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Rajputana Investment & Finance Ltd Directors Report

33.01
(-3.59%)
Jul 18, 2024|03:44:00 PM

Rajputana Investment & Finance Ltd Share Price directors Report

Dear Shareholders

Your Directors have pleasure in presenting their 82nd Annual Report together with the Audited Financial Statements of the Company for the Financial Year ended March 31, 2024.

During the year under review, performance of your Company as under: (Rs In Lakh)

Particulars

Year Ended

31st March, 2023

Year Ended

31st March, 2024

Total Revenue 114.17 317.12
Total Expenses 105.21 247.29
Profit/(Loss) before

taxation

8.96 69.84
Less: Tax Expense 2.49 18.12
Profit/(Loss) after tax 6.48 51.71

Review of Operations

During the year under review the Company has recorded total revenue of Rs. 317.12 Lakh as compared to Rs. 114.17 Lakh in the previous year. The Company has recorded a net profit of Rs. 51.71 Lakh as compared to previous year net profit of Rs. 6.48 Lakh/-.

Share Capital

The Company has 3,08,00,000/- Equity Share Capital for the Financial Year ended March 31, 2024.

Change In Management

There are no changes in the management of the Company during the financial year ended March 31, 2024.

Change in the Nature of Business

During the financial year 2023-2024, there are no changes in nature of the business of the company.

Dividend

The Board does not recommend any dividend for the financial year 2023-2024.

General Reserve

The Company has not transferred any fund to General Reserve during the financial year 2022-2023.

FINANCIAL HIGHLIGHTS

Number of Meeting of Board of Directors

The Board meets at regular intervals to discuss and decide on Company / business policy and strategy apart from other Board business. During the year, 6 Board meetings were held. The maximum time gap between two consecutive board meetings did not exceed 120 days. The date on which the Board Meetings were held 29.05.2023, 10.07.2023, 09.08.2023, 13.11.2023, 08.02.2024 & 30.03.2024

Declaration of Independent Directors

Pursuant to section 149(7) of the Companies Act 2013, the Company has received necessary declaration from each Independent Director confirming that they meet the criteria of independence as prescribed under Section 149(6) of the Companies Act, 2013("The Act") and Regulation 16 of SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015 ("Listing Regulations").

Committees of the Board

The Company has constituted / re-constituted various Board level committees in accordance with the requirements of the Companies Act, 2013 and SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015. Details of all the Committees along with their composition and meetings held during the year under review are provided in the Report on Corporate Governance forming part of this Annual Report.

Corporate Governance

As provided under Regulation 15(2) of the SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015, the compliance with Corporate Governance as specified in Regulation 17 to 27, 46(2)(b) to (i) & Para c, d & e of Schedule V are not applicable to the company as paid—up-capital and net worth of the Company is below the threshold limit i.e Rs 10 crores & Rs 25 crores.

Formal Annual Evaluation

The Board of Directors has carried out in annual evaluation of its own performance, its committee, and Individual Directors pursuant to the requirements of the Act and the Listing Regulation. Further, the Independent Directors, at their exclusive meeting held on 10.11.2023 during the year reviewed the performance of the Board, the Chairman and the Non- Executive Directors and other items as stipulated under the Listing Regulation.

Material Changes and Commitments, If Any, Affecting Financial Position

There is no such material change and commitment affecting the financial position of your Company which have occurred between the end of the financial year.

Loans, Guarantees And Investments

The company has complied with the provisions of section 186 of Companies Act 2013 in relation to Loans, Investments, Guarantees and security given by the company. During the financial year 2023-2024 company not made any Loans, Guarantees and Investments. But during the year 2021, company made investment of Rs.2Crore in Vanchinad Finance Private Limited.

Extract Of Annual Return

The extract of Annual Return in Form No. MGT-9 pursuant to Section 92(3) of the Companies Act, 2013 and Rule 12 of the Companies (Management & Administration) Rules, 2014 is available on company website www.rajputanainvestment.com (Annexure II).

Particulars of Contracts or Arrangements with Related Parties

A Related Party Transaction Policy has been formulated by the Board of Directors for determining the materiality of transactions with related parties and dealing with them.

