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Directors Report of Kumbhat Financial Services Ltd.

Mar 31, 2014

Dear Members,

The Directors have pleasure in presenting the Twenty First Annual Report and Audited Statements of Account for the Financial year ended March 31,2014.

FINANCIAL RESULTS:

Current Year Previous Year March 31, 2014 March 31, 2013 (Rs. In Lakhs) (Rs. In Lakhs)

Income from Operations 53.20 46.30

Profit before Depreciation

and Provision for taxation 9.92 7.89

Less: Depreciation 0.76 0.91

9.16 6.98

Less: Provision for taxation 5.71 1.77

Net Profit 3.45 5.21

Add: Previous year''s surplus 27.30 24.09

Amount available for appropriation 30.75 29.29

Appropnations:

Transfer to Statutory Reserve 2.00 2.00

Transfer to General Reserve 20.00 -

Surplus carried to Balance Sheet 8.75 27.29

30.75 29.29

PERFORMANCE:

During the year the Company achieved a Gross Income of Rs.53.20 lakhs as compared to Rs.46.3 lakhs during the previous year. The Profit before tax of the Company stood at Rs.9.16 lakhs as against Rs.6.98 lakhs last year. During the year there were no major disbursements. The focus continued to be on recoveries and towards substantial reduction in operational cost. The net profit of the Company stood at Rs.3.45 lakhs. During the year a sum of Rs.2 lakhs has been appropriated towards Statutory Reserve and Rs.20 lakhs towards General Reserve . The resultant profit of Rs.8.75 lakhs has been carried to the Profit and Loss Account.

PRUDENTIAL NORMS FOR NBFCs

The prudential norms prescribed by the Reserve Bank of India for NBFC''s for income recognition, provisioning for non performing assets and other directions issued from time to time in this regard are followed by the Company. The Company has complied with the capital adequacy norms and other directions issued by the Reserve Bank of India in respect of Non Banking Financial Companies from time to time.

DIVIDEND

In order to strengthen the financial position of the company the directors have decided not to declare dividend for the year.

DIRECTORS

Sri. Shanti Kumbhat & Ajit Kumbhat retires at the end of this Annual General Meeting and being eligible, offer themselves for re-appointment.

DEPOSITS

The Company has not accepted any fixed deposit from the public.

AUDITORS

M/s. Krishnan & Giri, Chartered Accountants, Chennai retire at the forthcoming Annual General Meeting. They have advised of their availability for re-appointment.

PROSPECTS

This year also witnessed consolidation in the NBFC sector wherein the financial position and profitability of the companies came under severe strain. Certain global majors also entered into the field which resulted in intense competition and there by resulting in reduction and interest rate. The directors are of the opinion that the same trend will continue in the coming years.

COMPLIANCE CERTIFICATE

The Company has obtained Compliance Certificate for the Year ended 31.03.2014 from Mr.Murugan, Practicing Company Secretary.

INFORMATION AS PER SECTION 217(1 )(e) OF THE COMPANIES ACT, 1956

The Company has no activity relating to conservation of energy or technology absorption. The Company did not have foreign exchange earning or outgo.

PERSONNEL

The Company has no employee who is in receipt of remuneration in excess of the amount prescribed under section 217(2A) of the Companies Act, 1956 read with the Companies (Particulars of Employees) Rules. 1975.

In terms of section 217(2AA) of the Companies Act, 1956 your directors confirm as follows :

i) that in the preparation of the annual accounts, the applicable accounting standards had been followed.

ii) that the Directors had selected such accounting policies and applied them consistently which are reasonable and prudent so as to give a true and fair view of state of affairs of the company at the end of the financial year and of the financial year and of the profit or loss of the company for that year;

iii) that 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;

iv) that the Directors had prepared the annual accounts on a going concern basis.

CORPORATE GOVERNANCE

A Separate Report on Corporate Governance is incorporated as a part of this Annual Report along

with Auditor''s Statement on its compliance, as prescribed under clause 49 of the Listing Agreement.

ACKNOWLEDGEMENTS:

Your Directors wish to place on record their deep appreciation of the services of the Managing Director and the members of the staff of the company.

For and On behalf of the Board Chennai Shanti Kumbhat Date: 25/08/2014 Managing Director


Mar 31, 2012

The Directors have pleasure in presenting this Nineteenth Annual Report and Audited Statements of Account for the Financial year ended March 31. 2012.

