Dear Stakeholder(s),
Your Directors have pleasure in presenting the 30th Annual Report of the
Company together with the Audited Statement of Accounts and Auditor s Report for the year
ending 31st March, 2023.
COMPANY OVERVIEW
F MEC INTERNATIONAL FINANCIAL SERVICES LIMITED (CIN: L65100DL1993PLC053936)
is a BSE Listed Company (Scrip Code: 539552) having Registered Office at 908,
9th Floor Mercantile House, 15 K.G. Marg, Delhi-110001 working as a Non-Banking
Finance Company after registration with Reserve Bank of India. The Company has obtained
registration as a Non- Banking Financial Company ("NBFC") from Reserve Bank of
India and is bearing Registration Number- B-14.01129 dated 11th September,
1998. The performance highlights and summarized financial results of the Company are
given below:
PERFORMANCE HIGHLIGHTS
The income for the FY 2022-2023 increased by 98.63% to Rs. 104.62 Lakhs as compared to
Rs. 52.67 Lakhs in FY 2021-2022.
Profit before Tax for the FY 2022-2023 increased by 142.37% to Rs 33.18 Lakhs as
compared to Rs 13.69 Lakhs in FY 2021-2022.
Profit after Tax for the FY 2022-2023 increased by 140.74% to Rs. 24.58 Lakhs as
compared to Rs. 10.21 Lakhs in FY 2021-2022.
The Earning per Share (EPS) of the Company for the FY 2022-2023 also witnessed a
increase of 140.77% to Rs 0.7926 per share as compared to Rs 0.3292 per share in FY
2021-2022.
FINANCIAL RESULTS
The Management of the Company excellently strategized to minimize the cost alongside
the best efforts to increase the revenue of the Company and earned the Company a profit of
Rs. 24.58 Lakhs as compared to previous year s profit of Rs. 10.21 Lakhs.
The Financial Results of the Company for the year ended 31st March, 2023 are
as follows:- (Amount in Lakhs)
| Particulars |
2022- 2023 |
2021- 2022 |
| Gross Income |
1,08.91 |
53.98 |
| Profit before Interest and |
35.66 |
15.87 |
| Depreciation |
|
|
| Less: Finance Charges |
(.01) |
(.02) |
| Gross Profit |
35.65 |
15.85 |
| Less: Provision for Depreciation |
(2.47) |
(2.16) |
| Net Profit Before Tax |
33.18 |
13.69 |
| Less: Current Tax |
(8.90) |
(3.57) |
| Less: Deferred Tax |
.30 |
.09 |
| Net Profit After Tax |
24.58 |
10.21 |
| Appropriations: |
|
|
| Transfer to/roll back from |
|
|
| ? Reserves for Bad and Doubtful |
.27 |
.20 |
| Debts |
|
|
| ? Special Reserves and (As per RBI |
4.92 |
2.04 |
| Act, 1934 + applicable for NBFC) |
|
|
| ? Reserves and Surplus |
19.39 |
7.96 |
| Proposed Dividend on Equity |
- |
- |
| Shares |
|
|
| Tax on proposed Dividend |
- |
- |
| Earning per Equity Share (EPS) |
0.79 |
0.33 |
| Earning per Equity Share (Diluted) |
0.79 |
0.33 |
Your Company has prepared the Financial Statements for the Financial Year ended March
31, 2023 under Section 133 of the Companies Act, 2013 and in accordance with Division III
of the Schedule III of the Companies Act, 2013.
SHARE CAPITAL
The Authorized Share Capital of the Company as on 31st March 2022 was
Rs. 3,50,00,000 (Rupees Three Crore Fifty Lacs Only) comprising of 35,00,000 Equity
Shares of Face value of Rs. 10/- each and Paid-up Equity Share Capital of the Company
as on March 31st, 2022, was Rs. 3,10,07,000 (Rupees Three Crore Ten Lacs and
Seven Thousand Only) comprising of 31,00,700 Equity Shares of Face Value of Rs. 10/-
each.
As on 31st March, 2023, the Authorized Share Capital of the Company was
increased to Rs. 1,00,000,000 (Rupees Ten Crore Only) comprising of 1,00,00,000 Equity
Shares of face value of Rs. 10/- each and Paid- Up Equity Share Capital of the Company
as on 31st March, 2023 was Rs. 3,10,07,000 (Rupees Three Crore Ten Lacs and
Seven Thousand Only) comprising of 31,00,700 Equity Shares of face value of Rs. 10/-
each.
