Mar 31, 2015
Dear Members,
Your Directors have pleasure in presenting the 21st Director's Report
of your Company together with the Audited Statement of Accounts and the
Auditors' Report of your company for the financial year ended, 31st
March, 2015.
FINANCIAL HIGHLIGHTS (Rs. in lacs)
Year ended Year ended
Particulars on 31-3-2015 on 31-3-2014
Revenue from Operations & Other Income 188.28 321.85
Less: Total Expenditure 171.80 269.59
OPERATING PROFIT 16.48 52.26
Less: Finance Costs 8.21 10.25
GROSS PROFIT/LOSS FOR THE YEAR 8.27 42.01
Less: Depreciation and Amortization
expense
PROFIT/LOSS FOR THE YEAR 4.40 38.08
Less: Provision for Taxation 1.85 12.00
Less: Deferred Tax Liability (0.57) (0.33)
Add. Short Provision of Income Tax 00 1.37
PROFT AFTER TAX 3.12 25.04
STATE OF COMPANY'S AFFAIRS
During the year under review, the total Income of the Company was Rs.
188.28 Lacs against Rs. 321.85 in the previous year. The Company has
earned a Profit after tax of Rs. 3.21 lacs compared to Rs. 25.04 lacs
in the previous year.
MANAGEMENT DISCUSSION & ANALYSIS REPORT
This Annual Report contains a separate section on the Management
Discussion and Analysis as ANNEXURE: - I, which forms part of the
Directors' Report
TRANSFER TO RESERVES IN TERMS OF SECTION 134 (3) (J) OF THE COMPANIES
ACT, 2013
For the financial year ended 31st March, 2015, the Company is proposed
to carry an amount of Rs 3.12 lacs to General Reserve Account.
DIVIDEND
Your Directors do not recommend any dividend for the year ended on 31st
March, 2015.
MATERIAL CHANGES BETWEEM THE DATE OF BOARD REPORT AND END OF FINANCIAL
YEAR
There have been no material changes and commitments, if any, affecting
the financial position of the Company which have occurred between the
end of the financial year of the Company to which the financial
statements relate and the date of the report.
ANNUAL RETURN
The Extract of Annual Return as required under section 92(3) of the
Companies Act, 2013 in Form MGT-9 is annexed herewith as ANNEXURE:- II
for your kind perusal and information.
DIRECTORS
Mr. Rajesh J Jhaveri & Mr. Kamlesh J Jhaveri were appointed as Managing
Director & Whole-time Directors on remuneration as decided in 19th
Annual General Meeting held on 10th August 2013 for term of three years
with effect from 1 st August 2013 till 31st July 2016
As per Section 152 of the Companies Act, 2013, Mr. Jitendra B Jhaveri &
Mr. Bhaderesh J Jhaveri Directors of the Company, retire by rotation at
the ensuing Annual General meeting and offers herself for
re-appointment.
Mr. Bimal D Mehta, Mr. Kantilal N Patel & Mr. Ashesh J Trivedi, were
appointed as Independent Directors liable to retire by rotation under
the erstwhile applicable provisions of Companies Act, 1956. The Company
has received declaration from these Directors that they meets with the
criteria of independence as prescribed under sub-section (6) of Section
149 of the Companies Act, 2013. They being eligible and offering them
self for appointment, is proposed to be appointed as an Independent
Director of your Company effective from 2nd January, 2015 to 2nd
January, 2020 subject to approval of members in ensuing General
Meeting.
Mr. Rajesh J Jhaveri, Mr. Kamlesh J Jhaveri, Mr. Jitendra B Jhaveri &
Mr. Bhaderesh J Jhaveri are also directors of M/s. Jhaveri Hightech
Agro Limited & M/s. Maulik Kruti Resources Limited which are Associate
Companies
Mr. Ashesh J Trivedi is also director without any pecuniary interest in
M/s. Jhaveri Hightech Agro Limited which is Associate Company.
Mrs. Bela R Jhaveri was appointed as Additional Director (Woman
Director) with effect from 27-03-2015.
