Abhishek Finlease Limited Ahmedabad
Your Directors have pleasure in presenting their Report on the business and operationsof the Company and the accounts for the Financial Year ended March 31 2019.
1. FINANCIAL SUMMARY OR HIGHUGHTS/PERFORMANCE OF THE COMPANY (STANDALONE)
The Board's Report is prepared based on the stand alone financial statements of thecompany.
(Amount in Rs)
|PARTICULAR ||2018-19 ||2017-18 |
|Total Profit for the year before Dep & Tax ||753894 ||1121203 |
|Depreciation ||243414 ||332769 |
|Profit/ (Loss) before taxation ||510480 ||788434 |
|Provision for taxation ||110000 ||160000 |
|Profit/ (Loss) after taxation ||400480 ||628434 |
|Prior period expenses and Adjustments ||-- || |
|Balance available for appropriation ||400480 ||628434 |
|Transferred to General Reserve ||80096 ||125687 |
|Balance carried to Balance Sheet ||320384 ||502747 |
2. OPERATION & REVIEW
To receive consider and adopt the audited Balance Sheet as at 31st March 2019 andStatement of Profit & Loss together with Notes forming part thereto ("FinancialStatement") for the year ended on 31st March 2019 and Report of the Board ofDirectors and Auditors thereon. Total Revenue from operation of the company is Rs.753894/- And the net Profit after tax is Rs. 400480/- For the Financial year 2018-19.
The Board of directors of your company has not recommended any dividend for thefinancial year ended on 31st March 2019. '
4. TRANSFER OF UNCLAIMED DIVIDEND TO INVESTOR EDUCATION AND PROTECTION FUND
Since there was no unpaid/unclaimed dividend the provisions of Section 125 of theCompanies Act 2013 do not apply.
5. TRANSFER TO RESERVES
During the year under review the Company has transferred amount to reserve as per theapplicable RBI norms. Therefore our company proposed to transfer the rest of the amountto Profit and Loss account of the Company.
6. CHANGE IMTHE NATURE OF THE BUSINESS
During the year there is no change in the nature of the business of the Company.
7. DIRECTORS & KEY MANAGERIAL PERSONNEL
The Board composition of the Company shall be as follows:
|Sr. No. ||Name of Directors/KMPs ||Designation |
|1 ||Mahendrabhai Manchndlal Shah ||Managing Director and Chief Financial Officer |
|2 ||Vasantbalaben Mahendrabhai Shah ||Non-Executive Director |
|3 ||Sanket Mahendrabhai Shah ||Non-Executive Director |
|4 ||Vipulkumar Banshilal Thakkar ||Non-Executive Independent Director |
|5 ||Nisha Karunanidhi Agrawal ||Company Secretary |
Mr. Vipulkumar Banshilal Thakkar appointed as additional Non-ExecutiveIndependent Director of the Company w.e.f 27.05.2019.
Mr. Sanket Mahendrabhai Shah is liable to retire by rotation at the forthcomingAnnual General Meeting and being eligible offer himself for re- appointment.
Pursuant to Section 149(7) of the Companies Act 2013 the Company has receivednecessary declaration from Independent Director confirming that they meet the criteria ofindependence as prescribed under Section 149(6) of the Act and SEBI (Listing Obligations& Disclosure Requirements) Regulations 2015.
8. NUMBER OF BOARD MEETINGS
During the Year under the review the Board of Directors met 4 (Four) times.
9. BOARD EVALUATION
Pursuant to the provisions of the Companies Act 2013 and SEBI (LODR) Regulation 2015The Board evaluated the effectiveness of its functioning and of individual directors byseeking their inputs on various aspects of Board. The evaluation covered functioning andcomposition of the Board understanding of the roles and responsibilities experiencecompetencies participation at the Board meetings.
Evaluation of the Board and its compositions was carried out through a defined processcovering the areas of the Boards functioning viz. composition of the Board understandingof roles and responsibilities experience and competencies contribution at the meetingsetc.
10. DIRECTORS' RESPONSIBILITY STATEMENT
Pursuant to the requirement under Section 134(5) of the Companies Act 2013 withrespect to Directors' Responsibility Statement it is hereby confirmed that:
(a) In the preparation of the annual accounts the applicable accounting standards havebeen> followed along with explanation relating to material departures;
(b) The directors have selected such accounting policies and applied them consistentlyand made judgments and estimates that are reasonable and prudent so as to give a true andfair view of the state of affairs of the company at the end of the financial year and ofthe profit/loss of the company for that period;
(c) The directors have taken proper and sufficient care for the maintenance of adequateaccounting records in accordance with the provisions of this Act for safeguarding theassets of the company and for preventing and detecting fraud and other irregularities;
(d) The directors have prepared the annual accounts on a going concern basis; and
(e) The directors have laid down internal financial controls to be followed by thecompany and that such internal financial controls are adequate and were operatingeffectively.
