To the Members.
Your directors are pleased to present the Twenty-Fifth Annual Report on the businessand operations of the Company together with the Audited Financial Statements for yearended March 312019.
A summary of the Company's financial results for the Financial Year 2018-19 is asunder:-
(Amount in Rupees Lakhs)
|PARTICULARS ||Current Financial Y ear (2018-19) ||Previous Financial Year (2017-18) |
|Revenue from Operations ||173.23 ||122.35 |
|Other Income ||26.93 ||5.96 |
|Profit/loss before Depreciation Finance Costs Exceptional items and Tax Expense ||25.55 ||(16.99) |
|Less: Depreciation/Amortisation/Impairment ||8.74 ||7.38 |
|Proflt/Loss before Finance Costs Exceptional Items and Tax Expense ||16.81 ||(24.37) |
|Less: Finance Cost ||- ||- |
|Profit/Loss before Exceptional Items and Tax Expense ||16.81 ||(24.37) |
|Add/(less): Exceptional items ||- ||- |
|Profit/Loss before Tax Expense ||16.81 ||(24.37) |
|Less: Tax Expense (Current & Deferred) ||(5.20) ||(0.01) |
|Profit/loss for the year (1) ||22.00 ||(24.35) |
|Total Comprehensive Income/loss (2) ||- ||- |
|Total (1+2) ||22.00 ||(24.35) |
|Retained earnings as at the beginning of the year ||(23.57) ||0.46 |
|Profit after Tax ||22.000 ||(24.35) |
|Retained earnings before appropriations ||(1.57) ||(23.89) |
|Appropriations || || |
|Less: Transfer to reserve fund u/s 45-IC( I) of the RBI Act 1934 ||4.40 ||" |
|Less: Dividend paid on Equity Shares ||- ||- |
|Less: Dividend Distribution Tax ||- || |
|Less: Other Appropriation ||- ||(0.32) |
|Retained earnings as at the end of the year ||(5.98) ||(23.57) |
|Earnings per share (Face value of Rs. 10/-) || || |
|- Basic (Rs.) ||0.13 ||(0.15) |
|- Diluted (Rs.) ||0.13 ||(0.15) |
Due to rounding off numbers presented in above table may not add up precisely to thetotals provided.
Considering the present conditions of business and growth of Company the Board ofDirectors of the Company has not recommended any dividend for the Financial Year 2018-19.
Your Company being a Non Banking Financial Company the amount of Rs.4.40 Lakhs hasbeen transferred by the Company to the reserve fund named as Special Reserve as perRBI Act' created in pursuance of Section 45- 1C of the Reserve Bank of India Act. 1934where in every NBFC have to transfer a sum not less than 20% of its Net Profit every yearbefore declaring any dividend.
Except as mentioned above your Company does not propose to transfer any amount to anyreserve out of the amounts available for appropriation during the year under review.
During the year under review your Company has not made any allotment of equity Shares.The paid up Equity Share Capital as on 3181 March 2019 remained unchanged atRs. 16.74.34590/- comprising of 1.6743459 shares of Rs. 10/- each. The Company has alsonot issued shares with differential voting rights employee stock options and sweat equityshares during the period under review. The Authorized Share Capital of the Company isunchanged and stands Rs. 170000.000/- divided into 17000000 equity shares of Rs.10/-each.
The Authorised Share Capital of the Company has been increased from Rs. 170000000/-to Rs. 25.00.00.000/- divided into 2.50.00.000 equity shares of Rs. 10/- each with theapproval of the shareholders of the Company in their Extra-Ordinary General Meeting heldon April 30 2019.
LISTING ON STOCK EXCHANGE
The Company's shares are listed on SME Platform of BSE Limited. The listing fee for thefinancial year 2019-20 has been paid.
