DEAR MEMBERS,
The Directors have pleasure in presenting the 72nd Annual Report and
the Audited Accounts of the Company for the year ended 31st March.
2015.
2014-151 2013-14
(Rs. in Lacs) (Rs. in Lacs)
1. Income:
(a) Asset Financing 64.50 292.97
(b) Recovery for NPA &
Bad-Debts W/off 0 0
(c) Other Operational income 0 1.23
(d) Other Income 157.48 10.25
2. Gross Profit before
Depreciation & Income tax -220.28 -301.06
3. Depreciation 4.66 4.78
4. Tax Provision 0 0
5. Profit After Depreciation
and Income Tax -224.94 -305.84
1. OPERATIONS:
The Company has repaid fully the outstanding liability of Banks viz:
Bank of Baroda. Bank of India and Central Bank of India and partly the
public deposits out of regular collection and also from the settlement
of legal cases of Hire Purchase and Leasing Transactions
2. DIVIDEND:
The business activities of the Company are gradually discontinued and
the main thrust is given upon the collection, therefore, the earnings
are not adequate enough and your directors are constrained not to
recommend dividend.
3. RESERVES:
During the year under review, the Company has not transferred any
amount to Reserves:
1) Special/Statutory Reserve -Nil and General Reserve -Nil.
4. RBI'S GUIDELINES ON PRUDENTIAL NORMS & CREDIT RATING
The Company has compiled with RBI guidelines and as against minimum
requirement of 15% Capital Adequacy Ratio is 20.84%
M/s Credit Analysis and Research Limited (CARE) has informed the
withdrawal of Care rating vide their latter dated 20th February. 2015
Stating "CARE withdraws ratings assigned to Bank facility and Fixed
Deposits programme of the Company."
5. DEPOSITS
Total unpaid Fixed Deposit liability as on 31.03.2015 is Rs.71.73 Lacs
as respective depositors have yet to claim their deposits.
6. DIRECTORATE:
i) Shri Rajiv Gupta and Shri Arun Mitter Directors, retires by rotation
and are eligible for reappointment as Director of the Company.
7. DIRECTORS' RESPONSIBILITY STATEMENT:
As required by sub-section (2AA) of section 217 of the Companies Act,
1956. Directors state:
That the preparation of the annual accounts, the applicable accounting
standards have been followed along with proper explanation relating to
material departure.
ii That the Directors have selected such accounting policies and
applied them consistently and made judgments and estimates that 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
profit or loss of the Company for that period.
That the Directors have taken proper and sufficient care of the
maintenance of adequate accounting records in accordance with the
provision of the Companies Act, 1956 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.
8. AUDITORS REPORT:
Regarding the qualifications by the Auditors, there are no
qualifications in Auditors Report for the year.
9. AUDITORS:
M/s Sharp & Tannan. Chartered Accountants, Auditors of the Company
retire at this Annual General Meeting and have intimated their
eligibility of reappointment. A certificate under Section 224(1 B) of
the Companies Act, 1956, has been obtained from them.
10. DEMATERIALISATION OF SHARES:
Company's Shares are in demat mode. Following are the details of the
shares dematerialized on N S D L and C D S L Depositories, after
sending remainder request to the shareholders.
11. COMPLIANCE BY THE COMPANY
The Company has complied with the requirements of the Stock Exchange,
SEBI and other statutory authorities on all matters relating to the
Capital markets during the last three years. No penalties or strictures
have been imposed on the Company by the Stock Exchange or SEBI or any
other statutory authorities relating to the above.
12. PERSONNEL:
There is no person in receipt of remuneration for giving particulars as
is required under Section 217(2A) of the Companies Act. 1956 read with
Companies (Particulars of Employees) Rules, 1975.
13. CONSERVATION OF ENERGY, TECHNOLOGY, ABSORPTION AND FOREIGN
EXCHANGE EARNINGS/OUTGO
in terms of the requirements of Clause(e) of sub section(1) of Section
217 of the Companies Act, 1956, read with the Cornpanies(Disclosure of
Particulars in the Report of Board of Directors)Rules,1988, the
particulars are given as under:-
a) Technology Being a Finance Company, the
same is not applicable
b) Conservation of Energy Being a Finance Company, the
same is not applicable
c) Transactions in Foreign Currency This Year Previous Year
i) Expenditure in Foreign currency Nil Nil
Loan
ii)Shares held by Non-Resident
Shareholders 19,492 19168
No. of shareholders 19 21
The Company had no earnings in foreign exchange
14. CORPORATE GOVERNANCE:
As per the Listing Agreement with the Stock Exchange, Auditor's
Certificate regarding the compliance of conditions of Corporate
Governance (Annexure' A ') and Management Discussion and Analysis
Report (Annexure 'B') forms part of this report.
15. GENERAL:
Your Directors would like to record their appreciation of the services
rendered by the members of the staff at all levels. They also like to
express their gratefulness to the Company's bankers viz: Bank of
Baroda, Bank of India and Central Bank of India. Depositors and
Shareholders, Automobile Dealers, Manufactures and Clients for their
co-operation and also for the confidence reposed in the Company.
For and on behalf of the Board of Directors
For JAYABHARAT CREDIT LIMITED
RAJIV GUPTA
Chairman
New Delhi, 30th May, 2015
|