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Atlanta Infrastructure & Finance Ltd.

BSE: 530479 Sector: Financials
NSE: N.A. ISIN Code: INE433D01027
BSE 05:30 | 01 Jan Atlanta Infrastructure & Finance Ltd
NSE 05:30 | 01 Jan Atlanta Infrastructure & Finance Ltd

Atlanta Infrastructure & Finance Ltd. (ATLANTAINFRAST) - Director Report

Company director report

To

The Members

ATLANTA INFRASTRUCTURE & FINANCE LIMITED

Your Directors have pleasure in presenting their 28th Annual Report on thebusiness and operations of the Company and the accounts for the Financial Year ended March31 2021.

1. STATE OF COMPANY AFFAIRS:

The main business activity of the company is Infrastructure and Development of land.However the company has not carried out business activities during the financial year2020-21.

• SEGMENT-WISE POSITION OF BUSINESS AND ITS OPERATIONS: The company has notcarried out business activities during the financial year 2020-21. Accordingly there is nosegments of business activity of the Company

• CHANGE IN STATUS OF THE COMPANY: The status of the company has not been changedduring the financial year 2020-21.

• KEY BUSINESS DEVELOPMENTS: Not applicable

• CHANGE IN THE FINANCIAL YEAR: The company has not changed its financial yearduring the year.

• CAPITAL EXPENDITURE PROGRAMMES: Not Applicable

• DETAILS AND STATUS OF ACQUISITION MERGER. EXPANSION MODERNIZATION ANDDIVERSIFICATION: Not Applicable

• DEVELOPMENTS. ACQUISITION AND ASSIGNMENT OF MATERIAL INTELLECTUAL PROPERTYRIGHTS: Not Applicable

• ANY OTHER MATERIAL EVENT HAVING AN IMPACT ON THE AFFAIRS OF THE COMPANY:. Nomaterial events have occurred during the financial year 2020-21 which impact on theaffairs of the Company.

• IMPACT OF COVID -19: As the Company is not carrying out any business activitythere is no such material impact of COVID-19 on the business of the Company.

2. FINANCIAL SUMMARY OF THE COMPANY (Standalone)

The Board's Report is to be prepared based on the stand alone financial statements ofthe company.

(Rs. in lacs)

PARTICULARS 2020-21 2019-20
Revenue from Operations 0 0
Other income 0 0
Total Income 0 0
Profit/loss before Depreciation Finance Costs Exceptional items and Tax Expense -2.904 -4.29
Less: Depreciation 0 0
Profit/loss before Finance Costs Exceptional items and Tax Expense -2.904 -4.29
Less: Finance Cost 0 -0.03
Profit/loss before Exceptional items and Tax Expense -2.904 -4.32
Less: Exceptional Items 0 0
Profit / (Loss) Before Tax -2.904 -4.32
Provision for Tax & Deferred Tax 0 0
Profit / (Loss) After Tax -2.904 -4.32
Other Comprehensive income (net of tax effect) 0 0
Total Comprehensive income -2.904 -4.32
Add : Balance as per last Financial Statement 131.73 136.06
Disposable Surplus 0 0
Less : Transfer to General Reserve 0 0
Dividend Paid (2018-19) 0 0
Dividend Paid (2017-18) 0 0
Dividend Distribution Tax (2018-19) 0 0
Dividend Distribution Tax (2017-18) 0 0
Balance carried forward 128.827 131.73

3. PERFORMANCE OF THE COMPANY:

The Company has not carried any commercial activities during the financial year 202021.However the Company has incurred some unavoidable fixed expenditure like employee benefitexpenses and miscellaneous expenses during the financial year 202021. The company will tryto achieve the performance in terms of turnover well as profit in next year by making moreinitiative in the activities of the company.

4. DIVIDEND:

Due to loss making situation of the Company the directors did not recommend anyDividend for the Year under review.

5. THE AMOUNTS. IF ANY. WHICH IT PROPOSES TO CARRY TO ANY RESERVES:

The company has not transferred any amount to reserves during the financial year2020-21.

