To The Members, Aadhaar Ventures India Limited CIN: L67120GJ1995PLC024449
Your directors have pleasure in presenting their 28ths Annual Report on the
business and operations of the Company together with its Audited Accounts for the year
ended March 31, 2023. The Management Discussion and Analysis is also included in this
Report.
1. FINANCIAL RESULTS:
The highlights of the financial results of the Company for the financial year ended
March 31, 2023 are as under:
| Particulars |
Year Ended |
|
31.03.2023 |
31.03.2022 |
| Gross Sales/Income |
17.91 |
7.41 |
| Depreciation |
0.00 |
0.80 |
| Profit/(Loss) before Tax |
1.20 |
1.61 |
| Taxes/ Deferred Taxes |
0.30 |
0.40 |
| Profit/(Loss) After Taxes |
0.90 |
(4.08) |
| P& L Balance b/f |
21056.59 |
21060.67 |
| Profit/(Loss) carried to Balance Sheet |
21,057.49 |
21056.59 |
2. BRIEF DESCRIPTION OF THE COMPANYS WORKING DURING THE YEAR/STATE OF COMPA- NYS
AFFAIR:
During the year under review the total income was Rs. 17.91 Lacs as compared to Rs.
7.41 Lacs of the previous Year 2021-22. After making all necessary provisions for current
year and after taking into account the current year net profit and total provisions for
taxation, the surplus carried to Balance Sheet is Rs. 21056.59 Lacs. The Promoters, Board
of Directors and entire management team are putting their stern effort to achieve targeted
turnover in the segment of infrastructure projects.
3. CHANGE IN THE NATURE OF BUSINESS:
The Company is engaged in the Business of Non-Banking Financial Company (NBFC).
4. CHANGE OF NAME:
During the year the company has not changed its name.
5. FINANCE:
The Company has not borrowed loan from any Bank during the year under review.
6. SHARE CAPITAL:
The paid-up Equity Share Capital as on March 31, 2023 was Rs. 1,57,09,69,000.
A) Allotment of equity shares pursuant to conversion of convertible warrants:
During the year under review, the Company has not issued any equity/warrant during the
year.
B) Issue of equity shares with differential rights:
During the year under review, the Company has not issued any shares with differential
voting rights.
C) Issue of sweat equity shares:
During the year under review, the Company has not issued any sweat equity shares.
D) Issue of employee stock options:
During the year under review, the Company has not issued any employee stock options.
E) Provision of money by company for purchase of its own shares by employees or by
trustees for the benefit of employees:
The Company has no scheme of provision of money for purchase of its own shares by
employees or by trustees for the benefit of employees. Hence the details under rule 16 (4)
of Companies (Share Capital and Debentures) Rules, 2014 are not required to be disclosed.
7. DIVIDEND:
The Board of Director of the company has not recommended dividend for the financial
year 2022-23.
8. REPORT ON PERFORMANCE AND FINANCIAL POSITION OF SUBSIDIARIES, ASSOCIATES AND JOINT
VENTURE COMPANIES:
The Company has no subsidiaries, Associates and Joint Venture Companies.
9. DIRECTORS: a) Director:
The following are the Director of the Company.
| Mr. Jils Raichand Madan |
Executive Director |
| Mr. Somabhai Meena |
Non-Executive-Independent Director |
| Mrs. Jyoti Munver |
Non-Executive-Independent Director |
| Mr. Veenu Chougule |
Non-Executive-Independent Director |
| Mr. Sanjay Devlekar |
Non-Executive-Independent Director |
b) Appointment/Re-appointment:
Pursuant to the provisions of Section 152 and other applicable provisions if any, of
the Companies Act, 2013, Mr. Jils Raichand Madan (DIN: 02810555), Director of the Company
is liable to retire by rotation at the forthcoming Annual General Meeting and he is being
eligible offers himself for re-appointment.
c) Changes in Directors and Key Managerial Personnel:
During the year no changes occurred in the Composition of Board Directors due to
Appointments and Resignations of several Directors and KMP:
d) Declaration by an Independent Director(s) and reappointment, if any:
All Independent Directors have given declarations that they meet the criteria of
independence as laid down under Section 149(6) of the Companies Act, 2013 and Regulation
25 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
The Independent Directors have complied with the Code of Conduct for Independent
Directors prescribed in Schedule IV of the Companies Act, 2013 and the Code of conduct
formulated by the Company as hosted on the Companys Website i.e., www.aadhaarltd.com
10. ANNUAL RETURN:
Pursuant to Sub-section 3(a) of Section 134 and Sub-section (3) of Section 92 of the
Companies Act, 2013 read with Rule 12 of Companies (Management and Administration) Rules,
2014, the copy of the draft Annual Return of the Company for the Financial Year ended on
31 March 2023 in Form MGT-7 is uploaded on website of the Company and can be accessed at
www.aadhaarltd.com
11. INVESTOR EDUCATION AND PROTECTION FUND (“IEPF”)
A detailed disclosure with regard to the IEPF related activities undertaken by your
Company during the year under review forms part of the Report on Corporate Governance.