(f) The directors have devised proper systems to ensure compliance with the provisionsof all applicable laws and that such systems were adequate and operating effectively.
11. ADEQUACY OF INTERNAL FINANCIAL CONTROLS
The Company has in place adequate internal financial Controls with reference toFinancial Statements. The Board has inter alia reviewed the adequacy and effectiveness ofthe Company's internal financial controls relating to its financial statements.
During the year such Controls were tested and no reportable material weakness wasobserved
12. CHANGE IN CAPITAL SRUCTURE OF COMPANY
During the period under review no changes occurred in capital structure of thecompany.
13. MATERIAL CHANGES AND COMMITMENTS IF ANY
There are No material changes and commitments affecting the financial position of theCompany occurred between the end of the financial year to which this financial statementsrelate on the date of this report
14. EXTRACT OF THE ANNUAL RETURN
The Extract of Annual Return as required under section 134(3)(a) read with Section92(3) of the Companies Act 2013 and rule 12(1) of the Companies (Management andAdministration) Rules 2014 in Form MGT-9 is annexed herewith as "Annexure -A"
15. AUDITORS AND THEIR REPORT
Pursuant to the provisions of Sections 139 & 142 of the Companies Act 2013 readwith the Companies (Audit and Auditors) Rules 2014 M/s Bhagat & Co. CharteredAccountants Audit Firm has been appointed as Statutory Auditors of the Company to holdposition from this Annual General Meeting to ensuing Annual General Meeting ('AGM') atsuch remuneration including applicable taxes as may be mutually agreed between the Boardof Directors of the Company and the Auditors.
Consent of the Auditor has been taken for such appointment.
The Company has not appointed the Cost Auditor as pursuant to Section 148 of theCompanies Act 2013 read with the Companies (Cost Records and Audit) Amendment Rules2014 the cost audit is not applicable to the Company.
In terms of Section 204 of the Act and Rules made there under Mr. Manohar ChunaraPracticing Company Secretary have been appointed as Secretarial Auditor of the Company.The report of the Secretarial Auditor is enclosed to this report as ''Annexure - B".The report is self -explanatory.
The Company has not accepted or renewed any amount falling within the purview ofprovisions of Section 73 of the Companies Act 2013 ("the Act") read with theCompanies (Acceptance of Deposit) Rules 2014 during the period under review. Hence therequirement for furnishing the details of deposits which are in compliance with Chapter Vof the Act is not applicable.
17. SUBSIDIARIES JOINT VENTURES AND ASSOCIATE COMPANIES
The Company does not have any Subsidiary Joint venture or Associate Company.
18. CORPORATE SOCIAL RESPONSIBILITY INITIATIVES
In terms of rule (9) of the Companies (Accounts) Rules 2014 The Company has notdeveloped and implemented any Corporate Social Responsibility initiatives as the saidprovisions are not applicable.
19. PARTICULARS OF LOANS GUARANTEES OR INVESTMENTS MADE UNDER SECTION 186 OF THECOMPANIES ACT 2013
During the year the Company has not given any loan guarantee or provided security inconnection with the loan to any other body corporate or person or made any investmentshence no particulars of the loans guarantees or investments falling under the provisionsof Section 186 of the Companies Act 2013 are provided by the Board.
20. RELATED PARTY TRANSACTIONS
During the year under review there are no materially significant related partytransactions made by the company with Promoters Key Managerial Personnel or otherdesignated persons which may have potential conflict with interest of the company atlarge.
21. SIGNIFICANT AND MATERIAL ORDER PASSED BY REGULATORS OR COURTS OR TRIBUNALSIMPACTING THE GOING CONCERN STATUS AND COMPANY'S OPERATIONS IN FUTURE
There is no significant and material order was passed by regulators or courts ortribunals impacting the going concern status and company's operations in future.
22. CONSERVATION OF ENERGY TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS ANDOUTGO
A. CONSERVATION OF ENERGY:
I. the steps taken or impact on conservation of energy : Nil
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: None
III. in case of imported technology (imported during the last three years reckoned fromthe 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.
e) The expenditure incurred on Research and Development: Nil
C. THERE WAS NO FOREIGN EXCHANGE INFLOW OR OUTFLOW DURING THE YEAR UNDER REVIEW
23. CORPORATE GOVERNANCE
As per Regulation 15(2) of SEBI (Listing Obligation and Disclosures requirement)Regulation 2015 Report on Corporate Governance is not applicable on the Company.
Your Directors wish to place on record their appreciation for the continuous supportreceived from the Members customers suppliers bankers various statutory bodies of theGovernment of India and the Company's employees at all levels.
| ||ABHISHEK FINLEASE LIMITED |
| ||SD/- |
|Place: Ahmedabad ||Mahendrabhai Manchndlal |
|Shah || |
|Date: 07th August 2019 ||Managing Director |
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