Peoples Investment Ltd.
|BSE: 501144||Sector: Financials|
|NSE: N.A.||ISIN Code: INE644U01015|
|BSE 00:00 | 26 Mar||Peoples Investment Ltd|
|NSE 05:30 | 01 Jan||Peoples Investment Ltd|
|BSE: 501144||Sector: Financials|
|NSE: N.A.||ISIN Code: INE644U01015|
|BSE 00:00 | 26 Mar||Peoples Investment Ltd|
|NSE 05:30 | 01 Jan||Peoples Investment Ltd|
Your Directors are pleased to present the Forty Sixth Annual Report together with theAudited Financial Statements of the Company for the financial year ended March 31 2022.The Management Discussion and Analysis Report forms part of this Annual Report.
1. Financial Performance
(Figures in Rs.)
During the financial year 2021-22 the total revenue of your Company was Rs. 650000/-as compared with Rs.500000/- in the previous financial year. During the year underreview the loss after tax was Rs. 3728/- as compared with loss after tax of Rs. Rs.96185/- in the previous financial year.
There are no material changes or commitments affecting the financial position of theCompany which have occurred between the end of the financial year and the date of thisReport. There has been no change in the nature of the business during the year underreview.
In view of accumulated losses the Board has not recommended any dividend for thefinancial year 2021-22.
During the year under review no amount was transferred to General Reserve.
4. Share Capital
The paid up Equity Share Capital of the Company as on March 31 2022 is Rs. 20.00lakhs. During the year under review the Company has not issued shares with differentialvoting rights nor has granted any stock options or sweat equity. As on March 31 2022 noneof the Directors of the Company hold instruments convertible into equity shares of theCompany.
5. Management Discussion and Analysis Report Industry Structure and Developments:
The Financial Year 2021-22 was fairly a year of recovery from the adverse impacts ofCOVID-19 pandemic. The Indian economy successfully faced the challenges posed by thesecond and third waves of the pandemic thanks to successful implementation of vaccinationprogram untiring services of the front line warriors fiscal and monetary policies andstimulus measures of Reserve Bank of India central and state governments which gave amuch-needed cushion for the stability of the economy.
Opportunity and Challenges:
India's retail inflation soared to an 18-month high of 7.5% in April 2022 driven byinflationary pressures post which the RBI announced a 40 bps repo rate hike in May 2022in an off-cycle monetary policy to combat the said rise in inflation. While RBI's stanceremains accommodative in order to support growth ensuring that inflation remains withinthe target going forward shall be key for a sustainable growth environment. However adownside to this is any further increase in the rates may force Banks and NBFCs to furtherincrease their lending rates and thus affecting consumption and capital expenditure.
Nevertheless the opportunities for growth remain intact driven by strong economicfundamentals roust and favourable economic policies digital push and growing globalpreference for India as an investment destination. The Financial Consulting Industry lookspromising however there are several challenges and risks ahead which deserve anintegrated approach to managing the uncertainties and opportunities.
Segment-wise or product-wise performance:
The Company is solely engaged in financial consultancy services which is the onlyreporting segment. The total revenue from financial advisory services stood at Rs.650000/- as compared with Rs. 500000/- in the previous financial year.
Given the proactive efforts by the regulator and the push from the government tosupport growth the Company expects the inflationary environment to soften and a largevaccinated population is likely to contain the impact of subsequent COVID-19 waves whichwill give way to robust growth going forward. This in turn shall spur credit demand acrossretail SME and corporate segments and reflect in the performance of the financialservices sector as a whole.
With a staggered global recovery FY2021-22 witnessed the consumer demand coming back.Although a part of the year was affected by the pandemic immunisation and collectiveaction saw a gradual uptake in the West which was mirrored in the rest of the worldleading to the economies regaining lost ground. While the initial pick-up in inflation wasled by demand recovery on the previous year's low base persistent disruptions in theglobal supply chain network have caused inflationary pressures to be more broad-basedrunning at multi- decade highs in almost all the major economies. Almost all the centralbanks are now taking policy measures to taper down the extraordinary liquidity that waspumped in to support the economy during the pandemic and tightening the monetary policy torein in their runaway inflation.