MEETINGS OF THE BOARD OF DIRECTORS
The following Meetings of the Board of Directors were held during the
Financial Year 2014-15
No. of Directors
SN Date of Meeting Board Strength Present
1 02-05-2014 7 6
2 30-05-2014 7 6
3 02-07-2014 7 6
4 14-08-2014 7 6
5 02-09-2014 7 6
6 27-10-2014 7 6
7 14-11-2014 7 6
8 02-01-2015 7 6
9 07-02-2015 7 6
10 27-03-2015 7 6
DIRECTORSÂ RESPONSIBILITY STATEMENT
Pursuant to Section 134(5) of the Companies Act, 2013 the Board of
Directors of the Company confirms that-
(a) In the preparation of the annual accounts, the applicable
accounting standards had been followed along with proper explanation
relating to material departures;
(b) The directors had 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 and
loss of the company for that period;
(c) The directors had taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of this Act for safeguarding the assets of the company and
for preventing and detecting fraud and other irregularities;
(d) The directors had prepared the annual accounts on a going concern
basis; and
(e) The directors had laid down internal financial controls to be
followed by the company and that such internal financial controls are
adequate and were operating effectively.
(f) The directors had devised proper systems to ensure compliance with
the provisions of all applicable laws and that such systems were
adequate and operating effectively.
DECLARATION BY INDEPENDENT DIRECTORS
The Board of Directors of the Company hereby confirms that all the
Independent directors duly appointed by the Company have given the
declaration and they meets the criteria of independence as provided
under section 149(6) of the Companies Act, 2013.
AUDITORS' REPORT
1) Independent Auditors Report
There are no qualifications or adverse remarks in the Auditors' Report
which require any clarification/ explanation. The Notes on financial
statements are self-explanatory, and needs no further explanation.
2) Secretarial Audit Report
Pursuant to provision of Section 204 of the Companies Act, 2013 read
with the Companies (Appointment and Remuneration of Managerial
Personnel) Rules, 2014 your Company has appointed M/s. K H &
Associates, Practicing Company Secretaries to Conduct Secretarial Audit
of your Company. The Secretarial Audit Report is annexed herewith as
ANNEXURE: - III to this report.
As the Secretarial Auditor has stated in their report that Company not
complied with Section 108 of Companies Act, 2013 read with rule 20 of
the Companies (Management and Administration) Rules, 2014. & clause
35(b) of Listing Agreement i.e. compliance relating to e-voting, the
Board of Directors of Company hereby clarify that the Company had
entered in to tripartite agreement between the Company, Register &
Transfer Agent M/s MCS Share Transfer Agent Ltd. and the National
Securities Depository Limited (NSDL) for availing services of
electronic voting platform of NSDL on 1st July, 2014 but due to
confusion of applicability of relevant provisions the Company had not
opted to provide electronic voting platform to its shareholders.
NOMINATION AND REMUNERATION COMMITTEE
The CompanyÂs Nomination and Remuneration Committee comprises of three
Non-executive Directors. The table sets out the composition of the
Committee:
Name of the Director Position held in Category of the
the Committee Director
Mr. Bhaderesh Chairman / Member Non Executive
J. Jhaveri Non Independent
Director
Mr. Ashesh J Trivedi Member Non Executive
Independent Director
Mr. Kantilal N Patel Member Non Executive
Independent Director
Board of Directors of Jhaveri Credits and Capital ltd. has resolved to
establish a Nomination and Remuneration Committee among its members,
which shall prepare the matters pertaining to the nomination and
remuneration of Board members, the appointment and remuneration of the
managing director and other executives of the company as well as the
remuneration schemes of the personnel.
LOANS, GUARANTEES AND INVESTMENTS
The Company has following Loans, Guarantee given and Investments made
under section 186 of the Companies Act, 2013 for the financial year
ended 31st March 2015:
SN Date of Transaction Particular/Purpose/ Amount of
Nature of Transaction Transaction
Company has not entered into any transaction covered under Section 186
of Companies Act, 2013
RELATED PARTY TRANSACTIONS
The Company is required to enter into various Related Parties
Transactions as defined under Section 188 of the Companies Act, 2013
with related parties as defined under Section 2 (76) of the said Act.
Further all the necessary details of transaction entered with the
related parties are shown in notes forming part of financial statement
for the year ended as on 31st March, 2015 for your kind perusal and
information. The Company has not entered into any new contract or
agreement under section 188 of Companies Act, 2013. In financial year
2014-15 and hence the provisions of Section 134(3)(h) is not attracted
and has not prepared FORM No. AOC-2.
