Home  »  Company  »  Capital Trust Lt  »  Quotes  »  Directors Report
Enter the first few characters of Company and click 'Go'

Directors Report of Capital Trust Ltd.

Mar 31, 2014

TO THE MEMBERS OF

CAPITAL TRUST LIMITED

On the behalf of Board of Directors of your Company, I have the pleasure in presenting the 28th report on our business and operations of the company for the year ended March 31,2014.

1. Background

Capital Trust Limited ("Company" or "CTL an Non-Banking Finance Company ("NBFC"),holding a Certificate of Registration from the Reserve Bank of India ("RBI). CTL is headquartered in Delhi and has a wide network of approximately 65 offices across India.

2. Share Capital

The paid-up equity share capital of company on March 31, 2014 is Rs.750 lakh. 71.30% of total capital is held by promoter group.

The Preference Share capital of Company on March 31, 2014 stood Rs. 300 lakh,, which is entirely held by Indo Crediop Private Limited.

3. Results of our Operations

The financial results of the Company during the year under review are summarized as under:

(Rs. in Lakhs) Particulars Year Ended Year Ended 31.03.14 31.03.13

Gross Income from operation 1767.02 899.39

Other Income 29.08 9.36

EBIDTA 980.90 486.50

Less: Interest 678.83 325.31

Depreciation 7.37 6.77

Profit Before Tax 294.70 154.41

Profit/(Loss) after tax 182.45 154.41

Available for appropriation 182.45 154.41

Transfer to Reserve fund u/s 45IC of RBI Act, 1934 36.49 30.88

Surplus/deficit carried to Balance Sheet 114.97 123.53

4. Operations

The Company''s gross income for the financial year ended March 31,2014 raised

Opening Collection Disbursement Closing Portfolio Portfolio

13-Apr 41.863449 4.4784 7.3040695 39.03778 13-May 39.03778 8.3624 6.5068599 40.89332

13-Jun 40.89332 6.9476 3.7429843 44.097936

13-Jul 44.097936 9.0608 6.8342758 46.32446

13-Aug 46.32446 6.7868 6.7861115 46.325148

13-Sep 46.325148 12.0184 9.143611 49.199937

13-Oct 49.199937 10.0644 7.9313415 51.332996

13-Nov 51.332996 8.2156 7.343406 52.20519

13- Dec 52.20519 16.9504 8.6975407 60.458049

14- Jan 60.458049 20.5656 9.6786739 71.344975

14-Feb 71.344975 20.12 9.1745518 82.290423

14-Mar 82.290423 22.024 11.736912 92.577511

and have 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 affairs of the Company as at March 31,2014, and of the profit of the Company for the year ended on that date;

iii. they have taken proper and sufficient care, to the best of their knowledge and ability, 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 and;

iv. they have prepared the annual accounts of the Company on a ''going concern'' basis.

13. Audit Observations

Auditors'' observations are suitably explained in notes to the Accounts and are self- explanatory.

15. Conservation of Energy, Technology Absorption, Foreign Exchange Earnings and Outgo

Information required under Section 217 (1) (e) of the Companies Act, 1956 read with Companies (Disclosure of particulars in Directors'' Report) Rules,1988 is given in as an Annexure to this report.

16. Employee Particulars

The information required in accordance with sub-section (2A) of Section 217 of the Companies Act, 1956 read with the Companies (Particulars of Employees) Rules, 1975 (as amended from time to time) and forming part of the Directors'' Report for the year ended March 31, 2014 is not annexed, as there is no employee drawing salary exceeding the present limits as provided under the Act.

17. Corporate Social Responsibility

In pursuant to the provisions of section 135 and schedule VII of the Companies Act, 2013, CSR Committee of the Board of Directors was formed to recommend (a) the policy on Corporate Social Responsibility (CSR) and (b) implementation of the CSR Projects or Programs to be undertaken by the Company as per CSR Policy for consideration and approval by the Board of Directors.

