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Apple Finance Ltd.

BSE: 500014 Sector: Financials
NSE: APPLEIND ISIN Code: INE096A01010
BSE LIVE 11:35 | 08 Dec 2.80 -0.12
(-4.11%)
OPEN

2.85

HIGH

2.85

LOW

2.80

NSE LIVE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 2.85
PREVIOUS CLOSE 2.92
VOLUME 600
52-Week high 4.10
52-Week low 1.70
P/E 20.00
Mkt Cap.(Rs cr) 15.59
Buy Price 2.80
Buy Qty 1950.00
Sell Price 2.92
Sell Qty 26.00
OPEN 2.85
CLOSE 2.92
VOLUME 600
52-Week high 4.10
52-Week low 1.70
P/E 20.00
Mkt Cap.(Rs cr) 15.59
Buy Price 2.80
Buy Qty 1950.00
Sell Price 2.92
Sell Qty 26.00

Apple Finance Ltd. (APPLEIND) - Chairman Speech

Company chairman speech

ANNUAL REPORT 2000-2001 APPLE FINANCE LIMITED Chairman's letter Dear Shareholders, I Welcome you all to the fifteenth annual general meeting of your Company. The audited financial statements for the period ended March 31, 2001 and the reports of the Directors and Auditors thereon are already with you for some time and I hope you have gone through them. The fourteenth annual general meeting of your Company was held on June 29,2001 for approval of the annual accounts for the year ended December 31, 2000 and other matters. Today's meeting has become necessary in view of the mandatory requirement stipulated by Reserve Bank of India in their notification dated January 13, 2000 directing Non-Banking Financial Companies (NBFCs) to prepare Balance Sheet and Profit & Loss Account as on March 31 every year beginning with the present period, even if fractional, ending on March 31, 2001. Accordingly, in compliance with the aforesaid notification of Reserve Bank of India, the accounting year of your Company has been changed to end on March 31, 2001. The fate of the NBFC industry is perforce linked to trends in the national economy and various government policies-fiscal and monetary, impacting upon the finance sector. The gradual slump in the national economy witnessed for past two years is only accentuating further and now the spectre of a deep and long-lasting depression looms large. Low GDP growth, sagging market conditions, global competition for which we were poorly prepared and total lack of investor confidence have contributed to these overall recessionary conditions in the entire economy which have direct bearings on fortune of NBFC industry. Further, during the past few years, banks and financial institutions have become averse to extending financial assistance to the NBFC industry leading to reduced availability of long term funds, forcing the NBFCs to increase their dependence on high cost short term funds and thereby resulting in severe erosion in margins. The situation is further exacerbated as the NBFC industry has to face stiff competition with entry of large multinational companies, banks and institutions who, with their aggressive marketing tactics and strong financial muscle, have made substantial inroads into the areas of business which were once dominated by NBFCs. This period has also been characterized by higher rate of defaults by the clients with a lot of companies reported sick under the Sick Industrial Companies (Special Provisions) Act, 1985 which had a further fallout on the market' There has been a general trend of increase in non-performing assets for the industry. The slowdown in the various core sectors of the economy had a severe impact on our customers who are mostly small and medium corporates and individual truck operators, and this in turn resulted in their not fulfilling commitments and the contractual obligations to the Company,, thereby impacting on realization dues from them. The abysmally thin margins and increased business risks have been major reasons for our zero business level. As your Company vas not able to compete with other players in the industry viz., multinational companies, banks and financial institutions, your Directors took a conscious decision not to disburse further but to focus on recoveries. Your Directors are continuing to make all out efforts for recovery. Such solutions include legal remedies, assets swaps, etc. With these efforts, your Directors hope to reduce the quantum of losses in future. However, such recovery process is a long drawn involving courts, continued negotiations and discussions with clients etc. and hence requires lots of patience. As mentioned in the previous meeting, your Directors had taken a conscious decision to prepay all public deposits, and as such your Company has successfully prepaid the public deposits. The unclaimed deposits have also been provided for fully. We are in dialogue with creditors for settlement of their dues. Their responses are positive and we are striving for early settlements as those can be of immense importance and beneficial for all. Your Company acknowledges the invaluable team spirit of its dedicated employees who have stayed with us even in these difficult days. Mr. V. Gopalakrishnan, who was the Managing Director, resigned on August 9, 2001 and Mr. T. K R. Chary, Executive Director resigned on August 31, 2001 for personal reasons. The Board wishes to place on record its appreciation of the services rendered by them. I take this opportunity to express our sincere gratitude for your support, which will no doubt help us to tide over the crisis. Thank you. Sincerely yours, Chairman Date: September 7, 2001

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