Mar 31, 2023
The directors are delighted to present the 32nd Annual Report and the Audited financial statements of the company for the year ended March 31,2023.
Rs. in Lakhs |
|||
Particulars |
2022-23 |
2021-22 |
% Change |
Business Income |
2,772 |
2,231 |
24% |
Profit before Interest, Depreciation & Tax |
1,852 |
1,508 |
23% |
Less: Interest |
716 |
688 |
4% |
Depreciation |
6 |
5 |
20% |
Profit before tax |
1,130 |
815 |
39% |
Less: Provision for Income Tax |
292 |
210 |
39% |
Less: Provision for Deferred Tax |
0 |
3 |
-1% |
Profit after tax |
838 |
602 |
39% |
Add: Balance brought forward from Previous Year |
2,628 |
2,263 |
16% |
3,466 |
2,865 |
21% |
|
Less: Appropriations |
|||
Proposed Dividend |
_* |
_* |
_* |
Distribution Tax |
_* |
_* |
_* |
Transfer to / (from) General Reserve |
100 |
100 |
0% |
Transfer to Special Reserve |
175 |
112 |
56% |
Balance carried to Balance Sheet |
3,151 |
2628 |
20% |
* Proposed dividend is not included in Annual accounts in compliance with Accounting Standards. |
During FY 22-23, Total Income was 2772 Lakhs and Net profit after Tax was 838 Lakhs. During FY 22-23, the portfolio reached 124.27 crores mark.
Outlook & Prospect look very encouraging due to increase sale of new two wheelers.
Your Directors have recommended a dividend of 10% (i.e. Rs 1 per equity share) for the financial year ended March 31, 2023 to those Members whose names appear in the register of members as on the book closure date (last year 8% i.e. Rs 0.80 per equity share).
Company plans to raise fund Rs. 30 corers from banks/financial institutions during FY 2023-24.
Corporate Governance & Compliance Certificate:
A separate section on Corporate Governance is included in the Annual Report and the certificate from company secretary confirming the Compliance of the conditions on the Corporate Governance as stipulated in Regulations 17 to 27, clauses (b) to (i) of sub-regulation (2) of Regulation 46 and paragraphs C, D and E of Schedule V of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 are annexed to this Report.
The Company has no public deposit as of date and will not accept any deposit without prior approval of the statutory authorities concerned.
The Company is consistently complying with all the guidelines issued by the Reserve Bank of India for NBFCs (AFC''s) with respect to capital adequacy, asset classification, provisioning and income recognition on non-performing assets.
The capital adequacy of the Company as on 31st March, 2023 is much higher than the minimum norms stipulated by the RBI for NBFC (AFC''s).
Managementâs discussion and analysis report:
Managementâs Discussion and Analysis Report for the year under review is presented in a separate section forming part of the Annual Report.
Accounts & Accounting Standards:
The Company adheres to the prudential guidelines prescribed by the Reserve Bank of India and to the Accounting Standards issued by the Institute of Chartered Accountant of India in preparation of its financial statements.
The particulars on the related party exposures, nonperforming assets and business levels in vehicle loans purchase and other activities, required to be disclosed in the format prescribed by the Reserve Bank of India are contained in the schedules forming part of the accounts.
Changes in composition of Board of Directors
To comply with the provisions of Section 152 of the Companies Act, 2013 Ms. Ayushi M. Doshi shall retire by rotation at the ensuing AGM, being eligible, offered for reappointment. Mr. Dhruvil Doshi shall be appointed as Non Executive Non independent Director of the company to fill the causal vacancy caused by resignation of Mr. Amit Doshi. Mr. Vatsal Doshi shall be appointed as Whole time director cum CFO
Declaration by Independent directors:
Independent Directors have submitted their disclosures to the Board that they fulfill all the requirements as stipulated in Section 149(6) of the Companies Act, 2013 so as to qualify themselves to be appointed as Independent Directors under the provisions of the Companies Act, 2013 and the relevant rules.
Independent directors meeting:
During the year under review, the independent Directors of the Company met thrice inter-alia, to discuss:
(a) Evaluation of performance of Non-Independent Directors and the Board of Directors of the company as a whole.
(b) Evaluation of performance of the Chairman of the Company, taking into views of Executive and Non Executive Directors.
(c) Evaluation of the quantity, content and timelines of flow of information between the Management and the board that is necessary for the Board to effectively and reasonably perform its duties.
Induction and training of the board members:
Directors are issued a detailed appointment letter which inter alia sets out terms of appointment, duties, responsibilities etc. of such director. Each independent director of the Company on appointment is given such letter of appointment and also briefed by the Managing Director/ Executive Director about the nature of business of the Company, its finances, operations etc. The Compliance Officer of the company also assists the Independent Director in understanding their statutory duties, obligations and responsibilities as a Director/ Independent Director of the Company.
Evaluation of performance of the board members:
Pursuant to the provisions of the Companies Act, 2013 and Listing Regulation, the evaluation of the performance of the Board as well as of the Audit Committee, Nomination and Remuneration Committee and Stakeholders Relationship Committee has been carried out. The performance evaluation of the Independent Directors was carried out by the entire Board and the performance evaluation of the Chairman and Non-Independent Directors was carried out by the Independent Directors.
Particulars of Loans, Guarantees or Investments in Securities:
Pursuant to section 186(11) of the Companies Act, 2013, the provisions of section 186 (4) of the Act requiring disclosure in the financial statements of the full particulars of the loans made and guarantees given or securities provided by a Non-Banking Financial Company in the ordinary course of its business and the purpose for which the loan or guarantee or security is proposed to be utilized by the recipient of the loan or guarantee or security are exempted from disclosure in the Annual Report. Further, pursuant to the provisions of section 186 (4) of the Act, the details of investments made by the Company are given in the Notes to the Financial Statements.
Pursuant to Companies Act, 2013 & listing regulation, the company is exempted from formation of risk management committee. At present the company has not identified any element of risk which may threaten the existence of the company.
Significant and material orders passed by regulators/courts if any:
There are no significant or material orders passed by the Regulators / courts which would impact the going concern status of the Company and its operations.
a) The Company has not bought back any of its securities during the year under review.
b) The Company has not issued any Sweat Equity Shares during the year under review.
c) No Bonus Shares were issued during the year under review.
d) During the year under review 12,67,900 warrants are converted into Equity shares.
The Company has not provided any Stock Option Scheme to the employees.
Disclosure under the Sexual harassment of women at workplace (Prevention, prohibition and redressal) Act, 2013:
The company has in place an Anti-Harassment policy in line with the requirements of the Sexual harassment of women at the workplace (Prevention, Prohibition & Redressal) Act, 2013. Internal Complaints Committee has been set up to redress complaints received regarding sexual harassment. All employees (permanent, contractual, temporary, trainees) are covered under this policy. During the year under review, company has not received any Sexual Harassment Complaints.
Directors" Responsibility Statement:
Pursuant to the provisions of section 134(5) of the Companies Act, 2013, (âthe Act") your Directors confirm that:
(a) In the preparation of the annual accounts for the year ended March 31, 2023, the applicable accounting standards read with requirements set out under Schedule III to the Act, have been followed and there are no material departures from the same;
(b) The Directors have selected such accounting policies and applied them consistently and made judgements and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company as at March 31, 2023 and of the profit of the Company for the year ended on that date;
(c) The Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;
(d) The Directors have prepared the annual accounts on a âgoing concern" basis;
(e) The Directors have laid down internal financial
controls to be followed by the Company and that such internal financial controls are adequate and are operating effectively; and (f) The Directors have devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems are adequate and operating effectively.
Material Changes after the date of Balance Sheet:
There has been no material change and commitment affecting the financial position of the Company, which have occurred between the end of the financial year of the Company to which the Balance Sheet relates and the date of the Report.
Contracts & arrangements with related parties:
All contracts / arrangements / transactions entered by the Company during the financial year with related parties were in the ordinary course of business and on an arm''s length basis. During the year, the Company had not entered into any contract / arrangement / transaction with related parties which could be considered material in accordance with the policy of the Company on materiality of related party transactions. Your Directors draw attention of the members to Notes to the financial statement which sets out related party disclosures.
