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Shreevatsaa Finance & Leasing Ltd.

BSE: 532007 Sector: Financials
NSE: N.A. ISIN Code: INE981C01019
BSE 00:00 | 18 Aug 11.30 0.49
(4.53%)
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11.30

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NSE 05:30 | 01 Jan Shreevatsaa Finance & Leasing Ltd
OPEN 11.30
PREVIOUS CLOSE 10.81
VOLUME 10
52-Week high 17.45
52-Week low 5.95
P/E 24.04
Mkt Cap.(Rs cr) 11
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 11.30
CLOSE 10.81
VOLUME 10
52-Week high 17.45
52-Week low 5.95
P/E 24.04
Mkt Cap.(Rs cr) 11
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Shreevatsaa Finance & Leasing Ltd. (SHREEVATSAAFIN) - Director Report

Company director report

To

The Members

Your Directors have immense pleasure in presenting their 35th Annual Report onthe business and operations of the Company together with the Annual Financial Statementsfor the Financial Year ended March 31 2021.

FINANCIAL PERFORMANCE (STANDALONE)

The Company has earned a net Profit After Tax (PAT) of Rs. 6065598/- (Rupees SixtyLakhs Sixty Five Thousand Five Hundred and Ninety Eight). A Summary of the Financialposition is mentioned herein below:-.

Particulars Year Ended 31.03.2021 Year Ended 31.03.2020
Profit Before Tax and Depreciation 7813356.00 5105622.00
Depreciation - -
Profit Before Tax 7813356.00 5105622.00
Current Tax 1747474.00 1356886.00
Less: MAT Credit Entitlement - -
Net Current Tax 1747474.00 1356886.00
Deferred Tax written Back 284 1133
Profit after Tax 6065598.00 3747603.00

OPERATIONS

During the year under review the overall performance of the Company was steady andsatisfactory. The Company has been mainly carrying on the business of sale and purchase ofshares securities and units.

The Company continues to focus its main attention on cost reduction Assets/Liability– Management and collection. Your Company managed to carry out all its business andcommercial obligations in time and with dignity. Your Directors shall continue to put inall efforts to increase the business of the company and are confident of even better andbrighter prospects of the Company. The Company is considering various possibilities foroptimizing the present business activities and also other business proposals keeping inview the profitability and stability of business of the Company. The Company is alsopursuing the possibility into other related activities.

DIVIDEND

With a view to provide a cushion for any financial contingencies in the future and tostrengthen the financial position of the Company your Directors have decided not torecommend any dividend for the period under review.

GENERAL RESERVES

During the year under review 6044446/- (Rupees Sixty Lakhs Forty Four Thousand FourHundred and Forty Six) was transferred to General Reserves.

DEPOSITS

The details in regard to deposits covered under Chapter V of the Companies Act 2013are mentioned hereunder;

a) Amount accepted during the year Nil
b) Amount remained unpaid or unclaimed as at the end of the year Nil

c) Default in repayment of deposits or payment of interest thereon during the year andif so number of such cases and the total amount involved:

i) at the beginning of the year -N/A-
ii) maximum during the year -N/A-
iii) at the end of the year -N/A-

The company does not have deposits which are in contradiction of Chapter V of the Act.

SUBSIDIARIES JOINT VENTURES AND ASSOCIATE COMPANIES

The Company does not have any Subsidiary Joint Venture and Associate Company.

LISTING

The equity shares of your Company are listed with Bombay Stock Exchange.

NBFC STATUS

The Company is duly registered with Reserve Bank of India as an NBFC not acceptingpublic deposits. Since the Company has neither accepted any deposit nor it intends toaccept any deposit hence it has duly been passing appropriate resolution in each financialyear.

MATTERS RELATED TO DIRECTORS AND KEY MANGERIAL PERSONNEL

During the year Mr. Sudhir Kapoor was appointed as the Additional Independent Directorof the Company w.e.f. 15th March 2021.

Also Mr. Sushil Kumar Mohanty has resigned from the directorship of the company on 15thMarch 2021.

None of the appointed Directors are disqualified from appointment under Section 164 ofthe Companies Act 2013.

DECLARATIONS BY INDEPENDENT DIRECTORS

The Company has received declarations from all the Independent Directors of the Companyconfirming that they meet with the criteria of independence as prescribed undersub-section (6) of Section 149 of the Companies Act 2013.

BOARD EVALUATION

Pursuant to the provisions of the Companies Act 2013 and SEBI (Listing Obligations andDisclosure Requirements) Regulations 2015 the Board has carried out an annualperformance evaluation of its own performance the Directors individually as well as theevaluation of the working of its Audit Nomination and Remuneration and ComplianceCommittees. The manner in which the evaluation has been carried out has been explained inthe Corporate Governance Report.