12. NUMBER OF MEETINGS OF THE BOARD:
During the year the Board of Directors met Five times (05). The details of the board
meetings are provided ins Corporate Governance Report.
| 26/05/2022 |
06/08/2022 |
31/08/2022 |
11/11/2022 |
11/02/2023 |
13. DIRECTORS RESPONSIBILITY STATEMENT:
To the best of their knowledge and belief and according to the information and
explanations obtained by them, your Directors made the following statements in terms of
Section 134(3) (c) of the Companies Act, 2013:
a. That in the preparation of the annual financial statements for the year ended March
31, 2023, the applicable accounting standards have been followed along with proper
explanation relating to material departures, if any;
b. That such accounting policies have been selected and applied consistently and
judgment and estimates have been made that are reasonable and prudent so as to give a true
and fair view of the state of affairs of the Company as at March 31, 2023 and of the
profit of the Company for the year ended on that date;
c. That proper and sufficient care has been taken for the maintenance of adequate
accounting records in accordance with the provisions of the Companies Act, 2013 for
safeguarding the assets of the Company and for preventing and detecting fraud and other
irregularities;
d. That the annual financial statements have been prepared on a going concern basis.
e. That proper internal financial controls were in place and that the financial
controls were adequate and were operating effectively;
f. That system to ensure compliance with the provisions of all applicable laws were in
place and were adequate and operating effectively.
14. DETAIL OF FRAUD AS PER AUDITORS REPORT:
There is no fraud in the Company during the Financial Year ended March 31, 2023. This
is also being supported by the report of the auditors of the Company as no fraud has been
reported in their audit report for the financial year ended March 31, 2023.
15. BOARDS COMMENT ON THE AUDITORS REPORT:
There were no qualifications, reservations or adverse remarks made by Auditors in their
respective reports. Observation made by the Statutory Auditors in their Report are
self-explanatory and therefore, do not call for any further comments under section
134(3)(f) of the Companies Act, 2013.
16. AUDITORS:
A. Statutory Auditors:
Pursuant to the provisions of section 139 of the Companies Act, 2013 and the Rules made
there under, M/s. Rishi Sekhri & Associates, Chartered Accountants, Mumbai, were
appointed as the statutory auditor of the company in annual General Meeting held in the
year 2018 and shall hold office up to the conclusion of Annual General Meeting held in the
year 2023.
Rishi Sekhri and Associates, Chartered Accountant, Mumbai (M. No. 126656) be and are
hereby re-appointed as Statutory Auditors of the Company for a second term of five years
to hold office from the conclusion of 28th Annual General Meeting till the conclusion of
33rd Annual General Meeting on such remuneration plus taxes and reimbursement of out of
pocket expenses as may be incurred by them in connection with audit of accounts of the
Company, as may be mutually agreed upon between the Board of Directors and the Statutory
Auditors
B. Secretarial Audit:
Pursuant to the provisions of Section 204 of the Companies Act, 2013 and The Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Company has
appointed Mr. Chirag Jain, Practicing Company Secretary, to undertake the Secretarial
Audit of the Company. The Secretarial Audit Report is annexed herewith and forms part of
the Annual Report. The Secretarial Audit Report is annexed herewith as “Annexure
-A”.
Reply for qualification Remark in Secretarial Audit Report:
1. The Company has not appointed CEO/CFO.
The Company is in process of appointment of CEO/CFO of the Company.
2. The Company has not published notice of meeting of the board of directors where
financial results shall be discussed and financial results, as required under Regulation47
of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
Though the Company has not published notice for Financial Result, and financial result,
the company has uploaded the same on Website of the company and also submitted to BSE
Limited.
3. The Company had not appointed Company Secretary during the year under review. The
Company is in the Process of the same.
4. The Company has not paid Annual Listing Fees for the F.Y. 2022-23. The Company is in
the Process of the same.
5. The Company has not paid various penalties imposed under various regulation by BSE
Limited. The Company is in the Process of the same.
6. No Action has been taken by the company related to previous penalty and prosecution
notice issued by various entity either by SEBI or by Stock Exchange, Management will
responsible for True and Correctness of compliances and all matters, We are providing our
Opinion on “as is where is Basis; subject to such information provided by management
and its representative. We are unable to give our view on verification and examination of
physically maintained proper book of records and other related, Documents and evidences of
various meetings and attendance and other matters. The Company is in the Process of the
same.