INTERNAL FINANCIAL CONTROLS
The Company has in place adequate internal financial controls with
reference to financial statements. During the year, such controls were
tested and no reportable material weaknesses in the design or operation
were observed.
KEY MANAGERIAL PERSONNEL
During the year under review, following persons held position of Key
Managerial Personnel of the Company in compliance with the provisions of
Section 203 of the Companies Act, 2013.
Mr. Rajesh J. Jhaveri  Managing Director
Mr. Kamlesh J. Jhaveri  Whole-time Director
Mr. Vatsal Desai  CFO (From 27/03/2015)
Mr. Chintan Vakil  Company Secretary (From 01/11/2014)
Mr. Rahul S. Mandlik  CFO (From 01/11/2014 to 07/02/2015)
Mrs. Richa Prashar  Company Secretary (from 06/09/2008 to 01/07/2014)
Remuneration and other details of the Key Managerial Personnel for the
financial year ended 31st March, 2015 are mentioned in the Extract of
the Annual Return which is attached to the Directors' Report.
PARTICULARS OF EMPLOYEES
None of the employee has received remuneration exceeding the limit as
stated in rule 5(2) of the Companies (Appointment and Remuneration of
Managerial Personnel) Rules, 2014. A statement containing particulars
of employees pursuant to section 134 (3) (q) of Companies Act, 2013
read with rule 5(1) of the Companies (Appointment and Remuneration of
Managerial personnel) rules, 2014 is annexed herewith as ANNEXURE:- IV
REPORT ON CORPORATE GOVERNANCE
In compliance with the provision of Clause 49 of the Listing Agreement,
a separate report on Corporate Governance is annexed herewith as
ANNEXURE: - V to this report. And Certificate from Managing
Director/CEO issued in accordance with the provisions of Clause 49 of
the Listing Agreement is annexed herewith as ANNEXURE: - VI
PARTICULARS OF HOLDING, SUBSIDIARY AND ASSOCIATE COMPANIES
HOLDING/
SN NAME AND ADDRESS CIN/GLN SEBSARY/ % of shares
OF THE COMPANY ASSOCIATE held
1. Maulik Kruti U65910GJ1996PLC029769 ASSOCIATE 43.77%
Resources Ltd.
2. Jhaveri Hightech U29939GJ1995PLC024589 ASSOCIATE 39.38%
Agro Limited
Statement pursuant to section 129(3) of the Companies Act, 2013 related
to Associate Companies in Form AOC-1 Part "B" is annexed herewith as
ANNEXURE:- VII
VIGIL MECHANISM
In pursuant to the provisions of section 177(9) & (10) of the Companies
Act, 2013 AND Companies Meeting of Board & its powers Rules, 2014,
Company has formulated Vigil Mechanism and the same is available on web
site of Company www.ihavericommodity.com
GENERAL
Your Directors state that no disclosure or reporting is required in
respect of the following items as there were no transactions on these
items during the year under review:
1. Details relating to deposits covered under Chapter V of the Act.
2. Issue of equity shares with differential rights as to dividend,
voting or otherwise.
3. Issue of shares (including sweat equity shares) to employees of the
Company under any scheme save and except ESOS referred to in this
Report.
4. Neither the Managing Director nor the Whole-time Directors of the
Company receive any remuneration or commission from any of its
subsidiaries.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION
The particulars as required under the provisions of Section 134(3) (m)
of the Companies Act, 2013 in respect of conservation of energy and
technology absorption have not been furnished considering the nature of
activities undertaken by the company during the year under review.
SEXUAL HARASSMENT
During the year under review, there were no cases filed pursuant to the
Sexual Harassment of Women at Workplace (Prevention, Prohibition and
Redressal) Act, 2013.
FOREIGN EXCHANGE EARNINGS AND OUTGO
There were no foreign exchange earnings and outgo during the year under
review.
RISK MANAGEMENT
The Company has risk assessment and minimization system in place. The
risk management procedures are reviewed regularly.
ACKNOWLEDGEMENT
Your Directors wish to express their grateful appreciation to the
continued co-operation received from the Banks, Government Authorities,
Customers, Vendors and Shareholders during the year under review. Your
Directors also wish to place on record their deep sense of appreciation
for the committed service of the Executives, staff and Workers of the
Company.
