The Members of Superior Finlease Limited
The Directors hereby present their Annual Report together with the audited financialstatements for the Financial Year (FY) ended 31 March 2019.
The Company is a Non Deposit Accepting Non-Banking Finance Company ("NBFC")holding a Certificate of Registration from the Reserve Bank of India ("RBI").
STATE OF COMPANY'S AFFAIRS
With the expected positive momentum in the Indian economy the Company is focused ongrowth and achieving profitability along with a renewed commitment to enhance quality andcustomer service and to reduce costs. Innovations investment and positive modificationsare expected in the near future boosting the Company's revenues. Together with forwardlooking strategy the Company is also focusing extensively on expanding the business andoperational improvements through various strategic projects for operational excellence andcost cutting initiatives.
FINANCIAL SUMMARY/HIGH LIGHTS/PERFORMANCE OF THE COMPANY
(Amount in Rs.)
| ||Standalone |
|Particulars ||Current Year ||Previous Year |
| ||31st March 2019 ||31st March 2018 |
|Income from operations ||2606573 ||2239305 |
|Other Income ||- ||- |
|Total Income ||2606573 ||2239305 |
|Total Expenditure ||1277812 ||1763716 |
|Profit/(loss) before tax ||1328761 ||475589 |
|Less : Provision for taxation || || |
|(i) Current Year ||(369718) ||(122464) |
|(ii) Earlier Year Adjustment ||- ||- |
|(iii) Deferred Tax ||- || |
|Profit/(loss) of the Year ||959043 ||353125 |
REVIEW OF OPERATIONS
The revenue from operations for the year ended 31st March 2019 stood at Rs.2606573/- as compared to Rs. 2239305/- for the previous year ending 31stMarch 2018.
The Profit before tax for the year ended 31st March 2019 stood at Rs.1328761/- as compared to profit of Rs. 475589 for the year ending 31stMarch 2018. The Profit after Tax stood at Rs. 959043/- for the year ending 31stMarch 2019 as compared to profit of Rs. 353125 for the previous year.
TRANSFER TO RESERVES
The Company has transferred a reserve of Rs. 191809/- as required under Section 45-ICof RBI Act 1934 to the Statutory Reserve. Other than this the Company is nottransferring any amount to reserve out the current years surplus.
In view of need to conserve the resources of the company for the future growth yourCompany's Directors do not recommend any dividend to the shareholders of the Company forthe Financial Year 2018-19.
MATERIAL CHANGES AND COMMITMENTS AFFECTING THE FINANCIAL POSITION OF THE COMPANY
In the opinion of the Board there has been no material changes and commitments ifany affecting the financial position of the Company which have occurred between the endof the financial year of the Company to which the financial statements relate and the dateof the report.
The Company was not working on any kind of capital projects for the financial year 2018- 19.
CONSERVATION OF ENERGY/TECHNOLOGY ABSORPTION/FOREIGN EXCHANGE EARNINGS AND OUTGO:
A. CONSERVATION OF ENERGY:
Company has limited scope for undertaking energy conservation exercises butnevertheless continues to emphasize work practices that result in conservation of energy.At the offices of your Company special emphasis is placed on installation ofenergy-efficient lighting devices use of natural light as best as possible and adoptionof effective procedures for conservation of electricity water paper and other materialsthat consume natural resources.
B. TECHNOLOGY ABSORPTION:
Company did not absorb any new Technology during the financial year.
C. FOREIGN EXCHANGE AND OUTGO:
There was no foreign exchange inflow or Outflow during the year under review.
ENVIRONMENT AND SAFETY
The Company conducts various promotional activities relate do Safety Health &Environment during National safety week Road safety week & Fire service day. Quiz& poster contest live demonstration of fire fighting techniques domestic &household safety for the students of neighbouring schools employees children and peopleresiding in surrounding community are taken up during those days.
As part of the safety performances following parameters were considered:
Health & Safety Management systems
Workers participation in Health & Safety
Health & Safety Training
Work Permit tag out & lockout systems
Internal & External Safety auditing review process
Promotion of safety & health at workplace
Community awareness programs
Safety of the contract workers
Cordial and conducive working conditions prevailed amongst the Company employees andthe contract vendors.