ACKNOWLEDGMENTS

The Directors would like to place on record their gratitude for the valuable guidance and support received from the Reserve Bank of India, Securities and Exchange Board of India, Registrar of Companies and other government and regulatory agencies and to convey their appreciation to CTL, customers, bankers, lenders, vendors and all other business associates for the continuous support given by them to the Company. The Directors also place on record their appreciation of the commitment, commendable efforts, team work and professionalism of all the employees of the Company.

FOR AND ON BEHALF OF THE BOARD OF CAPITAL TRUST LIMITED Sd/- Sd/- S Mahanti Yogen Khosla Chairman Director Date: 05.05.2014 Place: New Delhi


Mar 31, 2012

TO THE MEMBERS OF CAPITAL TRUST LIMITED

The Directors have pleasure in presenting the 26th Annual Report together with the Audited Statement of Accounts for the year ended 31st March 2012.

FINANCIAL RESULTS

The financial results of the Company during the year under review are summarized as under

(Rs. In Lakhs)

Particulars Year Ended Year Ended 31.03.12 31.03.11

Gross Income from operation 547.25 717.56

Other Income 29.68 16.94

EBIDTA 189.41 243.85

Less:

Interest 160.72 177.32

Depreciation 6.60 6.70

Profit Before Tax 22.09 59.83

Profit/(Loss) after tax 17.88 49.06

Available for appropriation 0.00 0.00

Transfer to Reserve fund u/s 45IC of RBI Act, 1934 3.58 9.81

Surplus/deficit carried to Balance Sheet (122.04) (136.33)

The Company's Gross Income for the year ended 31st March 2012 is Rs. 576.93 Lacs before EBIDTA.

DIVIDEND

In view of carry forwarded losses from previous years, the Directors express their inability to declare any dividend for the Financial Year 2011-12.

PUBLIC DEPOSITS

The Company has not accepted any public deposits and, therefore, no amount on account of principal or interest on public deposits was outstanding on the date of the Balance Sheet.

APPROPRIATION

The Company has transferred Rs. 3.58 Lacs to Reserve Fund under Section 45 I C of RBI Act, 1934 in view of a carry forward loss of Rs. 122.04 Lac in the Accounts of the Company.

MANAGEMENT DISCUSSION AND ANALYSIS

Management discussion and Analysis of Financial condition including the results of operations of the Company for the year under review as required under Clause 49 of the Listing Agreement with the Stock Exchange, is given as a separate statement in this Annual Report.

The Company's performance went through various ups and downs during the Financial Year 2011-12. This happened due to lack of funds from banks and financial institutions Company's income dropped from Rs. 717.56 lacs to Rs. 547.25 lacs, and Profit Before Tax fell from Rs. 59.83 lacs to Rs. 22.09 lacs.

However, the Company ended the year on a happy note, with portfolio standing at Rs.25.20cr including sold portfolio of Rs. 15cr. Operations at the field level showed resilience in the tough periods as well as remarkable propensity to absorb the fresh disbursements, especially in the last quarter.

DIRECTORS

Mr. N.V.Ramana, appointed on 10th May 2011 as Additional Director, pursuant to Section 260 of the Companies Act, 1956, to hold upto the date of Annual General Meeting for the Year 2010-11, ceased to be on the Board w.e.f. the last Annual General Meeting held on 12th September 2011.

Mr. C.R. Sharma, director conveyed his inability to continue as Director and resigned vide his letter dated 1st February 2012. Thereafter, the same was placed before the Board of Directors in their meeting held on 17th May 2012, at which the Board accepted his resignation.

Cdr. K.L. Khullar, Director, is liable to determination by retirement by rotation and being eligible offers his service for re-appointment.

A brief profile of Mr. Yogen Khosla, Mr. S. Mahanti, and Cdr. K. L. Khullar, and Mr. C. R. Sharma is provided in this elsewhere Annual Report.

DIRECTORS' RESPONSIBILITY STATEMENT AS PER SECTION 217 (2AA) OF THE COMPANIES ACT, 1956.