Date: - 30-05-2015 for and on behalf of Board of Directors
Place: - Vadodara of M/s Jhaveri Credits & Capital Ltd
Rajesh J. Jhaveri
Managing Director
DIN:00266182
Mar 31, 2014
Dear Members
The Directors of your Company present to you the 20th Annual Report of
your Company together with the Audited Accounts for the year ended 31st
March, 2014.
FINANCIAL RESULTS (Rs. in lacs)
Particulars Year ended Year ended
31.03.2014 31.03.2013
Sales & Other Income 321.85 481.59
Total Expenditure 269.59 410.87
Operating Profit 52.26 70.72
Interest, Finance Charges & Exchange variation 10.25 37.56
Gross Profit/ (Loss) for the year 42.01 33.16
Depreciation 3.92 5.87
Profit / (Loss) for the year 38.08 27.29
Less: Provision for Taxation 12.00 8.50
Less: Differed Tax Liability (0.33) (1.59)
Add: Short provision of Income Tax 1.37 -
Profit after Tax 25.04 20.38
DIVIDEND
The Directors do not recommend any dividend in view of retention of
funds in the business.
REVIEW OF OPERATIONS
The income fortheyear2013-14 has decreased to 321.85 Lacs from Rs481.59
lacs in year2012-13.
The company earned a surplus of Rs. 38.08 Lacs for the year ended
31.03.2014 against Rs. 27.29 Lacs in the previous year before claim
for depreciation.
The performance of the company is in stabilized trend in broking and
delivery based transaction in precious metals and agro products. The
spot exchange dealings are in terms of business operations. The growth
is cost oriented development and positive venture for future. The
company has expanded the network of branches and authorised persons at
pan Gujarat and is able to establish its brand " Jhaveri" in the field
of broking, trading and retailing.
Company is marking "Jhaveri Brand" at all locations and has resulted
the growth, stability and prosperity in metals, pulses and cereals. We
are very optimistic to have huge volumes and positive returns with the
brand in commodity market in the time to come.
FIXED DEPOSITS
The Company is not accepting public deposits. The amount of unclaimed
deposits as on 31st March, 2014 was NIL.
DIRECTORS'' RESPONSIBILITY STATEMENT
As required under Section 217(2AA) of the Companies Act, 1956, the
Directors hereby confirm that:
i) In the preparation of the annual accounts, the applicable accounting
standards have been followed along with proper explanation relating to
material departures if any.
ii) 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 of
the Company for the year ending on 31st March, 2014.
iii) The Directors have taken proper 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.
iv) The Directors have prepared the annual accounts on going concern
basis.
DIRECTORS
In pursuance of the provisions of the Companies Act, 1956 and the
Articles of Association of the Company, Shri Jitendra B. Jhaveri, and
Shri Bimal D. Mehta are directors of the company, retire by rotation
and being eligible, offer themselves for reappointment.
MANAGEMENT DISCUSSION & ANALYSIS
This Annual Report contains a separate section on the Management
Discussion and Analysis (Annexure I) which forms part of the Directors''
Report.
CORPORATE GOVERNANCE
A report on Corporate Governance as required under Clause 49 of this
Listing agreement is incorporated as a part of the Directors'' Report
(Annexure II).
Auditors'' Certificate regarding compliance of conditions of Corporate
Governance is given in the (Annexure IV).
AUDITORS
To appoint statutory auditors of the company to hold the office from
the conclusion of this Annual General Meeting to the next Annual
General Meeting of the Company and to fix their remuneration.
AUDITORS'' REPORT
The observations made in the Auditors'' Report are self explanatory and
therefore, need not require any further comments under section 217 of
the Companies Act, 1956.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS AND OUTGO
The information required under the provisions of Section 217(1)(e) of
the Companies Act, 1956, read with the Companies (Disclosure of
Particulars in the Report of Board of Directors) Rules, 1988, are not
applicable to the Company.
PARTICULARS OF EMPLOYEES
The Company has no employees whose particulars are to be disclosed in
terms of Section 217(2A) of the Companies Act, 1956 read with the
Companies (Particulars of Employees) Rules, 1975.
APPRECIATION
Your Directors would like to place on record their appreciation and
thanks to the Banks, Company''s customers, suppliers, investors and
employees for their valuable support and co-operation.