The Audit Committee reviews all related party transactions. All contracts or arrangements with related parties, entered into or modified during the financial year, within the meaning of Section 188 (1) of Companies Act, 2013 were in ordinary course of business and on arms length basis and in compliance with the applicable provisions of the Companies Act, 2013 and the Listing Regulations.

The disclosure of Related Party Transactions as required under Rule 8(2) of the Companies (Accounts) Rules, 2014 in Form AOC-2 has been enclosed as Annexure – III is attached herewith and forms part of this Directors Report.

(In Lakh)

Sl No

Name of Related Party

Naturef of Relationship

Nature of transaction

Amount of transaction

1

Jijin Chanyil Surendran

Managing Director

Remuneration

13.36

2

N.R Bahuleyan

Independent Director

Sitting Fee

0.20

3

Sunny Mathew

Independent Director

Sitting Fee

0.20

4

Mathew Jose

Independent Director

Sitting Fee

0.20

5

Liji Jimmy

Independent Director

Sitting Fee

0.15

6

T.K Abdul Jaleel

CFO

Remuneration

3.59

7

Villadath Vinitha

Company Secretary

Remuneration

6.24

Conservation of Energy and Technology Absorption and Foreign Exchange Earnings

Particulars of Conservation of energy, technology absorption and foreign exchange and outgo as required under Section 134 (3) (m) of the Companies Act, 2013 read with Rule 8(3) of the

Companies (Accounts) Rules, 2014 are not applicable to the Company. The disclosures are annexed as Annexure-IV and forms part of this Annual Report.

Details of Directors and Key Managerial Personnel

During the financial year 2023-2024, The Company has a well-structured Board consisting of 5 Directors and one CFO & one Company Secretary.

Sl No

Name

DIN/PAN

Designation

1

Mr. Jijin Chanayil Surendran

03305487

Managing Director

2

Mr. Bahuleyan Raman Nalupurakkal

00297057

Independent Director

3

Mrs. Liji Jmmy Thalakkottoor

08448618

Independent Director

4

Mr.. Sunny Mathew

08389552

Independent Director

5

Mr. Mathew Jose

00542339

Independent Director

6

Villadath Vinitha

BTZPV9135L

Company Secretary

7

Mr. Thadathilakath Kunjumuhammed Abdul Jaleel

BSOPA1698H

CFO

Statement on Declaration Given by Independent Directors Under Section 149(6)

Your Company has received declarations from all the Independent pursuant to Section 149 (7) of the Companies Act, 2013 of the Company confirming that they meet the criteria of interdependence as prescribed both under Section 149 (6) of the Companies Act, 2013 read with rules made there under and Regulation 16 (1) (b) of SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015.

Change in Key Managerial Personnel

There were no changes in Key Managerial Personnel of the company during the financial year 2023-2024.

Familiarization Programme Undertaken for Independent Directors

The Independent Directors are familiarized with the Company, their roles, rights, responsibilities in the Company, nature of the industry in which the Company operates, business model of the Company, etc. pursuant to Regulation 25 (7) of the SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015 on appointment, the Independent Director is issued a letter of appointment setting out in detail, the terms of appointment, duties, responsibilities and expected time commitments. The Company Secretary briefs the Director about their legal and regulatory responsibilities as a Director. The Directors also explained in detail the various compliances required from him to act as a Director under the various provisions of the Companies Act, 2013,

SEBI (LODR) Regulation, 2015, SEBI (Prohibition of Insider Trading) Regulation, 2011, the Code of Conduct of the Company and other relevant regulations. The details of familiarization are available on Companys website www.rajputanainvestment.com .

Board Evaluation

The board of directors has carried out an annual evaluation of its own performance, Board committees and individual directors pursuant to sub-section 3(p) of Section 134 of the Companies Act, 2013 and the corporate governance requirements as prescribed by Securities and Exchange Board of India ("SEBI") under Regulation 17 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

The performance of the Board was evaluated by the Board after seeking inputs from all the directors on the basis of the criteria such as the Board composition and structure, effectiveness of board processes, information and functioning etc. The performance of the committees was evaluated by the board after seeking inputs from the committee members on the basis of the criteria such as the composition of committees, effectiveness of committee meetings etc. The criteria for evaluation of Directors inter alia includes factors such as engagement, strategic planning and vision, team spirit and consensus building, effective leadership, domain knowledge, management qualities, teamwork abilities, achievements, understanding and awareness, integrity, ethics, value and openness.