FINANCIAL RESULTS:

Current Year Previous Year March 31.2012 March 31. 2011 (Rs. In Lakhs) (Rs, In Lakhs)

Income from Operations 36.56 28.80

Profit before Depreciation and Provision for taxation 13.70 12.88

Less: Depreciation 1.11 1.38

12.59 11.50

Less Provision for taxation 3.60 2.75

Net Profit 8.99 8.48

Add: Previous year''s surplus 67.10 62.61

Amount available for appropriation 76.09 71.01

Appropriations:

Transfer to Statutory Reserve 2.00 2.00

Transfer to General Reserve 50.00 2.00

Surplus earned to Balance Sheet 24.09 67.09

76.09 71.09

PERFORMANCE:

During the year the Company achieved a Gross Income of Rs.36.56 lakhs as compared to Rs.28.80 lakhs during the previous year. The Profit before tax of the Company stood at Rs. 12.59 lakhs, as against Rs 8.99 lakhs. During the year there were no major disbursements. The focus continued to-be on recoveries and towards substantial reduction in operational cost The net profit of the Company stood at Rs.8.99 lakhs. During the year a sum of Rs.2 lakhs has been appropriated towards Statutory Reserve and Rs.50 lakhs towards General Reserve. The resultant profit of Rs.4.99 lakhs has been carried to the Profit and Loss Account.

PRUDENTIAL NORMS FOR NBFCs

The prudential norms prescribed by the Reserve Bank of India for NBFCs for income recognition, provisioning for non performing assets and other directions issued from time to time in this regard are followed by (he Company. The Company has complied with the capital adequacy norms and other directions issued by the Reserve Bank of India in respect of Non Banking Financial Companies from time to time.

DIVIDEND

In order to strengthen the financial position of the company the directors have decided not to declare dividend for the year

DIRECTORS

Sri Shanti Kumbhat & Ajit Kumbhat retire at the end of this Annual General Meeting and being eligible, offer for re-appointment.

DEPOSITS

The Company has not accepted any fixed deposit from the public.

AUDITORS

M/s Krishnan & Gin, Chartered Accountants, Chennai retire at the forthcoming Annual General Meeting. They have advised of their availability for re-appointment.

PROSPECTS

This year also was a challenging one for NBFC Sector, with failing liquidity and reduced demand for business. The Directors are of the opinion that some improvement can be expected once the micro economic indicator improve.

COMPLIANCE CERTIFICATE

The Company has obtained Compliance Certificate for the Year ended 31.03.2012 From Mr.Murugan Practicing Company Secretary.

INFORMATION AS PER SECTION 217(1 )(e) OF THE COMPANIES ACT, 1956

The Company has no activity relating to conservation of energy or technology absorption. The Company did not have foreign exchange earning or outgo.

PERSONNEL

The Company has no employee who is in receipt of remuneration in excess of the amount prescribed under section 217{2A) of the Companies Act, 1956 read with the Companies (Particulars of Employees) Rules, 1975.

DIRECTORS'' RESPONSIBILITY STATEMENT

In terms of section 217(2AA) of the Companies Act, 1956 your directors confirm as follows :

i) that in the preparation of the annual accounts, the applicable accounting standards had been followed.

ii) that the Directors had selected such accounting policies and applied them consistently which are reasonable and prudent so as to give a true and fair view of state of affairs of the company at the end of the financial year and of the financial year and of the profit or loss of the company for that year;

iii) that 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;

iv) that the Directors had prepared the annual accounts on a going concern basis.

CORPORATE GOVERNANCE

A Separate Report on Corporate Governance is incorporated as a part of this Annual Report along with Auditor''s Statement on its compliance, as prescribed under clause 49 of the Listing Agreement.

ACKNOWLEDGEMENTS:

Your Directors wish to place on record their deep appreciation of the services of the Directors and the members of the staff of the company.

For and On behalf of the Board

Chennai Shanti Kumbhat

Date. 22/08/2012 Managing Director


Mar 31, 2011

The Directors have pleasure in presenting the Eighteenth Annual Report and Audited Statements of Account for the Financial year ended March 31, 2011.

With profound grief, your Directors inform you about the untimely demise of Director, Late Kamal Raj Modi. His contribution to the company has been immense and we at the board feel absence of his wise counsel. It is a loss which cannot be made good.