Pursuant to Section 217(2AA) of the Companies Act, 1956 with respect to Directors' Responsibility Statement, it is hereby confirmed,

(i) That in the preparation of the accounts for the financial year ended 31st March 2012, the applicable accounting standards have been followed along with proper explanation relating to material departures;

(ii) That the Directors have selected such accounting policies and applied them consistently and made judgements 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 the year under review;

(iii) That the Directors have 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; and

(iv) That the Directors have prepared the accounts for the financial year ended 31st March 2012 on a going concern basis.

The above statements have been noted by the Audit Committee at its meeting held on 30th May 2012.

CORPORATE GOVERNANCE UNDER CLAUSE 49 OF THE LISTING AGREEMENT

Your Company has complied with all the recommendations of the Corporate Governance Code as provided in Clause 49 of the Listing Agreement. A report on Corporate Governance and Management Discussion & Analysis are annexed hereto and forms integral part of this report. The Compliance Report as recommended is provided elsewhere in the Annual Report.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS AND OUTGO

The statement containing the necessary information as required under Section 217 (1)(e) of the Companies Act, 1956 read with Companies (Disclosure of Particulars in Report of Board of Directors) Rules 1988, relating to conservation of energy, technology absorption is not given as the Company is not engaged in any manufacturing activities. And the details of foreign exchange earnings and outgo is annexed hereto and forms an integral part of this report.

EMPLOYEE PARTICULARS

The Statement of employees required under Section 217(2A) of the Companies Act, 1956 read with the Companies (Particulars of Employees) Rules, 1975 is not annexed, as there is no employee drawing salary exceeding the present limits as provided under the Act.

STATEMENT PURSUANT TO LISTING AGREEMENT

The Securities of the Company are listed on Bombay Stock Exchanges and the Company has paid Annual Listing Fees for the financial year 2012-2013 to the Stock Exchange.

AUDIT COMMITTEE

The Audit Committee consists of Mr. S. Mahanty (Chairman of the Audit Committee Meeting), Mr. Yogen Khosla, and Cdr. K.L. Khullar. The Corporate Governance Report contains other details of the Audit Committee of the Company.

AUDITORS

M/s VSH & Associates, Chartered Accountants, who are statutory auditors of the Company hold office, in accordance with the provisions of the Companies Act, 1956, upto the conclusion of the forthcoming Annual General Meeting and are eligible for reappointment. M/s. VSH & Associates were re-appointed as Auditors of the Company at the last Annual General Meeting held on 12th September 2011 till the conclusion of Annual General Meeting for the year 2011-12.

AUDITORS REPORT

The observations made by the Auditors in their report are self-explanatory and therefore, do not call for any further comments.

ACKNOWLEDGMENTS

Your Directors wish to place on record their appreciation of the dedication and commitment of your Company's employees during the year. Their unstinted support has been and continues to be an integral to your Company's ongoing growth. Your Directors wish to thank and deeply acknowledge the co-operation, assistance and support extended by the Company's Bankers, Govt. agencies, customers and business associates for their continued co-operation and guidance and look forward to their continued support in future .

FOR AND ON BEHALF OF THE BOARD

OF CAPITAL TRUST LIMITED

Sd/- Sd/-

Place : New Delhi S. Mahanti Yogen Khosla

Date : 30th May 2012 Director Managing Erector


Mar 31, 2010

The Directors have pleasure in presenting the 24th Annual Report together with the Audited Statement of Accounts for the year ended 31 st March 2010.

The year was significant on quite a few counts for the Company. Inspite of the global liquidity crunch, the business of the Company in terms of Portfolio during the financial year 2008-09 and 2009-10, has increased from Rs. 40,298,687 to Rs. 123,871,892 and in terms of active loan clients, has increased from 6645 to 27004. The company generated public interest as was reflected in the share price movement of the company.

During the first two quarters there was slow increase in business due to shortage of funds as there was hardly any support from the Banks and other Financial Institutions. The position started improving form the 3rd Quarter. With the improvement in liquidity and better fund flow and support from Financial Institutions like, Friends of World Women Banking, IFMR Finance Capital Private Limited and also from Banks your Company continued to strengthen its positiontip to end of Financial Year ended 2010.

