Dear Shareholders,
Your Directors have pleasure in presenting the 40th Annual Report of the
Company together with Standalone Audited Accounts for the financial year ended on 31st
March, 2023.
1. COMPANY OVERVIEW:
Mangalam Industrial Finance Limited is a public limited company incorporated on 08th
February, 1983 under The Companies Act, 1956 and having its registered office at Old Nimta
Road, Nandan Nagar, Belghoria, Kolkata, West Bengal-700 083 and corporate office at Hall
No-1, M R Icon, Next to Milestone, Vasna Bhayli Road, Vadodara, Gujarat-391 410. The
company is a Non-deposit taking Non-Banking Finance Company vide the Reserve Bank of India
registration number B.05.02961 dated 21st August, 2001.
2. FINANCIAL RESULTS:
|
|
(Rs. in Lakhs) |
| Particulars |
Standalone |
|
Current Year 2022-23 |
Previous Year 2021-22 |
| Interest & Other Income |
133.12 |
116.94 |
| Profit Before Depreciation & Taxation & Exceptional Items |
(487.43) |
(67.51) |
| Exceptional Items |
0.00 |
300.00 |
| Profit Before Depreciation & Taxation |
(487.43) |
232.49 |
| Less: Depreciation |
1.58 |
0.00 |
| Less: Current Tax |
11.20 |
98.77 |
| Less: Deferred Tax |
0.73 |
0.00 |
| Profit / (Loss) After Taxation |
(500.94) |
133.72 |
| Add: Balance Brought Forward from Previous Year |
(231.10) |
(364.82) |
| Less: Transferred to Statutory Reserve |
0.00 |
0.00 |
| Less: Fair Valuation of Equity Instrument |
0.00 |
0.00 |
| Add: Other Adjustment |
(3.42) |
0.00 |
| Add: Contingent Provision For Standard Assets |
0.00 |
0.00 |
| Balance Carried to Balance Sheet |
(735.46) |
(231.10) |
3. SHIFTING OF REGISTERED OFFICE AND CORPORATE OFFICE OF THE COMPANY:
Pursuant to Section 12 of The Companies Act, 2013 and any other applicable provisions
of The Companies Act, 2013 and Rules made thereunder (including any statutory
modifications and re-enactment thereof for the time being in force), the Company has
changed its Registered Office from MMS Chambers, 4A, Council House, 1st Floor,
Room No, D1, West Bengal-700 001 to Old Nimta Road, Nandan Nagar, Belghoria, Kolkata, West
Bengal - 700 083 with effect from 06th October, 2022.
4. OPERATIONS/STATE OF COMPANYS AFFAIRS:
The loss before tax during the year is Rs. (489.01) Lakhs against Profit before tax Rs.
232.49 Lakhs in previous year. The Profit after tax is Rs. (500.94) Lakhs against Profit
of Rs. 133.72 Lakhs in previous year. In assessing the recoverability of loans,
receivables and investments, the Company has considered internal and external sources of
information, economic forecast and industry reports upto the date of approval of these
financial results. Your Directors are identifying prospective areas and will make
appropriate investments that will maximize the revenue of the Company in the current
Financial Year.
5. CHANGES IN THE NATURE OF BUSINESS:
There was no change in the nature of business of the Company.
6. LISTING OF EQUITY SHARES:
The Companys equity shares are listed on The BSE Limited (Scrip Code: 537800).
The Company has paid the Annual Listing Fees for the financial year 2022-23 to the said
Stock Exchange as required.
7. BRIEF DESCRIPTION OF THE STATE OF COMPANYS AFFAIRS:
The Company is a Non-Banking Finance Company and is presently engaged in the business
of investing and financing.
8. DIVIDEND:
In view of strengthening the financial position of the Company and to enhance the
reserve base of the Company, the Directors have not recommended any dividend during the
financial year 2022-23.
9. TRANSFER OF UNCLAIMED DIVIDEND TO INVESTOR EDUCATION AND PROTECTION FUND:
Since there was no unpaid/unclaimed Dividend declared and paid in the previous year,
the provisions of Section 125 of The Companies Act, 2013 is not applicable to the Company.
10. SHARE CAPITAL:
The paid-up capital of the Company as on 31st March, 2023 was Rs.
96,16,43,500. During the financial year, the Company has not allotted any equity shares.
11. 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 is no such material change and commitment, affecting the financial position of
the Company which have occurred between the end of the financial year ended on 31st
March, 2023 and the date of the report.
