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Company Information

Home » Market » Company Information

K Z Leasing & Finance Ltd.

Oct 11
14.00 +0.50 (+ 3.70 %)
 
VOLUME : 100
Prev. Close 13.50
Open Price 14.00
TODAY'S LOW / HIGH
14.00
 
 
 
14.00
Bid PRICE (QTY.) 0.00 (0)
Offer PRICE (Qty.) 0.00 (0)
52 WK LOW / HIGH
7.83
 
 
 
14.00
K Z Leasing & Finance Ltd. is not traded in NSE
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Market Cap. ( ₹ ) 4.26 Cr. P/BV 0.52 Book Value ( ₹ ) 26.71
52 Week High/Low ( ₹ ) 14/8 FV/ML 10/1 P/E(X) 31.96
Bookclosure 29/09/2018 TTM EPS ( ₹ ) 0.52 Div Yield (%) 0.00
DIRECTOR'S REPORT
You can view full text of the latest Director's Report for the company.
Year End :2014-03 The Shareholders

K. Z. Leasing & Finance Ltd.

The Directors have pleasure in presenting the 28th Annual Report of your company together with the Audited Accounts for the year ended 31st March 2014,

FINANCIAL RESULT

Income                                          2013-2014   2012-2013
Profit before depreciation & tax 3,244,390.41 13,81,644.27

Less : Depreciation                             29,252.00     32,530.00

Provision for Taxation                        6,12,164.00    272,694.00

NET PROFIT/LOSS AFTER TAX                    2,602,974.41  1,076,420.27
Less:Transfer to statutory Reserve A/c 20% Balance of Previous Year

Transfer to Revenue Reserve                    520,594.88   215,284.05

                                             2,082,379.53   861,136.22
REVIEW OF FINANCIAL PERFORMANCE, OPERATIONS AND FUTURE PROSPECTS:

During the year under report, the company has made profit after Tax of Rs.26.02 Lac during the year as against profit of Rs. 10.76 lac in the previous year. The directors are hoping better performance in coming years.

A detailed analysis of the financial results is given in the Management Discussion and Analysis Report, which forms part of this report.

DIVIDEND

There is tough competition in finance Business, it is in the interest of the company not to declare dividend and invest that amount in the company. Directors have decided not to recommend any dividend.

DEPOSIT

The company has not accepted public deposit during the year and the deposits outstanding are old deposits from Directors and their relative. However company has complied the provisions of section 58 A of companies Act as well as NBFC regulations.

DIRECTORS' RESPONSIBILITY STATEMENT

Pursuant to the requirement under Section 217(2AA) of the companies Act, 1956 with respect to Directors' Responsibilities Statement, it is hereby confirmed:

( I ) That in the preparation of the annual accounts for the financial year ended 31st March, 2014, the applicable accounting standards had been followed along with proper explanation relating to material departures ;

( II ) That the directors had 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 at the end of the financial year and of the profit or loss of the company for the year under review ;

( III ) That the directors had taken proper and sufficient care for 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 directors had prepared the accounts for the financial year ended 31st March, 2014 on a " going concern " basis

BOARD OF DIRECTORS:

1. Mr. Ankit P Patel and Shri Gandalal A Patel Director of the Company retires by rotation and, being eligible, offers himself for re-appointment.

2. In accordance with the provisions of Section 149, 152 and other applicable provisions of the Companies Act, 2013and Rules made thereunder, it is proposed to appoint Mr. Rameshbhai N Patel, Mr. Kantilal J Patel, Mr. Gandalal A Patel and Mr. Keshavlal K Patel, who are currently non- executive independent directors of the company and who meet the criteria for independence as provided in Section 149(6) of the Companies Act, 2013, as independent directors for a period of 5 years from the date of the ensuing Annual General Meeting.

RBI GUIDELINES

The company has complied with the regulations of the Reserve Bank of India as on March 31st, 2014 as are applicable to it as a systemically important non banking finance company.

CAPITAL ADEQUACY

The company's capital adequacy ration was 110.75% as on march 31st March 2014, which is significantly above the threshold limit of 10% as prescribed by the reserve bank of India.

AUDITORS

M/s. J. M. Patel & Bros., Chartered Accountant, Auditors of the company hold office until the conclusion of the ensuing Annual General Meeting and are recommended for re appointment. The company has received certificate from the Auditors to the effect that their re appointment, if made, would be within the prescribed limits under section 224 (1) of The Companies act, 1956

AUDITOR'S OBSERVATIONS

As the observations made by auditors in the Auditors report read with notes on Account are self explanatory so no further explanation require. However for NPA provision the company has followed the procedure of written off Bad debts instead of NPA provision. Board of Directors are hopeful to recover the advances outstanding.

CORPORATE GOVERNANCE

Pursuant to the requirements of the Listing Agreements with Stock Exchanges, your Directors are pleased to annex the following:

1. Management Discussions and Analysis Report.

2. A report on Corporate Governance along with Auditor's Certificate relating to compliance of conditions thereof.

PERSONAL

During the year under review, the relation between the Management and the employees continued to be very cordial. None of the employees of the company were in receipt of remuneration in excess of Rs. 25000 per month and hence, information pursuant to the provisions of section 217 (2A) of the Companies Act, 1956 read with Companies (Particulars Of employees ) Rules, 1975 is not furnished.

INFORMATION AS PER SECTION 217 (1) (E) OF THE COMPANIES ACT, 1956

The Company has no activities relation to conservation of energy or technology absorption. There was neither inflow nor out go of foreign exchange during the year.

APPRECIATION

The Director record the appreciation to the company's share holder, Bank Employees for their support and look forward for their co-operation in the measures being taken to ensure a more prosperous future of the company.

ACCOUNTING STANDARDS AND FINANCIAL REPORTING:

The Company incorporates the accounting standards as and when issued by the Institute of chartered Accountants of India. The Company Complied with the Stock Exchange and legal requirement concerning the Financial Statements at the time of preparing them for the Annual Report.

LISTING:

The equity shares of the company are listed in the Bombay Stock Exchange Limited which has the connectivity in most of the cities across the country.

CORPORATE SOCIAL RESPOSIBILITY:

During the year the Board constituted a Corporate Social Responsibility Committee comprising of three nonexecutive directors which stood as follows as on 31st March, 2014:

Mr. Rameshbhai N Patel (Non-executive and Independent director) - Chairman Mr. Kantilal J Patel (Non-executive and Independent director) - Member Mr. Gandalal A Patel (Non-executive and Independent director) - Member

The terms of reference and scope of work is same as prescribed in Section 135 of the Companies Act, 2013, and the Rules thereunder.

INSURANCE:

The company has made necessary arrangements for adequately insuring its insurable interests. INDUSTRIAL RELATIONS:

The directors are happy to note that the industrial relations continued to remain cordial during the year. The directors express their appreciation towards the staffs and executive staffs for their coordination and hope for a continued harmonious relations.

ACKNOWLEDGEMENT:

Your directors would like to express their grateful appreciation for the assistance and co-operation received from the Government, Banks and Business associates during the year under review. The Directors also express their gratitude to the shareholders for the confidence reposed towards the Company. Your Directors wish to place on record their deep sense of appreciation to all the employees for their commendable team work and enthusiastic contribution during the year.

REGISTERED OFFICE :

1st Floor, Deshna Chamber,                      BY ORDER OF THE BOARD
B/h., Kadva Patidar Wadi,            FOR, K Z LEASING AND FINANCE LTD.
Ashram Road, Usmanpura,
Ahmedabad - 380014.
Date : 22-05-2014                                  Pravinbhai K Patel
                                        (Chairman & Managing Director)