DIRECTORS REPORT To, The Members, PREM SOMANI FINANCIAL SERVICES LIMITED Dear Shareholders, Your directors are pleased to present their 24th Annual Report on the Business and operations of your company and its working Results for the year ending March 31,2015. 2. 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. 3. 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. 4. DEPOSITS In terms of the provisions of Section 73, 74 of the Companies Act, 2013 read with the Companies (Acceptance of Deposit) Rules, 2014. The Company has not accepted any deposit from public during the year under review. 5. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND POLLUTION CONTROL AND FOREIGN EARNINGSAND OUTGO The Company has no activity relating to conservation of energy and technology absorption. There were noforeign exchange earnings and outgoduring the year. . STATUTORY AUDITOR & AUDITOR'S REPORT Pursuant to the provisions of the Section 139 and all other applicable provisions, if any, of the Companies Act, 2013 and the rules framed thereunder, as amended from time to time, the Company hereby ratifies the appointment of M/s S. Misra & Associates, Chartered Accountants (Firm Registration No. 004972C), as Auditors of the Company to hold office from the conclusion of this Annual General Meeting till the conclusion of Twenty-Fifth AGM of the Company to be held in the year 2016 at such remuneration plus service tax as may be mutually agreed between the Board of Directors of the Company and the Auditors." There are no reservations, qualifications or adverse remarks contained in the auditor's Report attached to the balance sheet as at 31st March, 2015. Information referred in the Auditor's Report is self-explanatory and does not call for any further comments. 7. AUDIT COMMITTEE:- Audit Committee consists following directors, Mrs. Pren Lata Somani Member Mr. Vikas Khator Member Mr. Virendra Krishnia Chairman Meeting of the committee was held during the financial year in accordance with section 177(1) of the Companies Act, 2013 8 CORPORATE GOVERNANCE In pursuance of Clause 49 of the Listing Agreement entered into with the recognized 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. 9. 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 134 of the Companies Act, 2013 10. DIRECTOR'S RESPONSIBILTY STATEMENT In term of clause (c) of sub section 3 of Section 134 of the Companies Act, 2013, 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. 11. 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. 12. PERSONNEL There were no employees whose remuneration was in excess of the limits prescribed under Section u/s 197 (12) read with rule 5, sub-rule 2 of The Companies (Appointment and Remuneration of Managerial Personnel) of the Companies Act, 2013 during the year. 13. 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 Director PremLata Somani Director Place: Jaipur Date: September3,2015 |