12. TRANSFER TO RESERVES:
The Company during the year under review, in accordance with Section 45-IC (1) of The
Reserve Bank of India Act, 1934 has not transferred any amount to Statutory Reserve due to
Carried forward losses of previous years. As on 31st March, 2023, the balance
in the Statutory Reserve is Rs. 33.05 lakhs.
13. DISCLOSURE UNDER THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION,
PROHIBITION & REDRESSAL) ACT, 2013:
The Company is committed to provide and promote safe, healthy and congenial atmosphere
irrespective of gender, caste, greed, color or social status of the employee. All
employees (permanent, contractual, temporary, trainees) are covered. During the financial
year, no complaints were received.
| a. Number of complaints filed during the financial year |
NIL |
| b. Number of complaints disposed off during the financial year |
NA |
| c. Number of complaints pending as on end of the financial year |
NA |
14. HOLDING, SUBSIDIARIES, JOINT VENTURES AND ASSOCIATES COMPANIES AS PER THE COMPANIES
ACT. 2013:
The Company does not have any holding, subsidiary, joint venture and associate
companies as per The Companies Act, 2013.
15. CORPORATE SOCIAL RESPONSIBILITY:
The provisions of Section 135 of The Companies Act, 2013 read with The Companies
(Corporate Social Responsibility Policy) Rules, 2014 are not applicable to the Company.
Hence, there is no need to develop CSR policy and to take initiative thereon.
16. RISK MANAGEMENT:
The Company has framed a Risk Management Policy containing the elements of risks and
implementation strategy to mitigate those risks. During the year, the risk management
policy was reviewed by the management of the Company; to make it more focused in
identifying and prioritizing the risks, role of various executives in monitoring &
mitigation of risk and reporting process. Its aim is to enhance shareholders value and to
provide an optimum risk reward tradeoff.
The Risk Management Policy has been reviewed and found adequate to the requirements of
the Company, and approved by the Board of Directors. Presently, the composition of Risk
Management Committee as required under Regulation 20 of The SEBI (Listing Obligations and
Disclosure Requirements) Regulations, 2015 is not applicable to the Company.
The Management evaluated various risks and that there is no element of risk identified
that may threaten the existence of the Company.
17. COMPLIANCE:
The Compliance function of the Company is responsible for independently ensuring that
operating and business units comply with the regulatory and internal guidelines. The
Compliance Department of the Company continues to play a pivotal role in ensuring
implementation of compliance functions in accordance with the directives issued by the
Regulators, the Board of Directors and the Companys Compliance Policy. The Audit
Committee reviews the performance of the Compliance Department and the status of
compliance with the regulatory or internal guidelines on a periodic basis. New
instructions and guidelines issued by the regulatory authorities were disseminated across
the Company to ensure that the business and functional units functions with the boundaries
set up by the regulators and that the compliance risks are suitably monitored and
mitigated in course of their activities and processes.
18. AUDITORS:
Statutory Auditors
In accordance with the provisions of The Companies Act, 2013, at the 38th
Annual General Meeting held on 27th September, 2021; the shareholders had
appointed M/s. Mahesh Udhwani & Associates, Chartered Accountants, Vadodara bearing
firm registration number 129738W as Statutory Auditors of the Company, for a period of 2
years i.e. upto the conclusion of Annual General Meeting to be held in the year 2023,
subject to ratification of their appointment at every Annual General Meeting.
The Board has re-appointed M/s. Mahesh Udhwani & Associates for its 2nd
term for the period of 3 years i.e. upto the conclusion of 43rd Annual General
Meeting to be held for adoption of accounts for the financial year ending 31st
March, 2026, subject to approval of members at the ensuing Annual General Meeting.
The Companies Act, 2013 and any other applicable provisions of The Companies Act, 2013
and Rules made thereunder (including any statutory modifications and re-enactment thereof
for the time being in force), has done away with the requirement of ratification of
statutory auditors at every Annual General Meeting.
There is no qualification or adverse remark in Auditors report. The observations of
Statutory Auditor in their Report read with relevant Notes to Accounts are
self-explanatory and therefore, do not require any further explanation.
