glance finance ltd share price Directors report


Dear Stakeholders,

Your Directors are pleased to present their 29thAnnual Report on the business and operations of your Company along with the audited Financial Statements for the Financial Year ended March 31, 2023.

1. FINANCIAL RESULTS:

The Financial highlights for the year ended March 31, 2023are summarized below:

PARTICULARS 2022-2023 2021-2022
Revenue from Operations 820.75 785.56
Other Income 7.61 7.99
Total Revenue 828.36 793.55
Profit before Depreciation & Tax (PBDT) 403.82 536.79
Less: Depreciation 436.01 236.94
Profit before Taxation (32.19) 299.85
Less: Current Tax 20.97 43.33
Less/(Add): Deferred Tax (23.77) 45.88
Less/(Add): Earlier years adjustments - 0.36
Net Profit after Tax (29.39) 210.29
Other Comprehensive Income 123.05 215.86
Total Comprehensive Income 93.66 426.15

2. OPERATIONS

During the year under review, your Company has loss after tax of Rs. (29.39) lacs as against profit after tax of Rs. 210.29 lacs during the previous year. The Company expects the situation to improve in the year 2023-24. During the year under review, the company has undertaken following business activities:

1. Asset Leasing

2. Investment in Private and Public Market

3. Revenue Based Funding

4. Warehousing Services

The Company has closed its Ecommerce activities (Warehousing Services) during the first quarter of Financial Year 2023-24.

3. SHARE CAPITAL

As at March 31, 2023, the Authorized Share Capital of the Company is Rs.3,50,00,000 divided into 31,00,000 equity shares of Rs.10/- each and 40,000 Preference Shares of Rs. 100/- each.

The paid-up Equity Share Capital as on 31st March, 2023is Rs.2,27,52,000 divided into 22,75,200 equity shares of Rs.10/- each.

4. DIVIDEND

Due to conservation of resources for future expansion your Directors have not recommended any dividend on the Equity Shares for the financial year under review.Pursuant to Regulation 43A of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("SEBI Listing Regulations"), top one thousand listed entities based on market capitalization shall formulate a dividend distribution policy. The Company is outside the purview of top one thousand listed entities. In view of this formulation of a dividend distribution policy is not applicable to the Company.

5. TRANSFER TO RESERVES

During the year under review the Board of Directors of your Company has decided not to transfer any amount to reserves.

6. DIRECTORS AND KEY MANAGERIAL PERSONNEL:

Mr. Vaibhav Narendra Karnavat (DIN: 01983232) was appointed as an Additional Director and re-designated as Wholetime Director for a period of five years with effect from August 09, 2022 at the meeting of Board of Directors held on August 09, 2022. The Appointment of Mr. Vaibhav Narendra Karnavat (DIN: 01983232) was regularized at the AGM held on September 27, 2022.

Mrs. Vandana Vasudeo (DIN: 00006899) was appointed as an Independent Director of the Company at the AGM, held on September27, 2019 for a tenure of 5 years from November 05,2018 to November 04, 2023. Pursuant to theprovisions of Section 149 of the Act read with relevant rules made thereunder, an independent director can hold the office for a term of up to 5 consecutive years on the Board of a company, but is eligible for re-appointment on passing of a special resolution by the company, based on the report of evaluation of performance for another term of up to 5 years. No independent director can hold office for more than two consecutive terms.

Further to the aforesaid and based on the recommendation of the Nomination and Remuneration Committee of the Company ("NRC"), the Board at its Meeting held on August 08, 2023 has approved the re-appointment of Mrs. Vandana Vasudeo (DIN: 00006899) as an Independent Director for a second term of 5 consecutive years from November 05, 2023 to November 04, 2028, subject to the approval of the Members by way of a special resolution.

Based on the recommendation of the NRC, Mr. Padam Jain (DIN: 00310513) appointed as an Additional Independent Director for a period of five years with effect from August 08, 2023 at the meeting of Board of Directors held on August 08, 2023 subject to approval of shareholders at the ensuing Annual General Meeting.

