To the Members,
Your directors take pleasure in presenting the 29th Annual
Report on the business and operations of your Company along with the audited statement of
accounts for the year ended March 31, 2023 (Financial Year under review).
Financial and Operational Highlights:
The financial performance of your Company for the year ended March 31,
2023 is highlighted as below:
Particulars |
Current Financial Year (2022-23) |
Previous Financial Year (2021-22) |
Revenue from Operations |
5041.08 |
2259.10 |
Other Income |
2.95 |
71.50 |
Profit/loss before Depreciation, Finance Costs, Comprehensive
items and |
1346.51 |
497.19 |
Tax Expense |
|
|
Less: Depreciation/Amortisation/Impairment |
173.08 |
93.80 |
Profit/Loss before Finance Costs, Comprehensive items, and
Tax Expense |
1173.43 |
403.39 |
Less: Finance Cost |
2167.64 |
1055.74 |
Profit/Loss before Comprehensive items and Tax Expense |
(994.21) |
(652.35) |
Less: Tax Expense (Current & Deferred) |
(313.84) |
(280.34) |
Profit/loss for the year (1) |
(680.37) |
(372.01) |
Add/(less): Comprehensive items |
11.09 |
6.41 |
Profit/Loss after Tax Expense & Other Comprehensive Item |
(669.28) |
(365.60) |
Retained earnings as at the beginning of the year |
(1022.67) |
(657.07) |
Retained earnings before appropriations |
(1691.95) |
(1022.67) |
Appropriations |
|
|
Less: Transfer to reserve fund u/s 45-IC (1) of the RBI Act,
1934 |
- |
- |
Less: Dividend paid on Equity Shares |
- |
- |
Less: Dividend Distribution Tax |
- |
- |
Less: Other Appropriation |
- |
- |
Retained earnings as at the end of the year |
(1691.95) |
(1022.67) |
Earnings per share (Face value of Rs10/-) |
|
|
- Basic (Rs) |
(2.94) |
(1.82) |
- Diluted (Rs) |
(2.94) |
(1.82) |
Indian Accounting Standards (IND-AS)
Financial Statements of your Company for the financial year ended
March 31, 2023 are prepared in accordance with Indian Accounting
Standards (IND-AS), as notifiedunder Section 133 of the Companies
Act, 2013 (the Act') read with the Companies (Indian
Accounting Standards) Rules, 2015, as amended from time to time.
Company's Performance in Financial Year under Review
The Revenue from operations for the year under review is Rs
5044.03 lakh (Previous Year: Rs 2330.60 lakh) registering a growth of 116.42% over the
previous year.
The Assets under Management (AUM) of the Company stood at
Rs 338 crore as on March 31, 2023, this represents growth of 184% as
compared to March 31, 2022. The Company was able to achieve profitability in 4 th
Quarter of the year under review which has been driven by rising scale & improving
productivity. Loan amount of Rs 341 crore has been disbursed in FY 2022-23 as compared to
disbursement of Rs 112 crore in FY 2021-22 which shows a tremendous growth of 204%.
Moneyboxx has been able to successfully expand its branch network to 61 branches across
six states.The Company has also entered Co-lending tie-up with Vivriti Capital Limited and
MAS financial Services Limited. Also, during the year the Company has entered into a
Business Correspondent Agreement with Utkarsh Small Finance Bank. These tie-ups are proven
to be as strategic tie-ups to utilize the available resources in most viable way to
generate revenue.
Fund Raised During 2022-2023:
Your Company has diversified its funding sources by adding six new
lenders in FY23, taking the total lender count to 25 as of March 2023. New lenders in FY23
included reputed names State Bank of India, Tata Capital Financial Services Limited,
Hinduja Leyland Finance, Manaveeya Development & Finance Pvt Ltd (Oiko Credit),
Utkarsh Small Finance Bank Ltd, Vivriti Asset Management etc.