NUMBER OF BOARD MEETING

During the year under review 9 (Nine) Board Meetings were convened and held. Theintervening gap between the meetings was within the period prescribed under the CompaniesAct 2013. The details of the Board Meeting are set out in the Corporate Governance Reportwhich forms part of this Report.

PARTICULARS OF EMPLOYEES

Your Directors appreciate the significant contribution made by the employees to theoperations of your Company during the period. The information required on particulars ofemployees under Section 134(3) (g) and Section 197(12) of the Companies Act 2013 and Rule5 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules 2014 isgiven in a separate Annexure I to this Directors' Report.

CHANGE IN THE NATURE OF THE COMPANY'S BUSINESS ETC

There has not been any change in the nature of the Company's business or in the classof the business in which the company has an interest. Company has no subsidiary.

EXTRACT OF ANNUAL RETURN

As required pursuant to Section 92(3) of the Companies Act 2013 and rule 12(1) of theCompanies (Management and Administration) Rules 2014 an extract of Annual Return in MGT9 as a part of this Annual Report as Annexure II.

STATUTORY AUDITORS

The Company has appointed M/s. R. Mohla & Co. Chartered Accountants (FirmRegistration No. 003716C) as Statutory Auditors of the Company for a term of 05 years fromthe conclusion of its 31st AGM until the conclusion of 36th AGM tobe held in the year 2022.

EXPLANATION TO AUDITORS REMARKS

The Auditor's Report does not contain any qualification reservation remarks ordisclaimer and therefore does not call for any further comments or explanations.

SECRETARIAL AUDIT REPORT

In terms of Section 204 of the Act and Rules made there under Mr. Rabindra KumarSatapathy Practicing Company Secretary (Membership No. 8282) of M/s. Rabi Satapathy &Associates New Delhi have been appointed Secretarial Auditor of the Company.

The report of the Secretarial Auditor is enclosed as Annexure III to thisreport. The report is self-explanatory and does not call for any further comments.

MATERIAL CHANGES AND COMMITMENT IF ANY AFFECTING THE FINANCIAL POSITION OF THECOMPANY OCCURRED BETWEEN THE END OF THE FINANCIAL YEAR TO WHICH THIS FINANCIAL STATEMENTSRELATE AND THE DATE OF THE REPORT

Except as disclosed elsewhere in this report no material changes and commitments whichcould affect the Company's financial position have occurred between the end of thefinancial year of the Company and the date of this report.

PARTICULARS OF CONTRACTS OR ARRANGEMENT WITH RELATED PARTIES

All contracts or arrangements or transactions entered into by the company with itsrelated parties during the financial year were on arms-length basis and do not attract theprovisions of Section 188 of the Companies Act 2013. Suitable disclosure as required bythe Accounting Standards -18 has been made in the notes to the Financial Statement.Accordingly the disclosure of related party transactions as required under Section 134(3)(h) of the Companies Act 2013 forms part of this Report in Form AOC-2 as Annexure IV.

Your Directors also draw attention of the members to Note No. 24 of the financialstatements which set out related party disclosure.

PARTICULARS OF LOANS GUARANTEES INVESTMENTS UNDER SECTION 186

As Company is a Non-Banking Financial Company therefore it is specifically exemptedunder the provisions of the Section 186 of Companies Act 2013.

DISCLOSURE RELATING TO SWEAT EQUITY SHARES

The Company has not issued any sweat equity shares during the year under review andhence no information as per provisions of Rule 8(13) of the Companies (Share Capital andDebenture) Rules 2014 has been furnished.

DISCLOSURE RELATING TO EMPLOYEE STOCK OPTION SCHEME AND EMPLOYEE STOCK PURCHASE SCHEME

The Company has not issued any employee stock option scheme and employee stock purchasescheme and hence no information as provisions of Rule 12(9) of the Companies (ShareCapital and Debenture) Rules 2014 and SEBI (Employee Share Based Employee Benefits)Regulations 2014 has been furnished.

AUDIT COMMITTEE

Details pertaining to composition of Audit Committee as per Section 177 of theCompanies Act 2013 read with Rule 6 of the Companies (Meetings of the Board and itsPowers) Rules 2014 are included in the report on Corporate Governance. All therecommendations made by Audit Committee were accepted by Board.

