To,
The Members,
The Directors are pleased to present the 29th Board Report of Interactive
Financial Services Limited ("the Company") together with the Audited Financial
Statements for the year ended March 31, 2023.
FINANCIAL SUMMARY AND HIGHLIGHTS
The financial performance for the year ended March 31, 2023 is summarized below:
| Particulars |
2022-23 |
2021-22 |
| Revenue from Operations |
155.77 |
45.42 |
| Other Income |
122.70 |
131.83 |
| Total Income |
278.47 |
177.25 |
| Profit before Depreciation, Finance Costs, Exceptional Items and |
155.16 |
121.03 |
| Tax Expense |
|
|
| Less: Depreciation/ Amortization/ Impairment |
0.16 |
0.30 |
| Profit before Finance Costs, Exceptional Items and Tax Expense |
155 |
120.73 |
| Less: Financial Costs |
1.58 |
0.05 |
| Profit before Exceptional Items and Tax Expense |
153.42 |
120.68 |
| Add/(less): Exceptional items |
0 |
0 |
| Profit before Tax Expense |
153.42 |
120.68 |
| Less: Tax Expense (Current & Deferred) |
33.32 |
20.58 |
| Profit for the year (1) |
120.10 |
100.10 |
| Other Comprehensive Income/loss (2) |
(47.01) |
198.54 |
| Total (1+2) |
73.10 |
298.64 |
Revenue from operations Increased to Rs. 155.77 Lakhs as against Rs. 45.42 Lakhs in the
previous year showing a Growth of Rs 110.35 Lakhs. The other income in the current year
stands Rs. 122.70 Lakhs as against Rs. 131.83 Lakhs in the previous year.
The Profit before Tax for the current year is Rs. 153.42 Lakhs as against Rs. 120.68
Lakhs in the previous year showing a Growth of Rs. 32.74 Lakhs.
The Profit after Tax (PAT) for the current year is Rs 120.10 Lakhs as against the
profit of Rs. 100.10 Lakhs in the previous year showing a Growth of Rs 20 Lakhs.
Changes in Registered Office
The Company had shifted its registered office as follow:
| Effective Date |
From |
To |
Reason |
| May 05, 2022 |
A-1006, Premium House, B/h |
701-702, A wing, Samudra |
Operational |
|
Handloom House, Ashram |
Complex, 07th Floor, Off. C. G. |
Convenience |
|
Road, Ahmedabad 380 009, |
Road, Near Girish Cold Drink, |
|
|
Gujarat, India |
Navrangpura, Ahmedabad 380 |
|
|
|
009, Gujarat, India |
|
| June 17, 2022 |
701-702, A wing, Samudra |
612, 6th Floor, Shree Balaji |
Operational |
|
Complex, 07th Floor, Off. C. G. |
Heights, Kokilaben Vyas Marg, |
Convenience |
|
Road, Near Girish Cold Drink, |
Ellisbridge, Ahmedabad 380 009, |
|
|
Navrangpura, Ahmedabad |
Gujarat, India |
|
|
380 009, Gujarat, India |
|
|
The company had made an application to BSE Limited for re-classification of Mr. Udayan
Mandavia, Mr.
Kedar Mehta and Mr. Hitesh Joshi from "promoter category" to "public
category". The same has been approved by BSE Limited on October 27, 2022. All the
necessary disclosure under Regulation 31A of the SEBI (Listing Obligation and Disclosure
Requirements) Regulations, 2015 were made to BSE Limited.
There are no material changes and commitments affecting the financial position of the
Company, which have occurred between the end of the financial year 2022-23 and the date of
this Report expect the changes provided in this report.
TRANSFER TO RESERVES
The Board of Directors of your company, has decided not to transfer any amount to the
Reserves for the year under review.
DIVIDEND
The Board of Directors of your company, after considering holistically the relevant
circumstances and keeping in view the company policy, has decided that it would be
prudent, not to recommend any Dividend for the year under review.
