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IKF Finance Ltd. Directors Report
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You can view full text of the latest Director's Report for the company.
Market Cap. (Rs.) - P/BV - Book Value (Rs.) -
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Year End :2014-03 
Dear Members,

The directors have pleasure in presenting the 23rd Annual Report along with audited accounts of the Company for the year ended 31st March, 2014. The summarized financial results of the Company, are given hereunder:

Financial Results:

                                                          (Rs.in Lacs)

                                                           Year ended

Particulars                                       31.03.14    31.03.13

Income from Operations                             6073.48     4278.61

Total Expenditure                                  1002.73      681.64

Interest                                           3197.79     2422.27

Profit before Dep. & Taxes                         1872.96     1174.70

Depreciation                                         31.46       26.83

Provisions NPA                                       29.21       26.52

Provision for Standard Assets                        23.31       26.31

Provision for Current Tax                           620.25      388.41

Provision for Deferred Tax                            6.01        0.63

Profit After Tax                                   1162.72      706.00

Surplus brought forward                             579.61      344.28

General Reserve                                      58.14       35.31

Reserve Fund                                        232.54      141.23

Dividend (proposed)                                   0.00      230.09

Dividend Tax                                          0.00       39.10

Prior Year Income Tax                                 8.22       24.94

Surplus Carried to Balance Sheet                   1443.43      579.61
Corporate Governance:

A detailed report on corporate governance, together with a certificate from the statutory auditors and a declaration by the Managing Director with regard to Code of Conduct in compliance with Clause 49 of the Listing Agreement, are attached as part of this Report.

Further, a certificate, duly signed by the Managing Director on the Financial Statements of the Company for the year ended March 31, 2014, as required under Clause 49 of the Listing Agreement, was submitted to the Board of Directors at their meeting held on August 30, 2014. The certificate is attached to the Report on Corporate Governance.

Resource Mobilization:

Deposits

Your Company has not mobilized any Public Deposits during the year under review and there were no outstanding Public deposits at the end of the year. During the year, your Company has surren- dered the Deposit Accepting Status to the Reserve Bank of India as the management of the Company is not in favour of raising any Public Deposits in future. The Reserve Bank of India has re-classi- fied the Company as non deposit accepting asset financing Com- pany vide its Certificate of Registration dated May 12, 2014.

Working Capital Limits

Your company continues to enjoy Cash Credit Limits of Rs.250 Cr from the Consortium of Nine Banks led by Central Bank of In- dia. The Lead Bank is in the process of considering your Company's request for enhancement of the existing limits.

Term Loans

Your Company has mobilized an Term Loan of Rs.25 Cr from HDFC Bank Limited and rs.5 Cr from Small Industries Development Bank of India (SIDBI) during the year under review. Besides, your com- pany has mobilized Rs.42 Cr Term Loans from NBFCs - Sundaram Finance Limited, L & T Finance Limited and IFMR Capital Fi- nance (P) Limited in line with the Management's overall business plan to have a judicious mix of resources.

Securitization

During the year, your Company has securitized / assigned loan re- ceivables to the extent of Rs.71 Cr.

Borrowing Profile

Total borrowings of the Company for the year under review stood at Rs.258 Cr of which borrowings from Banks constituted 84.23%, borrowings from NBFCs 13.91%, Non Convertible Debentures (NCDs 1.33%) and Security Deposits & others 0.53%.

Your Company is continuously exploring all options to access low cost funds, mostly by way of Term Loans in the current financial year, to further expand the operations.

Business Associations/Tie-Ups:

Your Company has been continuing its association with HDFC Bank Limited and Bajaj Finance Limited (Channel Business Ar- rangement).

Capital Adequacy:

The Capital to Risk Assets Ratio of your company is 19.12% as on 31.03.2014, well above the minimum of 15% prescribed by the Reserve Bank of India, of which Tier I Capital constituted 18.73%.