6. DIRECTORS AND KEY MANAGERIAL PERSONNEL:

Mrs. Bhavna Ashar Director of the Company retires by rotation at the forthcomingAnnual General Meeting and being eligible offer herself for reappointment.

The Company has received declarations from all the Independent Directors of the Companyconfirming that they meet with the criteria of independence as prescribed undersub-section 6 of Section 149 of the Companies Act 2013 and under Regulation 16 b) of SEBI(Listing Obligations and Disclosure Requirements) Regulation 2015 and complied with theCode for Independent Directors prescribed in Schedule IV to the Act.

During the year under review the non-executive directors of the Company had nopecuniary relationship or transactions with the Company other than sitting feescommission and reimbursement of expenses incurred by them for the purpose of attendingmeetings of the Board/Committee of the Company.

7. MEETINGS:

During the year four (4) Board Meetings and four (4) Audit Committee Meetings wereconvened and held. The dates on which the said Board meetings were held are shown in thetable:

SR. NO. BOARD MEETING AUDIT COMMITTEE MEETING
1 31.07.2020 31.07.2020
2 15.09.2020 15.09.2020
3 12.11.2020 12.11.2020
4 13.02.2021 13.02.2021

The intervening gap between the Meetings was within the period prescribed under theCompanies Act 2013.

8. COMMITTEES:

The company has several committees which have been established as a part of bestcorporate governance practices and are in compliance with the requirements of the relevantprovisions of applicable laws and statues.

The Board has constituted following Committees.

> Audit Committee

> Nomination and Remuneration Committee

> Stakeholder's Relationship Committee

The details with respect to the compositions powers roles terms of reference etc. ofrelevant committees are given in detail in the ‘Report on Corporate Governance' ofthe company which forms part of this Annual Report.

9. EXTRACTS OF ANNUAL RETURN:

Pursuant to sub-section 3(a) of Section 134 and sub-section (3) of Section 92 of theCompanies Act 2013 read with Rule 12 of the Companies (Management and Administration)Rules 2014 the extracts of the Annual Return as at March 31 2021 forms part of thisreport as "Annexure I". The extract of Annual Return as well as Annual Return inform MGT -9 and MGT-7 are also available on the website of the Company.

10. STATUTORY AUDITORS:

The board of Directors of the Company has proposed to appoint M/S. V B L &ASSOCIATES Chartered Accountants (F.R.NO. 148158W) as a statutory auditor of theCompany to hold office for the term of five consecutive financial years and till theconclusion of Annual General Meeting for the financial year 2024-25 subject to theapproval of shareholders at the forthcoming AGM.

Auditors comments on your company's accounts for year ended March 31 2021 are selfexplanatory in nature and do not require any explanation as per provisions of Section 134(3) (f) of the Companies Act 2013.

There were following qualifications reservation or adverse remark or disclaimer madeby Statutory Auditor in its report:

The confirmation statements of balances outstanding in the financial statementsrelating to the advances given for Land Development Purchase of Land Purchase ofProperty as well as loans given to other parties have not been made available.

As a result of this matter I was unable to determine whether any adjustments mighthave been found necessary in respect of recorded or unrecorded transactions and loans& advances accounts in the Balance Sheet and the corresponding elements making up theStatement of Profit and Loss and Cash Flow Statement.

The Board undertakes to take corrective steps for the above mentioned qualification incurrent financial year.

11. COST RECORDS:

Pursuant to Section-148 (1) of the Companies Act 2013 read with Rule 3 of Companies(Cost Records and Audit) Rules 2014 Company does not fall under the criteria formaintaining cost record for the financial year 2020-21.

12. SECRETARIAL AUDITORS AND SECRETARIAL AUDIT REPORT:

Pursuant to Section 204 of the Companies Act 2013 your company had appointed M/s. A.Shah & Associates Practicing Company Secretaries Ahmedabad as its SecretarialAuditors to conduct the Secretarial Audit of the company for FY 2020-21. The Report of theSecretarial Auditor for the F.Y. 2020-21 is annexed to this report as "AnnexureII".

