annual report-13-14

th
14 ANNUAL REPORT
2013 - 2014
M E
F
L
MSE FINANCIAL SERVICES LIMITED
No.30 (Old No.11), Second Line Beach, Chennai - 600 001.
MSE FINANCIAL SERVICES LTD.
ANNUAL REPORT 2013-2014
MSE FINANCIAL SERVICES LTD.
(Subsidiary of Madras Stock Exchange Ltd.)
Corporate Information
Board of Directors
Registered Office
No.30, (Old No.11),
Second Line Beach,
Chennai - 600 001.
Sarvashri
S. PRASAD
Registrar and Share Transfer Agent
Cameo Corporate Services Limited
"Subramanian Building"
No.1, Club House Road,
Chennai - 600 002.
Public Representative Director
V. SANJEEVI
Public Representative Director
Bankers
ICICI Bank Limited
HDFC Bank Limited
State Bank of India
V. NAGAPPAN
Member Director
S. VENKATESWARAN
Auditor
G. Balu Associates, Chartered Accountants
Mylapore, Chennai - 600 004.
Member Director
K. N. RAMANATH
Internal Auditor
A V Deven & Co., Chartered Accountants
Ashok Nagar, Chennai - 600 083.
Nominee Director
R. RAVICHANDRAN
Chief Executive Officer & Whole-time Director
Corporate Identity Number (CIN)
U67110TN2005PLC056075
Contents
14th AGM
Page No.
Date
th
: 19 September 2014
Time
: 5.30 P.M.
7
Venue
: “PEARL”, THE PRESIDENCY CLUB
Balance Sheet
10
Venue
: No.51, Ethiraj Salai,(Opp. Hotel Kanchi),
Profit & Loss Account
11
Venue
: Egmore, Chennai - 600 008.
Schedules
12
Corporate Information
2
Notice
3
Directors' Report
4
Auditors' Report
Book Closure Date : 15.09.2014 to 19.09.2014
2
MSE FINANCIAL SERVICES LTD.
ANNUAL REPORT 2013-2014
NOTICE is hereby given that the FOURTEENTH Annual General Meeting of the Members of
th
MSE FINANCIAL SERVICES LIMITED will be held on Friday, the 19 September 2014 at 5.30 pm
at “PEARL”, THE PRESIDENCY CLUB, No.51, Ethiraj Salai, (Opp. Hotel Kanchi), Egmore,
Chennai - 600 008 to transact the following business :
ORDINARY BUSINESS
1.iiiiTo consider and if deemed fit, to pass, with or without modification(s), the following as an ORDINARY RESOLUTION.
1.iiiiRESOLVED that the Directors' report, the statement of Profit and Loss for the year ended 31st March,2014 and the
Balance sheet as at that date together with the independent auditor’s report thereon be and are hereby considered,
approved and adopted.
2.iiiiTo consider and if deemed fit, to pass, with or without modification(s), the following as an ORDINARY RESOLUTION
RESOLVED THAT the dividend of ` 0.50 (5%) dividend per equity share for the year as recommended by the Board
of Directors be and is hereby declared on the equity shares of `10/- each of the company for the year ended
31st March 2014 and paid to those shareholders, in case of shares held in physical form, whose name appear in the
register of members as on 15th September, 2014 and in case of share held in dematerialized form, as per the details
furnished by the depositories for this purpose.
3.iiiiTo appoint a Director in the place of Shri. V. Nagappan (holding DIN 01271378), who retires by rotation and is not
seeking re-election as per SEBI guidelines/Articles of Association of the Company.
4.iiiiTo consider and if deemed fit , to pass, with or without modification(s), the following as an ORDINARY RESOLUTION.
RESOLVED THAT pursuant to the provisions of section 139 and other applicable provisions, if any, of the Companies
Act, 2013 and the rules made thereunder (including any statutory modification(s) or re-enactment thereof for the time
being in force), M/s.G.Balu Associates, Chartered Accountants, Chennai bearing registration no. 000376S the
retiring Auditors, be and are hereby re-appointed as Auditors of the Company, to hold office from the conclusion of
this meeting until the conclusion of the next Annual General Meeting and the Statutory audit fee, payable to them , be
fixed at ` 35,000/- in addition to Tax audit fee of ` 5,000/-, certification fee, other out-of pocket expenses and
applicable taxes incurred by them in connection with the audit.
BY ORDER OF THE BOARD
Place : Chennai
Date : 22-08-2014
R. RAVICHANDRAN
CHIEF EXECUTIVE OFFICER
NOTES:
1.iiiiiA Shareholder entitled to attend and vote at the meeting is entitled to appoint another person as proxy to attend and vote instead of
himself. The proxy need not be a member of the Company. The instrument of proxies, in order to be effective, must be lodged at the
Registered Office of the Company not later than 48 hours before the time of holding the meeting.
3.iiiiiRevenue Stamp should be affixed on the proxy form. Forms which are not stamped are liable to be considered invalid. Further, for
identification purpose, it is advisable that the proxy holder's signature may also be furnished in the proxy form.
2.iiiiiAs per Section 133 of the Companies Act, 2013, in the case of corporate members, such members shall exercise their vote, in the
AGM, through a named authorized representative, in accordance with the provisions of the Section 133 of the Companies Act,
2013, by forwarding to the company before the Annual General Meeting, a certified copy of the Board resolution of the corporate
body, authorizing the person named therein to attend the meeting and to vote there at as its representative.
3.iiiiiAccordingly, if it is proposed to appoint any person to attend the Annual General Meeting on behalf of corporate members, kindly
note to submit to the Company (MSE Financial Services Ltd) an authorization by a resolution of your Board, in your Company's
letter-head.
3.iiiiiThe Register of Books of Members of the Company will remain closed from 15-09-2014 to 19-09-2014 (both days inclusive).
4.iiiiiA copy of the Memorandum & Articles of Association of the company is available for inspection at the Registered Office of the
Company, at any time during working hours.
5.iiiiiMembers holding shares in physical form are requested to notify the Company immediately of any change in address to the
Company or to the Share Transfer Agents, viz. M/s.Cameo Corporate Services Ltd. Members holding shares in dematerialized
form may inform the change in address to their Depository Participant.
6.iiiiiMembers are advised to bring the Annual Report. No additional copies of the Annual Report will be provided at the venue of the
meeting.
