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Advance Lifestyles Ltd.

BSE: 521048 Sector: Industrials
NSE: N.A. ISIN Code: INE900E01015
BSE 00:00 | 18 Aug 36.80 -1.90
(-4.91%)
OPEN

36.80

HIGH

36.85

LOW

36.80

NSE 05:30 | 01 Jan Advance Lifestyles Ltd
OPEN 36.80
PREVIOUS CLOSE 38.70
VOLUME 610
52-Week high 61.95
52-Week low 20.05
P/E 14.05
Mkt Cap.(Rs cr) 11
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 36.80
CLOSE 38.70
VOLUME 610
52-Week high 61.95
52-Week low 20.05
P/E 14.05
Mkt Cap.(Rs cr) 11
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Advance Lifestyles Ltd. (ADVANCELIFES) - Director Report

Company director report

To The Members

ADVANCE LIFESTYLES LIMITED Mumbai

Your Directors have pleasure in presenting herewith the 32 n d Annual Reporttogether with the Audited Financial Statements for the year ended 31st March2021.

FINANCIAL RESULTS:

The highlights of Financial Results of the Company for the financial year ended 31stMarch 2021 are as under:

(Rs. in lacs)
Particulars Year ended 31st March 2021 Year ended 31st March 2020
Total Income 0.01 7.32
Depreciation 0.44 0.46
Profit / (Loss) before Tax -38.79 -440.06
Profit / (Loss) after Taxation -38.74 -440.00
Profit / (Loss) brought forward from last year 2430.86 2870.86
Balance Profit / (Loss) carried forward to Balance Sheet 2392.12 2430.86

OPERATIONS AND FUTURE PLANS:

During the year under review the Company has not carried out any major activities ineither segment (textile / real estate) and financing transactions and has showed Pre-Tax(Loss) of (Rs. 38.74 lacs) as against a Pre-tax Loss of (Rs. 440.06 lacs) lacs (PreviousYear) .

IMPACT OF COVID-19 PANDEMIC:

The Company had certain plans on hand to start commercial activities in near future;the same have definitely been jeopardized at present due to uncertainty created byCovid-19 Pandemic and resultant lock down and slowdown in all-round economic activitiesfrom which no one is spared. The Second wave more deadly and there is likely hood of 3rdWave. In some cases the levy of interest had to be postponed due to this.

DIVIDEND:

Your Directors do not recommend any dividend.

CAPITAL EXPENDITURE:

The Company has not made any Capital Expenditure during the year under review.

OLD TEXTILE DUES:

In terms of the agreement executed between the Textile Labour Association a recognizedrepresentative Union of the Mill workers and the Order of Hon'ble Gujarat High Court dated11.2.2008 the Company has received further resignations from workers during the Yearended 31.03.2021.

CHANGE IN NATURE OF BUSINESS:

During the year under review there was no change in the nature of the business.

LISTING:

The trading of the Equity Shares of the Company on the floor of Stock Exchange (BSE)where the Equity Shares of the Company are listed has been suspended from 9thApril 2019 on alleged violations of certain SEBI (Listing Obligations and DisclosureRegulations ) norms and the same remained suspended till the date of this Report. Howeverthe Company had taken corrective measures and now the Company is fully compliant of thenorms. The Company had approached BSE to revoke the suspension. In Principle approval torevoke the suspension has been issued by BSE and The processing of final approval of BSEfor revocation is held up due to lock down situation caused by Covid-19 pandemic.

EMPLOYEESf STOCK OPTION SCHEME:

The Company has not granted any Employee Stock Option within the meaning of Section62(1)(b) of the Companies Act 2013 read with its rules framed thereunder and respectiveSEBI guidelines.

SUBSIDIARY COMPANIES:

There is no subsidiary of the Company.

