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Glance Finance Ltd.

BSE: 531199 Sector: Financials
NSE: N.A. ISIN Code: INE580D01017
BSE 00:00 | 03 Dec 54.30 0.20
(0.37%)
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NSE 05:30 | 01 Jan Glance Finance Ltd
OPEN 54.30
PREVIOUS CLOSE 54.10
VOLUME 591
52-Week high 93.50
52-Week low 30.20
P/E 6.61
Mkt Cap.(Rs cr) 12
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 54.30
CLOSE 54.10
VOLUME 591
52-Week high 93.50
52-Week low 30.20
P/E 6.61
Mkt Cap.(Rs cr) 12
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Glance Finance Ltd. (GLANCEFINANCE) - Director Report

Company director report

Dear Stakeholders

Your Directors are pleased to present their 27th Annual Report on the business andoperations of your Company along with the audited Financial Statements for the FinancialYear ended March 31 2021. The Statement of Accounts Auditors' Report Board's Report andattachment thereto have been prepared in accordance with the provisions contained inSection 134 of Companies Act 2013 and Rule 8 of the Companies (Accounts) Rules 2014

1. FINANCIAL RESULTS:

The Financial highlights for the year ended March 312021 are summarized below:

(Rs. in Lacs)

PARTICULARS 2020-2021 2019-2020
Revenue from Operation 349.63 537.77
Other Income 57.81 0.16
Total Revenue 407.44 537.93
Profit before Depreciation & Tax (PBDT) 283.39 (28.35)
Less: Depreciation 42.55 6.29
Profit before Taxation 240.84 (34.64)
Less: Current Tax 38.53 23.00
Less/(Add): Deferred Tax 75.52 (76.70)
Less/(Add): Earlier years adjustments - 7.42
Net Profit after Tax 126.79 11.65
Other Comprehensive Income 414.08 (156.10)
Total Comprehensive Income 540.87 (144.45)

2. OPERATIONS

In March 2020 the World Health Organization declared COVID-19 to be a pandemic andseveral restrictions have been imposed by the Governments across the globe on the travelgoods movement and transportation considering public health and safety measures.Consequently market demand and supply chains have been affected significantly increasingthe risk of a global economic recession. The pandemic has impacted and may furtherimpact all of our stakeholders - employees clients investors and communities we operatein. From March 2020 work from home was enabled to the employees to work remotely andsecurely. The production facilities remain operational following internal safetyguidelines. The impact of the global health pandemic may be different from that estimatedas at the date of approval of the financial statements and the Company will continue toclosely monitor any material changes to future economic conditions (may be rephrased asper notes to financial statements).

During the year under review your Company has profit after tax of Rs. 126.79 lacs asagainst Rs. 11.65 lacs during the previous year. The Company expects the situation tofurther improve in the year 2021-22. During the year under review the company hasundertaken following business activities:

1. Warehousing Services

2. Car Leasing

3. Vending Machine Leasing

4. Revenue Based Funding

5. Public Market Investments.

3. SHARE CAPITAL

As at March 31 2021 the Authorized Share Capital of the Company is Rs.35000000divided into 3100000 equity shares of Rs.10/- each and 40000 Preference Shares of Rs.100/- each.

The paid-up Equity Share Capital as on 31st March 2021 is Rs. 22752000.

4. DIVIDEND

Due to conservation of resources for future expansion your Directors have notrecommended any dividend on the Equity Shares for the financial year under review.

5. TRANSFER TO RESERVES

During the year under review your Company has transferred Rs. 2535802 to theStatutory Reserve fund as required pursuant to Section 45-IC of the RBI Act 1934.

6. DIRECTORS AND KEY MANAGERIAL PERSONNEL:

The Shareholders at their 26th AGM held on September 25 2020 approved the appointmentof Mr. Prasan Bhandari (DIN: 08602274) as an Independent Director for a period of fiveyears effective from November 07 2019.

Mr. Narendra Laxman Arora (DIN: 03586182) was appointed as an Additional Director andre-designated as Wholetime Director for a period of five years with effect from July012020 at the meeting of Board of Directors held on June 29 2020 and the Shareholders attheir 26th AGM held on September 25 2020 approved the appointment of Mr. Narendra LaxmanArora (DIN: 03586182) as Wholetime Director for a period of five years with effect fromJuly 012020.

