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Autoriders Finance Ltd.

BSE: 500030 Sector: Financials
NSE: AUTORIDFIN ISIN Code: INE450A01019
BSE 00:00 | 01 Jun Autoriders Finance Ltd
NSE 05:30 | 01 Jan Autoriders Finance Ltd
OPEN 0.47
PREVIOUS CLOSE 0.46
VOLUME 2
52-Week high 0.47
52-Week low 0.00
P/E
Mkt Cap.(Rs cr) 1
Buy Price 0.46
Buy Qty 1.00
Sell Price 0.46
Sell Qty 148.00
OPEN 0.47
CLOSE 0.46
VOLUME 2
52-Week high 0.47
52-Week low 0.00
P/E
Mkt Cap.(Rs cr) 1
Buy Price 0.46
Buy Qty 1.00
Sell Price 0.46
Sell Qty 148.00

Autoriders Finance Ltd. (AUTORIDFIN) - Director Report

Company director report

To

The Members

Autoriders Finance Limited

The Board of Directors is pleased to present the 36th Annual Report on thebusiness and operations of the Company along with the audited financial statement for thefinancial year ended 31st March 2021. The Statement of Accounts Auditors' ReportBoard's Report and attachment thereto have been prepared in accordance with the provisionscontained in Section 134 of Companies Act 2013 and Rule 8 of the Companies (Accounts)Rules 2015.

FINANCIAL RESULTS:

The Company's financial performance for the year ended March 31 2021 is summarizedbelow:

(Amt in Lakhs)

Particulars For the year ended 31.03.2021 For the year ended 31.03.2020
Revenue from Operations - -
Other Income 0.01 1.32
Total Income 0.01 1.32
Total Expenses 6.84 12.34
Profit/(Loss) for the year before Taxation (6.83) (11.02)
Tax Expenses - -
(a) Current Tax - -
(b) Income Tax of Prior Years - -
( c) Deferred Tax - -
Profit/(Loss) for the year (6.83) (11.02)
Other comprehensive Income - -
Total comprehensive Income for the year (6.83) (11.02)
Earnings Per Equity Share (Face Value Rs. 10/- Per Share):
Basic (0) (0.08)
Diluted (0) (0.08)

RESERVES:

There has been no transfer to reserves made during the year under review.

STATE OF AFFAIRS AND FINANCIAL PERFORMANCE OF THE COMPANY:

During the year the Company has not earned any revenue from operations. The Companyhas incurred a loss of Rs. 06.83 lacs during 2020-2021 as against the loss of Rs.11.02lacs in the previous year 2019-20.

DIVIDEND:

The Board of Directors regrets their inability to propose any dividend in view of thenon-operation and accumulated losses of the Company.

CURRENT STATUS:

The Company is not pursuing any business activity for a number of years and accordinglythe accounts have been prepared on the basis of assumption that the Company is "not agoing concern". However the accounts have not been restated at realizable value asthere are no assets.

SHARE CAPITAL:

During the year under review there have been no changes in share capital of theCompany. The paid-up Equity Share Capital of the Company as on March 31 2021 was Rs. 131070000. Further there was no public issue rights issue bonus issue or preferentialissue etc. during the year. The Company has not issued shares with differential votingrights or sweat equity shares nor has it granted any stock options during the FinancialYear 2020-21.

PUBLIC DEPOSITS:

Your Company has not accepted any deposits within the meaning of Section 73 and 76 ofthe Companies Act 2013 and the Companies (Acceptance of Deposits) Rules 2015. Thequestion of non-compliance of the relevant provisions of the law relating to acceptance ofdeposit does not arise.

REPORT ON PERFORMANCE OF SUBSIDIARIES ASSOCIATES AND JOINT VENTURE COMPANIES:

During the year under review your Company did not have any subsidiary associate andjoint venture Company.

RISK MANAGEMENT POLICY:

Though the Company is not having any operation and reporting as ‘not a goingconcern' the Company strives to comply with the requirements of law.

INTERNAL CONTROL SYSTEMS:

Adequate internal control systems commensurate with the nature of the Company'sbusiness size and complexity of its operations are in place.

DIRECTOR'S RESPONSIBILITY STATEMENT:

To the best of their knowledge and belief and according to the information andexplanations obtained by your Directors they make the following statements in terms ofSection 134(3)(c) of the Companies Act 2013 and hereby confirm that :-

a. in the preparation of the annual accounts the applicable accounting standards havebeen followed along with proper explanation relating to material departures;

b. the directors have selected such accounting policies and applied consistently andmade judgments and estimates that are reasonable and prudent so as to give a true and fairview of the state of affairs of the Company as at 31st March 2021 and of the profit ofthe 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 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 ‘not a going concern' basis;

e. the directors have laid down proper systems 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.