The Company''s financial discipline and prudence is reflected in the credit rating BBB- (stable) for bank loans ascribed by rating agency ICRA.
Particulars of Remuneration and related disclosures:
Mr. Vatsal M. Doshi, director of the company, was paid remuneration as set out by Nomination & Remuneration committee of the Board.
Meetings of the Board& its committees:
For further details on meetings of the Board & its committees refer report on Corporate Governance
The Company in order to maintain highest standards of ethical, moral and legal conduct, adopted Vigil Mechanism/Whistle Blower policy to provide an avenue to its employees to raise concerns of any violations of legal or regulatory requirements, incorrect or misrepresentations of any financial statements and
reports, etc. The Audit committee of the company oversees the said mechanism from time to time. None of the Company personnel has been denied access to the Audit Committee.
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 weakness in the design or operation was observed.
Corporate Social Responsibility (CSR):
The company has identified suitable projects that are eligible activities for Corporate Social Responsibility, in terms of provisions of Section 135 of the Companies Act, 2013, and rules framed thereunder. A separate section on Annual Report on CSR Activities is annexed to this Report.
Conservation of Energy, Technology Absorption:
Additional information required under the Companies Act, regarding conservation of Energy, Technology Absorption is not applicable as the company is not carrying out any manufacturing operation.
Foreign Exchange Earnings and Outgo:
During the year under review, the company has neither earned any foreign exchange income nor incurred any expenses.
The extract of Annual Return pursuant to the provisions of Section 92 read with Rule 12 of the Companies (Management and administration) Rules, 2014 is annexed herewith as Annexure to this Report.
M/s Vora & Associates, Chartered Accountants are appointed as Statutory Auditors of the Company for a period of 5 years, commencing from the conclusion of the 31st AGM till the conclusion of the 36th AGM.
The Secretarial Audit Report for the financial year ended March 31,2023 is annexed herewith.
Reporting of Frauds by Auditors:
During the year under review, the Statutory Auditors and the Secretarial Auditor have not reported any instances of frauds committed in the Company by its Officers or Employees to the Audit Committee under section 143(12) of the Companies Act, 2013, details of which needs to be mentioned in this Report.
The Company does not have any Subsidiary.
Your Directors would like to express their sincere appreciation for the assistance and co-operation received from the financial institutions, banks, Government authorities, vendors, customers and members during the year. Your Directors wish to place on record their appreciation to all the employees for their hard work, dedication, commitment and rendering impeccable service to every constituent of the company''s customer and shareholders.
Mar 31, 2018
Dear Members,
The directors are delighted to present the 27th Annual Report and the Audited financial statements of the company for the year ended March 31, 2018.
Financial Results:
Rs. in â000
Particulars |
2017 - 18 |
2016 - 17 |
% Change |
Business Income |
1,93,964 |
1,56,408 |
24% |
Profit before Interest, Depreciation & Tax |
1,44,924 |
1,08,889 |
33% |
Less: Interest |
65,010 |
43,519 |
49% |
Depreciation |
6 1 5 |
47 1 |
31% |
Profit before tax |
79,299 |
64,899 |
22% |
Less: Provision for Income Tax |
22,300 |
21,650 |
3% |
Provision for Deferred Tax |
323 |
230 |
40% |
Profit after tax |
56,676 |
43,019 |
32% |
Add: Balance brought forward from Previous Year |
1,05,062 |
82,670 |
27% |
1,61,738 |
1,25,689 |
29% |
|
Less: Appropriations |
|||
Proposed Dividend |
-* |
5,003 |
-* |
Distribution Tax |
-* |
1024 |
-* |
Transfer to / (from) General Reserve |
7,000 |
6,000 |
17% |
Transfer to Special Reserve |
11,500 |
8,600 |
34% |
Balance carried to Balance Sheet |
1,43,238 |
1,05,062 |
36% |
* Proposed dividend is not included in Annual accounts for FY 17-18 in compliance with Accounting Standards.
Operations
FY 2017-18 was yet another year of outstanding achievements for our company. With over 32% growth, Net Profit after tax increased from 4.3 crores to 5.7 crores.
We were able to post a 24% growth in topline with the portfolio nearing 89 crores.
Outlook and Prospects:
Outlook & Prospect look very encouraging due to increase sale of new two wheelers.
Dividend:
Your Directors have recommended a dividend of 12% (i.e. Rs 1.20 per equity share) for the financial year ended March 31, 2018 to those Members whose names appear in the register of members as on the book closure date. The dividend including dividend tax will amount to Rs. 72.26 lacs (last year Re. 1.00 per equity share was declared).
Finance:
Company plans to raise fund Rs. 25 corers from banks/financial institutions during FY 2018-19.
Corporate Governance & Compliance Certificate:
A separate section on Corporate Governance is included in the Annual Report and the certificate from company secretary confirming the Compliance of the conditions on the Corporate Governance as stipulated in Regulations 17 to 27, clauses (b) to (i) of sub-regulation (2) of Regulation 46 and paragraphs C, D and E of Schedule V of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 are annexed to this Report.
Public Fixed Deposits:
The Company has no public deposit as of date and will not accept any deposit without prior approval of the statutory authorities concerned.
RBI Guidelines:
The Company is consistently complying with all the guidelines issued by the Reserve Bank of India for NBFCâs (AFCâs) with respect to capital adequacy, asset classification, provisioning and income recognition on non-performing assets.
The capital adequacy of the Company as on 31st March, 2018 is much higher than the minimum norms stipulated by the RBI for NBFC (AFCâs).
Management''s discussion and analysis report:
Managementâs Discussion and Analysis Report for the year under review is presented in a separate section forming part of the Annual Report.
Accounts & Accounting Standards:
The Company adheres to the prudential guidelines prescribed by the Reserve Bank of India and to the Accounting Standards issued by the Institute of Chartered Accountant of India in preparation of its financial statements.
The particulars on the related party exposures, nonperforming assets and business levels in vehicle loans purchase and other activities, required to be disclosed in the format prescribed by the Reserve Bank of India are contained in the schedules forming part of the accounts.
Changes in composition of Board of Directors
Mr. Govind Keswani, Independent Director of the company, has resigned due to personal reasons. The Board wishes to place on record its appreciation for the valuable contribution of Mr. Govind Keswani in the sustained growth of the Company during his tenure as Director of the Company.
To comply with the provisions of Section 152 of the Companies Act, 2013 Mr. Vatsal M. Doshi, shall retire by rotation at the ensuing AGM, being eligible, offered for reappointment.
In accordance with the provisions of Sections 196, 197 and 203 read with Schedule V of the Companies Act, 2013, Mr. Vatsal Doshi shall be appointed as a Wholetime Director, designated as Executive Director of the Company, for a period of 5 years with effect from October 1, 2018 at a remuneration as set out by Nomination & Remuneration committee of the Board.
Declaration by Independent directors:
Independent Directors have submitted their disclosures to the Board that they fulfill all the requirements as stipulated in Section 149(6) of the Companies Act, 2013 so as to qualify themselves to be appointed as Independent Directors under the provisions of the Companies Act, 2013 and the relevant rules.
Independent directors meeting:
During the year under review, the independent Directors of the Company met thrice inter-alia, to discuss:
(a) Evaluation of performance of Non-Independent Directors and the Board of Directors of the company as a whole.
(b) Evaluation of performance of the Chairman of the Company, taking into views of Executive and Non Executive Directors.
(c) Evaluation of the quantity, content and timelines of flow of information between the Management and the board that is necessary for the Board to effectively and reasonably perform its duties.
Induction and training of the board members:
Directors are issued a detailed appointment letter which inter alia sets out terms of appointment, duties, responsibilities etc. of such director. Each independent director of the Company on appointment is given such letter of appointment and also briefed by the Managing Director/ Executive Director about the nature of business of the Company, its finances, operations etc. The Compliance Officer of the company also assists the Independent Director in understanding their statutory duties, obligations and responsibilities as a Director/ Independent Director of the Company.