The NRC identifies and ascertains the integrity, professional qualification, areas of expertise and experience of the person, who is proposed to be appointed as a director and appropriate recommendation is made to the Board with respect to his / her appointment to maintain balance, ensure effective functioning of the Board and ensure orderly succession planning. The Board is of the opinion that the Independent Directors of the Company possess requisite qualifications, experience, expertise and hold highest standards of integrity.

During the year, the non-executive directors of the Company had no pecuniary relationship or transactions with the Company, other than sitting fees, and reimbursement of expenses incurred by them for the purpose of attending meetings of the Company.

7. RETIREMENT BY ROTATION

Section 152 of the Act provides that unless the Articles of Association provide for retirement of all directors at every AGM, not less than two-third of the total number of directors of a public company (excluding the Independent Directors) shall be persons whose period of office is liable to determination by retirement of directors by rotation, of which one-third are liable to retire by rotation. Accordingly, Mr. Narendra Laxman Arora (DIN 03586182) is retiring by rotation at the ensuing Annual General Meeting and being eligible, has offered himself for re-appointment.

8. DISCLOSURE UNDER SECTION 197(12) OF THE COMPANIES ACT, 2013

The Company has not employed any individual whose remuneration falls within the purview of the limits prescribed under the provisions of Section 197 of the Companies Act, 2013, read with Rule 5(2) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014.

The information required under Section 197 of the Act read with rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 are in Annexure ‘C.

9. BOARD & COMMITTEE MEETINGS a) Board Meeting and Attendance:

During the financial year 2022-23, Four (4) Board Meetings were held onMay 18, 2022,August 09, 2022, November 14, 2022and February 10, 2023and the gap between two Board Meetings did not exceeds limit as required under the Companies Act, 2013 & Circulars made thereunder.

Details of attendance at the Board Meeting of each Director are as follows :

Name Category No of Meeting entitled to attend No. of Board Meetings attended during the year 2022-23 Whether attended last AGM held on September 27, 2022
Mrs. Vandana Vasudeo Non- Executive Independent Director 4 3 Yes
Mr. Milind Gandhi Non - Executive Independent Director 4 3 Yes
Mr. Narendra Karnavat Promoter and Non- Executive Director 4 4 Yes
Mr. Prasan Bhandari Non - Executive Independent Director 4 4 Yes
Mr. Narendra Arora Whole-Time Director 4 4 Yes
Mr. Vaibhav Karnavat Whole-Time Director 2 1 Yes

b) Audit Committee Meeting and Attendance

During the Financial Year 2022-23, total Four (4) Audit Committee Meetings were held on May 18, 2022, August 09, 2022, November 14, 2022 and February 10, 2023.

The Board has well-qualified Audit Committee with majority of Independent Directors including Chairman. They possess sound knowledge on Accounts, Audit, Finance, Taxation, Internal Controls etc. The details of the Composition of the Audit Committee as on March 31, 2023 are as follows:

CHAIRMAN: Mr.Milind Gandhi

MEMBERS : Mr. Narendra Karnavat, Mr. Prasan Bhandariand Mrs. Vandana Vasudeo

The attendance at the Meeting is as under:

Name of the Member No of Meeting entitled to attend No of Meeting attended
Mr. Milind Gandhi 4 3
Mr. Narendra Karnavat 4 4
Mrs. Vandana Vasudeo 4 3
Mr. Prasan Bhandari 4 4

The Company Secretary of the Company acts as Secretary of the Committee.

During the year, there are no instances where the Board had not accepted the recommendations of the Audit Committee.

c) Nomination & Remuneration Committee Meeting and Attendance

During the Financial Year 2022-23, Two (2) Nomination & Remuneration Committee Meeting was held onMay 18, 2022 and August 09, 2022.

The Company has duly constituted Nomination & Remuneration Committee to align with the requirements prescribed under the provisions of the Companies Act, 2013.

The details of the Composition of the Nomination & Remuneration Committee are as on March 31, 2023as follows:

CHAIRMAN : Mr.Milind Gandhi

MEMBERS : Mr. Narendra Karnavat, Mr. Prasan Bhandari and Mrs. Vandana Vasudeo

The attendance at the Meeting is as under:

Name of the Member No of Meeting entitled to attend No of Meeting attended
Mr. Milind Gandhi 2 2
Mr. Narendra Karnavat 2 2
Mrs. Vandana Vasudeo 2 2
Mr. Prasan Bhandari 2 2

The Company Secretary of the Company act as Secretary of the Committee.