Credit Rating:

During the current finanical year, Brickwork Ratings India Private Limited has retained "BWR A-" (Stable) rating to your Company's Long Term Bank Loan limits of Rs.475 Cr (including a Bank Guar- antee of Rs.15 Cr), signifying adequate degree of safety regarding timely servicing of financial obligations with low credit risk and "BWR A2" rating for Short Term Bank Loan limits of Rs.25 Cr, signifying strong degree of safety regarding timely payment of fi- nancial obligations with low credit risk Credit Analysis and Research Limited (CARE) has retained "BBB " rating to your Company for its Secured Non Convertible Debentures of Rs.5 Crs and earlier Bank Loan facilities of Rs.176 Cr, signifying adequate degree of safety regarding timely payment of interest and principle. The short term borrowings (commercial paper), backed by the Stand by Letter of Credit of the Lead Bank Central Bank of India by carving out the working capital limits sanctioned to the company, are rated "A1 (SO) (highest safety)

Directors:

Dr. Sinha S Chunduri and dr. Prasad J Athota retires by rotation and are eligible for re-appointment at the ensuing AGM.

Pursuant to the provisions of the Companies Act, 2013 and Clause 49 of the Listing Agreement, the Company has decided to term of Independent Directors as below;

Name of Director         Tenure upto            Remarks

S.Veerabhadra Rao        Till Conclusion    As per revised
                         of the 28th        Clasue 49, the first
                         Annual General     term of 5 years.
                         Meeting of the
                         Company.

P.S.V.Prasada Rao        Till Conclusion    As per revised
                         of the 28th        Clasue 49, the first
                         Annual General     term of 5 years.
                         Meeting of the
                         Company.

N.Haranadh               Till Conclusion    As per revised
                         of the 28th        Clasue 49, the first
                         Annual General     term of 5 years.
                         Meeting of the
                         Company.

K.Satyanarayana Prasad   Till Conclusion    As per revised
                         of the 28th        Clasue 49, the first
                         Annual General     term of 5 years.
                         Meeting of the
                         Company.
Your Directors are pleased to place on record their appreciation for the services rendered by them during their tenure as Directors and wish to recommend their re-appointment.

Particulars of Employees:

During the year under review, none of the employees of your Com- pany were in receipt of remuneration in excess of the limits pre- scribed for disclosure as per Section 217 (2A) of the Companies Act, 1 956, read with the Companies (Particulars of Employee) Rules, 1975 as amended from time to time.

Information on Conservation of Energy, Technology absorp- tion and Foreign Exchange earnings/out goings as per Section 217 (1) (e) of the Companies act, 1956:

Your Company has no activities relating to the conservation of en- ergy and technology absorption. Your Company didn't have any foreign exchange earnings and / or expenses during the year under review.

Directors' Responsibility Statement:

Your directors confirm that:

* In the preparation of the accounts for the year ended 31st March, 2014, the applicable accounting standards have been followed.

* They have selected such accounting policies and applied them consistently and made judgments and estimates that are rea- sonable 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 of the Company for that period.

* They have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provi- sions of the Companies Act, 1956 for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities; and

* They have prepared the accounts for the financial year ended 31st March 2014 on a "going concern" basis.

Corporate Social Resopnsibility Committee:

Pursuant to Section 135 of the Companies Act, 2013, the Board of Directors in its meeting held on August 30, 201 4 has constituted Corporate Social Responsibility Committee of three directors Mr. S Veerabhadra Rao, Mr. PSV Prasada Rao and Mr. VGK Prasad. The Committee is in the process of finalizing Company's CSR Policy.

Auditors:

M/s. Hanumaiah & Co, Chartered Accountants, Vijayawada, re- tire and are eligible for re-appointment. A certificate from the Au- ditors that they satisfy the conditions prescribed under the Com- panies Act, 2013 and the Rules made thereunder (including satis- faction of criteria under Section 141 of the Companies Act, 2013), has been received from them.

Acknowledgement:

Your directors' great fully acknowledge the support and co-opera- tion extended by all the Shareholders, Debenture holders, Custom- ers, Vehicle Dealers and Business associates HDFC Bank Lim- ited, Bajaj Finance Limited, Sundaram Finance Limited, L & T Finance Limited & IFMR Capital Finance (P) Limited for their continued support to your Company. Your directors wish to place on record their gratitude for the continued support provided by Company's bankers Central Bank of India, Andhra Bank, In- dian Overseas Bank, IDBI Bank Limited, The Federal Bank Limited, Axis Bank Limited, Punjab National Bank, Bank of India and State Bank of India. Your Directors look forward to their continued support in the days to come.

Your Directors also place on record their appreciation for the dedi- cation and commitment displayed by the employees at all levels for posting a satisfactory performance.

                                                  By Order of the Board

                                                                   Sd/-
Place: Vijayawada                                        (V G K Prasad)
Date : 30-08-2014                                     Managing Director

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