Abhinav Capital Services Ltd Directors Report.

Dear Members,

The Board of Directors hereby submits the report of the business and operations of your Company (the Company or Abhinav Capital Services Limited) along with the Audited financial Statements, for the financial year ended March 31, 2020.

Financial performance

Particulars Current Year 2019-20 (Rs.) Previous Year 2018-19(Rs.)
Revenue from Operations 4,24,50,449 3,39,99,298
Other lncome 9,93,340 56,92,612
Income from operations 4,34,43,789 3,96,91,911
Less: Interest Expenses 1,11,53,720 59,11,476
Less : Depreciation & Amortisation Expenses 74,448 1,08,257
Less: Other Expenses 1,86,53,429 14,80,707
Less : Employee Benefits Expenses 19,22,450 7,55,123
Less Exceptional Items 87,346 -
Profit/(Loss) Before Tax & Exceptional Items 1,15,52,395 3,14,36,348
Less : Current year Taxation 70,00,000 65,00,000
Less : Short Provisions for Prior Years (5,84,297) (12,31,220)
Less: Deferred Tax (51,99,890) 32,471
Less : Tax Expenses of Discontinuing Operations - -
Profit After Tax 1,03,36,582 2,61,35,097
Less: Appropriation Transfer to General Reserve _ _
Proposed Dividend - -
Tax on Dividend - -
Surplus carried to Balance Sheet 1,03,36,582 2,61,35,097
TOTAL 1,03,36,582 2,61,35,097

The year under review has been one of the most challenging years for your Company Your company posted total income and net profit of Rs. 4,34,43,789/- and Rs. 1,03,36,582/- respectively, for the financial year ended March 31, 2020 as against Rs. 3,96,91,911/- and Rs. 2,61,35,097/- respectively from the previous year. The Company has earned sizable interest income inspite of non-Conductive economic condition, Detailed analysis is given in Management discussion and analysis report appended hereto The outbreak of COVID-19 pandemic has resulted in further slowdown in economic activities across the country, which even otherwise was on a slow pace.. As an organization, your Company has been strictly adhering to social distancing norms and lockdown announcements in accordance with the directives issued by the Central, State Government and Local Administration Guidelines. your Company focused on strengthening its systems to reduce risk and enhance customer centricity. The NBFC sector continued to experience liquidity problems in the financial year 2019-20

OUTLOOK

Your Company is having very limited Client Base. Company is managed by professionals. Company is always following strict norms as prescribed by the management for disbursement of Loan. Management is of the opinion that Companys NPA will be within the limit as prescribed by the Management. Company is hopeful of recovery in the financial year 2020-2021. Management has also decided to find out new avenue in the Financial Market

SWOT analysis

Strengths

Distinguished financial services provider, with local talent catering to local customers. Simplified and prompt loan request appraisals and disbursements. Product innovation and superior delivery. Innovative resource mobilization techniques and prudent fund management practices.

Weakness

Regulatory restrictions - continuously evolving government regulations may Impact operations. Uncertain economic and political environment.

Opportunities

Demographic changes and under penetration. Large untapped markets. Use of digital solutions for business/collections.

Threats

High cost of funds. Rising Non-Performing Assets (NPAs). Competition from other NBFCs and banks

Reserves

The Company does not recommend transferring any amount to the General Reserves.

Dividend

The Directors do not recommend the payment of dividend for the year under review.

Share Capital

• The Authorized Share Capital of the Company is Rs.8,00,00,000/- divided in to 80,00,000 Equity Shares of face value of Rs.10/- each. There is no change in the Authorized Share Capital of the Company during the year under review.

• The Paid-up Share Capital of the Company is Rs.6,92,46,000/- divided in to 69,24,600 Equity Shares of face value of Rs.10/- each. There is no change in the Paid-up Share Capital of the Company during the year under review.