Evaluation of performance of the board members:
Pursuant to the provisions of the Companies Act, 2013 and Listing Regulation, the evaluation of the performance of the Board as well as of the Audit Committee, Nomination and Remuneration Committee and Stakeholders Relationship Committee has been carried out. The performance evaluation of the Independent Directors was carried out by the entire Board and the performance evaluation of the Chairman and Non-Independent Directors was carried out by the Independent Directors.
Particulars of Loans, Guarantees or Investments in Securities:
Pursuant to section 186(11) of the Companies Act, 2013, the provisions of section 186 (4) of the Act requiring disclosure in the financial statements of the full particulars of the loans made and guarantees given or securities provided by a Non-Banking Financial Company in the ordinary course of its business and the purpose for which the loan or guarantee or security is proposed to be utilized by the recipient of the loan or guarantee or security are exempted from disclosure in the Annual Report. Further, pursuant to the provisions of section 186 (4) of the Act, the details of investments made by the Company are given in the Notes to the Financial Statements.
Risk management:
Pursuant to section 134 (3) (n) of the Companies Act, 2013 & listing regulation, the company has constituted a business risk management committee. The details of the committee and its terms of reference are set out in the corporate governance report. At present the company has not identified any element of risk which may threaten the existence of the company.
Significant and material orders passed by regulators/courts if any:
There are no significant or material orders passed by the Regulators / courts which would impact the going concern status of the Company and its operations.
Share Capital:
a) The Company has not bought back any of its securities during the year under review.
b) The Company has not issued any Sweat Equity Shares during the year under review.
c) No Bonus Shares were issued during the year under review.
Employee stock options:
The Company has not provided any Stock Option Scheme to the employees.
Disclosure under the Sexual harassment of women at workplace (Prevention, prohibition and redressal) Act, 2013:
The company has in place an Anti-Harassment policy in line with the requirements of the Sexual harassment of women at the workplace (Prevention, Prohibition & Redressal) Act, 2013. Internal Complaints Committee has been set up to redress complaints received regarding sexual harassment. All employees (permanent, contractual, temporary, trainees) are covered under this policy. During the year under review, company has not received any Sexual Harassment Complaints.
Directors'' Responsibility Statement:
Pursuant to the provisions of section 134(5) of the Companies Act, 2013, (âthe Actâ) your Directors confirm that:
(a) In the preparation of the annual accounts for the year ended March 31, 2018, the applicable accounting standards read with requirements set out under Schedule III to the Act, have been followed and there are no material departures from the same;
(b) The Directors have selected such accounting policies and applied them consistently and made judgements and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company as at March 31, 2018 and of the profit of the Company for the year ended on that date;
(c) The Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;
(d) The Directors have prepared the annual accounts on a âgoing concernâ basis;
(e) The Directors have laid down internal financial controls to be followed by the Company and that such internal financial controls are adequate and are operating effectively; and
(f) The Directors have devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems are adequate and operating effectively.
Material Changes after the date of Balance Sheet:
There has been no material change and commitment affecting the financial position of the Company, which have occurred between the end of the financial year of the Company to which the Balance Sheet relates and the date of the Report.
Contracts & arrangements with related parties:
All contracts / arrangements / transactions entered by the Company during the financial year with related parties were in the ordinary course of business and on an armâs length basis. During the year, the Company had not entered into any contract / arrangement / transaction with related parties which could be considered material in accordance with the policy of the Company on materiality of related party transactions. Your Directors draw attention of the members to Notes to the financial statement which sets out related party disclosures.
Credit Rating:
The Companyâs financial discipline and prudence is reflected in the credit rating BBB- (stable) for bank loans ascribed by rating agency ICRA.
Particulars of Remuneration and related disclosures:
In accordance with the provisions of Sections 196, 197 and 203 read with Schedule V of the Companies Act, 2013, Mr. Vatsal Doshi shall be appointed as a Wholetime Director, designated as Executive Director of the Company, for a period of 5 years with effect from October 1, 2018 at a remuneration as set out by Nomination & Remuneration committee of the Board.
Meetings of the Board & its committees:
For further details on meetings of the Board & its committees refer report on Corporate Governance
Vigil mechanism:
The Company in order to maintain highest standards of ethical, moral and legal conduct, adopted Vigil Mechanism/Whistle Blower policy to provide an avenue to its employees to raise concerns of any violations of legal or regulatory requirements, incorrect or misrepresentations of any financial statements and reports, etc. The Audit committee of the company oversees the said mechanism from time to time. None of the Company personnel has been denied access to the Audit Committee.
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 weakness in the design or operation was observed.
Corporate Social Responsibility (CSR):
The company has not spent the amount as required to be spent on an activity approved for the purpose of Corporate Social Responsibility, in terms of provisions of Section 135 of the Companies Act, 2013, and rules framed thereunder. The company has made attempts to find out in the area where it operates, suitable projects that are eligible activities for Corporate Social Responsibility, but the company has not been so far able to find such avenue. Your directors commit to fulfilling their corporate responsibility in near future.
Conservation of Energy, Technology Absorption:
Additional information required under the Companies Act, regarding conservation of Energy, Technology Absorption is not applicable as the company is not carrying out any manufacturing operation.
Foreign Exchange Earnings and Outgo:
During the year under review, the company has neither earned any foreign exchange income nor incurred any expenses.
Extract of Annual Return:
The extract of Annual Return pursuant to the provisions of Section 92 read with Rule 12 of the Companies (Management and administration) Rules, 2014 is annexed herewith as Annexure to this Report.
Statutory Auditors:
M/s Vora & Associates, Chartered Accountants were appointed as Statutory Auditors of the Company for a period of 5 years, commencing from the conclusion of the 26th AGM till the conclusion of the 31st AGM. They have confirmed that they are not disqualified from continuing as Auditors of the Company.
Secretarial Auditor:
The Secretarial Audit Report for the financial year ended March 31, 2018 is annexed herewith.
Reporting of Frauds by Auditors:
During the year under review, the Statutory Auditors and the Secretarial Auditor have not reported any instances of frauds committed in the Company by its Officers or Employees to the Audit Committee under section 143(12) of the Companies Act, 2013, details of which needs to be mentioned in this Report.
Subsidiary companies:
The Company does not have any Subsidiary.
Acknowledgments:
Your Directors would like to express their sincere appreciation for the assistance and co-operation received from the financial institutions, banks, Government authorities, vendors, customers and members during the year. Your Directors wish to place on record their appreciation to all the employees for their hard work, dedication, commitment and rendering impeccable service to every constituent of the companyâs customer and shareholders.
Place: Mumbai For & on behalf of the Board
Date: May 30, 2018 Minesh Doshi
Managing Director
Mar 31, 2016
Dear Members,
The directors are delighted to present the 24th Annual Report and the Audited financial statements of the company for the year ended March 31,2016.
Financial Results:
The financial results for the year under review are summarized as follows:
Rs. in ''000
Particulars |
2015-16 |
2014- 2015 |
Business Income |
1,50,077 |
1,25,045 |
Profit before Interest, Depreciation & Tax Less: Interest |
91,368
36,714 |
89,686 30,473 |
Depredation |
361 |
561 |
Profit before tax |
54,649 |
58,652 |
Less: Provision for Income Tax |
19,888 |
20,672 |
Provision for Deferred Tax |
174 |
47 |
Profit after-tax |
34,587 |
37,933 |
Add: Balance brought forward from Previous Year |
67,111 |
48,205 |
1,01,698 |
86,138 |
|
Less; Appropriations |
||
Proposed Dividend Distribution Tax |
5,003 |
5,003 |
1024 |
1024 |
|
Transfer to/(from) General Reserve |
5,000 |
5,000 |
Transfer to Special Reserve |
8,000 |
8,000 |
Balance carried to Balance Sheet |
82,671 |
67,111 |
Dividend:
Your Directors have recommended a dividend of 10% (i.e. Rs 1.00 per equity share) for the financial year ended March 31,2016 (last year Rs. 1.00 per equity share).
Finance:
Company wants to raise fund Rs. 5 corers from banks/financial institutions during FY 2016-17.
Corporate Governance & Compliance Certificate:
A separate section on Corporate Governance is included in the Annual Report and the certificate from company secretary confirming the Compliance of the conditions on the Corporate Governance as stipulated in the Clause 49 of the Listing Agreement with the Stock Exchange is annexed hereto.
