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Multiplus Holdings Ltd.

BSE: 505594 Sector: Financials
NSE: N.A. ISIN Code: INE886E01016
BSE 00:00 | 20 Jan Multiplus Holdings Ltd
NSE 05:30 | 01 Jan Multiplus Holdings Ltd
OPEN 32.80
PREVIOUS CLOSE 32.80
VOLUME 2
52-Week high 32.80
52-Week low 0.00
P/E 0.85
Mkt Cap.(Rs cr) 6
Buy Price 32.80
Buy Qty 998.00
Sell Price 0.00
Sell Qty 0.00
OPEN 32.80
CLOSE 32.80
VOLUME 2
52-Week high 32.80
52-Week low 0.00
P/E 0.85
Mkt Cap.(Rs cr) 6
Buy Price 32.80
Buy Qty 998.00
Sell Price 0.00
Sell Qty 0.00

Multiplus Holdings Ltd. (MULTIPLUSHOLD) - Director Report

Company director report

Dear Shareholders

Your Directors here by present the 40th Annual Report together with theAudited statements of Accounts for the financial year ended on 31st March 2022.

Financial Highlights:

(Amount in Rs.)

Particulars 2021-22 2020-21
Total Income 37804331 3524468
Total expenditure 1238435 1211390
Profit / (Loss) before Taxation 36565896 2313077
Current tax 1050000 0
Other Comprehensive Income 0 0
Profit (Loss) for the period from continuing operations 35515896 2313077

DIVIDEND:

Considering the overall business requirements your directors have not recommendeddividend for the Financial Year 2021-22. The management believes that conserving financialresources will enhance the ability to take advantage of lucrative business opportunities.

TRANSFER TO RESERVES:

The Company has not transferred any amount to Reserves for the period under review.

CAPITAL STRUCTURE:

The issued subscribed and paid up capital of the Company is Rs. 18800000 /- dividedinto 1880000 equity shares of Rs. 10/- each. There has been no change in the sharecapital of the Company during the year.

SUBSIDIARIES JOINT VENTURES OR ASSOCIATE COMPANIES:

The Company does not have any subsidiary associate companies & joint ventures.

DEPOSIT:

Your Company has not accepted any deposits within the meaning of Section 73 of theCompanies Act 2013 and the Companies (Acceptance of Deposits) Rules 2014.

PARTICULARS OF LOANS GUARANTEES OR INVESTMENTS:

The Particulars of loans given investments made guarantees given and securitiesprovided as per Section 186 of the Companies Act 2013 by the Company are disclosed in thefinancial statements of the company.

RELATED PARTY TRANSACTIONS:

All the related party transactions are entered on arm's length basis in the ordinarycourse of business and are in compliance with the applicable provisions of the CompaniesAct 2013 and the SEBI (Listing Obligations and Disclosure Requirements) Regulations2015. There are no materially significant related party transactions made by the Companywith Promoters Directors Key Managerial Personnel etc. which may have potentialconflict with the interest of the Company at large or which warrants the approval of theshareholders. Accordingly no transactions are being reported in Form AOC-2 in terms ofSection 134 of the Act read with Rule 8 of the Companies (Accounts) Rules 2014. Howeverthe details of transactions with Related Parties are provided in the Company's financialstatements in accordance with the Accounting Standards.

All Related Party Transactions are presented to the Audit Committee and the Board.Omnibus approval is obtained for the transactions which are foreseen and repetitive innature. A statement of all related party transactions is presented before the AuditCommittee on a quarterly basis specifying the nature value and terms and conditions ofthe transactions.

MATERIAL CHANGES AND COMMITMENTS 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 financial year to which the financial statements relateand the date of the Directors' Report.

SIGNIFICANT ORDERS PASSED BY THE REGULATORS COURTS OR TRIBUNALS IMPACTING GOINGCONCERN AND COMPANY'S OPERATIONS:

To the best of our knowledge the company has not received any such orders passed bythe regulators courts or tribunals during the year which may impact the going concernstatus or company's operations in future.

DIRECTORS AND KEY MANAGERIAL PERSONNEL: Directors:

The Board of Directors consists of 5 members out of which 2 are Independent Directorsand 3 are Non-Executive and NonIndependent - Directors out of which 1 women director. Thecomposition is in compliance with the Companies Act 2013 and Listing Regulation.