Total debt raise was 230.1 crore (including non-Convertible debentures
and PTC) in FY23 which is in line with business growth. During the year under review, the
Company has raised Rs 20 crore by issue and allotment of Rated, Unlisted, Senior, Secured,
Redeemable, Taxable, Non-convertible Debentures to Promising Lenders Fund managed by
Vivriti Asset Management and outstanding subordinated debt as on March 31, 2023, stands at
Rs 6.61 crore. Continued support from the existing lenders and the addition of new lenders
demonstrates the confidence of the lenders in the Company's credit processes, asset
quality, collection efficiency and the management team Company's performance in
detail cover in Management Discussion & Analysis.
Annual Reports Circulation in Electronic form
SEBI has vide Circular No. SEBI/HO/CFD/PoD-2/P/CIR/2023/4 dated January
5, 2023 read with Circular No. SEBI/HO/CFD/CMD1/ CIR/P/2020/79 dated May 12, 2020,
dispensed with the requirement of sending physical copies of Annual Report to the Members
under
Regulation 36(1)(b) &(c) of the SEBI Listing Regulations till 30th
September, 2023. Members may note that the Notice and Annual Report 2022-23 will also be
available on the Company's website at www.moneyboxxfinance.com.
Dividend
During the year under review, no dividend was recommended by the Board
of Directors with a view to conserving the resources of the Company.
Transfer to Reserves
During the period under review, no amount has been transferred to
reserves.
Share Capital
The Authorized Share Capital of the Company as on March 31, 2023, stood
at Rs 30,00,00,000/- (3,00,00,000 equity shares of Rs 10/- each) and the Issued,
Subscribed and Paid-up Share Capital of the Company stood at Rs 24,92,13,600 divided into
2,49,21,360 Equity shares of Rs 10/- each.
During the period under review, the Company has raised equity share
capital on Preferential basis two times vide allotment dated
June 02, 2022, and March 31, 2023. The details of which are as follows:
- Equity raised on June 02, 2022:
The Company has allotted 18,05,851 equity shares at a face value of Rs
10 per share as a result of which, the Paid-up share capital of the Company increased from
21,59,94,980 divided into 2,15,99,498 equity shares of Rs 10/- each to Rs 23,40,53,490
divided into 2,34,05,349 Equity Shares of Rs 10/- each.
- Equity raised on March 31, 2023:
The Company has allotted 15,16,011 equity shares at a face value of Rs
10 per share as a result of which, the Paid-up share capital of the Company increased from
Rs 23,40,53,490 divided into 2,34,05,349 Equity Shares of Rs 10/- each to Rs 24,92,13,600
divided into 2,49,21,360 Equity shares of Rs 10/- each.
Listing on Stock Exchange
The shares of the Company are listed on the Main Platform of BSE
Limited. The listing fee for the financial year 2023-24 has been duly paid by the Company
within the due date as prescribed in this regard.
Change in the Nature of Business
There have been no such changes in the nature of business of the
Company during the year under review.
State of Company's Affairs
The state of the Company's affairs has been duly presented in the
Management and Discussion Analysis Report forming part of the
Integrated Annual Report.
Material changes and commitment, if any affecting the financial
position of the Company, having occurred since the end of the year and till the date of
the report
There were no material changes and commitments affecting the financial
position of the Company which occurred between the end of the financial year of the
Company i.e., March 31, 2023, and the date of this Board's Report.
Corporate Social Responsibility
The provisions of section 135 of the Companies Act, 2013 in relation to
Corporate Social Responsibility (CSR) are not applicable to the Company. Therefore, such
details on expenditure in CSR along with the policy developed in this regard are not
required to be provided in this Report.
Highlights of performance of subsidiaries, associates and joint venture
companies and their contribution to the overall performance of the company
As on March 31, 2023, your Company does not have any subsidiary,
associate, or joint venture company, therefore the statement containing the salient
features of the financial statement of subsidiaries, associates, or joint ventures under
the first proviso to sub-section (3) of section 129 of the Companies Act, 2013 in Form
AOC-1 is not applicable.