Outlook and Prospects. E-mail: [email protected]
Outlook & Prospect look very encouraging due to increase sale of new two wheelers. Company has also started financing consumer durables where response is encouraging.
B. Clause 32: Cash flow statement pursuant to clause 32 listing agreement is provided along with Notes to Accounts.
Public Fixed Deposits:
The Company has no public deposit as of date and will not accept any deposit without prior approval of the statutory authorities concerned.
RBI Guidelines:
The Company is consistently complying with all the guidelines issued by the Reserve Bank of India for NBFC''s (AFC''s) with respect to capital adequacy, asset classification, provisioning and income recognition on non-performing assets.
The capital adequacy of the Company as on 31st March, 2015 is much higher than the minimum norms stipulated by the RBI for NBFC (AFC''s).
Accounts & Accounting Standards:
The Company adheres to the prudential guidelines prescribed by the Reserve Bank of India and to the Accounting Standards issued by the Institute of Chartered Accountant of India in preparation of its financial statements.
The particulars on the related party exposures, non-performing assets and business levels in vehicle loans purchase and other activities, required to be disclosed in the format prescribed by the Reserve Bank of India are contained in the schedules forming part of the accounts.
Directors:
In accordance with the Articles of Association Shri Mukund H.Doshi who retires by rotation is eligible for the reappointment. Members are requested to reappoint him.
Declaration by independent directors:
The Independent Directors have submitted their disclosures to the Board that they fulfill all the requirements as stipulated in Section 149(6) of the Companies Act, 2013 so as to qualify themselves to be appointed as Independent Directors under the provisions of the Companies Act, 2013 and the relevant rules.
Independent directors meeting:
During the year under review, the independent Directors of the Company met on April 30. 2016 inter-alia, to discuss:
a) Evaluation of performance of Non-Independent Directors and the Board of Directors of the Company as a whole.
b) Evaluation of performance of the Chairman of the Company, taking into views of Executive and Non Executive Directors.
c) Evaluation of the quantity, content and timelines of flow of information between the Management and the board that is necessary for the Board to effectively and reasonably perform its duties.
Induction and training of the board members: Email [email protected] in
Directors are issued a detailed appointment letter which inter alia sets out terms of appointment, duties, responsibilities etc. of such director. Each independent director of the Company on appointment is given such letter of appointment and also briefed by the Managing Director/ Executive Director about the nature of business of the Company, its finances, operations etc. The Compliance Officer of the company also assists the Independent Director in understanding their statutory duties, obligations and responsibilities as a Director/ Independent Director of the Company.
Evaluation of performance of the board members:
Pursuant to the provisions of the Companies Act, 2013 and Clause 49 of the Listing Agreement, the evaluation of the performance of the Board as well as of the Audit Committee, Nomination and Remuneration Committee and Stakeholders Relationship Committee has been carried out. The performance evaluation of the Independent Directors was carried out by the entire Board and the performance evaluation of the Chairman and Non-Independent Directors was carried out by the Independent Directors.
Subsidiary companies:
The Company does not have any Subsidiary.
Risk management:
Pursuant to section 134 (3) (n) of the Companies Act, 2013 & Clause 49 of the listing agreement, the company has constituted a business risk management committee. The details of the committee and its terms of reference are set out in the corporate governance report forming part of the Board''s report. At present the company has not identified any element of risk which may threaten the existence of the company.
Significant and material orders passed by regulators/courts if any:
There are no significant or material orders passed by the Regulators / courts which would impact the going concern status of the Company and its operations.
Disclosure under the sexual harassment of women at workplace (prevention, prohibition and redressal) act, 2013:
The company has in place an Anti Harassment policy in line with the requirements of The sexual harassment of women at the workplace (Prevention, Prohibition & Redressal) Act, 2013. Internal Complaints Committee (ICC) has been set up to redress complaints received regarding sexual harassment. All employees (permanent, contractual, temporary, trainees) are covered under this policy. During the year under review, company has not received any Sexual Harassment Complaints.
Shares:
a) The Company has not bought back any of its securities during the year under review.
b) The Company has not issued any Sweat Equity Shares during the year under review.
c) No Bonus Shares were issued during the year under review.
Employees stock option plan:
The Company has not provided any Stock Option Scheme to the employees.
Directorsâ Responsibility Statement:
Your Directors state that:
a) In the preparation of the annual accounts for the year ended March 31, 2015, the applicable accounting standards read with requirements set out under Schedule III to the Act, have been followed and there are no material departures from the same;
b) 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 as at March 31,2016 and of the profit of the Company for the year ended on that date;
c) The Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;
d) The Directors have prepared the annual accounts on a ''going concern'' basis;
e) The Directors have laid down internal financial controls to be followed by the Company and that such internal financial controls are adequate and are operating effectively; and
f) The Directors have devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems are adequate and operating effectively.
Material Changes after the date of Balance Sheet:
There has been no material change and commitment affecting the financial position of the Company, which have occurred between the end of the financial year of the Company to which the Balance Sheet relates and the date of the Report.
Managementâs discussion and analysis report:
Management''s Discussion and Analysis Report for the year under review, as stipulated under Clause 49 of the Listing Agreement with the Stock Exchanges in India, is presented in a separate section forming part of the Annual Report.
Contracts & arrangements with related parties:
All contracts / arrangements / transactions entered by the Company during the financial year with related parties were in the ordinary course of business and on an arm''s length basis. During the year, the Company had not entered into any contract / arrangement / transaction with related parties which could be considered material in accordance with the policy of the Company on materiality of related party transactions. Your Directors draw attention of the members to Notes to the financial statement which sets out related party disclosures.
Credit Rating:
The Company''s financial discipline and prudence is reflected in the credit rating BBB- (stable) for bank loans ascribed by rating agency ICRA.
Particulars of Employees:
The company has not paid remuneration attracting the provisions of the Companies Act,
Meetings of the Board:
Twelve meetings of the Board of Directors were held during the year. For further details, please refer report on Corporate Governance
Disclosures:
CSR&G Committee:
The CSR&G Committee comprises Shri Govind LKeswani (Chairman), Shri Narotanmal Rampuria and Shri Minesh M. Doshi.
Audit Committee:
The Audit Committee comprises Independent Directors namely Shri Govind LKeswani (Chairman), Shri Narotanmal Rampuria and Shri Minesh M. Doshi as other members. All the recommendations made by the Audit Committee were accepted by the Board.
Vigil Mechanism:
The Company in order to maintain highest standards of ethical, moral and legal conduct, adopted Vigil Mechanism/Whistle Blower policy to provide an avenue to its employees to raise concerns of any violations of legal or regulatory requirements, incorrect or misrepresentations of any financial statements and reports, etc. The Audit committee of the company oversees the said mechanism from time to time. None of the Company personnel has been denied access to the Audit Committee.
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 weakness in the design or operation were observed.
Corporate Social Responsibility (CSR):
The company has not spent the amount as required to be spent on an activity approved for the purpose of Corporate Social Responsibility, in terms of provisions of Section 135 of the Companies Act, 2013, and rules framed there under. The company has made attempts to find out in the area where it operates suitable projects that are eligible activities for Corporate Social Responsibility, but the company has not been so far able to find such avenue. Your directors commit to fulfilling their corporate responsibility which they will fulfill in near future.
Conservation of Energy, Technology Absorption:
Additional information required under the provisions of the Companies Act, regarding conservation of Energy, Technology Absorption are not applicable as the company is not carrying out any manufacturing operation.
Foreign Exchange Earnings and Outgo:
During the year under review, the company has neither earned any foreign exchange income nor incurred any expenses.
Extract of Annual Return:
The extract of Annual Return pursuant to the provisions of Section 92 read with Rule 12 of the Companies (Management and administration) Rules, 2014 is annexed herewith as Annexure to this Report.
Statutory Auditors:
M/s K. S. Sanghvi & Co. Chartered Accountants retiring Auditors of the Company retires at the ensuing Annual General Meeting of the Company and are eligible for re-appointment. They have confirmed their eligibility to the effect that their re-appointment, if made, would be within the prescribed limits under the Act and that they are not disqualified for re-appointment. Members are requested to appoint the auditors and fix their remuneration.
