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Directors Report of Jayabharat Credit Ltd.

Mar 31, 2015

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


Mar 31, 2014

Dear Members,

The Directors have pleasure in presenting the 71st Annual Report and the Audited Accounts of the Company for the year ended 31st March, 2014.

2013-14 2012-13 (Rs. in Lacs) (Rs. in Lacs)

1. Income:

(a) Asset Financing 292.97 541.46

(b) Recovery for NPA & Bad-Debts W/off 0 0

(c) Other Operational Income 1.23 7.08

(d) Other Income 10.25 36.10

2. Gross Profit/Loss before Depreciation & Income tax -301.06 -12.57

3. Depreciation 4.78 7.88

4. Tax Provision 0 0

5. Profit/Loss After Depreciation and Income Tax -305.84 -20.45

1. OPERATIONS :

The focus of the Company is mainly on the repayment of deposits and bank outstanding from the regular collection against past business of Hire purchase and Leasing. The Company has started getting success for the recovery from legal cases.

2. DIVIDEND:

The business activities of the Company are gradually discontinued and the the main thrust is given upon the collection, therefore, the earnings are not adequate enough and your directors are constrained not to recommend

3. RESERVES:

During the year under review, the Company has not transferred any amount to Reserves:

(i) Special/Statutory Reserve -Nil and General Reserve -Nil.

4. RBI''S GUIDELINES ON PRUDENTIAL NORMS & CREDIT RATING

The Company has complied with RBI guidelines and as against minimum requirement of 15% Capital Adequacy Ratio is 16.71% CARE Limited, rating agency, has assigned rating "C" (FD), which denotes ''inadequate safety for timely servicing of debt obligations and carry high credit risk.'' mainly giving the reason of global recessions.

5. DEPOSITS

Reserve Bank of India, has directed the Company to reduce the dependency of deposit and at present the total outstanding deposit is Rs. 148.00 Lacs (previous year Rs. 226.00 Lacs) including unclaimed deposit is Rs. 50.97.00 Lacs (previous year Rs. 57.00 laces).

6. DIRECTORATE:

i) Shri M.K.Madan and Shri Rajiv Gupta Directors, retires by rotation and are eligible for reappointment as Director of the Company.

ii) Shri Sharad Kumar Sanghi, Director submitted his resignation because of his health w.e.f.01.04.2014. Your directors placed on record the valuable guidance given by him during the tenure of his directorship in the Company.

iii) In pursuance of the recent provisions of the Companies Act, 2013 and the relevant rules made there under, the Company is exploring the appointment of Independent Director or women independent Director after the receipt of the consent from such candidates.

7. DIRECTORS''RESPONSIBILITY STATEMENT:

As required by sub-section (2AA) of section 217 of the Companies Act, 1956, Directors state:

i. 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.

iii. 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 Auditor''s 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(1B) of the Companies Act, 1956, has been obtained from them.

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 Companies(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 Loan Nil Nil

ii) Shares held by Non-Resident Shareholders 19,168 19168

No. of shareholders 21 18

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, 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, 21st November,2014


Mar 31, 2013

To Our Shareholders,

The Directors have pleasure in presenting the 70th Annual Report and the Audited Accounts of the Company for the year ended 31st March, 2013.

2012-13 2011-12 (Rs.in Lacs) (Rs.in Lacs)

1. Asset Financing Business 0 0

2. Receivables 1022.31 699.33

3. Income:

(a) Asset Financing 541.46 595.22

(b) Recovery for NPA& Bad-Debts W/off 0 0

(c) Other Operational Income 7.08 25.99

(d) Other Income 36.10 42.06

4. Gross Profit before Depreciation & Income tax -12.57 -2.04

5. Depreciation 7.88 7.54

6. Tax Provision 0 0.60

7. Profit After Depreciation and Income Tax -20.45 -10.18

1. OPERATIONS :

The operation of the Company i.e. its business of investment in Hire Purchase transactions is minimal and the Company has focused on collection / recovery by way of regular follow-up and if, required Legal actions. The Company takes utmost care, for timely settlement to receive its dues against overdue.

2. DIVIDEND:

In view of the consolidation of existing business activities and to conserve the resources, your Directors are constrained not to recommend any dividend.

3. RESERVES:

During the year under review, the Company has not transferred any amount to Reserves: (i) Special/Statutory Reserve -Nil and General Reserve -Nil.

