The Board of Directors of your Company" is pleased to present the 41stAnnual Report and the Audited Financial Statements of your Company for the financial year ended 31st March, 2024 ("financial year under review").
FINANCIAL HIGHLIGHTS:
The Company's financial performance for the financial year ended 31st March, 2024 as compared to the previous financial year ended 31st March, 2023 is summarized below:
(Rs. In Lakhs)
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Particulars
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For the year ended 31st March, 2024
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For the year ended 31st March, 2023
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|
Revenue from Operation
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1856.67
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1649.36
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Other Income
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1.15
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1.02
|
|
Total Revenue
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1857.82
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1650.38
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Profit before Depreciation & Amortization Expenses, Finance Cost and Tax
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1435.37
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1343.20
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Less: Depreciation and Amortization Expenses
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23.63
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25.08
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Finance Cost
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352.13
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398.57
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Profit/Loss before Tax
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1059.61
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919.55
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Less: Provision for Tax: Current Years/Earlier Years/Deferred Tax
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269.26
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275.29
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Profit/(Loss) after Tax
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790.35
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644.27
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Other Comprehensive Income
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(03.85)
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16.93
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Total Comprehensive Income
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786.50
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661.20
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OPERATIONAL REVIEW:
Your Company is non-deposit taking NBFC registered with RBI. Some of the key highlights of your Company's performance during the year under review are:
• Revenue:
Company's Revenue from operations as on 31st March, 2024 stand at Rs. 1856.67 Lakhs against Rs. 1649.36 Lakhs recorded in the previous year.
• Net worth:
The Net Worth of the Company increased to Rs. 12712.95 Lakhs from Rs. 11926.44 Lakhs.
• Profit before tax:
Profit before taxation is Rs. 1059.61 Lakhs as against Rs. 919.56 Lakhs in the last year.
• Net profit after tax:
Net profit after taxation is Rs. 790.35 Lakhs as against Rs. 644.27 Lakhs in the last year.
The Company has recorded an increase in revenue of 12.56% during the year under review.
The Company is engaged in providing secured business Loan, corporate Loans and Investment. The Company's overall performance during the Financial Year 2023-24 was robust resulting in improvement in all operational and financial parameters.
The Company reported strong financial results due to its judicious pricing decisions, increase in its AUM, quality disbursements and better collection efficiency. Further, the Company was able to raise the necessary resources throughout the year to match the business and operational requirements, leveraging its relationships. The Company believes that each customer is a critical asset in its growth journey and their satisfaction is primary responsibility of the company.
The Company's prudent liquidity management techniques and strategy of maintaining adequate liquidity buffer throughout the Financial Year 2023-24 not only ensured seamless lending for our business operations but also ensured meeting our liabilities on time, thereby further strengthening the trust and confidence reposed on us by our creditors and security holders.
The Financial Statements of your Company have been prepared in accordance with The Indian Accounting Standards (Ind-AS) as prescribed under Section 133 of the Companies Act, 2013, read with Rule 3 of the Companies (Indian Accounting Standards) Rules, 2015 and Companies (Indian Accounting Standards) Amendment Rules, 2016 and Companies Act, 1956 / Companies Act, 2013, as applicable and Regulation 48 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (hereinafter referred to as 'SEBI Listing Regulations, 2015'). Accounting policies have been consistently applied except where a newly issued accounting standard, if initially adopted or a revision to an existing accounting standard requires a change in the accounting policy hitherto in use. Management evaluates all recently issued or revised accounting standards on an ongoing basis. Your Company discloses standalone unaudited financial results on a quarterly basis, which are subjected to limited review, and standalone audited financial results on an annual basis.
DIVIDEND:
Given the growth requirements of the business, Your Directors think it is prudent to plough back the profits and therefore do not recommend any dividend on equity shares for the financial year 2023-2024.
TRANSFER TO RESERVES:
The Company has transferred Rs.158.07 lakhs to Statutory Reserves for Current year and Previous Year reserve was Rs. 128.85 lakhs.
