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Aurum Proptech Ltd Directors Report

160.05
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Jul 15, 2024|11:34:34 AM

Aurum Proptech Ltd Share Price directors Report

To the Members,

The Board of Directors hereby submits the report of the business and operations of your Company along with the audited financial statements, for the financial year ended March 31, 2023. The consolidated performance of the Company and its subsidiaries has been referred to wherever required.

1. FINANCIAL SUMMARY

Particulars

Consolidated Standalone
Year ended March 31, 2023 Year ended March 31, 2022 Year ended March 31, 2023 Year ended March 31, 2022

Revenue from operations

Information Technology Services 7,057 1,554 132 140
Rent Income 5,553 25 715 25

Reimbursement of expenses from customers

77 - 77 -

Total Operating Revenue

12,687 1,579 923 165
Other Income 1,218 522 663 490

Total Income

13,904 2,101 1586 655

Employee Benefits and other expenses

14,194 3,409 2225 1,534

Depreciation and amortization expenses

3,849 278 665 189
Finance costs 852 25 96 12

Total Expenses

18,895 3,712 2,985 1,735
Share of loss of associates (117) (68) - -

Loss before Tax

(5,107) (1,679) (1,399) (1,080)
Tax expense (1,077) (352) (275) (228)

Loss for the Year

(4,030) (1,327) (1,124) (852)

Other Comprehensive Income / (Loss)

21 (9) 2 (2)

Total Comprehensive Income / (Loss)

(4,009) (1,336) (1,122) (854)

Earnings per share of face value of 5/- each

Basic ( ) (7.51) (3.90) (2.93) (2.98)
Diluted ( ) (7.51) (3.90) (2.93) (2.98)

Financial Statements for the year ended March 31, 2023, have been prepared in accordance with Indian Accounting

Standards (Ind-AS) as prescribed under Section 133 of the Companies Act, 2013 (hereinafter referred to as "the Act") read with Rule 3 of the Companies (Indian Accounting Standards) Rules, 2015, as amended and the Companies (Indian Accounting Standards) Amendment Rules, 2016.

2. RESULTS OF OPERATIONS a) Consolidated operations

Your Company reported a total income of

13,905 Lakhs for the year ended March 31, 2023, as compared to 2,101 Lakhs for the year ended

March 31, 2022. Your Company made a net loss of 4,030 Lakhs for the year ended March 31, 2023 as compared to a net loss of 1,327 Lakhs for the year ended March 31, 2022. b) Standalone Operations

Your Company reported a total income of

1,586 Lakhs for the year ended March 31, 2023 as compared to 655 Lakhs for the year ended March 31, 2022. Your Company made a net loss of 1,124 Lakhs for the year ended March 31, 2023 as compared to a net loss of 852 Lakhs for the year ended March 31, 2022.

3. TRANSFER TO RESERVES

No amount is proposed to be transferred to reserves for the year ended March 31, 2023.

4. DIVIDEND

The Board of Directors has not recommended dividends for the Financial Year 2022-23.

5. CHANGE IN SHARE CAPITAL

During the year under review, the Company has issued 4,29,44,533 Equity Shares on Rights issue basis at a price of 80/- per fully paid Equity Shares including premium of 75/- per Equity Shares) and accordingly Shareholders have been allotted

4,29,44,533 Partly paid-up Equity Shares at a price of 20/- and the paid-up share capital increased from 1,431 Lakhs to 1968 Lakhs.

6. EMPLOYEE STOCK OPTIONS

During the financial year the Company has granted 23,01,292 stock options to Directors and employees of Company and its subsidiaries under the "Aurum PropTech Employee Stock Option Plan 2021".

7. MATERIAL CHANGES AND COMMITMENTS AFFECTING THE FINANCIAL POSITION OF THE COMPANY OCCURRED BETWEEN MARCH 31, 2023 AND THE DATE OF THIS REPORT AND CHANGE IN NATURE OF BUSINESS

I. The Board of Directors of the Company in its meeting held on April 27, 2023, considered the acquisition of assets and technology platform of Myre Tech LLP and launched Aurum WiseX, a digital distribution vertical for Real Estate

Investments. The acquisition got completed on April 29, 2023.