Mr. Dewang Doshi resigned as Manager of the Company w.e.f. July 012020.

During the year the non-executive directors of the Company had no pecuniaryrelationship or transactions with the Company other than sitting fees commission andreimbursement of expenses incurred by them for the purpose of attending meetings of theCompany.

7. RETIREMENT BY ROTATION

In accordance with the provisions of Section 152 of Companies Act 2013 read with Rulesmade thereunder and the Articles of Association of the Company Mr. Narendra Laxman Arora(DIN: 03586182) is retiring by rotation at the ensuing Annual General Meeting and beingeligible have offered himself for re-appointment.

8. DISCLOSURE UNDER SECTION 197(12) OF THE COMPANIES ACT 2013

The Company has not employed any individual whose remuneration falls within the purviewof the limits prescribed under the provisions of Section 197 of the Companies Act 2013read with Rule 5(2) of the Companies (Appointment and Remuneration of ManagerialPersonnel) Rules 2014.

The information required under Section 197 of the Act read with rule 5(1) of theCompanies (Appointment and Remuneration of Managerial Personnel) Rules 2014 are inAnnexure ‘D'.

 

' 9. BOARD & COMMITTEE MEETINGS Y

a) Board Meeting and Attendance

During the financial year 2020-21 Five (5) Board Meetings were held on June 29 2020August 10

2020 November 06 2020 February 10 2021 and March 03 2021 and the gap between twoBoard Meetings did not exceeds limit as required under Companies Act 2013 & Circularsmade thereunder.

Details of attendance at the Board of each Director are as follows:

Name Category No of Meeting entitled to attend No. of Board Meetings attended during the year 2020-21 Whether attended last AGM held on September 252020
Mrs. Vandana Vasudeo Non - Executive Independent Director 5 4 Yes
Mr. Mil i nd Gandhi Non - Executive Independent Director 5 5 Yes
Mr. Narendra Karnavat Promoter and Non - Executive Director 5 5 Yes
Mr. Prasan Bhandari Non - Executive Independent Director 5 4 Yes
Mr. Narendra Arora Whole-Time Director 4 3 Yes

b) Audit Committee Meeting and Attendance

During the Financial Year 2020-21 total Four (4) Audit Committee Meetings were held onJune 29 2020 August 10 2020 November 06 2020 and February 10 2021.

The Board has well-qualified Audit Committee with majority of Independent Directorsincluding Chairman. They possess sound knowledge on Accounts Audit Finance TaxationInternal Controls etc. The details of the Composition of the Audit Committee as on March312021 are as follows:

CHAIRMAN:

Mr. Milind Gandhi

MEMBERS:

Mr. Narendra Karnavat Mr. Prasan Bhandari and Mrs. Vandana Vasudeo The attendance atthe Meeting is as under:

Name of the Member No of Meeting entitled to attend No of Meeting attend
Mr. Milind Gandhi 4 4
Mr. Narendra Karnavat 4 4
Mrs. Vandana Vasudeo 4 4
Mr. Prasan Bhandari 4 4

The Company Secretary of the Company acts as Secretary of the Committee.

During the year there are no instances where the Board had not accepted therecommendations of the

Audit Committee.

c) Nomination & Remuneration Committee Meeting and Attendance

During the Financial Year 2020-21 Three (3) Nomination & Remuneration CommitteeMeeting were held on June 29 2020 August 10 2020 and November 06 2020.

The Company has duly constituted Nomination & Remuneration Committee to align withthe requirements prescribed under the provisions of the Companies Act 2013.

The details of the Composition of the Nomination & Remuneration Committee are as onMarch 312021 as follows:

CHAIRMAN: Mr. Milind Gandhi

MEMBERS: Mr. Narendra Karnavat Mr. Prasan Bhandari and Mrs. Vandana Vasudeo Theattendance at the Meeting is as under:

Name of the Member No of Meeting entitled to attend No of Meeting attend
Mr. Milind Gandhi 3 3
Mr. Narendra Karnavat 3 3
Mrs. Vandana Vasudeo 3 3
Mr. Prasan Bhandari 3 3

The Company Secretary of the Company act as Secretary of the Committee.

The Board has framed a policy for selection and appointment of Directors SeniorManagement and their Remuneration. The policy provides for determining qualificationspositive attributes and independence of a Director.

d) Stakeholders Relationship Committee:

During the Financial Year 2020-21 One (1) Stakeholders Relationship Committee Meetingwas held on August 10 2020.