Credit Rating
During the year under review, Acuite Ratings & Research has
assigned the long-term rating of ACUITE BBB-' (read as ACUITE triple B minus)
to the Rs 100 Cr bank facilities (including proposed facilities) of the Company. The
outlook is Stable'.
Directors and KMP
Changes during the year under review under the Directors and KMP
Category:
During the year there is no change under Director and KMP Category.
In accordance with the provisions of Section 197, 198 of the Companies
Act, 2013 read with schedule V of the Companies Act, 2013 and the Articles of Association
of the Company, the term of Mr. Deepak Aggarwal as CEO & Whole-time Director is
about to end on September 14, 2023. Hence, based on the recommendation of Nomination and
Remuneration Committee, Board of Directors recommends the re-appointment of Mr. Deepak
Aggarwal for another term of 3 years in line with the applicable provisions of Companies
Act, 2013. Brief resume and other details of Mr. Deepak Aggarwal, who is proposed to be
re-appointed as a Co-CEO & Whole-time Director of the Company for second term of 3
years have been furnished, with the explanatory statement to the notice of the ensuing
Annual General Meeting. The same is put to vote in ensuing General Meeting.
Furtherance to this, the first term of Mr. Uma Shankar Paliwal (DIN-
06907963) and Ms. Ratna Dharashree Vishwanathan (DIN- 07278291) is about to end on January
10, 2024. Hence, the Board of Directors recommends their re-appointment for a second term
of five years as Independent Directors. The resolution(s) with respect to their
re-appointments are put to vote in ensuing Annual General Meeting.
Director retiring by rotation:
In accordance with the requirements of section 152(6) (c) of the
Companies Act, 2013, Mr. Govind Gupta (DIN: 00065603), Director retires by rotation from
the Board of Directors and being eligible, offers himself for re-appointment. Brief resume
and other details of Mr. Govind Gupta who is proposed to be re-appointed as a Director of
the Company have been furnished, with the explanatory statement to the notice of the
ensuing Annual General Meeting.
The Board recommends the re-appointment of Govind Gupta (DIN:
00065603), as Director of the Company retiring by rotation.
During the year under review, the non-executive directors of the
Company had no pecuniary relationship or transactions with the Company.
As on March 31, 2023, the Board of Directors of your Company consists
of 6 Directors. Their details are as follows:
S. Name of Director No. |
Designation |
1. Mr. Uma Shankar Paliwal (DIN-06907963) |
Chairman and Independent Director |
2. Ms. Ratna Dharashree Vishwanathan (DIN-07278291) |
Independent Director |
3. Mr. Deepak Aggarwal (DIN-03140334) |
Whole-time Director Co- Chief Executive Officer & Chief
Financial Officer (KMP) |
4. Mr. Mayur Modi (DIN-08021679) |
Whole-time Director Co- Chief Executive Officer (KMP) |
5. Mr. Govind Gupta (DIN-00065603) |
Non-Executive Director |
6. Mr. Atul Garg (DIN-07093376) |
Non-Executive Director |
Key Managerial Personnel
As per the provisions of the act, as on March 31, 2023 Mr. Mayur
Modi and Mr. Deepak Aggarwal are CO-CEOs & Whole-time Director(s)
of the Company, Mr. Deepak Aggarwal is designated as Chief Financial Officer and Ms. Bhanu
Priya as Company Secretary & Compliance Officer of the Company are the Key Managerial
Personnel of your Company in accordance with the provisions of Sections
2(51) and 203 of the Companies Act, 2013 read with Companies (Appointment and Remuneration
of Managerial Personnel) Rules, 2014.
Number of Meetings of the Board
The Board of Directors of the Company met 6 times during the financial
year 2022-23. The meeting details are provided in the Corporate
Governance Report' that forms part of this Annual Report.