The Board has framed a policy for selection and appointment of Directors, Senior Management and their Remuneration. The policy provides for determining qualifications, positive attributes, and independence of a Director.

d) Stakeholders Relationship Committee :

During the Financial Year 2022-23, Two(2)Stakeholders Relationship Committee Meeting was held on May 18, 2022 and February 10, 2023.

The Company has duly constituted Stakeholders Relationship Committee to align with the requirements prescribed under the provisions of the Companies Act, 2013.

The details of the Composition of the Stakeholders Relationship Committeeare as on March 31, 2023as follows:

CHAIRMAN : Mr.Milind Gandhi

MEMBERS : Mr. Narendra Karnavat, Mr. Prasan Bhandari and Mrs. Vandana Vasudeo The attendance at the Meeting is as under:

Name of the Member No of Meeting entitled to attend No of Meeting attended
Mr. Milind Gandhi 2 2
Mr. Narendra Karnavat 2 2
Mrs. Vandana Vasudeo 2 1
Mr. Prasan Bhandari 2 2

The Company Secretary of the Company acts as Secretary of the Committee.

e) Independent Directors Meeting:

During the Financial Year 2022-23, One (1) Independent Committee Meeting was held on February 10, 2023.

The attendance at the Meeting is as under:

Name of the Member No of Meeting entitled to attend No of Meeting attended
Mr. Milind Gandhi 1 1
Mr. Prasan Bhandari 1 1
Mrs. Vandana Vasudeo 1 0

10. BOARD EVALUATION

Pursuant to Section 178(2) of the Companies Act, 2013, the Nomination and Remuneration Committee has carried out evaluation of performance of every Director. The Board has carried out an Annual performance evaluation of its own performance, of the Directors individually as well as evaluation of the working of its various Committees. The performance evaluation of Independent Director was carried out by the entire Board excluding the Director being evaluated. The performance evaluation of the Chairman and Non-Independent Director was carried out by the Independent Director at their separate Meeting.

The Directors expressed their satisfaction with the evaluation process.

11. DECLARATION BY AN INDEPENDENT DIRECTOR(S)

The declarations required under Section 149(7) of the Companies Act, 2013 from the Independent Directors of the Company confirming that they meet the criteria of independence under Section 149(6) of the Companies Act, 2013, have been duly received by the Company along with a declaration of compliance of sub-rule (1) and sub-rule (2) of Rule 6 of Companies (Appointment of Directors) Rules 2014. The independent directors have also complied with the Code for Independent Directors prescribed in Schedule IV to the Act and Code of Conduct for Directors and senior management personnel. In the opinion of the Board, there has been no change in the circumstances which may affect their status as Independent Directors of the Company.

12. POLICY ON DIRECTORS APPOINTMENT AND REMUNERATION

The Companys policy on Directors Appointment and Remuneration including criteria for determining qualifications, positive attributes, independence of a Director and other matters provided under sub-section (3) of Section 178 of the Companies Act, 2013 is available on Companys website at the link www.glancefinance.in.

13. MANAGEMENT DISCUSSION AND ANALYSIS REPORT

Management Discussion and Analysis Report for the year under review, as stipulated under Regulation 34(2)(e) of SEBI Listing Obligations and Disclosure Requirements,2015 is annexed herewith as "Annexure B".

14. AUDITORS

i) STATUTORY AUDITORS :

M/s. JMT & Associates, Chartered Accountants (Firm Registration No. 104167W), were appointed as Auditors of the Company for a term of 5 (five) consecutive years i.e. up to AGM to be held in the year 2026, at the AGM held on September 15, 2021. The Auditors have confirmed that they are not disqualified from continuing as Auditors of the Company.

Auditors Report :

There are no qualifications, reservations or adverse remarks made by Statutory Auditors, in their report.The Auditors have not reported any frauds.

ii) SECRETARIAL AUDITOR :

As per Section 204 of the Companies Act, 2013, and the Companies (Appointment and Remuneration of Managerial Personnel) Rules 2014, as amended, the Company has appointed M/s Shivhari Jalan& Co., Practicing Company Secretaries, Mumbai, to conduct the Secretarial Audit of your Company for the financial year 2022-23.