By Order of the Board of Directors
For Jhaveri Credits & Capital Ltd.
Place :Baroda. Rajesh J. Jhaveri
Date:30.05.2014 Managing Director
DIN NO. 00266182
Mar 31, 2013
To, The Members of Jhaveri Credits & Capital Ltd.
Vadodara.
The Directors of your Company present to you the 19th Annual Report of
your Company together with the Audited Accounts for the year ended 31st
March, 2013.
FINANCIAL RESULTS (Rs. in lacs)
Year ended Year ended
Particulars 31.03.2013 31.03.2012
Sales & Other Income 481.59 425.67
Total Expenditure 410.87 368.43
Operating Profit 70.72 57.24
Interest, Finance Charges
& Exchange variation 37.56 22.46
Gross Profit/ (Loss) for the year 33.16 34.78
Depreciation 5.87 6.66
Profit / (Loss) for the year 27.29 28.12
Less: Provision for Taxation 8.50 8.00
Less: Differed Tax Liability (1.59) (0.69)
Add: Excess provision of Income Tax - 1.99
Profit after Tax 20.38 22.80
DIVIDEND
The Directors do not recommend any dividend in view of retention of
funds in the business.
REVIEW OF OPERATIONS
The income for the year 2012-13 has increased to 481.59 Lacs from Rs
425.67 lacs in year 2011-12.
The company earned a surplus of Rs. 33.16 Lacs for the year ended
31.03.2013 against Rs. 34.78 Lacs in the previous year before claimed
for depreciation.
The performance of the company picking up upward trend in broking and
delivery based transaction in precious metals and spot exchange
dealings in terms of volume profit and business operations. The growth
is cost oriented development and positive venture for future. The
activation of National Spot Exchange Ltd. has provided good opportunity
and promising future for delivery based commodity transactions. The
company has expanded the network of branches and authorized persons at
pan Gujarat.
Company is marking "Jhaveri Brand" at all locations has resulted the
growth, stability and prosperity in matters, pulses and cereals. We are
very optimistic to have huge volumes and positive returns with the
brand in commodity market in the time to come.
FIXED DEPOSITS
The Company is not accepting public deposits. The amount of unclaimed
deposits as on 31st March, 2013 was NIL.
DIRECTORS'' RESPONSIBILITY STATEMENT
As required under Section 217(2AA) of the Companies Act, 1956, the
Directors hereby confirm that:
i) In the preparation of the annual accounts, the applicable accounting
standards have been followed along with proper explanation relating to
material departures if any.
ii) 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 of
the Company for the year ending on 31st March, 2013.
iii) The Directors have taken proper 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.
iv) The Directors have prepared the annual accounts ongoing concern
basis.
DIRECTORS
In pursuance of the provisions of the Companies Act, 1956 and the
Articles of Association of the Company, Shri Bhaderesh J. Jhaveri, is
director of the company, retire by rotation and being eligible, offer
themselves for reappointment.
MANAGEMENT DISCUSSION & ANALYSIS
This Annual Report contains a separate section on the Management
Discussion and Analysis (Annexure I) which forms part of the Directors''
Report.
CORPORATE GOVERNANCE
A report on Corporate Governance as required under Clause 49 of this
Listing agreement is incorporated as a part of the Directors'' Report
(Annexure II).
Auditors'' Certificate regarding compliance of conditions of Corporate
Governance is given in the (Annexure IV).
AUDITORS
M/s Mukund & Rohit, Chartered Accountants, Baroda, the Auditor of the
company hold the office until the conclusion of ensuing Annual General
Meeting, and are eligible for reappointment. You are requested to
appoint the statutory Auditors for the Company and to fix their
remuneration.
AUDITORS'' REPORT
The observations made in the Auditors'' Report are self explanatory and
therefore, need not require any further comments under section 217 of
the Companies Act, 1956.
PARTICULARS OF EMPLOYEES
The Company has no employees whose particulars are to be disclosed in
terms of Section 217(2A) of the Companies Act, 1956 read with the
Companies (Particulars of Employees) Rules, 1975.
APPRECIATION
Your Directors would like to place on record their appreciation and
thanks to the Banks, Company''s customers, suppliers, investors and
employees for their valuable support and co-operation.
