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Safal Securities Ltd.

BSE: 531448 Sector: Financials
NSE: N.A. ISIN Code: INE101L01031
BSE 00:00 | 29 Oct Safal Securities Ltd
NSE 05:30 | 01 Jan Safal Securities Ltd
OPEN 0.91
PREVIOUS CLOSE 0.91
VOLUME 100
52-Week high 0.91
52-Week low 0.00
P/E
Mkt Cap.(Rs cr) 0
Buy Price 0.95
Buy Qty 2500.00
Sell Price 0.91
Sell Qty 655.00
OPEN 0.91
CLOSE 0.91
VOLUME 100
52-Week high 0.91
52-Week low 0.00
P/E
Mkt Cap.(Rs cr) 0
Buy Price 0.95
Buy Qty 2500.00
Sell Price 0.91
Sell Qty 655.00

Safal Securities Ltd. (SAFALSECURITIES) - Director Report

Company director report

To

The Members of

SAFAL SECURITIES LIMITED

Your Directors present the Annual Report and the audited financial statements for thefinancial year ended March 31 2020.

Pursuant to an application filed by Ontic Fineserve Limited before the Hon'ble NationalCompany Law Tribunal Ahmedabad Bench ("NCLT") in terms of Section 9 of theInsolvency and Bankruptcy Code 2016 read with the rules and regulations framed thereunder("Code") the NCLT had admitted the application and ordered the commencement ofcorporate insolvency resolution process ("CIR process") of the Safal SecuritiesLimited ("Company"/ Corporate Debtor) vide its order dated November 29 2019.("Admission Order"). The NCLT had pursuant to the Admission Order appointed aninterim resolution professional (IRP) Mr. Suhas Bhattbhatt for the Corporate Debtor videits order dated November 29 2019. In terms of the Admission Order inter alia themanagement of the affairs of the Corporate Debtor was vested with the IRP.

Your Directors presenting the Board's Report of your Company together with the AuditedStatement of Accounts and the Auditors' Report of your company for the financial yearended 31st March 2020.

FINANCIAL HIGHLIGHTS

(Rs. In Lacs)

Particulars

Standalone Figures

2019-2020 2018-2019
Gross Income - 0.25
Total Expenses 0.29 0.82
Net Profit Before Tax (0.29) (0.57)
Provision for Tax - -
Net Profit After Tax (0.29) (0.57)

DIVIDEND

During the Year under review since the Company is under CIR Process and due to currentyear loss No dividend on the equity shares of the company has been recommended.

INFORMATION ABOUT SUBSIDIARY/JV/ASSOCIATE COMPANY

- Company does not have any Subsidiary Joint venture or Associate Company.

TRANSFER OF UNCLAIMED DIVIDEND TO INVESTOR EDUCTION AND PROTECTION FUND

The provisions of Section 125(2) of the Companies Act 2013 do not apply as there wasno dividend declared and paid last year.

MATERIAL CHANGES AND COMMITMENTS

Except as disclosed in this report there were no material changes and commitmentsaffecting the financial position of the Company which have occurred between the end of thefinancial year and the date of this report.

EXTRACT OF ANNUAL RETURN

The Extract of Annual Return as required under section 92(3) of the Companies Act 2013and rule 12(1) of the Companies (Management and Administration) Rules 2014 in Form MGT-9is annexed herewith for your kind perusal and information.

MEETINGS OF THE BOARD OF DIRECTORS

A calendar of Meetings is prepared and circulated in advance to the Directors. Duringthe financial year ended March 31 2020 the Directors held 5 meetings dated on30.05.2019 02.08.2019 16.11.2019 09.01.2020 15.02.2020. On 13.07.2020 the InterimResolution Professional of the Company ("IRP") held a meeting with themanagement of the Company for considering and approving the audited financial results forthe financial year ended March 31 2020 in terms of Section 134 of the Companies Act 2013and Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements)Regulations 2015.

DIRECTORS' RESPONSIBILITY STATEMENT

Pursuant to Section 134(5) of the Companies Act 2013 the Board of Directors of theCompany confirms 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 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 had laid down internal financial controls to be followed by thecompany and that such Internal financial controls are adequate and were operatingeffectively.

(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.

AUDITORS AND AUDITORS' REPORT

M/s. ARPIT SHAH & CO. Chartered Accountants continues as Statutory Auditor of thecompany.

There are no qualifications or adverse remarks in the Auditors' Report which requireany clarification/ explanation. The Notes on financial statements are self-explanatoryand needs no further explanation.

Further the Auditors' Report for the financial year ended 31st March 2020 is annexedherewith for your kind perusal and information.

LOANS. GUARANTEES AND INVESTMENTS

There were no loans guarantees or investments made by the Company under Section 186 ofthe Companies Act 2013 during the year under review and hence the said provision is notapplicable.

RELATED PARTY TRANSACTIONS

During the year under review no related party transaction carried out between relatedparties. So the disclosure under form AOC-2 is not required.