The Revenue from operations for the year under review has been ? 173.23 lakhs (PreviousYear: ? 122.35 lakhs). The Operating Profit stood at ? 16.81 lakh as against operatingloss of? 24.37 lakh in the Previous Year. The Net Profit for the year stood at ? 22 lakhagainst loss of ? 24.35 lakh in the Previous Year. Total income during FY2019 increased toRs. 200.16 Lakhs from Rs. 128.32 Lakhs during the year registering a growth of 56.25% overthe previous year. The profit after tax for the year under review was Rs. 22 Lakh ascompared to loss of Rs. 24.35 Lakhs for as on 31 March 2018. This could have been possibledue to the Company's healthy growth in AUM net interest margin operating efficienciesand prudent risk management.
The Assets Under Management (AUM) as on 31 March 2019 stood at Rs. 1916 Lakh ascompared to Rs. 1885.17 Lakh as on 31 March 2018 registering an increase of 1.64% over theprevious year. Loans receivables as on 31 March 2019 were Rs. 115.70 Lakhs as compared toRs. 1487.81 Lakhs as on 31 March 2018 registering a decrease of 92.20% over the previousyear.
The Company had an excellent year aided by strong volume growth across its line ofbusiness.
STATE OF THE COMPANY'S AFFAIRS
During the period under review:
- There has been the Change in Management and Control of the Company which has beenduly approved by the Reserve Bank of India (RBI) vide their letter no. DNBS.ND/CMS-V/No.831 /05.04.111/2017-18 dated August 8 2018.
- The Company has changed its name from Dhanuka Commercial Limited to Moneyboxx FinanceLimited which has been duly approved by the Registrar of companies NCT Delhi &Haryana. The Reserve Bank of India (RBI) and BSE Limited (Stock Exchange).
- The Board of Directors in its meeting held on March 29. 2019 had recommended themigration of the Company from SME Exchange of BSE Limited to Main Board of BSE Limitedwhich was duly approved by the shareholders of the Company by means of postal ballot onMay 09 2019 and the company is under the process of making an application to BSE Limitedwith respect to migration to Main Board of BSE Limited.
CHANGE IN THE NATURE OF BUSINESS
There have been no changes in the nature of business of the company for the periodunder review.
MATERIAL CHANGES ANI) COMMITMENT IF ANY AFFECTING THE FINANCIAL POSITION OF THECOMPANY HAVING OCCURRED SINCE THE END OF THE YEAR AND FILL THE DATE OF THE REPORT
There have been no material changes and commitments which affect the financialposition of the company which have occurred between the end of the financial year to whichthe financial statements relate and the date of this Report.
CORPORATE SOCIAL RESPONSIBILITY
Your Company does not fall within the provisions of section 135 of the Companies Act2013 relating to Corporate Social Responsibility (CSR) provisions. Hence details ofexpenditures on CSR are not required to be furnished.
HIGHLIGHTS OF PERFORMANCE OF SUBSIDIARIES ASSOCIATES AND JOINT VENTURE COMPANIES ANDTHF.IR CONTRIBUTION TO THE OVERALL PERFORMANCE OF THE COMPANY
The Company does not have any subsidiary associate or joint venture company therefore the statement containing the salient features of the financial statement ofsubsidiaries associates or joint ventures under the first proviso to sub-section (3) ofsection 129 in Form AOC-I is not applicable.
However due to the change in Management and Control during the year under review yourCompany has become the subsidiary of Moneyboxx Capital Private Limited' as definedunder clause (87) of section 2 of the Companies Act. 2013.
DIRECTORS AND KMP Director retiring by rotation:
Pursuant to the requirements of the Act and Articles of Association of the Company Mr.Govind Gupta (DIN: 00065603) is liable to retire by rotation and being eligible offershimself for re-appointment.
The Board recommends the appointment of Mr. Govind Gupta (DIN: 00065603) as Director ofthe Company retiring by rotation.
