The Members of
GEEFCEE FINANCE LIMITED
Your directors have pleasure in presenting the TWENTY EIGHTH ANNUAL REPORT together
with the Audited statement of accounts for the year ended 31st March, 2018.
FINANCIAL PERFORMANCE
The summarized Financial results of your Company are given in the table below.
(Figures in Rupees)
| Particulars |
Financial Year ended |
|
31/03/2018 |
31/03/2017 |
| Total Income |
7,75,000 |
7,33,625 |
| Profit/(loss) before Interest, Depreciation & Tax (EBITDA) |
14,721 |
6,531 |
| Provision for Income Tax |
3,827 |
2,018 |
| Net Profit/(Loss) After Tax |
10,894 |
4,513 |
| Profit/(Loss) brought forward from previous year |
7,13,95,217 |
7,13,90,704 |
| Profit/(Loss) carried to Balance Sheet |
7,14,06,111 |
7,13,95,217 |
SUMMARY OF OPERATIONS
Net profits increased marginally during the year. Your directors are hopeful that the
business will improve in the coming years. Your directors are trying their best and are
continuously looking for opportunities to boost the business and profitability for the
company.
CHANGE IN THE NATURE OF BUSINESS
There is no change in the nature of business of the company during the year under
review.
CHANGES IN SHARE CAPITAL
Your company did not issue any shares during the year under review.
DIVIDEND
Your directors do not recommend dividends for the current year.
DEPOSITS
During the year under report, the Company has not accepted any deposits from public in
terms of Section 58A and/or 58AA of the Companies Act, 1956 and Chapter V of Companies
Act, 2013. hence, there is no overdue deposit as on 31st March, 2018.
STATUTORY AUDITORS AND THEIR REPORT
The Auditors M/s GAMS & Associates, Chartered Accountants, were appointed with your
approval at the last AGM to hold office as such till the conclusion of this AGM. The
Board, in terms of Section 139 of the Act, on the recommendation of the Audit Committtee,
as recommended for the ratification of the Members the appointment of M/s GAMS &
Associates, from the conclusion of the ensuing AGM till the conclusion of the next AGM.
The Board, in terms of Section 142 of the Act, on the recommendation of the Audit
Committee, has also recommended for the approval of the Members the remuneration of M/s
GAMS & Associates, for the Financial Year 2017-18.
There are no observations (including any qualification, reservation, adverse remark or
disclaimer) of the Auditors in their Audit Report that may call for any explanation from
the Directors. Further, the notes to accounts referred to in the Auditors Report are
self-explanatory.
SECRETARIAL AUDITORS
Your Board, during the year, appointed M/s Vikas Kumar Sharma, Company Secretary, to
conduct secretarial audit of the Company for the financial year ended 31st
March, 2018. The Report of M/s Vikas Kumar Sharma Company Secretaries in terms of Section
204 of the Act, is provided in Annexure 1 forming part of this Report.
DIRECTORS RESPONSIBILITY STATEMENT
Pursuant to the requirement clause (c) of sub-section (3) of Section 134 of the
Companies Act, 2014, your Directors confirm that:
(a) in the preparation of the annual accounts, the applicable accounting standards had
been followed along with proper explanation relating to material departures;
(b) 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;
(c) 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;
(d) the directors had prepared the annual accounts on a going concern basis; and
(e) 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.
(f) the directors had devised proper systems to ensure compliance with the provisions
of all applicable laws and that such systems were adequate and operating effectively.
MANAGEMENT DISCUSSION AND ANALYSIS
Management Discussion and Analysis comprising an overview of the financial results,
operations/ performance and the future prospects of the Company form part of this Annual
Report.
HUMAN RESOURCES
Your Company treats its "human resources" as one of its most important
assets.
Your Company continuously invest in attraction, retention and development of talent on
an ongoing basis. A number of programs that provide focused people attention are currently
underway. Your Company thrust is on the promotion of talent internally through job
rotation and job enlargement.
PARTICULARS OF EMPLOYEES
The Company has no employee during the year in respect of which the statement pursuant
to section 197 of the Companies Act, 2014 and the Companies (Appointment and Remuneration
of Managerial Personnel) Rules, 2015 is required to be annexed.
INTERNAL FINANCIAL CONTROLS
A strong internal control culture is pervasive in the company. The company has
documented a robust and comprehensive internal control system for the major processes to
ensure reliability of financial reporting, timely feedback on achievement of operational
and strategic goals, compliance with policies, procedures, laws and regulations,
safeguarding of assets and economical and efficient use of resources. The formalized
system of control facilitate effective compliance as per Clause 49 of the Listing
Agreement
The internal Audit department continuously monitors the efficacy of internal controls
with the objective of providing to the Audit Committee and the Board of Directors, an
independent, objective and reasonable assurance on the adequacy and effectiveness of the
organizations risk management, control and governance processes. The internal financial
controls with reference to the Financial Statements are commensurate with the size and
nature of business of the Company.
Geefcee Finance Limited
The scope and authority of the Internal Audit activity are approved by the Audit
Committee. During the year Audit Committee met regularly to review reports submitted by
Internal Audit department. All significant audit observations and follow up actions
thereon were reported to Audit Committee. The Audit Committee also met the companys
Statutory Auditors to ascertain their views on the financial statements, including the
financial reporting systems, compliance to accounting policies and procedures, the
adequacy and effectiveness of the internal controls and systems followed by the company.