• The Company has not issued any equity shares with differential rights as to dividend, voting or otherwise during the year under review.

a) Buy Back Of Securities

The Company has not bought back any of its securities during the year under review.

b) Sweat Equity

The Company has not issued any sweat equity during the year under review

c) Bonus Shares

The Company has not issued any bonus shares during the year under review Listing Of Shares

The Companys equity shares are listed on the BSE Ltd., Ahmadabad Stock Exchange. The Company confirmed that the annual listing fee to both the stock exchanges for F.Y. 2019-20 has been paid.

Subsidiaries, Joint Ventures And Associate Companies

The Company does not have any Subsidiary, Joint venture or Associate Company

Directors & Key Managerial Personnel

In accordance with the provisions of the Companies Act, 2013 and the Articles of Association of the Company Mr Kamlesh kotak, Director is retiring by rotation at the ensuing Annual General Meeting of the Company and is eligible for re-appointment & he has offered himself for reappointment.

Appropriate resolutions for the appointment/re-appointment of Directors are being placed for your approval at the ensuing Annual General Meeting.

The Company has appointed Mrs. Ritu Mohatta as Executive Director cum CFO of the Company with effect from 3rd September 2020

Declaration by Independent Directors

The Company has received declaration from all the Independent Directors of the Company confirming that they meet with the criteria of independence as prescribed under sub-section (6) of Section 149 of the Companies Act, 2013

Familiarisation Programme for the Independent Directors

In compliance with the requirements of the Listing Regulations , the Company has put in place a Familiarization Program for the Independent directors to familiarize them with the Company, their roles, rights, responsibilities in the Company, nature of the industry in which the Company operates, business model etc.

Meeting of Independent Directors

The Independent Directors met once during the year under review. The Meeting was conducted in an informal manner without the presence of the Chairman, the Non-Executive Non Independent Directors and the Chief Financial Officer.

Policies on appointment and remuneration of Directors

Policy for determining qualifications of directors and Policy for remuneration of Directors approved by the Nomination and Remuneration Committee of the Board of Directors, are available at Companys website.

Material Changes

No material changes and commitments affecting the financial position of the Company occurred between the end of the financial year to which this financial statements relate on the date of this report

Board and Directors evaluation

Performance evaluation of the Board as whole, individual directors and of the Board Committees, was carried out by Board of Directors, as suggested by the Nomination and Remuneration Committee.

The evaluation was done in accordance with the framework and criteria laid down by the Committee. Further, at a separate meeting, the Independent Directors evaluated performance of Non-Independent Directors, Board as a whole and of the Chairman of the Board.

Manner of evaluation of Board of Directors performance and matters incidental thereto, are detailed in the Corporate Governance Report, which forms part of this report. Board of Directors were satisfied with the evaluation process and expressed satisfaction over performance of individual directors, Board as a whole and of the Board Committees, as Revealed by the evaluation reports.

DETAILS OF BOARD MEETINGS

During the year under review, Five Board meetings were held, details of which are summarized below:

Date of the meeting No. of Directors attended the meeting
1 25th April 2019 4
2 23rd May 2019 4
3 14th August 2019 4
4 13th November 2019 4
5 12th February 2020 4

Public Deposits

The Company has not taken any deposits from the public for which information is required to be given in the Report.

Conservation Of Energy

The company is utilizing electricity optimally.

Technology Absorption

The company has not purchased or imported any new technology. Hence, not applicable.

Foreign Exchange Earnings and Outgo: NIL Particulars of Employees: -

There are no employees to whom remuneration in excess of Rs. 1.2 Crore per annum or Rs. 8.5 lakh per month has been paid.

Details of Unclaimed Suspense Account

Company is not having unclaimed suspense account as required under schedule V of the SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015.

Statutory Auditors and their Report

M/s S C Mehra & Associates LLP, Chartered Accountants (Firm Registration No. 106156W/ W100305 was the statutory Auditor of the company. S C Mehra & Associates LLP will hold office for a period of five consecutive years upto theconclusion of the Annual General Meeting to be held in the year 2022 on a remuneration that may be determined by the Audit Committee in consultation with the auditors.

Extract of Annual Return as per Section 92 (3) of Companies Act 2013

The details forming part of the extract of the Annual Return in form MGT- 9 is annexed herewith as Annexure-I.

