heading & from page no. 65 , 53, 54 trust & transparency ashika credit capital limited annual report

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  • Trust& Transparency

    ASHIKA CREDIT CAPITAL LIMITED Annual Report 2015-16

    Heading & from Page No. 65 , 53, 54

  • CONTENTS

    CORPORATE INFORMATION

    CHAIRMAN'S STATEMENT

    MANAGEMENT DISCUSSION AND ANALYSIS REPORT

    BOARD’S REPORT

    CORPORATE GOVERNANCE REPORT

    INDEPENDENT AUDITOR’S REPORT

    FINANCIAL STATEMENT

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    51

    FORWARD-LOOKING STATEMENT

    In this Annual Report, we have disclosed forward-looking information to enable investors to comprehend our prospects

    and take investment decisions. This report and other statements - written and oral – that we periodically make contain

    forward-looking statements that set out anticipated results based on the management’s plans and assumptions. We

    have tried wherever possible to identify such statements by using words such as ‘anticipate’, ‘estimate’, ‘expects’,

    ‘projects’, ‘intends’, ‘plans’, ‘believes’, and words of similar substance in connection with any discussion of future

    performance. We cannot guarantee that these forward-looking statements will be realized, although we believe we have

    been prudent in our assumptions.

    The achievements of results are subject to risks, uncertainties, and even inaccurate assumptions. Should known or

    unknown risks or uncertainties materialize, or should underlying assumptions prove inaccurate, actual results could vary

    materially from those anticipated, estimated, or projected. Readers should keep this in mind. We undertake no obligation

    to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise.

    Heading & from Page No. 65 , 53, 54

  • Annual Report 2015-16

    CORPORATE INFORMATION

    BOARD OF DIRECTORS

    CIN NO.

    CHIEF FINANCIAL OFFICER

    COMPANY SECRETARY & COMPLIANCE OFFICER

    PRINICIPAL BANKERS

    REGISTERED OFFICE

    BRANCH OFFICE :

    www.ashikagroup.com

    Mr.

    (Non-Executive Dir

    Pawan Jain (Chairman cum Managing Director & CEO) Mr. Daulat Jain

    ector) - w.e.f. 14.01.2016 Mr. Kashi Prasad Khandelwal (Independent Director) Mr. Sagar Jain (Independent Director) Mr. R.S. Agarwal (Independent Director) Mr. Sanjay Kumar Singh (Independent Director) - w.e.f. 14.01.2016 Mr. K.K. Saraf (Non –Executive Director) Ms Anju Mundhra (Executive Director – Legal )

    L67120WB1994PLC062159

    Mr. Amit Jain

    Ms. Anju Mundhra

    HDFC Bank Ltd.

    ‘Trinity’ 226/1 A. J. C. Bose Road, 7th Floor, Kolkata – 700 020 Tel : (033) 40102500/22839952, Fax : (033) 22891555 Email : secretarial@ashikagroup.com

    7, B.B.Ganguly Street, 4th Floor, Kolkata – 700012 Email : secretarial@ashikagroup.com

    Website :

    STATUTORY AUDITORS

    INTERNAL AUDITOR

    SECRETARIAL AUDITOR

    REGISTRAR & SHARE TRANSFER AGENT

    AUDIT COMMITTEE

    NOMINATION & REMUNERATION COMMITTEE

    STAKEHOLDERS RELATIONSHIP COMMITTEE

    P.K. Sah & Associates Chartered Accountants 58 D, Netaji Subhash Road, 3rd Floor, Room No.316, Kolkata – 700 001

    Shyamsukha Amit & Associates Chartered Accountants 19, Ganesh Chandra Avenue, Premier House, 2nd Floor, Suit no 7 Kolkata – 700013

    MR & Associates Company Secretaries 46, B. B. Ganguly Street, Kolkata- 700012

    Maheshwari Datamatics Pvt. Ltd. 6, Mangoe Lane, 2nd Floor, Kolkata 700 001 Tel. 033-2248 2248, 2243 5809/5029, Fax: 033-2248 4787, E-mail: mdpldc@yahoo.com

    Mr. Sagar Jain, Chairman Mr Kashi Prasad Khandelwal Mr. R.S Agarwal Mr. K.K. Saraf

    Mr. Kashi Prasad Khandelwal, Chairman Mr K.K. Saraf Mr Sagar Jain Mr. R.S Agarwal