EXTRACT OF THE ANNUAL RETURN
Pursuant to the provisions of Section 92 of the Companies Act 2013 read with Rule 12of The Companies (Management and Administration) Rules 2014 the extract of the AnnualReturn as on 31st March 2019 is enclosed as Annexure "1" to theDirectors' Report.
As a green initiative a copy of the Annual Return has been hosted on the website ofthe Company at http://www.superiorfinlease.com/ and can be accessed from the link belowhttp://www.superiorfinlease.com/investors.php
PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES
Pursuant to the provisions of Section 188 of the Companies Act 2013 read with therules made there under and SEBI (Listing Obligations and Disclosure Requirement)Regulations 2015 the Company had not entered into any contract/arrangement/ transactionwith related parties which could be considered material. There are no materiallysignificant related party transactions made by the Company with Promoters Directors KeyManagerial Personnel or other designated persons which may have a potential conflict withthe interest of the Company at large. Accordingly particulars of contracts orarrangements with related parties referred to in Section 188(1) of the Companies Act 2013in Form AOC-2 is not applicable.
The paid up equity share capital as on March 31 2019 was Rs. 30010000/-. There wasno public issue rights issue bonus issue or preferential issue etc. during the year. TheCompany has not issued shares with differential voting rights sweat equity shares nor hasit granted any stock options.
LISTING OF SECURITIES
The 3001000 equity shares of Rs. 10/- each of the Company are listed on BSE Limited andthe Metropolitan Stock Exchange of India Limited.
The Annual listing fees for the year 2018-19 have been paid to both the StockExchanges.
PARTICULARS OF LOANS GUARANTEES OR INVESTMENTS
Pursuant to Section 186 of the Companies Act 2013 (the Act') read with Rule11(2) of the Companies (Meetings of Board and its Powers) Rules 2014 the loan madeguarantee given or security provided in the ordinary course of business by a Non- BankingFinancial Company (NBFC) registered with Reserve Bank of India are exempt from theapplicability of provisions of Section 186 of the Act. The details of Loans CorporateGuarantees and Investments made during the year under the provisions of Section 186 of theCompanies Act 2013 are given in notes to the financial statements.
NOMINATION & REMUNERATION POLICY AND DISCLOSURES ON REMUNERATION
The Board has on the recommendation of the Nomination & Remuneration Committeeframed a policy for selection appointment and remuneration of Directors Key ManagerialPersonnel and employees in the Senior Management. In accordance with the provisions ofSection 178 of the Act the Board of Directors has adopted a Policy on Board Diversity andDirector Attributes and the Remuneration Policy. The Policy on Board Diversity andDirector Attributes has been framed to encourage diversity of thought experienceknowledge perspective age and gender in the Board. The Remuneration Policy forDirectors Key Managerial Personnel and all other employees is aligned to the philosophyon the commitment of fostering a culture of leadership with trust. The Policy aims toensure that the level and composition of the remuneration of the Directors Key ManagerialPersonnel and all other employees is reasonable and sufficient to attract retain andmotivate them to successfully run the Company.
RISK MANAGEMENT POLICY
Risk Management Policy identifies communicate and manage risks across theorganization. The policy also ensures that responsibilities have been appropriatelydelegated for risk management. Key Risk and mitigation measures are provided in theManagement Discussion and Analysis annexed as Annexure 3 to the Annual Report.
VIGIL MECHANISM/WHISTLE BLOWER POLICY
The Company in accordance with the provisions of Section 177(9) of the Companies Act2013 and Regulation 22 of SEBI (LODR) Regulations 2015 has established a vigil mechanismfor directors and employees to report genuine concerns to the management viz. instances ofunethical behaviour actual or suspected fraud or violation of the Company's Code ofConduct or Ethics Policy. The Company has also formulated a
Whistle Blower Policy ("Policy") which provides for adequate safeguardagainst victimization of persons and has a provision for direct access to the Chairpersonof the Audit Committee. The Company has not denied any person from having access to theChairman of the Audit Committee.