Risk and concerns:
The broader trends in the economy are expected to have a direct impact on yourCompany's growth prospects as well. In addition the anticipated increase in interestrates by Central Banks in the coming year are also expected to lower growth and exertpressure on economies particularly those in emerging markets.
Internal Control Systems and their adequacy:
The Company has an effective internal control and risk-mitigation system which areconstantly assessed and strengthened with new/revised standard operating procedures. Thepresent internal control systems are adequate and commensurate with the nature and size ofthe Company.
Material developments in Human Resources/Industrial Relations front including numberof peoples employed:
There is no major development in human resources/industrial relations front. At presentthe Company has only one employee.
Details of significant changes in key financial ratios:
Details of any change in Return on Net Worth as compared to the immediately previousfinancial year along with a detailed explanation thereof: The Return on Net Worth hasincreased from (-)21.84 to (-) 0.85 mainly
due to 30% increase in the revenue. Though expenses have increased by 11% the lossafter tax has reduced by 96% as compared to the previous year.
6. Finance and Accounts
During the year under review the Company did not raise any finance.
The Financial Statements for the year ended on March 31 2022 have been prepared inaccordance with the Indian Accounting Standards (IND AS) notified under Section 133 of theCompanies Act 2013 (hereinafter referred to as "the Act"] read with theCompanies (Accounts) Rules 2014 as amended from time to time. There are no materialdepartures from the prescribed norms stipulated by the Accounting Standards in preparationof the Annual Accounts The estimates and judgments relating to the Financial Statementsare made on a prudent basis so as to reflect in a true and fair manner the form andsubstance of transactions and reasonably present the Company's state of affairs profitsand cash flows for the year ended March 31 2022.
7. Subsidiaries / loint Ventures / Associate Companies
The Company does not have subsidiary joint venture and associate company and thereforefurnishing of information on performance and financial position of subsidiary jointventure and associate company is not applicable to the Company.
8. Corporate Governance Report
In terms of the Regulation 15(2) of the Securities and Exchange Board of India (ListingObligations and Disclosure Requirements) Regulations 2015 the compliance with thecorporate governance provisions is not mandatory to the Company; therefore the CorporateGovernance Report for the year ended March 31 2022 is not given.
9. Web-link of the Annual Return
The web-link of the Annual Return in form MGT-7 for the financial year ended March 312022 as required under section 92(3) of the Companies Act 2013 has been placed on thewebsite of the Company www.pplsinvestments.com
10. Directors and Key Managerial Personnel
In accordance with the provisions of Section 152 of the Companies Act 2013 ShriJitender Agarwal Director retires by rotation at the forthcoming AGM and beingeligible offers himself for re-appointment. The Board recommends his re-appointment forthe consideration of the Members of the Company at the forthcoming AGM.
All Independent Directors have given declarations that they meet the criteria ofindependence as laid down under Section 149(6) of the Companies Act 2013 and Regulation16(1)(b) of the Securities and Exchange Board of India (Listing Obligations and DisclosureRequirements) Regulations 2015. In the opinion of the Board the Independent Directorsfulfil the said conditions of independence. The Ministry of Corporate Affairs ('MCA') videNotification No. G.S.R. 804(E) dated October 22 2019 and effective from December 01 2019has introduced the provision relating to inclusion of names of Independent Directors inthe Data Bank maintained by Indian Institute of Corporate Affairs ('IICA']. AllIndependent Directors of your Company are registered with IICA.
In the opinion of the Board the Independent Directors possess the requisite integrityexperience expertise proficiency and qualifications.
II. Key Managerial Personnel
As on March 31 2022 the following are the Key Managerial Personnel of the Company:
1. Shri Suryakant Laxman Khare: Chief Financial Officer and Company Secretary
2. Shri Ravindra Rajaram Deshpande: Manager
III. Procedure for Nomination and Appointment of Directors
The Nomination and Remuneration Committee is entrusted with the responsibility fordeveloping competency requirement of the Board. The Nomination and Remuneration Committeemakes recommendations to the Board in relation to appointment of new Director.
IV. Criteria for Determining Qualification Positive Attributes and Independence of aDirector
The Nomination and Remuneration Committee has formulated the criteria for determiningqualifications positive attributes and independence of Directors in terms of Section178(3) of the Companies Act 2013. The same is given in Annexure - A and forms anintegral part of this Report.