SHARE CAPITAL OF THE COMPANY:
The Paid up Equity Share Capital, as at 31st March, 2024was Rs. 9,32,25,500/- comprised of 93,22,550 Equity Shares with a face value Rs. 10/- each. There was no change in equity share capital compared to the previous year.
CHANGES IN THE NATURE OF BUSINESS OF THE COMPANY:
The Company continues to operate in the same business of lending and receiving loans & advances, there was no change in business activity.
MATERIAL CHANGES AND COMMITMENTS IF ANY AFFECTING THE FINANCIAL POSITION OF THE COMPANY OCCURRED BETWEEN THE END OF THE FINANCIAL YEAR TO WHICH THIS FINANCIAL STATEMENTS RELATES AND THE DATE OF THE REPORT:
There has been no such material changes and/or commitment which could affect the financial position of the Company which have occurred between the end of the financial year to which the financial statements relate and the date of the report.
PUBLIC DEPOSITS:
Being a non-deposit taking Company, your Company has not accepted any deposits from the public / members under Section 73 of the Companies Act, 2013 read with Companies (Acceptance of Deposits) Rules, 2014 during the year and within the meaning of the provisions of the Non-Banking Financial Companies Acceptance of Public Deposits (Reserve Bank) Directions, 2016.
SUBSIDIARIES, HOLDING & ASSOCIATE COMPANIES:
'Marigold Investrade Private Limited' is the Holding Company and holds 63.08% of the Company's Equity Share Capital as on 31st March, 2024.
During the financial year under review, no Company became or ceased to be Subsidiary/Joint Venture/ Associate of the Company.
SEGMENT REPORTING:
Based on the risks and returns associated with business operations and in terms of Accounting Standard-17 (Segment Reporting), the Company is predominantly engaged in a single reportable segment of 'Financial Services'.
ANNUAL RETURN:
Pursuant to Section 92(3) read with Section 134(3)(a) of the Companies Act, 2013, the Annual Return as on the financial year ended March 31, 2024 is placed on the Company's website at http://www.sftc.co.in/menu.php?cat id=59
LISTING OF SHARES:
The Shares of the Company are listed on BSE Limited and The Calcutta Stock Exchange Limited.
DECLARATION BY INDEPENDENT DIRECTORS:
The Company has received declaration from all the Independent Directors of the Company confirming that they meet the criteria of Independent Director prescribed both under section 149 (6) of the Companies Act, 2013 and Regulation 16 (1)(b)of SEBI (Listing obligation and Disclosure Requirement) Regulations, 2015 and confirmation that they have complied with the Code of Independent Directors prescribed in the Schedule IV of the Companies Act, 2013. The terms and conditions for the appointment of the Independent Directors are disclosed on the website of the company.
PARTICULARS OF LOANS GIVEN, INVESTMENT MADE, GUARANTEES GIVEN OR SECURITY PROVIDED:
The Company, being a non-banking finance company registered with the Reserve Bank of India and engaged in the business of financing, is exempted from complying with the provisions of section 186 of the Companies Act, 2013 in respect of loans made or guarantee given or security provided or any investment made.
The particulars of loans, guarantees and investments made under provisions of Section 186 of the Act read with the Companies (Meetings of Board and its Powers) Rules, 2014 are given under notes to the Financial Statements, which forms part of this Annual Report.
SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS OR TRIBUNALS IMPACTS THE GOING CONCERN STATUS AND COMPANY'S OPERATIONS IN FUTURE:
There are no significant and material orders passed by the Regulators or Courts that would impact the going status of the Company and its future operations.