DIRECTORS AND KEY MANAGERIAL PERSONNEL:

The list of Directors & Key Managerial Personnel's (KMP) of the Company as on March31 2021 are as follows:

Sr. Name of the Director/Key Managerial No Personnel's(KMP) DIN/PAN Designation
1. Mr. Prabhakar Tukaram Chavan 00535369/ AAPPC3667A Executive Director and Chief Executive officer (CEO)
2. Mr. Gokulsingh Dhondusingh Rajput 01934109 Non-Executive-Independent Director
3. Mr. Shailendra Banwarilal Agrawal 07121446 Non-Executive-Independent Director
4. Mrs. Deanna Gowria Sydney 07303344 Non-Executive-Non-Independent Director
5. Mr. Ganesh Somakumaran Thekethil ABBPT8023E Chief Financial Officer (CFO)

During the financial year the changes that took place in the composition of the Board& KMP's are as follows:

Ms. Nidhi Kaushik Bush (PAN: BBIPB1462R) appointed as Company Secretary and Complianceofficer of the Company w.e.f December022020.

In accordance with the provisions of the Act and the Articles of Association of theCompany Mrs. Deanna Gowria (DIN: 07303344) is retiring by rotation at the forthcomingAnnual General Meeting and being eligible has been recommended for re-appointment as adirector liable to retire by rotation by the Board.

None of the Directors are disqualified for being appointed as the Director of theCompany in terms of section 164 of the Companies Act 2013. The Company has receiveddeclaration from all the independent directors of the company confirming that they meetthe criteria of independence as prescribed under Section 149(6) of the Companies Act 2013and Regulation 16 read with Regulation 25 of SEBI LODR Regulations. The IndependentDirectors have confirmed that they are not aware of any circumstances or situation whichexists or reasonably anticipated that could impair or impact his/her ability to dischargehis/her duties with an objective independent judgment and without any external influence.

NUMBER OF BOARD MEETINGS:

During the year 6(Six) Board Meetings were held. The Details of the meetings andattendance thereof have been given in Corporate Governance Report which forms part ofAnnual Report. The provisions of Companies Act 2013 SEBI LODR Regulations andsecretarial standards were adhered to while considering the time gap between two meetings.A calendar of meeting is prepared and circulated in advance.

Further the details of the various committees of the Board the attendance of themembers there at and other requisite details are provided in the Corporate GovernanceReport forms an integral part of this Annual Report.

REMUNERATION POLICY:

The Company is not pursuing any business activity for a number of years and accordinglythe accounts have been prepared on the basis of assumption that the Company is "not agoing concern" Therefore none of Directors are drawing any salary or remunerationfrom the Company.

FORMAL ANNUAL EVALUATION:

Pursuant to the provisions of the Companies Act 2013 and Regulation 17 of the SEBILODR Regulations a separate exercise was carried out to evaluate the performance ofindividual Directors including the Chairman of the Board who were evaluated on parameterssuch as level of engagement and contribution and independence of judgment therebysafeguarding the interest of the Company. The performance evaluation of the IndependentDirectors was carried out by the entire Board. The performance evaluation of the Chairmanand the Non Independent Directors was carried out by the Independent Directors. The boardalso carried out annual performance evaluation of the working of its Audit Nomination andRemuneration as well as Shareholders / Investors Relations and Grievance Committee. TheDirectors expressed their satisfaction with the evaluation process.

FAMILIARISATION PROGRAMME FOR INDEPENDENT DIRECTORS:

The familiarization program aims to provide the Independent Directors their rolesresponsibilities in the Company nature of the industry business model processes andpolicies and the technology and the risk management systems of the Company theoperational and financial performance of the Company significant development so as toenable them to take well informed decisions in timely manner. Further the Directors areencouraged to attend the training programmes being organized by variousregulators/bodies/institutions on above matters. The policy on Company's familiarizationprogram for independent directors has been uploaded on the website of the Company atwww.autoridersfinance.co.in.

AUDITORS:

(i) STATUTORY AUDITOR

The Statutory Auditors of your Company namely M/s. Sheth Doctor & AssociatesChartered Accountants (Registration No. 124822W) were appointed at the 35th annual generalmeeting held on December 31 2020 subject to ratification every year from the financialyear 2020-21 to the financial year 2024-2025 i.e. for a term of four consecutive years.The Companies (Amendment) Act 2017 has waived the requirement for ratification of theappointment of the auditors at every Annual General Meeting. In view of this the approvalof the members is sought for appointment of Auditors for remaining period without anyratification every year. Auditors have confirmed their eligibility and submitted theCertificate in writing that they are not disqualified to hold the office of the StatutoryAuditor.