11. Board Meetings
The Board of Directors as at March 31 2022 consists of Shri S. L. PokharnaNon-Executive Director Shri R. Narayanan Independent Director Shri Jitender AgarwalNon-Executive Director Smt. Suma G. Nair Non- Executive Woman Director and Shri AshokKhedekar Independent Director.
During the financial year 2021-22 the Board met four times. The Meetings were held on21.06.2021 28.07.2021 27.10.2021 and 27.01.2022.
Attendance of Directors at the Board Meetings was as under:
12. Committees of the Board
I. Audit Committee
The composition of Audit Committee as at March 31 2022 is as under:
During the financial year 2021-22 the Audit Committee met four times. The Meetingswere held on 21.06.2021 28.07.2021 27.10.2021 and 27.01.2022.
Attendance of Members of Audit Committee was as under:
II. Nomination and Remuneration Committee
The composition of Nomination and Remuneration Committee as at March 31 2022 is asunder:
i. Shri R. Narayanan : Independent Director Chairman
In the financial year 2021-22 the Nomination and Remuneration Committee met once onJune 21 2021. Attendance of Members of Nomination and Remuneration Committee was asunder:
III. Stakeholders Relationship Committee
The composition of Stakeholders Relationship Committee as at March 31 2022 is asunder:
No meetings of Stakeholders Relationship Committee were held during the year.
IV. Committee of Directors
The composition of Committee of Directors is as under:
i. Smt. Suma G. Nair : Non-Executive Director Chairman
ii. Shri S.L. Pokharna : Non-Executive Director Member
No meetings of Committee of Directors were held during the year.
13. Compliance with Secretarial Standards
The Company has complied with the applicable Secretarial Standards issued by theInstitute of Company Secretaries of India.
14. Performance Evaluation
Pursuant to the provisions of the Companies Act 2013 the Board has carried out annualevaluation of its own performance and also the performance of the Board Committees andindividual Directors. The performance evaluation was carried out after seeking inputs fromall the Directors and Committee Members on the basis of criteria adopted in this regard.The Board expressed their satisfaction with the evaluation process.
The Independent Directors of the Company have held one meeting during the year on March28 2022 without the presence of Non-Independent Directors and members of the managementto review the performance of Non-Independent Directors and the Board of Directors as awhole; review the performance of the Chairman of the Meetings of the Company and to assessthe quality quantity and timeliness of flow of information between the management and theBoard of Directors.
15. Particulars of Loans Guarantees or Investments
The Company has not given any loan or guarantee or acquired investment falling withinSection 186 of the Companies Act 2013.
16. Vigil Mechanism / Whistle Blower Policy
The Company has a whistle blower policy to report genuine concerns and / or grievances.The Whistle Blower policy has been posted on the website of the Company(www.pplsinvestments.com).
17. Nomination and Remuneration Policy
The Board of Directors has framed a policy which lays down a framework in relation toremuneration of Directors Key Managerial Personnel and other Employees of the Company.This policy also lays down criteria for selection and appointment of Board Members. Thedetail of the policy is given in Annexure - B annexed hereto and forms an integralpart of this Annual Report. The Nomination and Remuneration Policy has been posted on thewebsite of the Company (www.pplsinvestments.com).
18. Related Party Transactions
There is no transaction entered into with Related Parties for the year under review.Hence the provisions of Section 188 of the Companies Act 2013 are not attracted.
19. Significant and Material Orders Passed by the Regulator or Courts
There are no significant and material orders passed by the Regulators / Courts thatwould impact the going concern status of the Company and its operations in future.
20. Material Change and Commitments
Pursuant to the provisions of Section 134(3)(i) of the Companies Act 2013there were no material changes and commitments which affects the financial position of theCompany for the year under review.
I) Statutory Auditors
Mrs. AMB & Co. Chartered Accountants (ICAI Firm Registration Number 126045W) wereappointed as the Statutory Auditors of the Company at its 44th AGM held onDecember 21 2020 to hold the office for a period commencing from the conclusion of 44thAGM till the conclusion of 49th AGM of the Company on a remuneration mutuallyagreed upon by the Board of Directors and the Statutory Auditors.