Secretarial Auditor:
The Secretarial Audit Report for the financial year ended March 31, 2016 is annexed herewith.
Acknowledgments:
Your Directors would like to express their sincere appreciation for the assistance and co-operation received from the financial institutions, banks, Government authorities, vendors, customers and members during the year. Your Directors wishes to place on record their appreciation to all the employees for their hard work, dedication, commitment and rendering impeccable service to every constituent of the company''s customer and shareholders.
Mumbai For and on behalf of the Board of Directors
May 30,2016.
Director
Mar 31, 2015
Dear Members,
Your directors are delighted to present the 24th Annual Report and the
Audited financial statements of the company for the year ended March
31, 2015.
Financial Results:
The financial results for the year under review are summarized as
follows:
Rs. in '000
Particulars 2014 - 2015 2013- 2014
Business Income 1,25,045 1,05,845
Profit before Interest, Depreciation & Tax 89,686 75,953
Less: Interest 30,473 27,444
Depreciation 561 613
Profit before tax 58,652 47,896
Less: Provision for Income Tax 20,672 17,800
Provision for Deferred Tax 47 35
Profit aftertax 37,933 30,061
Add: Balance brought forward from Previous Year 48,205 32,994
86,138 63,055
Less: Appropriations
Proposed Dividend 5,003 5,003
Distribution Tax 1024 847
Transfer to/(from) General Reserve 5,000 3,000
Transfer to Special Reserve 8,000 6,000
Balance carried to Balance Sheet 67,111 48,205
Dividend:
Your Directors have recommended a dividend of 10% (i.e. Rs 1.00 per
equity share) for the financial year ended March 31, 2015 (last year
Re. 1.00 per equity share).
Finance:
Company wants to raise fund Rs. 5 corers from banks/financial
institutions during FY 2015-16.
Corporate Governance & Compliance Certificate:
A separate section on Corporate Governance is included in the Annual
Report and the certificate from company secretary confirming the
Compliance of the conditions on the Corporate Governance as stipulated
in the Clause 49 of the Listing Agreement with the Stock Exchange is
annexed hereto.
Outlook and Prospects:
Outlook & Prospect look very encouraging due to increase sale of new
two wheelers. Company has also started financing consumer durables
where response is encouraging.
Cash flow statement pursuant to clause 32 listing agreement is provided
along with Notes to Accounts.
Public Fixed Deposits:
The Company has no public deposit as of date and will not accept any
deposit without prior approval of the statutory authorities concerned.
RBI Guidelines:
The Company is consistently complying with all the guidelines issued by
the Reserve Bank of India for NBFC's (AFC's) with respect to capital
adequacy, asset classification, provisioning and income recognition on
non-performing assets.
The capital adequacy of the Company as on 31st March, 2015 is much
higher than the minimum norms stipulated by the RBI for NBFC (AFC's).
Accounts & Accounting Standards:
The Company adheres to the prudential guidelines prescribed by the
Reserve Bank of India and to the Accounting Standards issued by the
Institute of Chartered Accountant of India in preparation of its
financial statements.
The particulars on the related party exposures, non-performing assets
and business levels in vehicle loans purchase and other activities,
required to be disclosed in the format prescribed by the Reserve Bank
of India are contained in the schedules forming part of the accounts.
Directors:
In accordance with the Articles of Association Shri Mukund FI.Doshi who
retires by rotation is eligible for the reappointment Members are
requested to reappoint him.
Declaration by independent directors:
The Independent Directors have submitted their disclosures to the Board
that they fulfill all the requirements as stipulated in Section 149(6)
of the Companies Act, 2013 so as to qualify themselves to be appointed
as Independent Directors under the provisions of the Companies Act,
2013 and the relevant rules.
Independent directors meeting:
During the year under review, the independent Directors of the Company
met on January 15, 2015 inter-alia, to discuss:
a) Evaluation of performance of Non-Independent Directors and the Board
of Directors of the Company as a whole.
b) Evaluation of performance of the Chairman of the Company, taking
into views of Executive and Non Executive Directors.
c) Evaluation of the quantity, content and timelines of flow of
information between the Management and the board that is necessary for
the Board to effectively and reasonably perform its duties.
Induction and training of the board members:
Directors are issued a detailed appointment letter which inter alia
sets out terms of appointment, duties, responsibilities etc. of such
director. Each independent director of the Company on appointment is
given such letter of appointment and also briefed by the Managing
Director/ Executive Director about the nature of business of the
Company, its finances, operations etc. The Compliance Officer of the
company also assists the Independent Director in understanding their
statutory duties, obligations and responsibilities as a Director/
Independent Director of the Company.
Evaluation of performance of the board members:
Pursuant to the provisions of the Companies Act, 2013 and Clause 49 of
the Listing Agreement, the evaluation of the performance of the Board
as well as of the Audit Committee, Nomination and Remuneration
Committee and Stakeholders Relationship Committee has been carried out.
The performance evaluation of the Independent Directors was carried out
by the entire Board and the performance evaluation of the Chairman and
Non-Independent Directors was carried out by the Independent Directors.
Subsidiary companies:
The Company does not have any Subsidiary.
Risk management:
Pursuant to section 134 (3) (n) of the Companies Act, 2013 & Clause 49
of the listing agreement, the company has constituted a business risk
management committee. The details of the committee and its terms of
reference are set out in the corporate governance report forming part
of the Board's report. At present the company has not identified any
element of risk which may threaten the existence of the company.
Significant and material orders passed by regulators/courts if any:
There are no significant or material orders passed by the Regulators /
courts which would impact the going concern status of the Company and
its operations.
Disclosure under the sexual harassment of women at workplace
(prevention, prohibition and redressal) Act, 2013:
The company has in place an Anti Harassment policy in line with the
requirements of The sexual harassment of women at the workplace
(Prevention, Prohibition & Redressal) Act, 2013. Internal Complaints
Committee (ICC) has been set up to redress complaints received
regarding sexual harassment. All employees (permanent, contractual,
temporary, trainees) are covered under this policy. During the year
under review, company has not received any Sexual Harassment
Complaints.
Shares:
a) The Company has not bought back any of its securities during the
year under review.
b) The Company has not issued any Sweat Equity Shares during the year
under review.
c) No Bonus Shares were issued during the year under review.
Employees Stock Option Plan:
The Company has not provided any Stock Option Scheme to the employees.
Directors' Responsibility Statement:
Your Directors state that:
a) In the preparation of the annual accounts for the year ended March
31, 2015, the applicable accounting standards read with requirements
set out under Schedule III to the Act, have been followed and there are
no material departures from the same;
b) The Directors have selected such accounting policies and applied
them consistently and made judgements and estimates that are reasonable
and prudent so as to give a true and fair view of the state of affairs
of the Company as at March 31, 2015 and of the profit of the Company
for the year ended on that date;
c) The Directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of the Act for safeguarding the assets of the Company and
for preventing and detecting fraud and other irregularities;
d) The Directors have prepared the annual accounts on a 'going concern'
basis;
e) The Directors have laid down internal financial controls to be
followed by the Company and that such internal financial controls are
adequate and are operating effectively; and
f) The Directors have devised proper systems to ensure compliance with
the provisions of all applicable laws and that such systems are
adequate and operating effectively.
Material Changes after the date of Balance Sheet:
There has been no material change and commitment affecting the
financial position of the Company, which have occurred between the end
of the financial year of the Company to which the Balance Sheet relates
and the date of the Report.
Management's discussion and analysis report:
Management's Discussion and Analysis Report for the year under review,
as stipulated under Clause 49 of the Listing Agreement with the Stock
Exchanges in India, is presented in a separate section forming part of
the Annual Report.
Contracts & arrangements with related parties:
All contracts / arrangements / transactions entered by the Company
during the financial year with related parties were in the ordinary
course of business and on an arm's length basis. During the year, the
Company had not entered into any contract / arrangement/transaction
with related parties which could be considered material in accordance
with the policy of the Company on materiality of related party
transactions. Your Directors draw attention of the members to Notes to
the financial statement which sets out related party disclosures.
Credit Rating:
The Company's financial discipline and prudence is reflected in the
credit rating BBB- (stable) for bank loans ascribed by rating agency
ICRA.