II. The Board of Directors of the Company in its meeting held on April 27, 2023, considered the acquisition of Nestway Technologies Private

Limited (NestAway) and delegated the power to the Executive Investment committee to invest the funds of the Company amounting upto 9,000 Lakhs. The Executive Investment

Committee of the Company in its meeting held on June 01, 2023, approved the acquisition of upto 100% equity share capital of NestAway for a cash consideration of upto 9,000 Lakhs. The Share Purchase Agreement has been executed on June 28, 2023. The Company is in process of acquiring the equity shares and compulsory convertible preference shares of NestAway.

8. CREDIT RATING

During the year under review, the Company has not obtained any credit ratings.

9. SUBSIDIARIES, JOINT VENTURES AND ASSOCIATE COMPANIES

The Company has the following subsidiaries and associates:

Name of the Company

Nature

1. Aurum RealTech Services Private Limited

Wholly owned Subsidiary

2. Aurum Softwares and Solutions Private Limited

Wholly owned Subsidiary
3. Helloworld Technologies Wholly owned
India Private Limited Subsidiary
4. Aurum Analytica Private Wholly owned

Limited (formerly known as Blink Advisory Services Private Limited)

Subsidiary

5. K2V2 Technologies Private Limited

Subsidiary
6. Monk Tech Labs Pte. Limited Subsidiary

7. Integrow Asset Management Private Limited

Subsidiary

Integrow Asset Management Private Limited became subsidiary w.e.f. September 01, 2022.

The Company has acquired 100% stake in Aurum Analytica Private Limited formerly known as Blink Advisory Services Private Limited) by executing Share Purchase Agreement on August 05, 2022.

The Company has acquired 100% stake in Vartaman Consultants Private Limited by executing Share Purchase Agreement on April 29, 2023.

The Company has incorporated Monk Tech Venture Private Limited as subsidiary on April 10, 2023.

The Company has incorporated Cuneate Services Private Limited as wholly owned subsidiary on April 17, 2023.

The Company is in process of acquiring 100% stake of NestAway Technologies Private Limited.

Pursuant to Section 129(3) of the Companies Act, 2013 read with Rule 5 of the Companies (Accounts) Rules, 2014, a statement containing salient features of the financial position of each of the subsidiaries including capital, reserves, total assets, total liabilities, details of investment, turnover, etc. in the prescribed Form AOC-1(Annexure IV) forms a part of the Annual Report.

In accordance with Section 136 of the Act, the audited financial statements, including the consolidated financial statement and related information of the Company and the financial statements of each of the subsidiary Companies are available on our website https://www.aurumproptech.in/ .

Any shareholder desirous of making inspection or obtaining copies of the said financial statements may write to the Company Secretary & Compliance officer at investors@aurumproptech.in .

These documents will also be available for inspection during business hours at the registered office of the Company.

For 2022-23, K2V2 Technologies Private Limited and Helloworld Technologies India Private Limited are material subsidiaries of the Company as per the thresholds laid down under the Listing Regulations.

There has been no material change in the nature of the business of the subsidiary. The policy for determining material subsidiaries as approved by the Board can be accessed on the website of the

Company at link https://aurumproptech.in/investor/ policies/.

10. MANAGEMENT DISCUSSION AND ANALYSIS

In accordance with Regulation 34 of SEBI (Listing

Obligations and Disclosure Requirements)

Regulations, 2015 ("SEBI Listing Regulations"), Management Discussion and Analysis Report is presented in a separate section, forms part of this Annual Report.

11. BUSINESSRESPONSIBILITYANDSUSTANIBILITY

REPORT

In accordance with Regulation 34 of SEBI Listing Regulations, as amended, Business Responsibility and Sustainability Report is not applicable to the

Company.