Further Board of Directors at its meeting held on 7th August, 2023
has approved the allotment of 57,91,068 Equity Shares of Face value of Rs. 10/- each at
a premium of Rs. 2/- each to Promoter and Non Promoter Shareholders on Preferential
Allotment Basis. Hence, w.e.f. 7th August, 2023 the Paid Up Share
Capital of the Company has been increased to Rs. 88,91,7680 comprising of 88,91,768 Equity
Shares of face value of Rs. 10/- each.
a. Buy Back of Securities
The Company has not bought back any of its securities during the year under review as
per the provisions of Section 68 of the Companies Act, 2013 read with the Rule 17 of the
Companies (Share Capital and Debenture) Rules, 2014.
b. Sweat Equity
The Company has not issued any Sweat Equity Shares during the year under review as per
the provisions of Section 54 of the Companies Act, 2013 read with Rule 8 of the Companies
(Share Capital and Debenture) Rules, 2014.
c. Bonus Shares
No Bonus Shares were issued during the year under review as per the provisions of
Section 63 of the Companies Act, 2013 read with Rule 14 of the Companies (Share Capital
and Debenture) Rules, 2014.
d. Employees Stock Option Plan
The Company has not provided any Stock Option Scheme to the employees pursuant to
Section 62 (1) (b) of the Companies Act, 2013 read with Rule 12 of the Companies (Share
Capital and Debenture) Rules, 2014.
e. Shares With Differential Rights
The Company has not issue any Equity shares with Differential Rights pursuant to the
provisions of Rule 4 of the Companies (Share Capital and Debenture) Rules, 2014.
RESERVES AND SURPLUS
As per Section 45- IC of the Reserve Bank of India Act, 1934 every Non -Banking
Financial Company shall create a Reserve Fund and transfer therein a sum not less than 20%
of its Net Profit every year before declaring any dividend.
The Company has transferred a sum of 20% to the Reserve fund specifically made for the
purpose named Special Reserve as per RBI Act from the Profit earned by the Company
during the year.
Also, the Company has pursuant to Notification of Reserve Bank of India dated January
17, 2011 vide Notification no. DNBS.PD.CC.No.207/03.02.002/2010-11 for making the
Provision of 0.25% for Standard Assets of NBFCs has transferred a sum of 0.25%
on the Standard Assets of the Company under the Reserve named "Provision for Bad
and
Doubtful Debts".
DIVIDENDS
Considering the present conditions of business and growth stage of Company and plans
for business expansion, the Board of Directors of the Company has decided not to recommend
any dividend for the Financial Year 2022-23. The Management being optimistic about the
return from business activities has proposed to plough back divisible profit into the main
activities of the Company.
DEPOSITS
Every Non- Banking Finance Company registered with the Reserve Bank of India has to
comply with all the terms and conditions as stipulated by the Certificate of Registration
with RBI.
F Mec International Financial Services Limited has been registered as a Non-Banking
Finance Company- Not accepting deposits. Hence, pursuant to Section 45- IA of the Reserve
Bank of India Act 1934, the Company cannot accept deposits from public, in compliance of
which the Company has not accepted any Deposits during the year. Further, the Directors of
the Company assured to carry on the practice of not accepting the same in order to comply
with RBI norms and guidelines in the coming year and the same has been proposed and passed
in the meeting of Board of Directors dated 26th May, 2022.
DETAILS OF SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS OR
TRIBUNALS IMPACTING THE GOING CONCERN STATUS AND COMPANYS OPERATIONS IN FUTURE
During the year under review, there were no significant and material orders
passed by the Regulators or Courts or Tribunals impacting the going concern status and
Company s operations in future.
MATERIAL CHANGES AND COMMITMENT, IF ANY, AFFECTING THE FINANCIAL POSITION OF THE
COMPANY OCCURRED BETWEEN THE END OF THE FINANCIAL YEAR TO WHICH THESE FINANCIAL STATEMENTS
RELATE AND THE DATE OF THE REPORT
The Board of Directors at its meeting held on 7th August, 2023 had
approved has approved the allotment of 57,91,068 Equity Shares of Face value of Rs.