There are no observations reservations or adverse remarks made by the statutoryauditors in the audit report. Further no fraud was reported by the Auditors of theCompany to the Audit Committee pursuant to section 143(12) of the Act.

(ii) SECRETARIAL AUDITOR

The Board has appointed Mihen Halani & Associates Practicing Company Secretaries toundertake the Secretarial Audit of the Company for the financial year 2020-2021. TheReport of the Secretarial Audit Report is annexed herewith as Annexure-A. The observationsof the secretarial auditor are selfexplanatory.

(iii) INTERNAL AUDITOR

The Company did not appoint any Internal Auditor for the year as the Company is a notgoing concern.

(iv) COST AUDITOR

The Company is not required to appoint Cost Auditor as it is not required to submitcost audit report pursuant to the provision of the Companies (Cost Records and Audit)Rules 2015.

CONSERVATION OF ENERGY TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO:

The particulars as required under the provisions of Section 134(3) (m) of the CompaniesAct 2013 read with Rule 8 of the Companies (Accounts) Rules 2015 in respect ofconservation of energy technology absorption foreign exchange earnings and outgo etc. -the Company is not having any operation and reporting as ‘not a going concern'.

DISCLOSURE UNDER SECTION 197(12) OF THE COMPANIES ACT 2013 AND OTHER DISCLOSURES ASPER RULE 5 OF COMPANIES (APPOINTMENT & REMUNERATION) RULES 2015:

The Company is not having any business operation and is reporting as 'not a goingconcern'. Disclosures of the ratio of the remuneration of each director to the medianemployee's remuneration and other details as required pursuant to Section 197(12) of theCompanies Act 2013 read with Rule 5(1) of the Companies (Appointment and Remuneration ofManagerial Personnel) Rules 2014 is provided as Annexure B.

During the year under review there are no employees who comes within the purview ofsection 134 (3)(q) of the Act read with Rule 5(2) & 5(3) of the Companies (Appointmentand Remuneration of Managerial Personnel) Rules 2014.

PARTICULARS OF CONTRACTS OR ARRANGEMENT WITH RELATED PARTIES:

During the year the Company did not entered into any Related Parties purview underprovision of Section 188 of the Companies Act 2013. Also all the related partytransactions entered by the Company were on arm's length basis and in the ordinary courseof business.

The policy on Related Party Transactions as approved by the Board of Directors has beenuploaded on the website of the Company. The web-link of the same has been provided in theCorporate Governance Report.

VIGIL MECHANISM POLICY FOR THE DIRECTORS AND EMPLOYEES:

Though the Company is not having any operation and reporting as ‘not a goingconcern' the Company strives to comply with the requirements of law.

CHANGES IN THE NATURE OF BUSINESS AND REVISION IN THE BOARD'S REPORT:

There is no change in the status of the company as "not a going concern".There is no revision made in the Board's Report and whatever submitted herewith is thefinal report.

EXTRACT OF ANNUAL RETURN:

The extract of the Annual Return of the Company as on March 31 2021 in Form MGT-9 inaccordance with Section 92 (3) of the Act read with Companies (Management andAdministration) Rules 2014 is available on the website of the Company at https://autoridersfinance.co.in.

ADEQUACY OF INTERNAL FINANCIAL CONTROLS WITH REFERENCE TO THE FINANCIAL STATEMENTS:

The Company is not having any operation and reporting as ‘not a going concern'.

PARTICULARS OF LOANS GUARANTEES INVESTMENTS AND SECURITIES:

The Company has not taken any loan guarantees investments or securities during theyear.

DISCLOSURE UNDER THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION PROHIBITION& REDRESSAL) ACT 2013:

The Company has zero tolerance for sexual harassment at the workplace. During the yearunder review the Company is neither required to adopt policy for prevention of SexualHarassment of Women at Workplace nor to constitute Internal Complaints Committee under theSexual Harassment of Women at Workplace (Prevention Prohibition and Redressal) Act 2013.Further no cases of sexual harassment was reported during the year.

MANAGEMENT DISCUSSION AND ANALYSIS REPORT:

The Management Discussion and Analysis Report in terms of the provisions of Regulation34 read with Schedule V of the SEBI LODR Regulations is enclosed as a part of this report.