Durini; the year under review;
- Mr. Mahesh Kumar Dhanuka (DIN: 00069473). Mr. Gopal Krishan Bansal (DIN: 00073139)Mr. Mukesh Bansal (DIN: 06810137) and Mrs. Rajni Garg (DIN: 06859907) had resigned fromthe Directorship of the company w.e.f.. October 12. 2018.
- Mr. Bharat Narnia (M. No. 46834) Company Secretary of the Company resigned w. e. f.October 12 2018.
- Mr. Sanjeev Mittal (DIN: 00078563) resigned as Chief Financial officer and as KMP andwas also redesignated as Non-Executive Director from Executive Director of the Companywith effect from October 12. 2018.
- Further. Mr. San jeev Mittal resigned from the directorship of the Company w. e. f.August 19 2019.
- The Board places on record its appreciation for the valuable services rendered bythem during their tenure in the Company.
- Mr. Prashant Agarwal (DIN: 08019634) Mr. Mavur Modi (DIN: 08021679) Mr. GovindGupta (DIN: 00065603) and Mr. Deepak Aggarwal (DIN: 03140334) were appointed as additionalDirectors of the Company w. e. f. October 12 2018. There appointments were regularized byshareholders in the Extra Ordinary General Meeting held on January 03 2019.
- Mr. Prashant Agarwal (DIN: 08019634) and Mr. Mavur Modi (DIN: 08021679) weredesignated as Whole-time Director w. e. f. January 1 2019 approved by shareholders in theExtra Ordinary General Meeting held on January 03 2019.
- Mr. Prashant Agarwal (DIN: 08019634) was further designated as Chief FinancialOfficer (CFO) CoChief Executive Officer (Co-CEO) & as a KMP by the Board w. e. f.March 29 2019.
- Mr. Mayor Modi (DIN: 08021679) was further designated as Co-Chief Executive Officer(Co-CEO) & as a KMP by the Board w. e. f. March 29. 2019.
- Ms. Radhika Garg (M. No. 36587) was appointed as Company Secretary (KMP) w. e. f.November 12 2018.
Further during the year under review the Board of Directors had appointed Mr. UmaShankar Paliwal (DIN: 06907963) and Ms. Ratna Dharashrce Vishwanathan (DIN: 07278291) asadditional and Independent Director on the Board of Directors of the Company in accordancewith Section 149(4) of the Act with effect from January 11 2019 to hold office for aterm of 3 (three) consecutive years.
Pursuant to the provisions of Section 149 of the Act. the independent directors havesubmitted declarations that each of them meet the criteria of independence as provided inSection 149(6) of the Act along w'ith Rules framed thereunder and Regulation 16(1 Kb) ofthe Securities and Exchange Board of India (Listing Obligations and DisclosureRequirements) Regulations 2015. There has been no change in the circumstances affectingtheir status as independent directors of the Company. During the year under review thenon-executive directors of the Company had no pecuniary relationship or transactions withthe Company other than sitting fees and reimbursement of expenses incurred by them forthe purpose of attending meetings of the Board/Committee of the Company.
As required under regulation 36(3) of SEBI (Listing Obligations and DisclosureRequirements) Regulations 2015 the information on the particulars of the Directorsproposed for appointment / reappointment has been given in the Notice of the AnnualGeneral Meeting.
Further Mr. Uma Shankar Paliwal (DIN: 06907963) was appointed as Chairman of the Boardw.e.f. August 22 2019.
As on date the company had 6 Directors and 3 Key Managerial Personnel.
|S. No. ||Name of Director ||Designation |
|1. ||Mr. Uma Shankar Paliwal ||Chairman cum Independent Director |
|2. ||Ms. Ratna Dharashree Vishwanathan ||Independent Director |
|3. ||Mr. Prashant Agarwal ||Whole-time Director |
| || ||Co- Chief Executive Officer & Chief Financial Officer (KMP) |
|4. ||Mr. Mayur Modi ||Whole-time Director |
| || ||Co-Chief Executive Officer (KMP) |
|5. ||Mr. Govind Gupta ||Non-Executive Director |
|6. ||Mr. Deepak Aggarwal ||Non-Executive Director |
|7. ||Ms. Radhika Garg ||Company Secretary & Compliance Officer (KMP) |
NUMBER OF MEETINGS OF THE BOARD
The Board met 7 times during the financial year. The meeting details are provided inthe Corporate Governance Report' that forms part of this Annual Report. The maximuminterval between any two meetings did not exceed 120 days as prescribed in the CompaniesAct 2013.