Secretarial Audit Report:

As required by Section 204 of the Act, 2013, the Secretarial Audit Report for the year 2022-23is given by M/s Shivhari Jalan & Co.,practicing Company Secretary for auditing the Secretarial and related records is attached herewith as "Annexure A" to the Boards Report.

There are no qualifications, reservations or adverse remarks made by Secretarial Auditors, in their report.

iii) COST AUDITOR :

Appointment of cost auditors is not applicable to company.

15. INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY

M/s. P. C. Deora & Co., Chartered Accountants, Mumbai is re-appointed as the Internal Auditors of the company for the Financial Year 2022-23.

Based on the report of Internal Audit function, corrective action are undertaken in the respective areas and thereby strengthen the controls. Significant audit observations and corrective actions thereon are presented to the Audit Committee of the Board.

During the year under review, no material or serious observation has been received from the Internal Auditors of the Company for inefficiency or inadequacy of such controls.

16. VIGIL MECHANISM

The Company has established a vigil mechanism and oversees through the Audit Committee, the genuine concerns expressed by the employees and other Directors. The Company has also provided adequate safeguards against victimization of Employees and Directors who express their concerns. The Company has also provided direct access to the Chairman of the Audit Committee on reporting issues concerning the interests of Companys employees and the Company. The Vigil Mechanism Policy is available on Companys website https:// www.glancefinance.in.

17. RISK MANAGEMENT

The Company has laid down the procedures to inform to the Board about the risk assessment and minimization procedures and the Board has formulated Risk management policy to ensure that the Board, its Audit Committee and its Executive Management should collectively identify the risks impacting the Companys business and document their process of risk identification, risk minimization, risk optimization as a part of a Risk Management Policy/ strategy.

The common risks inter alia are: Regulations, Credit Risk, Foreign Exchange and Interest Risk, Competition, Business Risk, Technology Obsolescence, Investments, Retention of Talent and Expansion of Facilities etc. Business risk, inter-alia, further includes financial risk, political risk, legal risk, etc. The Board reviews the risk trend, exposure and potential impact analysis and prepares risk mitigation plans, if necessary. Details of the Risk management Policy have been uploaded on the website of the Company.

18. ANNUAL RETURN

Pursuant to Section 92(3) read with Section 134(3)(a) of the Act, the Annual Return of the Company as on March 31, 2023 is available on the website of the Company at https:// www.glancefinance.in.

19. MATERIAL CHANGES AND COMMITMENT IF ANY, AFFECTING THE FINANCIAL

POSITION OF THE COMPANY

No material changes and commitments affecting the Financial Position of the Company have occurred between the end of the Financial year of the Company to which the Financial Statement relate and the date of this Report.

20. PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS

The particulars of loans given and investments made as at 31.03.2023 have been disclosed in the financial statements. There are no guarantees given by the Company as at 31.03.2023.

21. RELATED PARTY TRANSACTIONS

All contracts / arrangements / transactions entered by the Company during the financial year with related parties were in the ordinary course of business and on an arms length basis. These transactions with related parties during the financial year 2022-23 were not material within the meaning and scope of Section 188 of Companies Act, 2013. Materiality w.r.t Transactions with Related Parties: The Transactions with Related Parties, if any are identified as material based on policy of materiality defined by Board of Directors. Any transaction which is likely to exceed/ exceeds 10% of previous years Turnover of the Company during the current financial year is considered as Material by the Board of Directors.Thus the information pursuant to Section 134(3)(h) of the Act read with Rule 8(2) of the Companies (Accounts) Rules, 2014 in Form AOC-2 is not applicable to the Company.

22. CORPORATE GOVERNANCE

Regulations 17 to 27 and Clauses (b) to (i) and (t) of sub-regulation (2) of regulation 46 and para C,D, and E of Schedule V of the SEBI (LODR) Regulations, 2015 are not applicable to the Company as the paid up Share Capital of the Company is less than 10 Crores and its Net Worth does not exceed 25 Crores at any time during the financial year. Hence, the Corporate Governance Report is not included in this Report.