As per the provisions of Section 152(6) of the Companies Act 2013 and the company'sArticles of Association Mr. JAYPRAKASH RAMNIKLAL SHETH (DIN: 02037108) shall retire byrotation at the ensuing Annual General Meeting and being eligible has offered himself forreappointment - as the Director of the Company.

Key Managerial Personnel:

As per the provisions of Section 203 of the Companies Act 2013 Mr. JIGNESH RAMNIKLALSHETH Chief Executive Officer Mr. MAHESH VIJAYKUMAR FULPADIA Chief Financial Officerand Ms. AMRITA BAPNA Company Secretary are the key managerial personnel of the Company.

DECLARATION BY INDEPENDENT DIRECTORS:

The Company has received necessary declaration from each Independent Director underSection 149 (7) of the Companies Act 2013 that they meet the criteria of independencelaid down in Section 149(6) of the Companies Act 2013.

NUMBER OF MEETINGS OF THE BOARD:

The details of the number of meetings of the Board held during the Financial Year2021-22 forms part of the Corporate Governance Report.

COMMITTEES OF THE BOARD:

The Board of Directors has the following Committees and the details of the Committeesalong with their composition number of meetings and attendance at the meetings areprovided in the Corporate Governance Report.

1. Audit Committee

2. Nomination and Remuneration Committee

3. Stakeholders' Relationship Committee

BOARD EVALUATION:

Pursuant to the provisions of the Schedule IV clause VIII of the Companies Act 2013the Board has carried out an evaluation of its own performance the directors individuallyas well as the evaluation of the working of its Audit Appointment & RemunerationCommittees. The performance evaluations of Independent Directors were also carried out andthe same was noted. Independent Directors in their meeting decided to bring moretransparency in their performance and bring more responsibility while taking any policydecisions for the benefit of the shareholders in general.

REMUNERATION OF THE DIRECTORS/ KEY MANAGERIAL PERSONNEL (KMP)/ EMPLOYEES:

The information required pursuant to Section 197(12) of the Companies Act 2013 readwith Rules 5(2) and 5(3) of The Companies (Appointment and Remuneration of ManagerialPersonnel) Rules 2014 in respect of the employees of the Company will be provided uponrequest. In terms of Section 136(1) of the Companies Act 2013 the Report and Accountsare being sent to the Members and others entitled thereto excluding the information onemployees' particulars which is available for inspection by the Members at the RegisteredOffice of the Company during business hours on working days of the Company up to the dateof the ensuing Annual General Meeting. If any Member is interested in obtaining a copythereof such Member may write to the Company Secretary in this regard. Disclosurespertaining to remuneration and other details as required under Section 197(12) of theCompanies Act 2013 read with Rule 5(1) of the (Appointment and Remuneration of ManagerialPersonnel) Rules 2014 are given as separate annexure in the Board's Report.

AUDITORS AND AUDITORS' REPORT:

M/s. Atul Doshi & Associates CHARTERED ACCOUNTANTS Mumbai appointed asStatutory Auditors of the company in place of M/s. PPD AND COMPANY CHARTERED ACCOUNTANTSMumbai (Firm Reg. No. 136510W) and hold office until the conclusion of the ensuing AnnualGeneral Meeting and are eligible for reappointment. The observations made by the Auditors'in their Auditors' Report and the Notes on Accounts referred to in the Auditors' Reportare self-explanatory and do not call for any further comments.

COST AUDITOR AND COST AUDIT REPORT:

Cost Audit is not applicable to your Company.

INTERNAL CONTROL SYSTEMS:

As there is no significant business activities hence there was no systems set up forInternal Controls.

EXTRACT OF ANNUAL RETURN:

Pursuant to Section 92(3) read with Section 134(3) (a) of the Companies Act 2013 theAnnual Return as on 31st March 2022 is available on the website of the Company atwww.multiplusholdings.com.

CORPORATE SOCIAL RESPONSIBILITY INITIATIVES:

The Company has not developed and implemented any Corporate Social Responsibilityinitiative under the provisions of Section 135 of the Companies Act 2013 read with Rule9 of Companies (Corporate Social Responsibility Policy) Rules 2014 as the saidprovisions are not applicable.