CORPORATE SOCIAL RESPONSIBILITY (CSR')
Pursuant to provisions of Section 135 of the Companies Act 2013 read with the rulesmade there under the criteria for companying with the CSR activity does not applicable tothe Company throughout the year.
DIRECTORS AND KEY MANAGERIAL PERSONNEL
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 Regulation27 of SEBI (LODR) Regulations 2015.
In accordance with the provisions of Regulation 25(7) of SEBI (Listing Obligations andDisclosure Requirements) Regulations 2015 the Company organizes familiarizationprogramme for Independent Directors as and when required.
During the year the Meetings of the Independent Directors were held on 5thOctober 2018 without the attendance of non-independent directors and members of theManagement inter alia to discuss the following:
Reviewed the performance of Non-Independent Directors and the Board as a whole;
Reviewed the performance of the Chairman of the Company taking into account theviews of the Executive and Non-Executive Directors; and
Assessed the quality quantity and timeliness of flow of information between theCompany management and the Board that is necessary for the Board to effectively andreasonably perform its duties.
Pursuant to the provisions of the Section 134 178 and Sch. IV of the Companies Act2013 and Regulation 17 of the SEBI (Listing Obligations & Disclosure Requirements)Regulations 2015 the following performance evaluations were carried out;
a. Performance evaluation of the Board Chairman and non-Independent Directors by theIndependent Directors;
b. Performance evaluation of the Board its committees and Independent Directors by theBoard of Directors; and
c. Performance evaluation of every director by the Nomination and RemunerationCommittee.
The Company has complied and continues to comply with all the applicable regulationscirculars and guidelines issued by the Ministry of Corporate Affairs (MCA) StockExchange(s) Reserve Bank of India (RBI) Securities and Exchange Board of India (SEBI)etc.
The Company has generally complied with all applicable provisions of the Companies Act1956 and the Companies Act 2013 Listing Agreement executed with the Stock ExchangesSEBI (Listing Obligations and Disclosure Requirements) Regulations 2015 and otherapplicable rules/regulations/guidelines issued from time to time.
As a Non Deposit taking Non-Banking Finance Company your Company always aims tooperate in compliance with applicable RBI laws and regulations and employs its bestefforts towards achieving the same.
THE DETAILS OF DIRECTORS OR KEY MANAGERIAL PERSONNEL WHO WERE APPOINTED OR HAVERESIGNED DURING THE PERIOD
|S. No. ||Name ||Designation ||Date of Appointment/Cessation ||Reason |
|1. ||Mr. Manoj Goel ||Director ||June 07 2018 ||Resignation |
|2. ||Mr. Harish Kumar ||Additional Director in the Category of Independent Director ||June 07 2018 ||Appointment |
|3. ||Mr. Rajneesh Kumar ||Additional Director in the Category of Non- Executive Non Independent Director ||October 5 2018 ||Appointment |
|4. ||Mr. Ravi Kant Sharma ||Additional Director in the category of Non- Executive Independent Director ||October 5 2018 ||Appointment |
|5. ||Ms. Shipali Gupta ||Company Secretary ||September 27 2018 ||Appointment |
|6. ||Mr. Vaibhav Vashisht ||Chief Financial Officer ||March 15 2019 ||Appointment |
|7. ||Mr. Mohd Hishamuddin ||Chief Executive Officer ||March 15 2019 ||Appointment |
|8. ||Mr. Rajneesh Kumar ||Additional Director in the Cateogry of Non- Executive Non Independent Director ||September 5 2018 ||Appointment |
|9. ||Mr. Ravi Kant Sharma ||Additional Director in the category of Non- Executive Independent Director ||September 5 2018 ||Appointment |
|10. ||Ms. Anshika Garg ||Company Secretary ||September 5 2018 ||Resignation |
*Mr. Rajneesh Kumar and Mr. Ravi Kant Sharma vacated office as an Additional Directorand accordingly they were re-appointed on 05.10.2018.
