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