12. DIRECTORS RESPONSIBILITY STATEMENT

Tothebestoftheirknowledgeandbeliefandaccording to the information and explanations obtained by them, your Directors make the following statement in terms of sub-section (3) (c) and (5) of Section 134 of the Act: a) In preparation of the Financial Statements for the financial year ended March 31, 2023, the applicable accounting standards had been followed along with proper explanation relating to material departures, if any; b) We have selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent, to give a true and fair view of the state of affairs of the Company as of March 31, 2023 and of the profit and loss of the Company for the year ended on that date; ations of Directors) c) We have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Act, for safeguarding the assets of the Company, and for preventing and detecting frauds and other irregularities; d) Financial Statements of the Company had been prepared on a going concern basis; e) We have laid down Internal Financial Controls to be followed by the Company which are adequate and operating effectively; and f) We have devised proper systems to ensure compliance with the provisions of all applicable laws and such systems are adequate and operating effectively.

13. DIRECTORS AND KEY MANAGERIAL PERSONNEL

As of the date of this report, the Company has six Directors, out of which three are Independent Directors including one Woman Independent Director.

Name of the Director & DIN

Designation Original Date of Appointment

Mr. Vasant Gujarathi (DIN: 06863505)

Non-Executive Independent Director March 03, 2020

Mr. Ajit Ravindra Joshi (DIN: 08108620)

Non-Executive Independent Director July 23, 2021

Mrs. Padma Samir Deosthali (DIN: 09250994)

Non-Executive Independent Director July 23, 2021

Mr. Ramashrya Ramjag Yadav (DIN: 00145051)

Non-Executive Director July 23, 2021

Mr. Srirang Yashwant Athalye (DIN: 02546964)

Non-Executive Director May 04, 2021

Mr. Onkar Sunil Shetye (DIN: 06372831)

Executive Director May 04, 2021

Independent Directors

All the Independent Directors have furnished a declaration of Independence stating that they meet the criteria of independence as provided under

Section 149(6) of the Act and Regulation 16(1) and 25(8) of the SEBI Listing Regulations and there has been no change in the circumstances which may affect their status as Independent Directors during the year.

Further, they also declared that they have complied with Rule 6 (1) of the Companies (Appointment and

the inclusion of names in the data bank created by the Indian Institute of Corporate Affairs.

None of the Directors of the Company are disqualified for being appointed as Directors as specified in Section 164(2) of the Act and Rule 14(1) of the Companies (Appointment and Qualification of Directors) Rules, 2014.

Key Managerial Personnel

Key Managerial Personnel for the 2022-23

Mr. Onkar Shetye (DIN: 06372831) Executive

Director

Mr. Kunal Karan Chief Financial Officer

Ms. Sonia Jain Company Secretary & Compliance Officer^ ^ Ms. Khushbu Rakhecha, ceased to be Compliance Officer w.e.f. February 17, 2023 and Ms. Sonia Jain,

Company Secretary was appointed as Compliance officer w.e.f. February 17, 2023.

Number of Board Meetings

Four Meetings of the Board of Directors were held during the year. The details of the Board meetings and the attendance of the Directors are given in the

Corporate Governance Report which forms part of this report. The necessary quorum was present for all the meetings. The maximum interval between any two meetings did not exceed 120 days.

14. COMMITTEES OF THE BOARD

Your Company has duly constituted the Committees required under the Act read with applicable Rules made there under and the SEBI Listing Regulations.

The Company has an Audit Committee with the constitution, powers, and role as prescribed under Section 177 of the Act and Regulation 18 of the SEBI Listing Regulations.

The other statutory committees of the Board are given below: i) Investors Grievances and Stakeholders

Relationship Committee ii) Nomination and Remuneration Committee iii) Corporate Social Responsibility Committee iv) Executive Investment Committee

Details about composition, powers, role, meetings held and attendance of members at meetings of the relevant Committee are provided in the Report on Corporate Governance which forms part of this Annual Report.