The Board of Directors of the Company has discussed the remarks as mentioned inSecretarial Audit Report at arm's length. The qualification raised by the SecretarialAuditor in its report and the justification of Board of Directors on the same are asfollows:

Sr. Deviations No. Justification by Board
1 Regulation 6 (2) of The Securities and Exchange Board of India (Listing Obligation and Disclosure Requirement) Regulation 2015 - Not appointed Company Secretary as a Compliance Officer of the Company The Company is yet to comply with the regulation of appointment of Company Secretary as a compliance officer of the company. The company will comply with the same in the current financial year.
2 Company is yet to comply with the section 138 of the Companies Act 2013 i.e. Internal Auditor needs to be appointed to conduct the internal audit of the functions and activities of the company. The Company will appoint Internal Auditor in the Current financial year.
3 Non compliance with respect to Composition of Board of Director Audit Committee Nomination and Remuneration committee and Stakeholder Relationship committee. The Composition of the Board of Directors Audit Committee Nomination and Remuneration committee and Stakeholder Relationship committee of the Company was not as per the requirement of Regulation -17181920 of SEBI (LODR) Regulations 2015 due to not having adequate number of Independent Director on the Board of the Company. The Company is in process to appoint new directors on the
Board of the Company.
4 Company is not in compliance with the Section 108 of the Companies Act 2013 Regulation 44 of The Securities and Exchange Board of India (Listing Obligation and Disclosure Requirement) Regulation 2015 for not providing E-voting facilities to all the member of the company. The Company assures to provide e voting facility to the shareholders from the current financial year.
5 The Company has not complied with Section 136 and Section 101 of the Companies Act Regulation 36 of The Securities and Exchange Board of India (Listing Obligation and Disclosure Requirement) Regulation 2015 regarding sending the annual report of 2019-20 to every member of the Company. The Company will comply with the requirement of Dispatch of Annual Report from current financial year and will provide supporting proof for the same.
6 Company has not provided Newspaper advertisement of book closure E voting and AGM notice pursuant to section 91 of Companies Act 2013. The Company assures to comply with Regulation 47 of SEBI( LODR) Regulations 2015 in the current financial year and will provide newspaper advertisement as per the requirement of the Act.
7 The company had not submitted Regulation - 7(3) Compliance Certificate certifying maintaining physical & electronic transfer facility and Regulation 40(9) of SEBI(LODR) Regulations 2015 to BSE for the quarter ended on September 2020 & March 2021. The company had not submitted Regulation -7(3) Compliance Certificate certifying maintaining physical & electronic transfer facility to BSE due to non receipt of data from RTA.
8 The company had not submitted Regulation - 13(3) statement of Investor compliant to BSE for all the quarter of F.Y. 2020-21. The company had not submitted Regulation - 13(3) to BSE due to non receipt of data from RTA.
9 The Company has not paid Annual Listing Fees to the stock Exchange with in prescribed time. The Company will pay all the outstanding fees with in due course.
10 The company has not complied with regulation 23(9) for the half year ended on September 2020 The company will comply with the same in future
11 The Company has made delay in submission of Corporate Governance Report for June 2020 and not submitted for March 2021. The company assures to comply with the same with in prescribed time in future.
12 The Company has not Complied with Regulation 29 of Securities and Exchange Board of India (Listing Obligation and Disclosure Requirement) Regulation 2015 with respect to prior intimation of Board Meeting for the quarter ended on December 2020. The Company assures to provide prior intimation of Board meeting from the current financial year.
13 The Company has made delay in submission of Regulation- 31 Shareholding Pattern of Securities and Exchange Board of India (Listing Obligation and Disclosure Requirement) Regulation 2015 on BSE for the quarter ended on June 2020 and not submitted for the quarter ended on December 2020 & March 2021. The company assures to comply with the same with in prescribed time in future.
14 The Company has made Delay in submission of Financial results for the quarter ended on June 2020 and December 2020 The company has submitted financial results for the quarter ended on June 2020 and December 2020 after the due date of submission of financial results. However the company had submitted the same to BSE on a later date with reason of delay.
15 The Company is yet to comply with Regulation 33 (d) of The Securities and Exchange Board of India (Listing Obligation and Disclosure Requirement) Regulation 2015 regarding submission of quarterly/yearly basis financial results by auditor who holds valid peer review certificate issued by Institute of Chartered Accountants in India. The Company is in process to appoint a statutory auditor of the Company who holds valid peer review certificate issued by Institute of Chartered Accountants in India.
16 The Company has made Delay in submission of Regulation 34 of Securities and Exchange Board of India (Listing Obligation and Disclosure Requirement) Regulation 2015 submission of Annual Report for the financial year 2019-20. The Company has made delay in submission of Annual Report to BSE. However the Company has submitted Annual Report in XBRL with in prescribed time.
17 The Company is yet to comply with Regulation 46 of The Securities and Exchange Board of India (Listing Obligation and Disclosure The Company will comply eith the said regulation in current financial year and will maintain functional website of the Company.
Requirement) Regulation 2015 regarding maintaining a Functional Website for disseminating information to shareholders.
18 The Company had not complied with the requirement of Regulation 47 of SEBI( LODR) Regulations 2015 with respect to publication of newspaper advertisement with respect to intimation of Board meeting publication of quarterly financial Results The Company assures to comply with Regulation 47 of SEBI( LODR) Regulations 2015 in the current financial year and will provide newspaper advertisement as per the requirement of the said regulation.
19 The Company is yet to update details of Statutory Auditor of the Company through BSE Listing Centre. The company assures to comply with the same in current financial year.
20 The company has not complied with the requirement of the SEBI circular LIST/COMP/59/2019-20 dated 26th November 2018 regarding disclosure of large corporate. The company assures to comply with the same in current financial year.
21 The Company has not complied with Regulation 76 of Securities and Exchange Board of India (Depository Participant) Regulation 1996 and Regulation 74(5) Disclosure regarding timely dispose of transfer and transmission request for all the quarter of financial year 2020-21. The company assures to comply with the same in current financial year.
22 The Independent director has n registered himself under ID Databank. The Company will comply with the same in current financial year

