You are here » Home » Companies » Company Overview » Safal Securities Ltd

Safal Securities Ltd.

BSE: 531448 Sector: Financials
NSE: N.A. ISIN Code: INE101L01031
BSE 00:00 | 20 Apr 1.15 0
(0.00%)
OPEN

1.15

HIGH

1.15

LOW

1.15

NSE 05:30 | 01 Jan Safal Securities Ltd
OPEN 1.15
PREVIOUS CLOSE 1.15
VOLUME 1
52-Week high 3.47
52-Week low 0.79
P/E
Mkt Cap.(Rs cr) 1
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 1.15
CLOSE 1.15
VOLUME 1
52-Week high 3.47
52-Week low 0.79
P/E
Mkt Cap.(Rs cr) 1
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Safal Securities Ltd. (SAFALSECURITIES) - Director Report

Company director report

To

The Members of

SAFAL SECURITIES LIMITED

Your Directors have pleasure in presenting the Board’s Report of your Companytogether with the Audited Statement of Accounts and the Auditors’ Report of yourcompany for the financial year ended 31st March 2017.

FINANCIAL HIGHLIGHTS (Rs. In Lacs)

Particulars Standalone Figures
2016-2017 2015-2016
Gross Income 63.24 196.58
Total Expenses 301.80 (458.19)
Net Profit Before Tax (238.56) (261.60)
Provision for Tax
Net Profit After Tax (238.56) (261.60)

DIVIDEND

Due to loss during the current Financial Year Directors do not recommend any dividend.

INFORMATION ABOUT SUBSIDIARY/ JV/ ASSOCIATE COMPANY

Company does not have any Subsidiary Joint venture or Associate Company.

TRANSFER OF UNCLAIMED DIVIDEND TO INVESTOR EDUCTION AND PROTECTION FUND

The provisions of Section 125(2) of the Companies Act 2013 do not apply as there wasno dividend declared and paid last year.

MATERIAL CHANGES AND COMMITMENTS

Following material changes have been occurred in between the year to which thisfinancial statement relate on the date of this report.

1) Reclassification of promoters and promoters group.

With the approval of directors and shareholders in Extra Ordinary General Meeting heldon 15.11.2016 company reclassify the category of promoters to category of public.

EXTRACT OF ANNUAL RETURN

The Extract of Annual Return as required under section 92(3) of the Companies Act 2013and rule 12(1) of the Companies (Management and Administration) Rules 2014 in Form MGT-9is annexed herewith for your kind perusal and information.

MEETINGS OF THE BOARD OF DIRECTORS

During the Financial Year 2016-17 the Company held 8 Board meetings of theBoard of Directors as per Section 173 of Companies Act 2013 which is summarized below.The provisions of Companies Act 2013 and SEBI (Listing Obligation & DisclosureRequirement) Regulation2015 were adhered to while considering the time gap between twomeetings.

S No. Date of Meeting Board Strength No. of Directors Present
1. 30/05/2016 4 4
2. 06/08/2016 4 4
3. 14/08/2016 4 4
4. 17/10/2016 4 4
5. 14/11/2016 4 4
6. 31/12/2016 4 4
7. 03/02/2017 4 4
8. 31/03/2017 4 4

DIRECTORS’ RESPONSIBILITY STATEMENT

Pursuant to Section 134(5) of the Companies Act 2013 the Board of Directors of theCompany confirms that- (a) In the preparation of the annual accounts the applicableaccounting standards had been followed along with proper explanation relating to materialdepartures; (b) The Directors had selected such accounting policies and applied themconsistently and made judgments and estimates that are reasonable and prudent so as togive a true and fair view of the state of affairs of the company at the end of thefinancial year and of the profit and loss of the company for that period; (c) TheDirectors had taken proper and sufficient care for the maintenance of adequate accountingrecords in accordance with the provisions of this Act for safeguarding the assets of thecompany and for preventing and detecting fraud and other irregularities; (d) The Directorshad prepared the Annual Accounts on a going concern basis; and

(e) The Directors had laid down internal financial controls to be followed by thecompany and that such Internal financial controls are adequate and were operatingeffectively. (f) The Directors had devised proper systems to ensure compliance with theprovisions of all applicable laws and that such systems were adequate and operatingeffectively.