INDUSTRY OVERVIEW
The company is the SEBI Category-I Merchant Banker. The company provides the Merchant
Banking and allied Advisory Services.
For further details with respect to overview of the industry and important changes in
the industry during the last year, external environment and economic outlook please refer
Management Discussion and Analysis Report which forms part of this Annual Report.
CAPITAL STRUCTURE
Authorized Capital
The authorized share capital of the company is Rs 8,00,00,000/- divided into 80,00,000
Equity Shares of Rs 10/- each.
Issued, Subscribed & Paid-up Capital
As on date of this report the issued, subscribed and paid-up share capital of your
Company stood at Rs. 3,01,31,000 comprising 30,13,100 Equity shares of Rs. 10/- each.
CREDIT RATING
During the period under review the company is not required to take credit rating.
INVESTOR EDUCATION AND PROTECTION FUND (IEPF)
During the period under review the provisions relating to Investor Education and
Protection Fund (IEPF) is not applicable to the company.
DIRECTORS AND KEY MANAGERIAL PERSONNEL
The composition of the Board of Directors of the Company as on 31st March,
2023 is as follows:
| Sr. No. Name of the Director |
Category |
| 1. Mr. Pradip Sandhir |
Managing Director |
| 2. Mr. Mayur Parikh |
Non- Executive |
| 3. Mrs. Rutu Sanghvi |
Non- Executive Independent Director |
| 4. Mr. Raghav Jobanputra |
Non- Executive Independent Director |
Retirement by rotation and subsequent re-appointment:
Mr. Mayur Parikh (DIN: 00005646), Director, is liable to retire by rotation at the
ensuing Annual General Meeting, pursuant to Section 152 and other applicable provisions,
if any, of the Companies Act, 2013, read with the Companies (Appointment and Qualification
of Directors) Rules, 2014 (including any statutory modification(s) or re-enactment(s)
thereof for the time being in force), and being eligible have offered himself for
re-appointment.
Appropriate business for his re-appointment is being placed for the approval of the
shareholders of the Company at this 29th AGM. The brief resume of the Director
and other related information has been detailed in the Notice convening this 29th
AGM of the Company.
In terms of Regulation 36(3) of SEBI (LODR) Regulations, 2015, brief resume in respect
of the Director who is retiring by rotation and proposed to be re-appointed, is provided
in the Notice convening the 29th AGM of the Company.
CHANGE IN BOARD COMPOSITION
Changes Took place in the Board Composition during the FY 2022-2023
On April 21, 2022, Mr. Udyan Mandavia, Ms. Sejal Mandavia and Mr. Kishor Vekariya
resigned from the Board of Directors of the company.
The board of director of the company based on the recommendation of the Nomination and
Remuneration Committee has appointed Ms. Rutu Sanghavi (DIN: 09494473) and Mr. Gopal Shah
(DIN: 07962196) as Independent Director of the company w.e.f. July 21, 2022, which was
later on approved by the members vide special resolution dated 27th September,
2022.
Further, Mr. Vanesh Panchal, Non-Executive Director of the company had resigned from
the company w.e.f. July 21, 2022.
The Board of Directors of the company based on the recommendation of the Nomination and
Remuneration Committee has appointed Mr. Pradip Sandhir as Managing Director of the
company and changed the Designation of Mr. Mayur Parikh from Independent Director to
Non-Executive and Non-Independent Director of the company, liable to retire by rotation
w.e.f. August 30, 2022. The necessary resolutions for the approval of the members of the
company was passed vide Special Resolution dated 27th September, 2022.
On 21st February, 2023 Mr. Gopal Shah, Independent Director had resigned
from the Company.
On Recommendation of Nomination and Remuneration Committee Mr. Raghav Jobanputra (DIN:
10066298) w.e.f 17th March, 2023 was Appointed as an Additional Director in
capacity of Independent Director by the Board of Directors, subject to approval of
shareholder in this 29th Annual General Meeting.