The table showing paid up equity share capital and net worth of Company:

Sr. No. Period ended on Paid up equity capital Amount (in Rs.) Net worth Amount (in Rs.)
1. March 31, 2022 2,27,52,000 21,67,71,166
2. September 30, 2022 2,27,52,000 21,57,78,347
3. March 31, 2023 2,27,52,000 22,26,17,319

23 GENERAL DISCLOSURES

Your Directors state that no disclosure or reporting is required in respect of the following items as there were no transactions on these items during the year under review:

1. The Company has not issued any shares with differential rights and hence no information as per provisions of Section 43(a)(ii) of the Act read with Rule 4(4) of the Companies (Share Capital and Debenture) Rules, 2014 is furnished.

2. The Company has not issued any sweat equity shares during the year under review and hence no information as per provisions of Section 54(1)(d) of the Act read with Rule 8(13) of the Companies (Share Capital and Debenture) Rules, 2014 is furnished.

3. The Company has not issued any equity shares under Employees Stock Option Scheme during the year under review and hence no information as per provisions of Section 62(1)(b) of the Act read with Rule 12(9) of the Companies (Share Capital and Debenture) Rules, 2014 is furnished.

4. During the year under review, there were no instances of non-exercising of voting rights in respect of shares purchased directly by employees under a scheme pursuant to Section 67(3) of the Act read with Rule 16(4) of Companies (Share Capital and Debentures) Rules, 2014 is furnished.

5. No orders have been passed by any Regulator or Court or Tribunal which can have an impact on the going concern status and the Companys operations in future.

6. No Significant orders have been passed by the Regulators, Courts, Tribunals impacting going concern status and status of companys operations in future.

7. During the year under review there are no shares in the demat suspense account or unclaimed suspense account of the Company.

8. There are no details to be disclosed under Section 134(3)(ca) of the Companies Act, 2013 as there has been no such fraud reported by the Auditors under Section 143(12) of the Companies Act, 2013.

9. During the year under review, there were no instance of one-time settlement with banks or financial institutions and hence the differences in valuation as enumerated under Rule 8(5)(xii) of Companies (Accounts) Rules, 2014, as amended, do not arise

10. During the Financial year no application has been made and no proceeding is pending under the Insolvency and Bankruptcy Code, 2016.

24. DISCLOSURE UNDER THE SEXUAL HARASSMENT OF WOMAN AT WORKPLACE

(PREVENTION, PROHIBITION AND REDRESSAL) ACT, 2013

The Company has in place a policy for prevention of Sexual Harassment at the Workplace in line with the requirements of Sexual Harassment of Women at the Workplace (Prevention, Prohibition and Redressal) Act, 2013.

In terms of Section 22 of the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013, we report that, during the financial year 2022-23, no case has been reported under the said act.

25. (a) CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION

Your Company has directed its efforts to reduce energy costs by way of optimum utilization of electricity in its day to day activities. Your Company adopts modern technology in its day to day activities with a view of optimization of energy and other natural resources.

(b) FOREIGN EXCHANGE EARNINGS AND OUTGO

There was no foreign exchange inflow or outflow during the year under review.

26. CORPORATE SOCIAL RESPONSIBILITY

The Provisions of Section 134(3)(o) and Section 135 of the Companies Act, 2013 read with Rule 8 of Companies (CSR Policy) Rules, 2014 regarding Corporate Social Responsibility do not apply to the company for the period under review.

27. DIRECTORS RESPONSIBILITY STATEMENT

Pursuant to the requirement of Section 134(5) of the Companies Act, 2013 with respect to Directors Responsibility Statement, it is hereby confirmed that:-

(a) In the preparation of the Annual Accounts for the year ended 31stMarch, 2023, the applicable accounting standards have been followed along with proper explanation relating to material departures, if any;

(b) Such accounting policies as mentioned in the Notes to the Financial Statements have been selected and applied consistently and 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 at 31st March, 2023 and of the loss of the Company for the year ended on that date;

(c) The Directors have taken proper and sufficient care for 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;

(d) The annual accounts for the year ended 31st March,2023 have been prepared on a going concern basis;

(e) Directors has laid down internal financial controls to be followed by the Company and such Internal Financial Controls are adequate and operating effectively;

(f) Proper systems to ensure compliance with the provisions of all applicable laws were in place and were adequate and operating effectively.