During the period under review, your company has properly complied with
the applicable laws in reference to conduct Board meetings.
Committees of the Board
There are five (5) Statutory Committees constituted by the Board of
your Company in compliance with the relevant provisions of the
Companies Act, 2013, SEBI Listing Regulations, 2015 and applicable RBI
Regulation(s):
1. Audit Committee
2. Nomination and Remuneration Committee
3. Stakeholder Relationship Committee
4. Asset Liability Management Committee
5. Risk Management Committee
Full details pertaining to the composition, size, terms of reference
etc. of the aforesaid-mentioned Committees are included in the
Corporate Governance Report, which forms a part of this report.
Directors Responsibility Statement
In accordance with Section 134(5) of the Companies Act, 2013, the
Directors state that:
i) In the preparation of the annual accounts, the applicable accounting
standards have been followed along with proper explanation relating to material
departures, if any;
ii) they have 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 & loss of the Company for the financial year 2022-23;
iii) 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
iv) they have prepared the annual accounts on a going concern basis.
v) they have laid down internal financial controls to be followed by
the Company and that such internal financial controls are adequate and are operating
effectively; and
vi) they have devised proper systems to ensure compliance with the
provisions of all applicable laws and that such systems are adequate and are operating
effectively
Statement on Declaration by Independent Directors
In accordance with the provisions of Section 149(7) of the Companies
Act, 2013 and Regulation 25(8) of the SEBI Listing Regulations, the Independent Directors
have given a declaration that they meet the criteria of independence as provided in
Section 149(6) of the said Act and Regulation 16(1)(b) of the SEBI Listing Regulations and
that they are not aware of any circumstance or situation, which exist or may be reasonably
anticipated, that could impair or impact their ability to discharge their duties with an
objective independent judgement and without any external influence.
Policy on Directors' Appointment and Remuneration
In compliance with the provision of Section 178 of the Companies Act,
2013, the Board has on the recommendation of the Nomination & Remuneration Committee
of the Company, framed a policy for selection and appointment of Directors, Key Managerial
Personnel, Senior Management, and their remuneration.
The policy of the company on director's appointment and
remuneration, including the criteria for determining qualifications, positive attributes,
independence of a director and other matters, as required under sub-section (3) of section
178 of the Companies Act,2013 is available on our website at www.moneyboxxfinance.com/.
Your Company also affirms that the remuneration paid to the directors
is as per the terms laid out in the Nomination and Remuneration Policy of the Company.
Annual Evaluation of Board's Performance
Pursuant to the provisions of the Companies Act, 2013 and SEBI (Listing
Obligations and Disclosure Requirements) Regulations, 2015, the Board of Directors has
carried out an annual evaluation of its own performance, Board Committees, and individual
directors.
The performance of the Board was evaluated by the Board after seeking
inputs from all the Directors based on the criteria such as the
Board composition and structure, effectiveness of Board meetings,
information, and functioning, etc. through a structured questionnaire.
The performance of the Committees was evaluated by the Board after
seeking input from the Committee members based on the criteria such as the composition of
Committees, effectiveness of Committee meetings, etc. The performance evaluation of the
Non-Independent Directors and Chairman of the Board was carried out by the Independent
Directors through a separate meeting held on March 31, 2023.
The Directors expressed their satisfaction with the evaluation process.
Further, the evaluation process confirms that the Board and its Committees continue to
operate effectively, and the performance of the Directors is satisfactory.
Employee Stock Option Plan
Employee Stock Options have been recognized as an effective instrument
to attract talent and align the interest of employees with that of the Company, thereby
providing an opportunity to the employees to share in the growth of the Company and to
create long-term wealth in the hands of employees.
Pursuant to this, the Company had formulated MFL
Employee Stock Option Plan 2021" approved by Shareholders in an Extra Ordinary
General Meeting held on December 27, 2021, in compliance with Securities and Exchange
Board of India (Share Based Employee Benefits) Regulations, 2021. The eligibility of
employees to receive grants under the Plan has to be decided by the Nomination and
Remuneration Committee (NRC) from time to time upon recommendation of Management of the
Company.