3
MSE FINANCIAL SERVICES LTD.
ANNUAL REPORT 2013-2014
DIRECTORS' REPORT
Your Directors have pleasure in presenting the FOURTEENTH Annual Report together with the Audited Accounts of the
Company for the year ended 31st March 2014.
FINANCIAL HIGHLIGHTS
2013-14
(`)
2012-13
(`)
1,06,12,997
1,24,94,357
Less: Brokerage paid to sub-brokers
85,01,409
98,63,915
Income from operations
21,11,588
26,39,265
Other Income
68,32,986
74,85,993
49,097
-
89,93,671
1,01,25,258
Total Expenditure
63,88,546
65,15,701
Profit before taxes
26,05,125
36,09,557
7,57,344
9,62,212
25,694
(1,03,000)
Profit after tax
18,22,087
27,50,345
Balance brought forward from previous year
30,31,110
35,05,011
Amount available for appropriation
48,53,197
62,55,356
Transfer to Investor Protection Fund
1,052
24,247
25,00,000
25,00,000
4,24,900
4,24,900
-
2,75,100
19,27,245
30,31,110
DESCRIPTION
Total Income :
Brokerage received :
Income from Depository Participants operations
Total
Less: Provision for tax
Less: Provision for Deferred tax
Proposed Dividend
Tax on Dividend
Transfer to General Reserve
Balance carried to Balance Sheet for the year
Your Company has achieved a trading volume of ` 467.60 crores during the year, compared to ` 598.64 crores registering
a decrease of 21.89% over previous year. During the year under report, your company has achieved a gross income of
` 89,93,671/-, which has decreased by 11.18% compared to previous year ` 1,01,25,258/- due to adverse condition
prevailing in the market.
DIVIDEND
Considering the profit after tax, your Directors recommend ` 0.50 (5%) dividend per equity share for the year. The
dividend, if approved by the shareholders, will be paid to all the equity shareholders whose names appear in the Register
th
of Members as on 15 September 2014.
GENERAL PERFORMANCE
During the year, your company has commenced the CDSL DP operations on 17th October 2013 and opened - 867- demat
accounts as on 22nd August 2014.
During the year under review, MSEFSL got registered with IRDA, to act as an Approved Person (AP) for Central
Insurance Repository Ltd (CIRL) under Licence No. IRDA/IR2/2014/221, dt. 29/01/2014. The e-Insurance services
includes opening and maintaining of electronic Insurance Account (eIA), dematerializing of existing policies held in
physical form, other policy services etc. Your Company has recently commenced offering services in this segment also.
4
MSE FINANCIAL SERVICES LTD.
ANNUAL REPORT 2013-2014
Further your Company has been accepting PAN applications from the Clients/Investors and so far -2009- applications
have been processed as on 31.03.2014.
With the above activities, your Company will provide other business opportunities/sevices for the sub-brokers and
investors.
Further the Board constituted Business Development Committee and it has met on 05th March 2014. The members of the
Committee are 1.Shri. V. Sanjeevi, 2.Shri. V. Nagappan, 3.Shri. S. Venkateswaran and 4.Shri. K. N. Ramanath, Director.
Your Company has conducted a Brain Storming Session with the sub-brokers on 08th March 2014 and had detailed
discussion about the business prospects of the company, various suggestions emanated from the sub-brokers which
have been taken note for consideration.
BOARD MEETINGS
The Board of Directors have met -5- times during the year ended March 31, 2014 i.e. on 29th May 2013,
21st August 2013, 27th September 2013, 27th November 2013 and 07th February 2014. The maximum gap between the
two Board meetings was not more than four months.
AUDIT COMMITTEE MEETINGS
During the year, the Audit Committee was re-constituted on 21st August 2013 and 27th November 2013 and the
members of the committee are 1. Shri. V. Nagappan - Chairman, 2. Shri. S. Prasad 3. Shri. K. N. Ramanath and
Shri. R. Ravichandran, CEO & Whole-time Director be the Ex-officio member of the Committee in addition to Statutory
Auditor and Internal Auditor.
The Audit Committee of the Company met -4- times during the year ended March 31,2014 on 29th May 2013,
21st August 2013, 27th November 2013 and 07th February 2014 , approved and adopted the Quarterly, Half-yearly
accounts of the Company and the Annual accounts of the Company for the year ended 31st March 2013 . The committee
also considered the Internal audit and System audit reports of the Company.
HR COMMITTEE (Previously Remuneration Committee)
The HR Commitee of the Company met -2- times during the year ended March 31,2014 on 19th August 2013 and
06th February 2014 to consider the performance review of the Chief Executive Officer of the Company. The members of
the Committee are 1.Shri. V. Sanjeevi - Chairman, 2.Shri. S. Venkateswaran, Director and 3.Shri. K. N. Ramanath,
Director.
APPOINTMENT OF COMPANY SECRETARY
Steps are being taken to appoint a Company Secretary. However we could not find suitable candidate for the post.
DIRECTORS’ RESPONSIBILITY STATEMENT
Your Directors’ confirm that:
i)
that in the preparation of the annual accounts, the applicable accounting standards have been followed along with
proper explanation relating to material departures.
ii)
that the such accounting policies selected and applied are consistent and the judgements and estimates made 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 income and expenditure of the company for that period.
iii) that proper and sufficient care has been taken for the maintenance of adequate accounting records in accordance
with the provisions of the Companies Act, for safeguarding the assets of the company and for preventing and
detecting fraud and other irregularities.
iv) that the annual accounts have been prepared on a going concern basis.
5
MSE FINANCIAL SERVICES LTD.
ANNUAL REPORT 2013-2014
DIRECTORS
During the year under report, Shri S. Venkateswaran, Trading Member Director was elected to the Board of the Company,
as per Articles of Association of the company.
During the year under report, Shri V. Nagappan, Trading Member Director retiring by rotation at this meeting is not
seeking re-election, as per Article 24(c) of the company.
Your Directors wish to place on record the invaluable contribution rendered by Shri. V. Nagappan during his tenure, for the
growth of the company.
AUDITORS
M/s.G.Balu Associates, Chartered Accountants, will retire at the conclusion of the ensuing Annual General Meeting and
are eligible for re-appointment. The Company has received necessary letter of eligibility from them.