AUDITORS and REPORT thereon

M/s. ARPIT SHAH & CO. Chartered Accountants appointed as Auditor of the companysubject to ratification by members in every Annual General Meeting.

Their continuance of appointment and payment of remuneration are to be confirmed andapproved in the ensuing Annual General Meeting.

There are no qualifications or adverse remarks in the Auditors’ Report whichrequire any clarification/ explanation. The Notes on financial statements areself-explanatory and needs no further explanation.

Further the Auditors’ Report for the financial year ended 31st March 2017 isannexed herewith for your kind perusal and information.

LOANS GUARANTEES AND INVESTMENTS

There were no loans guarantees or investments made by the Company under Section 186 ofthe Companies Act 2013 during the year under review and hence the said provision is notapplicable.

RELATED PARTY TRANSACTIONS

All related party transactions that were entered into during the financial year were onan arm’s length basis and were in the ordinary course of business. There are nomaterially significant related party transactions made by the Company.

CONSERVATION OF ENERGY TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE OUTGO: A.Conservation Of Energy:

(i) the steps taken or impact on conservation of energy : It mainly includes selectionand installation of energy efficient equipments and energy saving devices.

(ii) the steps taken by the company for utilising alternate sources of energy : None(iii) the capital investment on energy conservation equipments : Nil

B. Technology Absorption:

(i) The efforts made towards technology absorption : None

(ii) The benefits derived like product improvement cost reduction product developmentor import substitution : N.A.

(iii) In case of imported technology (imported during the last three years reckonedfrom the beginning of the financial year)-

(a) the details of technology imported : None (b) the year of import : N.A.

(c) whether the technology been fully absorbed : N.A.

(d) if not fully absorbed areas where absorption has not taken place and the reasonsthereof : N.A.

(iv) The expenditure incurred on Research and Development : Nil

RISK MANAGEMENT

The Company does not have any Risk Management Policy as the element of risk threateningthe Company’s existence is very minimal.

DIRECTORS & KMP

During the current financial year no changes have occurred in the constitution ofDirectors of the company.

DEPOSITS

The company has not accepted any deposits during the year.

CORPORATE SOCIAL RESPONSIBILITY

The criteria as provided in Section 135 of Companies Act 2013 read with the Companies(Corporate Social Responsibility Policy) Rules 2014 are not applicable to the Company sothere is neither requirement to constitute Corporate Social Responsibility Committee norto allocate funds for CSR Activity.

RATIO OF REMUNERATION TO EACH DIRECTOR

The company is not paying remuneration to any Director.

ANNUAL EVALUATION

Pursuant to the provisions of the Companies Act 2013 the Board has carried out anannual performance evaluation of its own performance the Directors individually as wellas the evaluation of the working of its Audit Nomination & Remuneration andCompliance Committees.

A structured questionnaire was prepared after taking into consideration inputs receivedfrom the Directors covering various aspects of the Board’s functioning such asadequacy of the composition of the Board and its Committees Board culture execution andperformance of specific duties obligations and governance.

CORPORATE GOVERNANCE

The Provision of Corporate Governance as provided under Regulation 15(2) of the ListingObligation and Disclosure Requirement is not applicable to the Company.

INDEPENDENT DIRECTORS & DECLARATION

The Board of Directors of the Company hereby confirms that all the IndependentDirectors duly appointed by the Company have given the declaration and they meet thecriteria of independence as provided under section 149(6) of the Companies Act 2013.