Secretarial Audit Report

Pursuant to Section 204 of the Act, the Secretarial Audit Report for the Financial Year ended 31st March 2020 given by DG Prajapati & Associates, Practicing Company Secretary is annexed to this Report. The Secretarial Audit Report for the year under review is self-explanatory and annexed with this report as Annexure- II

Reports on Management Discussion Analysis

As required under the SEBI (Listing Obligations and Disclosures Requirements) Regulations, 2015, management discussion and analysis report is annexed as Annexure- III to this Report

Reports on Corporate Governance

As required under the SEBI (Listing Obligations and Disclosures Requirements) Regulations, 2015, Corporate governance report is annexed as Annexure- IV to this Report

DIRECTORS COMMENTS ON AUDITORS REPORT

The observations made by the Auditors in their Report read with relevant notes given in the Notes to Accounts are self-explanatory and therefore, do not require any comments from your Directors pursuantto Section 134 (3) (f) of the Companies Act, 2013.

RBI GUIDELINES

Your Company is Complying with all the requirements of Reserve Bank of India for Non Banking Finance Company. In terms of paragraph 9BB of the NBFC Regulations, the particulars as applicable to the company are appended to the Balance sheet.

DIRECTORS RESPONSIBILITY STATEMENT

Pursuant to the requirement under section 134(5) of Companies Act, 2013, with respect of Directors responsibility statement, it is hereby confirmed that:

i) in the preparation of the account for the financial year ended 31st March, 2020; the applicable accounting standards had been followed along with proper explanation relating to material departure.

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 & 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 under review;

iii) the Directors had taken proper and sufficient care 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.

iv) the Directors had prepared the accounts for the financial year ended 31st March, 2020 on a going concern basis.

v) the Directors have laid down internal financial controls to be followed by the company and that such internal financial controls are adequate and were operating effectively

vi) 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.

DISCLOSURE OF COMPOSITION OF AUDIT COMMITTEE

The Audit Committee consists of Mr. Girish Desai, Mr. Chetan Karia & Mrs. Gayatri Sonawane. The committee inter-alia reviews the internal control system & compliance of various regulations. The committee also reviews at length financial statements before they are placed before the Board.

RELATED PARTY TRANSACTIONS

Pursuant to Regulation 23(3) of the Listing Regulations and Rule 6A of the Companies (Meetings of Board and its Powers) Rules, 2014, the Audit Committee granted omnibus approvals to the transactions likely to be entered into by the Company with related parties during the year

FIXED DEPOSITS

The Company has not accepted any fixed deposit during the year under review.

RISK MANAGEMENT POLICY

The Company has a Risk Management Policy with an objective to formalize the process of identification of potential risk and adopt appropriate risk mitigation measures through a risk management structure. The Risk Policy is a step taken by the Company towards strengthening the existing internal controls and updating the same as may be required from time to time.

CORPORATE SOCIAL RESPONSIBILTY INITIATIVES

The CSR Policy is not applicable to your Company.

PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS

Pursuant to section 186(11) of the Companies Act, 2013 (the Act), the provisions of section 186 (4) of the Act requiring disclosure in the financial statements of the full particulars of the loans made and guarantees given or securities provided by a Non-Banking Financial Company in the ordinary course of its business and the purpose for which the loan or guarantee or security is proposed to be utilized by the recipient of the loan or guarantee or security are exempted from disclosure in the Annual Report.

Further, pursuant to the provisions of section 186 (4) of the Act, the details of investments made by the Company are given in the Notes to the Financial Statements.

INTERNAL CONTROL SYSTEM

The Companys Internal Control procedure which includes Internal Financial Controls ensures that compliance with various policies, practices & Statutes & keeping in view the Companys

EVALUATION OF PERFORMANCE OF THE BOARD, ITS COMMITTEES AND INDIVIDUAL DIRECTORS

The Board of Directors have carried out an annual evaluation of its own performance, its various committees and individual directors pursuant to the provisions of the Act and the Corporate Governance requirements as prescribed under the Listing Regulations. The performance of the Board was evaluated by the Board after seeking inputs from all the directors on the basis of various criteria such as Board Composition, process, dynamics, quality of deliberations, strategic discussions, effective reviews, committee participation, governance reviews etc.