ENERGY CONSERVATION, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE OUTGO
With regard to conservation of energy, technology absorption and foreign exchange earnings and outgo are not
applicable to your Company.
PARTICULAR OF EMPLOYEES
There were no employees covered by the provisions of Companies Act, read with the Companies (Particulars of
Employees) Rules, 1975.
ACKNOWLEDGEMENT
Your Directors thank the Madras Stock Exchange Ltd. (Holding Company), Share holders, Sub-brokers, Bombay Stock
Exchange Ltd., National Stock Exchange of India Ltd., MCX Stock Exchange Ltd., Indian Clearing Corporation Ltd.,
National Securities Depository Ltd., Central Depository Services Ltd., Cameo Corporate Services Ltd., Bankers to the
Company and vendors who have supplied hardware and software to the company, for their support during the year.
The Directors also thank the employees of the company for their contribution during the year under review.
For and on behalf of the Board of Directors of
MSE FINANCIAL SERVICES LTD
Place : Chennai
Date : 22-08-2014
S. PRASAD
iChairman
6
MSE FINANCIAL SERVICES LTD.
ANNUAL REPORT 2013-2014
M/s. G. BALU ASSOCIATES
4A, Venkatesa Agraharam Street,
Mylapore, Chennai - 600 004.
Chartered Accountants
INDEPENDENT AUDITORS' REPORT
To
The Members of
M/s. MSE FINANCIAL SERVICES LIMITED
Report on the Financial Statements
We have audited the accompanying financial statements of M/s MSE FINANCIAL SERVICES LIMITED (“the
Company”), which comprise the Balance Sheet as at March 31,2014, and the Statement of Profit and Loss and a
summary of significant accounting policies and other explanatory information.
Management's Responsibility for the Financial Statements
Management is responsible for the preparation of these financial statements that give a true and fair view of the financial
position, financial performance and cash flows of the Company in accordance with the Accounting Standards referred to
in sub-section (3C) of section 211 of the Companies Act, 1956 (“the Act”). This responsibility includes the design,
implementation and maintenance of internal control relevant to the preparation and presentation of the financial
statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.
Auditor's Responsibility
Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in
accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. Those Standards
require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about
whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial
statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material
misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor
considers internal control relevant to the Company's preparation and fair presentation of the financial statements in order
to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the
appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management,
as well as evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
Opinion
In our opinion and to the best of our information and according to the explanations given to us, the financial statements
give the information required by the Act in the manner so required and give a true and fair view in conformity with the
accounting principles generally accepted in India:
(a) in the case of the Balance Sheet, of the state of affairs of the Company as at March 31, 2014.
(b) in the case of the Statement of Profit and Loss Account, of the profit for the year ended on that date;
7
MSE FINANCIAL SERVICES LTD.
ANNUAL REPORT 2013-2014
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor's Report) Order, 2003 (“the Order”) issued by the Central Government of India
in terms of sub-section (4A) of section 227 of the Act, we give in the Annexure a statement on the matters specified in
paragraphs 4 and 5 of the Order.
2. As required by section 227(3) of the Act, we report that :
a. We have obtained all the information and explanations which to the best of our knowledge and belief were
necessary for the purpose of our audit.
b. In our opinion proper books of account as required by law have been kept by the Company so far as appears from
our examination of those books.
c.
The Balance Sheet and Statement of Profit and Loss dealt with by this report are in agreement with the books of
account.
d. On the basis of written representations received from the directors as on March 31, 2014, and taken on record by
the Board of Directors, none of the directors is disqualified as on March 31, 2014, from being appointed as a
director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956.
e. The company has not got a secretary appointed under section 383A of the Companies Act 1956.
For G. BALU ASSOCIATES
Chartered Accountants
FRN : 000376S
R. RAVISHANKAR
Partner
Membership No.026819
PLACE : CHENNAI
DATE : 22-08-2014
8
MSE FINANCIAL SERVICES LTD.
ANNUAL REPORT 2013-2014
Annexure to the Independent Auditors' Report
The Annexure referred to in our report to the members of M/s. MSE FINANCIAL SERVICES LIMITED
('the Company') for the year ended 31st March 2014.
We report that:
i)
The Company has maintained proper records showing full particulars including quantitative details and situation of
its fixed assets. All the fixed assets have been physically verified by the management and no material
discrepancies were noticed on such verification. The Company has not disposed off substantial portion of fixed
assets during the year.
ii)
The Company does not have any inventory and hence the provisions of clause (ii) are not applicable to the
Company, for the year.
iii)
The Company, during the year, has neither granted nor taken any loans, secured or unsecured to/from companies,
firms or other parties, covered in the register maintained under Section 301 of the Companies, Act, 1956.
iv)
In our opinion and according to the information and explanations given to us, there are adequate internal control
procedures commensurate with the size of the company and the nature of its business with regard to purchase of
inventory, fixed assets and with regard to sale of goods. During the course of our audit, we have not observed any
continuing failure to correct major weakness in internal control system.
v)
In our opinion and according to information and explanations given to us, the company did not have any contracts
or arrangements during the year, that need to be entered in the register maintained in pursuance of Section 301 of
the Companies Act, 1956.
vi)
The Company has not accepted any deposits from the public.
vii)
In our opinion, the company has an adequate Internal Audit System commensurate with the size and nature of its
business.
viii) The Central Government has not prescribed the maintenance of cost records under Section 209(1) (d) of the
Companies Act, 1956 for any of the products of the Company.
ix)
In respect of Statutory dues:
(a)
According to the records of the company, the company is generally regular in depositing with appropriate
authorities, the undisputed statutory dues. There were no undisputed amounts payable in respect of
Income tax, Wealth Tax, Customs Duty and Excise Duty, Investor Education and Protection Fund, Cess and
other material statutory dues outstanding as at 31st March 2014 for a period of more than six months from the
date they became payable.