CONSOLIDATED FINANCIAL STATEMENTS:

As stipulated by SEBI LODR Regulations 2015 Consolidated Financial Statements of theCompany and its Subsidiary Companies are not required to be prepared. In absence of anySubsidiary Company only Stand Alone Accounts are prepared

DIRECTORSf RESPONSIBILITY STATEMENT:

Pursuant to the requirement under Section 134(3)(5) of the Companies Act 2013 withrespect to Directors' Responsibility Statement it is hereby confirmed that:-

1. I n the preparation of the annual accounts the applicable accounting standards havebeen followed along with proper explanations relating to material departures.

2. The Directors have selected such accounting policies and applied them consistentlyand made judgments and estimates that were reasonable and prudent so as to give a true andfair view of the statement of affairs of the Company as at March 31 2021 and of theProfit or Loss of the Company for the year ended on that date.

3. T he Directors have taken proper and sufficient care for the maintenance of adequateaccounting records in accordance with the provisions of The Companies Act 2013 forsafeguarding the assets of the Company and for preventing and detecting fraud and otherirregularities.

4. The Directors have prepared the annual accounts of the Company on a going concernbasis.

5. The directors have laid down internal financial controls to be followed by thecompany and that such internal financial controls are adequate and were operatingeffectively.

6. The directors have devised proper systems to ensure compliance with the provisionsof all applicable laws and that such systems were adequate and operating effectively.

MANAGEMENTfS DISCUSSION AND ANALYSIS REPORT:

A report as stipulated under SEBI Listing Obligations and Disclosure Requirements(LODR) Regulations 2015 is given in Corp. Governance Report and forms part of the AnnualReport.

CORPORATE GOVERNANCE:

The Company has taken necessary measures to comply with the newly introduced SEBIListing Obligations and Disclosure Requirements 2015 (LODR Regulations 2015 ) i.e. Aseparate report on corporate Governance for the year ended on 31st March 2021 is attachedherewith as a part of this Annual Report. A certificate from Practicing Company Secretaryregarding compliance of Corporate Governance as stipulated under the SEBI LODRRegulations 2015 is obtained by the Company and annexed to the Corporate GovernanceReport.

BOARD COMMITTEES:

The details of various Committees and details of their Meetings held under the periodunder review are given in the report on Corporate Governance which forms part of thisReport.

POLICY ON NOMINATION AND REMUNERATION:

The policy on Nomination and Remuneration is given in the report on CorporateGovernance which forms part of this Report.

CONTRACTS AND ARRANGEMENTS WITH RELATED PARTIES:

All contracts / arrangements / transactions entered by the Company during the FinancialYear with related parties were in the ordinary course of business and on an arm's lengthbasis. During the year the Company had not entered into any contract /arrangement/transaction with related parties which could be considered material inaccordance with the provisions of the Act.

CORPORATE SOCIAL RESPONSIBILITY(CSR):

The provisions relating to Corporate Social Responsibility are not applicable to theCompany.

INTERNAL FINANCIAL CONTROL:

The Company has in place looking to its activities adequate internal financialcontrols and a laid down Policy with reference to financial statements/ activities. Noweakness in the design or operation has been observed.

During the period under review there were no frauds reported by the auditors under theprovisions of the Companies Act 2013

DIRECTORS AND KEY MANAGERIAL PERSONNEL:

There is no change in Directorate or KMP after the previous Annual General Meeting.

A formal annual evaluation has been made by the Board of its own performance and thatof its Committees and individual directors which is satisfactory. The Board has decidedto widen the scope and enhance the volume of activities during the coming Year. A meetingof Independent Directors was also held to review the performance. All the Directors areupdated and familiarized with the activities of the Company.

AUDITORSf OBSERVATIONS:

The observations made by the Statutory Auditors are self-explanatory and are dealt within the notes to the accounts.

AUDITORS:

At the previous Annual General Meeting the Members had appointed M/s Niraj Agarwal& Co. Chartered Accountants Ahmedabad to act as statutory auditors for fiveconsecutive Financial Years from the F Y 2020-2021. The Company has received a letter fromthem to the effect that their reappointment if made would be within the prescribedlimits under Section 139 of the Companies Act 2013 and that they are not disqualified forsuch appointment within the meaning of Section 141 of the Companies Act 2013. As suchthey would continue to be Auditors for the next Financial Year.