Appointment of Independent Director
Mr. Raghav Jobanputra (DIN: 10066298) was Appointed as an Additional Director in
capacity of Independent Director by the Board of Directors, subject to approval of
shareholder in this 29th Annual General Meeting, the relevant details of his
qualification, experience, the justification for choosing the proposed appointees for
appointment as Independent Directors is provided in explanatory statement of the notice of
AGM which forms part of this annual report.
DECLARATION BY INDEPENDENT DIRECTORS
The Company has received declarations from Mr. Raghav Jobanputra (DIN: 10066298) and
Ms. Rutu Sanghavi (DIN: 09494473) Independent Directors of the Company under Section
149(7) of Companies Act, 2013 confirming that they meet criteria of Independence as per
relevant provisions of Companies Act, 2013 and SEBI (LODR) Regulations. The Board of
Directors of the Company has taken on record the said declarations and confirmation as
submitted by the Independent Directors after undertaking due assessment of the veracity of
the same. The Independent directors have complied with the code for independent director
as prescribed in schedule IV of the Companies Act, 2013 and code of conduct for the board
of directors and senior management personnel of the company.
All the Independent Directors of the Company have enrolled their names in the online
database of Independent Directors by Indian Institute of Corporate Affairs in terms of the
regulatory requirements. Also, the online proficiency self-assessment test as mandated
will be undertaken by those Independent Directors of the Company who are not exempted
within the prescribed timelines.
The company had formulated and implemented code of conduct for the board of directors
and senior management personnel of the company which is available on the Companys
website:
http://ifinservices.in/pdf/Code_of_Conduct_for_Directors_and_Senior_Management.pdf.
Key Managerial Personnel
Mr. Hitesh Joshi, Chief Financial Officer of the company had resigned from the company
w.e.f. April 21, 2022. Subsequently, our company appointed Mr. Pradip Sandhir as Chief
Financial Officer of the company w.e.f. August 30, 2022.
Ms. Jaini Jain, Company Secretary and Compliance Officer was appointed on June 17,
2022.
Hence, as per the provisions of Sections 2(51) and 203 of the Companies Act, 2013 read
with the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, As
on the date of this report, Mr. Pradip Sandhir, Managing Director and CFO, Ms. Jaini Jain,
Company Secretary, are the key managerial personnel of the Company.
NUMBER OF MEETINGS OF THE BOARD
The Board met 9 times during the Financial Year 2022-2023. Board of Directors meeting
were held on April 30, 2022, June 17, 2022, July 21, 2022, August 13, 2022, August 30,
2022, November 14, 2022, February 14, 2023 and March 17, 2023 and March 30, 2023 to
transact various business.
BOARD COMMITTEES
There are various committees constituted as stipulated under the Companies Act, 2013
and SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015 namely Audit
Committee, Nomination and Remuneration Committee and Stakeholders Relationship Committee.
The constitution of all the committees as on March 31, 2023 are mentioned below.
1. AUDIT COMMITTEE
The Company has formed the Audit Committee as per the provisions of the Section 177 of
the Act read with the Companies (Meetings of Board and its Powers) Rules, 2014 (as
amended). The constituted Audit Committee comprises following members as on March 31,
2023.
| Name of the Director |
Designation |
Nature of Directorship |
| Ms. Rutu Sanghvi |
Chairman |
Independent Director |
| Mr. Raghav Jobanputra |
Member |
Independent Director |
| Mr. Mayur Parikh |
Member |
Non-Executive Director |
The Company Secretary of our Company is acting as a Secretary of the Audit Committee.
The Chairman of the Audit Committee shall attend the Annual General Meeting of our Company
to furnish clarifications to the shareholders in any matter relating to financial
statements.
The Committee met 5 times during the Financial Year 2022-2023. The meetings were held
on April 30, 2022, July 21, 2022, August 13, 2022, November 14, 2022, and February 14,
2023 to transact various business.