(b)
According to the information and explanations given to us, there are no disputed statutory amounts that are
unpaid as at 31st March 2014, except for the following
Income Tax Act - A.Y. 2009 -10 ` 4,81,643/- : Commissioner of Income Tax (Appeals)
Central Excise - A.Y. 2007-08 to A.Y. 2010-11 ` 21,72,739/- : Commissioner of Central Excise (Appeals)
x)
The Company does not have any accumulated losses as at the end of the Financial year and has not incurred
losses in the current financial year and in the immediately preceding financial year.
xi)
The Company does not have any dues to any financial institution or towards debenture holder and have not
defaulted in repayment of its dues to its bankers during the year.
xii)
The company has not granted any loans and advances on the basis of security by way of pledge of shares,
debentures or other securities.
xiii) The company is not a Chit fund, Nidhi or mutual benefit fund or Society.
xiv) The company is a broker in Stock Exchanges but no proprietary trading is done by them in shares, securities,
debentures or other investments, as per SEBI regulations.
xv)
The company has not given any guarantees for loan taken by others from bank or financial institutions.
xvi) The company has not applied any term loans from banks, hence question of application of the term does not arise.
xvii) According to the information and explanations given to us, and on an overall examination of the balance sheet of
the company, we report that no funds raised on short term basis, have been used for long term investments.
xviii) According to the information and explanations given to us no preferential allotment of shares has been made by
the company to companies, firms or other parties listed in the register maintained under section 301 of the
Companies Act, 1956.
xix) The company has not issued any debentures during the year.
xx)
The company has not raised money by public issue during the year and question of disclosure of end use if money
does not arise.
xxi) According to the information and explanations given to us, a fraud on or by the company has not been noticed or
reported during the year.
For G. BALU ASSOCIATES
Chartered Accountants
FRN : 000376S
R. RAVISHANKAR
Partner
Membership No.026819
PLACE : CHENNAI
DATE : 22-08-2014
9
MSE FINANCIAL SERVICES LIMITED
st
Balance Sheet as at 31 March, 2014
All Amounts in `
Particulars
I.
EQUITY AND LIABILITIES
1
Shareholder's Funds
(a) Share Capital
(b) Reserves and Surplus
Figures as at
the end of
31st March 2014
Figures as at
the end of
31st March 2013
5,00,00,000
50,07,626
5,00,00,000
61,10,439
-
-
3,22,767
56,50,000
3,22,212
2,97,073
75,46,885
2,96,309
43,03,717
8,76,834
29,24,900
6,94,08,056
51,81,907
17,92,965
29,24,900
7,41,50,478
13
14
15
5,00,705
24,15,439
10,000
8,75,516
2,41,00,000
1,47,071
26,59,710
10,000
5,11,180
2,41,00,000
16
17
18
19
47,86,647
3,11,23,778
23,65,373
32,30,598
1,01,39,137
3,29,10,080
26,01,781
10,71,519
6,94,08,056
7,41,50,478
29,64,764
29,64,764
Note
3
4
2
Share Application Money Pending Allotment
3
Non-Current Liabilities
(a) Long-Term Borrowings
(b) Deferred Tax Liabilities (Net)
(c) Other Long Term Liabilities
(d) Long Term Provisions
5
6
7
Current Liabilities
(a) Short-Term Borrowings
(b) Trade Payables
(c) Other Current Liabilities
(d) Short-Term Provisions
8
9
10
4
Total
II.
1
2
ASSETS
Non-Current Assets
(a) Fixed Assets
(a) Tangible Assets
(a) Intangible Assets
(a) Capital Work-In-Progress
(a) Intangible Assets under development
(b) Non-Current Investments
(c) Long-Term Loans & Advances
(d) Other Non-Current Assets
11
12
Current Assets
(a) Current Investments
(b) Inventories
(c) Trade Receivables
(d) Cash & Bank Balances
(e) Short-Term Loans & Advances
(f) Other Current Assets
Total
Contingent Liabilities
20
The notes referred to above form an integral part of the financial statement
For and on behalf of Board of Directors
As per our report attached of even date
For G. Balu Associates
Chartered Accountants
S. Prasad
Director
DIN 00063667
V. Sanjeevi
Director
DIN
R.Ravishankar
Partner
Membership No. 026819
Firm No. 000376S
V. Nagappan
Director
DIN 01271378
Place: Chennai
Date: 22-08-2014
K. N. Ramanath
Director
DIN 00574780
10
S. Venkateswaran
Director
DIN 01847693
R. Ravichandran
CEO & Whole-time Director
DIN 00471831
MSE FINANCIAL SERVICES LIMITED
st
Profit and Loss Statement For The Year Ended 31 March, 2014
All Amounts in `
Note
Note
Particulars
Figures as at
the end of
31st March 2014
Figures as at
the end of
31st March 2013
I
Revenue From Operations
21
21,60,685
26,30,442
II
Other Income
22
68,32,986
74,94,816
III
Total Revenue (I +II)
89,93,671
1,01,25,258
IV
Expenses:
32,70,771
32,28,963
-
-
23
Employees Cost & Benefits
Financial Costs
Depreciation and Amortization Expense
24
6,51,850
7,87,053
Other Expenses
25
24,65,925
24,99,685
V
Total Expenses
63,88,546
65,15,701
VI
Profit Before Exceptional Item (III- V)
26,05,125
36,09,557
VII
Exceptional Items
-
-
VIII
Profit Before Tax (VI - VII)
26,05,125
36,09,557
7,17,145
10,09,800
(2) Excess / Short IT Provision of earlier year
40,199
(47,588)
(3) Deferred tax
25,694
(1,03,000)
18,22,087
27,50,345
0.36
0.55
IX
Tax Expense:
(1) Current tax
X
Profit (Loss) for the period (VIII - IX)
XI
Earnings per Equity Share:
30
Basic / Diluted
The notes referred to above form an integral part of the financial statement
For and on behalf of Board of Directors
As per our report attached of even date
For G. Balu Associates
Chartered Accountants
S. Prasad
Director
DIN 00063667
V. Sanjeevi
Director
DIN
R.Ravishankar
Partner
Membership No. 026819
Firm No. 000376S
V. Nagappan
Director
DIN 01271378
Place: Chennai
Date: 22-08-2014
K. N. Ramanath
Director
DIN 00574780
11
S. Venkateswaran
Director
DIN 01847693
R. Ravichandran
CEO & Whole-time Director
DIN 00471831
MSE FINANCIAL SERVICES LTD.
ANNUAL REPORT 2013-2014
Schedules Forming Part of Financial Reports For 2013-14
Note 1:
Corporate Information:
The company has been promoted, with the main object to facilitate Members of Madras Stock Exchange Limited to deal in
Shares and securities in national level exchanges.