The agenda and Notice for the Meetings is prepared and circulated in advance to theDirectors. During the year under review Ten Board meetings were held on 30thMay 2018 07th June 2018 11th August 2018 17thAugust 2018 05th September 2018 27th September 2018 05thOctober 2018 13th November 2018 14th February 2019 and 15thMarch 2019. Details of attendance of board meetings by Directors are as follows:
|Name of the Director ||Nos. of meetings attended |
|Mr. Anil Agarwal ||10 |
|Ms. Shikha Garg ||10 |
|Mr. Harish Kumar ||9 |
|Mr. Rajneesh Kumar ||4 |
|Mr. Ravi Kant Sharma ||4 |
The necessary quorum was present in all the meetings. The intervening gap between anytwo meetings was not more than one hundred and twenty days as prescribed by the CompaniesAct 2013.
*Mr. Manoj Goyal had resigned from the Board on June 07 2018.
COMMITTEES OF THE BOARD:
The Audit Committee comprises of three directors namely: Mr. Anil Agarwal Ms. ShikhaGarg and Mr. Harish Kumar.
|Name of the Member ||Nos. of meetings attended |
|Mr. Anil Agarwal ||5 |
|Ms. Shikha Garg ||5 |
|Mr. Harish Kumar ||4 |
During the year under review Five Audit Committee Meetings were held on 30thMay 2018 11th August 2018 17th August 2018 13thNovember 2018 and 14th February 2019 and all the recommendations of theAudit Committee were accepted by the Board.
Mr. Manoj Goyal had resigned from the Committee on June 07 2018 and in place of himMr. Harish Kumar appointed on the same day and accordingly was appointed as a member ofAudit Committee.
NOMINATION AND REMUNERATION COMMITTEE:
The Nomination and Remuneration Committee comprises of three directors namely: Mr. AnilAgarwal Ms. Shikha Garg and Mr. Harish Kumar.
|Name of the Member ||Nos. of meetings attended |
|Mr. Anil Agarwal ||5 |
|Ms. Shikha Garg ||5 |
|Mr. Harish Kumar ||5 |
During the year under review five Nomination and Remuneration Committee Meeting washeld on 07th June 2018 05th September 2018 27thSeptember 2018 05th October 2018 and 15th March 2019.
Mr. Manoj Goyal had resigned from the Committee on June 07 2018 and in place of himMr. Harish Kumar appointed on the same day and accordingly was appointed as a member ofNomination and Remuneration Committee.
STAKEHOLDER RELATIONSHIP COMMITTEE:
The Stakeholder Relationship Committee comprises of three directors namely: Mr. AnilAgarwal Ms. Shikha Garg and Mr. Harish Kumar.
|Name of the Member ||Nos. of meetings attended |
|Mr. Anil Agarwal ||1 |
|Ms. Shikha Garg ||1 |
|Mr. Manoj Goel ||1 |
During the year under review one Stakeholders Relationship Committee Meeting was heldon 14th March 2018.
Mr. Manoj Goyal had resigned from the Committee on June 07 2018 and in place of himMr. Harish Kumar appointed on the same day and accordingly was appointed as a member ofStakeholder Relationship Committee.
The Company has not accepted fixed deposits in the past or during the year.
DETAILS OF SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS
There are no significant material orders passed by the courts/regulators or tribunalsimpacting the going concern status and company's operations in future.
MATERIAL CHANGES AND COMMITMENTS AFFECTING THE FINANCIAL POSITION OF THE COMPANY
There have been no material changes and commitments affecting the financial position ofthe company which have occurred between the end of the financial year of the Company towhich the financial statements relate and till the date of this annual report.
ADEQUACY OF INTERNAL FINANCIAL CONTROLS WITH REFERENCE TO FINANCIAL STATEMENTS
The Company has adequate systems of internal control in place which is commensuratewith its size and the nature of its operations. The Company has designed and put in placeadequate Standard Operating Procedures and Limits of Authority Manuals for conduct of itsbusiness including adherence to Company's policies safeguarding its assets preventionand detection of fraud and errors accuracy and completeness of accounting records andtimely preparation of reliable financial information.