The powers, roles and terms of reference of the committee are in compliance with the
Section 177 of the Companies Act, 2013 and rules made there under and SEBI (Listing
Obligations and Disclosure Requirements) Regulations, 2015 as applicable.
2. NOMINATION AND REMUNERATION COMMITTEE
The Company has formed the Nomination and Remuneration Committee as per Section 178 and
other applicable provisions of the act read with the Companies (Meetings of Board and its
Powers) Rules, 2014 (as amended). The Nomination and Remuneration Committee comprises the
following members as on March 31, 2023:
| Name of the Director |
Designation |
Nature of Directorship |
| Mr. Raghav Jobanputra |
Chairman |
Independent Director |
| Ms. Rutu Sanghvi |
Member |
Independent Director |
| Mr. Mayur Parikh |
Member |
Non-Executive Director |
The Company Secretary of our Company is acting as a Secretary to the Nomination and
Remuneration Committee.
The Committee met 4 times during the financial year 2022-2023. The meetings were held
on June 17, July 21, 2022, August 30, 2022 and March 17, 2023 to transact various
business.
The roles and terms of reference of the committee are in compliance with the Section
178 of the Companies Act, 2013 and rules made there under and SEBI (Listing Obligations
and Disclosure Requirements) Regulations, 2015 as applicable.
3. STAKEHOLDERS RELATIONSHIP COMMITTEE
Our Company has formed the Stakeholders Relationship Committee as per Section 178 and
other applicable provisions of the Act read with the Companies (Meetings of Board and its
Powers) Rules, 2014 (as amended)
The constituted Stakeholders Relationship Committee comprises the following members as
on March 2023:
| Name of the Director |
Designation |
Nature of Directorship |
| Ms. Rutu Sanghvi |
Chairman |
Independent Director |
| Mr. Raghav Jobanputra |
Member |
Independent Director |
| Mr. Pradip Sandhir |
Member |
Managing Director |
The Company Secretary of our Company is acting as a Secretary to the Stakeholders
Relationship Committee.
The Committee met 1 time during the Financial Year 2022-2023, on November 14, 2022 to
transact various business.
The roles and terms of reference of the committee are in compliance with the Section
178 of the Companies Act, 2013 and rules made there under and SEBI (Listing Obligations
and Disclosure Requirements) Regulations, 2015 as applicable.
AUDIT COMMITTEE RECOMMENDATIONS
During the year, all recommendations of Audit Committee were approved by the Board of
Directors.
NOMINATION AND REMUNERATION POLICY
The Company has formulated and adopted the Nomination and Remuneration Policy in
accordance with the provisions of Companies Act, 2013 read with the Rules framed
thereunder and the SEBI (Listing Obligation and Disclosure Requirement) Regulations, 2015.
The Nomination and Remuneration Committee have formulated the criteria for appointment
of Executive, Non-Executive and Independent Directors on the Board of Directors of the
Company and persons in the Senior Management of the Company, their remuneration including
determination of qualifications, positive attributes, independence of Directors and other
matters as provided under sub-section (3) of Section 178 of the Companies Act, 2013
(including any statutory modification(s) or reenactment(s) thereof for the time being in
force).
The said policy is available on the website of the company at
http://ifinservices.in/pdf/Nomination_and_Remuneration_Policy.pdf
EVALUATION OF THE PERFORMANCE OF THE BOARD, COMMITTEES AND INDIVIDUAL DIRECTORS
Pursuant to the provisions of the Companies Act, 2013 read with Rules framed there
under and in compliance with the requirements of SEBI (LODR) Regulations, 2015, the Board
has carried out the annual evaluation of the performance of the Board as a whole,
Individual Directors including Independent Directors, Non-Independent Directors,
Chairperson and the Board Committees. A structured questionnaire was prepared after taking
into consideration the inputs received from the Directors, covering various aspects of the
Boards functioning such as adequacy of the composition of the Board and its Committees,
Meetings of the board, functioning of the board, effectiveness of board processes, Board
culture, execution and performance of specific duties, obligations and governance.