15. PERFORMANCE EVALUATION

The Company has a policy for performance evaluation of the Board, Committees and other individual Directors (including independent directors) which includes criteria for performance evaluation of Executive and Non-Executive

Directors. In compliance with the requirement of the provisions of Section 178 of the Act read with Rules framed thereunder and Schedule IV to the Act as well as Regulation 17(10) of the SEBI Listing Regulations, the performance evaluation of individual directors,

Board committees and Board as a whole were carried out during the year under review. For the Financial Year 2022-23, the Company adopted the Internal methodology for carrying out the Board Evaluation exercise.

The performance evaluation process of the Independent Director was based on the declarations received from the Independent Director that they fulfilled the criteria of independence as required under the Act and SEBI Listing Regulations.

16. NOMINATION AND REMUNERATION POLICY

The Company has a policy on remuneration of

Directors and Key Managerial Personnel. The policy is approved by the Nomination and Remuneration Committee and the Board of Directors of the

Company.

This policy isavailableonthewebsiteofthe Company and the link for the same is provided below: https:// aurumproptech.in/investor/policies/.

17. PEOPLE PRACTICES

As of March 31, 2023, Aurum PropTech Limited had a total headcount of 80. The Directors wish to place on record their appreciation for the contributions made by team members of the Company during the year under review.

18. INTERNAL CONTROL SYSTEM

A strong internal control system is pervasive in the

Company. The Company has documented a robust and comprehensive internal control system for all the major processes to ensure the reliability of financial reporting.

19. INTERNAL CONTROL OVER FINANCIAL REPORTING

The Company has in place adequate internal financial controls commensurate with the size, scale, and complexity of its operations.

The Company has policies and procedures in place for ensuring proper and efficient conduct of its business, 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 information.

The Company has a robust financial closure, certification mechanism for certifying adherence to various accounting policies, accounting hygiene, and accuracy of provisions and other estimates.

20. STATUTORY AUDITORS AND THEIR REPORT

Pursuant to Section 139(1) and other applicable provisions of the Companies Act, 2013 M/s. M S K A & Associates, Chartered Accountants (ICAI Firm Registration no.: 105047W) were appointed as the Statutory Auditors of the Company at the 6th AGM held on August 06, 2019, to hold office for a period of 5 consecutive years from the conclusion of the 6th AGM till the conclusion of the 11th AGM of the Company. The Statutory Auditors have confirmed that they are not disqualified from continuing as Auditors of the Company.

Further, the report of the Statutory Auditors is provided in the financial section of the Annual Report. The observations made in the Auditors

Report are self-explanatory and do not contain any qualifications, reservations, or adverse remarks. Therefore, it does not call for any further comments.

21. SECRETARIAL AUDITOR

The Secretarial Audit for the year 2022-23 was undertaken by M/s Ainesh Jethwa & Associates. Practicing Company Secretary, the Secretarial Auditor of the Company.

The Secretarial Audit Report for the financial year ended March 31, 2023 under the Act, read with Rules made thereunder and Regulation 24A of the Listing Regulations of the Company and its Material

Subsidiary are annexed herewith as "Annexure-III and Annexure-III A" respectively.

The report is self-explanatory and with regards to observation in the Secretarial Audit Report, the Board will ensure that they will be more vigilant. The Board of Directors, on the recommendation of the Audit Committee, has appointed M/s Ainesh Jethwa & Associates, Practicing Company Secretary, Mumbai to conduct the secretarial audit of the Company for 2023-24. They have confirmed their eligibility for the appointment.

During the year under review, the Statutory Auditors and Secretarial Auditors have 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 needs to be mentioned in this Report.

22. INTERNAL AUDITOR

As required under Section 138 of the Act and Rule 13 of the Companies (Accounts) Rules, 2014, the Internal Audit function is performed by M/s. Protune KS Aiyar Consultants Private Limited the Internal Auditor of the Company. The scope, functioning, periodicity, and methodology for conducting the internal audit have been formulated in consultation with the Audit Committee.

The Board of Directors, on the recommendation of the Audit Committee, has appointed M/s. Protune KS Aiyar Consultants Private Limited to conduct the internal audit of the Company for 2023-24. They have confirmed their eligibility for the appointment

23. REPORTING OF FRAUDS BY AUDITORS

During the year under review, neither Statutory

Auditors nor Secretarial Auditor has reported to the Audit Committee any instances of fraud committed against the Company by its officers or employees, in terms of Section 143(12) of the Act.

