My Money Securities Ltd.
|BSE: 538862||Sector: Financials|
|NSE: N.A.||ISIN Code: INE232L01018|
|BSE 00:00 | 11 Jun||My Money Securities Ltd|
|NSE 05:30 | 01 Jan||My Money Securities Ltd|
|BSE: 538862||Sector: Financials|
|NSE: N.A.||ISIN Code: INE232L01018|
|BSE 00:00 | 11 Jun||My Money Securities Ltd|
|NSE 05:30 | 01 Jan||My Money Securities Ltd|
Your Directors have pleasure in presenting the 30th Annual Report of theCompany with the Audited Financial Statements of Accounts and the Auditor's Report of theCompany for the period ended 31st March 2021. The Summarized Financial Resultsfor the period ended 31st March 2021 are as under.
1. PERFORMANCE HIGHLIGHTS:
The financial statements of the company are prepared in accordance with the IndianAccounting Standards (referred to as IND AS') prescribed under section 133 of theCompanies Act 2013 read with the Companies (Indian Accounting Standards) Rules asamended from time to time. Significant accounting policies used in the preparation of thefinancial statements are disclosed in the notes to the consolidated financial statements.
The performance highlights of the company for FY 2020-21 are furnished as under:-
2. REVIEW OF OPERATIONS:
Your Company being a member of National Stock Exchange of India Ltd (NSE) andMetropolitan Stock Exchange of India Ltd. (MSEI- Currency Segment) is in broking businessand total Revenue for the Financial Year 2020-21 stood at Rs.6929779/-net profit isRs.492872/- as against the revenue of previous Financial Year which was Rs.(2751156)/- net loss was Rs. 14716428/- .
The business margins are strained due to rise in input costs including salaries andother marketing expenses going up with inflation. Business is in stress due to severeeconomic condition and market volatility.
The COVID-19 pandemic has emerged as a global challenge creating disruption across theworld. Your Directors have been periodically reviewing with the Management the impact ofCOVID-19 on the Company. During the 1st quarter of the year there was Lockdown in thecountry due to of Covid-19 pandemic but as we were part of essential service we wereworking throughout the Lockdown. The focus immediately shifted to ensuring the health andwell-being of all employees and on minimizing disruption to services for all ourcustomers globally. The Board and the Management will continue to closely monitor thesituation as it evolves and do its best to take all necessary measures in the interestsof all stakeholders of the Company.
No Dividend is recommended for the period ending 31st March 2021 in view ofinadequate profits during the Financial Year and absence of any free reserve.
5. NUMBER OF MEETINGS OF THE BOARD
The Board of Directors duly met five times on 24th July 2020 14thAugust 2020 15th September 2020 12th November 2020 and 12thFebruary 2021 in respect of which notices were given and the proceedings were recordedand signed in the Minutes Books maintained for the purpose.
The company is not having any subsidiary company or joint venture or associate.Therefore there is not requirement to furnish any information as required under Section129 of the Companies Act 2013 read with relevant rules.
7. COMMITTEES OF THE BOARD
Currently the Board is having four committees namely as Audit Committee StakeholdersRelationship Committee Nomination & Remuneration Committee and Risk ManagementCommittee consists of independent directors.
The Composition of the committees as per the applicable provisions of the Act and Rulesare as follows:
8. DISCLOSURE AS PER SECRETARIAL STANDARDS:
The company confirms the compliance of applicable Secretarial Standards throughout theyear.
9. EMPLOYEES' STOCK OPTION PLAN
Your company had not provided any employees stock options.
10. BOARD OF DIRECTORS AND KEY MANAGERIAL PERSONNEL OF THE COMPANY
The Board consists of executive & non- executive directors including independentdirectors who have wide and varied experience in different disciplines of corporatefunctioning.
In accordance with the provisions of Section 152 of the Companies Act 2013 and that ofArticles of Association of the Company Mrs. Rajni Seth Director of the Company retires byrotation at this AGM of the Company and being eligible offers herself for re-appointment.
Further in accordance with the provisions of section 149 196 197 198 and 203 ofCompanies Act 2013 read with Companies (Appointment and Remuneration of ManagerialPersonnel) Rules 2014 and Schedule V of Companies Act 2013 and subject to Articles ofAssociation of the Company Mr. Sanjai Seth re-appointed as Whole-Time Director for aperiod of 5 years commencing from November 012021 to October 31 2026.
As stipulated under the Regulation 36(3) of the SEBI (Listing Obligations &Disclosure Requirements) Regulations 2015 brief resume of the Director proposed to bere-appointed and appointed are given in the Notice.
