Moneycontrol
SENSEX NIFTY
you are here:

Kumbhat Financial Services Ltd.

BSE: 526869 | NSE: | Series: NA | ISIN: INE795E01019 | SECTOR: Finance - Leasing & Hire Purchase

BSE Live

Aug 10, 16:00
2.35 0.00 (0.00%)
Volume
No Data Available
200
  • Prev. Close

    2.35

  • Open Price

    2.35

  • Bid Price (Qty.)

    0.00 (0)

  • Offer Price (Qty.)

    0.00 (0)

Kumbhat Financial Services is not traded on BSE in the last 30 days

NSE Live

Dec 27, 11:22
NT* 0.00 (0.00%)
Volume
No Data Available
0
  • Prev. Close

    -

  • Open Price

    -

  • Bid Price (Qty.)

    - (0)

  • Offer Price (Qty.)

    - (0)

Kumbhat Financial Services is not listed on NSE

Annual Report

For Year :
2014 2012 2011 2010 2009 2008 2006

Director’s Report

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

Director’s Report