7. The authorized share capital of the company is less than the paid-up share capital
of the company and the company has not filed e-form SH-7 for the increase the authorize
capital till date. The Company is in the Process of the same.
8. The Company has not complied with filing of the various forms with the MCA as
required under Companies Act, 2013. The Company is in the Process of the same.
17. TRANSFER TO RESERVES:
Out of the profits available for appropriation, no amount has been transferred to the
General Reserve.
18. DEPOSITS:
The Company has not accepted or renewed any deposits during the year. There are no
outstanding and overdue deposits as at March 31, 2023.
19. PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS UNDER SECTION 186:
The Details of Loans, Guarantees and Investments covered under the provisions of
Section 186 of the Companies Act, 2013 are given in the notes to the Financial Statements.
20. PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES:
The company has not entered into any contracts or arrangements with related party
during the year under review.
21. SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS:
There are no significant material orders passed by the Regulators /Courts which would
impact the going concern status of the Company and its future operations.
22. PROCEEDINGS UNDER INSOLVENCY AND BANKRUPTCY CODE, 2016:
During the year under review, there were no proceedings that were filed by the Company
or against the Company, which are pending (except the previous years which was already
disclosed) under the Insolvency and Bankruptcy Code, 2016 as amended, before National
Company Law Tribunal or other Courts
23. DETAILS OF DIFFERENCE BETWEEN VALUATION AMOUNT ON ONE TIME SETTLEMENT AND
VALUATION WHILE AVAILING LOAN FROM BANKS AND FINANCIAL INSTITUTIONS:
During the year under review, there has been no one time settlement of loans from the
Bank or Financial Institutions
24. BOARD EVALUATION:
Pursuant to the provisions of the Companies Act, 2013 and SEBI (Listing Obligations and
Disclosure Requirements) Regulations, 2015, the Board has carried out an annual
performance evaluation of its own performance, the directors individually as well as the
evaluation of the working of its Audit, Nomination & Remuneration and Compliance
Committees. The manner in which the evaluation has been carried out has been explained in
the Corporate Governance Report.
25. CORPORATE SOCIAL RESPONSIBILITY:
In terms of the provisions of Section 135 of the Act and Rule 9 of the Companies
(Accounts) Rules, 2014, the Company has not required to formulate and implement any
Corporate Social Responsibility Initiatives as the said provisions are not applicable to
the Company during the year under review.
26. BUSINESS RISK MANAGEMENT:
The Company has laid down a Risk Management Policy and identified threat of such events
which if occurs will adversely affect either / or, value to shareholders, ability of
company to achieve objectives, ability to implement business strategies, the manner in
which the company operates and reputation as “Risks”. Further such Risks are
categorized in to Strategic Risks, Operating Risks & Regulatory Risks. A detailed
exercise is carried out to identify, evaluate, manage and monitoring all the three types
of risks.
27. INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY:
The Company has an Internal Control System, commensurate with the size, scale and
complexity of its operations. During the year under review, the company retained external
audit firm to review its existing internal control system with a view of tighten the same
and introduce system of self-certification by all the process owners to ensure that
internal controls over all the key business processes are operative. The scope and
authority of the Internal Audit (IA) function is defined in the Internal Audit Charter.
The Internal Audit Department monitors and evaluates the efficacy and adequacy of
internal control system in the Company, its compliance with operating systems, accounting
procedures and policies at all locations of the Company and its subsidiaries. Based on the
report of internal audit function, process owners undertake corrective action in their
respective areas and thereby strengthen the controls. Significant audit observations and
corrective actions thereon are presented to the Audit Committee of the Board.
28. DETAILS IN RESPECT OF ADEQUACY OF INTERNAL FINANCIAL CONTROLS WITH REFERENCE
TO THE FINANCIAL STATEMENTS:
The Company has adequate and proper internal financial controls with reference to the
Financial Statements during the year under review.
29. VIGIL MECHANISM / WHISTLE BLOWER POLICY:
The Company has a vigil mechanism named Whistle Blower Policy to deal with instances of
fraud and mismanagement, if any. The details of the Whistle Blower Policy is explained in
the Corporate Governance Report and also posted on the website of the Company.
30. EMPLOYEE RELATIONS:
Employee relations throughout the Company were harmonious. The Board wishes to place on
record its sincere appreciation of the devoted efforts of all employees in advancing the
Companys vision and strategy to deliver good performance.
31. NOMINATION & REMUNERATION POLICY OF THE COMPANY:
The Board has, on the recommendation of the Nomination & Remuneration Committee
framed a policy for selection and appointment of Directors, Senior Management and their
remuneration. The Remuneration Policy is stated in the Corporate Governance Report and is
also available on the Companys website at www.aadhaarltd.com.