DIRECTOR'S RESPONSIBILITY STATEMENT:
The Board of Directors acknowledge the responsibility for ensuring compliance with the provisions of Section 134(3) (c) read with Section 134(5) of the Act, in preparation of annual accounts for the financial year ended 31 March 2024 and state that:
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(a) that in the preparation of the Annual Accounts, the applicable accounting standards had been followed along with proper explanation relating to material departures, if any;
(b) that the Directors had 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 the financial year and of the profit of the Company for that period;
(c) the Directors had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of this Act for safeguarding the assets 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;
(e) the Directors, had laid down internal financial controls to be followed by the Company and that such internal financial controls are adequate and were operating effectively;
(f the Directors had devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively;
DIRECTORS & KEY MANAGERIAL PERSONNEL:
In accordance with the Articles of Association of the Company and in view of the provisions of Section 152 of the Companies Act, 2013 read with Companies (Management & Administration) Rules, 2014, Mr. Anurag Soni (DIN: 03407094), Director of the Company is liable to retire by rotation at the ensuing Annual General Meeting and being eligible offer himself for re-appointment.
During the year under review, the following are directors or KMP's has been appointed or resigned during the year:
• Mr. Vikram Singh : Non-Executive Independent Director (Appointed on
16th October 2023)
• Mr. Surat Ram Dakhera : Non-Executive Director (Resigned w.e.f. 25th October, 2023)
• Mr. Arjun Agal : Change in Designation from Independent Director to
Whole Time Director (w.e.f. 25th October 2023)
• Mr. Ratan Lal Samriya : Non-Executive Independent Director (Resigned w.e.f. 22nd February 2024)
• Mr. Rajesh Bhatt : Non-Executive Independent Director (Appointed
w.e.f. 24thFebruary 2024)
FORMAL EVALUATION OF THE PERFORMACE OF THE BOARD, COMMITTEES OF THE BOARD AND INDIVIDUAL DIRECTORS:
Performance evaluation is becoming increasingly important for Board and Directors, and has benefits for individual Directors, Board and the Companies for which they work. The Securities and Exchange Board of India ("SEBI") has issued a Guidance Note on Board Evaluation. In terms of the requirement of the Act and the Listing Regulations, an annual performance evaluation of the Board is undertaken where the Board formally assesses its own Performance, with the aim to improve the effectiveness of the Board and its Committee Members.
Pursuant to the provisions of Section 134(3)(p) the Companies Act, 2013 the Board has carried out the annual performance evaluation of its own performance, the Directors individually as well as the evaluation of the working of its Committees. A structured questionnaire was prepared after taking into consideration inputs received from the Directors, covering various aspects of the Board's functioning such as adequacy of the
composition of the Board and its Committees, Board culture, execution and performance of specific duties, obligations and governance.
Criteria adopted for evaluation:
The Board shall evaluate the roles, functions, duties of Independent Directors (ID's) of the Company. Each ID shall be evaluated by all other directors' not by the Director being evaluated. The board shall also review the manner in which ID's follow guidelines of professional conduct.
• Performance review of all the Non-Independent Directors of the Company on the basis of the activities undertaken by them, expectation of board and level of participation;
• Performance review of the Chairman of the company in terms of level of competence of chairman in steering the Company;
• The review and assessment of the flow of information by the company to the board and manner in which the deliberations take place, the manner of placing the agenda and the contents therein;
• The review of the performance of the directors individually, its own performance as well as evaluation of working of its committees shall be carried out by the board;
• On the basis of performance evaluation, it shall be determined by the Nomination and Remuneration Committee and the Board whether to extend or continue the term of appointment of ID subject to all other applicable compliances.
NUMBER OF MEETINGS OF THE BOARD OF DIRECTORS:
During the period under review, 12 (Twelve) meetings of the Board of Directors were held. The details of the number of meetings of the Board held during the Financial Year 2023-2024 forms a part of the Corporate Governance Report.
COMMITTEES OF THE BOARD:
Currently there are following Committees which are as follows:
1. Audit Committee
2. Stakeholders Relationship committee
3. Nomination and Remuneration Committee
4. Corporate Social Responsibility Committee
Details of all the committees along with their charters, composition and meetings held during the year, are provided in the Report on Corporate Governance, forming part of this Annual Report.