Particulars of Employees:
The company has not paid remuneration attracting the provisions of the
Companies Act.
Meetings of the Board:
Twelve meetings of the Board of Directors were held during the year.
For further details, please refer report on Corporate Governance
Disclosures:
CSR&G Committee:
The CSR&G Committee comprises Shri Govind L.Keswani (Chairman), Shri
Narotanmal Rampuria and Shri Minesh M. Doshi.
Audit Committee:
The Audit Committee comprises Independent Directors namely Shri Govind
L.Keswani (Chairman), Shri Narotanmal Rampuria and Shri Minesh M. Doshi
as other members. All the recommendations made by the Audit Committee
were accepted by the Board.
Vigil Mechanism:
The Company in order to maintain highest standards of ethical, moral
and legal conduct, adopted Vigil Mechanism/Whistle Blower policy to
provide an avenue to its employees to raise concerns of any violations
of legal or regulatory requirements, incorrect or misrepresentations of
any financial statements and reports, etc. The Audit committee of the
company oversees the said mechanism from time to time. None of the
Company personnel has been denied access to the Audit Committee.
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 weakness in the design or operation
were observed.
Corporate Social Responsibility (CSR):
The company has not spent the amount as required to be spent on an
activity approved for the purpose of Corporate Social Responsibility,
in terms of provisions of Section 135 of the Companies Act, 2013, and
rules framed thereunder. The company has made attempts to find out in
the area where it operates suitable projects that are eligible
activities for Corporate Social Responsibility, but the company has not
been so far able to find such avenue. Your directors commit to
fulfilling their corporate responsibility which they will fulfill in
near future.
Conservation of Energy, Technology Absorption:
Additional information required under the provisions of the Companies
Act, regarding conservation of Energy, Technology Absorption are not
applicable as the company is not carrying out any manufacturing
operation.
Foreign Exchange Earnings and Outgo:
During the year under review, the company has neither earned any
foreign exchange income nor incurred any expenses.
Extract of Annual Return:
The extract of Annual Return pursuant to the provisions of Section 92
read with Rule 12 of the Companies (Management and administration)
Rules, 2014 is annexed herewith as Annexure to this Report.
Statutory Auditors:
M/s K. S. Sanghvi & Co. Chartered Accountants retiring Auditors of the
Company retires at the ensuing Annual General Meeting of the Company
and are eligible for re-appointment. They have confirmed their
eligibility to the effect that their re-appointment, if made, would be
within the prescribed limits under the Act and that they are not
disqualified for re-appointment. Members are requested to appoint the
auditors and fix their remuneration.
Secretarial Auditor:
The Secretarial Audit Report for the financial year ended March 31,
2015 is annexed herewith.
Acknowledgments:
Your Directors would like to express their sincere appreciation for the
assistance and co-operation received from the financial institutions,
banks, Government authorities, vendors, customers and members during
the year. Your Directors wishes to place on record their appreciation
to all the employees for their hard work, dedication, commitment and
rendering impeccable service to every constituent of the company's
customer and shareholders.
Mumbai For and on behalf of the Board of Directors
May 30, 2015
Mr. Mukund Doshi
Chairman
Mar 31, 2014
Dear Members,
Your directors present here with the 23rd Annual Report of the company
with the Audited Statements of the Accounts for the year ended March 3
1, 2014.
Financial Results:
The financial results fur the year under review are Summarized as
Follows:
Particulars Current Year Previous Year
2013-2014 2012-2013
(Rs. In'000) (Rs. In'000)
Bitsincss Income 105845 100507
Prufit before Interest, 75053 74606
Depreciation & Tax
Less:
a. Interest 27444 27828
b. Depreciation 613 594
Profit before tra 47896 44784
Provision for incoroe Tax 17800 16500
Provision for Deferred Tax 35 28
Profit aftertax 30061 28256
Proposed Dividend 5003 4503
Distribution Tex 847 792
Transfer to from) General Reserve 3060 3000
Transfer to Special Reserve 6060 6000
Balance brought forward firm 32994 19033
previous Year
Balance ewried to Balance Sheet 48105 32994
Dividend:
The Directors Teconuncnd higher dividend of (10% i.e Rs.1.00 per
equitiy share.
Finance:
Company wants to raise fund Rs.4,50 corers firm banks. Company has
approached a. reputed mting agency for rating of bank limit.
Corporate Governance & Compliance Certificate
A Separate ieCtiuti OH Corporate Governance is included in tile Annual
Report and the certificate front company secretary confirming the
Compliance of the conditions on the Corporate Governance as stipulated
in the Clause 49 of the lasting Agreement with the Stock Exchange is
annexed herein.
Outlook and Prospects:
Outlook & Prospect look very encouraging due to increase sale of new
twn whcckn, Company has also sinned fiiuineing consumer durables where
response is encouraging,
B. Clause 32; Cash, flow statement pursuant to clause 32 listing
agreement is provided along with Notes to Accounts.
Public Fixed Deposits:
The Company hits tto public deposit an dF date and will nnt accept ony
deposit without prior approval of the statutory authorities concerned,
RBI Guidelines:
The Company is consistently complying with nil the guidelines issued by
the Reserve Bank of India tor NBFC's (AFC's) wnh respect to capital
adequacy, asset classification, provisioning and income recognition on
tiun-pcribrmirig assets
The capital adequacy of the Company as on 31th March, 2014 is much
higher than the minimum norms stipulated by the RBI forNBFC (AFC's).
Accounts & Accounting Standards;
Vhc Company adheres to the prudential guidelines prescribed by the
Reserve Hank of Indie and to the Accounting Standards issued by tile
Institute of Chattered Accountant of India in preparation of its
financial statements.
The particulars on the related party exposures, nun-performing assets
and business levels in vehicle 1oans purchase and other activities,
required to be disclosed in the format prescribed by the Reserve Bank
of India arc contained tn the schedules forming part of the accounts.
Directors:
In accordance with the Articles of Association Shri Mukimd H.Doshi who
retires by rotation is eligible for the reappointment- Members arc
requested to reappoint him,
Directors' Responsibility Statement
Pursuant to the requirement under section 217(2AAj of die Companies
Act, 1956, with respect to Directors" Responsibility Statement, if is
hereby confirmed:
1) That in the preparation of the annual accounts for the Financial
year ended 31" March, 2014. the applicable accounting standards have
been followed;
2) That the Directors have selected such accounting policies and
applied them consistently and made judgments and estimates dint were
reasonable and prudent so as to give a true and fsair view of the slate
of affairs of the Company as on 31st Match, 2014 and the profit of the
Company tor that period.
3) That the Directors have taken proper and sufficient care for the
maintanace of adequate accounting records in accordance with the
provisions of the Companies Apt, 1956 for safeguarding the assets of
the Company Md for preventing and detecting fraud and other
irregularities;
4) That the annual accounts for the financial year ended 31st March,
2014 arc prepared an a going concern' basis,
Material Changes after the date of Balance Sheet:
Pursuant to provisions of Section 217(l)(d) of the Companies Act, 1956,
there has been no material change and commitment affecting the
financial position of the Company, which have occurred between the end
of the financial year of the Company to which the Balance Sheet relates
and the date of the Report
Particulars of Employees:
The ootnpany Jws not paid remuneration attracting the provisons of Sec,
217 (2A) of the Companies Act, 1956.
Particulars under Section 217(1) (E) of the Companies Act, 1956:
Additional information required under the provisions of the above
section read with the Companies fDH.sdosLire of Particulars in the
Report of the Board of Directors) Rules, 1988, regarding conservation of
energy, Technology Absortption are not applicable as the Company is not
carrying out any manufacturing operation.
Foreign Exchange Earnings and Outgo:
During the year under review, the company has neither earned any
foreign exchange nor incurred way expenses.
Auditors:
M/s K. S. samghyi &Co. Chartered Accountants retiring Auditors of the
Company, retires at the ensuing Annua] General Meeting of the company
and one eligible for re-appointment. Members are requested to Appoint
the auditors and fix their Remuneration.
Acknowledgments:
Your Directors wishes to place un record their appreciation to all Lbe
employees for their hard work, dedication, Commitment and rendering
impeccable service to every constituent of the company's customer and
shareholders.