COMMITTEES OF THE BOARD
There are four (4) committees constituted by the Board:
1. Audit Committee
2. Nomination and RemunerationCommittee
3. Stakeholder RelationshipCommittee
4. Executive committee
The Company has a duly constituted Audit Committee in compliance with the section 177of the Companies Act. 2013 and Regulation 18 of the SEB1 (Listing Obligations andDisclosure Requirements) Regulations. 2015. There have been no instances during the yearwhere recommendations of the Audit Committee were not accepted by the Board.
The details of the composition of the Board and its Committees and the number ofmeetings held and attendance of Directors at such meetings are provided in the CorporateGovernance Report which forms part of the Annual Report.
DIRECTORS RESPONSIBILITY STATEMENT
Pursuant to Section 134(5) of the Act. the Board of Directors to the best of itsknowledge and ability confirm that:
i) in the preparation of the annual accounts the applicable accounting standards havebeen followed alongwith proper explanation relating to material departures if any;
ii) they have selected such accounting policies and applied them consistently and madejudgments and estimates that are reasonable and prudent so as to give a true and fair viewof the state of affairs of the Company at the end of the financial year and of the profitof the Company for the financial year 2018-19 ;
iii) they have taken proper and sufficient care for the 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
iv) they have prepared the annual accounts on a going concern basis.
v) they have laid down internal financial controls to be followed by the Company andthat such internal financial controls are adequate and are operating effectively; and
vi) they have devised proper systems to ensure compliance with the provisions of allapplicable laws and that such systems are adequate and are operating effectively
DECLARATION BY INDEPENDENT DIRECTORS
The independent directors have submitted a declaration of independence stating thatthey meet the criteria of independence provided under section 149(6) of the Act asamended and regulation 16 of the SEBI Listing Regulations.
The Board took on record the declaration and confirmation submitted by the independentdirectors regarding them meeting the prescribed criteria of independence afterundertaking due assessment of the veracity of the same in terms of the requirements ofregulation 25 of the SEBI Listing Regulations.
POLICY ON DIRECTORS' APPOINTMENT AND REMUNERATION
The current policy is to have an appropriate mix of executive non-executive andindependent directors to maintain the independence of the Board and separate itsfunctions of governance and management. As of March 31. 2019 the Board had seven memberstwo of whom are executive Directors three are non - executive and non-independent memberand two non executive independent directors. One of the Independent directors of the boardis woman.
The policy of the company on director's appointment and remuneration including thecriteria for detennining qualifications positive attributes independence of a directorand other matters as required under sub-section (3) of section 178 of the CompaniesAct.2013 is available on our website athttp://monevboxxfinance.com/imaues/pdf/Nomination-Remuneration-policv.pdf
We affirm that the remuneration paid to the directors is as per the terms laid out inthe Nomination and Remuneration Policy of the Company.
The Board adopted a formal mechanism for evaluating its perfonnance and as well as thatof its Committees and individual Directors including the Chairman of the Board. The Boardof Directors has carried out an annual evaluation of its own perfonnance boardcommittees and individual directors pursuant to the provisions of the Act and SLBIListing Regulations. The performance of the board & its committees was evaluated bythe board after seeking inputs from all the directors on the basis of criteria such as theboard composition and structure effectiveness of board processes information andfunctioning etc.
In a separate meeting of independent directors performance of non-independentdirectors and the board as a whole was evaluated taking into account the views ofexecutive directors and non-executive directors.