10/- each at a premium of Rs. 2/- each to Promote and Non Promoter Shareholders on
Preferential Allotment Basis. Hence, w.e.f. 7th August, 2023 the Paid Up
Share Capital of the Company has been increased to Rs. 8,89,17,680 comprising of 88,91,768
Equity Shares of face value of Rs. 10/- each.
INVESTOR RELATIONS
Your Company has been continuously interacting and endeavors to further improve its
engagement with investors/analysts through participation either in-person meetings or
through use of technology i.e. telephone meetings.
DETAILS OF APPLICATION MADE OR PROCEEDING PENDING UNDER INSOLVENCY AND BANKRUPTCY CODE,
2016
During the year under review, there were no applications made or proceedings pending in
the name of the Company under the Insolvency and Bankruptcy Code, 2016
RBI GUIDELINES
The Company continues to comply with all the applicable regulations prescribed by the
Reserve Bank of India ("RBI"), from time to time.
DIRECTORS AND KEY MANAGERIAL PERSONNEL
A. Directors
Your Company, currently, has following four Directors on the Board, namely:
? Mr. Apoorve Bansal (DIN: 08052540) + Managing Director
? Mr. Awanish Srivastava (DIN: 07810744) - Independent Director of the Company
? Ms. Renuka Chouhan (DIN: 09547785 ) - Non- Executive Woman Director
? Mr. Sachin Jain (DIN: 02932194) + Independent Director- ceased to be the Director of
the Company w.e.f.14th November, 2022
? Mr. Rohit Dugar (DIN: 07988480) - Independent Director w.e.f. 14th
November, 2022
Ms. Renuka Chouhan (DIN:09547785) who was appointed as Additional Non-Executive
Director in the Board of Directors meeting held on 28th March 2022 was
regularized by the members in Annual General Meeting held on 17th September
2022. During the year under review Mr. Sachin Jain (DIN: 02932194) resigned on 14th
November, 2022 due to personal reasons.
Mr. Rohit Dugar was appointed as Additional Non Executive Independent Director w.e.f 14th
November, 2022, and was regularized by the members of the Company in Extra- Ordinary
General Meeting held on 24th December, 2022
Pursuant to provisions of Section 152 of the Companies Act, 2013, Ms. Renuka Chouhan
(DIN:09547785), Director of the Company shall retire by rotation at the ensuing Annual
General Meeting and being eligible has offered herself for re-appointment. The Board
recommends his re-appointment.
All the Directors of the Company have confirmed that they satisfy the "fit and
proper" criteria as prescribed in Chapter XI of RBI Master Direction No. DNBR. PD.
008/ 03.10.119/2016-17 dated 1st September, 2016 and that they are not disqualified from
being appointed /continuing as Directors in terms of Section 164(2) of the Companies Act,
2013.
B. Key Managerial Personnel of the Company
During the year under review, there were the following changes in the Key Managerial
Personnel (KMP) of the Company
? Ms. Ritu Chauhan held the position of Company Secretary-cum-compliance Officer of the
Company Ms. Ritu Chauhan w.e.f. 15th July 2022
? Ms. Ritu Chauhan resigned as the Company Secretary and Compliance Officer of the
Company w.e.f. 15th December, 2022; and Mr. Arun Kumar Sharma was appointed in
her place, with effect from 06th May, 2023.
? Ms. Arun Kumar Sharma resigned as the Company Secretary and Compliance Officer of the
Company w.e.f. 25th August, 2023
The following persons continue to be the KMPs as per the provisions of Section 203 of
the Companies Act, 2013 read with the applicable Companies (Appointment and Remuneration
of Managerial Personnel) Rules, 2014 as on the date of this Report:
? Mr. Apoorve Bansal (DIN: 08052540) Managing Director
? Ms. Mahima Jain (PAN APJPJ2796N) Chief Financial Officer (CFO)
? Ms. Ritu Chauhan (PAN CIJPR9539L) Company Secretary (CS) from 15th
July, 2022 to 15th December, 2022 ? Mr. Arun Kumar Sharma (PAN
FOVPS8019K) Company Secretary & Compliance Officer w.e.f. 6th May, 2023 to
25th August, 2023
DECLARATION BY INDEPENDENT DIRECTORS
The Company has received declarations from all Independent Directors of the Company
confirming that they meet the criteria of Independence, as prescribed under Section 149 of
the Companies Act, 2013 and Regulation 25 of the SEBI (Listing Obligations &
Disclosure Requirements) Regulations, 2015. The Independent Directors have also confirmed
that they have complied with the Code of Conduct for Independent Directors as prescribed
under Schedule IV of the Companies Act, 2013.