NOMINATION & REMUNERATION COMMITTEE

Details pertaining to composition of Nomination & Remuneration Committee as perSection 178 of the Companies Act 2013 read with Rule 6 of the Companies (Meetings of theBoard and its Powers) Rules 2014 are included in the report on Corporate Governance.

STAKEHOLDERS RELATIONSHIP COMMITTEE

Details pertaining to composition of Stakeholders Relationship Committee as per Section178 of the Companies Act 2013 read with Rule 6 of the Companies (Meetings of the Boardand its Powers) Rules 2014 are included in the report on Corporate Governance.

VIGIL MECHANISM

In pursuant to the provisions of Section 177(9) & (10) read with Rule 7 of theCompanies (Meetings of the Board and its Powers) Rules 2014of the Companies Act 2013 aVigil Mechanism for Directors and Employees of the Company to report genuine concerns hasbeen established.

REMUNERATION POLICY

The Board has on the recommendation of the Nomination & Remuneration Committeeframed a policy for selection and appointment of Directors Senior Management and theirremuneration. The Remuneration Policy is stated in the Corporate Governance Report.

CORPORATE GOVERNANCE

As per the requirement of Securities and Exchange Board of India (Listing Obligationsand Disclosure Requirements) Regulations 2015 the Company has to necessarily comply withthe Corporate Governance norms. Accordingly the company has duly complied with theCorporate Governance norms to the extent and in the manner as set out in the Report onCorporate Governance annexed herewith which forms part of this report.

CONSERVATION OF ENERGY TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO

The particulars as required under the provisions of Section 134(3) (m) of the CompaniesAct 2013 read with Rule 8 of the Companies (Accounts) Rules 2014 in respect ofconservation of energy Foreign exchange earnings and outgo and technology absorption havenot been furnished considering the nature of activities undertaken by the Company duringthe year under review.However the following information is being set out under this head:

The operations of the Company are not energy intensive yet but all possible measuresshall be taken to conserve the energy in all related areas.

(i) CONSERVATION OF ENERGY:

The operations of the Company are not energy intensive yet but besides that allpossible measures shall be taken to conserve the energy in all related areas.

(ii) TECHNOLOGY ABSORPTION & RESEARCH AND DEVELOPMENT:

The Company has not imported any technology and has not established any separatedresearch and development unit however the Company shall always kept itself updated withlatest technological innovations by way of constant communications and personaldiscussions with the experts.

(iii) FOREIGN EXCHANGE EARNING AND OUTGO:

During the year under review there was no a foreign exchange earnings or outgo.

DISCLOSURE UNDER THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION PROHIBITIONAND REDRESSAL) ACT 2013

Company follows the provisions of POSH. There is a Committee at each of the Company'sUnits for compliance of the provisions of the Sexual Harassment of Women at Workplace(Prevention Prohibition and Redressal) Act 2013. There were no incidences of sexualharassment reported during the year under review.

DIRECTOR'S RESPONSIBILITY STATEMENT

In terms of provisions 134(3) (c) of the Companies Act 2013 your Directors furtherconfirm as under:

That in preparation of the annual accounts the applicable accounting standards hadbeen followed along with proper explanation relating to material departures;

That 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 Financial period and ofProfit or Loss of the Company for that period;

That the Directors had taken proper and sufficient care for the maintenance of adequateaccounting records in accordance with the provision of the Act for safeguarding the assetsof the Company and for preventing and detecting fraud and other irregularities;

That the Directors have prepared annual accounts of the Company on a going concernbasis;

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;

That the Directors had devised proper systems to ensure compliance with the provisionsof all applicable laws and that such systems were adequate and operating effectively.

CORPORATE SOCIAL RESPONSIBILITY

The Company is not required to constitute a Corporate Social Responsibility Committeeas it does not fall within purview of Section 135(1) of the Companies Act 2013 and henceit is not required to formulate policy on corporate social responsibility.

RISK MANAGEMENT POLICY

The Company has developed and implemented a risk management policy which identifiesmajor risks which may threaten the existence of the Company. The same has also beenadopted by your Board and is also subject to its review from time to time. Risk mitigationprocess and measures have been also formulated and clearly spelled out in the said policy.

ACKNOWLEDGEMENT

Your Directors wish to place on record their appreciation and thanks for thecooperation support and assistance extended by shareholders employees associatescustomers Bankers Government Agencies and all other concerns.

For and on behalf of the Board of Directors

Anil Kumar Sharma

(Managing Director)

DIN: 02463893

Add: House No. B - 18

Pandit Mohalla Badkhal

Faridabad

Haryana – 121001

Date: 26.07.2021

Place: Kanpur

.