24. COST AUDIT

The provisions of Companies (Cost Records and

Audit) Rules, 2014 are not applicable to your Company.

25. RISK MANAGEMENT

The organizations Governance Risk Compliance framework plays a vital role in mitigating enterprise risks, including technology, strategic, macroeconomic, key managerial personnel, competitive edge risks, clients and accounts risks, cybersecurity, data protection, and privacy risks, as well as contractual, execution, and delivery risks. By leveraging this comprehensive framework, the

Company effectively manages and addresses these risks, ensuring a secure and stable operational environment while successfully fulfilling its commitments.

26. PARTICULARS OF LOANS GIVEN, GUARANTEES GIVEN AND INVESTMENTS MADE UNDER SECTION 186 OF THE COMPANIES ACT, 2013

Details of loans, guarantees, and investments covered under provisions of Section 186 of the Companies Act, 2013 are provided in the notes to the Financial Statements.

27. RELATED PARTY TRANSACTIONS

All Related Party Transactions during the financial year under review were in the ordinary course of business and at arms length basis and complies with the applicable provisions of the Act and

SEBI Listing Regulations. There were no material significant related party transactions entered into by the Company with Promoters, Directors or Key Managerial Personnel, etc. which may have potential conflict with the interest of the Company at large. All the Related Party Transactions are presented to the Audit Committee and Board for their approval.

Omnibus approval is given by Audit Committee for the transactions which are foreseen and repetitive. A statement of all Related Party Transactions is presented before the Audit Committee and Board every quarter, specifying the nature, value, and terms and conditions of the transactions. The said transactions are approved by the Audit Committee as well as by the Board.

The Company in terms of Regulation 23 of the

SEBI Listing Regulations submits on the date of publication of its standalone and consolidated financial results for the half year, disclosures of related party transactions on a consolidated basis, in the format specified in the relevant accounting standards to the stock exchanges. The said disclosures can be accessed on the website of the

Company at https://aurumproptech.in. The Related Party Transactions Policy as approved by the Board is available on the Companys website and can be accessed at https://aurumproptech.in/ investor/policies/.

Details of the transaction(s) of your Company with the entity(ies) belonging to the promoter/promoter group which hold(s) more than 10% shareholding in the Company as required under para A of Schedule

V of the Listing Regulations are provided as part of the financial statements. The details of the related party transactions as per Indian Accounting

Standards (IND AS) 24 are set out in Notes of Financial Statements of the Company. There are no such related party transactions required to be reported in Form AOC-2, enclosed as Annexure – II to this report.

28. ANNUAL RETURN

Pursuant to Section 92(3) of the Act, the annual return of the Company as on March 31, 2023 is available on the Companys website and can be accessed at https://aurumproptech.in/investor/ financial-information/annual-reports/.

29. WHISTLE BLOWER POLICY/ VIGIL MECHANISM

In compliance with the requirement of the Act and the SEBI Listing Regulations, the Company has established a Whistle Blower Policy/ Vigil mechanism, and the same is placed on the

Companys website and can be accessed at https:// aurumproptech.in/investor/policies/.

The employees of the Company are made aware of the said policy at the time of joining the Company.

30. DISCLOSURE UNDER THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION, PROHIBITION AND REDRESSAL) ACT, 2013

In accordance with the requirements of the Sexual

Harassment of Women at Workplace (Prevention, Prohibition & Redressal) Act, 2013 ("POSH Act") along with the Rules made thereunder, the

Company has in place a policy which mandates no tolerance against any conduct amounting to sexual harassment of women at workplace.

All employees (permanent, contractual, temporary and trainees) are covered under the said policy. During the financial year under review, the

Company has not received any complaint of Sexual

Harassment of Women at Workplace. The Company has constituted Internal Committee(s) ("ICs") to redress and resolve any complaints arising under the POSH Act.