CONSERVATION OF ENERGY. TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE OUTGO:

A. Conservation Of Energy: None

B. Technology Absorption: None

RISK MANAGEMENT

The Company does not have any Risk Management Policy as the element of risk threateningthe Company's existence is very minimal.

DIRECTORS & KEY MANAGERIAL PERSONNEL

During the year there is no change in Directors of the company.

1. Rajubhai Desai Rajubhai Desai

2. Mukeshbhai Desai

3. Kalpeshbhai Malvi

4. Arunaben Ghanchi

DEPOSITS

The Company has never accepted any deposit from the public falling within the ambit ofSection 73 of the Companies Act 2013 ("the Act") and the Companies (Acceptanceof Deposits) Rules 2014. There are no unclaimed deposits unclaimed/unpaid interestrefunds due to the deposit holders or to be deposited with the Investor Education andProtection Fund as on March 31 2020.

CORPORATE SOCIAL RESPONSIBILITY

The criteria as provided in Section 135 of Companies Act 2013 read with the Companies(Corporate Social Responsibility Policy) Rules 2014 is not applicable to the Company sothere is neither requirement to constitute Corporate Social Responsibility Committee norto allocate funds for CSR Activity.

ANNUAL EVALUATION

Pursuant to the provisions of the Companies Act 2013 the Board has carried out anannual performance evaluation of its own performance the Directors individually as wellas the evaluation of the working of its Audit Nomination & Remuneration andstakeholder committee.

CORPORATE GOVERNANCE

The Provision of Corporate Governance as provided under Regulation 15(2) of the ListingObligation and Disclosure Requirement is not applicable to the Company

INDEPENDENT DIRECTORS & DECLARATION

The Board of Directors of the Company hereby confirms that all the IndependentDirectors duly appointed by the Company have given the declaration and they meet thecriteria of independence as provided under section 149(6) of the Companies Act 2013.

NOMINATION AND REMUNERATION COMMITTEE

The Company has formed Nomination and Remuneration committee in line with theprovisions of Section 178 of the Companies Act 2013. Nomination and RemunerationCommittee meetings are generally held for identifying the persons who are qualified tobecome Directors and may be appointed in senior management and recommending theirappointments and removal.

Name Designation
Rajubhai Desai Chairman
Mukeshbhai Desai Member
Arunaben Ghanchi Member

REMUNERATION POLICY

As per the policy of the company remuneration paid to Executive Directors isrecommended by the Nomination and Remuneration Committee and approved by Board in Boardmeeting subject to the subsequent approval of the shareholders at the General Meeting andsuch other authorities as may be required. The remuneration is decided after consideringvarious factors such as qualification experience performance responsibilitiesshouldered industry standards as well as financial position of the Company.

However during the reporting period Company has not paid remuneration to any Executiveand Non-Executive Director of the Company.

AUDIT COMMITTEE

Audit Committee meeting is generally held for the purpose of recommending theQuarterly half yearly and yearly '' financial result. Additional meeting is held for thepurpose of reviewing the specific item included in terms of reference of the Committee.

Name Designation
Rajubhai Desai Chairman
Mukeshbhai Desai Member
Arunaben Ghanchi Member

SECRETARIAL AUDIT REPORT

The Secretarial Audit Report as provided by Mr. Jitendra Parmar (Mem. No.A41977 COP15863) Practicing Company Secretary for the financial year ended 31st March 2020 isannexed herewith for your kind perusal and information.

COST AUDIT

Section 148 of Companies Act 2013 contains the provision related to the cost audit.Section 148 is not applicable to the Company.

DISCLOSURE UNDER THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION. PROHIBITIONAND REDRESSED ACT. 2013:

The Company has in place an Anti-Sexual Harassment Policy in line with the requirementsof The Sexual Harassment of Women at the Workplace (Prevention Prohibition &Redressal) Act 2013. Internal Complaints Committee (ICC) has been set up to redresscomplaints received regarding sexual harassment. All employees (Permanent contractualtemporary trainees) are covered under this policy. There was no complain received underthis regulation during the period under review.

SUSPENSION OF TRADING OF SECURITIES

The Company's Shares are suspended from trading by Bombay Stock Exchange Limited due toNon-Compliance with certain Provisions of the SEBI (Listing Obligations and DisclosureRequirements) Regulation 2015 and penal reasons.

DETAILS OF ADEQUACY OF INTERNAL FINANCIAL CONTROLS

Your company has established adequate internal financial control systems to ensurereliable financial reporting and compliance with laws and regulations.

ACKNOWLEDGEMENT

Your Directors wish to express their appreciation to the continued co-operationreceived from the Banks Government Authorities Customers and Shareholders during theyear under review if.

AFAL SECURITIES LIMITED

Corporate Insolvency Resolution Process)

DATED: 3rd DECEMBER 2020 RAJUBHAI DESAI
PLACE: AHMEDABAD DIRECTOR

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