28. BUSINESS RESPONSIBILITY AND SUSTAINABILITY REPORT:

Pursuant to Regulation 34 of the SEBI Listing Regulations, top one thousand listed entities based on market capitalization shall provide Business Responsibility and Sustainability Report. The Company is outside the purview of top one thousand listed entities. In view of this Business Responsibility and Sustainability Report is not applicable.

29. FAMILIARIZATION PROGRAMS OF INDEPENDENT DIRECTORS:

Your Company has established well defined familiarization and induction program. Further, at the time of the appointment of an Independent Director, the Company issues a Letter of appointment outlining his / her role, function, duties and responsibilities.

30. CODE OF CONDUCT FOR PROHIBITION OF INSIDER TRADING:

Your Company has in place a Code of Conduct for Prohibition of Insider, which lays down the process for trading in securities of the Company by the Designated Persons and to regulate, monitor and report trading by the employees of the Company either on his/her own behalf or on behalf of any other person, on the basis of Unpublished Price Sensitive Information. The aforementioned amended Code, as amended, is available on the website of the Company.

31. MAINTENANCE OF COST RECORDS:

Maintenance of cost records as specified by the Central Government under sub-section (1) of section 148 of the Companies Act, 2013, is not applicable and not required by the Company.

32. TRANSFER TO INVESTOR EDUCATION AND PROTECTION FUND:

Pursuant to the provisions of Section 124 of the Companies Act, 2013 read with the Investors Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Rules, 2016 and all the applicable amendments and re-enactments made thereunder, all shares in respect of which dividend has not been paid or claimed for seven consecutive years or more shall be transferred by the company in the name of Investor Education and Protection Fund.

During the year under review, the Company has transferred unpaid dividend of Rs. 81,416 pertaining to financial year 2014-15 to Investor Education and Protection Fund. Pursuant to dividend transfer the Company has transferred 18,702 Equity Shares to the demat account of Investor Education and Protection Fund (IEPF). Details of Nodal Officer are displayed on the Companys website.

33. SUBSIDIARIES/ ASSOCIATES/JOINT VENTURES

The Company has no subsidiary/Joint ventures/Associate Companies as per the provisions of Companies Act, 2013.

34. LISTING WITH STOCK EXCHANGES:

The Company confirms that it has paid the Annual Listing Fees for the year 2023-24 to BSE Ltd where the Companys Shares are listed.

35. PUBLIC DEPOSITS:

The Company has not accepted or renewed any amount falling within the purview of provisions of Section 73 of the Companies Act, 2013 read with the Companies (Acceptance of Deposit) Rules, 2014 during the year under review. Hence, the requirement for furnishing of details of deposits which are not in compliance with the Chapter V of the Act is not applicable.

36. STATEMENT ON COMPLIANCES OF SECRETARIAL STANDARDS:

The Board of Directors have complied with applicable Secretarial Standards as specified u/s. 118 of Companies Act, 2013.

37. SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS:

There were no orders passed by any Regulator or Court during the year.

38. DISCLOSURE AS REQUIRED UNDER CLAUSE 5A TO PARA A OF PART A OF

SCHEDULE III OF SEBI (LISTING OBLIGATIONS AND DISCLOSURE REQUIREMENTS) REGULATIONS, 2015:

The Company or the shareholders, promoters, promoter group entities, related parties, directors, key managerial personnel, employees of the listed entity or of its holding, subsidiary or associate company has not entered into agreements among themselves or with a third party, or solely or jointly, which, either directly or indirectly or potentially or whose purpose and effect is to, impact the management or control of the Company or impose any restriction or create any liability upon the Company.

39. ACKNOWLEDGEMENT:

Your Directors acknowledge with gratitude the support received by the Company from the Banks, Government Agencies/ organizations and employees of your Company.

Your Directors also acknowledge with thanks the faith reposed by the Investors in the Company and look forward to their continued support for times to come.

By order of the Board of Directors,
For Glance Finance Limited
Narendra Karnavat Narendra Arora
Director Wholetime Director
(DIN: 00027130) (DIN: 03586182)
Place: Mumbai.
Date: 08.08.2023