Vesting of the options shall take place in the manner determined by NRC
at the time of grant provided the vesting period in line with the MFL Employee Stock
Option Plan 2021.
Vesting of options shall be subject to the condition that the Grantee
shall be in continuous employment with the Company and such other conditions as provided
under the MFL Employee Stock
Option Plan 2021. The Exercise Price of each grant is determined by NRC
at the time of grant. Presently, stock options have been granted under the MFL Employee
Stock Option Plan 2021.
Pursuant to Rule 12(9) of Companies (Share Capital and Debentures)
Rules, 2013, following are the details of grant under the MFL Employee Stock Option Plan
2021as on March 31, 2023:
S. No. |
1. |
2. |
3. |
Date of grant |
March 01, 2022 |
August 10, 2022 |
August 10, 2022 |
Options granted |
3,25,400 |
90,700 |
1,40,000 |
Options vested |
73,225 |
N.A. |
N.A. |
Options exercised |
N.A. |
N.A. |
N.A. |
Vesting Period |
4 years |
4 years |
2 years |
Total number of shares arising as a result of exercise of
options |
N.A. |
N.A. |
N.A. |
Options lapsed as on March 31, 2023 |
32,500 |
22,000 |
N.A. |
Exercise Price |
Rs 95 |
Rs 115 |
Rs115 |
Variation of terms of options |
N.A. |
N.A. |
N.A. |
Money realized by exercise of options |
N.A. |
N.A. |
N.A. |
Total no. of options in force |
2,92,900 |
68,700 |
1,40,000 |
S. No. |
1. 2. 3. |
Employees wise details of options granted to: |
(i) KMP: Ms. Bhanu Priya- 6000 options |
|
(ii) Any other employee who received options amounting to 5%
or more (during FY 23): |
S. No. Name of Employee |
Designation |
Options Granted during FY 23 |
1. Mr. Praveen Gupta |
Chief Impact Officer |
1,40,000 |
(iii) Identified employees who were granted options equal to or
exceeding one percent of issued capital: N.A.
Further, the Disclosures as required under Regulation 14 of SEBI (Share
Based Employee Benefits) Regulations, 2014 has been hosted on the Company's website
at the link: www.moneyboxxfinance.com.
Compliance of Secretarial Standards
Your Company has duly devised proper systems to ensure compliance with
the provisions of all applicable Secretarial Standards issued by the Institute of Company
Secretaries of India and that such systems are adequate and operating effectively.
Deposits
Your Company is registered with the Reserve Bank of India (RBI), as a
Non-Deposit accepting NBFC under Section 45- 1A of the RBI Act, 1934. Your Directors
hereby confirm that the Company has not accepted any public deposits during the year under
review and it continues to be a non-deposit taking non- banking financial company in
conformity with the guidelines of the RBI.
Management Discussion and Analysis Report
The Management Discussion and Analysis (MDA') Report gives
details of the overall industry structure, developments, performance and state of affairs
of the Company's business and other material developments during the Financial Year.
The MDA report is attached herewith and forms an integral part of this Annual Report
Particular of Employees
Disclosures pertaining to remuneration and other details as required
under Section 197(12) of the Companies Act, 2013 read with Rule 5(1) of the Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014 are provided in the
prescribed format and annexed herewith as Annexure -A to this Annual Report.
In terms of Section 136 of the Companies Act, 2013, the Report and
Accounts are being sent to the Members of the Company excluding
information on employees' particulars which is available for inspection by the
Members at the Registered Office of the Company during the business hours on working days
of the Company up to the date of the ensuing Annual General Meeting. If any Member is
interested in obtaining such information, he/she may write to the Company Secretary at the
Corporate Office of the Company or request via email to info@moneyboxxfinance.com.