BOARD DIVERSITY, THEIR APPOINTMENT AND REMUNERATION
The Company s Board of Directors constitute of Four Directors comprising of One
Executive Director and Three Non-Executive Directors, two of which are Independent
Directors. Appointment of Independent Directors of the Company shall be governed by the
Code of Independent Director and Appointment of Non Independent Directors of the Company
shall be governed by the Policy of Nomination and Remuneration of the Company. The
detailed policy on appointment of Directors is available on the Company s website at
https://fmecinternational.com/investor.html.
DISCLOSURES ON REMUNERATION OF DIRECTORS AND EMPLOYEES OF THE COMPANY
In terms of the provisions of Section 197(12) of the Act read with Rules 5(2) and 5(3)
of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the
Director(s) of the Company has drawn remuneration during the year under review which is in
compliance of the applicable provisions of Companies Act, 2013 and no employee(s) of the
Company has drawn remuneration in excess of the limits set out in the said rules.
CORPORATE GOVERNANCE
A detailed report on Corporate Governance pursuant to Regulation 34 of the SEBI
(Listing Obligations & Disclosure Requirements) Regulations, 2015 forms part of the
Annual Report as "Annexure-I". As per the provisions of Regulation
15(2) of the SEBI (Listing Obligations & Disclosure Requirements) Regulation 2015,
provision of Regulation 27 and paras C, D and E of Schedule V of SEBI regulations shall
not applicable to the Company as the paid up equity share capital of the Company and Net
worth of the Company is not exceeding Rs. 10 Crore and Rs. 25 Crore respectively, as on
the last day of the previous financial year. As a good corporate practice and for more
transparency, the Company has provided the information in Corporate Governance Report on a
suo-moto basis under the provisions of paras C, D and E of Schedule V of SEBI (Listing
Obligations & Disclosure Requirements) Regulation 2015. Our Corporate Governance
report forms the part of Annual Report.
DETAILS OF DIFFERENCE BETWEEN VALUATION AMOUNT ON ONE TIME SETTLEMENT AND VALUATION
WHILE AWAITING LOAN FROM BANKS AND FINANCIAL INSTITUTIONS
During the year under review, there has been no one time settlement of Loans taken from
Banks and Financial Institutions.
COMMITTEES OF BOARD, NUMBER OF MEETINGS OF BOARD AND BOARD COMMITTEES
The calendar of the Board/ Committee Meetings and the Annual General Meeting is
circulated to the Directors in advance to enable them to plan their schedule for effective
participation at the respective meetings. At times certain decisions are taken by the
Board/ Committee through circular resolutions. All the decisions and urgent matters
approved by way of circular resolutions are placed and noted at the subsequent Board/
Committee Meeting.
The Board of Directors met Five (5) times during the year on 26.05.2022,
19.07.2022, 14.11.2022, 25.11.2022 and 14.02.2023. The Company has Four Committees out
of its Board namely Executive Committee, Audit Committee, Nomination and
Remuneration Committee and Stakeholders Relationship Committee
Independent Directors meeting for the Financial Year was held 14.02.2023. A
detailed update on the Board, its composition, detailed charter including terms and
reference of various Board Committees, number of Board and Committee meetings held during
FY 2022-23 and attendance of the Directors at each meeting is provided in the Report on
Corporate Governance, which forms part of this Report.
? Chairman of the Board
Mr. Apoorve Bansal, Managing Director of the Company, continue to be the Chairman
of the Board.
? Re-appointments/Regularizations
Ms. Renuka Chouhan, Director is liable to retire by rotation at this AGM and being
eligible, offers herself for re-appointment. Your Board recommends re-appointment of Ms.
Renuka Chouhan as a Director of the Company, liable to retire by rotation.
In pursuance of Regulation 36 (3) of SEBI (Listing Obligations & Disclosure
Requirements) Regulations, 2015, a brief profile along with necessary disclosures of, has
been annexed to the Notice convening the ensuing AGM and forms an integral part of this
Annual Report.
