Apple Credit Corporation Ltd Directors Report

To

THE MEMBERS OF

ABHAYAM TRADING LIMITED

Your Directors present herewith the 28th Annual Report of your Company together with the Audited Accounts for the year ended 31st March 2016.

The financial highlights for the year under review are as follows:

		(Rupees in lacs)
Particulars	Year Ended 31st March 2016	Year Ended 31st March 2015
Profit / Loss before Int., Depreciation and Tax	(47.04)	(43.93)
Less: : Depreciation	0.02	0.21
Profit / Loss before Tax	(47.02)	(43.72)
Add : Provision for Non Performing assets	NIL	NIL
Less : Fringe Benefit Tax	NIL	NIL
Add : Depreciation related to earlier years	NIL	NIL
Profit / Loss after Int., Depreciation and Tax	(47.02)	(43.72)
Balance in Profit & Loss Account b/f (Loss)	(29843.62)	(29799.02)
Balance in Profit & Loss Account c/f (Loss)	(29890.64)	(29843.62)

There were no disbursements during the year under review. The Company has continued its efforts for recovery of overdues.

On account of accumulated loss, your Directors are not in a position to recommend any Dividend.

DIRECTORS

Mrs.V Padma,(DIN 06986599) as Director is liable to retire by rotation, in the ensuing Annual General Meeting.

Management Discussion and Analysis Report (MDAR)

a) Industry Structure and development:

There was room for cheer on some counts in FY2015 on account of HP growth and sales of passenger and commercial vehicles coming in higher than the previous year. GDP growth measured on the revised base year 2011-12 market prices is estimated at 7.4% in 2014-15as compared to 6.9% for 2013-14.

b) Opportunities and Threats:

The Management of the Company discussed about the Strengths, , Weaknesses, Opportunities and Threats for the same.

c) Segment wise or Product wise performance

After two years of steep decline M & HCV sales grew by 16% , freight demand however remained sluggish reflecting the strains in the agricultural and manufacturing sectors. LCV sales on the other hand continued to struggle witnessing a drop of 12% on top of a fall of 18% in the previous year. Sales of Cars and Utility Vehicles are reported to have registered a marginal growth of 4%. Overall the much antici pated .bounce back’ in the automotive sector remained elusive.

The Company is concentrating on recovery of old loans and taking legal steps required.

d) Outlook

Prospects for the coming year remain uncertain.

e) Risk and areas of concern

Market and legal risks involved in recovery process are adequately addressed by the internal control systems and are continuously reviewed and monitored by a dedicated team of people.

f) Internal Control system and their adequacy:

The Company has adequate internal control procedures commensurate with the size of the company and the nature of business. Mr. Subrahmaniya Sivam R., Chartered Accountant, has been appointed to conduct Internal Audit and the findings and recommendations are placed before the Audit Committee of the Board regularly. The Audit Committee regularly reviews the audit findings as well as the adequacy and effectiveness of the internal control measures and reports to the Board..

g) Vigil Mechanism /Whistle blower Policy.

As per Sec.177 (9) of Companies Act., and Rule 7 under Companies (Meetings of Board and its powers)Rules 2014,the Company has vigil mechanism policy to deal with fraud or mis-management if any, Details are given in Corporate Governance Report and also posted on the website.

h) Related Party Transactions:

There are no related party transactions during the year.

I) Material developments in Human Resources / Industrial relations front :

Your Company believes that its greatest assets are its people and training is an investment in long term people development, for organizational excellence. The Company has maintained cordial relationshi p with its employees throughout the year.

Extract of Annual Return is as per Annexure - A

DIRECTORS RESPONSIBILITY STATEMENT

Pursuant to Section 134 of the Companies Act, 2013 the Directors confirm that :

1. In the preparation of the annual accounts, the applicable accounting standards have been followed;

2. Appropriate accounting policies have been selected and applied consistently and have made judgements and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company as at 31st March 2016 and of the Profit/Loss of the Company for the year ended 31st March 2016

3. Proper and sufficient care has been taken for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;

4. The annual accounts have been prepared for the year ended 31st March 2016 on a going concern basis.

CORPORATE GOVERNANCE

A separate Report on Corporate Governance is produced as a part of this Annual Report along with the Auditors Statement on its compliance.

DEPOSITORIES

As the Members are aware, your Company’s are tradable compulsorily in electronic form and your Company has established connectivity with both the Depositories i.e. National Securities Depository Limited and Central Depository Services(India) Limited.

In view of the numerous advantages offered by the Depository system, Members are requested to avail of the facility of dematerialisation of the Company’s shares on either of the Depositories aforesaid.

At present over 64.96% of the paid-up equity capital of the Company is held in dematerialised form.

FIXED DEPOSITS

Your Company has no outstanding Deposits as all Unclaimed Deposits in the Company have been transferred to Government A/c as per Companies Act 1956.The Company ,during the year under review, has not accepted any deposits from public.

AUDITORS

The Companys Auditors M/s Brahmayya & Co, Chartered Accountants, Chennai will retire at the ensuing Annual General meeting and being eligible have offered themselves for re-appointment and the requisite certificate u/s 139 of the Companies Act, 2013 has been obtained from them for this purpose.

AUDITORS’ REPORT

As regards observations of the Auditors under the head "Opinion" in the Independent Auditors’ Report, attention of the members is invited to Note No.19. to the Annual accounts, which is self explanatory.

Secretarial Audit Report Pursuant to Sec. 204 of the Companies Act 2013, and Companies (Appointment and Remuneration of Managerial Personnel) Rules 2014 .The Board has appointed M/s PK Panda & Co., Practising Company Secetaries, to carry out Secretarial Audit of the Company, as per Annexure - B

PARTICULARS OF PERSONNEL

The information required under Sec.197 of the Companies Act 2013,read with Rule 5 of the Companies (Appointment and remuneration of managerial personnel) Rules 2014 are provided in Annexure C.

The particulars of employees as required u/s 134 of the Companies Act, 2013 read with the Companies (Particulars of Employees) Rules 1975 is not applicable to the Company as there were no employees drawing remuneration in excess of the limits specified under the said rules.

Rule 8 under Companies(Accounts) Rules 2014:

1,2,3 Your Company has no activity relating to Conservation of Energy, Technology, Absorption and Foreign Exchange these areas during the period under review.

4. Further the Board has made an annual evaluation of its own performance and that of its committees by analysing the agenda considered ,notes and discussion papers and attendance of individual directors.

5. i) Financial Summary given above.

ii) Change in business -Trading

iii) Independent Directors appointed during the year.

Mr. JRK Sarma and Mr.K. Elangovan.

iv) Subsidiaries and Joint Ventures – Nil

v) Deposits under chapter V - Nil

vi) Deposits not in compliance with Chapter V- NA.

vii) No significant / Material orders passed by regulators / Court / Tribunals impacting the going concern status / future operations.

viii) Adequate internal financial controls in force.

Rule 8 of Companies (CSR Policy) Rules 2014.

As the company has incurred loss the above does not apply.

ACKNOWLEDGEMENTS

Your Directors wish to express their gratitude to the Shareholders , Bankers and employees for their support.

	For and on behalf the Board
JRK Sarma	K Elangovan	V Padma
Director	Director	Director
Place : Chennai
Date : 30th May 2016