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Asia Pacific Investment Trust Ltd.

BSE: 511028 Sector: Financials
NSE: N.A. ISIN Code: N.A.
BSE 05:30 | 01 Jan Asia Pacific Investment Trust Ltd
NSE 05:30 | 01 Jan Asia Pacific Investment Trust Ltd

Asia Pacific Investment Trust Ltd. (ASIAPACIFICINV) - Director Report

Company director report

1996 ASIA PACIFIC INVESTMENT TRUST LIMITED DIRECTORS REPORT Your Directors have pleasure in presenting the Twelfth Annual Report and the Audited Statement of Accounts of the company for the year ended June 30, 1996. Operations The gross fresh disbursal during the current year by the company stood at Rs.2556.28 lakhs comprising of Rs.2358.28 lakhs towards acquisition of Hire purchase assets and Rs.198.00 lakhs towards lease finance (compared to Rs.2653.13 lakhs during the previous period of 15 months). Your company is complying with the Guidelines of Reserve Bank of India by filing half year returns as per the prudential norms applicable to NBFC. The Capital Adequacy Ratio of your company based on 31st March 1996. Returns filed with RBI is very comfortable at 12.91% as against the required 8% The stock-on-hire as at June 30,1996 stood at Rs.5835.31 lakhs (Previous period Rs.4634.84 lakhs and the gross assets-on-lease stood at Rs.2602.56 lakhs (Previous period Rs.2404.56 lakhs). Dividend Your Directors recommend, for consideration and approval of the members at the Annual General Meeting, payment of dividend at the rate of Rs.2.50 per share (1994-95 Rs.2.50 per share for 15 months period) subject to deduction of Income Tax wherever applicable. Public Deposits Your company has been accepting deposits from the public, share holders and others. The number of deposit holders as on June 30,1996, stands at 47738 with aggregate deposits of Rs.6140.37 lakhs (previous period Rs.5934.87 lakhs) As on June, 30 1996, 936 deposits amounting to Rs.91.35 Lakhs remained unclaimed. Your company has reminded the depositors either to take back the matured deposits or to renew the same. Directors In accordance with the requirements of the Companies Act, 1956 and Article 105(a) and 107 of the Articles of Association of the Company your Directors viz: Field Marshal SHFJ Manekshaw; Lt. Gen (Retd) Depinder Singh; Mr. R.S.Choudhury retire by rotation and, being eligible, offer themselves for reappointment. Year in retrospect and the future The year under review was a very difficult one. The restrictions imposed on lendings from Bank coupled with severe competition in the market resulting to increase in the cost of funds. The capital market was also very sluggish through out the year. Inspite of the tight money situation your company was able to improve profitability. Consequent to the freeing of the interest rates announced by RBI to NBFC's your company expects significant improvement in this year. Your company has made the requisite application to RBI and the compliance certificate is expected shortly. With RBI freeing up the interest rates it is expected that there will be improvement in the mobilization of deposits which will provide more opportunities for business development. The APAMC which was formed last year has got the registration from SEBI for the launching of the mutual fund. Personnel The Company continues to enjoy a harmonious and healthy relationship with personnel at all levels. Statement of Particulars of the employees in terms of Section 217 (2A) of the Companies Act, 1956 are set out in the Annexure which forms part of this report. Disclosures Particulars laid down in Section 217(1)(e) of the Companies Act, 1956 pertaining to conservation of energy, technology absorption are not applicable. Auditors M/s. M. Bhaskara Rao and Company, Chartered Accountants, Hyderabad, who are the present auditors of the Company, retire at the close of the ensuing Annual General Meeting and are eligible for reappointment. Acknowledgements Your Director place on record their appreciation of the co-operation, the company has received from the financial institution viz, IFCI, IRBI,SIDBI, State Bank of India and other consortium member Banks. Your Directors express their gratitude to the deposit holders and the share holders of the company for the confidence and faith reposed in the management. Your Directors place on record their sincere appreciation of the total commitment and hard work put in by all the employees of the company. By Order of the Board of Directors K. Thyagaraj Managing Director Place: Hyderabad Dated: 12th October, 1996.