The Directors express their satisfaction over the evaluation process and results thereof.

Management Discussion and Analysis Report

A separate report on Management Discussion and Analysis is annexed as part of Annual Report along with the Auditors Certificate in compliance with SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015.

Change of Registered Office

There are no changes in the Registered Office of the company during the financial year 2023-2024

Subsidiaries, Jvs or Associate Companies

The Company does not have any Joint Ventures, Associate or Subsidiary Companies as on March 31, 2024.

Particulars of Employees and Related Disclosures:

Disclosures pertaining to remuneration and other details under Section 197(12) of the act read with rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014

as amended are annexed as Annexure-V. However, as per the provisions of Section 136 of the Companies Act, 2013, the reports and accounts are being sent to the Members and others entitled thereto, excluding the disclosure on particulars of employees which is available for inspection by the Members at the Registered Office of the Company during business hours on working days of the Company up to the date of the ensuing Annual General Meeting.

Directors Responsibility Statement: Pursuant to clause (c) of sub-section (3) of Section 134 and Section 134(5) of the Companies Act, 2013, the Board of Directors of the Company hereby state and confirm that;

Accounting Standard: In the preparation of the annual accounts, the applicable accounting standards had been followed along with proper explanation relating to material departures.

Accounting Policies: 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 profit and loss of the Company for that period.

Proper Efficient and Care: The Directors had 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;

Going Concern Basis: The Directors had prepared the annual accounts on a going concern basis.

Compliance with all laws: The Directors had devised proper system to ensure compliance with the provision of all applicable laws and that such systems were adequate and operating effectively.

Internal Financial Controls: The Directors had laid down internal financial control to be followed by the Company and that such internal financial control is adequate and operating effectively.

Boards Comment on the Auditors Report qualification

There are no qualifications noted by auditors in the Audit Report for the financial year 2023-2024

Risk Management Policy

The Board of Directors of the Company has formulated a Risk Management policy which aims at enhancing shareholders value and providing an optimum risk reward trade-off. The risk management approach is based on a clear understanding of the variety of risks that the organization faces, disciplined risk monitoring and measurement and continuous risk assessment and mitigation measures. In the opinion of the Board, none of the risks faced by the Company threaten the existence of the Company.

The Company has adequate internal control systems and procedures to combat risks. The risk management procedure is reviewed by the Audit Committee and Board of Directors on a quarterly basis at the time of review of quarterly financial results of the Company.

Internal Financial Control Systems

The Company has appointed Internal Auditor to observe the Internal Controls who regularly monitors if the workflow of the organization is being done through the approved policies of the Company. The Internal Audit Report is delivered to the Board by the Internal Auditor in every quarter.

The Board of Directors of the Company has adopted various policies like Related Party, Whistle Blower Policy, and other procedures for ensuring the orderly and efficient conduct of its business. The Company system of internal control has been designed to provide a reasonable assurance with regard to maintaining of proper accounting controls, monitoring of operations, safeguarding of its asset, prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and timely preparation of financial information.

Vigil Mechanism/Whistle Blower Policy

The Company has established an effective Whistle Blower Policy to the Companies Act, 2013 and SEBI listing Regulation, 2015. The said policy may be referred to at the companys website at the following web link www.rajputanainvestment.com . It aims at conducting the affairs of the Company in a fare and transparent manner by adopting the highest standard of professionalism, honesty, integrity, and ethical behaviour. All permanent employees of the Company are covered under the Whistle Blower Policy.

A mechanism has been established for employees to report concern about un-ethical behavior, actual or suspected fraud or violation of code of conduct an ethics. It also provides for educate safeguards against the victimization of employees who able the mechanism to allow direct access to the Chairman of the Audit Committee in exceptional cases.