The exercise was also carried out to evaluate the performance of individual Directors
including the Chairman of the Board, who were evaluated on parameters such as level of
engagement and contribution, independence of judgment, safeguarding the interest of the
Company and its minority shareholders etc.
The performance evaluation of the Independent Directors was carried out by the entire
Board excluding the director being evaluated. The performance evaluation of the Chairman
and the Non Independent Directors was carried out by the Independent Directors who also
reviewed the performance of the Key Managerial Personnel. The Directors expressed their
satisfaction with the evaluation process.
REMUNERATION OF DIRECTORS AND EMPLOYEES OF THE COMPANY
The information required under Section 197(12) of the Companies Act, 2013 read with
Rule 5(1) of Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014
in respect of Directors/employees of the Company is set out in "Annexure -
[1]" of this report.
DIRECTORS RESPONSIBILITY STATEMENT
In terms of the requirements of Section 134(3)(c) read with Section 134(5) of the
Companies Act, 2013, Board of Directors of the Company, hereby state and confirm that:
a) in the preparation of the annual accounts for the financial year ended 31st
March, 2023, the applicable accounting standards have been followed and there are no
material departures from the same;
b) they have selected such accounting policies and applied them consistently and made
judgements 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
profit and loss of the Company for the financial year ended 31st March, 2023;
c) they have 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;
d) they have prepared annual accounts on a going concern basis;
e) they have laid down internal financial controls to be followed by the Company and
that such internal financial controls are adequate and operating effectively; and
f) they have devised proper systems to ensure compliance with the provisions of all
applicable laws and that such systems are adequate and operating effectively.
INTERNAL FINANCIAL CONTROLS SYSTEMS AND THEIR ADEQUACY
The Board has adopted policies and procedure for ensuring the orderly and efficient
conduct of its business, including adherence to the Companys policies, the safeguarding
of its assets, the prevention and detection of fraud and errors, the accuracy and
completeness of the accounting records, and the timely preparation of reliable financial
disclosures.
During the year no reportable material weakness in the design or
operation were observed.
FRAUDS REPORTED BY THE AUDITOR
The auditor of the Company has not reported any fraud to the Audit Committee or Board
or to the Central Government under Section 143(12) of the Companies Act, 2013.
DISCLOSURES RELATING TO SUBSIDIARIES, ASSOCIATES AND JOINT VENTURES
During the period under review, the company is not having any subsidiary, joint venture
and associate company.
PUBLIC DEPOSITS
During the year under review, Company has not accepted any deposit within the meaning
of Sections 73 and 74 of the Companies Act, 2013 read with the Companies (Acceptance of
Deposits) Rules, 2014. Further, Company does not have any deposit which is in violation of
Chapter V of the Act.
LOANS TAKEN FROM DIRECTORS OF THE COMPANY
During the year under review, the Company has not taken loans from any directors of the
Company.
PARTICULARS OF LOANS, GUARANTEES AND INVESTMENTS
The details of Loans, guarantee and Investments covered under the provisions of Section
186 of the Act are given in the Notes to the Financial Statements forming part of Annual
Report.
RELATED PARTY TRANSACTIONS
During the FY 2022-23, Company has entered into some transactions with related parties
as defined under
Section 2(76) of the Companies Act, 2013, which were in the ordinary course of business
and at arms length basis. Further, the transactions were in accordance with the
provisions of the Companies Act, 2013, read with rules framed thereunder and the SEBI
(LODR) Regulations, 2015. All transactions with related parties were entered with approval
of the Audit Committee.
The details of the related party transactions as required under IND AS - 24 are set out
in Notes to the financial statements.
The Company has formulated a policy on related party transactions, the same is
available on Companys website at
http://ifinservices.in/pdf/Related_Party_Transaction_Policy.pdf.
The detail disclosure of these transactions in Form AOC- 2 pursuant to Section 134
(3)(h) of the Companies Act, 2013 read with Rule 8(2) of the Companies (Accounts) Rules,
2014 is set out as "Annexure [2]"to this Report.