By Order of the Board of Directors
For Jhaveri Credits & Capital Ltd.
Place: Baroda.
Date: May 30, 2013
Rajesh J. Jhaveri
Managing Director
Mar 31, 2011
To The Members of Jhaveri Credits & Capital Ltd.
The Directors of your Company present to you the 17th Annual Report of
your Company together with the Audited Accounts for the year ended 31st
March, 2011.
FINANCIAL RESULTS (Rs. in lacs)
Particulars Year ended Year ended
31.03.2011 31.03.2010
Sales & Other Income 324.55 192.02
Total Expenditure 272.73 145.28
Operating Profit 51.82 46.74
Interest, Finance Charges &
Exchange 3.94 3.17
variation
Gross Profit/ (Loss) for the year 47,88 43.57
Depredation 4.65 4.20
profit / (Loss) for the year 43.23 39.37
Less: Provision for Taxation 8.00 20.00
Less: Differed Tax Liability {0,40) 0.12
Add: Excess provision of Income Tax 0,00 1.59
Profit after Tax but before
Prior Period 35,63 20.84
Adjustment
Prior Period Adjustments 0,00 0.2l
Profit After tax and prior
period adjustments 35.63 20.63
Balance Brought Forward 43.73 27.22
Transfer to Special General Reserve _ _
Balance Carried forward to
Balance Sheet 79.36 47,85
DIVIDEND
The Directors do not recommend any dividend in view of retention of
funds in the business.
REVIEW OF OPERATIONS
The income for the year under review has increased to 283.09 Lacs from Rs
163.23 lacs In year 2010-11.
The Company has earned profit of Rs 35,63 Lacs for the year ended
31,03.2011 as against a profit of Rs. 20.64 lacs in the previous. The
performance of the Company is taking upward trend as increase in the
Volume, Profit and various business operations. The company is ready to
take operations at "National Spot Exchange Ltd" in very short period,
to have expansion opportunity and advantages With deployment of
Branches and Authorized Person's network at all over Gujarat.
Company Is able to establish its brand Into " Jhaveri " as the member
of MCX, NCDEX and NSEL , the growth, positive results and stability is
reached in the commodities like Gold, Silver, Other Precious Metals,
Pulses and cereals with broking Involvement in the past few years. The
Results of the year under operations are also encouraging and we
optimistic to have breakthrough in brand in the commodity market In the
time to come.
FIXED DEPOSITS
The Company Is not accepting public deposits. The amount of unclaimed
deposits as on 31st March, 2011 was NIL,
DIRECTORS' RESPONSIBILITY STATEMENT
As required under Section 217(2AA) of the Companies Act, 1956, the
Directors hereby confirm that:
i) In the preparation of the annual accounts, the applicable accounting
standards have been followed along with proper explanation relating to
material departures if any.
ii} 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 of
the Company for the year ending on 31st March, 2011.
iii) The Directors have taken proper care for the maintenance of adequate
accounting records In accordance with the provisions of the Companies Act,
1955 for safeguarding the assets of the Company and for preventing and
detecting fraud and other irregularities.
iv) The Directors have prepared the annual accounts on going concern
basis.
DIRECTORS
In pursuance of the provisions of the Companies Act, 1956 and the
Articles of Association of the Company, Shri Jitendra B. Jhaveri and
Shri Bhaderesh J, Jnaveri, directors retire by rotation and being
eligible, offer themselves for reappointment,
MANAGEMENT DISCUSSION & ANALYSIS
This Annual Report contains a separate section on the Management
Discussion and Analysis (Annexure I) which forms part of the Doctors'
Report.
CORPORATE GOVERNANCE
A report on Corporate Governance as required under Clause 49 of this
Listing agreement is incorporated as a part of the Directors Report
(Annexure II).
Auditors' Certificate regarding compliance of conditions of Corporate
Governance Is given in the (Annexure IV).
AUDITORS
M/s Mukund & Rohit, Chartered Accountants, Baroda, the Auditor of the
company hold the office until the conclusion of ensuing Annual General
Meeting, and are eligible for reappointment. You are requested to
appoint the statutory Auditors for the Company and to fix their
remuneration.