13. INTERNAL FINANCIAL CONTROLS:

Your company had laid down set of standards processes and structure which enables toimplement internal financial control across the organization and ensure that the same areadequate and operating effectively. Their scope of work includes review of processes forsafeguarding the assets of the Company review of operational efficiency effectiveness ofsystems and processes and assessing the internal control strengths in all areas.

14. BOARD EVALUATION:

The Board of Directors has carried out an annual evaluation of its own performanceBoard committees and individual directors pursuant to the provisions of the Companies Act2013 and the corporate governance requirements as prescribed by Securities and ExchangeBoard of India ("SEBI") under Regulation 17 to 27 and clauses (b) to (i) ofsub-regulation (2) of regulation 46 and para C D and E of Schedule V of SEBI (ListingObligation and Disclosure Requirement) Regulation 2015.

The performance of the Board was evaluated by the Board after seeking inputs from allthe directors on the basis of the criteria such as the Board composition and structureeffectiveness of board processes information and functioning etc. The performance of thecommittees was evaluated by the board after seeking inputs from the committee members onthe basis of the criteria such as the composition of committees effectiveness ofcommittee meetings etc.

The Board and the Nomination and Remuneration Committee ("NRC") reviewed theperformance of the individual directors on the basis of the criteria such as thecontribution of the individual director to the Board and committee meetings likepreparedness on the issues to be discussed meaningful and constructive contribution andinputs in meetings etc. In addition the Chairman was also evaluated on the key aspectsof his role.

In a separate meeting of independent Directors performance of non-independentdirectors performance of the board as a whole and performance of the Chairman wasevaluated taking into account the views of executive directors and non-executivedirectors. The same was discussed in the board meeting that followed the meeting of theindependent Directors at which the performance of the Board its committees andindividual directors was also discussed.

15. DEPOSITS:

Your company has not accepted any fixed deposits from the public within the provisionsof Section 73 to 76 of the Companies Act 2013. However the company has acceptedunsecured loan from Director of the Company which is exempt as per Section 73 of theCompanies Act 2013. Hence the disclosures required as per Rule 8(5)(v)&(vi) of theCompanies (Accounts) Rules 2014 read with Section 73 to 76 of the Companies Act 2013are not applicable to your Company.