WHISTLE BLOWER POLICY/ VIGIL MECHANISM

To create enduring value for all stakeholders and ensure the highest level of honesty, integrity and ethical behavior in all its operations, the company has formulated a Vigil Mechanism named as Abhinav Whistle Blower Policy in addition to the existing code of conduct that governs the actions of its employees.

The Vigil Mechanism as envisaged in the Companies Act, 2013 and the Rules prescribed thereunder and the Listing Regulations is implemented through the Whistle Blower Policy, to provide for adequate safeguards against victimization of persons who use such mechanism and make provision for direct access to the Chairman of the Audit Committee.

The Whistle Blower Policy provides for protected disclosure and protection to the Whistle Blower. Under the Whistle Blower Policy, the confidentiality of those reporting violation(s) is protected and they are not subject to any discriminatory practices

MAINTENANCE OF COST RECORDS

The maintenance of Cost records as specified by the Central Government under sub section (1) of section 148 of the Companies Act, 2013 is not required by the Company and accordingly such accounts and records are not made and maintained by the Company.

INTERNAL COMPLAINTS COMMITTEE

The Company has complied with provisions relating to the constitution of Internal Complaints Committee under the Sexual Harassment of women at workplace (prevention, prohibition and Redressal Act, 2013.

DISCLOSURE UNDER SEXUAL HARASSMENT OF WOMAN AT WORK PLACE (Prevention, Prohibition & Redressal) Act 2013

The Company has zero tolerance towards Sexual Harassment at the works place & has adopted a policy on Prevention, Prohibition & Redressal on works place in line with the act. The Company has not received any complaints of sexual harassment during FY 2019-20.

CORPORATE GOVERNANCE & MANAGEMENT DISCUSSION & ANALYSIS STATEMENT

The Company has taken adequate steps to ensure that the conditions of Corporate Governance as stipulated in Listing Regulations of the Stock Exchange are complied with. A detailed report on Corporate Governance has been included in this report along with a certificate from the auditors of the company regarding compliance of conditions of Corporate Governance. Further, a separate Management Discussion and Analysis report is also given in this report.

ACKNOWLEDGEMENT

Your Directors thank the clients for the confidence in the Company, which has enabled the Company to reach to a new level of customer satisfaction. The Board places acknowledgment to the employees for their teamwork and professional approach for the Companys image.

Your Directors would like to express their gratitude for the continuous support and guidance received from Companys lenders, bankers, the Government departments, and SEBI and Stock Exchange officials.

AnnexureI

F0RMN0 . MGT9

EXTRACT OF ANNUAL RETURN

As on financial year ended on 31.03.2020

Pursuant to Section 92 (3) of the Companies Act, 2013 and rule 12(1) of the Company (Management & Administration) Rules, 2014

I. REGISTRATION & OTHER DETAILS:

1. CIN L65990MH1994PLC083603
2. Registration Date 08/12/1994
3. Name of the Company ABHINAV CAPITAL SERVICES LIMITED
4. Category/Sub- category of the Company Company Limited by Shares
5. Address of the Registered office & contact details Athena house, Row House No-4, Rajnigandha, Gokuldham, Goregaon (East), Mumbai-63 022-28425907
6. Whether listed company Listed
7. Name, Address & contact details of the Registrar & Transfer Agent, if any. Adroit Corporate Services Pvt Ltd 19, Jaferbhoy Ind. Estate, 1st Floor, Makwana road, Marol Naka, Mumbai -59 Tel No. 28596060

II. PRINCIPAL BUSINESS ACTIVITIES OF THE COMPANY (All the business activities contributing

10 % or more of the total turnover of the company shall be stated)

Name and Description of main products / services NIC Code of the Product/service % to total turnover of the company
1 Interest Income 8040 100