Pursuant to the provisions of Regulation 15 of SEBI Listing Regulations the Company isexempted from providing the Compliance Certificate as required under regulation 17(8) ofSEBI Listing regulations by the Chief Executive Officer and Chief Financial Officer of theCompany.
Your Company has not invited/received/accepted any fixed deposits during the year assuch no amount of principal or interest on fixed deposits was outstanding on the date ofBalance Sheet. Therefore the disclosures as required under the Companies Act 2013 andthe Rules framed thereunder and RBI Directions are not applicable.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
The Management Discussion and Analysis Report as required under the SEBI (ListingObligations and Disclosure Requirements) Regulations. 2015 is provided in a separatesection and forms an integral part of this Report.
EXTRACT OF ANNUAL RETURN
The extract of annual return as provided under section 92(3) of the Act in theprescribed form MGT-9 is annexed as Annexure B to this Report and is also hosted on theCompany's website.
To the Company its people are a very valuable resource. In an increasingly competitivemarket for talent the Company continues to focus on attracting and retaining righttalent. It is committed to provide right opportunities to employees to realise theirpotential.
During the year the Company had conducted structured familiar interactions between theemployees of the Company and imparted programmes with regard to sharing information aboutthe Company's long term perspective its growth along with the growth of employees.
The Company had also conducted the training programme with respect to AML/CFT areaswhich inter alia includes familiarization with the AML/CFT guidelines issued by theReserve Bank of India (RBI) from time to time.
PARTICULAR OF EMPLOYEES
The information required under Section 197 of the Companies Act 2013 read with Rule5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules 2014are provided in separate annexure forming part of this Report as Annexure - A.
The statement containing particulars of employees as required under Section 197 of theCompanies Act. 2013 read with Rule 5(2) of the Companies (Appointment and Remuneration ofManagerial Personnel) Rules 2014 will be provided upon request. In terms of Section 136of the Companies Act 2013 the Report and Accounts are being sent to the Members andothers entitled thereto excluding the information on employees' particulars which isavailable for inspection by the members at the Registered Office of the Company duringbusiness hours on working days of the Company.
If any member is interested in obtaining a copy thereof such Member may write to theCompany Secretary in this regard.
As per Regulation 15(2) of SEBI (Listing Obligations and Disclosure Requirements)Regulations 2015 compliance with the provisions of the Corporate Governance are notapplicable on the Companies having paid up equity share capital not exceeding Rs. 10 Croreand Net Worth not exceeding Rs. 25 Crorc as on the last day of previous financialyear or on the Companies listed on SME Exchange.
Since the Net Worth of the Company as on 31s1 March 2019 does not exceed thethreshold limit of Rs. 25 Crore and also your Company being listed on SME Exchange theprovisions of the Corporate Governance are not applicable to the Company. Hence nocertificate has been attached regarding compliances of conditions of corporate governance.
However as a good corporate practice and for more transparency the Company hasprovided a detailed report on Corporate Governance pursuant to the provisions ofRegulation 34(3) of the SEBI Listing Regulations and forms part of the Annual Report.
VIGIL MECHANISM / WHISTLE BLOWER POLICY
The Company has a Whistle Blower Policy to report genuine concerns or grievances &to provide adequate safeguards against victimization of persons who may use suchmechanism.
There was no reporting made by any employee for violations of applicable laws andregulations and the Code of Conduct for the F.Y. 2018-19.
INTERNAL FINANCIAL CONTROL SYSTEMS AND THEIR ADEQUACY
Your Company has an effective internal control and risk-mitigation system which areconstantly assessed and strengthened with new/revised standard operating procedures. TheCompany's internal control system is commensurate with its size scale and complexities ofits operations. The main thrust of internal audit is to test and review controlsappraisal of risks and business processes besides benchmarking controls with bestpractices in the industry.
The Audit Committee of the Board of Directors actively reviews the adequacy andeffectiveness of the internal control systems and suggests improvements to strengthen thesame.