RBI COMPLAINCES:
Your Company is a Non-Banking Finance Company (Non-Deposit Taking Non-Systemically Important Company), and continues to comply with the applicable regulations and guidelines of Reserve Bank of India and provisions as prescribed in Master Direction -
Reserve Bank of India (Non-Banking Financial Company - Scale Based Regulation) Directions, 2023 as amended from time to time.
The Company has been identified for categorization as NBFC-Base Layer under Scale Based Supervision Regulation (SBSR), a Revised Regulatory Framework for NBFCs.
Further, your Company has complied with all the rules and procedure as prescribed in above mentioned master directions and any other circulars & notifications, time to time, issued by Reserve Bank of India.
VIGIL MECHANISM / WHISTLE BLOWER POLICY:
In compliance with the provisions of Section 177(9) of the Act read with Rule 7 of the Companies (Meetings of Board and its Powers) Rules, 2014 and Regulation 22 of the SEBI Listing Regulations, the Company has formulated a vigil mechanism for Directors and Employees to report concerns about unethical behavior, actual or suspected fraud or violation of Code of Conduct and Ethics. It also provides for adequate safeguards against the victimization of employees who avail of the mechanism and allows direct access to the Chairperson of the audit committee in exceptional cases. The Vigil Mechanism / Whistle Blower policy has been posted on the website of the Company http://www.sftc.co.in/menu.php?cat id=21
PREVENTION OF INSIDER TRADING:
Pursuant to the provisions of the Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015 ("PIT Regulations"), as amended, the Board has formulated and implemented a Code of Conduct to regulate, monitor and report trading by its designated person and other connected person and Code of Practices and Procedures for fair disclosure of Unpublished Price Sensitive Information. The trading window is closed during the time of declaration of results and occurrence of any material events as per the code.
The same is available on the Company's website and can be accessed through web link. https://www.sftc.co.in/menu.php?cat_id=20
Further, as per the provisions of Regulation 3 of Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015 the structured digital database (SDD) is maintained by the Company in Orion Legal Compliance Software for the purpose of maintaining record of unpublished price sensitive information ("UPSI") shared with various parties on need to know basis for legitimate purposes with date and time stamp containing all the requisite information that needs to be captured in SDD.
PREVENTION OF SEXUAL HARASSMENT:
Your Company has always believed in providing safe and harassment free workplace for every individual working in its premises through various interventions and practices. The Company ensures that the work environment at all its locations is conducive to fair, safe and harmonious relations between employees. It strongly believes in upholding the dignity of all its employees, irrespective of their gender or seniority. Discrimination and harassment of any type are strictly prohibited.
The Company has adopted a policy for Prevention, Prohibition and Redressal of Sexual Harassment of Women at Workplace in line with the requirements of the Sexual Harassment of Women at the Workplace (Prevention, Prohibition and Redressal) Act, 2013 (POSH Act). The Company has complied with the provisions relating to constitution of internal complaints committee (ICC) under the POSH Act. All women employees are covered under this policy. ICC has been set up to redress complaints received regarding sexual harassment.
No complaint has received during the year under review.
RISK MANAGEMENT:
Risk Management is an integral part of the Company's business strategy with focus on building risk management culture across the organization. The Company has developed and implemented a risk management policy which encompasses practices relating to identification, assessment monitoring and mitigation of various risks to key business objectives. The Risk management framework of the Company seeks to minimize adverse impact of risks on our key business objectives and enables the Company to leverage market opportunities effectively.
The various key risks to key business objectives are as follows:
• Liquidity Risk: It is the risk that the Company will be unable to meet its financial commitment to a Bank/ Financial Institution in any location, any currency at any point in time. Liquidity risk can manifest in three different dimensions for the Company.
• Time Risk: To compensate for non-receipt of expected inflows of funds.
• Call Risk: Due to crystallization of contingent liabilities or inability to undertake profitable business opportunities when desirable.