The Company has duly constituted Stakeholders Relationship Committee to align with therequirements prescribed under the provisions of the Companies Act 2013.

The details of the Composition of the Stakeholders Relationship Committee are as onMarch 312021 as follows:

CHAIRMAN: Mr. Milind Gandhi

MEMBERS: Mr. Narendra Karnavat Mr. Prasan Bhandari and Mrs. Vandana Vasudeo Theattendance at the Meeting is as under:

Name of the Member No of Meeting entitled to attend No of Meeting attend
Mr. Milind Gandhi 1 1
Mr. Narendra Karnavat 1 1
Mrs. Vandana Vasudeo 1 1
Mr. Prasan Bhandari 1 1

A The Company Secretary of the Company acts as Secretary of the Committee. j.

e) Independent Directors Meeting:

During the Financial Year 2020-21 One (1) Independent Committee Meeting was held onFebruary 10 2021.

The attendance at the Meeting is as under:

Name of the Member No of Meeting entitled to attend No of Meeting attend
Mr. Milind Gandhi 1 1
Mr. Prasan Bhan dari 1 1
Mrs. Vandana Vasudeo 1 1

10. BOARD EVALUATION

Pursuant to Section 178(2) of the Companies Act 2013 the Nomination and RemunerationCommittee has carried out evaluation of performance of every Director. The Board hascarried out an Annual performance evaluation of its own performance of the Directorsindividually as well as evaluation of the working of its various Committees. Theperformance evaluation of Independent Director was carried out by the entire Boardexcluding the Director being evaluated. The performance evaluation of the Chairman andNon-Independent Director was carried out by the Independent Director at their separateMeeting.

11. DECLARATION BY AN INDEPENDENT DIRECTOR(S)

The Company has received declaration from all the Independent Directors under Section149(7) of the Companies Act 2013 in respect of Meeting the criteria of Independenceprovided under Section 149(6) of the said Act.

12. POLICY ON DIRECTORS' APPOINTMENT AND REMUNERATION

The Company's policy on Directors Appointment and Remuneration including criteria fordetermining qualifications positive attributes independence of a Director and othermatters provided under subsection (3) of Section 178 of the Companies Act 2013 isavailable on Company's website at the link www.glancefinance.in.

13. MANAGEMENT DISCUSSION AND ANALYSIS REPORT

Management Discussion and Analysis Report for the year under review as stipulatedunder Regulation 34(2)(e) of SEBI Listing Obligations and Disclosure Requirements 2015 isannexed herewith as "Annexure C".

14. AUDITORS

i) STATUTORY AUDITORS:

M/s. JMT & Associates Chartered Accountant retires at the Ensuing AGM and eligiblefor reappointment. Accordingly M/s. JMT & Associates have consented to act asstatutory auditors of the Company till Financial Year 2025-26 i.e. up to the 32nd AGM ofthe Company and given a certificate in accordance with Section 139 141 and otherapplicable provisions of the Act to the effect that their appointment if made shall bein accordance with the conditions prescribed and that they are eligible to hold office asStatutory Auditors of the Company. As required under Regulation 33 of the ListingRegulations

Statutory Auditors have confirmed that they hold a valid certificate issued by the PeerReview Board of the Institute of Chartered Accountants of India.

Necessary resolution and explanation thereto have been provided in the AGM noticeseeking approval of members.

Auditors' Report:

There are no qualifications reservations or adverse remarks made by StatutoryAuditors in their report.

The Auditors have not reported any frauds.

ii) SECRETARIAL AUDITOR:

As per Section 204 of the Companies Act 2013 and the Companies (Appointment andRemuneration of Managerial Personnel) Rules 2014 as amended the Company has appointedM/s Shivhari Jalan & Co. Practicing Company Secretaries Mumbai to conduct theSecretarial Audit of your Company for the financial year 2020-21.

Secretarial Audit Report:

As required by Section 204 of the Act 2013 the Secretarial Audit Report for the year2020-21 is given by M/s Shivhari Jalan & Co. practicing Company Secretary forauditing the Secretarial and related records is attached herewith as "AnnexureA" to the Board's Report.