The internal control system is supplemented by an extensive programme of audit reviewby management and documented policies guidelines and procedures. The internal financialcontrols with reference to the financial statements were adequate and operatingeffectively. The management ensures adherence to all internal control policies andprocedure as well as compliance with regulatory guidelines. No audit observations and/orsignificant recommendations have been received from the Internal Auditor of the Company.
The Statutory Auditors of the Company have audited the internal financial controls overfinancial reporting of the Company as of March 31 2019 in conjunction with audit of thefinancial statements of the Company for the year ended on that date and Annexure 'B' tothe Auditor's Report may be referred to in this regard.
AUDIT AND AUDITORS (a) Statutory Auditor
Pursuant to the provisions of Section 139 of the Companies Act 2013 and the Companies(Audit and Auditors) Rules 2014 (including any statutory modification(s) or re-enactmentthereof for the time being in force) Messrs DSP & Associates. Chartered Accountants(KRN 006791N) were appointed as Statutory Auditors of the Company for a period of fiveconsecutive years at the Annual General Meeting (AGM) of the Members held on June 262018.
Messrs DSP & Associates. Chartered Accountants (ICAI l-RN 00679IN) have expressedthat they will hold the office of the Statutory Auditors of the Company until theconclusion of the ensuing Annual General Meeting and will not seek their re-appointmentdue to their pre-occupation.
Since Messrs DSP & Associates have expressed not to continue as Statutory Auditorsof the Company the Company is required to appoint another Auditor to hold office of theStatutory Auditors of the Company from the conclusion of the ensuing Annual GeneralMeeting.
The Board of Directors at its meeting held on August 22. 2019. after considering therecommendations of the Audit Committee had recommended the appointment of M/s Gaur &Associates Chartered Accountants (Finn Registration No. 005354C). New Delhi as theStatutory Auditors of the Company for approval of the members. The proposed Auditors shallhold office of statutory auditor of the Company from the conclusion of 25lhAnnual General Meeting till the conclusion of 30'h Annual General Meeting ofthe Company to be held in the calendar year 2024 with respect to 5 (five) financial yearsbeginning April 12019 and ending March 31 2024.
M/s Gaur & Associates Chartered Accountants have consented to the aforesaidappointment and confirmed that their appointment if made will be within the limitsspecified under Section I41(3)(g) of the Companies Act 2013. They have further confirmedthat they are not disqualified to be appointed as the Statutory Auditors in terms of theCompanies Act. 2013 and the rules made thereunder.
Pursuant to Section 139 of the Companies Act 2013 approval of the members is requiredfor appointment of the Statutory Auditors and fixing their remuneration by means of anordinary resolution. Accordingly approval of the members is sought for appointment ofM/s. Gaur & Associates. Chartered Accountants as the Statutory Auditors of the Companyand to fix their remuneration.
There is no qualification reservation or adverse remark for the year under review.
(b) Secretarial Auditor
Pursuant to the provisions of Section 204 of the Act and rules made thereunder theCompany had appointed Messrs Manish K & Associates a firm of Company Secretaries inPractice (C.P No. 15931) to undertake the Secretarial Audit of the Company. TheSecretarial Audit Report for the financial year ended as on March 312019 is annexed asAnnexure C and forms an integral part of this Report.
There is no qualification for the year under review.
As per the provisions of Section 148 read with the Cost Audit Rules the provisionsregarding Cost Audit is not applicable to the Company.
PARTICULARS OF LOANS GUARANTEES AND INVESTMENTS
The Company being a non-banking financial company registered with RBI and engaged inthe business of giving loans is exempt from the provisions of section 186 of the Act inrespect of loans and guarantees. Accordingly the disclosures of the loans given asrequired under the aforesaid section have not been made in this Report.