SECRETARIAL AUDIT AND SECRETARIAL AUDITORS' REPORT:

Pursuant to provisions of section 204 of the Companies Act 2013 and The Companies(Appointment and Remuneration of Managerial Personnel) Rules 2014 the Company hasappointed Mrs. Shubham Agarwal Goyal Practicing Company Secretary (Membership No. FCS8192) Ahmedabad to undertake the Secretarial Audit of the Company. The Secretarial Auditreport in the prescribed Form No MR-3 is annexed herewith.

QUALIFICATION IN SECRETARIAL AUDIT REPORT AND EXPLANATIONS BY THE BOARD:

Sr. No. Qualifications made by Secretarial Auditor Explanations by the Board
a) The company has not complied with certain regulation of SEBI (LODR) Regulations 2015 as regards publication of Notice of AGM and quarterly results. The company will take necessary steps to comply with the same.
b) As per section 138 of the Companies Act 2013 the Company is required to appoint Internal Auditor. The Company has not appointed Internal Auditor. The size of operation of the Company is very small it is not viable to appoint Internal Auditor but the Company has established the internal control system.
c) Updating of website with regard to various policies is pending. The company will take necessary steps to update website with regard to various policies which are pending.
e) The company has not complied with certain regulation of SEBI (LODR) Regulations 2015 during the year under review. The company will take necessary steps to comply with the same.

REPORT ON CORPORATE GOVERNANCE & MANAGEMENT DISCUSSION & ANALYSIS:

Pursuant to Regulation 34(3) read with Schedule V of the SEBI (Listing Obligations andDisclosure Requirements) Regulations 2015 Company has taken adequate steps to ensure thatall mandatory provisions of Corporate Governance as prescribed under SEBI (ListingObligations and Disclosure Requirements) Regulations 2015 are complied with a separatesection titled Report on Corporate Governance together with a Certificate from thePracticing Company Secretary forms part of this Report.

A detailed Management Discussion & Analysis forms part of this Report.

DISCLOSURE UNDER THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION PROHIBITION

AND REDRESSAL) ACT 2013: The Company has zero tolerance for sexual harassment atworkplace and has adopted a policy against sexual harassment in line with the provisionsof Sexual Harassment of Women at Workplace (Prevention Prohibition and Redressal) Act2013 and the rules framed thereunder. The Company has not received any sexual harassmentrelated complaints during the year.

TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO:

The details of conservation of energy technology absorption etc. as required to begiven under Section 134(3)(m) of the Companies Act 2013 read with Rule 8 of TheCompanies (Accounts) Rules 2014 are not applicable to Company as our Company has notcarried out in the manufacturing activities. The foreign exchange earning on account ofthe operation of the Company during the year was Rs. Nil.

VIGIL MECHANISM:

As the Company does not have any significant business activity there was no need tohave a Vigil Mechanism Policy.

DIRECTORS' RESPONSIBILITY STATEMENT:

The Directors' Responsibility Statement referred to in clause (c) of subsection - (3)of Section 134 of the Companies Act 2013 shall state that: a) In the preparation of theannual accounts the applicable accounting standards have been followed along with properexplanation by way of notes to accounts relating to material departures;

b) the Directors have selected such accounting policies and applied them consistentlyand made judgments and estimates that were 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 profit or loss of the Company for that period;

c) the Directors 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;

e) Directors have prepared the accounts on a "going concern basis".

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

BUSINESS RISK MANAGEMENT:

Since the Company does not have any significant business activities hence the BusinessRisk is at the Minimal Level. Hence no major risk factors are envisaged except for: a.Government Policies b. Human Resource Risk.

ACKNOWLEDGEMENT:

Your Directors would like to express their sincere appreciation for the assistance andco-operation received from the Banks Government Authorities Customers and Shareholdersduring the year. Your directors also wish to take on record their deep sense ofappreciation for the committed services of the employees at all levels which has made ourCompany successful in the business.

For and on Behalf of the Board
For MULTIPLUS HOLDINGS LIMITED
Place: Mumbai
Date: 28.05.2022
JIGNESH SHETH
Chairman
DIN: 00290211

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