AUDITORS' REPORT
The observations made in the Auditors' Report are self explanatory and
therefore, need not require any further comments under section 217 of
the Companies Act,1956.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN
EXCHANGE EARNINGS AND OUTGO
The information required under the provisions of Section 217{l){e) of
the Companies Act, 1956, read with the Companies (Disclosure of
Particulars in the Report of Board of Directors) Rules, I988, are not
applicable to the Company.
PARTICULARS OF EMPLOYEES
The Company has no employees whose particulars are to be disclosed in
terms of Section 217{2A) of the Companies Act, 1956 read with the
Companies (Particulars of Employees) Rules, 1975.
APPRECIATION
Your Directors would like to place on record their appreciation and
thanks to the Banks, Company's customers, suppliers, investors and
employees for their valuable support and co-operation,
By Order of the Board of Directors
For Jhaveri Credits& Capital Ltd.
Place :Baroda.
Date : 02.09.2011 Rajesh J. Jhaveri
Managing Director
Mar 31, 2010
The Directors of your Company present to you the 16th Annual Report of
your Company together with the Audited Accounts for the year ended 31st
March, 2010.
FINANCIAL RESULTS (Rs. in lacs)
Year ended Year ended
Particulars 31.03.2010 31.03.2009
Sales & Other Income 192.02 130.13
Total Expenditure 145.28 96.27
Operating Profit 46.74 33.86
Interest, Finance Charges & Exchange
variation 3.17 1.09
Gross Profit/ (Loss) for the year 43.57 32.77
Depreciation 4.20 3.80
Profit / (Loss) for the year 39.37 28.97
Less: Provision for Taxation 20.00 8.50
Less: Differed Tax Liability 0.12 0.10
Add: Excess provision of Income Tax 1.59 0.00
Profit after Tax but before Prior
Period Adjustment 20.84 20.37
Prior Period Adjustments 0.21 0.00
Profit After tax and prior period
adjustments 20.63 20.37
Balance Brought Forward 27.22 10.92
Transfer to Special General Reserve NIL 4.07
Balance Carried forward to Balance Sheet 47.85 27.22
DIVIDEND
The Directors do not recommend any dividend in view of insufficient
profit.
REVIEW OF OPERATIONS
The income for the year under review has increased to 163.23 Lacs from
Rs 110.18 lacs in year 2009-10. The Company has earned profit of Rs
20.64 Lacs as against a profit of Rs. 20.37 lacs in the previous year
ended on 31.03.2009. The performance of the Company has been adversely
affected mainly due to large NPAs in assets and investments and
tightening of norms by the regulatory authorities. Your Company is
also focusing on non-fund based activities and establish its brand in
commodities broking on MCX and NCDEX. The positive results and
sustainability is with commodities broking involvement and development
in past few years.
Auditorsà Certificate regarding compliance of Corporate Governance is
given in the (Annexure IV).
AUDITORS
M/s Mukund & Rohit, Chartered Accountants, Baroda, the Auditor of the
company hold the office until the conclusion of ensuing Annual General
Meeting, and are eligible for reappointment. You are requested to
appoint the statutory Auditors for the Company and to fix their
remuneration.
AUDITORS REPORT
The observations made in the Auditors Report are self explanatory and
therefore, need not require any further comments under section 217 of
the Companies Act, 1956.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS AND OUTGO
The information required under the provisions of Section 217(1)(e) of
the Companies Act, 1956, read with the Companies (Disclosure of
Particulars in the Report of Board of Directors) Rules, 1988, are not
applicable to the Company.
PARTICULARS OF EMPLOYEES
The Company has no employees whose particulars are to be disclosed in
terms of Section 217(2A) of the Companies Act, 1956 read with the
Companies (Particulars of Employees) Rules, 1975.
APPRECIATION
Your Directors would like to place on record their appreciation and
thanks to the Banks, Companys customers, suppliers, investors and
employees for their valuable support and co-operation.
By order of the Board,
Regd. Office : For JHAVERI CREDITS & CAPITAL LTD.
301, Payal Towers II, Sayajigunj,
Baroda-390 005 RAJESH JHAVERI
Date: 02-09-2010 MANAGING DIRECTOR
Mar 31, 2009
The Directors of your Company present to you the 15th Annual Report of
your Company together with the Audited Accounts for the year ended 31
st March, 2009.