Mr. Rohit Dugar, the present Independent Director of the Company have declared to the
Board of Directors that they meet the criteria of Independence as laid down in Section
149(6) of the Companies Act, 2013 and Regulation 16(1)(b) and 25 of the Listing
Regulations and there in no change in their status of Independence. Your Board places on
records its deep appreciation for their continuous guidance, support and contribution to
the Management of the Company in its pursuit to achieve greater heights. The Independent
Directors met once during the year under review, on 14th February, 2023.
The Meetings were conducted in an informal manner without the presence of the Whole-time
Directors, the Non-Executive Non-Independent Directors, or any other Management Personnel.
SECRETARIAL STANDARDS
The Directors have devised proper systems to ensure compliance with the provisions of
all applicable Secretarial Standards issued by the Institute of Company Secretaries of
India and that such systems are adequate and operating effectively. The applicable
Secretarial Standards, i.e. SS-1 and SS-2, relating to Meetings of the Board of Directors
and General Meetings , respectively, have been duly complied by your Company.
SUBSIDIARY, ASSOCIATE AND JOINT VENTURE COMPANIES
As on 31st March, 2023 the Company neither has any Associate, Subsidiary
Company nor any Joint Venture Company.
Pursuant to Section 129(3) of the Companies Act, 2013 read with Rule 5 of Companies
(Accounts) Rules, 2014, Consolidated Financial Statements of the Company not required to
be annexed to the Annual Report to reflects the Performance and Financial Position of the
Subsidiary/Associate.
EXTRACT OF ANNUAL RETURN
A copy of the Annual Return as provided under section 92(3) of the Act, which will be
filed with the Registrar of Companies/ MCA, shall be hosted on the Company s website and
can be accessed at the following link:- https://fmecinternational.com/investor.html /
Financial Reports/Annual Returns
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
In terms of the provisions of Regulation 34 of the Securities and Exchange Board of
India (Listing Obligations and Disclosure Requirements) Regulations, 2015, A detailed
analysis of the Company s performance is discussed in the Management Discussion and
Analysis Report, which forms part of this Annual Report, as an "Annexure-II".
LOANS, GUARANTEE AND INVESTMENT
The particulars of Loans given, Investments made and Guarantee given by Company under
Section 186 of the Companies Act, 2013 is given in Note.6 of Financial Statements.
Particulars of Loan,Guarantee and Investment are given in "Annexure-III".
AUDITORS AND AUDITORS REPORT
(i) Statutory Auditors
M/s Sanjay K Singhal & Co., Chartered Accountants, Auditors of the Company were
reappointed as Statutory Auditors in the Annual General Meeting held on 23rd
December, 2020 for a period of five consecutive years to hold office upto the conclusion
of the Annual General Meeting to be held in the year 2025. However, the requirement to
place the matter relating to appointment of Auditors for ratification by members at every
Annual General meeting as required pursuant to the provisions of Section 139(1) of the
Companies Act, 2013 is done away with vide Notification dated 7th May, 2018 issued by the
Ministry of Corporate Affairs (MCA), New Delhi. Accordingly, no resolution is proposed for
ratification of appointment of Auditors in the ensuing Annual General Meeting of the
Company.
The Report given by the Auditors on the Financial Statements of the Company for the
Financial Year 2022-23 is a part of the Annual Report.
The Report is unmodified and does not contain any qualification, reservation, adverse
remark or disclaimer
(ii) Secretarial Auditor
M/s A.K. Verma & Co, Practicing Company Secretaries (Registration No./Unique Code-
P1997DE091500) was appointed to conduct the Secretarial Audit of the Company for the
Financial Year 2023-2024, as required under Section 204 of the Companies Act, 2013 and
rules framed there under. The Secretarial Audit Report for the Financial Year 2022-2023
forms part of the Annual Report as "Annexure-IV" to the Board s
report. The Secretarial Audit Report does not contain any qualification, reservation or
adverse remark.
The Board has re-appointed M/s A.K. Verma & Co, Practicing Company Secretaries, as
the Secretarial Auditor of the Company for the Financial Year 2023-2024 after obtaining
their consent to act in such capacity.
(iii) Internal Auditors
M/s. Rajeev Shankar & Co., Chartered Accountants (FRN: 014006N) were
appointed to conduct the Internal Audit of the Company for the Financial Year 2023-2024,
as required under Section 138 of the Companies Act, 2013 and rules framed there under. The
scope, functioning, periodicity and methodology for conducting the Internal Audit of the
Company is formulated by the Audit Committee of the Company, in consultation with the
Internal Auditors.