Human Resources
Employees are one of the key foundations of any successful
Organization. Human Resources plays a significant role in developing
positive business culture and improving employee engagement and productivity. The HR
function takes the lead on organization development, employee wellness and personal
development.
Company embraces the principle that meaning at work is created when
people relate to the purpose of the organization, feel connected to the leaders, and have
a sense of belonging. During the year, the Company had conducted familiar interactions
between the employees of the Company to sharing information about the Company's
long-term perspective, its growth along with the growth of employees.
Corporate Governance
A separate chapter titled Corporate Governance Report' has
been included in this Annual Report pursuant to SEBI (LODR) Regulations, 2015, along with
it, the certificate from the Secretarial Auditors of the Company confirming corporate
governance under the SEBI Listing Regulations is annexed to the Report on Corporate
Governance and forms part of this Report.
Vigil Mechanism / Whistle Blower Policy
The Company has in place a Vigil Mechanism (Whistle Blower Policy) for
directors and employees to report genuine concerns. The policy provides for adequate
safeguards against victimization of directors or employees or any other person who avails
the mechanism.
There was no reporting made by any employee for violations of
applicable laws and regulations and the Code of Conduct for the F.Y. 2022-23.
Internal Financial Control Systems and their adequacy
Your Company has in place adequate internal financial controls with
reference to the financial statements.
The controls comprise of policies and procedures for ensuring orderly
and efficient adherence to its 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.
Based on the framework of internal financial controls and compliance
systems established and maintained by the Company, work performed by the internal,
statutory, and secretarial auditors and external consultants and the reviews performed by
management and the relevant board committees, including the audit committee.
The board is of the opinion that the Company's internal financial
controls were adequate and effective during the financial year 2022-23.
Audit and Auditors
a) Statutory Auditor
The Shareholders inthe25 th Annual General Meeting
("AGM"), approved the appointment of Gaur & Associates, Chartered
Accountants (Firm Registration No. 005354C), as the Statutory Auditors, for a period of
five (5) years i.e., from the conclusion of the 25th AGM till the conclusion of
30th AGM of the Company for the financial 31, 2024. The statutory auditors have
confirmed they are not disqualified from continuing as auditors of the Company.
The statutory audit report for the year 2022-23 is unmodified, does not
contain any qualification, reservation or adverse remark or disclaimer by the statutory
auditor.
b) Secretarial Auditor
Pursuant to the provisions of Section 204 of the Act read the Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Company had
appointed M/s Shashank Pashine & Associates, (partner at Juris Consultants Private
Limited) having Membership No. F11665 and CP. No. 21229 to undertake the Secretarial Audit
of the Company. The Secretarial Audit Report for the financial year ended as on March 31,
2023, is annexed as Annexure- B and forms an integral part of this Report.
The Secretarial Audit Report for the year unmodified, does not contain
any qualification, reservation or adverse remark or disclaimer by the Secretarial Auditor.
Cost Audit
The provisions of Section 148 read with the Cost Audit Rules and Cost
Audit are not applicable to the Company.
Annual Return
The Annual Return of the Company in Form MGT- 7 in accordance with
Section 92(3) of the Companies Act, 2013 is available on the website of the Company at www.moneyboxxfinance.com.
Particulars of Loans, Guarantees and Investments
As on March 31, 2023, the Company has not given loans, made
investments, or provided guarantees or securities as covered under year starting from
April 01, 2019, to March Section 186 of the Companies Act, 2013.
Related PartyTransactions
Pursuant to section 177 of the Act and regulation 23 of SEBI Listing
Regulations, all Related Party Transactions were placed before the Audit Committee for its
prior approval during the year under review and these transactions were reviewed by the
Committee.
Details of transactions with related parties during the year under with
review are provided in the notes to the financial statements. All related party
transactions during the year were conducted at arm's length and were in the ordinary
course of business.