Secretarial Auditor
Pursuant to the provisions of Section 204 of The Companies Act, 2013 read with Rule 9
of The Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014; the
Company had appointed Mrs. Aparna Tripathi, Company Secretary in Practice (Membership
Registration No. 67594) as Secretarial Auditor of the company to conduct the secretarial
audit for the financial year 2022-23. During the financial year, Mrs. Aparna Tripathi
resigned as Secretarial Auditor of the Company and Mrs. Pooja Amit Gala, Company Secretary
in Practice (Membership Registration No. 69393) was appointed as the Secretarial Auditor
of the Company to conduct the secretarial audit for the financial year 2022-23. The
Secretarial Audit Report in Form MR-3 forms part of the Report on Corporate
Governance. There are no qualifications, reservations or adverse remarks made by the
Secretarial Auditor in her Report. The Report does not contain any qualification,
reservation or adverse remark.
ANNUAL SECRETARIAL COMPLIANCE REPORT
Your Company has undertaken an audit for the financial year 2022-23 for all applicable
compliances as per The SEBI (Listing Obligations and Disclosure Requirements) Regulations,
2015 and Circulars/Guidelines issued thereunder. The Annual Secretarial Compliance Report
issued by Mrs. Pooja Amit Gala, Secretarial Auditor for the financial year 2022-23 has
been submitted to the stock exchange and forms part of the Report.
No non-compliance have been reported under the Annual Secretarial Compliance Report for
financial year 2022-23.
19. INTERNAL AUDITORS:
M/s. Upadhyay & Company-LLP, Chartered Accountant (Firm Registration Number :
131136W) have been appointed as Internal Auditors of the Company by complying with the
provisions of Section 138 (1) of The Companies Act, 2013 read with Rule 13 of The
Companies (Accounts) Rules, 2014.
20. INSTANCES OF FRAUD, IF ANY, REPORTED BY THE AUDITORS, 2015:
There have been no instances reported by the Auditors to the Audit Committee or the
Board under Section 143 (12) of The Companies Act, 2013.
21. INDIAN ACCOUNTING STANDARDS. 2015:
The annexed financial statements complies in all the material aspects with The Indian
Accounting Standards (IND AS) notified under Section 133 of The Companies Act, 2013 read
with The Companies (Indian Accounting Standards) Rules, 2015 and other relevant provisions
of The Companies Act, 2013.
22. DIRECTORS:
The composition of Board of Directors of the Company as on 31st March, 2023
are as under:
| Sr. No. Name of Director |
Category |
| 1. Mr. Venkata Ramana Revuru |
Managing Director (as on 10th August, 2021), Chairman (as on 14th
November, 2021) |
| 2. Mr. Yatin Sanjay Gupte |
Non-Executive - Non Independent Director |
| 3. Mr. Vettukallel Avirachan Sojan |
Non-Executive - Non Independent Director |
| 4. Mr. Bhargav Govindprasad Pandya |
Non-Executive - Independent Director |
| 5. Mr. Nikhil Bhagwanshanker Dwivedi |
Non-Executive - Independent Director |
| 6. Mrs. Neelambari Harshal Bhujbal |
Non-Executive - Woman Independent Director |
Directors liable to retire by rotation
In accordance with the provisions of The Companies Act, 2013 and the Articles of
Association of Company, Mr. Yatin Sanjay Gupte (DIN: 07261150) retire by rotation at the
ensuing Annual General Meeting of the Company and being eligible, offers himself for
re-appointment. The Board recommends all the resolutions placed before the members
relating to appointment / reappointment of Directors for their approval.
Number of Board Meetings of the Board of Directors
The schedules of Board and Committee meetings are prepared and circulated in advance to
the Directors. The details of the number of Board Meetings and meetings of various
Committees are given in the Report on Corporate Governance. The intervening gap between
the meetings was within the time period prescribed under The Companies Act, 2013, the
revised Secretarial Standards - 1 (SS-1) issued by The Institute of Company Secretaries of
India and The SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
During the financial year, 09 (Nine) Board Meetings were convened and held. The details
of which are given in the Report on Corporate Governance. The intervening gap between the
meetings was within the period prescribed under The Companies Act, 2013.