The company was incorporated on 6th March 2000, as a Company limited by guarantee and in its Extra-ordinary General
Meeting held on 4th April 2005, got converted into a Company limited by shares and got itself re-registered vide ROC's
certificate dated 25th April 2005.
The Company initially was a Wholly owned subsidiary of Madras Stock Exchange Ltd. During December 2007,
MADRAS STOCK EXCHANGE LTD (MSE) divested 24,00,000 Shares in favour of 127 Members of the MSE. The
Divestment process was completed on 7th May 2008. Consequently MSE holds 26,00,000 shares being 52% of the share
capital of the Company and hence continuous to be a Holding Company as on date.
The Company appointed Chief Executive Officer during October 2003 whose appointment, terms & conditions are as
required by the Securities & Exchange Board of India vide Circular No.SMD/Policy/Cir-4/2003 dated 11th February 2003.
Note 2:
Significant Accounting Policies:
(a) Basis of preparation of financial statements:
The financial statements of the company have been prepared on a historical cost basis and in compliance with the
mandatory accounting standards issued by the Institute of Chartered Accountant of India, as referred to in Section
211(3C) of the Companies Act, 1956. All items of income and expenditure having a material bearing on the financial
statements have been recognized on the accrual basis.
(b) Use of Estimates:
The Company is a Small and Medium Sized Company (SMC) as defined in the General Instructions in respect of
Accounting Standards notified under the Companies Act 1956. Accordingly, the Company has complied with the
Accounting Standards as applicable to a Small and Medium Sized Company.
(c ) Revenue Recognition:
(i)
Brokerage received is recognized on accrual basis on the trade cycle date of the transaction.
(ii) Interest on Deposits is recognized using the time-proportion method based on the rates implicit in the
transaction.
(d) Fixed Assets:
Fixed Assets are stated at cost less accumulated depreciation. Cost includes all direct expenses (if any) incurred to bring
an asset to working condition for its intended use. Cost also includes financing costs (if any) relating to specific borrowing
attributable to the acquisition or construction of fixed assets. Intangible assets are amortized over its useful life.
12
MSE FINANCIAL SERVICES LTD.
ANNUAL REPORT 2013-2014
Schedules Forming Part of Financial Reports For 2013-14
(e) Depreciation:
Fixed assets are depreciated on a straight-line method at the rates and in the manner prescribed by Schedule XIV to the
Companies Act, 1956. Membership Card BSE and MCX-SX are amortized over a period of fifteen years; from the date the
cards are available for use.
(f) Sundry Debtors and Creditors:
Amount receivable from and payable to Clients are recognized on trade cycle date basis and disclosed as sundry debtors
and creditors.
(g) Retirement Benefits:
The Company makes provision for the defined benefit plans i.e Gratuity and Leave Encashment based on actuarial
valuation.
The Company makes payment towards Provident fund, a defined contribution plan, recognized in the Profit and Loss A/c.
(h) Current and Deferred Tax:
Current tax is determined in accordance with the provisions of Income Tax Act 1961. Deferred tax is recognized for all
timing differences. Deferred tax assets are recognized when considered prudent.
All Amounts In `
Figures as at
Figures as at
the end of
the end of
31st March 2014 31st March 2013
Particulars
Note 3
Share Capital
Authorised Capital
60,00,000 [ 31st March 2013: 60,00,000 shares] Equity Shares of ` 10 each
6,00,00,000
6,00,00,000
Issued, Subscribed and Paid Up Capital
50,00,000 [31st March 2013: 50,00,000 shares] Equity Shares of ` 10 each fully paid
5,00,00,000
5,00,00,000
Total
5,00,00,000
5,00,00,000
(a) Reconciliation of Number of Shares:
Equity Shares:
st
Particulars
As at 31 March 2014
No. of Shares
Amount
st
As at 31 March 2013
No. of Shares
Amount
Balance as at the beginning of the year
Add: Issue during the year
50,00,000
-
5,00,00,000
-
50,00,000
-
5,00,00,000
-
Balance as at the end of the year
50,00,000
5,00,00,000
50,00,000
5,00,00,000
13
MSE FINANCIAL SERVICES LTD.
ANNUAL REPORT 2013-2014
Schedules Forming Part of Financial Reports For 2013-14
All Amounts in `
(b) Rights & Restrictions Attached to Shares
Equity Shares: The company has one class of equity shares having a par value of ` 10 per share. Each shareholder is
eligible for one vote per share held. The dividend proposed by the Board of Directors is subject to the approval of the
shareholders in the ensuing Annual General Meeting, except in case of interim dividend. In the event of liquidation, the
equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential
amounts, in proportion to their shareholding.
(c) Shares Held by Holding Company
Figures as at
the end of
31st March 2014
Figures as at
the end of
31st March 2013
2,60,00,000
2,60,00,000
Equity Shares:
26,00,000 shares [31st March 2013: 26,00,000 shares] held by
Madras Stock Exchange Limited, the Holding Company
(d) Details of Shares held by Shareholders
Holding More Than 5% of the Aggregate
Shares in the Company
Equity Shares:
Madras Stock Exchange Limited, the Holding Company
st
st
Figures as at the end of 31 March 2014 Figures as at the end of 31 March 2013
Amount
%
Amount
%
2,60,00,000
52%
2,60,00,000
52%
Figures as at
the end of
31st March 2014
Particulars
Figures as at
the end of
st
31 March 2013
Note 4
Reserves & Surplus
(a) Investor Protection Fund
Opening Balance
(+) Addition during the year
Closing balance
10,34,556
1,052
10,35,608
10,10,309
24,247
10,34,556
(b) General Reserves
Opening Balance
(+) Current Year Transfer
(-) Written Back in Current Year
Closing Balance
20,44,773
20,44,773
17,69,673
2,75,100
20,44,773
(c) Surplus / (Deficit) in Statement of Profit and Loss
Balance as at Beginning of the Year
(+) Profit / (Loss) for the year
(+) Transfer from Reserves
(-) Transfer to Investor Protection Fund
(-) Proposed Dividends
(-) Dividend Distribution Tax on Proposed Dividend
(-) Interim Dividends
(-) Transfer to Reserves
Balance as at End of the Year
30,31,110
18,22,087
1,052
25,00,000
4,24,900
19,27,245
35,05,011
27,50,345
24,247
25,00,000
4,24,900
2,75,100
30,31,110
50,07,626
61,10,439
Total
14
[(a)+(b)+(c)]
MSE FINANCIAL SERVICES LTD.