11. STATUTORY AUDITORS
In pursuance to the provisions of Section 139 141 of the Companies Act 2013 and Rule3 of Companies (Audit and Auditors) Rules 2014 and Listing Agreement with the BSE yourDirectors request the members of company for appointment of M/s Sharma Goel & Co. LLPChartered Accountants New Delhi (Firm Registration no. 000643N/N500012) as theStatutory Auditor for the period of 5 years commencing from the FY 2021-22 to FY 2026-27in place of retiring Auditors M/s Adiwise M.K. & Associates Chartered Accountants(FRN: 007180N). M/s Sharma Goel & Co. LLP Chartered Accountants New Delhi (FirmRegistration no. 000643N/N500012) offers themselves eligible for appointment. The
company has received a certificate from the auditors to the effect that theirappointment if made would be in accordance with the provisions of section 141 of theCompanies Act 2013 read with Companies (Audit and Auditors) Rules 2014.
12. AUDITOR'S REPORT
Comments of the Auditors in their report and their notes forming part of the Accountsare self explanatory and need no comments. There is no qualification reservation oradverse remark or disclaimer made by the auditor in his report for the period underreview.
13. SECRETARIAL AUDIT AND THE APPOINTMENT OF THE SECRETARIAL AUDITORS
The company has appointed M/s Sarika Jain & Associates Company Secretaries (FirmRegn No. I2010DE725400) to hold the office of the Secretarial Auditors and toconduct the Secretarial Audit and to issue Secretarial Audit Report as required underSection 204 of the Companies Act 2013 and the Rules thereunder. The Secretarial AuditReport for the FY 2020-21 is being attached as Annexure I with the Directors Reportwhich is explanatory.
14. COMMENTS OF SECRETARIAL AUDITOR REPORT
Comments of the Secretarial Auditors in their report and their notes forming part ofthe Accounts are self-explanatory and need no comments except the followingqualification reservation made by the secretarial auditor in her report for the periodunder review.
15. COST AUDITORS:
As the provisions of Section 148 of the Companies Act 2013 are not applicable on theCompany therefore Cost audit of the Company has not been conducted for the financial year2020-21.
16. PUBLIC DEPOSIT
The Company neither invited nor accepted any Public Deposit in the year 2020-21. Thereare no depositors in the company.
17. DIRECTOR'S RESPONSIBILITY STATEMENT
In accordance with Sub-Section (5) Of Section 134 of the Companies Act 2013 the Boardof Directors of the company confirms and submits the Directors Responsibility Statement:
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 profit and 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; and
e) the directors in the case of a listed company had laid down internal financialcontrols to be followed by the company and that such internal financial controls areadequate and were operating effectively.
"Internal Financial Controls" means the policies and procedures adopted bythe company for ensuring the orderly and efficient conduct of its business includingadherence to company's policies the safeguarding of its assets the prevention anddetection of frauds and errors the accuracy and completeness of the accounting recordsand the timely preparation of reliable financial information.
(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.
The company continued to have cordial relations with the employees.
19. MANAGEMENT DISCUSSION AND ANALYSIS REPORT
A Management Discussion and Analysis as required under Regulation 34 of the SEBI(Listing Obligations And Disclosure Requirements) Regulations 2015 is annexed as AnnexureII and forming part of the Director Report.
20. SHARE CAPITAL
The Authorized share capital as on 31st March 2021 was Rs. 225000000/-and the issued subscribed and paid-Up Equity Share Capital as on 31st March2021 was Rs. 100003000/-. During the year under review the Company has not issuedshares with differential voting rights nor granted any stocks options or sweat equity. Ason 31st March 2021 none of the Directors of the Company holds instrumentconvertible into equity shares of the Company.
A number of in-house programmers were conducted at registered office during the yearunder review.
22. PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES
The Company has entered into any contracts or arrangements with Related Party asreferred to in Section 188 of the Companies Act 2013 for the period under review. TheDisclosure of Related Party Transactions in Form AOC-2 is annexed as AnnexureIII.
The Policy on materiality of related party transactions and dealing with related partytransactions as approved by the Board may be accessed on the Company's website at thelink: www.mymoneyviews.com.
23. PARTICULARS OF EMPLOYEES
None of the employees of the Company fall within the purview of the limits asprescribed under Rule 5 (2) of the Companies (Appointment and Remuneration of ManagerialPersonnel) Rules 2014.
24. LISTING OF SHARES
The equity shares of the company are listed on BSE Ltd and BSE scrip code of thecompany is 538862. The company confirms that it has paid the Annual Listing fee for theFinancial Year 2020-21 to BSE where the company shares are listed.