III PARTICULARS OF HOLDING, SUBSIDIARY & ASSOCIATE COMPANIES

SI No Name & Address of the Company CIN/GL N Holding/ Subsidiary/ Associate % of shares held Applicable Section
1 NA

VI. SHARE HOLDING PATTERN (Equity Share Capital Breakup as percentage of Total Equity)

Category-wise Share Holding

Category of Shareholders No. of Shares held at the beginning of the year(As on 01-April-2019] No. of Shares held at the end of the year (As on 31-March-2020] % Chan ge duri ng the year
Demat Physi cal Total % of Total Shares Demat Physic al Total % of Total Shar es
A. Promoter s
(1) Indian
a) Individual/ HUF 494970 8 0 494970 8 71.48 49497 08 0 4949708 71.4 8 0.00
b) Central Govt 0 0 0 0.00 0 0 0 0.00 0.00
c) State Govt(s) 0 0 0 0.00 0 0 0 0.00 0.00
d) Bodies Corp. 0 0 0 0.00 0 0 0 0.00 0.00
e) Banks / FI 0 0 0 0.00 0 0 0 0.00 0.00
f) Any other 0 0 0 0.00 0 0 0 0.00 0.00
Total shareholding of Promoter (A) 494970 8 0 494970 8 71.48 49497 08 0 4949708 71.4 8 0.00
B. Public Shareholding
1. Institutions 0 0 0 0.00 0 0 0 0.00 0.00
a) Mutual Funds 0 0 0 0.00 0 0 0 0.00 0.00
b) Banks / FI 0 0 0 0.00 0 0 0 0.00 0.00
c) Central Govt 0 0 0 0.00 0 0 0 0.00 0.00
d) State Govtfs) 0 0 0 0.00 0 0 0 0.00 0.00
e) Venture Capital Funds 0 0 0 0.00 0 0 0 0.00 0.00
f) Insurance Companies 0 0 0 0.00 0 0 0 0.00 0.00
s) Fils 0 0 0 0.00 0 0 0 0.00 0.00
h) Foreign Venture Capital Funds 0 0 0 0.00 0 0 0 0.00 0.00
i) Others (specify) 0 0 0 0.00 0 0 0 0.00 0.00
Sub-total (B)(1):- 0 0 0 0.00 0 0 0 0.00 0.00
2. NonInstitutions
a) Bodies Corp.
i) Indian 799861 0 799861 11.55 83282 3 0 832823 12.0 2 0.47
ii) Overseas 0 0 0 0.00 0 0 0 0.00 0.00
b) Individuals
i) Individual shareholders holding nominal share capital upto Rs. 1 lakh 28636 2981 5 58451 0.84 29114 29815 58929 0.85 0.01
ii) Individual shareholders holding nominal share capital in excess of Rs 1 lakh 100308 0 0 100308 0 14.49 96964 0 0 969640 14.0 0 -0.49
c) Others (specify) 0 0 0 0.00 0 0 0 0.00 0.00
Non Resident Indians 113500 0 113500 1.64 11350 0 0 113500 1.64 0.00
Overseas Corporate Bodies 0 0 0 0.00 0 0 0 0.00 0.00
Foreign Nationals 0 0 0 0.00 0 0 0 0.00 0.00
Clearing Members 0 0 0 0.00 0 0 0 0.00 0.00
Trusts 0 0 0 0.00 0 0 0 0.00 0.00
Foreign Bodies -DR 0 0 0 0.00 0 0 0 0.00 0.00
Sub-total (B)(2):- 194507 7 2981 5 197489 2 28.52 19450 77 29815 1974892 28.5 2 0.00
Total Public Shareholding (B)=(B)(1)+ (B)(2) 0 0 0 0.00 0 0 0 0.00 0.00
C. Shares held by Custodian for GDRs & ADRs 0 0 0 0.00 0 0 0 0.00 0.00
Grand Total fA+B+C) 689478 5 2981 5 692460 0 100 68947 85 29815 6924600 100 0.00

 