NOMINATION AND REMUNERATION COMMITTEE

As per the section 178(1) of the Companies Act 2013 the Company’s Nomination andRemuneration Committee comprises of three Directors. The table sets out the composition ofthe Committee:

Name of the Director Position held in the Committee Category of the Director
Mr. Mukeshbhai B. Desai Chairman Non Executive Independent Director
Mr. Rajubhai B. Desai Member Non Executive Independent Director
Ms. Arunaben N. Ghanchi Member Non Executive Independent Director

REMUNERATION POLICY

Remuneration to Executive Directors:

As per the policy of the company remuneration paid to Executive Directors isrecommended by the Nomination and Remuneration Committee and approved by Board in Boardmeeting subject to the subsequent approval of the shareholders at the General Meeting andsuch other authorities as may be required. The remuneration is decided after consideringvarious factors such as qualification experience performance responsibilitiesshouldered industry standards as well as financial position of the Company.

However during the reporting period Company has not paid remuneration to any ExecutiveDirector of the Company.

Remuneration to Non Executive Directors:

The Non Executive Directors are not paid remuneration by way of Sitting Fees andCommission. The Non Executive Directors are not paid sitting fees for each meeting of theBoard and Committee of Directors attended by them.

However during the reporting period Company has not paid Sitting fees or Commission toany Non Executive Director of the Company

AUDIT COMMITTEE

According to Section 177 of the Companies Act 2013 the companys AuditCommittee comprised of three directors. The board has accepted the recommendations of theAudit Committee. The table sets out the composition of the Committee:

Name of the Director Position held in the Committee Category of the Director
Mr. Rajubhai B. Desai Chairman Non Executive Independent Director
Ms. Arunaben N. Ghanchi Member Non Executive Independent Director
Mr. Mukeshbhai B. Desai Member Non Executive Independent Director

SECRETARIAL AUDIT REPORT

There is some qualification or adverse remark in the Secretarial Audit Reportwhich require any clarification/ explanation.

1. Company is looking for the CFO and Company Secretary.

Further the Secretarial Audit Report as provided by Ketul J. Shah PracticingCompany Secretary for the financial year ended 31st March 2017 is annexed herewithfor your kind perusal and information.

COST AUDIT

Cost Audit is not applicable to the company.

VIGIL MECHANISM

As per Section 177(9) and (10) of the Companies Act 2013 and as per SEBI (LODR)Regulation 2015 the company has established Vigil Mechanism for Directors and employeesto report genuine concerns and made provisions for direct access to the chairperson of theAudit Committee. Company has formulated the present policy for establishing the vigilmechanism/ Whistle Blower Policy to safeguard the interest of its stakeholders Directorsand employees to freely communicate and address to the Company their genuine concerns inrelation to any illegal or unethical practice being carried out in the Company.

DISCLOSURE UNDER THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION PROHIBITIONAND REDRESSEL) ACT 2013:

The Company has in place an Anti Sexual Harassment Policy in line with the requirementsof The Sexual Harassment of Women at the Workplace (Prevention Prohibition &Redressal) Act 2013. Internal Complaints Committee (ICC) has been set up to redresscomplaints received regarding sexual harassment. All employees (Permanent contractualtemporary trainees) are covered under this policy.

DETAILS OF ADEQUACY OF INTERNAL FINANCIAL CONTROLS

Your company has established adequate internal financial control systems to ensurereliable financial reporting and compliance with laws and regulations.

ACKNOWLEDGEMENT

Your Directors wish to express their grateful appreciation to the continuedco-operation received from the Banks Government Authorities Customers Vendors andShareholders during the year under review. Your Directors also wish to place on recordtheir deep sense of appreciation for the committed service of the Executives staff andWorkers of the Company.

DATE : 24.08.2017
PLACE: AHMEDABAD FOR AND ON BEHALF OF BOARD

 

SD/- SD/-
SANJAY SHAH RAJU DESAI
DIRECTOR DIRECTOR