II) Secretarial Auditor
Pursuant to the provisions of Section 204 of the Companies Act 2013 and rulesmade thereunder the Company has appointed Messrs Kaushik Joshi & Co. a firm ofCompany Secretaries in Practice to undertake the Secretarial Audit of the Company. TheSecretarial Audit Report for the year ended March 31 2022 is included as Annexure - C andforms an integral part of this Report.
22. Auditors' Report
a) There is no audit qualification or reservation or adverse remark or disclaimer madeby the Statutory Auditor in the Auditors' Report to the financial statements for the yearunder review.
b) There is no qualification in the secretarial audit report for the year under review.
23. Maintenance of Cost Records
As per the provisions of the Companies (Cost Records and Audit) Rules 2014 as amendedfrom time to time the Company is not required to maintain cost records as specified bythe Central Government under sub- section (1) of Section 148 of the Companies Act 2013.
24. Internal Control Systems
Your Company has an effective internal control and risk-mitigation system which areconstantly assessed and strengthened with new/revised standard operating procedures. Theinternal audit is entrusted to Messrs. K. D. Rambhiya & Co. Chartered AccountantsMumbai. The Board is of the opinion that the present internal control systems are adequateand commensurate with the nature and size of the Company.
25. Risk Management
The Company has adequate risk management measures which are implemented developedassessed reviewed and strengthened from time to time.
26. Reporting of Frauds
There was no instance of fraud during the year under review which required theStatutory Auditors to report to the Audit Committee and/or Board under Section 143(12) ofthe Companies Act 2013 and Rules framed thereunder.
27. Corporate Social Responsibility (CSR)
The provisions of Section 134(3](o] of the Companies. Act 2013 and Rule 9 of theCompanies (Accounts] Rules 2014 on corporate social responsibility are not applicable tothe Company.
The Company has not accepted any deposits from the public within the meaning of Section73 of the Companies Act 2013 read with the Companies (Acceptance of Deposit] Rules 2014.
29. Particulars of Conservation of Energy Technology Absorption Foreign ExchangeEarnings and Outgo
Since the Company has no manufacturing facility information pursuant to Section134(3)(m) of the Companies Act 2013 read with Rule 8 of the Companies (Accounts] Rules2014 on conservation of energy and technology absorption is not furnished. Foreignexchange earnings during the year were Nil and foreign exchange outgo during the year wasNil.
30. Managerial Remuneration and Particulars of Employees
The Directors of the Company are not in receipt of any remuneration and there is onlyone employee in the Company accordingly applicable particulars pursuant to Section197(12] of the Companies Act 2013 read with Rule 5 of the Companies (Appointment andRemuneration of Managerial Personnel] Rules 2014 are given in Annexure - D annexedhereto and forms an integral part of this Annual Report.
31. Disclosure under the Sexual Harassment of Women at Workplace (Prevention.Prohibition and Redressal) Act 2013
During the year under review no complaints were reported under the Sexual Harassmentof Women at Workplace (Prevention Prohibition and Redressal] Act 2013.
32. Directors' Responsibility Statement
To the best of knowledge and belief and according to the information and explanationsobtained your Directors make the following statement in terms of Section 134(3](c] of theCompanies Act 2013:
(i] that in the preparation of the Annual Accounts for the year ended March 31 2022the applicable accounting standards had been followed along with proper explanationrelating to material departures if any;
(ii] that the Directors had selected such accounting policies and applied themconsistently and made judgments and estimates that are reasonable and prudent so as togive a true and fair view of the state of affairs of the Company as at March 31 2022 andof the loss of the Company for the year ended on that date;
(iii] that the Directors had taken proper and sufficient care for the maintenance ofadequate accounting records in accordance with the provisions of the Companies Act 2013for safeguarding the assets of the Company and for preventing and detecting fraud andother irregularities;
(iv] that the annual accounts had been prepared on a going concern basis;
(v] that the Directors had laid down internal financial controls to be followed by theCompany and that such internal financial controls are adequate and were operatingeffectively; and
(vi] that the Directors had devised proper systems to ensure compliance with theprovisions of all applicable laws and that such systems were adequate and operatingeffectively.
Your Directors would like to express their sincere appreciation of the co-operation andassistance received from the shareholders bankers and regulatory bodies during the yearunder review.