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Crystal Credits Corporation Ltd.

BSE: 530465 Sector: Financials
NSE: N.A. ISIN Code: INE036C01012
BSE 05:30 | 01 Jan Crystal Credits Corporation Ltd
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Crystal Credits Corporation Ltd. (CRYSTALCREDITS) - Director Report

Company director report

ANNUAL REPORT 1998-99 CRYSTAL CREDITS CORPORATION LIMITED DIRECTORS' REPORT Dear Share Holders, The Directors have pleasure in presenting the Seventh Annual Report of CRYSTAL CREDITS CORPORATION LTD, together with Audited Statements of Accounts for the year ended 31st March, 1999. WORKING RESULTS During the year under review, your Corporation showed a satisfactory performance despite adverse market and Economic Condition in the Country, consequently there is decrease in the profit before depreciation and taxation. The profits after depreciation & Taxation is lower than previous year. However your Directors assure better results in the years to come. OPERATIONS We believe in the Darwinism i.e. survival of the fittest. Despite the depressed financial markets in the country, your corporation is performing well. The corporation has managed to survive in this period due to over regulating the NBFC like compulsory linkage of quantum of deposits with credit rating, strict provisioning norms etc, the already depressed financial markets, which are affected due to bad state of Indian economy are at the lowest ebb. The NBFC are struggling to survive in this bad period of business cycle. Your Directors take this opportunity to appreciate good team work and sincere efforts of all the employees who have struggled very hard to upheld profitability of the corporation. The corporations very confident to come back with flying colours, once financial sector improves. The corporation is carrying out both fund based and non-fund based activities. The financial results as stated above, reflect decline in profitability. This is due to depressed markets. The corporation has maintained its operating base and once the market improves, the corporation will retain its profitability. FUTURE PROSPECTS The corporation has maintained its operating base and has survived in the bad times. In the coming months, the corporation intends to concentrate to maintain its existing base and to venture into the area of financing agro based industries. The Indian economy is primarily agro based, despite this agro based industries are almost neglected. The corporation has good number of clientage in the state of Uttarakhand, Uttar Pradesh, Madhya Pradesh, Haryana, Himachal Pradesh and with this operating base is planning to concentrate on fund and non fund based activities in agro based industries. DEPOSITS At the end of financial year under review, your Corporation has net Fixed Deposits Funds worth Rs.679.29 lacs (Previous Year Rs.1503.86 lacs). The Corporation has concentrated on maintaining liquidity of funds through recoveries of loans, advances, lease rent and hire purchase installments etc, instead of concentrating on higher deposits mobilisation. The Corporation is regularly rating its assets and deposits portfolio and accordingly making all efforts for its improvement under the present set of Government rules and regulation, the corporation is reducing its public deposit portfolio and replacing by ICDs, corporate/AoP deposits & secured NCDs. The Directors are pleased to inform that there were no overdue deposits as on 31st March, 1999. DIRECTORS Dr.D.D. Tiwari, Director who retires at this Annual General Meeting and being eligible offers himself for reappointment. The Board of Directors recommend the appointment of Dr.D.D.Tiwari as Directors for your approval. AUDITOR'S REPORT The Notes on Accounts are self explanatory and therefore, do no call for any further comments under section 217(3) of the Companies Act, 1956. AUDITORS M/s. U. Shankar & Associates, Chartered Accountants, Statutory Auditors of the corporation will retire at the conclusion of ensuing Annual General Meeting being eligible, have expressed their willingness for reappointment, if made, will be within the limits laid down under Section 224(1B) of the Companies Act, 1956. ADDITIONAL INFORMATION REQUIRED UNDER THE COMPANIES (DISCLOSURE OF PARTICULARS IN THE REPORT OF THE BOARD OF DIRECTORS) RULES, 1988 U/S 217(1)(e) OF THE COMPANIES ACT, 1956. Your Corporation, being a registered NBFC, not having any manufacturing activities as such the disclosure of information with regard to absorption of technology, and Energy Conservation is not warranted. The corporation has been granted full fledged money changers (FFMC) licence by Reserve Bank of India, which was renewed for the year 1998-99. Notwithstanding, in possession of FFMC licence the, corporation has not done any transaction involving any foreign exchange. There has been no Foreign Exchange outgo and earning by Corporation. PARTICULARS OF EMPLOYEES Information pursuant to the provisions of Section 217(2A) of the Companies Act, 1956 as amended upto date is annexed hereto. ACKNOWLEDGEMENTS The Directors place on record their appreciation for the co-operation extended by the Bankers to the Corporation and all other agencies including Government and local authorities for their continuous support for the progress of the Corporation. We also place on record our appreciation for the efforts and services rendered by the employees of the Corporation. We on behalf of the Board express gratitude to the Share holders and Depositors for their confidence reposed in the progress of the Corporation. For and on behalf of the Board of Directors CRYSTAL CREDITS CORPORATION LIMITED Sd/- Sd/- Place : New Delhi (DR.D.D.TIWARI) (DR.M.PATHAK) Date : 05.08.1999 DIRECTOR MANAGING DIRECTOR