The Secretarial Auditor has given following observation:

Pursuant to Regulation 38 of SEBI (Listing Obligations and Disclosure Requirements)2015 The Company is required to comply with minimum public shareholding from 23.41% to25% as specified in Rule 19(2) and Rule 19A of the Securities Contracts (Regulation)Rules 1957 on or before August 31 2020. However Company has complied with Minimum PublicShareholding requirements on September 24 2020. The BSE Ltd vide their mail dated 07December 2020 has levied fine of Rs. 141600/- for Non-compliance with the Minimum PublicShareholding (MPS) Requirements.

Director's comment:

We would like to invite your kind attention that the Minimum Public Shareholding (MPS)of the Company had been reduced from 25% to 23.41% due to Buyback Offer of Equity Sharesof Glance Finance Limited. The complete process of Buyback Offer of Equity Shares wascompleted on 3rd July 2019. Further the Promoter and Promoter Group had undertaken thatin case there is an increase in the Voting rights of the Promoter and Promoter Group over75% necessary steps will be taken to reduce the shareholding of the Promoter and PromoterGroup in accordance with the provisions contain in the Rule 19A(l) of the SecuritiesContract (Regulation) Rules 1957. However due to the unprecedented situation that thewhole World and India is in right now facing due to Covid19 outbreak and the same beingdeclared as Global Pandemic by World Health Organisation (‘WHO') the Hon'ble ChiefMinister of Maharashtra (‘Hon'ble CM') in and around 18th March 2020 directed theoffices to reduce staff strength by 50%. The said containment measure did not give anyresult and hence on 20th March 2020 the Hon'ble CM announced complete lockdown inMaharashtra from 20th March 2020 till 31st March 2020. Considering the social emergencyand further rapid spread the Hon'ble Prime Minister on 24th March

2020 announced country wide lockdown w.e.f. 25th March 2020 for 21 days i.e. till 14thApril 2020 and the lockdown kept on extending till 7th June 2020. To support the nobleintent of the Government of India and Government of Maharashtra our office was fullyclosed since 21st March 2020 and we were finalizing the logistics to enable the staff towork from home. Meanwhile SEBI vide its circular no. SEBI/HO/CFD/CMDl/CIR/P/2020/81 datedMay 14 2020 granted relaxation from applicability of SEBI circular No.CFD/CMD/CIR/P/2017/115 dated October 10 2017. Accordingly the stipulations of theaforesaid October 10 2017 SEBI circular are relaxed for listed entities for whom thedeadline to comply with Minimum Public Shareh0lding ("MPS") requirements faNSbetween the peri0d fr0m March 1 2020 to August 31 2020 which included Glance FinanceLimited. Hence for due compliance with MPS Mr. Narendrakumar Sardarsingh Karnavatbelonging to the Promoter and Promoter group of the Company made an Offer for Sale (OFS)of 35878 (1.590407%) equity shares on 23rd September 2020 and 24th September 2020. Thesaid OFS process was initiated on 21st September 2020 and completed on 24th September2020. Without prejudice we submit that we strived hard to complete the OFS by August 312020 however due to travelling restrictions social distancing norms etc. to be followedat that time and the aforesaid factors we were able to complete the same by 24thSeptember 2020. The Company has also made application to BSE Ltd on 09 December 2020 forwaiver of fine. The matter is still pending with BSE Ltd.

iii) COST AUDITOR:

Appointment of cost auditors is not applicable to company.

15. INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY

M/s. P. C. Deora & Co. Chartered Accountants Mumbai is re-appointed as theInternal Auditors of the company for the Financial Year 2020-21.

Based on the report of Internal Audit function corrective action are undertaken in therespective areas and thereby strengthen the controls. Significant audit observations andcorrective actions thereon are presented to the Audit Committee of the Board.

During the year under review no material or serious observation has been received fromthe Internal Auditors of the Company for inefficiency or inadequacy of such controls.

16. VIGIL MECHANISM

In line with the best Corporate Governance practices Company has put in place a systemthrough which the Directors and Employees may report concerns about unethical behavioractual or suspected fraud or violation of the Company's Code of Conduct & Ethicswithout fear of reprisal. The Employees and Directors may report to the Compliance Officerand have direct access to the Chairman of the Audit Committee. The Whistle Blower Policyis placed on the website of the Company.