The Company's management is responsible for establishing and maintaining internalfinancial controls based on the internal control over financial reporting criteriaestablished by the Company considering the essential components of internal control statedin the Guidance Note on Audit of Internal Financial Controls over Financial Reportingissued by the Institute of Chartered Accountants of India (ICAI). These responsibilitiesinclude the design implementation and maintenance of adequate internal financial controlsthat were operating effectively for ensuring the orderly and efficient conduct of itsbusiness including adherence to company's policies the safeguarding of its assets theprevention and detection of frauds and errors the accuracy and completeness of theaccounting records and the timely preparation of reliable financial information asrequired under the Act.
SEPARATE MEETING OF INDEPENDENT DIRECTORS
In due compliance with the provisions of the Companies Act 2013 read with the rulesmade there under a separate meeting of independent directors performance ofnon-independent directors performance of the board as a whole was evaluated taking intoaccount the views of directors and non-executive directors. The same was discussed in theboard meeting that followed the meeting of the independent directors at which theperformance of the Board its committees and individual directors was discussed.
As per Regulation 15 of the SEBI (Listing Regulations and Disclosure ObligationsRequirements) Regulations 2015 the provisions of Chapter IV of the said ListingRegulations 2015 the Compliance with the corporate governance provisions as specified inRegulations 17 [17A] 18 19 20 2122 23 24 24A 25 26 27and clauses (b) to (i) ofsub regulation (2) of Regulation 46 and para C D and E of Schedule V shall not bemandatory for the time being in respect of the following class of companies:
The listed entity having Paid up Equity Share Capital not exceeding Rs.10 Croreand Net Worth not exceeding Rs.25 Crore as on the last day of the previous financialyear;
The Listed Entity which has listed its specified securities on the SME Exchange.Since the Company is neither listed exclusively on the SME Exchange nor its paid-up sharecapital and net-worth exceeds the prescribed threshold limits therefore Regulations 17 to27 and clauses (b) to (i) of sub regulation (2) of regulation 46 are not applicable on theCompany.
As per section 139 of the Companies Act 2013 and Rules made there under M/s. V.N.Purohit & Co. Chartered Accountants New Delhi were appointed as Statutory Auditorsof the Company for the term of five years from the Annual General Meeting held onSeptember 30 2016. The Report does not contain any qualification reservation or adverseremark or disclaimer made by the Statutory Auditors.
During the year under review there were no frauds reported by the auditors to theAudit Committee or the Board under section 143(12) of the Companies Act 2013.
As per the Cost Audit Orders Cost Audit is not applicable to the Company's for the FY2018-19.
Pursuant to the provisions of Section 204 of the Companies Act 2013 and The Companies(Appointment and Remuneration of Managerial Personnel) Rules 2014 the Company hasappointed Ms. Kajal Goyal Practicing Company Secretary as Secretarial Auditor toundertake the Secretarial Audit of the Company. The Secretarial Audit Report for thefinancial year 2018-19 is enclosed as Annexure 2 to this Directors' Report.
SECRETARIAL AUDITORS REPORT
The Secretarial Auditor remarks are self-explanatory and do not require anyclarification from the Board. Further the observation describes about the delay incompliance that was due to inadvertent reasons and the same shall be taken care of in thenear future.
DISCLOSURE AS PER SECTION 22 OF THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE(PREVENTION PROHIBITION AND REDRESSAL) ACT 2013
As per provisions of Section 4 of the Sexual Harassment of Women at Workplace(Prevention Prohibition and Redressal) Act 2013 your Company has constituted anInternal Complaints Committee for redressal of complaints against sexual harassment. Therewere no complaints/cases filed/pending with the Company during the year.
We seek to promote and follow the highest level of ethical standards in our businesstransactions. The SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015mandated the formulation of certain policies for all listed companies. All the policiesare available on the website of the Company viz. http://www.superiorfinlease.com.
The Policies are reviewed periodically by the Board and updated on the basis of needand new Compliance.