Transfer of Amounts to Investor Education and Protection Fund

Pursuant to applicable provisions of the Companies Act, 2013 ("the Act) read with the Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Rules, 2016, the Company did not have any funds lying unpaid or unclaimed. Therefore, there were no funds which were required to be transferred to Investor Education and Provident fund (IEPF).

Auditors

Statutory Auditors

AYYAR & CHERIAN (Firm Registration Number: 000284S) Chartered Accountants, No.101, Santhi Arcade, K.C Joseph Road, Panampilly Nagar, Ernakulum, Kerala-682036 appointed as the

Statutory Auditors of the Company commencing from the conclusion of Annual General Meeting held on 31.08.2022 till the conclusion of AGM to be held in the financial year 2027-28.

Observation made by the Statutory Auditors in their Report are self-explanatory and therefore, do not call for any further comments under section 134(3)(f) of the Companies Act, 2013.

Internal Auditors

Pursuant to Section 138 of the Companies Act, 2013 read with Rule 13 of Companies (Account) Rule 2014, Company is required to appoint Internal Auditors. R Sreenivasan, Chartered Accountant (Membership No: 022315), appointed as Internal Auditor of the Company.

Secretarial Auditor

Pursuant to the provisions of Section 204 of the Companies Act, 2013 and the Companies (Appointment and Remuneration of Managerial Personnel) Rules 2014, the Board had appointed Ms. Liya Antony, Practising Company Secretary (ACS 39611)), to conduct Secretarial Audit for the financial year ended on March 31, 2024. The Secretarial Audit Report for the financial year ended on March 31, 2024 is annexed herewith and marked as Annexure I to this Report. The Secretarial Audit Report does contain any qualification.

Deposits

Your Company has not accepted any Fixed Deposit under Chapter-V of the Companies Act, 2013 during the financial year and as such, no amount on account of Principal or Interest on Deposits from Public was outstanding as on March 31, 2024.

Cost Records

As per the provision of Section 148 under sub-section (1) of the of the Companies Act 201, the cost records not applicable for any of the products or services of the company for the financial year ending 31.03.2024.

Corporate Social Responsibility

In pursuance of the provisions of Section 135 of the companies Act 2013, the CSR provisions were not applicable to the Company.

Code of Conduct

The Board of Directors has approved a code of Conduct which is applicable to the Members of the Board and all employees in the course of day to day operations of the Company in accordance with the applicable Accounting Standards. The code laid down by the Board is known as "Code of Conduct". The code has been posted on the Companys website www.rajputanainvestment.com.

Prevention of Insider Trading

The Company has adopted a Code of Conduct for prevention of Insider Trading with a view to regulate trading in Securities by the Directors and designated employees of the Company. The Code requires pre-clearance for dealing in the Companys shares and prohibits the purchase or sale of Company shares by the Directors and the designated employees while in possession of unpublished price sensitive information in relation to the Company and during the period when the Trading window is closed. The Board is responsible for implementation of the code.

All Board Directors and the designated employees have confirmed compliance with the code.

Disclosure Under Sexual Harassment of Women at Workplace (Prevention, Prohibition & Redressal) Act, 2013

The Company has formulated a policy for the prevention of sexual harassment within the Company. It ensures prevention and deterrence of acts of sexual harassment and communicates procedures for their resolution and settlement. Internal Complaint Committee has been constituted which is chaired

by a female employee of the Company in accordance with the requirements under the Sexual

harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 which ensures implementation and compliance with the Law as well as the policy at every unit. There were no cases/ complaints reported in this regard during the year 2023-2024. A copy of the Policy against sexual harassment is posted on the Companys Website www.rajputanainvestment.com .

Acknowledgement

Your Board sincerely places on record the support extended by the Traders, Shareholders, Companys Bankers, Central and State Government Authorities, Stock Exchanges, CDSL, NSDL and all other Business Associates for the growth of the organization. The Board further expresses its appreciation for the services rendered by the Executives, officers and staffs of the Company at all levels.

We look forward to receiving the continued patronage from all quarters to become a better and stronger Company.

For Rajputana Investment & Finance Limited

Jijin Chanayil Surendran

Mathew Jos

Managing Director

Independent Director

(DIN: 03305487)

(DIN: 00542339)

Place: Thrissur
Date: 20.06.2024

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