16. CORPORATE GOVERNANCE:

The Company believes that good Corporate Governance is a continuous process and it isour continuous endeavor to achieve good governance by way of a conscious andconscientious effort whereby ensuring the truth transparency accountability andresponsibility in all our dealings with all our stakeholders.

A separate section on Corporate Governance Standards followed by your Company asstipulated under Regulation 34(3) read with Schedule V of SEBI (Listing Obligation andDisclosure Requirement) Regulation 2015 is enclosed as Annexure to this Report. The Reporton Corporate Governance also contains certain disclosures required under Companies Act2013.

A certificate from M/S. A. SHAH & ASSOCIATES. Practicing Company Secretaries.

conforming compliance to the conditions of Corporate Governance as stipulated underRegulation 17 to 27 and clauses (b) to (i) of sub-regulation (2) of regulation 46 and paraC D and E of Schedule V of SEBI (Listing Obligation and Disclosure Requirement)Regulation 2015 is annexed to this Report.

17. VIGIL MECHANISM:

In pursuant to the provisions of section 177(9) & (10) of the Companies Act 2013a Regulation 22 of the SEBI (Listing Obligation and Disclosure Requirement) Regulations2015 Vigil Mechanism for directors and employees to report genuine concerns has beenestablished.

18. CONSEVATION OF ENERGY & TECHNOLOGY ABSORTION :

(a) Conservation of energy-

(i) the steps taken or impact on conservation of energy N.A
(ii) the steps taken by the company for utilizing alternate sources of energy N.A
(iii) the capital investment on energy conservation equipment's N.A

(b) Technology absorption-

(i) the efforts made towards technology absorption N.A
(ii) the benefits derived like product improvement cost reduction product development or import substitution N.A
(iii) in case of imported technology (imported during the last three years reckoned from the beginning of the financial year)- N.A
(a) the details of technology imported N.A
(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 reasons thereof N.A
(iv) the expenditure incurred on Research and Development N.A

19. FOREIGN EXCHANGE EARNINGS / OUTGO:-

As the Company has not carried out any activities relating to the export and importduring the financial year. There is no foreign exchange expenses and foreign income duringthe financial year.

20. NOMINATION AND REMUNERATION POLICY:

The Board has on the recommendation of Nomination and Remuneration / CompensationCommittee framed a policy on directors' appointment and remuneration of Directorsincluding criteria for determining qualification positive attributes independence ofdirectors and remuneration for Directors Key Managerial Personnel and other employees.The policy is annexed to this report as "Annexure III".

21. PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES:

There were no materially significant related party transactions entered by the Companywith Promoters Directors Key Managerial Personnel or other persons which may have apotential conflict with the interest of the company.

The policy on materiality of Related Party Transactions and also on dealing withRelated Party Transactions as approved by the Audit Committee and the Board of Directorshas been approved by the board.

However the Disclosure for Related Party Transaction as required under Section 134 ofthe Companies Act 2013 regarding the particulars of every contract or arrangementsentered into by the Company with related parties referred to in subsection (1) of section188 of the Companies Act 2013 is disclosed in Form No. AOC-2 in "Annexure IV".

22. PARTICULARS OF LOANS. GUARANTEES OR INVESTMENTS UNDER SECTION 186:

In terms of provisions of Section 134 (3) (g) the Particulars of Loans Guarantees orInvestments under Section 186 is annexed hereto as "Annexure V" and forms partof this Report.

23. PARTICULARS OF EMPLOYEES REMUNERATION:

A. The ratio of the remuneration of each director to the median employee's remunerationand other details in terms of sub-section 12 of Section 197 of the Companies Act 2013read with Rule 5(1) of the Companies (Appointment and Remuneration of ManagerialPersonnel) Rules 2014 are forming part of this report as "Annexure VI".

B. The statement containing particulars of employees as required under Section 197(12)of the Companies Act 2013 read with Rule 5(2) of the Companies (Appointment andRemuneration of Managerial Personnel) Rules 2014 is not provided as no employees is paidremuneration of Rs. 8.5 Lac Per month if employed for part of the year and Rs. 1.02 CrorePer Annum if employed for the whole year.