Shareholders Name Shareholding at the beginning of the year Shareholding at the end of the year % change in shareho lding during the year
No. of Shares % of total Shares of the compan y %of Shares Pledged / encumbe red to total shares No. of Shares % of total Shares of the company %of Shares Pledged / encumb ered to total shares
1 V1NOD HARDATTRAI BIYANI HUF 132855 0 19.19% 132855 0 19.19% NIL
2 HARDATTRAI BALABUX BIYANI 132050 0 19.07% 132050 0 19.07% NIL
KAILASH HARDATTRAI BIYANI HUF 125135 0 18.07% 125135 0 18.07% NIL
4 BHARAT HARDATTRAI BIYANI HUF 104710 8 15.12% 104710 8 15.12% NIL
5 VINOD HARDATTAR AI BIYANI 2200 0.03% 2200 0.03% NIL

C) Change in Promoters Shareholding (please specify, if there is no change)

Particulars Shareholding at the beginning of the year Cumulative Shareholding during the year
No. of shares % of total shares of the company No. of shares % of total shares of the company
At the beginning of the year NIL NIL NIL NIL
Date wise Increase / Decrease in Promoters Shareholding during the year specifying the reasons for increase / decrease (e.g. allotment /transfer / bonus/ sweat equity etc.): NIL NIL NIL NIL
At the end of the year NIL NIL NIL NIL

 

For Each of the Top 10 Shareholders No.of Shares held at the beginning of the year Cumulative Shareholding during the year
Name of Shareholders As On Date No. of Shares % of total shares of the company No. of shares % of total shares of the company
1 At the beginning of the year AQUA PROOF WALL PLAST PRIVATE LIMITED 31/03/2019 564317 8.15 564317 8.15
Date wise Increase / Decrease in Share holding during the year NIL NIL
At the End of the year 31/03/2020 0 0.00 564317 8.15
2 At the beginning of the year SANCHAY FINCOM LTD 31/03/2019 213482 3.08 213482 3.08
Date wise Increase / Decrease in Share holding during the year NIL NIL
At the End of the year 31/03/2020 0 0.00 213482 3.08
3 At the beginning of the year SUBHASH CHANDRA GUPTA HUF 31/03/2019 20550C 2.97 205500 2.97
Date wise Increase / Decrease in Share holding during the year NIL NIL
At the End of the year 31/03/2020 0 0.00 205500 2.97
4 At the beginning of the year RAJENDRA PRASAD GUPTA HUF 31/03/2019 20000( 2.89 200000 2.89
Date wise Increase / Decrease in Share holding during the year NIL NIL
At the End of the year 31/03/2020 0 0.00 200000 2.89
5 At the beginning of the year SANJAY DUNGARMAL BOTHRA 31/03/2019 120455 1.74 120455 1.74
Date wise Increase / Decrease in Share holding during the year NIL NIL
At the End of the year 31/03/2020 0 0.00 120455 1.74
6 At the beginning of the year RAJESH BOTHRA 31/03/2019 113500 1.64 113500 1.64
Date wise Increase / Decrease in Share holding during the year NIL NIL
At the End of the year 31/03/2020 0 0.00 113500 1.64
7 At the beginning of the year RAM BALLABH GUPTA AND SONS HUF 31/03/2019 102627 1.48 102627 1.48
Date wise Increase / Decrease in Share holding during the year NIL NIL
At the End of the year 31/03/2020 0 0.00 102627 1.48
8 At the beginning of the year ANIRUDH KISHORE MOHATTA 31/03/2019 60000 0.87 60000 0.87
Date wise Increase / Decrease in Share holding during the year NIL NIL
At the End of the year 31/03/2020 0 0.00 60000 0.87
9 At the beginning of the year SARLA K. MOHATTA 31/03/2019 60000 0.87 60000 0.87
Date wise Increase / Decrease in Share holding during the year NIL NIL
At the End of the year 31/03/2020 0 0.00 60000 0.87
10 At the beginning of the year ASHOKS. MOHATTA 31/03/2019 52900 0.76 52900 0.76
Date wise Increase / Decrease in Share holding during the year NIL NIL
At the End of the year 31/03/2020 0 0.00 52900 0.76

