To
The Members,
Your directors are pleased to present the Fourty First Annual Report of the Company
together with the Audited Financial Statements of the Company for the financial year ended
March 31, 2023.
1. FINANCIAL HIGHLIGHTS
The financial performance of the Company for the year under review along with previous
year figures is summarized below:
Particulars |
Amount (Rs. in Lakhs) |
|
2022-23 |
2021-22 |
Revenue from Operations and other income |
582.04 |
3,652.81 |
Less: Total Expenses |
85.59 |
530.25 |
Profit/(Loss) before Tax |
590.78 |
3,122.56 |
Less: Tax Expenses: |
|
|
Current |
57.02 |
35.93 |
Deferred |
99.68 |
111.17 |
Taxes for earlier years |
|
|
Profit/ (Loss) after Tax |
434.08 |
2,967.53 |
Profit & Loss Account (Opening Balance) |
415.72 |
324.93 |
Less: Profit/ (Loss) transferred to Special Reserves |
85.51 |
593.51 |
Surplus/(Deficit) in Statement of Profit & Loss |
764.29 |
2,698.95 |
Earnings per equity share |
3.70 |
25.30 |
The Board of Directors of the Company is pleased to inform that the Company has closed
the Financial Year 2023 recording another year of robust operational and functional
growth.
2. EXTRACT OF ANNUAL RETURN
The extracts of Annual Return pursuant to the provisions of section 92(3) read with
Rule 12(1) of the Companies (Management and Administration) Rules, 2014 is furnished in Annexure-A
attached to this Report.
3. NUMBER OF BOARD MEETINGS CONDUCTED DURING THE YEAR UNDER REVIEW
The Board of Directors met 11 (Eleven) times on 29.04.2022; 30.05.2022; 17.06.2022;
24.06.2022; 15.07.2022, 19.10.2022, 07.11.2022, 14.11.2022, 15.12.2022, 12.01.2023 &
14.02.2023 during the year under review as detailed in Point 3 of Corporate Governance
Report annexed to this report.
4. DIRECTORS RESPONSIBILITY STATEMENT IN TERMS OF SECTION 134(3)(c) OF THE COMPANIES
ACT, 2013
Your directors confirm that:
(i) In the preparation of the annual accounts, the applicable accounting standards have
been followed along with proper explanation relating to material departure;
(ii) Appropriate accounting policies have been selected and applied consistently and
have 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 as on March 31, 2023 and profit of the
company for the year ended March 31, 2023;
(iii) Proper and sufficient care has been taken 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 laid down internal financial controls to be followed by the
Company and such internal financial controls are adequate and were operating effectively.
(v) The annual accounts have been prepared on a going concern basis;
(vi) The directors have devised proper system to ensure compliance with the provisions
of all applicable laws and that such systems were adequate and operating effectively.
5. AUDITORS & AUDIT REPORTS
The Chairman informed that M/s Sanjay Murarka & Associates, Chartered Accountant,
(Firm Regn. No.010386C), shall continue to be the Auditor of the Company in terms of their
appointment in the 40th Annual General Meeting to hold office for the period of
four years from the conclusion of the Annual General Meeting held in the year 2023 until
the conclusion of the Annual General Meeting to be held in the year 2027.
Pursuant to the provisions of section 204 of the Companies Act, 2013 read with
Companies (Appointment & Remuneration of Managerial Personnel) Rules, 2014, M/s KSN
& Company, Practicing Company Secretaries, were appointed to carry out Secretarial
Audit of the Company. The Secretarial Audit Report forms part of this report marked as Annexure-B.
6. PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS MADE UNDER SECTION 186 OF THE
COMPANIES ACT, 2013
Pursuant to the provisions of Section 186(11) of the Companies Act, 2013, loans given
and acquisition of securities by a Non-Banking Financial Company in the ordinary course of
its business are exempted from compliance requirements of section 186 of the Companies
Act, 2013. Hence, the requisite disclosure requirement is not applicable to the company.
7. PARTICULARS OF CONTRACTS OR ARRANGEMENTS MADE WITH RELATED PARTIES
The disclosure related to Related Party Transactions in Form AOC-2 under Section 134(3)
(h) of the Companies Act, 2013 is not required to be provided as there has been no such
related party transaction during the year under review as per Section 188 and other
relevant rules and provisions of the Companies Act, 2013.
8. BRIEF DESCRIPTION OF THE COMPANYS WORKING DURING THE YEAR
The Company was incorporated on 14th day of June, 1982 having CIN L65100MH1982PLC295894
in Kolkata, West Bengal. The Company has been carrying on the business of Non-Banking
Financial Activities since the year 1998.