4. RBI''S GUIDELINES ON PRUDENTIAL NORMS & CREDIT RATING

The Company has complied with RBI guidelines and as against minimum requirement of 15% Capital Adequacy Ratio is 29.92%

CARE Limited, rating agency, has assigned rating "C" (FD), which denotes ''inadequate safety for timely servicing of debt obligations and carry high credit risk.'' mainly giving the reason of global recessions.

5. DEPOSITS

Reserve Bank of India, has directed the Company to reduce the dependency of deposit and at present the total outstanding deposit is Rs.226 Lacs (previous year Rs.463 Lacs) including unclaimed deposit is Rs.57.00 Lacs (previous year Rs.100.88 laces).

6. DIRECTORATE:

Shri Rajiv Gupta and Shri Arun Mitter, Directors, retire 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:

i. 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.

iii. 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 Auditor''s 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.

Financial year No. of Shares Total shares % age Cumulative total demated NSDLl CDSL During the period No of Shares %

2010-2011 4,744 1,344 6,088 0.12 46,95,484 93.91

2011-2012 3,329 1,950 5,279 0.11 47,00,763 94.01

2012-2013 6,4521 397 6,8491 0.141 47,07,6121 94.15

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 Companies(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 Loan Nil

ii) Shares held by Non-Resident Shareholders 19,168 18,353

No. of Shareholders 18^ 18

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, 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, 2013


Mar 31, 2012

The Directors have pleasure in presenting the 69th Annual Report and the Audited Accounts of the Company for the year ended 31st March, 2012.

2011-12 2010-11 (Rs in Lacs) (Rs in Lacs)

1. Asset Financing Business 0 228.75

2. Receivables 699.33 450.57

3. Income:

(a) Asset Financing 595.22 630.01

(b) Recovery for NPA & Bad-Debts W/off 0 2.00

(c) Other Operational Income 25.99 46.29

(d) Other Income 42.06 610.92

4. Gross Profit before Depreciation & Income tax -2.04 53.01

5. Depreciation 7.54 14.12

6. Tax Provision 0.60 6.34

7. Profit After Depreciation and Income Tax -10.18 32.56

OPERATIONS:

The Company has been focusing its attention to recover the dues and main thrust is to put pressure on the clients by using all available means including offering one time settlement through negotiations and where required initiating legal actions. Positive results are being achieved by this continues process of recovery of dues. The Board intends to make your Company a' Debt Free Company' and as such, there is no fresh acceptance/renewal of deposits.

2. DIVIDEND:

In view of the consolidation of existing business activities and to conserve the resources, your Directors are constrained not to recommend any dividend.

3. RESERVES:

During the year under review, the Company has not transferred any amount to Reserves: (i) Special/Statutory Reserve -Nil and General Reserve -Nil.

4. RBI'S GUIDELINES ON PRUDENTIAL NORMS & CREDIT RATING

The Company has complied with RBI guidelines and as against minimum requirement of 15% Capital Adequacy Ratio is 31.14% CARE Limited, rating agency, giving reasoning like global recessions, reduction in margin in the financing in view of competitive market and sluggish demand in transport sector has maintained the Company's rating " C " which denotes ' inadequate safety for timely servicing of debt obligations and carry high credit risk.'

5. DEPOSITS

Reserve Bank of India, in view of downgrading of the rating, has directed your Company to reduce the level of public deposits. This downgrading has required the Company to reduce the outstanding towards public deposits. Fixed Deposits and Cumulative Time Loan Receipts including interest accumulations are Rs.463 Lacs against which Receipts numbering 508 and totaling to Rs. 100.88 Lacs maturing for payment remained unclaimed. We have complied with the liquidity requirements as per directives of the Reserve Bank of India.

6. DIRECTORATE:

Shri Sharad Kumar Sanghi and Shri M.K.Madan, Directors, retire 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:

i. 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.

iii.hat 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, these are dealt with in Notes in Schedule 'R' being Notes forming part of the Accounts which may be taken as our explanation under Section 217(3) of the Companies Act, 1956.

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(1B) 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.

Financial year No. of Shares Total shares demated

NSDL CDSL During the period

2009-2010 6,426 19,175 25,601

2010-2011 4,744 1,344 6,088

2011-2012 3,3291 1,9501 5,279

Financial year % age Cumulative total

No of Shares %

2009-2010 0.51 46,89,396 93.79

2010-2011 0.12 46,95,484 93.91

2011-2012 0.11 47,00,763 94.01

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 Companies(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

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, 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, 2012


Mar 31, 2011

Our Shareholders,

The Directors have pleasure in presenting the 68th Annual Report and the Audited Accounts of the Company for the year ended 31st March, 2011.