FINANCIAL RESULTS

The financial results of the Company during the year under review are summarized as under: (Rs. In Lakhs)

Year Ended Year Ended Partlculars 31.03.10 31.03.09

Gross Income from operation 304.04 49.51

Other Income 87.09 118.56

EBIDTA 62.64 (102.93)

Less: Interest 31.18 22.61

Depreciation 5.49 5.09

Profit Before Tax 25.97 (130.64)

Profity(Loss) after tax 22.07 (132.69)

Available for appropriation 0.00 0.00

Transfer to Reserve fund u/s 45IC of RBI Act, 1934 0.00 0.00

Surplus/deficit carried to Balance Sheet (175.58) (193.24)

The Company gross income for the year ended 31st March, 2010 is Rs. 62.64 Lacs before EBIDTA.

Dividend

The Company has ongoing need of financial resources as the Companys core business of Microfinance is growing fast. In order to meet its growing funds requirement, the directors have decided not to declare dividend for the current year. It has therefore, decided to plough back its entire profit into the business.

Public Deposits

The Company has not accepted any public deposits and, as such, no amount on account of principal or interest on public deposits was outstanding on the date of the Balance Sheet.

Appropriation

The Company has transferred Rs. Nil to Reserve Fund under Section 45 I C of RBI Act, 1934. The Company proposes to retain the balance profit under review and accordingly a sum of 22.07 Lacs is retained in the profit & loss account.

MANAGEMENT DISCUSSION AND ANALYSIS

Management discussion and Analysis of Financial condition including the results of operations of the Company for the year under review as required under Clause 49 of the Listing agreement with the Stock Exchange, is given as a separate statement in this Annual Report.

Performance Review

The Company has during the year shown a modest growth in providing loans to low income people in Urban, semi-urban and rural areas primarily for meeting their productive needs. Initially the area of operation was Delhi and gradually it has expanded to cover clients in parts of Haryana & Uttar Pradesh. After opening 5 branches in Delhi it established additional 18 branches in rural areas in Haryana and Western UP covering districts of Faridabad, Mathura, Aligarh and Hathras. The company has already deployed its entire capital of Rs.75 Mn. The company plans to expand in rural districts of Uttar Pradesh, Rajasthan, Madhya Pradesh and Chattisgarh

The company channelises its financial product to poor women in rural and semi-urban areas through the Grameen based methodology modified to a mini branch model. We have targeted this demographic profile as it represents a section of the population that does not have access to formal financial services. Although this population segment is earning below the international poverty line, these women have proven their ability to run micro businesses. Also, the company appreciates the importance of women empowerment due to the central role within the family and community.

The number of clients in centres varies from 10-20 with an average of 14 clients in each centre. For identifying economic status of client we consider parameters like housing condition, income level, assets owned, room shared per person, etc. After identifying potential clients through motivation meetings we provide 4 days continuous training to the women. The Branch Manager evaluates the group through the Group Recognition Test (GRT). Once the Branch Manager approves the Centre, loan will be disbursed to 60% clients on the 1 st centre meeting day and the rest 40% on the next centre meeting day. Centre meetings are conducted and repayments collected on a weekly basis.

The Board of Directors are pleased to advise shareholders that the Company has turned around in the year under review and has posted a good profit from its core business of Micro financing. The net profit has been modest on account of initial start up expenses incurred on the new business of Microfinance. The Company expects the Microfinance business to contribute to the profits of the Company in the coming financial years by expanding its operations and opening more branches. Being a new line of business, the Company worked on a low key basis with caution and now having gained insight in this line, the Company is hopeful of achieving better results in the coming financial years.

DIRECTORS

At the ensuing Annual General Meeting, Mr. K. K. Raj retires by rotation and is eligible for re-appointment. Further, Mr. K. K. Raj expressed his unwillingness to be re-appointed as Director of company.