25. DEMATERIALISATION OF SHARES:
The shares of the company are already in the DEMAT form. Any member wish to get his/hershares may get the shares dematerlisation.
26. CORPORATE GOVERNANCE
As per the SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015 aseparate Report on Corporate Governance practices followed by the Company together with aCertificate from Ms. Sarika Jain Proprietor of M/s Sarika Jain & Associates CompanySecretaries confirming compliance forms an integral part of this Report.
The Company has received certificate dated August 19 2021 from Ms. Sarika JainProprietor of M/s Sarika Jain & Associates Company Secretaries confirming that noneof the Directors of the Company have been debarred or disqualified from being appointed orcontinuing as director of companies by the SEBI/Ministry of Corporate of Affairs or anysuch authority. The certificate forms an integral part of this Report.
Further as per the SEBI (Listing Obligations and Disclosure Requirements) Regulations2015 CEO/CFO Certification confirming the correctness of the financial statementsadequacy of the internal control measures and reporting of matters to the Audit Committeeforms an integral part of this Report.
27. TRANSFER TO GENERAL RESERVES
No amount has been transferred to the General Reserves of the company during the periodunder review.
28. INTERNAL CONTROL SYSTEM AND THEIR ADEQUACY:
The Company has adequate system of internal control to safeguard and protect from lossunauthorized use or disposition of its assets commensurate with its size scale andcomplexities of its operations. The internal auditor of the company checks and verifiesthe internal control and monitors them in accordance with policy adopted by the company.
The Audit Committee of the Board of Directors actively reviews the adequacy andeffectiveness of the internal control systems and suggests improvements to strengthen thesame.
All the transactions are properly authorized recorded and reported to the Management.The Company is following all the applicable Accounting Standards for properly maintainingthe books of accounts and reporting financial statements.
29. NOMINATION AND REMUNERATION POLICY:
Pursuant to Provisions of Section 178 of the Companies Act 2013 and Regulation 19 ofSEBI (Listing Obligations & Disclosure Requirements) Regulations 2015 and on therecommendation of the Nomination & Remuneration committee the Board had adopted policyfor selection and appointment of Directors Senior Management and their remuneration inthe year 2014. The details of Remuneration Policy are stated in the Corporate GovernanceReport. The Nomination and Remuneration Policy is posted on the website of the Company.
30. RISK MANAGEMENT:
As per the Companies Act 2013 and as part of good corporate governance the Company hasconstituted the Risk Management Committee. The Committee is required to lay down theprocedures to inform to the Board about the risk assessment and minimization proceduresand the Board shall be responsible for framing implementing and monitoring the riskmanagement plan and policy for the Company.
The main objective of this policy is to ensure sustainable business growth withstability and to promote a pro-active approach in reporting evaluating and resolvingrisks associated with the business. In order to achieve the key objective the policyestablishes a structured and disciplined approach to Risk Management in order to guidedecisions on risk related issues.
The Committee reviewed the risk trend exposure and potential impact analysis carriedout by the management. It was specifically confirmed to the Committee by the MD & CEOand the CFO that the mitigation plans are finalized and up to date owners are identifiedand the progress of mitigation actions are monitored.
31. PERFORMANCE EVALUATION
Pursuant to the provisions of the Companies Act 2013 and the SEBI (Listing ObligationsAnd Disclosure Requirements) Regulations 2015 a separate exercise was carried out toevaluate the performance of individual Directors including the Chairman of the Board whowere evaluated on parameters such as level of engagement and contribution and independenceof judgment thereby safeguarding the interest of the Company. The performance evaluationof the Independent Directors was carried out by the entire Board. The performanceevaluation of the Chairman and the Non Independent Directors was carried out by theIndependent Directors. The Board also carried out annual performance evaluation of theworking of its Audit Nomination and Remuneration as well as stakeholder relationshipcommittee. The Directors expressed their satisfaction with the evaluation process.
32. BOARD EVALUATION:
Pursuant to the provisions of the Act and the SEBI (Listing Obligations and DisclosureRequirements) Regulations 2015 the Board has carried out an annual evaluation of itsperformance the Directors individually as well as the evaluation of the working of itsAudit and Nomination & Remuneration Committees.
33. DETAILS OF REMUNERATION TO DIRECTORS & KMP Particulars of employees
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 givenbelow:
a. The ratio of the remuneration of each director to the median remuneration of theemployees of the Company for the financial year:
b. The percentage increase in remuneration of each director chief executive officerchief financial officer company secretary in the financial year:
* resigned on 01/08/2020.