The Board proposes to re-appoint M/s. Rajeev Shankar & Co., Chartered
Accountants (FRN: 014006N) as Internal Auditor of the Company for the Financial
Year 2023-2024 after obtaining their consent to act in such capacity.
QUALIFICATION, RESERVATION OR ADVERSE REMARK IN THE AUDITORS REPORTS AND SECRETARIAL
AUDIT REPORT
? Statutory Auditors:
There is no qualification, reservation or adverse remark made by the Statutory Auditors
in their Auditor s Report to the Financial Statements
? Secretarial Auditors:
There is no qualification, reservation or adverse remark made by the Secretarial
Auditors in their Auditor s Report to the Financial Statements.
REPORTING OF FRAUDS BY AUDITORS
During the year under review, the Statutory Auditors has not reported any instances of
frauds committed in the Company by its Officers or Employees, to the Audit Committee under
Section 143(12) of the Companies Act, 2013, details of which need to be mentioned in this
Report.
CORPORATE SOCIAL RESPONSIBILITY
The Company has not developed and implemented any Corporate Social Responsibility
initiatives as the said provisions of Section 135 of the Companies Act, 2013 are not
applicable to the Company.
ANNUAL BOARD EVALUATION AND FAMILIARISATION PROGRAMME FOR BOARD MEMBERS
A note on familiarization program adopted by the Company for orientation and training
of its Directors and Board Evaluation Process undertaken in compliance with the provisions
of the Companies Act, 2013 and the same forms part of the Corporate Governance, which
forms part of this Report.
The Report generated after evaluation of the Board will be considered by the Board for
the purpose of optimizing their effectiveness.
A note indicating the policy of Annual Evaluation of the entire Board of Directors and
the Independent Directors forms part of this Report and has been attached as
"Annexure-V".
AUDIT COMMITTEE
The Board of Directors of your Company has a duly constituted Audit Committee in terms
of the provisions of Section 177 of the Companies Act, 2013 read with rules framed
thereunder and Regulation 18 of the Listing Regulations. The terms of reference of the
Audit Committee has been approved by the Board of Directors. Composition of the Audit
Committee, number of meetings held during the year under review, brief terms of reference
and other details have been provided in the Corporate Governance Report which forms part
of this Annual Report. Recommendations made by the Audit Committee are generally accepted
by your Board.
RISK MANAGEMENT
During the year, the Board of Directors developed and implemented an appropriate risk
management policy which is entrusted with the responsibility to assist the Board in
overseeing and approving the Company s enterprise wide risk management framework and
overseeing all the risks that the organization faces, identifying the element of risk
which, in the opinion of the Board may threaten the existence of the Company and
safeguarding the Company against those risks.
INTERNAL FINANCIAL CONTROL SYSTEM AND ITS ADEQUACY
The Board has adopted policies and procedures for ensuring the orderly and efficient
conduct of its business, including adherence to the Company s policies, the safeguarding
of its assets, the prevention and detection of frauds and errors, the accuracy and
completeness of the accounting records and the timely preparation of reliable financial
disclosures.
VIGIL MECHANISM
In terms of provisions of section 177 of the Companies Act, 2013 and rules framed
thereunder read with Regulation 22 of the Listing Regulations, your Company has a vigil
mechanism in place for the Directors and Employees of the Company through which genuine
concerns regarding various issues relating to inappropriate functioning of the
organization can be communicated. For this reason, your Board has formulated a Whistle
Blower Policy and uploaded on the website of the Company at
https://fmecinternational.com/investor.html
Protected disclosures can be made by a whistle blower through an e-mail or dedicated
telephone line or a letter to the Task Force or to the Chairperson of the Audit Committee
i.e Mr. Rohit Dugar either personally or through e-mail at fmecinternational@gmail.com or
call at 011-49954225.
During the year under review, there has been no incidence reported which requires
action by the Board or Committee.
PREVENTION OF SEXUAL HARASSMENT OF WOMEN AT WORKPLACE
The Board has made a Committee of Board presided by Ms. Renuka Chouhan, Director of the
Company for the purpose of prevention of Sexual Harassment of Women at workplace. Every
individual has right to treat his/her colleagues with respect and dignity. This is
enshrined in values and in the code of Ethics & Conduct of the Company. The Company
has in line with the requirements of The Sexual Harassment of Women at the Workplace
(Prevention, Prohibition & Redressal) Act, 2013 made various provisions to safeguard
the interest of the female employees (whether permanent, contractual, temporary and
trainees) under this policy. The policy governs the misconduct with respect to
discrimination or sexual harassment.
