Your directors have pleasure in presenting their report together with the audited
Balance sheet as at March 31st 2023 and Statement of Profit & Loss for the
year ended on that date.
Financial Results ( .Rs in lakhs)
S. Particulars No. |
2022-2023 |
2021-2022 |
1. Profit before Taxation and Provision for Standard Assets |
242.26 |
103.73 |
2. Less: Provision for Standard Asset |
- |
- |
3 Profit Before Taxation |
242.26 |
103.73 |
4 Less: Provision for Income Tax |
56.00 |
28.00 |
5 Add: Deferred Tax Assets |
- |
- |
6 Profit/Loss After tax |
187.57 |
74.87 |
7 Less: Statutory Reserve |
37.52 |
14.95 |
8 Profit after transfer to Statutory Reserve |
150.05 |
59.92 |
Share Capital
The paid-up share capital of the company is . 18,66,95,750 as on March 31st,
2023, during the year i.e., April 1st 2022 to March 31st, 2023 there
were no changes during the said period.
Dividend
To preserve the earnings and reinvest it in the business for its growth the company has
decided to not recommend any dividend.
Transfer to Reserve
During the Financial Year ended March 31st, 2023, the Company has
transferred a sum of . 37.52 Lakhs towards reserve under Section 45-IC of the RBI Act,
1934.
Change in the nature of the business
During the year under review, there was no change in the nature of the business of the
Company.
Company's Performance
Revenue from Operation for financial Year 2022-2023 is . 454.01 Lakhs & Profit
before Tax and profit after tax for Financial Year 2022-2023 are . 242.26 lakhs and .
187.57 Lakhs respectively.
Fixed Deposits
We have not accepted any Fixed Deposits and as such no amount of Principle or Interest
was outstanding as on Balance Sheet date.
Management Discussion and Analysis Report
In terms of provisions of Regulation 34 of Securities and Exchange Board of India
(Listing Obligation and Disclosure Requirements) Regulation 2015, the Management
discussion and Analysis is set out in this Annual Report.
Listing with Stock Exchanges
The Company confirms that it has paid the Annual Listing Fees for the year 2022-2023 to
(BSE Scrip Code: 538708) where the Company's shares are listed.
Dematerialization of shares
86.09% of the Company's paid up Equity share Capital is in dematerialized form as on
31/03/2023 and the balance (i.e., 13.91%) are in physical form. The Company's registrar
and share transfer agent is M/s Niche Technologies Private Limited having their registered
office at 3A, Auckland Place, 7th Floor, Room No. 7A & 7B, Kolkata-700017.
Number of Board Meetings Held
The Board of Directors duly met four times during the financial year from April 1st
2022 to March 31st 2023. The maximum Interval between any two meetings did not
exceed 120 days as prescribed in the Companies Act, 2013.
S. No. |
Date of Board Meeting |
1. |
30.05.2022 |
2. |
13.08.2022 |
3. |
14.11.2022 |
4. |
13.02.2023 |
Directors and KMP
To appoint a director in place of Mrs. Shekh Hasina Kasambhai (DIN: 07733184), who
retires by rotation at this Annual General Meeting and being eligible offers himself for
re-appointment.
Significant and Material Orders
There are no significant and material orders passed by the regulators or courts or
tribunals impacting the going concern status and Company's operations in future.
Board Evaluation
The Board carried out an annual performance evaluation of its own performance, the
individual directors as well as the working of the Committees of the Board. The
performance evaluation of Independent Directors was carried out by the entire Board. The
performance of the Non-Independent Directors was carried out by Independent Directors.
Details of the same are given in the report on the Corporate Governance annexed to this
report.
Internal Financial Control and its adequacy
The Board has adopted policies and procedures for ensuring the orderly and efficient
conduct of its business, including adherence to the Companies policies, the safeguarding
of its assets, the prevention and detection of frauds and errors, the accuracy and
completeness of the accounting records, and the timely preparation of reliable financial
disclosures.
Subsidiaries and Associates
There company has no Subsidiary as on 31.03.2023. There are no associate or joint
venture companies within the meaning of Section 2(6) of the companies Act 2013.