ANNUAL REPORT 2013-2014
Schedules Forming Part of Financial Reports For 2013-14
All Amounts in `
Figures as at Figures as at
the end of
the end of
31st March 2014 31st March 2013
Particulars
Note 5
Deferred Tax Liability (Net)
Deferred Tax Liabilities
Depreciation
3,48,171
3,38,856
25,404
3,22,767
41,783
2,97,073
-
-
Total
56,50,000
56,50,000
75,46,885
75,46,885
Total
3,22,212
3,22,212
56,309
2,40,000
2,96,309
Total
43,03,717
43,03,717
51,81,907
51,81,907
Total
3,682
68,300
8,04,852
8,76,834
1,77,269
1,60,000
14,55,696
17,92,965
Total
25,00,000
4,24,900
29,24,900
25,00,000
4,24,900
29,24,900
Deferred Tax Asset
Provision for Leave Encashment
Total
Deferred tax assets and deferred tax liabilities have been offset as they relate
to the same governing taxation law
Note 6
Other Long Term Liabilities
(a) Trade Payables
(b) Others
Trade / Security Deposits Received
Sub-brokers' Margin monies shown above, excludes the Securities in kind, kept by
sub-brokers with the company, valued as at 31st March 2014 at ` NIL /[31st March 2013 ` 24,93,903/- ]
Note 7
Long Term Provisions
Provision for Employee Benefits
(a) Provision for Gratuity
(b) Provision for Leave Encashment
Note 8
Trade Payables
Sundry Creditors
Note 9
Other Current Liabilities
Dues to Holding Company
Due to Whole Time Director
Other Liabilities
Note 10
Short-Term Provisions
Provision for Proposed Equity Dividend
Provision for Tax on Proposed Dividends
Note 11
Tangible Assets
Depreciation
Gross Block
Particulars
1st April,
2013
Additions
Disposals
31st March,
2014
1st April,
2013
For the
Year
Disposals
Net Block
31st March, 31st March, 31st March,
2014
2014
2013
Office Equipment
16,278
6,060
-
22,338
11,938
6,592
-
18,530
3,808
4,340
Furniture & Fixtures
42,386
-
-
42,386
6,792
2,532
-
9,324
33,062
35,594
38,92,079
3,43,953
-
42,36,032
38,89,949
25,769
-
39,15,718
3,20,314
2,130
Air Conditioners
1,28,963
46,200
-
1,75,163
23,956
7,686
-
31,642
1,43,521
1,05,007
Vehicle
4,41,812
-
-
4,41,812
4,41,812
-
-
4,41,812
-
-
Total
45,21,518
3,96,213
-
49,17,731
43,74,447
42,579
-
44,17,026
5,00,705
1,47,071
Previous year
44,98,253
23,265
-
45,21,518
41,95,889
1,78,558
-
43,74,447
1,47,071
3,02,364
Computers
15
MSE FINANCIAL SERVICES LTD.
Note 12
Intangible Assets
ANNUAL REPORT 2013-2014
Schedules Forming Part of Financial Reports For 2013-14
All Amounts in `
Amortization
Gross Block
Membership card - BSE
70,04,000
-
-
70,04,000
56,05,405
4,66,933
-
60,72,338
9,31,662
13,98,595
Membership Fee - MCX-SX
11,23,600
-
-
11,23,600
34,273
74,907
-
1,09,180
10,14,420
10,89,327
Computer Software
32,91,892
3,65,000
-
36,56,892
31,20,105
67,431
-
31,87,535
4,69,357
1,71,787
Total
1,14,19,492
3,65,000
-
1,17,84,492
87,59,783
6,09,271
-
93,69,053
24,15,439
26,59,710
Previous Year
1,01,31,129
12,88,363
-
1,14,19,492
81,51,288
6,08,495
-
87,59,782
26,59,710
19,79,841
Grand Total
1,59,41,010
7,61,213
-
1,67,02,23
1,31,34,230
6,51,850
-
1,37,86,080
29,16,144
28,06,780
Disposals
1st April,
2013
Net Block
Particulars
Additions
31st March,
2014
For the
Year
1st April,
2013
Disposals
31st March, 31st March, 31st March,
2014
2014
2013
(Tangible + Intangible Assets)
Figures as at Figures as at
the end of
the end of
31st March 2014 31st March 2013
Particulars
Note 13
Non-Current Investments
Unquoted Equity Instruments (Trade, Non-Quoted, stated at Cost)
1,30,000 equity shares [as on 31st March 2013: 1,30,000] of ` 1/- each held in
Bombay Stock Exchange Limited
10,000
10,000
10,000
10,000
8,25,000
50,516
4,81,180
30,000
Total
8,75,516
5,11,180
Total
2,41,00,000
2,41,00,000
2,41,00,000
2,41,00,000
47,86,647
47,86,647
1,01,39,137
1,01,39,137
9,201
-
75,14,577
2,36,00,000
3,11,23,778
50,13,555
2,78,96,525
3,29,10,080
1,16,753
18,74,376
3,74,244
23,65,373
3,04,371
18,92,968
4,04,442
26,01,781
32,30,598
32,30,598
10,71,519
10,71,519
Total
Note 14
Long-Term Loans & Advances (Unsecured, Considered Good)
(a) Security Deposits
(b) Loans & Advances to Employees
Note 15
Other Non-Current Assets
Long term deposits with banks
These deposits are held under lien with Bombay Stock Exchange Ltd.
Note 16
Trade Receivables (Unsecured, Considered Good)
Outstanding for a period exceeding six months from the date they were due for payment
Others
Total
Note 17
Cash & Cash Equivalents
Cash on Hand
Balances with Banks
In Current Accounts
In Deposit Accounts
Total
Note 18
Short-Term Loans & Advances (Unsecured, Considered Good)
Loans & Advances to Employees
Prepaid Expenses
Advance Income Tax (Net of Provisions)
Others
Total
Note 19
Other Current Assets
Interest Accrued on Deposits
Total
16
MSE FINANCIAL SERVICES LTD.