• Interest Rate Risk: It is the risk where changes in market interest rates might adversely affect the Company's financial condition. The short term/immediate impact of changes in interest rates are on the Company's Net Interest Income (NII). On a longer term, changes in interest rates impact the cash flows on the assets, liabilities and off-balance sheet items, giving rise to a risk to the net worth of the Company arising out of all re-pricing mismatches and other interest rate sensitive positions.
• Strategic Risk: Strategic or business risk is the risk associated with the formulation and execution of an organization's strategy.
The Company's Risk Management Policy is put up on the Company's website and can be accessed through web link viz. https://www.sftc.co.in/menu.php?cat id=24
To prioritize risk control actions in terms of their potential to benefit the organization. Risk treatment includes risk control/ mitigation and extends to risk avoidance, risk transfer (insurance), risk financing, risk absorption etc. for
a) Effective and efficient operations
b) Effective Internal Controls
c) Compliance with laws and regulations
Risk Treatment shall be applied at all levels through carefully selected validations at each stage to ensure smooth achievement of the objective.
Your Company recognizes that risk is an integral part of business and is committed to managing the risks in a proactive and efficient manner; your Company periodically assesses risks in the internal and external environment, along with the cost of treating risks and incorporates risk treatment plans in its strategy, business and operational plans.
The Company has a Risk Management Policy (a) to ensure that all the Current and future material risk exposures of the company are identified, assessed, quantified, appropriately mitigated, minimized and managed i.e. to ensure adequate systems for risk management process (b) to establish a framework for the company's risk management process and to ensure its implementation (c) to enable compliance with appropriate regulations, wherever applicable, through the adoption of best practices (d) to assure business growth with financial stability.
There are no risks which threaten the existence of the company.
RELATED PARTY TRANSACTIONS:
The Board of Directors of the Company has formulated a policy on dealing with Related Party Transactions, pursuant to the applicable provisions of the Act and RBI Master Directions. The same is displayed on the website of the Company i.e. http://www.sftc.co.in/menu.php?cat id=25
All related party transactions are placed before Audit Committee. An omnibus approval of the Audit Committee is obtained for the related party transactions which are repetitive in nature.
During the year under review, the related party transactions that are entered into by the Company were on an arm's length basis and in ordinary course of business. Pursuant to Section 134(3)(h) read with Rule 8(2) of the Companies (Accounts) Rules, 2014, there are two related party transactions that are required to be reported under section 188(1) of the Act, as prescribed in Form AOC-2 which is annexed herewith as Annexure-D.
The details of transactions with related parties are given in Notes to the accompanying Financial Statements.
INTERNAL FINANCIAL CONTROL:
The Company believes that internal control is a necessary prerequisite of Governance and that freedom should be exercised within a framework of checks and balances. The Company has a well-established internal control framework, which is designed to continuously assess the adequacy, effectiveness and efficiency of financial and operational controls. The financial control framework includes internal controls, delegation of authority procedures, segregation of duties, system access controls and document filing and storage procedures.
The management is committed to ensure an effective internal control environment, commensurate with the size, scale and complexity of the business, which provides an assurance on compliance with internal policies, applicable laws, regulations and protection of resources and assets. The control system ensures that the Company's assets are safeguarded and protected and also takes care to see that revenue leakages and losses to the
Company are prevented and our income streams are protected. The control system enables reliable financial reporting. The Audit Committee reviews adherence to internal control systems and internal audit reports.
The Company has received report on Internal Financial Controls from statutory auditors of the company.
CODE OF CONDUCT:
Your Company is committed to conducting its business in accordance with the applicable laws, rules and regulations and highest standards of business ethics. In recognition thereof, the Board of Directors has implemented a Code of Conduct for adherence by the Directors, Senior Management Personnel and Employees of the Company. This will help in dealing with ethical issues and also foster a culture of accountability and integrity. The Code with revision made in accordance with the requirements of Listing Regulations has been posted on the Company's website http://www.sftc.co.in/menu.php?cat id=19
All the Board Members and Senior Management Personnel have confirmed compliance with the Code.