24. CORPORATE SOCIAL RESPONSIBILITY (CSR)

The company does not fall under the purview of the section 135 of the Companies Act2013 which requires formulating a Corporate Social Responsibility Committee and adoptingany activities as specified in Schedule VII.

25. HUMAN RESOURCES:

Your Company treats its "human resources" as one of its most significantassets. The Company continues its focus on retention through employee engagementinitiatives and provides a holistic environment where employees get opportunities torealize their potential. A number of programs that provide focused people attention arecurrently underway. Your Company thrust is on the promotion of talent internally throughjob rotation and job enlargement. The Company's Health and Safety Policy commits toprovide a healthy and safe work environment to all employees.

26. SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION PROHIBITION AND REDRESSAL)ACT. 2013:

1. Disclosure under Section 22 of the Sexual Harassment Of Women At Workplace(Prevention Prohibition and Redressal) Act 2013:

Pursuant to Section 22 of the Sexual Harassment of Women at Workplace (PreventionProhibition and Redressal) Act 2013 every company having 10 or more employees engaged inthe company during the financial year is required to set up an Internal ComplaintsCommittee to look into complaints relating to sexual harassment at work place receivedfrom any women employee.

There were only three employees were working in the Organization. Hence there is noneed to constitute committee and formulate policy in accordance with the section 22 of theSexual Harassment of Women at Workplace (Prevention Prohibition and Redressal) Act 2013.However during the year no complaints were received by the Internal Complaints committeefor sexual harassment from any of the women employees of the company.

27. CHANGE IN NATURE OF THE BUSINESS:

There has been no change in the nature of business of the company during the year underreview.

28. MANAGEMENT DISCUSSION AND ANALYSIS:

As per corporate governance norms a separate section on Management Discussion andAnalysis outlining the business of the Company is set out in Annexure forming part of thisReport.

29. . SIGNIFICANT OR MATERIAL ORDERS AGAINST COMPANY:

No significant and material orders were passed by the regulators or courts or tribunalsimpacting the going concern status and Company's operation in future. However company'strading is been suspended on Bombay Stock Exchange from January 2015 as a surveillancemeasure.

30. SIGNIFICANT OR MATERIAL EVENTS OCCURRED AFTER BALANCESHEET DATE:

No Event has occurred after the balance sheet date that representing the materialchanges and commitment that affecting the Financial position of the company

31. STATEMENT OF DIRECTORS' RESPONSIBILITY:

Pursuant to requirement under 134(3)(c) and Section 134(5) of the Companies Act 2013(Act) Directors confirm that:

(a) In the preparation of the annual accounts for the year ended on 31stMarch 2021 the applicable accounting standards read with requirement set out underSchedule III to the Act have been followed and there are no material departures from thesame;

(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 and fair view of the state of affairs of the company as at March 31 2021 and ofthe profit of the company for the year ended on that date;

(c) The Directors have taken proper and sufficient care for the maintenance of adequateaccounting records in accordance with the provisions of the Act for safeguarding theassets of the company and for preventing and detecting fraud and other irregularities;

(d) The Directors had prepared the annual accounts on a going concern basis;

(e) The Directors had laid down internal financial controls to be followed by thecompany and that such internal financial controls are adequate and are operatingeffectively and

(f) The Directors had devised proper systems to ensure compliance with the provisionsof all applicable laws and that such systems are adequate and operating effectively.

32. ACKNOWLEDGEMENT:

Your Directors wish to place on record their gratitude and sincere appreciation for theassistance and co-operation received from the financial institutions banks Governmentauthorities customers vendors and members during the year under review.

Your Directors would like to express a profound sense of appreciation for thecommitment shown by the employees in supporting the Company in its continued robustperformance on all fronts.

PLACE: RAJKOT BY ORDER OF THE BOARD OF DIRECTORS
DATE: 08/09/2021 FOR ATLANTA INFRASTUCTURE & FINANCE LIMITED
MR. SURESH MAVANI MR. MANISH ASHAR
DIRECTOR DIRECTOR
(DIN:01556518) (DIN-02406252)

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