31. CORPORATE SOCIAL RESPONSIBILITY (CSR)

In compliance with Section 135 of the Act, the Board of Directors of the Company has formed a CSR

Committee. The composition of the CSR Committee and a brief outline of the CSR policy of the Company with the amount spent by the Company on CSR activities during the year are set out in Annexure-I of this report in the format prescribed in the Companies

(Corporate Social Responsibility Policy) Rules, 2014. The CSR Policy is available on the website of the Company at https://aurumproptech.in/investor/ policies/.

32. PARTICULARS OF EMPLOYEES AND REMUNERATION

The remuneration paid to the Directors, Key Managerial Personnel is in accordance with the Nomination and Remuneration Policy formulated in accordance with Section 178 of the Act and Regulation 19 read with Schedule II of the SEBI

(Listing Obligations and Disclosure Requirements)

Regulations, 2015. Further details on the same are given in the Corporate Governance Report which forms part of this Annual Report.

The information required in terms of Section 197(12) of the Act read with Rule 5 of the Companies (Appointment and Remuneration of Managerial Personnel) Rule, 2014 is given below: I. Information as per Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 a) Ratio of the remuneration of each director to the median remuneration of the employees ("MRE") of the Company for the financial year 2022-23.

Name of the Director

Ratio to MRE

Executive Directors

Mr. Onkar Shetye 11.23X

Non-Executive Directors

Mr. Srirang Athalye Not Applicable
Mr. Ramashrya Yadav Not Applicable
Mr. Vasant Gujarathi Not Applicable
Mr. Ajit Joshi Not Applicable
Ms. Padma Deosthali Not Applicable

b) Percentage increase in remuneration of each Director/ KMP in the 2022-23:

% increase in

Name of the Director/

remuneration*

Key Managerial

in the financial

Personnel

year 2022-23
Mr. Onkar Shetye 46%
Mr. Srirang Athalye N.A
Mr. Ramashrya Yadav N.A
Mr. Vasant Gujarathi N.A
Mr. Ajit Joshi N.A
Mr. Kunal Karan, Chief
10%
Financial Officer
Ms. Sonia Jain, Company
Secretary & Compliance 29%
Officer*
Ms. Khushbu Rakhecha,
60%
Compliance Officer*

*Ms. Khushbu Rakhecha, ceased to be Compliance Officer w.e.f. February 17, 2023 and Ms. Sonia Jain

Company Secretary was appointed as Compliance officer w.e.f. February 17, 2023. Ms. Sonia Jain acted as secretary to all the committees constituted by the

Board.

c) Percentage increase in the MRE during the financial year 2022-23: -13.97%. d) Number of permanent employees on the rolls of the Company as on March 31, 2023: 80 e) Average percentage increase made in salaries of employees other than

Managerial Personnel in the financial year was 9% vis-a-vis an increase of 36% in the salaries of Managerial Personnel. f) Affirmation that the remuneration is as per the remuneration policy of the Company:

We affirm that the remuneration is as per the remuneration policy of the Company.

II. Information as per Rule 5(2) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014

The statement containing particulars of employees in terms of remuneration drawn is provided in a separate annexure forming part of this report. However, having regard year to Section 136 of the Act, the Annual Report excluding the aforesaid annexure, is being sent to all the members of the Company and others entitled thereto. The said annexure is open for inspection and any member who wishes to inspect shall send a request for the same on the e-mail id of the Company i.e. investors@ aurumproptech.in

33. SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS

During the year under review, no significant and material orders were passed by the regulators or courts, or tribunals impacting the going concern status and operations of the Company.

34. PUBLIC DEPOSITS

During the year the Company has not accepted deposits from the public falling within the ambit of Section 73 of the Companies Act, 2013 and the Companies (Acceptance of Deposits) Rules, 2014.

35. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS, AND OUTGO

(a) Conservation of energy: considering the nature of the business of the Company, energy costs constitute a small portion of the total cost and there is not much scope for energy

conservation.

(i) the steps are taken or impact on the conservation of energy.