Mr. J. S. Tomar & Mr. C. R. Sharma has been appointed as an Additional Director of the Company at the Board Meeting held on 22nd January, 2010 and 09th April, 2010 respectively. The Company has received a notice in writing under their hand signifying their candidate for the office of Director, pursuant to Section 257 of the Companies Act, 1956.

A brief profile of Mr. Yogen Khosla, Mr. S. Mahanti, Mr. K. K. Raj, Cdr. K. L. Khullar, Mr. J. S. Tomar and Mr. C. R. Sharma is provided elsewhere in this Annual Report as an Annexure to the Notice. ..

DIRECTORS RESPONSIBILITY STATEMENT AS PER SECTION 217 (2AA) OF THE COMPANIES ACT, 1956.

Pursuant to Section 217(2AA) of the Companies Act, 1956 with respect to Directors Responsibility Statement, it is hereby confirmed,

(i) That in the preparation of the accounts for the financial year ended 31 st March, 2010, the applicable accounting standards have been followed along with proper explanation relating to material departures;

(ii) That the Directors have selected such accounting policies and applied them consistently and made judgements 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 the year under review;

(iii) That the Directors have 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; and

(iv) That the Directors have prepared the accounts for the financial year ended March 31, 2010 on a going concern basis.

The above statements have been noted by the Audit Committee at its meeting held on April 09,2010.

CORPORATE GOVERNANCE UNDER CLAUSE 49 OF THE LISTING AGREEMENT

Your Company has complied with all the recommendations of the Corporate Governance Code as provided in Clause 49 of the Listing Agreement. A report on Corporate Governance and Management Discussion & Analysis are annexed hereto and forms integral part of this report. The Compliance Report as recommended is provided elsewhere in the Annual Report.

CONSERVATION OF ENERGY. TECHNOLOGY ABSORPTION. FOREIGN EXCHANGE EARNINGS AND OUTGO

The statement containing the necessary information as required under Section 217 (1)(e) of the Companies Act, 1956 read with Companies (Disclosure of Particulars in Report of Board of Directors) Rules 1988, relating to conservation of energy, technology absorption are not given as the Company is not engaged in any manufacturing activities. And the details of foreign exchange earnings and outgo are annexed hereto and forms an integral part of this report.

EMPLOYEE PARTICULARS

The Statement of employees required under Section 217(2A) of the Companies Act, 1956 read with the Companies (Particulars of Employees) Rules, 1975 is not annexed, as there are no employees drawing salary exceeding the present limits as provided under the Act.

STATEMENT PURSUANT TO LISTING AGREEMENT

The Securities of the Company are listed at Bombay Stock Exchanges and the Company has paid Annual Listing Fees for the financial year 2010-2011 to the Stock Exchange.

AUDIT COMMITTEE

The Audit Committee consists of Mr. Yogen Khosla, Mr. K.K. Raj and Mr. S. Mahanti (Chairman of the Audit Committee Meeting). The Corporate Governance Report contains other details of the Audit Committee of the Company.

AUDITORS

M/s VSH & Associates, Chartered Accountants, who are statutory auditors of the Company hold office, in accordance with the provisions of the Companies Act, 1956, upto the conclusion of the forthcoming Annual General Meeting and are eligible for reappointment. The Company has received a Certificate from the Auditors to the effect that their re-appointment, if made, would be within the limit prescribed under Section 224(1 B) of the Companies Act, 1956.

AUDITORS REPORT

For the observations made by the Auditors in their report are self-explanatory and therefore, do not call for any further comments.

ACKNOWLEDGMENTS

Your Directors wish to place on record their appreciation of the dedication and commitment of your Companys employees during this year. Their unstinted support has been and continues to be integral to your Companys ongoing growth.

Your Directors wish to thank and deeply acknowledge the co-operation, assistance and support extended by the Companys Bankers, Govt, agencies, customers and business associates for their continued co-operation and guidance and look forward to their continued support in future.

FOR AND ON BEHALF OF THE BOARD Of CAPITAL TRUST LIMITED

Place: New Delhi Yogen Khosla

Date: 09.04.2010 Managing Director



 
Subscribe now to get personal finance updates in your inbox!