Declaration by Independent Directors
The Company has received necessary declaration from each independent director under
Section 149(7) of the Companies Act, 2013 that he/she meets the criteria of Independence
laid down in Section 149(6) of the Companies Act, 2013 and Regulation 25 of SEBI (Listing
obligation and Disclosure requirements) Regulations 2015.
Directors Responsibility Statement
Pursuant to Section 134(5) of the Companies Act, 2013 Director of your company hereby
state and confirm that: -
a) In the preparation of the annual accounts for the year ended 31st March
2023, the applicable accounting standards have been followed along with proper explanation
relating to material departures;
b) They have selected such accounting policies and applied them consistently and
made judgments and estimates that are reasonable and prudent so as to give a true and fair
view of the state of affairs of the Company at the end of financial year and of the Loss
of the Company for the same period;
c) The directors have taken proper and sufficient care for the maintenance of
adequate accounting records in accordance with the provisions of the Companies Act, 2013
for safeguarding the assets of the Company and for preventing and detecting fraud and
other irregularities;
d) They have prepared the annual accounts on a going concern basis;
e) They have laid down internal financial controls in the company that are adequate
are were operating effectively;
f) They have devised proper systems to ensure compliance with the provisions of all
applicable laws and these are adequate and are operating effectively.
g) Remuneration to the Directors/KMP ( Rs. in lacs)
SL. No. Names |
Designation |
Remuneration in 2022 - 2023 |
Remuneration in 2021- 2022 |
1 Mrs. Shekh Hasina Kasambhai |
Managing Director |
3.60 |
3.60 |
2 Mr. Siddharth Sharma |
Company Secretary |
4.77 |
1.08 |
3 Navinchandra Kothari |
CFO |
3.00 |
3.00 |
Managerial Remuneration and Particular of Employees
The Information required pursuant to Section 197 read with Rule 5 of the Companies
(Appointment and Remuneration of Managerial Remuneration) Rules, 2014 in respect of the
employees of the Company are given in Annexure -1 forming part of this report.
Annual Return:
In accordance with the provisions of Section 92(3) & Section 134(3)(a) of the
Companies Act, 2013 read with Rule 12 of the Companies (Management & Administration)
Rules, 2014, as amended from time to time, copy of the Annual Return can be accessed from
the following link: https://www.econo.in/annualreturn.php.
Auditors:
Statutory Auditors: -
At the Annual General Meeting held on September 28, 2020 the Auditors M/s. H S K &
CO LLP Chartered Accountants were appointed as Auditor of the Company to hold office till
the conclusion of the Forty second (42nd) Annual General Meeting of the
Company.
Secretarial Auditor: -
M/s. Prateek Kohli & Associates, Kolkata, Practicing Company Secretary was
reappointed to conduct the Secretarial Audit of the Company for the Year 2022-2023 forming
part of Annual report.
Cost Auditors: -
Cost Audit under Section 148 of the Companies Act, 2013 is not applicable to the
Company. Therefore, the company has not appointed any Cost Auditor.
Internal Auditors: -
CA Sourabh Jalan, partner of M/s G. Goenka & Co. was reappointed to conduct the
Internal Audit of the company for the financial year 2022-2023.
Auditors' Certificate on Corporate Governance: -
As required by SEBI (Listing Obligation and Disclosure Requirements) Regulations 2015
the auditors' certificate on corporate governance is enclosed as Annexure to the Board
Report.
Audit Observations
Auditors' observation is suitably explained in notes to the Accounts and are
self-explanatory.
Corporate Governance
Pursuant to Regulation 34 of the listing Regulation read with Schedule V to the said
regulations, a compliance report on Corporate Governance has been annexed as part of
Annual report along with Auditor's Certificate.
Conservation of Energy, Technology Absorption, Foreign Exchange Earnings and Outgo
Information required under Section 134(3)(m) of the Companies Act, 2013 read with Rule
8 of the Companies (Accounts) Rules, 2014 is not applicable to the Company.
Corporate Social Responsibility
In terms of Section 135 and Schedule VII of the Companies Act, 2013, the CSR is not
applicable for the Company.
