Jayabharat Credit Limited (**JCL**) is a legacy financial services entity incorporated in **1943**. Historically a player in the hire purchase and leasing sectors, the company has undergone a total cessation of its core business activities. It is currently categorized as a **non-operational** entity focused exclusively on administrative consolidation, the recovery of historical dues, and corporate restructuring. --- ### **Current Operational Status and Regulatory Standing** The company has transitioned from an active financial intermediary to a dormant corporate shell. Its current activities are restricted to maintaining statutory compliance and managing legacy recoveries. * **NBFC Status:** The **Reserve Bank of India (RBI)** cancelled the company’s **Certificate of Registration (COR)** via a letter dated **January 13, 2020**. Consequently, the company is prohibited from undertaking any new lending, guarantees, or investment activities. * **Business Activity:** There is **zero revenue from operations**. The company is not entering into fresh business exposures and has written off its trade receivables and financial assets in alignment with regulatory mandates. * **Debt Profile:** The company is technically **debt-free** in terms of external obligations, maintaining **no bank borrowings** and **no public deposits**. * **Operational Funding:** All current administrative and operational expenses are met through **promoter support** in the form of **Inter-Corporate Deposits (ICDs)**. --- ### **Financial Solvency and "Going Concern" Assessment** JCL is in a state of severe financial distress, characterized by a total erosion of its capital base and a deeply negative net worth. Its survival is entirely contingent on the continued financial infusion from its promoters. #### **Comparative Financial Performance** | Metric | Dec 31, 2025 | Mar 31, 2025 | Mar 31, 2024 | | :--- | :--- | :--- | :--- | | **Accumulated Losses** | **₹ 76.32 Crore** | **₹ 75.54 Crore** | **₹ 74.53 Crore** | | **Net Worth** | **(₹ 61.65 Crore)** | **(₹ 60.86 Crore)** | **(₹ 59.85 Crore)** | | **Net Profit / (Loss)** | **(₹ 0.275 Crore)** | **(₹ 1.01 Crore)** | **(₹ 1.06 Crore)** | | **Revenue from Operations** | **Nil** | **Nil** | **Nil** | | **Promoter Support (ICDs)** | **₹ 61.21 Crore** | **₹ 60.42 Crore*** | **₹ 59.49 Crore*** | *\*Estimated based on reported trends.* #### **Critical Financial Indicators** * **Material Uncertainty:** Statutory auditors consistently issue a **"Material Uncertainty"** notice regarding the company's status as a **Going Concern**. As of March 2025, **current liabilities exceeded total assets by ₹ 60.86 Crore**. * **Negative Net Worth:** The net worth has progressively deteriorated from **(₹ 58.79 Crore)** in March 2023 to **(₹ 61.65 Crore)** by December 2025. * **Income Sources:** Income is limited to sporadic **"Other Income"** (e.g., **₹ 0.43 Lakh** in Q3 FY25), while expenses are dominated by administrative overheads. --- ### **Strategic Realignment: Corporate Relocation to Delhi** The primary strategic focus of the management over the last three years has been the geographic and administrative consolidation of the company by shifting its base to the National Capital. * **Relocation Milestone:** In **November 2025**, the company successfully completed the shifting of its Registered Office from the State of **Maharashtra** to the **National Capital Territory (NCT) of Delhi**. * **Regulatory Compliance:** The move was executed under **Sections 12 and 13(4)** of the **Companies Act, 2013**. * **Timeline of the Shift:** * **Dec 2020:** Initial shareholder approval at the **77th AGM**. * **Sept 2023:** Special Resolution passed for relocation. * **Sept 2025:** Final approval from the **Regional Director (Western Region)** and filing of **e-Form INC-28**. * **Operational Impact:** The move is intended to centralize administrative functions. Management has committed to the Regional Director that the interests of existing employees will not be adversely affected by this transfer. --- ### **Risk Matrix and Contingencies** Investors should note that JCL operates under a high-risk profile due to its lack of revenue and significant legal/financial liabilities. * **Liquidity and Credit Risk:** There is a permanent risk of being unable to meet contractual obligations without external promoter funding. Management also highlights a **"cascading effect"** where defaults by historical customers impact the recovery of remaining dues. * **Tax Litigation:** The company faces a tax contingency of **₹ 42.26 Lakh** for AY 2006-07. A pending appeal exists before the **Commissioner of Income Tax (Appeal)** regarding a demand for **FY 2005-06** totaling **₹ 50.63 Lakh** (including interest). * **Interest Rate Risk:** While the company has no bank debt, it remains exposed to interest rate fluctuations on its **long-term obligations** and term deposits. * **Legal Continuity:** Despite the move to Delhi, there is **no jurisdictional change** in any legal proceedings currently pending against the company in Maharashtra or other regions. --- ### **Corporate Governance and Listing Details** Despite its non-operational status, the company maintains the necessary governance framework required for a listed entity. | Feature | Details | | :--- | :--- | | **Listing Status** | Listed on **BSE Limited** (Scrip Code: **501311**) | | **New Registered Office** | 4/17-B, Asaf Ali Road, Darya Ganj, **New Delhi - 110002** | | **New CIN** | **L66000DL1943PLC458206** | | **Board Composition** | Balanced mix of **Non-Executive**, **Independent**, and **Woman Directors** | | **Dividend Policy** | **Nil** (No dividends declared due to continued losses) | | **Reserves** | **Zero** transfers to Statutory or General Reserves in recent periods | **Summary for Investors:** Jayabharat Credit Limited is a distressed legacy entity. Its value proposition is currently tied to its **listed status** and the **recovery of historical dues**, rather than active business growth. The company’s survival is entirely dependent on the **promoters' willingness** to continue funding the negative net worth through Inter-Corporate Deposits.