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Classic Leasing & Finance Ltd.

BSE: 540481 Sector: Financials
NSE: N.A. ISIN Code: INE949C01016
BSE 00:00 | 29 Jun 15.50 0
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NSE 05:30 | 01 Jan Classic Leasing & Finance Ltd
OPEN 15.50
PREVIOUS CLOSE 15.50
VOLUME 15
52-Week high 34.05
52-Week low 6.07
P/E
Mkt Cap.(Rs cr) 5
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 15.50
CLOSE 15.50
VOLUME 15
52-Week high 34.05
52-Week low 6.07
P/E
Mkt Cap.(Rs cr) 5
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Classic Leasing & Finance Ltd. (CLASSICLEASING) - Director Report

Company director report

Dear Shareholders

The Directors have pleasure in presenting their 38th Annual Report togetherwith the Audited Statement of Accounts of the Company for the financial year ended 31stMarch 2021.

COMPANY OVERVIEW

The Company is engaged in investment activities and other financial services during theyear under review. The Company is not having any division(s)/ branch(s) hence therequirement of segment-wise reporting is considered irrelevant.

FINANCIAL PERFORMANCE

The performance of the Company for the year ended on 31st March 2021 is stated below:

Particulars 2020-21 2019-20
Revenue from Operations 1309 1090430
Other Income 1200658 812500
Total Revenue 1699336 1902930
Total Expenses 1691898 1632761
Profit before Tax 7438 120169
Tax Expenses (15168) 1444979
Profit for the Year 22606 -1324810

STATE OF THE COMPANY'S AFFAIRS AND FUTURE OUTLOOK

During the year under review the total revenue of the Company for the Financial Year2020-21 is Rs. 1699336/- while the total revenue earned during the year was Rs.1699336/-. As compared to previous financial year 2020-21 wherein the Company hadincurred a loss of Rs. 1324810 due to the effect of lock down and slow down in economy.Whereas during the current year Company performed well and managed to overcome thefinancial crunch.

CHANGE IN NATURE OF BUSINESS IF ANY

During the year under review there has been no change in the nature of business of theCompany.

TRANSFER TO RESERVES

During the financial year 2020-21 an amount of Rs. 1488/- has been transferred toGeneral Reserve out of the profit available for appropriation.

MATERIAL CHANGES AND COMMITMENTS AFTER THE BALANCE SHEET DATE

There has been no material changes and commitments affecting the financial position ofthe Company which have occurred between the end of the financial year of the Company towhich the financial statements relate and the date of this Report.

DIVIDEND

The COVID 19 pandemic and nation-wide long lockdown declared by Government has createduncertainty for the Company. Therefore the Board of Director has decided not to recommendany dividend for the financial year 2020-21.

SUBSIDIARIES/ASSOCIATES/JOINT VENTURES

During the year under review the Company does not have any Subsidiaries Associate orJoint Venture Companies.

EXTRACT OF THE ANNUAL RETURN

Extract of the Annual Return as on 31st March 2021 in Form MGT-9 and extract of annualreturn for the previous year ending 31st March 2020 has been given atwww.classicleasing.net

MEETINGS OF BOARD OF DIRECTORS

During the financial year ended 31st March 2021 four Board Meetings wereheld viz. 25.05.2020 31.07.2020 13.10.2020 13.02.2021. The intervening gap between theMeetings was within the period prescribed under the Companies Act 2013.

DIRECTORS' RESPONSIBILITY STATEMENT

Pursuant to the requirement of Section 134(3)(c) and 134(5) of the Act with respect toDirectors' Responsibility Statement the Directors hereby confirm that:- (i) in thepreparation of the annual accounts for the year ended 31st March 2021 the applicableaccounting standards have been followed and there are no material departures from thesame; (ii) the Directors have 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 as at the end of thefinancial year and of the profit of the Company for that period; (iii) the Directors havetaken proper and sufficient care for the maintenance of adequate accounting records inaccordance with the provisions of this Act for safeguarding the assets of the Company andfor preventing and detecting fraud and other irregularities; and

(iv) the Directors have prepared the annual accounts of the Company on a ‘goingconcern' basis. (v) the Directors have laid down internal financial controls to befollowed by the Company and that such internal financial controls are adequate and wereoperating effectively. (vi) the Directors have devised proper systems to ensure compliancewith the provisions of all applicable laws and that such systems were adequate andoperating effectively.