CORPORATE SOCIAL RESPONSIBILITY (CSR)
The provision relating to the corporate social responsibility are not applicable to the
company during the Financial Year 2022-23.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS AND OUTGO
The information required under section 134(3)(m) of the Companies Act, 2013 read with
Rule 8(3) of the Companies (Accounts) Rules, 2014.
Conservation of Energy
In its endeavor towards conservation of energy your company ensure optimal use of
energy, avoid wastages and conserve energy as far as possible.
Technology Absorption
The Company has not carried out any research and development activities.
Foreign Exchange Earnings and Outgo
The Company has not made any transaction with any foreign country. Therefore, during
the period under review there is no Foreign Exchange Earnings and Outgo.
RISK MANAGEMENT POLICY
The Company has a robust Risk Management policy. The Company through Board and Audit
Committee oversees the Risk Management process including risk identification, impact
assessment, effective implementation of the mitigation plans and risk reporting. Risk
Management forms an integral part of the Companys planning process.
The Audit Committee has additional oversight in the area of financial risks and
controls. Major risks identified by the business and functions are systematically
addressed through mitigating actions on continuing basis.
There are no risks, which in the opinion of the Board threaten the existence of the
Company.
VIGIL MECHANISM
Your Company has established a Vigil Mechanism/ Whistle Blower Policy which is in
compliance with the provisions of Section 177(9) of the Companies Act, 2013 and Regulation
4(2)(d)(iv) read with Regulation 22 of the SEBI (LODR) Regulations, 2015. The policy
enables stakeholders, including individual employees, directors and their representative
bodies, to freely communicate their concerns about illegal or unethical practices,
instances of unethical behavior, actual or suspected fraud or violation of the companys
code of conduct. The Policy provides adequate safeguards against victimization of
Director(s)/ employee(s) and direct access to the Chairman of the Audit Committee in
appropriate or exceptional cases. The Protected Disclosures, if any reported under this
Policy will be appropriately and expeditiously investigated by the Chairman.
Your Company hereby affirms that no Director, employee or any other personnel has been
denied access to the Chairman of the Audit Committee and that no complaint was received
during the year.
The Whistle Blower Policy has been disclosed on the Companys website and circulated to
all the Directors / employees. Link of Policy is as Follow:
http://www.ifinservices.in/pdf/WHISTLE_BLOWER_POLICY.pdf
SIGNIFICANT/MATERIAL ORDERS PASSED BY THE REGULATORS
There are no significant/material orders passed by the Regulators, Courts, Tribunals,
Statutory and quasi-judicial body impacting the going concern status of the Company and
its operations in future.
The details of litigation on tax and other relevant matters are disclosed in the
Auditors Report and Financial Statements which forms part of this Annual Report.
AUDITORS
STATUTORY AUDITOR
M/s. B. T. Vora & Co., Chartered Accountants was appointed as Statutory Auditor of
the company in the 28th AGM for one financial year till the conclusion of 29th
AGM. Based on the recommendation of Audit committee appropriate resolutions are placed
before shareholders in this 29th Annual General Meeting for reappointment of
M/s. B. T. Vora & Co., Chartered Accountants for second term of five consecutive
financial year.
The Notes on financial statement referred to in the Auditors Report are
self-explanatory and do not call for any further comments. The Auditors Report dated May
27, 2023 is unmodified and does not contain any qualification, reservation or adverse
remark.
No fraud has been reported by the Auditors to the Audit Committee or to the Board.
SECRETARIAL AUDITOR
The Board has appointed M/s Insiya Nalawala and Associates, Practicing Company
Secretaries to undertake the Secretarial Audit of the Company for the financial year
2022-23 pursuant to the provisions of Section 204 of the Companies Act, 2013 read with
Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 and the SEBI
(LODR) Regulations, 2015 as amended.