RISK MANAGEMENT POLICY
In terms of the requirement of the Act, the Company has developed and implemented the
Risk Management Policy and the Audit Committee of the Board reviews the same periodically.
DETAILS OF CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS AND
OUTGO
(a) Conservation of energy
| (0 the steps taken or impact on conservation of energy |
Not applicable |
| (ii) the steps taken by the company for utilizing alternate sources of energy |
Not applicable |
| (iii) the capital investment on energy conservation equipments |
Not applicable |
(b) Technology absorption
| (i) the efforts made towards technology absorption |
Not applicable |
| (ii) the benefits derived like product improvement, cost reduction, product
development or import substitution |
Not applicable |
| (iii) in case of imported technology (imported during the last three years reckoned
from the beginning of the financial year)- |
Not applicable |
| (a) the details of technology imported |
Not applicable |
| (b) the year of import; |
Not applicable |
| (c) whether the technology been fully absorbed |
Not applicable |
(c) Foreign exchange earnings and Outgo
During the year, the total foreign exchange earned in terms of actual inflows was nil
during the year and the foreign exchange outgo during the year was nil in terms of actual
outflows.
CORPORATE GOVERNANCE 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
Clause 49 of the Listing Agreement are complied with.
A separate feport on Corporate Governance and a management Discussion and Analysis
Report are being published as a part of the Annual Report of the Company is annexed as
Annexure 2.
The Auditors of the Company have certified that conditions of Corporate Governance as
stipulated under Clause 49 of the Listing Agreement are complied by the Company and their
Certificate is annexed to the Report on Corporate Governance as Annexure 3.
CORPORATE SOCIAL RESPONSIBILITIES (CSR)
Your Company has not made any Contribution under CSR policy as company is not required
to make the contribution pursuant to the provisions of section 135 and schedule VII of the
Companies Act, 2013
VIGIL MECHANISM
Free fraud and corruption free work has been core to the company. In view of the
potential risk of fraud and corruption due to rapid growth and geographical spread of
operations, the company has put an even greater emphasis to address the risk. To meet this
objective, a comprehensive fraud risk management policy akin to vigil mechanism or the
whistle blower policy has been laid down.
LOANS, GUARANTEES OR INVESTMENTS UNDER SECTION 186
The Company has not made any investment through not more than two layers of Investment
Companies.
During the year under review, the Company has not give any loan, give any guarantee or
provide any security in connection with loan to any Body Corporate or any person.
RELATED PARTY TRANSACTIONS
All the related party transactions are entered on arm length basis and are in
compliance with the applicable provisions of the Act and the Listing Agreement. There are
no Materially significant related party transactions made by the Company with Promoters,
Directors and Key managerial Personnel etc. which may have the potential conflict with the
interest of the company at large.
The details of the transactions with Related Party are provided in the accompanying
financial statements.
DETAILS OF SUBSIDIARY/ JOINT VENTURE/ ASSOCIATE COMPANIES
There are no Companies which have become or ceased to be Subsidiary/ Joint Venture and/
or Associate Companies of the Company.
SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS, COURTS AND/ OR TRIBUNAL
During the year under review, there is/ was no order passed by Regulators, Courts
and/or Tribunal which may impacting the going concern status and Companys Operations in
future.
EXTRACT OF ANNUAL RETURN
Extract of the Annual Return of the Company is annexed herewith as Annexure 4 to this
Report.
INFORMATION REQUIRED UNDER CLAUSE 49 OF THE LISTING AGREEMENT WITH RESPECT TO THE
DIRECTORS RETIRING BY ROTATION AND SEEKING REAPPOINTEMNT/ DIRECTOR SOUGHT TO BE APPOINTED
IS AS UNDER:
| Particulars |
Mrs. Usha Rani |
| Date of Birth |
18/03/1979 |
| Nationality |
Indian |
| Date of Appointment on the Board |
31/03/2015 |
| Qualifications |
Graduate |
| Expertise in specific functional areas |
|
| Directorship held in other Companies * |
Amrabathi Investra Private Limited Adhya Finance
Private Ltd. |
| Membership/ Chairmanship of Committees of other public Companies (include only Audit
Committee and Shareholders/ Investor Grievance Committee) |
NIL |
* Directorship includes Directorship of other Indian Public Companies and Committee
membership includes only Audit Committee and Stake holders Relationship Committee of
Public Limited Company (whether Listed or not)
PREVENTION OF SEXUAL HARASSMENT
As required by the Sexual Harassment of Women at workplace (Prevention, Prohibition
& Redressal) Act, 2014, the Company has formulated and implemented a policy on
prevention of sexual harassment at workplace with a mechanism of lodging complaints.
During the year under review, no complaints were reported to the Board.
ACKNOWLEDGEMENT
Your Directors place on record their appreciation for employees at all levels, who have
contributed to the growth and performance of your Company.
Your Directors also thank the clients, vendors, bankers, shareholders and advisers of
the Company for their continued support.
Your Directors also thank the Central and State Governments, and other statutory
authorities for their continued support.
|
By order of the Board |
|
for Geefcee Finance Limited |
|
Q c |
|
G. R. Goyal |
| Place: New Delhi |
Chairman |
| Dated: 31sJuly, 2018 |
|
+91-9892691696