RELATED PARTY TRANSACTIONS
All related party transactions entered during FY20I9 were on an arm's length basis andin the ordinary course of business under the Act and were entered with the approval of theAudit Committee/Board of Directors in line with provisions of the Act and SEBI ListingRegulations. There was no materially significant related party transaction under the Actor the SEBI Listing Regulations which had a potential conflict with the interest of theCompany at large. None of the transactions required members' prior approval under the Actor the SEBI Listing Regulations. Accordingly the disclosure of Related Party Transactionsas required under Section 134(3) (h) of the Companies Act 2013 in Form AOC 2 is notapplicable. The Directors draw attention of the members to Note No. 27 of the Notes to theFinancial Statements which sets out related party transactions.
CONSERVATION OF ENERGY TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS / OUTGO
Particulars regarding conservation of energy & technology absorption as required tobe disclosed pursuant to the Rule 8(3) of the Companies (Accounts) Rules 2014 are asunder.
|(A) Conservation of Energy- |
(i) the steps taken or impact on conservation of energy
|The Company's operations involve low energy consumption and wherever possible energy conservation measures have already been implemented. |
|(ii) the steps taken by the company for utilising alternate sources of energy ||Efforts to conserve and optimize the use of energy through improved operational methods and other mean will continue as an on-going basis. |
|(iii) the capital investment on energy conservation equipments ||NA |
|(B) Technology absorption- |
(i) the efforts made towards technology absorption
|Since the company is primarily engaged in NBFC activities the minimum technology required for the business has been absorbed. |
|(ii) the benefits derived like product improvement cost reduction product development or import substitution ||NA |
|(iii) in case of imported technology (imported during the last three years reckoned from the beginning of the financial year)- |
(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; and
(iv) the expenditure incurred on Research and NA Development.
(C) Foreign exchange earnings anil Outgo-:
There were no foreign exchange earnings and outgo during the year under review(previous year):NIL RISK MANAGEMENT
The Board of Directors have adopted a risk management policy for the Company whichprovides for identification assessment and control of risks which in the opinion of theBoard may threaten the existence of the Company. The Management identifies and controlsrisks through a properly defined framework in tenns of the aforesaid policy.
REPORTING OF FRAUDS BY AUDITORS
There was no instance of fraud during the year under review which required theStatutory Auditors / Secretarial Auditors to report to the Audit committee and / or Boardunder Section 143( 12) of the Act and the rules made thereunder.
SECRETARIAL STANDARDS OF ICSI
Your Directors confirm that the Secretarial Standards issued by the Institute ofCompany Secretaries of India as applicable on the Company have been complied with.
SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS
During the year under review no significant and material orders were passed by anyregulator or court or tribunal impacting the going concern status and Company's operationsin future.
DISCLOSURE UNDER SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION PROHIBITION ANDREDRESSAL) ACT 2013
The Company has adopted a Policy on prevention prohibition and redressal of sexualharassment at workplace in line with the provisions of the Sexual Harassment of Women atworkplace (Prevention Prohibition and Redressal) Act 2013 and the Rules made thereunder.
The Company has also formed an Internal Complaints Committee which is responsible forredressal of complaints related to sexual harassment and follows the guidelines providedin the policy.
The Company has not received any complaints on sexual harassment during the year.ACKNOWLEDGEMENT
We thank our customers investors bankers for their continued support during the year.We place on record our appreciation of the contribution made by our employees at alllevels. Our growth was made possible by their hard work solidarity cooperation andsupport.
We thank the Government of India particularly the Ministry of Corporate Affairs theCentral Board of Direct Taxes. GST authorities the Reserve Bank oflndia. SecuritiesExchange Board of India (SEBI) and other Government authorities for their support and lookforward to their continued support in future.
By order and on behalf of the Board Moiievboxx Finance Limited
|(Prashant Agarwal) ||(Mayur Modi) |
|Whole-time Director ||Whole-time Director |
|DIN:08019634 ||DIN: 08021679 |
|Date: August 22. 2019 || |
|Place: Mumbai || |