STATUTORY AUDITORS:
Pursuant to the provisions of Section 139 of the Companies Act, 2013 M/s. O.P. Dad & Co., Chartered Accountants (Firm registration No. 002330C), Bhilwara were appointed as the Statutory Auditors of the Company, for a term of three years, to hold office from the conclusion of the 43rd AGM to be held in the year 2026.
Further, pursuant to Section 141 of the Act and relevant Rules prescribed there under, the Company has received a confirmation from the Auditors along with peer review certificate, that they are eligible to continue with their appointment and that they are not disqualified in any manner whatsoever from continuing as Statutory Auditors.
The Report given by the Auditors on the Financial Statement of the company is part of this report. The Reports on financial statements does not contain any qualification, reservation, adverse remark or disclaimer. Information referred to in the Auditors' Reports are selfexplanatory and do not call for any further comments.
INTERNAL AUDIT:
Pursuant to the provisions of Section 138 of the Companies Act, 2013, read with Companies (Accounts) Rules, 2014, the Board on recommendation of the Audit committee appointed M/s. NVS & Co., (FRN:132180W), Practicing Chartered Accountant, Mumbai as an Internal Auditor of the Company. The Internal Auditor submits his reports to the Audit Committee.
Based on the report of Internal Audit, Management undertakes corrective action in their respective areas and thereby strengthens the controls. Significant audit observations and Corrective actions thereon are presented to the Audit Committee of the Board.
SECRETARIAL AUDIT REPORT:
Your Company appointed M/s. B K Sharma & Associates, Practicing Company Secretary, Jaipur, as the Secretarial Auditors of your Company to conduct the Secretarial Audit pursuant to Section 204 of the Companies Act, 2013 read with the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014.
The Secretarial Audit report is will be annexed as Annexure 'A' and forms an integral part to this Report.
In addition to the above and pursuant to SEBI circular dated 8th February 2019, Annual Secretarial Compliance Report by M/s. B K Sharma& Associates (Membership No. F-6206), a firm of Company Secretaries in Practice for the FY 2023-2024 has been submitted with Stock exchanges.
The Secretarial Auditors have made observations in their report in regarding noncompliance of the provisions of Regulation 17A of the SEBI (LODR) Regulations, 2017 for continuing the Independent Director after the age of 75 years. BSE has imposed fine as per SEBI Circular No. SEBI/HO/CFD/CMD/ CIR/P/2020/12 dated January 22, 2020. The company has made Application for waiver of BSE Limited and the matter is under review of Committee of the BSE.
The Secretarial Auditor Report does not contain any qualification, reservation, adverse remark or disclaimer other than mentioned above.
INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY:
The Company has an Internal Control System, commensurate with the size, scale and complexity of its operations. The scope and authority of the Internal Audit function is defined by the Audit Committee. T o maintain its objectivity and independence, the Internal Audit function reports to the Chairman of the Audit Committee of the Board & to the Chairman & Whole Time Director.
The Internal Audit Department monitors and evaluates the efficacy and adequacy of internal control system in the Company, its compliance with operating systems, accounting procedures and policies of the Company.
Based on the report of internal audit function, the Company undertakes corrective action in their respective areas and thereby strengthens the controls. Significant audit observations and recommendations along with corrective actions thereon are presented to the Audit Committee of the Board.
The Company has in place adequate policies and procedures for ensuring the orderly business, including adherence to the company's 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.
CORPORATE GOVERNANCE:
The Company is committed in maintaining the highest standards of Corporate Governance and adhering to the Corporate Governance requirements set out by the Securities and Exchange Board of India (SEBI).
All the Board Members and Senior Management have affirmed compliance with the Code of Conduct for the financial year under review. A declaration to this effect signed by theWhole-time Director of the Company forms part of the Corporate Governance Report.
The Whole-time Director and Chief Financial Officer have certified to the Board with regard to the Financial Statements and other matters as required under Regulation 17(8) of the SEBI Listing Regulations which forms part of the Corporate Governance Report.