FINANCIAL RESULT:

Current Year Previous Year

March 31. 2011 March 31. 2010

(Rs. In Lakhs) (Rs. In Lakhs)

Income from Operations 28.80 28.90 Profit before Depreciation

And Provision for taxation 12.88 9.93

Less: Depreciation 1.38 1.56

11.50 8.37

Less: Provision for taxation 3.02 1.00

Net Profit 8.48 7.37

Add: Previous year's surplus 62.61 59.25

Amount available for appropriation 71.01 66.62

Appropriations :

Transfer to Statutory Reserve 2.00 2.00

Transfer to General Reserve 2.00 2.00

Surplus carried to Balance Sheet 67.09 62.62

71.09 66.62

PERFORMANCE:

During the year the Company achieved a Gross Income of Rs.28.80 lakhs as compared to Rs.28.90 lakhs during the previous year. The Profit before depreciation and tax of the Company stood at Rs.11.50 lakhs, as against Rs.8.37 lakhs for the previous year. During the year there were no major disbursements. The focus continued to be on recoveries and towards substantial reduction in operational cost. The net profit of the Company stood at Rs.8.48 lakhs. During the year a sum of Rs.2 lakhs has been appropriated towards Statutory Reserve and Rs.2 lakhs towards General Reserve. The resultant profit of Rs.4.48 lakhs has been carried to the Profit and Loss Account.

PRUDENTIAL NORMS FOR NBFCs

The prudential norms prescribed by the Reserve Bank of India for NBFCs for income recognition, provisioning for non performing assets and other directions issued from time to time in this regard are followed by the Company. The Company has complied with the capital adequacy norms and other directions issued by the Reserve Bank of India in respect of Non Banking Financial Companies from time to time.

DIVIDEND

in order-to strengthen the financial position of the company the directors have decided not to declare dividend for the year.

DIRECTORS

Sri Shanti Kumbhat retires at the end of this Annual Genera) Meeting and being eligible, offers himself for re-appointment.

Ms. Umamaheswari was appointed as a director at the Board Meeting held on 19th August 2011 in the casual vacancy caused by the death of Shri. Kamal Raj Modi and her appointment as additional director is sought at this Annual General Meeting.

DEPOSITS

The Company has not accepted any fixed deposit from the public.

AUDITORS

M/s. Krishnan & Giri, Chartered Accountants, Chennai retire at the forthcoming Annual General Meeting. They have advised of their availability for re-appointment.

PROSPECTS

This year also witnessed consolidation in the NBFC sector wherein the financial position and profitability of the companies came under severe strain. Certain global majors also entered into the field which resulted in intense competition and there by resulting in reduction and interest rate. The directors are of the opinion that the same trend will continue in the coming years.

COMPLIANCE CERTIFICATE

The Company has obtained Compliance Certificate for the Year ended 31.03.2011 From Mr.Murugan Practicing Company Secretary.

INFORMATION AS PER SECTION 217(1)(e) OF THE COMPANIES ACT, 1956

The Company has no activity relating to conservation of energy or technology absorption. The Company did not have foreign exchange earning or outgo.

PERSONNEL

The Company has no employee who is in receipt of remuneration in excess of the amount prescribed under section 217(2A) of the Companies Act, 1955 read with the Companies (Particulars of Employees) Rules, 1975.

DIRECTORS' RESPONSIBILITY STATEMENT

In terms of section 217(2AA) of the Companies Act, 1956 your directors confirm as follows :

i) that in the preparation of the annual accounts, the applicable accounting standards had been followed.

ii) that the Directors had selected such accounting policies and applied them consistently which are reasonable and prudent so as to give a true and fair view of state of affairs of the company at the end of the financial year and of the financial year and of the profit or loss of the company for that year;

iii) that 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;

iv) that the Directors had prepared the annual accounts on a going concern basis.

CORPORATE GOVERNANCE

A Separate Report on Corporate Governance is incorporated as a part of this Annual Report along with Auditor's Statement on its compliance, as prescribed under clause 49 of the Listing Agreement.

ACKNOWLEDGEMENTS:

Your Directors wish to place on record their deep appreciation of the services of all employees of the company.