Further, the Company has complied with the provisions regarding the constitution of
Internal Complaints Committee under the Sexual Harassment of Women as Workplace
(Prevention, Prohibition and Redressal) Act, 2013 as required to be disclosed under Clause
(x) of sub-rule 5 of Rule 8 of the Companies (Accounts) Rules, 2014 (inserted by MCA
Notification dated 31.07.2018).
The following is a summary of sexual harassment complaints received and disposed off
during the Financial Year ended March 31, 2023:
| ? No. of complaints received : |
NIL |
| ? No. of complaints disposed off : |
Not Applicable |
PARTICULARS OF RELATED PARTY TRANSACTION
There were no contracts or arrangements entered into by the Company in accordance with
provisions of section 188 of the Companies Act, 2013. Further, all The Related Party
Transactions in terms of the Provisions of Companies Act 2013 were entered in the ordinary
course of business during the Financial Year 2022-2023 and were also at arm s length
basis. There are no materially significant related party transactions made by the Company
with Promoters, Directors, Key Managerial Personnel or other Designated Person which may
have a potential conflict with the interest of Company at large.
PARTICULARS OF CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS AND OUTGO
The particulars as required under the provisions of Section 134(3)(m) of the Companies
Act, 2013 in respect of Conservation of Energy and Technology Absorption have not been
furnished considering the nature of activities undertaken by the Company during the year
under review. Further during the year under review, the Company has neither earned nor
used any foreign exchange.
DISCLSOURE REGARDING MAINTENANCE OF COST RECORDS
Since the Company is engaged in the business of Non- Banking Financial Company,
therefore the provisions of Section 148 of the Companies Act, 2013 regarding maintenance
of Cost Records and Cost Audit is not applicable to the Company as required to be
disclosed under Clause (ix) of sub-rule 5 of Rule 8 of the Companies (Accounts) Rules,
2014 (inserted by MCA Notification dated 31.07.2018).
DIRECTORS RESPONSIBILITY STATEMENT
As required under Section 134(5) of the Companies Act, 2013, the Directors of the
Company hereby state that: i. In the preparation of the annual accounts for the year ended
31st March 2023, the applicable accounting standards had been followed along
with proper explanation relating to material departures. ii. The Directors had selected
such accounting policies and applied them consistently and made judgments and estimates
that are reasonable and prudent so as to give a true and fair view of the state of affairs
of the Company at the end of the Financial Year and of the Profit and Loss of the Company
for that period. iii. The Directors had taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the provisions of this Act
for safeguarding the assets of the Company and for preventing and detecting fraud and
other irregularities. iv. The Directors had prepared the annual accounts on a Going
Concern Basis. v. The Directors had laid down internal financial controls to be followed
by the Company and that such internal financial controls are adequate and were operating
effectively ;and vi. The Directors had devised proper system to ensure compliance with the
provisions of all applicable laws and such system were adequate and operating effectively.
ACKNOWLEDGEMENT
Your Board is grateful for the unstinted support and trust reposed by our shareholders
and places on record its deep appreciation of the Independent Directors and the
Non-Executive Directors of your Company for their immense contribution by way of strategic
guidance, sharing of knowledge, experience and wisdom, which help your Company take right
decisions in achieving its business goals. Your Board appreciates the relentless efforts
of the employees and staff including the Management Team headed by the Managing Director,
who always leads from the front in achieving a very commendable business performance
year-on-year despite a challenging business environment.
The Board expresses their gratitude to its all stakeholder s i.e members, customers,
Government agencies and their departments, Bankers of the Company for their continued
support and faith. The Director places on record their sincere appreciation to all the
employees of the company for their contribution in the growth of the company.
For and on behalf of the Board of Directors F MEC INRENATIONAL FINANCIAL SERVICES
LIMITED
|
Sd/- |
Sd/- |
Place : New Delhi |
Apoorve Bansal |
Renuka Chouhan |
Date : 05.09.2023 |
Managing Director |
Director |
|
DIN : 08052540 |
DIN : 09547785 |
+91-9892691696