E) Shareholding of Directors and Key Managerial Personnel:

Shareholding of each Directors and each Key Managerial Personnel Shareholding at the beginning of the year Cumulative Shareholding during the year
No. of shares % of total shares of the company No. of shares % of total shares of the company
At the beginning of the year NIL NIL NIL NIL
Date wise Increase / Decrease in Promoters Shareholding during the year specifying the reasons for increase /decrease (e.g. allotment / transfer / bonus/ sweat equity etc.}: NIL NIL NIL NIL
At the end of the year NIL NIL NIL NIL

V) INDEBTEDNESS -Indebtedness of the Company including interest outstanding/accrued but not due for payment.

Secured Loans excluding deposits Unsecured Loans Deposits Total Indebtedness
Indebtedness at the beginning of the financial year
i Principal Amount 0 0 0 0
ii] Interest due but not paid 0 0 0 0
iii} Interest accrued but not due 0 0 0 0
Total fi+ii+iii} 0 0 0 0
Change in Indebtedness during the financial year
* Addition 0 0 0 0
* Reduction 0 0 0 0
Net Change 0 0 0 0
Indebtedness at the end of the financial year
i} Principal Amount 0 0 0 0
ii} Interest due but not paid 0 0 0 0
iii} Interest accrued but not due 0 0 0 0
Total fi+ii+iii} 0 0 0 0

VI. REMUNERATION OF DIRECTORS AND KEY MANAGERIAL PERSONNEL-

A. Remuneration to Managing Director, Whole-time Directors and/or Manager:

Particulars of Remuneration Name of N ID/WTD, / Manage r Total Amount
CHETAN KARIA CHETAN KARIA
1 Gross salary
(a) Salary as per provisions contained in section 17(1) of the Income-tax Act, 1961 Rs. 986000/- Rs. 986000/-
(b) Value of perquisites u/s 17(2) Income-tax Act, 1961
(c) Profits in lieu of salary under section 17(3) Income- tax Act, 1961
2 Stock Option
3 Sweat Equity
4 Commission - as % of profit - others, specify...
5 Others, please specify
Total (A) Rs. 986000/- Rs. 986000/-
Ceiling as per the Act

B. Remuneration to other directors: -

Particulars of Remuneration Name of Directors Total Amount
1 Independent Directors Girish Desai Gayatri Sonavane
Fee for attending board committee meetings 14,000/- 12,000/- 26,000/-
Commission
Others, please specify
Total (1) 14,000/- 12,000/- 26,000/-
2 Other Non-Executive Directors
Fee for attending board committee meetings
Commission

 

Particulars of Remuneration Name of Directors Total Amount
Others, please specify
Total (2)
Total (B)=(l+2) 14,000/- 12,000/- 26,000/-
Total Managerial Remuneration 14,000/- 12,000/- 26,000/-
Overall Ceiling as per the Act

C. REMUNERATION TO KEY MANAGERIAL PERSONNEL OTHER THAN MD/MANAGER/WTD:

Particulars of Remuneration Key Managerial Personnel
CEO CS CFO Total
1 Gross salaiy Pramod Gupta
(a] Salary as per provisions contained in section 17(1) of the Income-tax Act, 1961 2,40,000 2,40,000
(b) Value of perquisites u/s 17(2) Income-tax Act, 1961
(c) Profits in lieu of salary under section 17(3) Income-tax Act, 1961
2 Stock Option
3 Sweat Equity
4 Commission
- as % of profit
others, specify...
5 Others, please specify
Total 2,40,000 2,40,000

VII. PENALTIES / PUNISHMENT/ COMPOUNDING OF OFFENCES:

Type Section of the Companies Act Brief Description Details of Penalty / Punishment/ Compounding fees imposed Authority [RD / NCLT/ COURT] Appeal made, if any (give Details)
A. COMPANY
Penalty 204 Non Appointment of CS 87,320/-
Punishment
Compounding
B. DIRECTORS
Penalty
Punishment
Compounding
C. OTHER OFFICERS IN DEFAULT
Penalty
Punishment
Compounding