Further, there being no material' RPTs as defined under
regulation 23 of SEBI Listing Regulations, there are no details to be disclosed in form
AOC-2 in that regard. The Directors draw the attention of the members to Note No. 31 of
the Notes to the Financial Statements which sets out related party transactions.
Conservation of Energy, Technology Absorption and Foreign Exchange
Earnings / Outgo
The information on conservation of energy, technology absorption and
foreign exchange earnings and outgo as stipulated under Section 134 of the Companies Act,
2013 read with the Companies (Accounts) Rules, 2014, is set out hereunder:
(A) Conservation of Energy
(i) the steps taken or impact on conservation of energy |
The Company's operations involve low energy consumption
and wherever possible, energy conservation measures have already been implemented. |
(ii) the steps taken by the company for utilising alternate
sources of energy |
Efforts to conserve and optimize the use of energy through
improved operational methods and other mean will continue as an on-going basis. |
(iii) the capital investment on energy conservation
equipment's |
NA |
(B) Technology absorption
(i) the eff orts made towards technology absorption |
The minimum technology required for the business has been
absorbed. |
(ii) the benefits derived like product improvement, cost
reduction, product development or import substitution |
NA |
(iii) in case of imported technology (imported during the
last three years reckoned from the beginning of the financial year)- |
NA |
(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; and |
|
(iv) the expenditure incurred on Research and Development. |
NA |
(C) Foreign exchange earnings and Outgo- :
The Company did not enter into any foreign transactions in the current
year and previous year.
Risk Management
Your Company recognizes that risk is an integral part of business and
is committed to managing the risks in a proactive and efficient manner. Information on the
development and implementation of a Risk Management Policy for the Company including
identification, assessment, and control of elements of risk, which in the opinion of the
Board may threaten the existence of the Company. As on the date of this report, the
Company does not foresee any critical risk, which threatens its existence. The Management
identifies, and controls risks through a properly defined framework in terms of the
aforesaid policy.
Reporting of Frauds by Auditors
During the year under review, neither the statutory auditors nor the
secretarial auditor have reported to the Audit Committee or the Board, under Section 143
(12) of the Act, any instances of fraud committed against the Company by its officers
details of which would need to be mentioned in the Board's Report.
Statement of Deviations or Variations
There has been no deviation in the use of proceeds raised through
private placement basis, from the objects stated in the Offer document for the Quarter and
year ended March 31, 2023.
RBI Guidelines
The Company continues to comply with all the applicable regulations as
prescribed by the Reserve Bank of India from time to time.
Details of Significant and Material Orders passed the regulators or
courts
There are no significant and material orders passed by the regulators
or courts or tribunals impacting the going concern status and company's operations in
future.
Disclosures under the Insolvency and Bankruptcy currencyCode,
2016
No application has been made nor is any proceeding pending under the
Insolvency and Bankruptcy Code, 2016 during the year under review.
Disclosure under Sexual Harassment of Women at Workplace (Prevention,
Prohibition and Redressal) Act, 2013
The Company has duly adopted a policy on prevention, prohibition and
Redressal of Sexual harassment at workplace and has duly constituted an Internal
Complaints Committee in line with the provisions of the Sexual Harassment of Women at
Workplace (Prevention, Prohibition and Redressal) Act, 2013 and the Rules there under.
The Company has not received any complaints on sexual harassment during
the year.
OneTime Settlement
The Company has not entered into a one-time settlement with any
oremployees,the of the banks or financial institutions.
Acknowledgement
The Directors express their sincere gratitude to the Reserve Bank of
India, Securities and Exchange Board of India, BSE Limited,
Ministry of Finance, Ministry of Corporate Affairs, Registrar of
Companies, other government and regulatory authorities, lenders, financial institutions,
and the Company's bankers for the ongoing support extended by them. The Directors
also place on record their sincere appreciation for the continued support extended by the
Company's stakeholders and trust reposed by them in the Company.
The Directors sincerely appreciate the commitment displayed by the
employees of the across all levels, resulting in successful performance during the year.
|