SECRETARIAL AUDITOR:

The Board had appointed Shri Dushyant B Dholakia Practicing Company Secretary toconduct Secretarial Audit for the Financial Year 2020-2021. The Secretarial Audit Reportfor the financial year ended 31st March 2021 is annexed herewith as Annexure to thisReport and forms part of this Report.

MEETINGS HELD DURING THE YEAR UNDER REVIEW:

The Board met FOUR times during the year under review. For further details pleaserefer report on Corporate Governance annexed to this Report. The maximum time-gap betweenany two consecutive Board Meetings did not exceed limits as statutorily specified.

CONSERVATION of ENERGY TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS &OUTGO:

Provisions of the Companies Act 2013 for disclosure of information on Conservation ofEnergy and Technology Absorption are presently not applicable to the Company. There was noForeign Exchange earning or outgo during the year under review.

PARTICULARS OF EMPLOYEES:

There were no employees drawing salaries in excess of limits prescribed under Section197(12) of The Companies Act 2013 read with Rule 5 of the Companies (Appointment andRemuneration of Managerial Personnel) Rules 2014 apply.

MAINTENANCE OF COST RECORDS:

Maintenance of cost records as specified by Central Govt u/s 148(1) of the CompaniesAct is not required by the company and thus they are not made and maintained.

FIXED DEPOSITS

Your Company has not accepted any public deposits during the year under review.

EXTRACT OF ANNUAL RETURN:

Extract of Annual Return of the Company is annexed herewith as separate Annexure andforms part of this Report.

GENERAL DISCLOSURES:

The Particulars of loans guarantees or investments under Section 186 are given in theFinancial Statements ( Please refer Schedule 11 read with Note No. 10 to the Accounts) Inview of no major activities undertaken by the Company during the year under review thereare no elements of risks which in the opinion of the Board may threaten the existence ofthe Company. The Company is not making any payment of managerial Remuneration as envisagedunder section 197(12) read with Rule 5 of The Companies (Appointment & Remuneration ofManagerial Personnel) Rules 2014 except the payment of Fees for attending Meetings ofBoard/Committee to Independent Director/S and as such there is nothing to disclose. Inview thereof there is also nothing to disclose on Ratio of remuneration of each directorto the median employee's remuneration and other prescribed details as required underSection

197(12) of the Companies Act read with Rule 5 of Companies (Appointment &Remuneration of Managerial Personnel) Rules -2014; The Company has nothing to discloseunder Sexual Harassment of Women at Workplace (Prevention Prohibition & Redressal)Act 2013 The Company has framed Vigil Mechanism which incorporates the Whistle BlowerPolicy in terms of the Listing Agreement. Since the Company has not accepted any PublicDeposits / Borrowings there is nothing to disclose. The Company has not issued any EquityShares with Differential Rights Sweat Equity ESOS etc. during the Year under review. Interms of the provisions of the Companies Act 2013 and SEBI LODR Regulations 2015 anAudit Committee as per the composition required is in place to the extent possible. TheBoard of Directors have accepted the recommendation if any of the Audit Committee. Nosignificant or material orders were passed by the Regulators or courts or Tribunals whichimpact the going concern status and Company's operations in future.

ACKNOWLEDGEMENT:

Your Directors place on record their sincere appreciation for continuous support andassistance received by the Company from the Textile Labour Association Bankers andFinancial Institutions.

The Directors also place on record their appreciation of dedicated and sincere servicesof the employees of the company at all levels.

The Company will make every effort to meet the aspirations of its Shareholders and wishto sincerely thank them for their whole hearted co-operation and support at all times.

For and on behalf of the Board
Sd/-
Place: Mumbai Pradeep Agarwal
Date: 29.06.2021 Chairman

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