ANNUAL REPORT 2013-2014
Schedules Forming Part of Financial Reports For 2013-14
Note 20
Contingent Liabilities
a)
Estimated amount of contracts remaining to be executed on capital account and not provided for is Nil (Previous Year Nil)
b)
The Department of Commissioner of Central Excise, Chennai has filed an SLP before the Supreme Court, (on levy of
Service tax on the brokerage retained by Sub-brokers of the Company during the year 2000 and 2001), against the order
passed by the CESTAT, Chennai, dt. 01.06.2009. The CESTAT had passed orders in favour of the Company, thereby
deleting the demand of ` 3,10,382/-. This SLP has been admitted and the appeal hearing is pending before the Hon'ble
Supreme Court. The Company has been advised a fair chance of their succeeding before the Hon'ble Supreme Court.
(c)
The Department of Central Excise (Service Tax) has raised a demand of ` 21,72,739/- including penalty of ` 14,06,647/in January 2012 for various issues on Service tax. The Company has filed an appeal to Commissioner of Central Excise
(Appeals), Chennai on 07/05/2012, which is pending. The Company has been advised a fair chance of their succeeding
the case, and hence no provision for the same has been made in the accounts for the year.
(d)
The Income Tax department for the AY 2009-10 & AY 2010-11 had made certain disallowances / adjustments in the
assessment order, resulting in a demand of ` 9,34,740/-. The Company is contesting the same by way of appeal before
Commissioner of Income Tax (Appeals) / revision petitions with the Assessing Officer. The company has been advised a
fair chance of their succeeding their appeal/petitions and hence no provision for the same has been made in the accounts
for the year.
All Amounts in `
Figures as at
the end of
31st March 2014
Particulars
Note 21
Revenue from Operations
(a) Sale of Services
(a) Brokerage Received
(a) Less: Brokerage Paid to Sub-Brokers
(a) Net Brokerage Received
(b) Revenue from DP Operations
Total
1,06,12,997
85,01,409
21,11,588
49,097
21,60,685
1,24,94,357
98,63,915
26,30,442
26,30,442
Total
53,66,004
5,20,000
7,17,158
1,052
2,28,772
68,32,986
61,05,094
7,80,000
5,75,877
24,247
9,598
74,94,816
Total
24,34,827
2,08,364
43,877
2,62,828
2,00,418
1,20,457
32,70,771
24,93,888
1,24,678
56,571
2,41,865
1,35,744
1,76,217
32,28,963
Total
42,579
6,09,271
6,51,850
1,78,558
6,08,495
7,87,053
Note 22
Other Income
Interest Income from Deposits
Dividend Income
Delayed payment charges
Investor protection fund collections
Miscellaneous receipts
Note 23
Employee Benefits
Salaries
Ex-gratia
Gratuity
Contributions to Provident Funds
Staff Welfare Expenses
Leave Encashment
Note 24
Depreciation and Amortization Expense
Depreciation on Tangible Assets
Amortization on Intangible Assets
17
Figures as at
the end of
31st March 2013
MSE FINANCIAL SERVICES LTD.
ANNUAL REPORT 2013-2014
Schedules Forming Part of Financial Reports For 2013-14
Figures as at
the end of
31st March 2014
Particulars
All Amounts in `
Figures as at
the end of
31st March 2013
Note 25
Other Expenses
Rent
1,29,857
1,20,120
16,349
32,579
- On Machinery
3,77,946
7,15,464
- On Others
2,20,191
1,44,985
Electricity Charges
3,00,000
3,00,000
Security Service Charges
1,12,400
74,400
53,184
1,32,634
2,89,679
3,31,396
87,394
68,855
3,682
5,065
56,000
6,000
Rates and Taxes
1,26,214
4,763
Printing & Stationery
1,83,940
92,696
Professional Charges
1,21,301
83,131
35,000
35,000
5,000
5,000
35,500
20,618
86,895
62,380
2,25,393
2,64,599
24,65,925
24,99,685
Insurance Premium
Repairs & Maintenance
Traveling & Conveyance
Communication Expenses
Demat Charges
Infrastructure Expenses
Registration & Subscription
Audit Fees
- For Statutory Audit
- For Taxation
- For others
Sitting Fees
Other Expenses
Total
Note 26
CIF value of Imports / FOB value of Exports
CIF value of Imports / FOB value of Exports during the period is NIL (Previous Year Nil)
Note 27
Earnings/ Expenditure in Foreign Currency
Earnings/ Expenditure in Foreign Currency during the period is NIL (Previous Year Nil)
Note 28
Internet Fraud : There was an internet online fraud on the company on 19.04.2011, wherein an amount of ` 4,93,000/was fraudulently withdrawn by unknown person. The Company has filed a Police Complaint and the same is under
investigation. The company was able to recover an amount of ` 2,96,000/-. An amount of ` 97,280/- was also recovered
through another bank is shown as receivable, to be received by the company through directions from the competent Court.
The company has filed writ petition in the High Court of Madras for their directions. The balance amount of ` 99,720/- had
been written off to the profit and loss account during the year 2011-12.
18
MSE FINANCIAL SERVICES LTD.
ANNUAL REPORT 2013-2014
Schedules Forming Part of Financial Reports For 2013-14
Note 29
The Company is a Small and Medium Enterprised and having Employees less than 50 and hence is exempt from
Gratuity and Leave Encashment disclosure provisions (Provided under AS 15 issued by ICAI).
Note 30
Earnings Per Share
All Amounts in `
Figures as at the end Figures as at the end
of 31st March 2014
of 31st March 2013
Particulars
Basic
Profit After Tax
a
18,22,087
27,50,345
Weighted Average Number of Shares
b
50,00,000
50,00,000
0.36
0.55
a/b
Basic / Diluted EPS
Note 31
Related Party Disclosures
(a) Names of related parties and nature of relationship:
(a) (i) Where Control Exists
Holding Company
: Madras Stock Exchange Limited
(a) (ii) Other Related Parties with whom transactions have taken place during the year
(a) (ii) Key Management Personnel : Mr. R. Ravichandran, CEO & Whole Time Director
b) Details of transactions with related parties during the year ended 31st March 2014
Description of Transactions during the year
Figures as at
the end of
31st March 2014
Figures as at
the end of
31st March 2013
Holding Company
Infrastructure, Rent and Other Charges paid
19,85,398
10,51,503
77,091
1,40,994
13,00,000
10,40,000
3,682
1,77,270
11,15,660
12,30,065
68,300
1,60,000
Reimbursements received
Dividend Paid
Balance o/s payable as at year end
Key Management Personnel
Remuneration
Outstanding
The company has availed the services of the office space, electricity and infrastructure facilities from their Holding
company - Madras Stock Exchange Limited. The company has accordingly accounted the expenditure on the above, as
per the reimbursement bills raised by Madras Stock Exchange Limited.