For and On behalf of the Board

Chennai Shanti Kumbhat Ajit Kumbhat

Date: 19th August 2011 Managing Director Director


Mar 31, 2010

The Directors have pleasure in presenting the Seventeenth Annual Report and Audited Statements of Account for the Financial year ended March 31,2010.

FINANCIAL RESULT:

Current Year Previous Year

March 31, 2010 March 31, 2009

(Rs. In Lakhs) (Rs. In Lakhs)

Income from Operations 28.90 36.38

Profit before Depreciation

And Provision for taxation 9.93 8.76

Less: Depreciation 1.56 1.54

8.37 7.22

Less: Provision for taxation 1.00 1.00

Net Profit 7.37 622

Add: Previous years surplus 59.25 57.02

Amount available for appropriations 66.62 63.25

Appropriations :

Transfer to Statutory Reserve 2.00 2.00

Transfer to General Reserve 2.00 2.00

Surplus carried to Balance Sheet 62.62 59.25

66.62 63.25

PERFORMANCE:

During the year the Company achieved a Gross Income of Rs.28.90 lakhs as compared to Rs.36.38 lakhs during the previous year. The Profit before tax of the Company stood at Rs.8.37 lakhs, as against Rs.7.22 lakhs. During the year there were no major disbursements. The focus continued to be on recoveries and towards substantia! reduction in operational cost. The net profit of the Company stood at Rs.7.37 lakhs. During the year a sum of Rs.2 lakhs has been appropriated towards Statutory Reserve and Rs.2 lakhs towards General Reserve. The resultant profit of Rs.3.37 lakhs has been carried to the Profit and Loss Account.

PRUDENTIAL NORMS FOR NBFCs

The prudential norms prescribed by the Reserve Bank of India for NBFCs for income recognition, provisioning for non performing assets and other directions issued from time to time in this regard are followed by the Company. The Company has complied with the capital adequacy norms and other directions issued by the Reserve Bank of India in respect of Non Banking Financial Companies from time to time.

DIVIDEND

In order to strengthen the financial position of the company the directors have decided not to declare dividend for the year.

DIRECTORS

Sri Shanti Kumbhat & Kamalraj Modi retires at the end of this Annual General Meeting and being eligible, offers himself for re-appointment.

DEPOSITS

The Company has not accepted any fixed deposit from the public.

AUDITORS

M/s. Krishnan & Giri Chartered Accountants, Chennai retire at the forthcoming Annual General Meeting. They have advised of their availability for re-appointment.

PROSPECTS

This year also witnessed consolidation in the NBFC sector wherein the financial position and profitability of the companies came under severe strain. Certain global majors also entered into the field which resulted in intense competition and there by resulting in reduction and interest rate. The directors are of the opinion that the same trend will continue in the coming years.

COMPLIANCE CERTIFICATE

The Company has obtained Compliance Certificate for the Year ended 31.03.2010 From Mr.Murugan Practicing Company Secretary.

INFORMATION AS PER SECTION 217(1 )(e) OF THE COMPANIES ACT, 1956

The Company has no activity relating to conservation of energy or technology absorption. The Company did not have foreign exchange earning or outgo.

PERSONNEL

The Company has no employee who is in receipt of remuneration in excess of the amount prescribed under section 217(2A) of the Companies Act, 1956 read with the Companies (Particulars of Employees) Rules, 1975.

DIRECTORS RESPONSIBILITY STATEMENT

In terms of section 217(2AA) of the Companies Act. 1956 your directors confirm as follows :

i) that in the preparation of the annual accounts, the applicable accounting standards had been followed.

ii) that the Directors had selected such accounting policies and applied them consistently which are reasonable and prudent so as to give a true and fair view of state of affairs of the company at the end of the financial year and of the financial year and of the profit or loss of the company for that year;

lii) that 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;

iv) that the Directors had prepared the annual accounts on a going concern basis.

CORPORATE GOVERNANCE

A Separate Report on Corporate Governance is incorporated as a part of this Annual Report along with Auditors Statement on its compliance, as prescribed under clause 49 of the Listing Agreement.

ACKNOWLEDGEMENTS:

Your Directors wish to place on record their deep appreciation of the services of the Managing Director

and the members of the staff of the company.

For and On behalf of the Board

Place: Chennai Shanti Kumbhat

Date : 30th June, 2010 Managing Director

 
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