SECRETARIAL AUDIT REPORT
The Secretarial Audit Report in the prescribed Form No. MR 3 for the Financial Year
2022-23 is annexed herewith as "Annexure - [3]" to this Report.
The Secretarial Auditor had marked observation/qualification in its report for not
taking approval of Shareholders for Loan given by the company to persons in which director
of the company was interested, the company had placed the resolution for ratification of
shareholders in this 29th AGM.
COMPLIANCE WITH SECRETARIAL STANDARD
The Company has complied with Secretarial Standards 1 and 2 issued by the Institute of
Company Secretaries of India on Board meetings and General Meetings respectively.
CORPORATE INSOLVENCY RESOLUTION PROCESS INITIATED UNDER THE INSOLVENCY AND BANKRUPTCY
CODE, 2016 (IBC)
During the period under review no corporate insolvency resolution process is initiated
against the company under the Insolvency and Bankruptcy Code, 2016 (IBC).
IMPLEMENTATION OF CORPORATE ACTION
During the year under review, the company has not failed to implement any corporate
actions within the specified time limit.
ANNUAL RETURN
As per the requirements of Section 92(3) of the Act and Rules framed thereunder, the
Annual Return for FY 2022-23 is uploaded on the website of the Company and the same is
available at www.ifinservices.in.
COST RECORDS AND COST AUDIT
Maintenance of cost records and requirement of cost audit as prescribed under the
provisions of Section 148(1) of the Act, are not applicable to the Company.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT (MDAR)
As per requirements of SEBI (LODR) Regulations, 2015, a detailed review of the
developments in the industry, performance of the Company, opportunities and risks, segment
wise and product wise performance, internal control systems, outlook etc. of the Company
is given under the head Management Discussion and Analysis Report, which forms part of
this Annual Report.
CORPORATE GOVERNANCE REPORT
Your Company strives to incorporate the appropriate standards for corporate governance.
However, pursuant to Regulation 15(2) of SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015 the Company is not required to mandatorily comply with the
provisions of certain regulations of the SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015 and therefore the Company has not provided a separate
report on Corporate Governance, although few of the information are provided in this
report of Directors under relevant heading.
DISCLOSURES AS PER THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION, PROHIBITION
AND REDRESSAL) ACT, 2013
The Company has adopted zero tolerance for sexual harassment at workplace and has
formulated a policy on Prevention, Prohibition and 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 for prevention
and Redressal of complaints of sexual harassment at workplace.
The policy aims to provide protection to employees at workplace and prevent and redress
complaints of sexual harassment and for the matters connected and incidental thereto, with
the objective of providing safe working environment, where employees feel secure.
An Internal Complaints Committee has been set up to Redress complaints related to
sexual harassment. During the Financial year 2022-23, the company has not received any
complaint of sexual harassment at workplace. Further, there was not any complaint pending
at the beginning of the year or at the end of the year.
WEBSITE
As per Regulation 46 of SEBI (Listing Obligations and Disclosure Requirements)
Regulations 2015, the Company has maintained a functional website namely
www.ifinservices.in containing basic information about the Company. The website of the
Company is containing information like Policies, Shareholding Pattern, Financial and
information of the designated officials of the Company who are responsible for assisting
and handling investor grievances for the benefit of all stakeholders of the Company.
ACKNOWLEDGEMENT
The Board wishes to place on record its sincere appreciation to the Companys
customers, vendors, central and state government bodies, auditors, legal advisors,
consultants, registrar and bankers for their continued support to the Company during the
year under review. The Directors also wish to place on record their appreciation for the
dedicated efforts of the employees at all levels. Finally, the Board expresses its
gratitude to the members for their continued trust, co-operation and support.
|
For and on behalf of the Board of Directors, |
|
| Date: August 14, 2023 |
Pradip Sandhir |
Mayur Parikh |
| Place: Ahmedabad |
Managing Director |
Non-Executive Director |
|
DIN: 06946411 |
DIN: 00005646 |
+91-9892691696