** appointed on 14/08/2020
c. The percentage increase in the median remuneration of employees in the financialyear: NIL
d. There were ten employees on the rolls of Company.
e. The explanation on the relationship between average increase in remuneration andCompany performance:
f. Comparison of the remuneration of the key managerial personnel against theperformance of the Company:
g. Variations in the market capitalisation of the Company price earnings ratio as atthe closing date of the current financial year and previous financial year:
h. Percentage increase over decrease in the market quotations of the shares of theCompany in comparison to the rate at which the Company came out with the last price of theprevious year:
i. Comparison of remuneration of the key managerial personnel against the performanceof the Company:
j. The key parameters for any variable component of remuneration availed by thedirectors: Not Applicable
k. The ratio of the remuneration of the highest paid director to that of the employeeswho are not directors but receive remuneration in excess of the highest paid directorduring the year: None.
l. Affirmation that the remuneration is as per the remuneration policy of the Company:
The Company affirms remuneration is as per the remuneration policy of the Company.
m. The statement containing particulars of employees as required under Section197(12) of the Act read with Rule 5(2) of the Companies (Appointment and Remuneration ofManagerial Personnel) Rules 2014 is provided in a separate annexure forming part of thisreport. Further the report and the accounts are being sent to the members excluding theaforesaid annexure. In terms of Section 136 of the Act the said annexure is open forinspection at the Registered Office of the Company. Any shareholder interested inobtaining a copy of the same may write to the Company Secretary.
I. AUDIT COMMITTEE
The Audit Committee Comprises two Non- Executive Directors and one Executive Directorall the Non-executive directors are Independent Director. Mr. RANJAN SRINATH is theChairman of the Audit Committee and Mr. SANDEEP GUPTA & Mr. SaNjaI SETH are members ofthe committee. Mr. RANJAN SRINATH has been a Banker with over 35 years of experience. Thecomposition of the Audit Committee meets the requirements as per the Section 177 of theCompanies Act 2013 and the SEBI (Listing Obligations and Disclosure Requirements)Regulations 2015.
There are no recommendations of the Audit Committee which have not been accepted by theBoard.
II. VIGIL MECHANISM / VIGIL MECHANISM POLICY
In order to ensure that the activities of the Company and its employees are conductedin a fair and transparent manner by adoption of highest standards of professionalismhonesty integrity and ethical behavior of the company has adopted a vigil mechanismpolicy.
III. PARTICULARS OF LOANS GUARANTEE OR INVESTMENTS UNDER SECTION 186:
Details of investments covered under section 186 of the Companies Act 2013 is providedin the notes no. 4 to the Financial Statements.
IV. SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS
There are no significant material orders passed by the Regulators / Courts which wouldimpact the going concern status of the Company and its future operations.
V. CONSERVATION OF ENERGY AND TECHNOLOGY ABSORPTION
The Provisions of Section 134(3)(m) of the Companies Act 2013 read with Rule 8 ofCompanies (Accounts) Rules 2014 regarding Conservation of Energy and TechnologyAbsorption do not apply as operations of your Company are not energy - intensive for theperiod under review. However adequate measures have been taken to reduce energyconsumption by using energy-efficient equipment incorporating the latest technology.
VI. MATERIAL CHANGES AND COMMITMENTS
There is no material change which may affect the financial position of the Companybetween the financial year and up to the date of this report.
VII. EXTRACT OF ANNUAL RETURN:
The Annual Return in Form MGT-9 as required under Section 92 and 134 (3) of theCompanies Act 2013 read with rules made thereunder is attached herewith as AnnexureIV and forms part of this Report.
The Annual Return in Form MGT-9 has been also placed on the website of the company andcan be accessible at www.mymoneyviews.com.
VIII. FOREIGN EXCHANGE EARNINGS AND OUTGO:
Foreign Exchange Earning: Rs. NIL (Previous Year Rs. NIL)
Foreign Exchange Outgo: Rs. NIL (Previous Year Rs. NIL)
IX. DISCLOSURE UNDER THE SEXUAL HARASSMENT OF WOMEN AT WORK PLACE (PREVENTIONPROHIBITION AND REDRESSAL) ACT 2013:
The Company has in place an Anti-Sexual Harassment Policy in line with the requirementsof the Sexual Harassment of Women at Workplace (Prevention Prohibition and Redressal)Act 2013. An Internal Complaints Committee (ICC) has been set up to redress complaintsreceived regarding sexual harassment. All employees (permanent contractual temporarytrainees) are covered under this policy.
No complaints pertaining to sexual harassment were received during FY 2020-21.
The Board expresses its sincere gratitude to the shareholders bankers and clients fortheir continued support. The Board also wholeheartedly acknowledges with thanks thededicated efforts of all the staff and employees of the Company.