The Key Policies are as follows:
|Name of the Policy ||Brief Description |
|WHISTLE BLOWER POLICY (VIGIL MECHANISM) ||This policy has been established with a view to provide a tool to Directors and Employees of the Company to report to Management genuine concerns including unethical behaviour actual or suspected fraud or violation of the code or the policy. The Policy also provides for adequate safeguards against victimization of Director(s)/Employee(s) who avail of the mechanism and also provides for direct access to the chairman of the Audit Committee in exceptional cases. |
|NOMINATION & REMUNERATION POLICY ||The Board has on the recommendation of Nomination and Remuneration Committee framed and adopted a policy for selection and appointment of Directors Key Managerial Personnel Senior Management and their remuneration. |
|POLICY FOR DETERMINING OF MATERIAL INFORMATION ||The Objective of this policy is to outline the guidelines to be followed by the Company for consistent transparent and timely public disclosures of material information events/information and to ensure that such information is adequately disseminated to the stock Exchange(s) where the securities of the Company are listed in pursuance with the Regulations and to provide an overall governance framework for such determination of materiality |
|POLICY OF PRESERVATION OF DOCUMENTS ||This policy sets the Standards for classifying managing and storing the records of the Company. The Purpose of this policy is to establish framework for effective records Management and the process for Subsequent archival of such records |
|TERMS AND CONDITIONS OF APPOINTMENT OFINDEPENDENT DIRECTOR ||This has prescribed the code of conduct terms and conditions of appointment of the Independent Directors which are subject to the extant provisions of the applicable laws including the Companies Act 2013 ("2013 Act"). |
|CODE OF CONDUCT FOR DIRECTORS ||This Code prescribes the guidelines for the Directors to conduct themselves in the highest degree of dignity authencity and compliance standards. |
|RELATED PARTY TRANSACTION POLICY ||In compliance with the Listing Regulations the Company has the policy for transactions with Related Parties (RPT Policy). During the year the Company has revised its Policy on dealing with Materiality of Related Party Transactions in accordance with the amendments to the applicable provisions of the Listing Regulations. The RPT Policy is available on the Company website |
|RISK MANAGEMENT POLICY ||The policy describes the major risks faced by business and the system based approach for risk management with the clear objectives of identification evaluation monitoring and minimisation of the identified risks |
|POLICY ON FAMILIARIZATION OF INDEPENDENT DIRECTORS ||This policy has been formulated to familiarize the independent directors with the Company the functions of the Company and specify their roles rights responsibilities in the Company nature of the industry in which the Company operates business model of the Company etc. through various Programs |
EMPLOYEES' STOCK OPTION SCHEME
During the year under review your Company has not provided any Stock Option Scheme tothe employees.
RIGHTS ISSUE OF SHARES
During the year under review no Right Issue was made in the financial year 2018-19.
SUBSIDIARIES JOINT VENTURES OR ASSOCIATE COMPANIES
The Company does not have any Subsidiary Joint Venture or Associate Company.
DIRECTORS' RESPONSIBILITY STATEMENT
To the best of our knowledge and belief and according to the information andexplanation obtained by us your Directors make the following statements in terms ofprovisions of Section 134 (5) of the Companies Act 2013 and hereby confirm that:
(a) in the preparation of the annual accounts the applicable accounting standards havebeen followed along with proper explanation material departures;
(b) the directors have 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 have 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 have prepared the annual accounts on a going concern basis;
(e) the directors have laid down internal financial controls to be followed by thecompany and that such internal financial controls are adequate and were operatingeffectively; and
(f) the directors have devised proper systems to ensure compliance with the provisionsof all applicable laws and that such systems were adequate and operating effectively.