2010-11 2009-10 (Rs. in Lacs) (Rs. in Lacs)

1. Asset Financing Business 228.75 1,386.28

2. Receivables 450.57 356.28

3. Income:

(a) Asset Financing 630.01 964.77

(b) Recovery for NPA & Bad-Debts W/off 2.00 22.10

(c) Other Operational Income 46.29 64.76

(d) Other Income 610.92 5.26

4. Gross Profit before Depreciation & Income tax 53.01 48.67

5. Depreciation 14.12 20.88

6. Tax Provision 6.34 6.98

7. Profit After Depreciation and Income Tax 32.56 20.81

1. OPERATIONS :

During the year under review, the Company earned a total income of Rs.1,289.28 Lacs.

The Company has been focusing its attention to recover the dues and main thrust is to put pressure on the clients by using all available means including offering one time settlement through negotiations and where required initiating legal actions. Positive results are being achieved by this continues process of recovery of dues. Fresh hire purchase/lease business activities are being carried on selective basis. The Board intends to make your company a' Debt Free Company' and as such, there is no fresh acceptance/renewal of deposits.

2. DIVIDEND:

In view of the consolidation of existing business activities and to conserve the resources, your Directors are constrained not to recommend any dividend.

3. RESERVES:

During the year under review, the Company has transferred from the Profit to Reserves:

(i) Special/Statutory Reserve Rs.7.00 Lacs and General Reserve Rs.1.00 Lacs, leaving a balance of Rs.24.56 Lacs in Profit & Loss A/c.

4. RBI'S GUIDELINES ON PRUDENTIAL NORMS & CREDIT RATING

The Company has complied with RBI guidelines and as against minimum requirement of 15% Capital Adequacy Ratio is 30.17%

CARE Limited, rating agency, giving reasoning like global recessions, reduction in margin in the financing in view of competitive market and sluggish demand in transport sector has downgraded the company's rating from BB to C which denotes ' inadequate safety for timely servicing of debt obligations and carry high credit risk.'

5. DEPOSITS

Reserve Bank of India, in view of downgrading of the rating, has directed your Company to reduce the level of public deposits. This downgrading has perforced the Company to reduce the outstanding towards public deposits. Fixed Deposits and Cumulative Time Loan Receipts including interest accumulations are Rs.1745 Lacs against which Receipts numbering 571 and totaling to Rs.123.50 Lacs maturing for payment remained unclaimed. We have complied with the liquidity requirements as per directives of the Reserve Bank of India.

6. DIRECTORATE:

Shri Rajiv Gupta and Shri Arun Mitter retire by rotation and are eligible for re-appointment 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:

i. 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.

iii. 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, these are dealt with in Notes in Schedule 'R' being Notes forming part of the Accounts which may be taken as our explanation under Section 217(3) of the Companies Act, 1956.

9. AUDITORS:

M/s Sharp & Tannan, Chartered Accountants, Auditors of the Company retire at this Annual General Meeting and have intimated their eligibility of re-appointment. A certificate under Section 224(1B) 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 NSDL and CDSL Depositories.

Total shares demated Financial year No. of Shares During the period

NSDL CDSL

2008-2009 6,260 3,950 10,210

2009-2010 6,426 19,175 25,601

2010-2011 4,744 1,344 6,088

Financia year % age Cumulative total

No of Shares %

2008-2009 0.20 46,63,795 93.28

2009-2010 0.51 46,89,396 93.79

2010-2011 0.12 46,95,484 93.91

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 Companies(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 - - do -

c) Transactions in Foreign Currency This Year Previous Year

a) Expenditure in Foreign Currency Loan Nil Nil

b) Shares held by Non Resident Shareholders 17,949 18,287

No. of Shareholders 14 17

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, 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, 2011


Mar 31, 2010

The Directors have pleasure in presenting the 67th Annual Report and the Audited Accounts of the Company for the year ended 31st March, 2010.