    Mr. R.S Agarwal, Chairman Mr K.K.Saraf Mr. Kashi Prasad Khandelwal

    1

    Heading & from Page No. 65 , 53, 54

  • Chairman's Statement

    2

    Dear Shareholders,

    The FY 2015-16 once again saw a decline in

    global growth following fall in global commodity

    prices, declining trade flows, increased volatility in

    exchange rates and capital flow. Slackening

    demand from China amid lower growth prospects as

    the country transitions from an export led one to

    consumption driven has pressured on prices of key

    commodities. Large emerging economies, notably the

    Russia and Brazil exhibited muted economic performances

    being commodity exporters. Majority of developing and

    emerging economies lowed to its weakest pace since the

    global financial crisis of 2008-2009 while modest recovery

    continued in advanced economies.

    However, Indian economy grew at a five-year high growth rate of

    7.6% in FY 2015-16 on improved performance in manufacturing and

    farm sectors. According to the Central Statistics Office (CSO), the GDP

    growth is estimated at 7.3% in October-December quarter of this fiscal.

    The GDP growth estimates for April-June and July-September quarters have

    been revised upwards to 7.6% and 7.7% from earlier calculation of 7% and

    7.4% respectively. The real Gross Value Addition (GVA) is projected at 7.3% in

    this fiscal against 7.1% in 2014-15.

    For the NBFC sector it was another difficult year adhering to tight provisioning

    norms from RBI, however, demand was seen improving particularly in the latter part

    of FY 2015-16. NBFCs have steadily grown in number and have enhanced their

    market share, giving a strong competition to banks and financial institutions. As of

    September 30, 2015, there were 11,781 Non-Banking Financial Companies (NBFCs)

    Heading & from Page No. 65 , 53, 54

  • registered with the Reserve Bank, of which 212 deposit accepting and 11,569 were non-deposit

    accepting. According to CRISIL, NBFCs help fill the gaps in availability of financial services with respect

    to products as well as customer and geographical segments.

    ACCL faced a challenging year. There was nearly 31% decline in our topline in comparison to 2014-15

    and owing to our prudent provisioning of non-performing assets to the tune of Rs. 6.12 crores, and a

    provision for diminution in value of investment amounting to Rs 2.94 crores (approx) there was impact

    on the profitability. ACCL reported a loss of Rs. 8.11 crores (Profit Before Tax) during the year against

    a profit before tax of Rs. 1.08 crore interest before tax in 2014-15. If the exceptional item of

    provisioning in the current year is removed, ACCL reported PBT would be 0.95 crore. In this Financial

    Year also ACCL did not borrow external funds owing to high interest rate and the operations were

    funded out of our internal accruals. The average lending rate remained at in range of 16% to 21%

    ensuring that net interest margins remained significantly high.

    Looking ahead, in FY 2016-17 we will capitalize on the improving demand and look to improve the

    performance of the Company. The Company has all the capabilities and strengths to navigate through

    the challenges presented by global and Indian economy. The Company will continue to be a

    responsible corporate citizen wherever it operates, and is committed to delivering long-term value

    creation for all its stakeholders.

    The Board joins me in expressing our deep appreciation to all the shareholders, employees, the

    management team and all our partners for their support, co-operation and understanding. The

    Management is conscious of your increasing expectations and is gearing to fulfill the same. We remain

    committed to creating long term value for our stakeholders.

    Regards

    Chairman & Managing Director, CEO

    PAWAN JAIN

    Annual Report 2015-16

    3

    Ashika Credit Capital Limited

    Heading & from Page No. 65 , 53, 54

  • ACCL is registered NBFC – ND with RBI and operates in a single segment as lending and investing in securities. The Company is actively engaged in the fund-based activities, providing loans and advances, Inter corporate deposits, investment in shares & securities etc. ACCL’s services today are readily available to individuals, corporate, financial institutions throughout India.

    It is a professionally managed company, which focused its vision on financial services & follows strict code of conduct of business by practicing fair business values with Stakeholders and society at large. It had been complying with all relevant enactments & statutes of the land in letter & in spirit. There is a Strict adherence to Ethics and a Responsibility towards all those who come within its corporate ambit.

    According to the World Bank’s January 2016 Global Economic Prospects, global growth is projected to reach 2.9 percent in 2016, as modest recovery in advanced economies continues and activity stabilizes among major commodity exporters. Global growth once again stumbled upon in 2015 following decline in global commodity prices, declining trade flows, increased volatility in exchange rates

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