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Bhagwandas Auto Finance. Directors Report, Bhagwandas Auto Reports by Directors
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Bhagwandas Auto Finance.

BSE: 531462|ISIN: INE134D01013|SECTOR: Finance - Leasing & Hire Purchase
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Bhagwandas Auto Finance. is not listed on BSE
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Directors Report Year End : Mar '00   
The Boards of Directors have pleasure in presenting the Tenth Annual
 Report together with the Audited Accounts for the year ended 31st
 March, 2000.
 
 FINANCIAL RESULTS                                 1999-2000    1998-99
                                                  (Rupees in Thousands)
 
 Gross Income                                        74458       61481
 
 Profit before depreciation and Tax                  52908       44890
 
 Depreciation                                        43230       36760
 
 Profit before Tax                                    9678        8130
 
 Provision for Taxation                               1013         848
 
 Profit after depreciation and Tax                    8665        7282
 
 Add : Profit brought forward from previous year      4136         379
 
 Profit available for appropriation                  12801        8336
 
 APPROPRIATION
 
 Transfer to General Reserve                           867        2200
 
 Transfer to Reserve Fund                              867        2200
 
 Balance carried Forward                             11067        4136
 
 
 DIVIDEND
 
 Owing to a depressed and uncertain financial market, the Directors
 regret their inability to recommend any dividend for the year under
 review with a view to preserving precious financial resources.
 
 OPERATION
 
 In the year under review, the Company's performance in the areas of
 hire purchase and lease showed a marked improvement compared to
 previous year.  The year shows the Gross Income and the Profit before
 Depreciation and tax showing to Rs. 74458 thousands and Rs. 52908
 thousands from Rs. 61481 thousands and Rs. 44890 thousands respectively
 in the previous year, signifying an increase of a remarkable 21.11% and
 17.86% respectively.
 
 FUTURE PROSPECTS
 
 The Company has a sizeable market share in the segment of financing of
 commercial vehicles.  While continuing in this existing line of
 activity, efforts are also being made to venture into other avenues and
 also to diversify.  Further, efforts are being made to reduce the cost
 of borrowings to remain more competitive in the market and the Company
 is hopeful of improving the performance in the current year.  Sensing
 the opportunities available, the Company has now diversified into the
 activity of transportation of goods.  The Company is confident of
 increasing its income in the current year.
 
 FIXED DEPOSITS
 
 The Company did not accept any Fixed Deposit during the year under
 review.
 
 DIRECTORS
 
 Sri Vishal Agarwalla and Smt. Nina Agarwalla retire by Rotation but
 being eligible offer themselves for re-appointment.
 
 AUDITORS
 
 M/s. Dangi Jain & Co., Chartered Accountants, Calcutta, retiring at the
 ensuing Annual General Meeting are eligible for re-appointment.
 
 AUDITORS' REPORT
 
 The observations made in the Auditors' Report are self explanatory and
 therefore, do not call for any further explanation under Section 217 of
 the Companies Act, 1956.
 
 INFORMATION REQUIRED UNDER SECTION 217 (I) (e) OF THE COMPANIES ACT,
 1956.
 
 The Company has no activity relating to conservation of energy or
 technology absorption.  The Company does not have any foreign exchange
 earning during the year.
 
 INDUSTRIAL RELATIONS
 
 We wish to place on record out appreciation of the devoted services of
 staff and the executives of the Company enabling the Company to achieve
 high level of performance during the year.  The employee relations
 continue to be cordial and harmonious.
 
 PERSONNEL
 
 The Company's relations with the employees at all levels have been
 cordial.  There are no employees in respect of whom particulars
 pursuant of Section 217 (2A) of the Companies Act, 1956 are required to
 be given.
Source : Dion Global Solutions Limited
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