Vigil Mechanism
In pursuant to the provisions of Section 177(9) & (10) of the Companies Act, 2013
Vigil Mechanism for Directors and Employee to report genuine concerns has been
established.
Related Party Transactions
Relate Party Transactions were entered during the financial year; therefore, the
requirement of Form AOC-2 is attached Annexure-2.
Particulars of Loans, Guarantees or Investments
Loans, Investments are done as per Companies Act, 2013, though company is NBFC its main
activity is providing Loans repayable on demand and Investing in Shares, Securities.
Therefore, disclosed in Notes to Accounts.
Listing Agreement
The Securities and Exchange Board of India on September 2, 2015 issued SEBI (Listing
Obligations and Disclosure Requirements) Regulations, 2015 with the aim to consolidate and
streamline the provisions of the Listing Agreement for different segments of Capital
Market to ensure better enforceability, the said regulation was effective from December
01, 2015. Accordingly, all listed entities were required to enter into the Listing
Agreement within six months from the effective Date. The Company entered into listing
agreement with the Bombay Stock Exchange and Calcutta Stock Exchange on February 2017.
Registrar and Share Transfer Agent
M/s Niche Technologies Private Limited is Company's Registrars and Share Transfer Agent
(RTA) as common agency both for physical and demat shares, as required under the
Securities Contract (Regulation) Act, 1956. The contact details of RTA forms part of the
Corporate Governance Report.
Disclosure under Sexual Harassment of Women at Work Place (Prevention, Prohibition and
Redressal) Act, 2013
Your company is committed to creating and maintaining a secure work environment where
its employee, customers, Vendors etc can work and pursue business together in an
atmosphere free of Harassment, exploitation and intimidation. To empower women and protect
woman against Sexual harassment, a policy for prevention of Sexual harassment has been
rolled out. The policy allows employees to report sexual harassment at the work place.
Disclosure under Insolvency and Bankruptcy Code, 2016
During the year under review, neither any application was made nor any proceeding is
pending against the Company under the Insolvency and Bankruptcy Code, 2016.
Details of difference between amount of the valuation:
There was no one time settlement by the Company with the Banks or Financial
Institutions during the year under review, thus, the details of difference between amount
of the valuation done at the time of one-time settlement and the valuation done while
taking loan from the Banks or Financial Institutions along with the reasons thereof are
not applicable.
Green Initiative
As part of green initiative, the electronic copies of this Annual Report including the
Notice of the 40th AGM are sent to all members whose email addresses are registered with
the Company / Registrar / Depository Participant(s). As per SEBI Circular
SEBI/HO/CFD/CMD1/CIR/P/2020/79 dated 12th May, 2020 the requirement of sending physical
copies of annual report to those shareholders who have not registered their email
addresses was dispensed with for Listed Entities who conducted their AGMs during the
calendar year 2020. The same has been implemented for Listed Entities who conducted their
AGMs during the calendar year 2021 vide SEBI Circular dated 15th January, 2021 and further
during the calendar year 2022 vide SEBI Circular dated 13th May, 2022. In this respect the
physical copies are not being sent to the shareholders. The copy of the same would be
available on the website: http://econo.in/. The initiatives were taken for asking the
shareholders to register or update their email addresses. The Company is providing
e-voting facility to all its members to enable them to cast their votes electronically on
all resolutions set forth in the Notice. This is pursuant to Section 108 of the Companies
Act, 2013 and Rule 20 of the Companies (Management and Administration) Rules, 2014. The
instructions for e-voting are provided in the Notice.
Acknowledgement
The directors deeply acknowledge the trust and confidence you have placed in the
company and they would also like to thank all its Bankers, Customers, Vendors,
Shareholders and other Stakeholders for their continued support to the Company. In
specific, the Board would also record its sincere appreciation of the Commitment and
Contribution made by all employees of the Company.
Place: Kolkata |
BY ORDER OF THE BOARD |
Date: 30.05.2023 |
|
|
Shekh Hasina |
|
Kasambhai |
|
Managing Director |
|
(DIN: 07733184) |