Details of the attendance of the Directors at the Board meetings held during the
financial year ended on 31st March, 2023 are as follows:
| Name of the |
DIN |
Category |
Number of Board Meetings |
Attendance |
| Director |
|
|
Held |
Attended |
at the last AGM (26th September, 2022) |
| Mr. Venkata Ramana Revuru |
02809108 |
Managing Director, Chairman, Executive Director |
09 |
09 |
YES |
| Mr. Yatin Sanjay Gupte |
07261150 |
Non Executive Non Independent Director |
09 |
08 |
YES |
| Mr. Vettukallel Avirachan Sojan |
07593791 |
Non Executive Non Independent Director |
09 |
09 |
YES |
| Mrs. Neelambari Harshal Bhujbal |
09195568 |
NonExecutive - Woman Independent Director |
09 |
09 |
YES |
| Mr. Bhargav Govindprasad Pandya |
08693675 |
Non Executive Independent Director |
09 |
09 |
YES |
| Mr. Nikhil Bhagwanshanker Dwivedi |
08865234 |
Non Executive Independent Director |
09 |
08 |
YES |
23. DIRECTORS RESPONSIBILITY STATEMENT AS REQUIRED UNDER SECTION 134 OF THE COMPANIES
ACT, 2013:
Your Directors make the following statements in terms of Section 134 of The Companies
Act, 2013, which is to the best of their knowledge and belief and according to the
information and explanations obtained by them.
Pursuant to the requirement under Section 134 of The Companies Act, 2013 with respect
to the Directors Responsibility Statement, the Board of Directors of the Company hereby
confirms:
i. In the preparation of the annual accounts for the Financial Year ended 31st
March, 2023 the applicable accounting standards have been followed along with proper
explanation relating to material departures;
ii. That Directors have 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 the year ended 31st March, 2023;
iii. The Directors have taken sufficient and proper care for the maintenance of
adequate accounting records in accordance with the provisions of Act for safeguarding the
assets of the Company and for preventing and detecting material fraud and other
irregularities;
iv. The Directors have prepared the annual accounts for the Financial Year ended 31st
March, 2023 on a going concern basis;
v. That the Directors have devised proper systems to ensure compliance with the
provisions of all applicable laws and that such systems were adequate and operating
effectively;
vi. That 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.
24. COMMITTEES OF THE BOARD:
The Board of Directors have the following Committees:
a) Audit Committee
b) Nomination and Remuneration Committee
c) Stakeholders Relationship Committee
The details of the Committees along with their composition, number of meetings held and
attendance at the meetings are provided in the Report on Corporate Governance.
25. KEY MANAGERIAL PERSONNEL:
In terms of Section 203 of The Companies Act, 2013; following are the Key Managerial
Personnel as on the financial year ended on 31st March, 2023.
| Sr. No. |
Name of Key Managerial Personnel |
Designation |
| 1. |
Mr. Venkata Ramana Revuru |
Managing Director |
| 2. |
Mr. Deepakkumar Mineshkumar Doshi (Appointed w.e.f. 03rd June, 2021 and
resigned on 27th September, 2022) |
Chief Financial Officer |
| 3. |
Mr. Sohinderpal Singh Teja (Appointed w.e.f. 12th August, 2022) |
Vice President - Finance |
| 4. |
Mr. Sohinderpal Singh Teja (Re-designated as Chief Financial Officer w.e.f. 06th
October, 2022) |
Chief Financial Officer |
| 5. |
Ms. Manisha Sharma (Appointed w.e.f 01st December, 2021 and resigned on 01st
July, 2022) |
Company Secretary and Compliance Officer |
| 6. |
Ms. Sakina Lokhandwala (Appointed w.e.f. 06th July, 2022) |
Company Secretary and Compliance Officer |
| 7. |
Mr. Akhtar Khatri (Appointed w.e.f. 17th January, 2023) |
President - Operations |
26. DECLARATION BY INDEPENDENT DIRECTORS:
All the Independent Directors of the Company have given their declaration to the
Company under Section 149(7) of The Companies Act, 2013; that they meet the criteria of
independence as provided under Section 149(6) of The Companies Act, 2013 read with
Regulation 16(1)(b) of The SEBI (Listing Obligations and Disclosures Requirements)
Regulations, 2015. The Board has also confirmed that they are not aware of any
circumstances or situation which exist or may be reasonable anticipated that could impair
or impact their ability to discharge their duties and that they are independent of the
management.
The Board, after undertaking assessment and on examination of the relationships
disclosed, considered the following Non-Executive Directors as Independent Directors:
• Mrs. Neelambari Harshal Bhujbal
• Mr. Bhargav Govindprasad Pandya
• Mr. Nikhil Bhagwanshanker Dwivedi
27. MEETING OF INDEPENDENT DIRECTORS:
A separate meeting of the Independent Directors was held on 17th January,
2023; as per the provisions of Schedule IV (Code for Independent Directors) of The
Companies Act, 2013 and Regulation 25(3) of
The SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015; in which
the following matters were considered:
• Evaluation of the performance of Non-Independent Directors and the Board of
Directors.
• Evaluation of the performance of the Chairman, taking into account the views of
the Executive and Non- Executive Directors.