CORPORATE GOVERNANCE:

Pursuant to Regulation 27(2) and Schedule V of SEBI of the Listing Agreement executedwith the Stock Exchanges Corporate Governance Report and Certificate regarding complianceof conditions of Corporate Governance form an integral part of this report and are set outas separate to this Report.

CEO/CFO CERTIFICATION:

In terms of the SEBI LODR Regulations the certification by the Chief Executive Officerand/or Chief Financial Officer on the financial statements and Internal Controls relatingto financial reporting has been obtained.

CORPORATE SOCIAL RESPONSIBILITY:

The Company does not fall under the criteria applicable as per Companies Act 2013.

SECRETARIAL STANDARDS:

The Directors state that applicable Secretarial Standards i.e. SS-1 and SS-2 relatingto ‘Meetings of the Board of Directors' and ‘General Meetings' respectivelyhave been duly followed by the Company.

GREEN INITIATIVES:

Pursuant to Sections 101 and 136 of the Companies Act 2013 the Company will be sendingAnnual Report through electronic mode-email to all the shareholders who have registeredtheir email addresses with the Company or with the Depository to receive Annual Reportthrough electronic mode and initiated steps to reduce consumption of paper.

HUMAN RESOURCES:

As the Company is not having any operations there is only one employee at present.

ENVIRONMENT AND SAFETY:

Though the Company is not having any operation and is reporting as ‘not a goingconcern' the Company strives to comply with the requirements of law.

MATERIAL CHANGES AND COMMITMENTS IF ANY AFFECTING THE FINANCIAL POSITION OF THECOMPANY WHICH HAVE OCCURRED BETWEEN THE FINANCIAL YEAR END OF THE COMPANY TO WHICHFINANCIAL RESULTS RELATE:

Except as disclosed elsewhere in this report no material changes and commitments whichcould affect the Company's financial position have occurred between the end of thefinancial year of the Company and date of this report.

TRANSFER OF AMOUNTS TO INVESTOR EDUCATION AND PROTECTION FUND:

Your Company did not have any funds lying unpaid or unclaimed for a period of Sevenyears. Therefore there were no funds which were required to be transferred to InvestorEducation and Protection Fund (IEPF).

ADEQUACY OF INTERNAL FINANCIAL CONTROLS WITH REFERENCE TO THE FINANCIAL STATEMENTS:

The Company is not having any business operation(s) and reporting as ‘not a goingconcern'.

GENERAL DISCLOSURES:

Your Directors state that no disclosure or reporting is required in respect of thefollowing items as there were no transactions on these items during the year under review:

1. The Company has not issued any shares with differential rights and hence noinformation as per provisions of Section 43(a)(ii) of the Act read with Rule 4(4) of theCompanies (Share Capital and Debenture) Rules 2015 is furnished.

2. The Company has not issued any sweat equity shares during the year under review andhence no information as per provisions of Section 54(1)(d) of the Act read with Rule 8(13)of the Companies (Share Capital and Debenture) Rules 2015 is furnished.

3. The Company has not issued any equity shares under Employees Stock Option Schemeduring the year under review and hence no information as per provisions of Section62(1)(b) of the Act read with Rule 12(9) of the Companies (Share Capital and Debenture)Rules 2015 is furnished.

4. During the year under review there were no instances of non-exercising of votingrights in respect of shares purchased directly by employees under a scheme pursuant toSection 67(3) of the Act read with Rule 16(4) of Companies (Share Capital and Debentures)Rules 2015 is furnished.

5. Company is not a going concern hence cost audit is not applicable to the company.

6. No orders have been passed by any Regulator or Court or Tribunal which can have animpact on the Company's operations in future.

ACKNOWLEDGMENT:

Your Directors thank all our esteemed shareholders customers banks financialinstitutions creditors suppliers and contractors within the country and overseas fortheir continued support faith and trust reposed in the professional integrity of theCompany. Your Directors are grateful to the Investors for their continued patronage andconfidence in the Company over the past several years. Your Directors also thank theCentral and State Governments other Statutory and Regulatory Authorities for theircontinued guidance assistance co-operation and support received. Your Directors alsowish to convey their sincere appreciation to all employees at all levels for theirdedicated efforts and consistent contributions and co-operation extended and is confidentthat they will continue to contribute their best towards achieving still betterperformance in future.

By order of the Board of Directors For AUTORIDERS FINANCE LTD.
Sd/-
Place : Shirpur Prabhakar Tukaram Chavan
Date : 29th June 2021. Chairman
(DIN: 00535369)

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