2009-10 2008-09

(Rs. in Lacs) (Rs. in Lacs)

1. Asset Financing Business 1,386.28 1,846.00

2. Receivables 356.28 349.36

3. Income:

(a) Asset Financing 964.77 1,030.43

(b) Recovery for NPA & Bad-Debts W/off 22.10 39.12

(c) Other Operational Income 64.76 86.30

(d) Other Income 5.26 3.62

4. Gross Profit before Depreciation & Income tax 48.67 83.01

5. Depreciation 20.88 24.87

6. Tax Provision 6.98 23.57

7. Profit After Depreciation and Income Tax 20.81 34.60

1. OPERATIONS :

During the year under review, the Company earned a total income of Rs.1, 056.89 Lacs.

The Company has been focusing its attention to recover the dues and main thrust is to put pressure on the clients by using all available means including offering one time settlement through negotiations and where required initiating legal actions. Positive results are being achieved by this continues process of recovery of dues. Fresh hire purchase/lease business activities are being carried on selective basis. The Board intends to make your Company a Debt Free Company and as such, there is no fresh acceptance/renewal of deposits.

2. DIVIDEND:

In view of the consolidation of existing business activities and to conserve the resources, your Directors are constrained not to recommend any dividend.

3. RESERVES:

During the year under review, the Company has transferred from the Profit to Reserves:

(i) Special/Statutory Reserve Rs.5.00 Lacs and General Reserve Rs.1.00 Lacs, leaving a balance of Rs.14.81 Lacs in Profit & Loss A/c.

4. RBIS GUIDELINES ON PRUDENTIAL NORMS & CREDIT RATING:

The company has complied with RBI guidelines and as against minimum requirement of 15% Capital Adequacy Ratio is 23.86%

CARE Limited, rating agency, giving reasoning like global recessions, reduction in margin in the financing in view of competitive market and sluggish demand in transport sector has downgraded the Companys rating from BB+ to BB which denotes inadequate safety for timely servicing of debt obligations and carry high credit risk.

5. DEPOSITS:

Reserve Bank of India, in view of downgrading of the rating, has directed your company to reduce the level of public deposits. This downgrading has perforced the Company to reduce the outstanding towards public deposits. Fixed Deposits and Cumulative Time Loan Receipts including interest accumulations are Rs 3,701 Lacs against which Receipts numbering 468 and totaling to Rs 85.53 Lacs maturing for payment remained unclaimed. We have complied with the liquidity requirements as per directives of the Reserve Bank of India.

6. DIRECTORATE:

Shri Sharad Sanghi and Shri M K Madan retire by rotation and are eligible for reappointment as Director of the Company.

7. DIRECTORSRESPONSIBILITY STATEMENT:

As required by sub-section (2AA) of section 217 of the Companies Act, 1956, Directors state:

i. 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.

iii. That the Directors have taken proper and suffcient 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 qualifcations by the Auditors, these are dealt with in Notes in Schedule R being Notes forming part of the Accounts which may be taken as our explanation under Section 217(3) of the Companies Act, 1956.

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(1B) of the Companies Act,1956, has been obtained from them.

10. DEMATERIALISATION OF SHARES:

Companys Shares are in demat mode. Following are the details of the shares dematerialized on N S D L and C D S L Depositories.





Total shares demated During

Financial year No. of Shares the period % age Cumulative total

N S D L C D S L No of Shares %

2007-2008 20,461 1,114 21,575 0.43 46,53,585 93.07

2008-2009 6,260 3,950 10,210 0.20 46,63,795 93.28

2009-2010 6,426 19,175 25,601 0.51 46,89,396 93.79

11. SECRETARIAL AUDIT:

In compliance of SEBI guidelines, Secretarial Audit is being carried out at the specified period. There were no adverse remarks in the Secretarial Audit Report. Secretarial Audit Report submitted by Practising Company Secretary is annexed hereto separately.

12. 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.

13. 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.

14. 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 Companies(Disclosure of Particulars in the Report of Board of Directors)Rules,1988, the particulars are given as under:-



a) Technology - Being a financecompany, the same is not applicable

b) Conservation of Energy - - do -

c) Transactions in Foreign Currency This Year Previous Year

a) Expenditure in Foreign Currency Loan Nil Nil

b) Shares held by Non Resident Shareholders 18,287 17,544

No. of Shareholders 17 14





The company had no earnings in foreign exchange.

15. CORPORATE GOVERNANCE:

As per the Listing Agreement with the Stock Exchange, Auditors Certifcate regarding the compliance of conditions of Corporate Governance (Annexure A) and Management Discussion and Analysis Report (Annexure B) forms part of this report.

16. 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 Companys bankers, 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, 02nd August, 2010

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