• Evaluation of the quality, content and timeliness of flow of information between
the management and the Board that is necessary for the Board to effectively and reasonably
perform its duties.
The Independent Directors expressed satisfaction with the overall performance of the
Directors and the Board as a whole.
28. ANNUAL EVALUATION BY THE BOARD:
The Board has carried out an annual evaluation of its own performance, Committees of
the Board and individual Directors pursuant to the provisions of The Companies Act, 2013
and The SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The
Board of Directors expressed their satisfaction with the evaluation process.
29. CODE OF CONDUCT:
The Company has laid down the rules for code of conduct for the Members of the Board
and Senior Management Personnel of the Company. The code of conduct has also been posted
on Companys website viz. www.miflindia.com. In compliance with this code, the Board
Members and Senior Management Personnel have affirmed their compliance with the code for
the financial year ended on 31st March, 2023. A declaration to this effect duly
signed by the Chairman & Managing Director forms part of this Annual Report.
30. PARTICULARS OF LOANS, GUARANTEES, SECURITIES OR INVESTMENTS UNDER SECTION 186 OF
THE COMPANIES ACT. 2013:
The details of Loans, Investments, Guarantees and Securities made during the financial
year ended 31st March, 2023 as per the provisions of Section 186 of The
Companies Act, 2013 and Schedule V of The SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015 are given in the Notes to the Financial Statements forming
part of Annual Report.
31. CONTRACTS AND AGREEMENTS WITH RELATED PARTIES:
Your Company has adopted the practice of undertaking related party transactions only in
the ordinary and normal course of business and on arms length as part of its philosophy
of adhering to highest ethical standards, transparency and accountability. In line with
the provisions of The Companies Act, 2013 and The SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015, the Board has approved a policy on related party
transactions.
During the financial year 2022-23; all contracts /arrangements/transactions entered
into by your Company with related parties under Section 188(1) of The Companies Act, 2013
were in the ordinary course of business and on an arms length basis and has been approved
by the Audit Committee of the Company.
During the financial year 2022-23; the materially significant related party
transactions entered into by the Company with the Promoters, Directors, Key Managerial
Personnel or other designated persons approved by the Board, are disclosed in the related
party disclosures in notes to the financial statements for the financial year ended 31st
March, 2023.
All related party transactions are placed before the Audit Committee for approval.
Omnibus approval was obtained on a yearly basis for transactions which are of repetitive
nature. Related party transactions were disclosed to the Board on regular basis as per IND
AS-24. Details of related party transactions as per IND AS-24 may be referred to in Note
31 of the Standalone Financial Statements. Pursuant to Regulation 23(9) of The SEBI
(Listing Obligations and Disclosure Requirements) Regulations, 2015, your Company had
filed the reports on related party transactions with the Stock Exchange within the
stipulated time period.
The particulars of contracts or arrangements with related parties referred to in sub
section (1) of Section 188 entered by the Company during the Financial Year ended 31st
March, 2023 in prescribed Form AOC-2 is appended to this Report as Annexure -A.
The policy on related party transactions as approved by the Board of Directors has been
uploaded on the website of the Company viz. https://www.miflindia.com.
32. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND
OUTGO:
Information with respect to conservation of energy, technology absorption, foreign
exchange earnings and outgo pursuant to Section 134(3) (m) of The Companies Act, 2013 read
with The Companies (Accounts) Rules, 2014 are not applicable to the Company.
33. DISCLOSURE UNDER RULE 5 OF THE COMPANIES (APPOINTMENT AND REMUNERATION OF
MANAGERIAL PERSONNEL) RULES, 2014:
Disclosures pertaining to remuneration and other details required under Section 197(12)
of The Companies Act, 2013 read with Rule 5 of The Companies (Appointment and Remuneration
of Managerial Personnel) Rules, 2014 have been annexed to this Boards Report as Annexure
- B.
34. ANNUAL RETURN:
A copy of Annual Return as required under The Companies Act, 2013 has been placed on
the Companys website viz. https://www.miflindia.com.
35. ACCEPTANCE OF PUBLIC DEPOSIT:
During the financial year under review, your Company has neither accepted nor renewed
any deposits from the public or its employees within the meaning of Section 73 of The
Companies Act, 2013 and The Companies (Acceptance of Deposits) Rules, 2014. The details of
loans and advances, which are required to be disclosed in the annual accounts of the
Company, are provided as part of the financial statements.