32. CORPORATE GOVERNANCE REPORT AND MANAGEMENT DISCUSSION & ANALYSIS REPORT:
The Company has been proactive in the following principles and practices of good
corporate governance. A report in line with the requirements of Regulation 27(2) of SEBI
(Listing Obligations and Disclosure Requirements) Regulations, 2015 the report on
Management Discussion and Analysis and the Corporate Governance practices followed by the
Company and the Auditors Certificate on Compliance of mandatory requirements are given as
an “Annexure B & C” respectively to this report.
Your Company is committed to the tenets of good Corporate Governance and has taken
adequate steps to ensure that the requirements of Corporate Governance as laid down in
Regulation 27(2) of SEBI (Listing Obligations and Disclosure Requirements) Regulations,
2015 are complied with.
As per 27(2) of SEBI (Listing Obligations and Disclosure Requirements) Regulations,
2015 with the Stock Exchanges, the Corporate Governance Report, Management Discussion and
Analysis and the Auditors Certificate regarding compliance of conditions of Corporate
Governance are attached separately and form part of the Annual Report.
33. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS AND OUTGO:
During the year conservation of energy, technology absorption and foreign exchange
earnings and outgo stipulated under Section 134(3)(m) of the Companies Act, 2013 read with
Rule, 8 of the Companies (Accounts) Rules, 2014, is nil.
34. MATERIAL CHANGES AND COMMITMENTS, IF ANY, AFFECTING THE FINANCIAL POSITION OF
THE COMPANY WHICH HAVE OCCURRED BETWEEN THE END OF THE FINANCIAL YEAR OF THE COMPANY TO
WHICH THE FINANCIAL STATEMENTS RELATE AND THE DATE OF THE REPORT:
There are no material changes and commitments, affecting the financial position of the
Company which has occurred between the end of financial year as on 31st March, 2023 and
the date of Directors Report.
35. PARTICULARS OF EMPLOYEES:
The table containing the names and other particulars of employees in accordance with
the provisions of Section 197(12) of the Companies Act, 2013, read with Rule 5(1) of the
Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, is provided
as “Annexure- D” to the Boards report.
None of the employees of the Company drew remuneration of Rs.1,02,00,000/- or more per
annum and Rs.8,50,000/- or more per month during the year. No employee was in receipt of
remuneration during the year or part thereof which, in the aggregate, at a rate which is
in excess of the remuneration drawn by the managing director or whole-time director or
manager and holds by himself or along with his spouse and dependent children, not less
than two percent of the equity shares of the company. Hence, no information is required to
be furnished as required under Rule, 5(2) and 5(3) of The Companies (Appointment and
Remuneration of Managerial Personnel) Rules, 2014.
36. OBLIGATION OF COMPANY UNDER THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE
(PREVENTION, PROHIBITION AND REDRESSAL) ACT, 2013:
The Company has zero tolerance for sexual harassment at workplace and has adopted a
policy against sexual harassment in line with the provisions of Sexual Harassment of Women
at Workplace (Prevention, Prohibition and Redressal) Act, 2013 and the rules framed there
under.
During the financial year 2022-23, the company has not received any complaints on
sexual harassment and hence no complaints remain pending as of March 31, 2023.
37. SECRETARIAL STANDARDS:
The Directors State that applicable Secretarial Standards - 1, 2, 3 and 4 issued by the
Institute of Company secretaries of India relating to ‘Meetings of the Board of
Directors and General Meetings and ‘Report of the Board of Directors respectively,
have been duly followed by the Company.
38. ACKNOWLEDGMENT:
Your Directors acknowledge thanks ton to the various Central and State Government
Departments, Organizations and Agencies for the continued help and co-operation extended
by them. The Directors also gratefully acknowledge all stakeholders of the Company viz.
customers, members, dealers, vendors, banks and other business partners for the excellent
support received from them during the year. The Directors place on record their sincere
appreciation to all employees of the Company for their unstinted commitment and continued
contribution to the Company.
| Date: 05/09/2023 |
|
| Place: Surat |
|
| Registered Office: |
|
| Office No. 316 & 317, Massimo |
|
| Commercial Building, 3rd Floor, |
|
| Althan Bhimrad Road, Bhimrad, |
|
| Surat, Gujarat, 395017 |
|
| CIN: L67120GJ1995PLC024449 |
|
| Email: aadhaarventures@gmail.coms |
|
| Website: www.aadhaarltd.com |
|
| By Order of the Board of Directors |
|
| For Aadhaar Ventures India Limited |
|
| Sd/- |
Sd/- |
| Jils Madan |
Jyoti Munver |
| Director |
Director |
| DIN: 02810555 |
DIN: 02810560 |
+91-9892691696