Place: Mumbai For And On Behalf Of the Board of Directors.
Dated 31st May, 2014.
Mukand H- Doshi
Chairman
Mar 31, 2013
The directors present here with the 22nd Annual Report of the company
with the Audited Statements of the Accounts for the year ended March
31,2013.
FINANCIAL RESULTS:
The financial results for the year under review are summarized as
follows:
Particulars Current Previous
Year Year
2012-2013 2011-
(Rs.in''0001 2012(Rs.in
Business Income 100507 82270
Profit before Interest, Depreciation & Tax 74606 59786
Less: 27828 24976
a. Interest 594 558
b. Depreciation 1400 150
Profit before tax 44784 34102
Provision for Income Tax 16500 12500
Provision for Deferred Tax 28 46
Profit after tax 28256 21556
Proposed Dividend 4503 4002
Distribution Tax 792 649
Transfer to/(from)General Reserve 3000 2500
Transfer to Special Reserve 6000 5000
Balance brought forward from Previous Year 19033 9629
Balance carried to Balance Sheet 32994 19033
DIVIDEND:
The Directors recommend dividend of 9% i.e. Rs 0.90 per equity share.
FINANCE:
The company has been recently sanctioned of Rs. 1 corers of additional
cash credit facility which will further help in expanding branch
network.
CORPORATE GOVERNANCE & COMPIANCE CERTIFICATE
A separate section on Corporate Governance is included in the Annual
Report and the certificate from the Company''s Auditors confirming the
Compliance of the conditions on the Corporate Governance as stipulated
in the Clause 49 of the Listing Agreement with the Stock Exchange is
annexed hereto.
OUTLOOKAND PROSPECTS:
Outlook & Prospect look very encouraging due to increase sale of new
two wheelers.
B. Clause 32: Cash flow statement pursuant to clause 32 listing
agreement is provided along with Notes to Accounts.
PUBLIC FIXED DEPOSITS:
The Company has no public deposit as of date and will not accept any
deposit without prior approval of the statutory authorities concerned.
RBI GUIDELINES:
The company is consistently complying with all the guidelines issued by
the Reserve Bank of India for NBFC''s (AFC''s) with respect to capital
adequacy, asset classification, provisioning and income recognition on
non- performing assets.
The capital adequacy of the Company as on 31s1 March, 2013 is much
higher than the minimum norms stipulatedbytheRBIforNBFC(AFC''s).
ACCOUNTS & ACCOUNTING STANDARDS:
The Company adheres to the prudential guidelines prescribed by the
Reserve Bank of India and to the Accounting Standards issued by the
Institute of Chartered Accountant of India in preparation of its
financial statements.
The particulars on the related party exposures, non-performing assets
and business levels in vehicle loans purchase and other activities,
required to be disclosed in the format prescribed by the Reserve Bank
of India are contained in the schedules forming part of the accounts.
DIRECTORS:
In accordance with the Articles of Association Shri Mukund H.Doshi who
retires by rotation is eligible for the reappointment. Members are
requested to reappoint him.
The Board of Directors shall be broad based by inclusion of independent
Directors from various fields in due course.
DIRECTORS'' RESPONSIBILITY STATEMENT:
Pursuant to the requirement under section 217(2AA) of the Companies
Act, 1956, with respect to Directors'' Responsibility Statement, it is
hereby confirmed:
1) That in the preparation of the annual accounts for the financial
year ended 31s'' March, 2013, the applicable accounting standards have
been followed;
2) That the Directors have selected such accounting policies and
applied them consistently and made judgments and estimates that were
reasonable and prudent so as to give a true and fair view of the state
of affairs of the Company as on 31st March, 2013 and the profit of the
Company for that period.
3) That the Directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of the Companies Act, 1956 for safeguarding the assets of
the Company and for preventing and detecting fraud and other
irregularities;
4) That the annual accounts for the financial year ended 3T'' March,
2013 are prepared on a ''going concern''basis.
MATERIAL CHANGES AFTER THE DATE OFBALANCE SHEET:
Pursuant to provisions of Section 217(1 )(d) of the Companies Act, 195
6, there has been no material change and commitment affecting the
financial position of the Company, which have occurred between the end
of the financial year of the Company to which the Balance Sheet relates
and the date of the Report.
PARTICULARS OF EMPLOYEES:
The company has not paid remuneration attracting the Provisions of Sec.
217 (2A) of the Companies Act, 1956.
PARTICULARS UNDER SECTION 217(1) (e) OF THE COMPANIES ACT. 1956:
Additional information required under the provisions of the above
section read with the Companies (Disclosure of Particulars in the
Report of the Board of Directors) Rules, 1988, regarding conservation
of Energy, Technology Absorption are not applicable as the company is
not carrying out any manufacturing operation.
FOREIGN EXCHANGE EARNINGS AND OUTGO:
During the year under review, the company has neither earned any
foreign exchange nor incurred any expenses.
AUDITORS:
M/s K.S.Sanghvi & Co. Chartered Accountants retiring Auditors of the
Company, retires at the ensuing Annual General Meeting of the Company
and are eligible for re-appointment. Members are requested to appoint
the auditors and fix their remuneration.
ACKNOWLEDGMENTS:
Your Directors wishes to place on record their appreciation to all the
employees for their hard work, dedication, commitment and rendering
impeccable service to every constituent of the company''s customer and
shareholders.
Place: Mumbai For And On Behalf Of the Board of Directors.
DATED: 30* May, 2013. MUKUNDH.DOSHI
Chairman.
Mar 31, 2010
The directors present here with the 19th Annual Report of the company
with the Audited Statements of the Accounts for the year ended March
31, 2010.
FINANCIAL RESULTS:
The financial results for the year under review are summarized as
follows:
Previous Year Previous Year
Particulars 2009 - 2010 2008-2009
(Rs.in 000) (Rs.in 000)
Business Income 46,264 37,102
Profit before Interest, Depreciation,
Lease Equalization Charges & Tax 31,099 25,398
Less:
a. Interest 13,181 12,962
b. Depreciation 460 436
Profit before tax 17,458 12,000
Provision for Income Tax 4,563 4,300
Provision for FBT / Deffered Tax 1003 110
Profit After Tax 11,892 7,590
Proposed Dividend 4,002 3,502
Distribution Tax 680 595
Transfer to/(from )General Reserve 1,000 500
Transfer to Special Reserve 3,000 1,700
Balance brought forward from Previous Year 1,309 16
Balance carried to Balance Sheet 4,518 1,309
DIVIDEND :
The Directors recommend dividend of 8% i.e. Rs 0.80 per equity share.
FINANCE :
The company has been recently sanctioned of Rs. 3 crores of cash credit
facility which will further help in expanding branch network
CORPORATE GOVERNANCE & COMPIANCE CERTIFICATE
A separate section on Corporate Governance is included in the Annual
Report and the certificate from the Companys Auditors confirming the
Compliance of the conditions on the Corporate Governance as stipulated
in the Clause 49 of the Listing Agreement with the Stock Exchange is
annexed hereto.
OUTLOOK AND PROSPECTS:
Outlook & Prospect look very encouraging due to increase sale of new
two wheelers.
B. Clause 32: Cash flow statement pursuant to clause 32 listing
agreement is provided along with Notes to Accounts.
PUBLIC FIXED DEPOSITS:
The Company has no public deposit as of date and will not accept any
deposit without prior approval of the statutory authorities concerned.
RBI GUIDELINES:
The company is consistently complying with all the guidelines issued by
the Reserve Bank of India for NBFCs (AFCs) with respect to capital
adequacy, asset classification, provisioning and income recognition on
non-performing assets.
The capital adequacy of the Company as on 31st March, 20101s much
higher than the minimum norms stipulated by the RBI for NBFC (AFCs).
ACCOUNTS & ACCOUNTING STANDARDS:
The Company adheres to the prudential guidelines prescribed by the
Reserve Bank of India and to the Accounting Standards issued by the
Institute of Chartered Accountant of India in preparation of its
financial statements.