9. RESERVES
The Company has transferred Rs. 85.51 Lakh to Special Reserve as mandated under section
45IC of the RBI Act, 1934 in the financial year 2022-23.
10. DIVIDEND
The board has decided to retain its earnings for future endeavors. Hence, no dividend
has been recommended by the Board for the year ended March 31, 2023.
11. MATERIAL CHANGES AND COMMITMENT IF ANY AFFECTING THE FINANCIAL POSITION OF THE
COMPANY OCCURRED BETWEEN THE ENDS OF THE FINANCIAL YEAR TO WHICH THIS FINANCIAL STATEMENT
RELATE AND THE DATE OF THE REPORT
There is no Material change in the Financial Position of the Company since Balance
Sheet date which will affect the Company.
12. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS AND OUTGO
Since the company is a service provider company, the details to be provided pursuant to
section 134(3)(m) of the Companies Act, 2013 in regard to Conservation of Energy and
Technology Absorption is not applicable to the company.
There had been NIL Foreign exchange earnings and foreign exchange outgo in the company
during the year under review.
13. RISK MANAGEMENT POLICY
Financing activity is the business of management of risks, which in turn is the
function of the appropriate credit models and the robust systems and operations. Your
Company continues to focus on the above two maxims, and is always eager to improve upon
the same.
The Board has framed a Risk Management Policy for the Company in order to detect,
mitigate and prevent risk both internal and peripheral arising to the Company. The Board
makes regular assessment and monitoring of the same policy time to time in order to be at
par with changing situations, scenarios and circumstances of the market.
14. CORPORATE SOCIAL RESPONSIBILITY POLICY
The Company does not fall under the criteria of making contributions towards various
activities of Corporate Social Responsibility as envisaged under Section 135 of Companies
Act, 2013.
15. CHANGE IN THE NATURE OF BUSINESS, IF ANY
There had been no change in the nature of business of the company during the year.
16. DETAILS OF DIRECTORS AND KEY MANAGERIAL PERSONNEL
Mrs. Ritu Mahawar (DIN: 08075381) is eligible to retire by rotation in the ensuing
Annual General Meeting. The Board has received the declaration as required under Section
164(2) of the Companies Act, 2013 affirming that she is not disqualified for being
appointed as director of the company. The Board hereby recommends the said appointment for
your approval. As required pursuant to the provisions of Regulation 36(3) of SEBI (Listing
Obligations & Disclosure Requirements) Regulations, 2015 a brief resume of Mrs. Ritu
Mahawar, nature of her expertise, relationships between directors inter-se, list of listed
companies in which she holds the directorship and membership of committees of the forms
part of the Corporate Governance Report annexed herewith.
The company has received declaration from all the Independent Directors that they meet
the criteria of Independence as envisaged under the provisions of Companies Act, 2013 read
with SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015.
17. ANNUAL EVALUATION OF BOARD, ITS COMMITTEES AND DIRECTORS
The company has devised a policy for performance evaluation of the individual
directors, board and its committees, which includes criteria for performance evaluation.
Pursuant to the provisions of Section 134(3) (p) of the Companies Act, 2013 and
Regulation 17(10) of SEBI (Listing Obligations & Disclosure Requirements) Regulations,
2015, the Board has carried out an annual performance evaluation of its own performance,
the directors individually as well as working of the committees of the board. The Board
performance was evaluated based on inputs received from all the directors after
considering criteria such as board composition/ structure, effectiveness of board/
committee processes and information provided to the board, etc. A separate meeting of the
Independent Directors was also held during the year for evaluation of performance of non
independent directors.
18. NOMINATION AND REMUNERATION POLICY
The Nomination and Remuneration Committee of the Board has devised a policy for
selection and appointment of Directors, Key Managerial Personnel and Senior Management
Employees and their remuneration. The committee has formulated the criteria for
determining qualifications, positive attributes and independence of a director. The policy
on the above is attached herewith as Annexure-C.
19. CORPORATE GOVERNANCE
The company is complying with corporate governance standards as envisaged under various
provisions of the Companies Act, 2013 and SEBI (Listing Obligations & Disclosure
Requirements) Regulations, 2015 and has formed a framework in this regard. The corporate
governance report has been attached herewith and marked as Annexure-D.