(ii) the steps taken by the Company for utilizing alternate sources of energy

Not Applicable

(iii) the capital investment in energy conservation equipments

 

(b) Technology absorption:

(i) the efforts made towards technology absorption the benefits derived like product improvement, cost reduction, product development, or import substitution
in case of imported technology (imported during the last three years reckoned Not from the beginning of the Applicable financial year)-
(a) thedetailsoftechnology imported
(b) the year of import
(c) whether the technology has been fully absorbed
(d) if not fully absorbed, areas where absorption has not taken place, and the reasons thereof
(iv) the expenditure incurred on
Nil
Research and Development

(c) Foreign exchange earnings and Outgo

Total foreign exchange used and earned by

Aurum PropTech Limited

Year ended March 31, Year ended March 31,
2023 2022

Exchange used

19.28 11.00

Exchange earned

Nil Nil

36. STATEMENT OF MANAGEMENT RESPONSIBILITY FOR CONSOLIDATED FINANCIAL STATEMENTS

The Holding Companys Board of Directors are responsible for the preparation and presentation of these Consolidated Financial Statements in terms of the requirements of the Act that give a true and fair view of the consolidated financial position, consolidated financial performance including other comprehensive income, consolidated cash flows and consolidated statement of changes in equity of the Group in accordance with the accounting principles generally accepted in India, including the Indian Accounting Standards (Ind

AS) specified under Section 133 of the Act read with the Companies (Indian Accounting Standards)

Rules, 2015, as amended. The respective Board of Directors of the companies included in the Group are responsible for maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Group and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and the design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the Consolidated Financial Statements that give a true and fair view and are free from material misstatement, whether due to fraud or error, which have been used for the purpose of preparation of the Consolidated Financial Statements by the

Directors of the Holding Company, as aforesaid. In preparing the Consolidated Financial Statements, the respective Board of Directors of the companies included in the Group are responsible for assessing the ability of the Group to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Group or to cease operations, or has no realistic alternative but to do so.

Those respective Boards of Directors of the companies included in the Group are also responsible for overseeing the financial reporting process of the Group.

37. PROCEEDING PENDING UNDER THE INSOLVENCY AND BANKRUPTCY CODE, 2016

No application has been made under the Insolvency and Bankruptcy Code; hence the requirement to disclose the details of application made or any proceeding pending under the Insolvency and

Bankruptcy Code, 2016 (31 of 2016) during the year along with their status as at the end of the financial year is not applicable.

38. DISCLOSURE UNDER RULE 8(5)(XII) OF THE COMPANIES (ACCOUNTS) RULES,2014

During the year, there were no instances where your Company required the valuation for one time settlement or while taking the loan from the Banks or Financial institutions.

39. CORPORATE GOVERNANCE

The Company has complied with corporate governance requirements as prescribed under the

Act and the SEBI Listing Regulations. A separate section on corporate governance practices followed by the Company together with the certificate from M/s. Ainesh Jethwa & Associates., Company

Secretary in Practice forms an integral part of this report.

40. COMPLIANCE WITH SECRETARIAL STANDARDS

The Company has complied with all applicable mandatory Secretarial Standards issued by the

Institute of Company Secretaries of India.

41. ACKNOWLEDGMENT

Your directors place on record their appreciation for employees at all levels, whose hard work and solidarity have contributed to the growth and performance of your Company. Your directors also thank the customers, vendors, bankers and shareholders of the Company for their continued support.

Your directors also thank the Central and State

Governments and other statutory authorities for their continued support.

For and on behalf of the Board
Aurum PropTech Limited

Onkar Shetye

Srirang Athalye
Executive Director Non-Executive Director
DIN: 06372831 DIN:02546964
Date: July 18, 2023
Place: Navi Mumbai

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RISK DISCLOSURE ON DERIVATIVES
  • 9 out of 10 individual traders in equity Futures and Options Segment, incurred net losses.
  • On an average, loss makers registered net trading loss close to Rs. 50,000.
  • Over and above the net trading losses incurred, loss makers expended an additional 28% of net trading losses as transaction costs.
  • Those making net trading profits, incurred between 15% to 50% of such profits as transaction cost.
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