The notes referred to above form an integral part of the financial statement.
For and on behalf of Board of Directors
For G. Balu Associates
Chartered Accountants
S. Prasad
Director
DIN 00063667
V. Sanjeevi
Director
DIN
R.Ravishankar
Partner
Membership No. 026819
Firm No. 000376S
V. Nagappan
Director
DIN 01271378
Place: Chennai
Date: 22-08-2014
K. N. Ramanath
Director
DIN 00574780
19
S. Venkateswaran
Director
DIN 01847693
R. Ravichandran
CEO & Whole-time Director
DIN 00471831
M
M EE
FF LL
MSE Financial Services Ltd.
We initiate - You create
Regd. Office : “Exchange Building”, No.11, Second line Beach, Chennai - 600 001.
Phone : 044 - 2526 5553, 2521 4441
E-Mail : [email protected] / [email protected]
Website : www.msefsl.com
Member : Bombay Stock Exchange Ltd.
Sebi Regn. No. INB 011116931 (Cash) / INF 011116931 (F&O)
Member : MCX Stock Exchange Ltd.
Sebi Regn. No. INB 261 116934 (Cash) / INF 261 116934 (F&O) / INE 261 116931 (Currency)
Depository Participant : CDSL
Sebi Regn. No. IN-DP-CDSL-690-2013
SERVICES OFFERED
TRADING :
 Online Trading
 Institutional Trading
 Buy-back of shares of listed Corporate companies
 Internet Trading thru FAST TRADE / NOW
 Online Currency Derivative trading
DEMAT :
 Attractive Tariff with Low Transaction Cost
 Demat Accounts for Individuals, Corporates, HUFs, NRI’s & Trust
 NRE and NRO Demat Accounts for NRIs and POIs
 Facility offered for converting physical shares into Electronic form
 Demat Accounts for Foreign Nationals holdings/ ESOPs & Promoter holdings
OFFERED PAN SERVICES :
 Authorised PAN service agent thru UTI ITSL
 PAN for Individuals, Corporates, HUFs, Trusts, NRIs & Foreign Nationals
 Quick and Transparent Service
e-INSURANCE SERVICES :
 Open free e-INSURANCE account
 Facility to convert existing insurance policies into Electronic form.
 Timely remainder for premium payments, etc.
To open a Trading Account, Please contact our Sub - Broker.
To open a Demat Account, Please contact us / Sub - Broker.
For more details visit our website www.msefsl.com
CIN No.: U67110TN2005PLC056075
Website : www.msefsl.com
MSE FINANCIAL SERVICES LTD.
Regd. Office : No.11, Second Line Beach, CHENNAI 600 001.
Email : [email protected]
Phone : 044 - 25214439, 25265559
(To be handed over at entrance of the Meeting Venue)
ATTENDANCE SLIP
Regd. Folio No. : ____________________
Depository Name : _______________________________________
Client Id : __________________________
No. of Shares held : ______________________________________
Share Holders Name : Mr./Ms./M/s. ________________________________________________________________
(in Block Capitals)
In case of Proxy, Name of Proxy : Mr./Ms./M/s. _______________________________________________________
(In Block Capitals)
I certify that I am a registered shareholder / proxy for the registered shareholder of the company. th
I hereby record my presence at the 14th Annual General Meeting of the Company held on Friday, 19 September 2014. at
5.30 p.m. at “PEARL”, THE PRESIDENCY CLUB, No.51, Ethiraj Salai, (Opp. Hotel Kanchi), Egmore, Chennai - 600 008.
Dated :
Signature of Member / Proxy
Note: Shareholder/Proxy holder is requested to bring this Attendance Slip duly completed and handover at the entrance of the meeting hall.
CIN No.: U67110TN2005PLC056075
Website : www.msefsl.com
MSE FINANCIAL SERVICES LTD.
Regd. Office : No.11, Second Line Beach, CHENNAI 600 001.
Email : [email protected]
Phone : 044 - 25214439, 25265559
Form No. MGT 11
PROXY FORM
(Pursuant to Section 105(6) of the Companies Act,2013 and Rule 19(3) of the Companies (Management and Administration) Rules,2014)
Regd. Folio No.: _______________________
DPID : _____________________
Client ID : ____________________
Email : ______________________________________________________________________________
Name of the Member(s) : __________________________________________________________________________
Registered Address : ____________________________________________________________________________
I / We being the Member(s) holding _________ shares of the above named Company, hereby appoint
1. Name : ___________________ Address : ___________________________________________________________
Email Id : ________________________________________ Signature : ____________________________________
2. Name : ___________________ Address : ___________________________________________________________
Email Id : ________________________________________ Signature : ____________________________________
as my/ our proxy to vote for me / us on my / our behalf at the FOURTEENTH Annual General Meeting of the Company to be
th
held on 19 September 2014 at “PEARL”, THE PRESIDENCY CLUB, No.51, Ethiraj Salai, (Opp. Hotel Kanchi), Egmore,
Chennai - 600 008. at 5.30 p.m. and at any adjournment(s) thereof in respect of such resolutions as are indicated below:
Resolution No.
1.
2.
3.
4.
Description
Option
Type of Resolution
st
Adoption of the Profit & Loss Statement of the year ended 31 March 2014
and Balance Sheet as on that date together with the Reports of Directors
and Auditors thereon.
Declaration of Dividend
To appoint Director in the place of Shri.V.Nagappan DIN-01271378, who
retires by rotation and is not seeking re-election as per SEBI guidelines/
Articles Association of the Company.
To appoint Auditors and fix their remuneration
Ordinary
c
For
c Against
Ordinary
c
For
c Against
Ordinary
c
For
c Against
Ordinary
c
For
c Against
Signed this _____day of ______________ 2014
Signature of Shareholder/s : _______________________________________
Signature of Proxy holder(s) : ______________________________________
Affix `1/Revenue
Stamp
Note: This form of proxy in order to be effective should be duly completed and deposited at the Registered Office of the
Company, not less than 48 hours before the commencement of the Meeting.

Download Report