17. RISK MANAGEMENT

The Company has laid down the procedures to inform to the Board about the riskassessment and minimization procedures and the Board has formulated Risk management policyto ensure that the Board its Audit Committee and its Executive Management shouldcollectively identify the risks impacting the Company's business and document theirprocess of risk identification risk minimization risk optimization as a part of a RiskManagement Policy/ strategy.

The common risks inter alia are: Regulations Credit Risk Foreign Exchange andInterest Risk Competition Business Risk Technology Obsolescence Investments Retentionof Talent and Expansion of Facilities etc. Business risk inter-alia further includesfinancial risk political risk legal risk etc. The Board reviews the risk trendexposure and potential impact analysis and prepares risk mitigation plans if necessary.Details of the Risk management Policy have been uploaded on the website of the Company.

18. EXTRACT OF ANNUAL RETURN

Pursuant to the provisions of Section 134 (3) (a) of the Companies Act 2013 Extractof the Annual Return for the financial year ended 31st March 2021 made under theprovisions of Section 92 (3) of the Act in Form MGT-9 is annexed herewith as"Annexure B". Pursuant to Section 92(3) read with Section 134(3)(a) of the Actthe Annual Return of the Company as on March 312021 is available on the website of theCompany at https://www.glancefinance.in.

19. MATERIAL CHANGES AND COMMITMENT IF ANY AFFECTING THE FINANCIAL POSITION OF THECOMPANY

No material changes and commitments affecting the Financial Position of the Companyhave occurred between the end of the Financial year of the Company to which the FinancialStatement relate and the date of this Report.

20. PARTICULARS OF LOANS GUARANTEES OR INVESTMENTS

The particulars of loans given and investments made as at 31.03.2021 have beendisclosed in the financial statements. There are no guarantees given by the Company as at31.03.2021.

21. RELATED PARTY TRANSACTIONS

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. These transactions with Related parties during the financial year 2020-21 were notmaterial within the meaning and scope of Section 188 of Companies Act 2013. Materialityw.r.t Transactions with Related Parties: The Transactions with Related Parties if any areidentified as material based on policy of materiality defined by Board of Directors. Anytransaction which is likely to exceed/ exceeds 10% of previous year's Turnover of theCompany during the current financial year is considered as Material by the Board ofDirectors. Thus the information pursuant to Section 134(3)(h) of the Act read with Rule8(2) of the Companies (Accounts) Rules 2014 in Form AOC-2 is not applicable to theCompany.

22. CORPORATE GOVERNANCE

Regulations 17 to 27 and Clauses (b) to (i) of sub-regulation (2) of regulation 46 andpara C D and E of Schedule V of the SEBI (LODR) Regulations 2015 are not applicable tothe Company as the paid up Share Capital of the Company is less than 10 Crores and its NetWorth does not exceed 25 Crores as on 31st March 2020. Hence the Corporate GovernanceReport is not included in this Report.

For the financial year 2021-22 Regulations 17 to 27 and Clauses (b) to (i) ofsub-regulation (2) of regulation 46 and para C D and E of Schedule V of the SEBI (LODR)Regulations 2015 are not applicable to the Company as the paid up Share Capital of theCompany is less than 10 Crores and its Net Worth does not exceed 25 Crores as on 31stMarch 2021.

23. 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 2014 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 2014 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 2014 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 2014 is furnished.

5. No orders have been passed by any Regulator or Court or Tribunal which can have animpact on the going concern status and the Company's operations in future.

24. DISCLOSURE UNDER THE SEXUAL HARASSMENT OF WOMAN AT WORKPLACE (PREVENTIONPROHIBITION AND REDRESSAL) ACT 2013

The Company has in place a policy for prevention of Sexual Harassment at the Workplacein line with the requirements of Sexual Harassment of Women at the Workplace (PreventionProhibition and Redressal) Act 2013.

In terms of section 22 of the Sexual Harassment of Women at Workplace (PreventionProhibition and Redressal) Act 2013 we report that during 2020-21 no case has beenreported under the said act.

25. (a) CONSERVATION OF ENERGY TECHNOLOGY ABSORPTION

Your Company has directed its efforts to reduce energy costs by way of optimumutilization of electricity in its day to day activities. Your Company adopts moderntechnology in its day to day activities with a view of optimization of energy and othernatural resources.

(b) FOREIGN EXCHANGE EARNINGS AND OUTGO

There was no foreign exchange inflow or outflow during the year under review.