PARTICULARS OF EMPLOYEES AND RELATED DISCLOSURES
The information required under Section 197(12) of the Companies Act 2013 read withrule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules2014 are given below:
i) The ratio of the remuneration of each Director to the median remuneration of theemployees of the company for the financial year: Not Applicable as no remunerationwas paid to any Director during the financial year under review.
ii) The percentage increase in remuneration of each director Chief FinancialOfficer Chief Executive Officer Company Secretary or Manager if any in the financialyear: Not Applicable as the Company has not paid any remuneration to Directors duringthe financial year under review. Further there is no increase in the remuneration of CFOand Company Secretary and Compliance officer of the Company during the year.
iii) The percentage increase in the median remuneration of employees in thefinancial year: Not Applicable
iv) The number of permanent employees on the rolls of company: 5
v) Average percentile increase already made in the salaries of employees other thanthe managerial personnel in the last financial year and its comparison with the percentileincrease in the managerial remuneration and justification thereof and point out if thereare any exceptional circumstances for increase in the managerial remuneration: Nil
vi) the key parameters for any variable component of remuneration availed by thedirectors: Nil
vii) affirmation that the remuneration is as per the remuneration policy of thecompany: It is hereby affirmed that the remuneration paid during the year is as perthe Remuneration Policy of the Company.
DISCLOSURE UNDER RULE 5 (2) & (3) OF THE COMPANIES (APPOINTMENT AND REMUNERATION ORMANAGERIAL PERSONNEL) RULES 2014
There is no directors/employees in the Company for which disclosure have to be madeunder the provisions of Rule 5 (2) & (3) of the Companies (Appointment andRemuneration or Managerial Personnel) Rules 2014.
A. Details of Top ten employees in terms of remuneration drawn:
|Name & Designation ||Age (in Years ) ||Remuneration per month ||Nature of Employment ||Qualification & Experience ||Date of commencement of Employment ||Last Employment ||% of Equity Share held ||Whether related to Director or Manager |
|Mr. Vaibhav Vashish CFO ||37 years ||20000 ||Whole Time ||MCA ||15.03.2019 ||Indian Finance Guaranty Ltd ||Nil ||No |
|Mr. Md Hishamud din CEO ||35 years ||20000 ||Whole Time ||B.Com ||15.03.2019 ||Indian Finance Guaranty Ltd ||Nil ||No |
|Mr. Anil Kumar Deputy Manager ||42 years ||20000 ||Whole Time ||B.A. ||04.01.2018 ||Indian Finance Guaranty Ltd ||Nil ||No |
|Mr. Gajender Kumar Sing Back Office Executive ||51 years ||18000 ||Whole Time ||B.A. ||04.01.2018 ||Indian Finance Guaranty Ltd ||Nil ||No |
|Ms. Shipali Gupta (Company Secretary) ||27 Years ||Rs. 10000/ - ||Whole Time ||Company Secretary & 3 years ||27.09.2018 ||GST Portal ||Nil ||No |
Note: During the year under review Ms. Anshika Garg Company Secretary of the Companyhad resigned w.e.f. 05.09.2018.
B. Details of other employees under aforesaid Rules:
C. Statement showing the name of every employee of the company who
if employed throughout the financial year was in receipt of remuneration forthat year which in the aggregate was not less than one crore and two lakh rupees; -None
if employed for a part of the financial year was in receipt of remuneration forany part of that year at a rate which in the aggregate was not less than eight lakh andfifty thousand rupees per month;- None
if employed throughout the financial year or part thereof was in receipt ofremuneration in that year which in the aggregate or as the case may be at a rate whichin the aggregate is in excess of that drawn by the managing director or whole-timedirector or manager and holds by himself or along with his spouse and dependent childrennot less than two percent of the equity shares of the company.- None
Electronic copies of the Annual Report for the FY 2018-19 and the Notice of the AGMwere sent to all the members whose email addresses are registered with the Company /Depository Participants. For members who have not registered their email address physicalcopies are sent in the permitted mode.
Your Directors wish to place on record their appreciation for the dedicationcommitment and contribution of all stakeholders and employees of your Company.
| ||FOR AND ON BEHALF OF THE BOARD |
| ||Superior Finlease Limited |
|Place: New Delhi ||Rajneesh Kumar ||Ravi Kant Sharma |
|Date: 14.08.2019 ||Director ||Director |
| ||DIN: 02463693 ||DIN: 07456078 |