imc finance ltd Directors report

To

The Members IMC Finance Limited

Your Directors have pleasure in presenting the 37th Annual Report on the business and operations of the Company and the accounts for the Financial Year ended March 31, 2019.

1. Financials, performance of the company:

FINANCIAL RESULTS

Particulars	2018-19	2017-18
	Rs.	Rs.
Total Income	5,84,452	15,73,640
Less : Operating & Admin Expenses	53,41,876	939,541
Profit / (Loss) before Depreciation and Taxes	(47,57,424)	634,100
Less : Depreciation	-	-
Profit / (Loss) before Tax (PBT)	(47,57,424)	634,100
Less : Provision for Current tax	-	-
Provision for Deferred Tax	-	-
Short / (Excess) Provision for Taxation for earlier
Profit / (Loss) after Tax (PAT)	(47,57,424)	634,100

During the year total income of your company has been decreased from Rs. 15,73,640/- in the previous year to Rs.5,84,452/- in the current year and also during the year your company has incurred a loss of Rs.47,57,424/-

2. Material changes and commitments, if any, affecting the financial position of the company which have occurred between the end of the financial year of the company to which the financial statements relate and the date of the report:

There is no material changes and commitment which could affect the financial position of the company from the end of the financial year till the date of this report.

3. Dividend:

Directors of the Company are not recommending any dividend for the Financial Year ended 31st March, 2019.

4. Share Capital:

During the year the company has not issued any shares and paid-up capital and authorized capital remains same.

5. Directors Responsibility Statement:

Pursuant to the requirement under Section 134(3) (c) of the Companies Act, 2013 with respect to Directors Responsibility Statement, it is hereby confirmed that:

(a) in the preparation of the annual accounts, the applicable accounting standards had been followed along with proper explanation relating to material departures;

(b) 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 and fair view of the state of affairs of the company at the end of the financial year and of the Loss of the company for that period;

(c) the directors had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of this Act for safeguarding the assets of the company and for preventing and detecting fraud and other irregularities;

(d) the directors had prepared the annual accounts on a going concern basis;

(e) the directors, had laid down proper internal financial controls to be followed by the Company and that such internal financial controls are adequate and were operating effectively, and

(f) 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.

6. Directors and Key Managerial Personnel (KMP):

Mr. Praveen Kumar Chopra, Director retires by rotation and being eligible offers himself for re-appointment. The Company is in the process of appointing Key Managerial Personnel pursuant to Sec.203 of the Companies Act, 2013.

7. Extract of Annual Return:

Pursuant to the requirement of section 92(3) of the Companies Act, 2013 read with Rule 12(1) of the Companies (Management and Administration) Rules, 2014, an Extract of Annual Return in Form MGT-9 is annexed as

Annexure -1.

8. Number of Meetings of the Board:

Board of Directors of the company has met Six times during the year i.e. 25.05.2018, 10.08.2018, 12.11.2018, 28.11.2018, 04.01.2019, 11.02.2019. The intervening gap between the meetings was within the period prescribed under the Companies Act, 2013.

9. Auditors:

The Auditors of the Company M/s. Subramaniam Bengali & Associates., Chartered Accountants (Firm Registration Number 127499W), Mumbai was appointed for the period of 5 years till the end of financial year 31.03.2022 at the AGM held on 29.09.2017.

10. Internal Controls:

The Company has in place adequate systems of internal control commensurate with its size and the nature of its operations. These have been designed to provide reasonable assurance with regard to recording and providing reliable financial and operational information, complying with applicable statutes, safeguarding assets from unauthorized use, executing transactions with proper authorization and ensuring compliance of corporate policies.

11. Particulars of loans, guarantees or investments under section 186:

Particulars of the same are given in Notes to Accounts

12. Related Party Transactions: During the year your company has not entered any related party transactions.

13. Conservation of energy, technology absorption and foreign exchange earnings and outgo:

The details of conservation of energy, technology absorption, foreign exchange earnings and outgo are as follows:

I. Conservation of energy
(i) the steps taken or impact on conservation of energy
(ii) the steps taken by the company for utilizing alternate sources of energy	Nil
(iii) the capital investment on energy conservation equipments
II. 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 from the beginning of the financial year)-	Nil
(iii) (a) the details of technology imported
(b) the year of import;
(c) whether the technology been fully absorbed
(d) if not fully absorbed, areas where absorption has not taken place, and the reasons thereof the expenditure incurred on Research and Development
(iv)
III. Foreign exchange earnings and Outgo
Earnings	Nil
Outgo	Nil

14. Details of Subsidiary/Joint Ventures/Associate Companies:

Your company does not have any Subsidiary / Associates / Joint Ventures.

15. Explanation to Statutory Auditors report:

The Statutory Auditors Report does not contain any qualification, reservation or adverse remark or disclaimer. Notes to Accounts and Auditors remarks in their report are self-explanatory and do not require for any further comments.

16. Explanation to Secretarial Auditors report: The Company is in the process of appointing another Independent Director and after the appointment it will reconstitute the Audit Committee and Nomination Remuneration Committee. Further it is searching for the suitable person to be appointed as Women Director and Key Managerial Personnel and it will comply the provisions shortly. Report of the Secretarial Auditor is annexed. Please refer Annexure - II

17. Particulars of employees as required under Rule 5(2) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules. 2014:

Your company does not have any employees hence the above provision is not applicable.

18. Risk management policy:

The Board of Directors is overall responsible for identifying, evaluating and managing all significant risks faced by the Company. The Board approved Risk Management policy, which acts as an overarching statement of intent and establishes the guiding principles by which key risks are managed across the organization.

The Company follows well established and detailed risk assessment and minimization procedures. The Company has in place a business risk management framework for identifying risks and opportunities that may have a bearing on the organizations objectives, assessing them in terms of likelihood and magnitude of impact and determining a response strategy. In the opinion of the Board, none of the risks faced by the Company threaten its existence.

19. Deposit from public:

The Company has not accepted any deposits from public and as such, no amount on account of principal or interest on deposits from public was outstanding as on the date of the balance sheet.

20. General:

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) Change in nature of business

(2) Issue of shares

(3) Names of companies which have become or ceased to be its Subsidiaries, Joint Ventures or Associate Companies during the year

(4) No significant or material orders were passed by the Regulators or Courts or Tribunals which impact the going concern status and Companys operations in future.

(5) Your Directors further state that during the year under review, there were no cases filed pursuant to the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013.

(6) Details in respect of frauds reported by auditors under Sec.143(12) other than which are reportable to Central Government

21. Acknowledgements:

Your Directors place on record their appreciation for the assistance and support extended by all Government Authorities, Financial Institutions, Bankers, Shareholders and other stakeholders and look forward to their continued support.

For and on behalf of the Board of Directors of IMC Finance Limited

S.M.Lele

Chairman

Place : Mumbai

Date : 29th May, 2019