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IMC Finance Ltd.

BSE: 505539 Sector: Financials
NSE: N.A. ISIN Code: INE170F01012
BSE 05:30 | 01 Jan IMC Finance Ltd
NSE 05:30 | 01 Jan IMC Finance Ltd

IMC Finance Ltd. (IMCFINANCE) - Director Report

Company director report

To

The Members IMC Finance Limited

Your Directors have pleasure in presenting the 37th Annual Report on the business andoperations of the Company and the accounts for the Financial Year ended March 31 2019.

1. Financials performance of the company:

FINANCIAL RESULTS

Particulars 2018-19 2017-18
Rs. Rs.
Total Income 584452 1573640
Less : Operating & Admin Expenses 5341876 939541
Profit / (Loss) before Depreciation and Taxes (4757424) 634100
Less : Depreciation - -
Profit / (Loss) before Tax (PBT) (4757424) 634100
Less : Provision for Current tax - -
Provision for Deferred Tax - -
Short / (Excess) Provision for Taxation for earlier
Profit / (Loss) after Tax (PAT) (4757424) 634100

During the year total income of your company has been decreased from Rs. 1573640/- inthe previous year to Rs.584452/- in the current year and also during the year yourcompany has incurred a loss of Rs.4757424/-

2. Material changes and commitments if any affecting the financial position of thecompany which have occurred between the end of the financial year of the company to whichthe financial statements relate and the date of the report:

There is no material changes and commitment which could affect the financial positionof the company from the end of the financial year till the date of this report.

3. Dividend:

Directors of the Company are not recommending any dividend for the Financial Year ended31st March 2019.

4. Share Capital:

During the year the company has not issued any shares and paid-up capital andauthorized capital remains same.

5. Directors' Responsibility Statement:

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

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

(b) the directors had selected such accounting policies and applied them consistentlyand made judgments and estimates that are reasonable and prudent so as to give a true andfair view of the state of affairs of the company at the end of the financial year and ofthe Loss of the company for that period;

(c) the directors had 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 had prepared the annual accounts on a going concern basis;

(e) the directors had laid down proper internal financial controls to be followed bythe Company and that such internal financial controls are adequate and were operatingeffectively and

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

6. Directors and Key Managerial Personnel (KMP):

Mr. Praveen Kumar Chopra Director retires by rotation and being eligible offershimself for re-appointment. The Company is in the process of appointing Key ManagerialPersonnel pursuant to Sec.203 of the Companies Act 2013.

7. Extract of Annual Return:

Pursuant to the requirement of section 92(3) of the Companies Act 2013 read with Rule12(1) of the Companies (Management and Administration) Rules 2014 an Extract of AnnualReturn in Form MGT-9 is annexed as

Annexure -1.

8. Number of Meetings of the Board:

Board of Directors of the company has met Six times during the year i.e. 25.05.201810.08.2018 12.11.2018 28.11.2018 04.01.2019 11.02.2019. The intervening gap betweenthe meetings was within the period prescribed under the Companies Act 2013.

9. Auditors:

The Auditors of the Company M/s. Subramaniam Bengali & Associates. CharteredAccountants (Firm Registration Number 127499W) Mumbai was appointed for the period of 5years till the end of financial year 31.03.2022 at the AGM held on 29.09.2017.

10. Internal Controls:

The Company has in place adequate systems of internal control commensurate with itssize and the nature of its operations. These have been designed to provide reasonableassurance with regard to recording and providing reliable financial and operationalinformation complying with applicable statutes safeguarding assets from unauthorizeduse executing transactions with proper authorization and ensuring compliance of corporatepolicies.

11. Particulars of loans guarantees or investments under section 186:

Particulars of the same are given in Notes to Accounts

12. Related Party Transactions: During the year your company has not entered anyrelated party transactions.

13. Conservation of energy technology absorption and foreign exchange earnings andoutgo:

The details of conservation of energy technology absorption foreign exchange earningsand outgo are as follows:

I. Conservation of energy
(i) the steps taken or impact on conservation of energy
(ii) the steps taken by the company for utilizing alternate sources of energy Nil
(iii) the capital investment on energy conservation equipment's
II. Technology absorption
(i) the efforts made towards technology absorption
the benefits derived like product improvement cost reduction product development or import substitution in case of imported technology (imported during the last three years reckoned from the beginning of the financial year)- Nil
(iii) (a) the details of technology imported
(b) the year of import;
(c) whether the technology been fully absorbed
(d) if not fully absorbed areas where absorption has not taken place and the reasons thereof the expenditure incurred on Research and Development
(iv)
III. Foreign exchange earnings and Outgo
Earnings Nil
Outgo Nil

14. Details of Subsidiary/Joint Ventures/Associate Companies:

Your company does not have any Subsidiary / Associates / Joint Ventures.

15. Explanation to Statutory Auditor's report:

The Statutory Auditors' Report does not contain any qualification reservation oradverse remark or disclaimer. Notes to Accounts and Auditors remarks in their report areself-explanatory and do not require for any further comments.

16. Explanation to Secretarial Auditor's report: The Company is in the process ofappointing another Independent Director and after the appointment it will reconstitute theAudit Committee and Nomination Remuneration Committee. Further it is searching for thesuitable person to be appointed as Women Director and Key Managerial Personnel and it willcomply the provisions shortly. Report of the Secretarial Auditor is annexed. Please referAnnexure - II

17. Particulars of employees as required under Rule 5(2) of the Companies (Appointmentand Remuneration of Managerial Personnel) Rules. 2014:

Your company does not have any employees hence the above provision is not applicable.

18. Risk management policy:

The Board of Directors is overall responsible for identifying evaluating and managingall significant risks faced by the Company. The Board approved Risk Management policywhich acts as an overarching statement of intent and establishes the guiding principles bywhich key risks are managed across the organization.

The Company follows well established and detailed risk assessment and minimizationprocedures. The Company has in place a business risk management framework for identifyingrisks and opportunities that may have a bearing on the organization's objectivesassessing them in terms of likelihood and magnitude of impact and determining a responsestrategy. In the opinion of the Board none of the risks faced by the Company threaten itsexistence.

19. Deposit from public:

The Company has not accepted any deposits from public and as such no amount on accountof principal or interest on deposits from public was outstanding as on the date of thebalance sheet.

20. General:

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) Change in nature of business

(2) Issue of shares

(3) Names of companies which have become or ceased to be its Subsidiaries JointVentures or Associate Companies during the year

(4) No significant or material orders were passed by the Regulators or Courts orTribunals which impact the going concern status and Company's operations in future.

(5) Your Directors further state that during the year under review there were no casesfiled pursuant to the Sexual Harassment of Women at Workplace (Prevention Prohibition andRedressal) Act 2013.

(6) Details in respect of frauds reported by auditors under Sec.143(12) other thanwhich are reportable to Central Government

21. Acknowledgements:

Your Directors place on record their appreciation for the assistance and supportextended by all Government Authorities Financial Institutions Bankers Shareholders andother stakeholders and look forward to their continued support.

For and on behalf of the Board of Directors of IMC Finance Limited

S.M.Lele

Chairman

Place : Mumbai

Date : 29th May 2019

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