FINANCIAL PERFORMANCE
(Rs. in lacs)
Particulars Year ended Year ended
31.03.2009 31.03.2008
Operational Income 130.13 190.08
Total Expenditure 96.27 161.55
Operating Profit 33.86 28.53
Interest & Finance Charges 1.09 1.80
Gross Profit/ (Loss) for the year 32.77 26.73
Depreciation 3.80 4.38
Profit / (Loss) for the year 28.97 22.35
Less: Provision for Taxation 8.50 7.55
Less: Deferred Tax Liability 0.10 4.41
Profit after Tax 20.37 10.39
Transfer to Special General
Reserve (u/s 45-iC) 4.07 2.96
Balance carried forward to Balance Sheet 16.30 7.43
DIVIDEND
The Directors do not recommend any dividend in view of retention of
funds in business for future requirements.
REVIEW OF OPERATIONS
The income for the year under review has been lower at Rs 110.18 lacs
against the previous years Rs. 179.16 lacs. However the company was
able to generate other income and thereby was able to improve upon the
bottom line. The net profit for the year ended 31-03-2009 was Rs 20.37
lacs compared to Rs10.39 lacs in the previous year. The company is
giving special focus on the commodities broking business and expects
higher volumes in the year 2009-10.
BUSINESS PROSPECTS
The performance of the Company has been improved in the area of
Commodities Broking during the year on NCDEX and MCX Exchanges. The
company is exploring the developmental activities at large scale by
deploying Dealers, Franchises, and Terminals etc.. Your Company is also
focusing on non-fund based activities to improve its financial
performance in the coming years.
FIXED DEPOSITS
The Company is not accepting public deposits. The amount of unclaimed
deposits as on 31" March, 2009 was NIL,
DIRECTORS RESPONSIBILITY STATEMENT
As required under Section 217(2AA) of the Companies Act, 1956, the
Directors hereby confirm that:
i) In the preparation of the annual accounts, the applicable accounting
standards have been followed along with proper explanation relating to
material departures if any.
ii) 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 of
the Company for the year ending on 31st March, 2009.
iii) The Directors have taken proper 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.
iv) The Directors have prepared the annual accounts on going concern
basis.
DIRECTORS
in pursuance of the provisions of the Companies Act, 1956 and the
Articles of Association of the Company, Shri Kantilai N. Patel and Shri
Ashesh J. Trivedi, directors retire by rotation and being eligible,
offer themselves for reappointment.
MANAGEMENT DISCUSSION & ANALYSIS
This Annual Report contains a separate section on the Management
Discussion and Analysis (Annexure I) which forms part of the Directors
Report.
CORPORATE GOVERNANCE
A report on Corporate Governance as required under Clause 49 of this
Listing agreement is incorporated as a part of the Directors Report
(Annexure II).
Auditors Certificate regarding compliance of conditions of Corporate
Governance is given in the (Annexure IV).
AUDITORS
M/s. Mukund & Rohit, Chartered Accountants, Baroda, the Auditors of the
company hold the office until the conclusion of ensuing Annual General
Meeting, and are eligible for reappointment You are requested to
appoint the Statutory Auditors for the Company and to fix their
remuneration.
AUDITORS REPORT
The observations made in the Auditors Report are self explanatory and,
therefore, need not require any further comments under section 217 of
the Companies Act, 1956.
SUBSIDIARY COMPANY
The Audited Accounts of Jhaveri High-tech Agro Limited (subsidiary
company) for the year ended 31-03-2009, together with the Directors
report are attached to the Accounts pursuant to the provisions of
Section 212 of the Companies Act, 1956.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS AND OUTGO
The information required under the provisions of Section 217(1) (e) of
the Companies Act, 1956, read with the Companies (Disclosure of
Particulars in the Report of Board of Directors) Rules, 1988, is not
applicable to the Company.
PARTICULARS OF EMPLOYEES
The Company has no employees whose particulars are to be disclosed in
terms of Section 217(2A) of the Companies Act, 1956 read with the
Companies (Particulars of Employees) Rules, 1975.
APPRECIATION
Your Directors would like to place on record their appreciation and
thanks to the Banks, Companys customers, suppliers, investors and
employees for their valuable support and cooperation.
By Order of the Board of Directors
For Jhaveri Credits & Capital Ltd.
Place :Baroda. Rajesh J. Jhaveri
Date : 20th July,2009 Managing Director
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