DIRECTORS' REPORT To Our Shareholders. Your Directors have pleasure in presenting the 72nd Annual Report and the Audited Accounts of the Company for the year ended 31st March. 2015. 1. OPERATIONS: The Company has repaid fully the outstanding liability of Banks viz: Bank of Baroda. Bank of India and Central Bank of India and partly the public deposits out of regular collection and also from the settlement of legal cases of Hire Purchase and Leasing Transactions 2. DIVIDEND: The business activities of the Company are gradually discontinued and the main thrust is given upon the collection, therefore, the earnings are not adequate enough and your directors are constrained not to recommend dividend. 3. RESERVES: During the year under review, the Company has not transferred any amount to Reserves: i i) Special/Statutory Reserve -Nil and General Reserve -Nil. 4. RBI'S GUIDELINES ON PRUDENTIAL NORMS & CREDIT RATING The Company has complied with RBI guidelines and as against minimum requirement of 15% Capital Adequacy Ratio is 20.84% M/s Credit Analysis and Research Limited (CARE) has informed the withdrawal of Care rating vide their latter dated 20th February. 2015 Stating "CARE withdraws ratings assigned to Bank facility and Fixed Deposits programme of the Company." 5. DEPOSITS Total unpaid Fixed Deposit liability as on 31.03.2015 is Rs.71.73 Lacs as respective depositors have yet to claim their deposits. 6. DIRECTORATE: i) Shri Rajiv Gupta and Shri Arun Mitter Directors, retires by rotation and are eiigibie for reappointment as Director of the Company. 7. DIRECTORS'RESPONSIBILITY STATEMENT: As required by sub-section (2AA) of section 217 of the Companies Act, 1956. Directors state: That the preparation of the annual accounts, the applicable accounting standards have been followed along with proper explanation relating to material departure. n That the Directors have selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company at the end of the financial year and of the profit or loss of the Company for that period. 1.1. That the Directors have taken proper and sufficient care of the maintenance of adequate accounting records in accordance with the provision of the Companies Act, 1956 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities. iv. That the annual accounts have been prepared on a going concern basis 8. AUDITORS REPORT: Regarding the qualifications by the Auditors, there are no qualifications in Auditor's Report for the year. 9. AUDITORS: M/s Sharp & Tannan, Chartered Accountants, Auditors of the Company retire at this Annual General Meeting and have intimated their eligibility of reappointment. A certificate under Section 224(1 B) of the Companies Act, 1956, has been obtained from them. 10. DEMATERIALISATION OF SHARES: Company's Shares are in demat mode. Following are the details of the shares dematerialized on N S D L and CDSL Depositories, after sending remainder request to the shareholders. 11. COMPLIANCE BY THE COMPANY The Company has complied with the requirements of the Stock Exchange, SEBI and other statutory authorities on all matters relating to the Capital markets during the last three years. No penalties or strictures have been imposed on the Company by the Stock Exchange or SEBI or any other statutory authorities relating to the above. 12. PERSONNEL: There is no person in receipt of remuneration for giving particulars as is required under Section 217(2A) of the Companies Act. 1956 read with Companies (Particulars of Employees) Rules, 1975. 14. CORPORATE GOVERNANCE: As per the Listing Agreement with the Stock Exchange, Auditor's Certificate regarding the compliance of conditions of Corporate Governance (Annexure'A') and Management Discussion and Analysis Report (Annexure 'B') forms part of this report. 15. GENERAL: Your Directors would like to record their appreciation of the services rendered by the members of the staff at all levels. They also like to express their gratefulness to the Company's bankers viz: Bank of Baroda, Bank of India and Central Bank of India. Depositors and Shareholders, Automobile Dealers, Manufactures and Clients for their co-operation and also for the confidence reposed in the Company. For and on behalf of the Board of Directors For JAYABHARAT CREDIT LIMITED RAJIV GUPTA Chairman Place : New Delhi, date : 30th May, 2015 |