Limited is a SEBI registered intermediary in the Capital
Market and Futures & Options segments, as a member of the National Stock
Exchange of India and OTC Exchange of India. Besides being Category I
Merchant Banker it is also a Depository Participant with National
Securities Depository Limited. The Company is also a SEBI registered
Portfolio Manager. It is also a member of the Bombay Stock Exchange.
During the year under review it was admitted to Trading Membership of
Currency Derivatives Segment.
The Company has rationalized its branch network by closing unviable ones
and extending the franchisee network for expansion of business. At present
Escorts Securities Limited has a network of 16 branches.
DIRECTORS:
In accordance with the Articles of Association of the Company, Ms. Ritu
Nanda retires by rotation at the ensuing Annual General Meeting and being
eligible offers herself for re-appointment.
AUDITORS:
M/s S. N. Dhawan & Co., Chartered Accountants, retire as Auditors of the
Company at the conclusion of the forthcoming Annual General Meeting and
being eligible, offer themselves for re-appointment. They have furnished a
certificate to the effect that their reappointment, if made, will be in
accordance with Section 224(1B) of the Companies Act, 1956.
PUBLIC DEPOSITS:
The Company has not accepted any deposits from the public during the year.
PARTICULARS OF EMPLOYEES:
None of the employees is covered by Section 217(2A) of the Companies Act,
1956 read with Companies (Particulars of Employees) Rules, 1975.
INFORMATION UNDER SECTION 217(1)(e) OF THE COMPANIES ACT, 1956:
The Company is not engaged in manufacturing activity; as such particulars
relating to conservation of energy and technology absorption are not
applicable. In the offices etc. adequate measures are being taken to
conserve energy as far as possible.
Since the Company is not making any exports or earning any foreign
exchange, therefore the provisions of Section 217(1)(e) read with Rule 2C
of Companies (Disclosure of Particulars in the Report of Board of
Directors) Rules 1988 with regard to disclosure of information regarding
activities relating to exports, initiatives taken to increase exports,
development of new export markets and export plans are not applicable to
the Company.
RESPONSIBILITY STATEMENT OF THE BOARD OF DIRECTORS:
Pursuant to the requirement of Section 217 (2AA) of the Companies Act,
1956, your directors hereby confirm:-
(i) That in preparation of the annual accounts for the year ended 31st
March, 2009, the applicable accounting standards had been followed;
(ii) That the Directors had selected such accounting policies and applied
them consistently and made judgments and estimates that are reasonable and
prudent so as to give true and fair view of the state of affairs of the
Company as at 31st March, 2009 and of the profit or loss of the Company for
the year ended 31st March, 2009;
(iii) That the Directors had taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of the Companies Act, 1956 for safeguarding the assets of the
Company and for preventing and detecting fraud and other irregularities;
(iv) That the Directors had prepared the annual accounts for the year ended
31st March 2009 on a going concern basis.
AUDIT COMMITTEE:
The company comprises of Audit Committee comprising of Ms. Ritu Nanda, Ms.
Nitasha Nanda and Mr. Lalit K. Khanna, directors of the company. The
Committee is chaired by Mr. Lalit K. Khanna.
ACKNOWLEDGEMENT:
Your Directors acknowledge the support received from Securities & Exchange
Board of India, National Stock Exchange of India, Bombay Stock Exchange
Limited, OTC Exchange of India, National Securities Depository Limited,
National Securities Clearing Corporation Ltd., its Customers and Bankers.
They also take this opportunity to record the appreciation of the
contribution made by employees to the operations of the Company during
year.
for and on behalf of the Board
Escorts Securities Limited
Place: New Delhi Nitasha Nanda Lalit K. Khanna
Date : 27th August, 2009. Director Whole Time Director
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