A certificate from Statutory Auditor of the Company M/ s Sanjay Murarka &
Associates, Chartered Accountants conforming compliance to the conditions of Corporate
Governance as stipulated under para E of Schedule V of SEBI (Listing Obligations &
Disclosure Requirements) Regulations, 2015 is enclosed to this report.
20. VIGIL MECHANISM
In accordance with section 177 of the Companies Act, 2013, the Company has formulated a
Vigil Mechanism Policy to address the genuine concerns, if any, of the directors and
employees. Detail regarding the said policy has been given in Corporate Governance Report
which forms part of this report.
21. DETAILS OF SUBSIDIARY/ JOINT VENTURE/ ASSOCIATE COMPANY
The Company does not have any Subsidiary or Associate Company neither has it entered
into any Joint Venture during the year under review. Thus the particulars of Subsidiary/
Associate/ Joint Venture of the company as required pursuant to the provisions of section
129(3) of the Companies Act, 2013 is not required for the year under review.
22. DEPOSITS
Since the Company is a Non-Banking Financial Company, therefore the provisions related
to Section 73 of the Companies Act, 2013 is not applicable to the Company.
The company has not accepted any deposit from public during the year under review as
envisaged under the provisions of section 45S of the RBI Act, 1934.
23. SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS/ COURTS/ TRIBUNALS
To the best of our knowledge the Company has not received any such order by Regulators,
Courts or Tribunals during the year under review which may impact the Going Concern status
or the Companys operations in future during year under review. The Company has complied
with all the requirements of the Uniform Listing Agreement/ Listing Regulations with the
Stock Exchanges as well as regulations and guidelines of SEBI.
24. STATEMENT IN RESPECT OF ADEQUACY OF INTERNAL FINANCIAL CONTROL WITH REFERENCE TO
THE FINANCIAL STATEMENT RULE 8 OF COMPANY (ACCOUNTS) RULES, 2014}
The Company has adequate Internal Financial Control System commensurate with the
operations of the company including adherence to companys policies, the safeguarding of
its assets, the prevention and detection of frauds and errors, the accuracy and
completeness of the accounting records, and the timely preparation of reliable financial
information and to monitor and ensure compliance with applicable laws, rules and
regulations.
25. PARTICULARS OF EMPLOYEES AND RELATED DISCLOSURES
The disclosures to be provided pursuant to section 197(12) of the Companies Act, 2013
read with Rule 5 of Companies (Appointment and Remuneration of Managerial Personnel)
Rules, 2014 has been provided herewith marked as Annexure-E.
26. FRAUD REPORTING (REQUIRED BY THE COMPANIES AMENDMENT ACT, 2015)
The Company has adopted best practices for fraud prevention and it follows
confidential, anonymous reporting about fraud as defined under section 447 of the
Companies Act, 2013 or abuse to the appropriate responsible officials of the Company. No
fraud on or by the company has been reported by the Statutory Auditors.
27. ISSUE OF EQUITY SHARES WITH DIFFERENTIAL VOTING RIGHTS, SWEAT EQUITY, ESOS, ETC
The company has got no scheme passed for issue of equity shares based upon Employee
Stock Option. Hence, the disclosures as required pursuant to Rule 12(9) of Companies
(Share Capital & Debentures) Rules, 2014 is not applicable to the company for the year
under review.
28. DISCLOSURE UNDER SEXUAL HARRASSEMNT OF WOMEN AT WORKPLACE (PREVENTION, PROHIBITION
AND REDRESSAL) ACT, 2013
The Company has zero tolerance towards sexual harassment at the workplace and has
adopted a policy on prevention, prohibition & redressal of sexual harassment at
workplace in line with the provisions of the Sexual Harassment of Women at workplace
(Prevention, Prohibition And Redressal) Act, 2013 and the rules thereunder.
During the financial year 2022-23, the Company has not received any complaints of
sexual harassment.
29. ACKNOWLEDGEMENT
Your Directors place on record their deep appreciation to employees at all levels for
their hard work, dedication and commitment. The enthusiasm and unstinting efforts of the
employees have enabled to remain at the forefront of the Company.
The Directors would like to thank shareholders, government agencies, bankers & all
other business associates for their continued support during the year. We place on record
our appreciation for the contributions made by the employees at all levels.
|
For and on behalf of the Board |
|
|
Sd/- |
Sd/- |
|
Rupesh Kumar Pandey |
Kripa Shankar Mahawar |
Date: 30.05.2023 |
Managing Director |
Director |
Place: Mumbai |
DIN: 00150561 |
DIN: 01158668 |
+91-9892691696