36. COST AUDIT AND COST RECORDS:
During the financial year 2022-23; the provisions of Section 148 of The Companies Act,
2013 are not applicable to the Company.
37. VIGIL MECHANISM/WHISTLE BLOWER POLICY:
The Company has established a vigil mechanism for Directors and employees pursuant to
the requirements of Section 177(9) of The Companies Act, 2013 and Regulation 22 of The
SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and the same has
been communicated to the Directors and employees of the Company. The vigil mechanism
policy / whistle blower policy is also posted on the website of the Company.
The whistle blower policy/vigil mechanism enables a director or an employee to report
confidentially to the management, without fear of victimization, any unacceptable and/or
unethical behavior, suspected or actual fraud, violation of the Companys code of conduct
or ethics policy and instances of leak or suspected leak of unpublished price sensitive
information which are detrimental to the organizations interest. It provides safeguards
against victimization of directors/ employees who avail of the mechanism and allows direct
access to the Chairman of the Audit Committee in exceptional cases.
During the financial year under review, no such incidence was reported and no person
was denied access to the Chairman of the Audit Committee. The policy of the whistle blower
is posted on the companys website at www.miflindia.com
38. COMPLIANCE WITH THE APPLICABLE SECRETARIAL STANDARDS:
During the financial year, the Company has complied with all the applicable Secretarial
Standards issued by The Institute of Company Secretaries of India and approved by the
Central Government from time to time.
39. STATUTORY DISCLOSURES:
A copy of audited financial statements of the Company will be made available to the
members of the Company, seeking such information at any point of time. A cash flow
statement for the financial year 2022-23 is attached to the Balance Sheet.
40. PROHIBITION OF INSIDER TRADING:
As per The SEBI (Prohibition of Insider Trading) Regulation, 2015, the Company has
adopted a Code of Conduct for Prevention of Insider Trading. The Company has appointed Ms.
Sakina Lokhandwala, Company Secretary as Compliance Officer who is responsible for setting
forth procedures and implementing of the code for trading in Companys securities. During
the year under review, there has been due compliance with the said code.
41. MANAGEMENT DISCUSSION AND ANALYSIS REPORT:
The Management Discussion and Analysis Report, which gives a detailed account of state
of affairs of the companys operations forms part of this Annual Report as Annexure-C.
42. CORPORATE GOVERNANCE REPORT:
As per requirement of The SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015, a separate section on corporate governance practices followed by the
Company, together with a certificate from Practicing Company Secretary confirming
compliances, forms an integral part of the report.
43. SIGNIFICANT AND MATERIAL ORDER PASSED BY THE REGULATORS OR COURTS:
No significant and material order has been passed by the regulator, court, tribunal,
statutory and quasi-judicial body impacting the going concern status of the Company and
its future operations.
During the year under review, no application was made or any proceedings pending
against the Company under the Insolvency and Bankruptcy Code, 2016.
44. ADEQUACY OF INTERNAL FINANCIAL CONTROLS:
The Company has an internal financial control system commensurate with the size and
scale of its operations. The internal financial controls have been designed to provide
reasonable assurance about recording and providing reliable financials information,
ensuring integrity in conducting business, accuracy and completeness in maintaining
accounting records and prevention and detection of frauds and errors. These controls are
adequate and operating effectively so as to ensure orderly and efficient conduct of
business operations. During the year under review, such controls were assessed and no
reportable material weaknesses in the design or operation were observed.
45. CREDIT RATING:
The Company has not issued any debt instruments and does not have any Fixed Deposit
Programme or any scheme or proposal involving mobilization of funds in India or abroad
during the financial year ended 31st March, 2023.
Hence during the financial year; there was no requirement to obtain such Credit
Ratings.
46. ACKNOWLEDGEMENTS:
Your Directors place its gratitude and appreciation for the support and co-operation
received from its members, business associates, The Reserve Bank of India, financial
institutions and other various government authorities for their continued support extended
to your Company during the year under review.
Your Directors wish to place on record their appreciation of the contribution made by
employees at
all levels to the continued growth and prosperity of your Company. Your Directors also
wish to place on record their appreciation to the shareholders, consumers and banks for
their continued support.
| For Mangalam Industrial Finance Limited |
|
| SD/- |
SD/- |
| Venkata Ramana Revuru |
Yatin Sanjay Gupte |
| Managing Director |
Non-Executive Non- Independent Director |
| DIN:02809108 |
DIN:07261150 |
| Place: Vadodara |
|
| Date: 03rd August, 2023 |
|
+91-9892691696