DIRECTORS AND KEY MANAGERIAL PERSONNEL APPOINTED/RESIGNED DURING THE YEAR

 

Induction Re-appointment Retirement & Resignation

During the year under review there was a change in the Directorship of the Company. Onrecommendation of nomination and remuneration committee the Board of Directors at itsmeeting held on 31.07.2020 has appointed Mr. Chandra Shekhar Sony (DIN: 06431942) asmanaging director of the Company for a term of 5 years and Ms. Raksha Bothra (DIN03499732) as non-executive non-independent director for a term of 5 years.

During the financial year Mr. Tushar Himatsignhka and Mr. Prashant Bothra both haveresigned from his directorship in the Company with effect from 31.07.2020.

Further Ms. Alisha Pujaria has resigned from the post of Company Secretary on31.07.2020 and in her place Ms. Nidhi Rateria was appointed as Company Secretary31.07.2020. Thereafter due to the resignation of Company Secretary cum Compliance OfficeMs. Nidhi Rateria.

Statement on declaration given by Independent Directors under sub- section (7) ofSection 149

The Company has received declarations from all the Independent Directors of the Companyconfirming that they meet the criteria of independence as laid down under Section 149(6)of the Companies Act 2013 Rule 6(3) of the Companies (Appointment and Qualifications ofDirectors) Rule 2014 and Regulations 16 (1)(b) and 25 of the SEBI (Listing Obligations& Disclosure Requirements) Regulations 2015.

Familiarization Programme undertaken for Independent Directors

The Independent Directors are familiarised with the Company about their roles rightsresponsibilities in the Company nature of the industry in which the Company operatesbusiness model of the Company etc. On appointment the Independent Director is issued aLetter of Appointment setting out in detail the terms of appointment dutiesresponsibilities and expected time commitments. The details of familiarization programmeare disclosed at the

Company's weblink:

https://www.classicleasing.net/Policies/FamiliarizationProgramme.pdf

Performance Evaluation of the Board Its Committees and Directors

Your Company understands the requirements of an effective Board Evaluation process andaccordingly during the year under review they have carried out performance evaluation of

Board's own performance the directors individually and the evaluation of the workingof its

Committees pursuant to the provisions of the Companies Act 2013 and SEBI (ListingObligations and Disclosure Requirements) Regulations 2015.

PARTICULARS OF MATERIAL CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES

The Company did not enter into contract or arrangements with related parties referredto in sub-section (1) of section 188 of the Companies Act 2013. The policy on relatedparty transactions and dealing with related party transactions as approved by the Boardcan be accessed on Company's weblink:

https://www.classicleasing.net/Policies/SexualHarassmentpolicy.pdf

PARTICULARS OF LOANS GUARANTEES AND INVESTMENTS

Particulars of loans guarantees and investments u/s 186 of Companies Act 2013 ifany forms part of the financial statements. As Non-banking financial company this sectiondoes not apply to this Company.

PUBLIC DEPOSITS

The Company has not invited or accepted deposits from the public covered under Section73 of the Act and The Companies (Acceptance of Deposits) Rules 2014 as amended.

PARTICULARS OF EMPLOYEES

None of the employees of the Company are in receipt of remuneration exceeding the limitprescribed under rule 5 (2) of the Companies (Appointment and Remuneration of ManagerialPersonnel) Rules 2014 so statement pursuant to Section 197(12) of the Companies Act 2013read with rule 5(2) and 5(3) of the Companies (Appointment and Remuneration of ManagerialPersonnel) Rules 2014 is not required to be included.

STATUTORY AUDITOR

Pursuant to the provisions of Section 139 of the Act the Members at the 37thAGM held on 30th December 2020 had approved the appointment of M/s. R. Dugar& Associates Chartered Accountants for a term of 1 (one) year to hold office tillthe conclusion of the 38th AGM of the Company. Accordingly the Statutory Auditors wouldhold office until the conclusion of the 38th AGM of the Company. The Statutory Auditorshave confirmed their eligibility for acting as the Statutory Auditors of the Company forthe financial year 2021-22. The Auditor's Report for the financial year ended March 312021 on the financial statements of the Company forms part of the Annual Report. The saidreport was issued by the Statutory Auditor with an unmodified opinion and does not containany qualification reservation adverse remark or disclaimer. During the year underreview the Auditors have not reported any fraud under Section 143 (12) of the Act andtherefore no details are required to be disclosed under Section 134(3)(ca) of the Act.

SECRETARIAL AUDITOR

Pursuant to the provisions of Section 204 of the Act and the Companies (Appointment andRemuneration of Managerial Personnel) Rules 2014 the Board has appointed Mr. SankalpPoddar Practising Company Secretary as Secretarial Auditor of the Company. TheSecretarial Audit Report for the financial year ended 31st March 2021 is annexed herewithas "Annexure-I". The said Report does not contain any qualification.