26. CORPORATE SOCIAL RESPONSIBILITY

The Provisions of Section 134(3)(o) and Section 135 of the Companies Act 2013 readwith Rule 8 of Companies (CSR Policy) Rules 2014 regarding Corporate SocialResponsibility do not apply to the company for the period under review.

27. DIRECTORS' RESPONSIBILITY STATEMENT

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

(a) In the preparation of the Annual Accounts for the year ended 31st March 2021 theapplicable accounting standards have been followed along with proper explanation relatingto material departures if any;

(b) Such accounting policies as mentioned in the Notes to the Financial Statements havebeen selected and applied consistently and judgments and estimates that are reasonable andprudent so as to give a true and fair view of the state of affairs of the Company as at31st March 2021 and of the profit of the Company for the year ended on that date;

(c) The Directors have taken proper and sufficient care for 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;

(d) The annual accounts for the year ended 31st March 2021 have been prepared on agoing concern basis;

(e) Directors has laid down internal financial controls to be followed by the Companyand such Internal Financial Controls are adequate and operating effectively;

* (f) Proper systems to ensure compliance with the provisions of all applicable lawswere in place and were 'adequate and operating effectively.

28. BUSINESS RESPONSIBILITY REPORT

Pursuant to Regulation 34 of the SEBI Listing Regulations top one thousand listedentities based on market capitalization (calculated as on March 31 of previous financialyear) shall provide Business Responsibility Report for the financial year 2020-21. TheCompany is outside the purview of top thousand listed entities. In view of this BusinessResponsibility Report is not applicable.

29. FAMILIARIZATION PROGRAMS OF INDEPENDENT DIRECTORS

Your Company has established well defined familiarization and induction program.Further at the time of the appointment of an Independent Director the Company issues aLetter of appointment outlining his / her role function duties and responsibilities.

30. CODE OF CONDUCT FOR PROHIBITION OF INSIDER TRADING

Your Company has in place a Code of Conduct for Prohibition of Insider which lays downthe process for trading in securities of the Company by the Designated Persons and toregulate monitor and report trading by the employees of the Company either on his/her ownbehalf or on behalf of any other person on the basis of Unpublished Price SensitiveInformation. The aforementioned amended Code as amended is available on the website ofthe Company.

31. MAINTENANCE OF COST RECORDS

Maintenance of cost records as specified by the Central Government under sub-section(1) of section 148 of the Companies Act 2013 is not applicable and not required by theCompany.

32. UNCLAIMED DIVIDEND AND UNCLAIMED SHARES

There is an amount of Rs. 66303/- unpaid and unclaimed dividend for the financial year2013-14 lying in the unpaid dividend account due to be transferred to Investor Educationand Protection Fund (IEPF) by November 2021. Pursuant to Section 124(6) of the CompaniesAct 2013 all shares in respect of which Dividend has not been paid or claimed for sevenconsecutive years or more shall be transferred by the company in the name of InvestorEducation and Protection Fund ("IEPF").

33. SUBSIDIARIES/ ASSOCIATES/JOINT VENTURES

The Company has no subsidiary/Joint ventures/Associate Companies as per the provisionsof Companies Act 2013.

34. LISTING WITH STOCK EXCHANGES:

The Company confirms that it has paid the Annual Listing Fees for the year 2021-22 toBSE where the Company's Shares are listed.

35. PUBLIC DEPOSITS

The Company has not accepted or renewed any amount falling within the purview ofprovisions of Section 73 of the Companies Act 2013 read with the Companies (Acceptance ofDeposit) Rules 2014 during the year under review. Hence the requirement for furnishingof details of deposits which are not in compliance with the Chapter V of the Act is notapplicable.

36. STATEMENT ON COMPLIANCES OF SECRETARIAL STANDARDS:

The Board of Directors have complied with applicable Secretarial Standards as specifiedu/s. 118 of Companies Act 2013.

SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS:

There were no orders passed by any Regulator or Court during the year.

38. ACKNOWLEDGEMENT

Your Directors acknowledge with gratitude the support received by the Company from theBanks Government Agencies/ organizations and employees of your Company.

Your Directors also acknowledge with thanks the faith reposed by the Investors in theCompany and look forward to their continued support for times to come

By order of the Board of Directors
For GLANCE FINANCE LIMITED
Narendra Karnavat
Chairman
(DIN: 00027130)
Place: Mumbai.
Date: August 06 2021

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