The particulars on the related party exposures, non-performing assets
and business levels in vehicle loans purchase and other activities,
required to be disclosed in the format prescribed by the Reserve Bank
of India are contained in the schedules forming part of the accounts.
DIRECTORS:
In accordance with the Articles of Association Shri Mukund H.Doshi who
retires by rotation is eligible for the reappointment. Members are
requested to reappoint him.
The Board of Directors shall be broad based by inclusion of independent
Directors from various fields in due course.
DIRECTORS RESPONSIBILITY STATEMENT:
Pursuant to the requirement under section 217(2AA) of the Companies
Act, 1956, with respect to Directors Responsibility Statement, it is
hereby confirmed:
1) That in the preparation of the annual accounts for the financial
year ended 31st March, 2010, the applicable accounting standards have
been followed;
2) That the Directors have selected such accounting policies and
applied them consistently and made judgments and estimates that were
reasonable and prudent so as to give a true and fair view of the state
of affairs of the Company as on 31st March, 2010 and of the profit of
the Company for that period.
3) That the Directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of the Companies Act, 1956 for safeguarding the assets of
the Company and for preventing and detecting fraud and other
irregularities;
4) That the annual accounts for the financial year ended 31st March,
2010 are prepared on a going concernbasis.
MATERIAL CHANGES AFTER THE DATE OF BALANCE SHEET:
Pursuant to provisions of Section 217(1)(d) of the Companies Act, 1956,
there has been no material change and commitment affecting the
financial position of the Company, which have occurred between the end
of the financial year of the Company to which the Balance Sheet relates
and the date of the Report.
PARTICULARS OF EMPLOYEES:
The company has not paid remuneration attracting the Provisions of Sec.
217 (2A) of the Companies Act, 1956.
PARTICULARS UNDER SECTION 217(1) (e) OF THE COMPANIES ACT, 1956:
Additional information required under the provisions of the above
section read with the Companies {Disclosure of Particulars in the
Report of the Board of Directors) Rules, 1988, regarding conservation
of Energy, Technology Absorption are not applicable as the company is
not carrying out any manufacturing operation.
FOREIGN EXCHANGE EARNINGS AND OUTGO :
During the year under review, the company has neither earned any
foreign exchange nor incurred any expenses.
AUDITORS:
M/s K.S.Sanghvi & Co. Chartered Accountants retiring Auditors of the
Company, retires at the ensuing Annual General Meeting of the Company
and are eligible for re-appointment. Members are requested to appoint
the auditors and fix their remuneration.
ACKNOWLEDGMENTS :
Your Directors wishes to place on record their appreciation to all the
employees for their hard work, dedication, commitment and rendering
impeccable service to every constituent of the companys customer and
shareholders.
Place: Mumbai For And On Behalf Of the Board of Directors.
DATED: 8th September 2010.
MUKUND H.DOSHI
Chairman.
Mar 31, 2009
The directors present here with the 18th Annual Report of the company
with the Audited Statements of the Accounts for the year ended March
31,2009.
FINANCIAL RESULTS:
The financial results for the year under review are summarized as
follows:
Previous Year Previous Year
Particulars 2008-2009 2007 - 2008
(Rs.in 000) (Rs.in 000)
Business Income 37,102 31,227
Profit before Interest, Depreciation,
Lease Equalization Charges & Tax 25,398 18,714
Less:
a. Interest 12,962 11,735
b.Depreciation 436 325
Profit before tax 12,000 6,654
Provision for Income Tax 4,300 2,252
Provision for FBT 110 90
Profit aftertax 7,590 4,312
Proposed Dividend 3,502 3,500
Distribution Tax 5,95 5,95
Transfer to/(from )General Reserve 0 600
Transfer to Special Reserve 1,700 880
Balance brought forward from
Previous Year 16 79
Balance carried to Balance
Sheet 1,309 16
DIVIDEND:
The Directors recommend dividend of 7% i.e. Rs 0.70 per equity share.
FINANCE:
The vehicle finance business as doing well & company is concentrating
on old vehicle financing to generate additional business.
CORPORATE GOVERNANCE & COMPIANCE CERTIFICATE
A separate section on Corporate Governance is included in the Annual
Report and the certificate from the Companys Auditors confirming the
Compliance of the conditions on the Corporate Governance as stipulated
in the Clause 49 of the Listing Agreement with the Stock Exchange is
annexed hereto.
OUTLOOKAND PROSPECTS:
The Company expect the growth in new vehicle finance. The companies
also expect growth in old vehicle finance. You directors are sincerely
putting efforts to improve profitability and financial strength of the
Company and increase shareholders value in future.
B. Clause 32: Cash flow statement pursuant to clause 32 listing
agreement is provided alongwith Notes to Accounts.
PUBLIC FIXED DEPOSITS:
The Company has no public deposit as of date and will not accept any
deposit without prior approval of the statutory authorities concerned.
RBI GUIDELINES:
The company is consistently complying with all the guidelines issued by
the Reserve Bank of India for NBFCs (AFCs) with respect to capital
adequacy, asset classification, provisioning and income recognition on
non-performing assets.
The capital adequacy of the Company as on 31" March, 2009 is much
higher than the minimum norms stipulated by the RBI for NBFC (AFCs).
ACCOUNTS & ACCOUNTING STANDARDS:
The Company adheres to the prudential guidelines prescribed by the
Reserve Bank of India and to the Accounting Standards issued by the
Institute of Chartered Accountant of India in preparation of its
financial statements.
The particulars on the related party exposures, non-performing assets
and business levels in vehicle loans purchase and other activities,
required to be disclosed in the format prescribed by the Reserve Bank
of India are contained in the schedules forming part of the accounts.
DIRECTORS:
In accordance with the Articles of Association Shri Mukund H.Doshi who
retires by rotation is eligible for the reappointment. Members are
requested to reappoint him.
The Board of Directors shall be broad based by inclusion of independent
Directors from various fields in due course.
DIRECTORSRESPONSIBILITY STATEMENT:
Pursuant to the requirement under section 217(2AA) of the Companies
Act, 1956, with respect to Directors Responsibility Statement, it is
hereby confirmed:
1) That in the preparation of the annual accounts for the financial
year ended 31st March, 2008, the applicable accounting standards have
been followed;
2) That the Directors have selected such accounting policies and
applied them consistently and made judgments and estimates that were
reasonable and prudent so as to give a true and fair view of the state
of affairs of the Company as on 31s1 March, 2009 and of the profit of
the Companyforthat period.
3) That the Directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of the Companies Act, 1956 for safeguarding the assets of
the Company and for preventing and detecting fraud and other
irregularities;
4) That the annual accounts for the financial year ended 31st March,
2009 are prepared on a going concern basis.
MATERIAL CHANGES AFTER THE DATE OF BALANCE SHEET:
Pursuant to provisions of Section 217(1)(d) of the Companies Act, 1956,
there has been no material change and commitment affecting the
financial position of the Company, which have occurred between the end
of the financial year of the Company to which the Balance Sheet relates
and the date of the Report.
PARTICULARS OF EMPLOYEES:
The company has not paid remuneration attracting the Provisions of Sec.
217 (2A) of the Companies Act, 1956. PARTICULARS UNDER SECTION 217(1)
(e) OF THE COMPANIES ACT, 1956:
Additional information required under the provisions of the above
section read with the Companies (Disclosure of Particulars in the
Report of the Board of Directors) Rules, 1988, regarding conservation
of Energy, Technology Absorption are not applicable as the company is
not carrying out any manufacturing operation.
FOREIGN EXCHANGE EARNINGS AND OUTGO:
During the year under review, the company has neither earned any
foreign exchange nor incurred any expenses.
AUDITORS:
M/s K.S.Sanghavi & Co. Chartered Accountants retiring Auditors of the
Company, retires at the ensuing Annual General Meeting of the Company
and are eligible for re-appointment. Members are requested to appoint
the auditors and fix their remuneration.
ACKNOWLEDGMENTS:
Your Directors wishes to place on record their appreciation to all the
employees for their hard work, dedication, commitment and rendering
impeccable service to every constituent of the companys customer and
shareholders.
For And 0n Behalf of the Board of Directors
Place: Mumbai
DATED: 8th September2009. MUKUND H. DOSHI
Chairman.