REMUNERATION POLICY

The Board has on the recommendation of the Nomination & Remuneration Committeeframed a policy for selection and appointment of Directors Senior Management and theirremuneration. Since the Company is at growing trend the Director's are at nilremuneration.

AUDIT COMMITTEE

The composition and terms of reference of the Audit Committee has been according toSection 177(8) read with Rule 6 of Companies (Meeting of the Board of Director) Rules.There has been no instance where the Board has not accepted the recommendations of theAudit Committee. The composition of Audit Committee for the year under review is asfollows:

1. Sanjay Kumar Bubna

2. Minu Datta

3. Chandra Shekhar Sony (appointed on 31.07.2020)

RISK MANAGEMENT POLICY

The Company has a defined Risk Management framework to identify assess monitor andmitigate various risks to key business objectives. The Risk Management Policy provides foridentification of risk its assessment and procedures to minimize risk. The policy isperiodically reviewed to ensure that the executive management controls the risk as perdecided policy.

CORPORATE GOVERNANCE DISCLOSURE

Pursuant to Regulation 15 of SEBI (Listing Obligations & Disclosure Requirements)Regulations 2015 para C D and E of Schedule V shall not apply to the Company.

INTERNAL FINANCIAL CONTROL

The Company has in place adequate financial controls commensurate with the size scaleand complexity of its operations. The Company has policies and procedures in place toproperly and efficiently conduct its business safeguard its assets detect fraud anderrors maintain accuracy and completeness of accounting records and prepare financialrecords in a timely and reliable manner.

WHISTLE BLOWER POLICY/ VIGIL MECHANISM

The Company has formed a Whistle Blower Policy/ Vigil Mechanism as required underSection 177 of the Act and Regulation 22 of the Listing Regulations. A Vigil (WhistleBlower) mechanism provides a channel to the employees and Directors to report to themanagement concerns about unethical behavior actual or suspected fraud or violation ofthe Codes of Conduct or policy. The mechanism provides for adequate safeguards againstvictimization of employees and Directors to avail of the mechanism and also provide fordirect access to the Chairman of the Audit Committee in exceptional cases. The WhistleBlower Policy/ Vigil

Mechanism can be accessed on the Company's weblink :https://www.classicleasing.net/Policies/VigilMechanismPolicy.pdf

PREVENTION OF SEXUAL HARASSMENT AT WORKPLACE

Your Company is committed to provide a work environment which ensures that every womanemployee is treated with dignity respect and equality. There is zero-tolerance towardssexual harassment and any act of sexual harassment invites serious disciplinary action.The Company has established a policy against Sexual Harassment for its employees. Thepolicy allows every employee to freely report any such act and prompt action will be takenthereon. The Policy lays down severe punishment for any such act. Further your Directorsstate that during the year under review there was no case of sexual harassment reportedto the Company pursuant to the Sexual Harassment of Women at Workplace (PreventionProhibition and Redressal) Act 2013.

Number of complaints Number of complaints Number of complaints
received disposed of pending
NIL NIL NIL

The policy on prevention of sexual harassment at workplace can be accessed on theCompany's web link as below:

https://www.classicleasing.net/Policies/SexualHarassmentpolicy.pdf

CORPORATE SOCIAL RESPONSIBILITY (CSR)

Section 135 of Companies Act 2013 does not apply to the Company.

SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS / COURTS / TRIBUNALS

There are no significant material orders passed by the Regulators / Courts/Tribunalswhich would impact the going concern status of the Company and its future operations.

Management Discussion and analysis and corporate governance:

Pursuant to Schedule V of Regulation 34(3) of SEBI (Listing Obligations &Disclosure Requirements) Regulations 2015 report on Management Discussion and analysis asannexed with Annexure II and report on Corporate Governance Report as annexed withAnnexure III. Certificate on Corporate Governance from Practicing Company Secretary isannexed to this report.

PARTICULARS OF CONSERVATION OF ENERGY TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGEEARNING & OUTGO AS PER SECTION 134 (3)(m) OF THE ACT

A. The operations of the Company are not energy intensive as the Company is not engagedin any manufacturing activity and hence reporting under this Section does not arise. B. Notechnology has been developed and / or imported by way of foreign collaboration. C.Foreign exchange inflow / outflow is NIL

For and on behalf of Board

Chandra Shekhar Sony Raksha Bothra
Place: Kolkata Managing Director Director
Date:13.08.2021 (DIN: 06431942) (DIN: 03499732)

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