The Corporate Governance Report, which form an integral part of this Report, are set out as a separate Annexures, together with the Certificate from the Secretarial Auditors of the Company regarding compliance with the requirements of Corporate Governance as stipulated in SEBI (LODR) Regulation, 2015.
MANAGEMENT DISCUSSION & ANALYSIS REPORTS:
Pursuant to Regulation 34 of SEBI Listing Regulations, the Management Discussion and Analysis Report for the financial year under review, is presented as a separate section forming part of this Annual Report.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNING:
Considering the Company's activities as a non-banking finance company (NBFC), particulars with respect to the conservation of energy and technology absorption as required to be disclosed pursuant to provision of Section 134(3)(m) of the Act read with Rule 8(3) of the Companies (Accounts) Rules, 2014 are not relevant to the Company.
Foreign exchange earnings and outgo is reported to be NIL during the financial year under review.
PARTICULARS OF EMPLOYEES:
The prescribed particulars of remuneration of employees pursuant to Section 197 read with Rule 5 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, are set out as Annexure "B" to the Directors' Report and forms part of this Annual Report.
None of the employees have drawn remuneration more than Rs. 10 lakhs p.m., if employed for the part of the year and Rs. 120 lakhs p.a. if employed throughout the year.
CORPORATE SOCIAL RESPONSIBILITY:
The Company has constituted Corporate Social Responsibility (CSR) Committee in compliance with the provisions of Section 135 of the Companies Act, 2013 read with the Companies (Corporate Social responsibility Policy) Rules, 2014 as amended from time to time under the Chairmanship of Mr. Anurag Soni. The other members of the Committee are Mr. Rajesh Bhatt and Mr. Vikram Singh.
The details regarding composition, objectives powers, functions, scope, meetings and attendance of members are included in Corporate Governance Report which forms part of the Annual Report.
A detailed CSR Policy has been framed which is placed on the Company's Website https://www.sftc.co.in/menu.php?cat id=45 . As a part of its initiative under the CSR drive, the company has undertaken CSR activities by giving contribution to various permitted entities.
These CSR Projects are in accordance with Schedule VII of the Companies Act, 2013 and the Company's CSR Policy. Details of the CSR activities as required under Section 135 of the Companies Act, 2013 and rules framed thereunder are given in the CSR Report framed thereunder are given in the CSR Report as Annexure 'C' forming part of this Report.
GENERAL DISCLOSURES:
Your Directors state that no disclosure or reporting is required in respect of the following items as there were no transactions on these items during the year under review:
i. No fraud was reported by the Auditors to the Audit Committee or Board;
ii. The details of application made or any proceeding pending under the Insolvency and Bankruptcy Code, 2016 (31 of 2016) during the year along with their status as at the end of the financial year
iii. Maintenance of cost records as per Section 148 (1) of the Companies Act, 2013 ACKNOWLEDGMENT:
The Directors place on record their appreciation to all those people, who have so willingly placed their trust in the company & management and to all customers across all area, shareholders, Financial Institutions, Banks, Government, and Local Authorities under our operation, who have given the company an opportunity to serve them.
It is worth mentioning that, working with many NBFCs has been a very encouraging experience especially in being catalyst to their sustainability and growth. The company looks forward to further strengthening the synergies.
The entire Team of the Company deserves the appreciation for their sincere efforts and determination to excel. The core teams of the plays a pivotal role in articulating and implementing the strategic decisions and thus contributing to the development of the company. I take this opportunity to express my heartfelt appreciation for their continuous support, hard work and dedication.
For Sangam Finserv Limited
Vinod Kumar Sodani Chairman (DIN: 00403740)
Date: 28th May, 2024 Place: Bhilwara
REGISTRED OFFICE:B - 10, 2ndFloor, Pur Road,
S. K. Plaza, Bhilwara - 311001, Rajasthan.
CORPORATE OFFICE:B / 306-309, Dynasty Business Park Opp. Sangam Cinema, A. K. Road,
Andheri (e) Mumbai, MH 400059.
Email id: suchitra@sangamgroup.com, website: www.sftc.co.in
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