Dear Shareholders,
Your Directors are pleased to present the report of the business and
operations of your Company ("the Company"), along with the audited financial
statements, for the financial year ended March 31, 2023.
FINANCIAL HIGHLIGHTS:
The Audited financial statements of the Company as on March 31, 2023,
are prepared in accordance with the relevant applicable Accounting Standards and
Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and
Disclosure Requirements) Regulations, 2015 ("SEBI Listing Regulations") and the
provisions of the Companies Act, 2013 ("Act"). (Rs. in Lakhs)
Particulars |
F.Y. 2022-23 |
F.Y. 2021-22 |
Revenue From Operations |
1059.81 |
2045.29 |
Other Income |
492.41 |
409.00 |
Total Income |
1552.23 |
2454.29 |
Less: Total Expenses before Depreciation,
Finance Cost and Tax |
1512.6 |
2689.71 |
Profit before Depreciation, Finance Cost
and Tax |
39.63 |
235.42 |
Less: Depreciation |
45.14 |
39.97 |
Less: Finance Cost |
17.10 |
150.23 |
Profit Before Tax |
(22.61) |
45.21 |
Less: Current Tax |
15.90 |
16.44 |
Less: Deferred tax Liability (Asset) |
42.71 |
1.29 |
Profit after Tax |
(81.22) |
27.48 |
BUSINESS OVERVIEW:
Financial performance:
During the financial year 2022-23 the revenue from operation stood at
Rs. 1059.81 Lakhs as compare to Rs. 2045.29 Lakhs during the previous financial year
2021-22, there is a decrease in revenue from operation. The other income of the Company
stood as Rs. 492.41 Lakhs in the financial year 2022-23 as compared to Rs. 409.00 Lakhs in
previous financial year 2021-22.
Further, during the financial year 2022-23, the total expenses have
decreased to Rs. 1512.6 Lakhs from Rs. 2689.71 Lakhs in the previous financial year
2021-22. The Net Loss for the financial year 2022-23, stood at Rs. 81.22 Lakhs in
comparison to Net Profit of Rs. 27.48 Lakhs in previous year 2021-22 i.e. decrease in net
profit by 395.56% as compared to previous year.
Dividend:
With a view to conserve and save the resources for future prospects of
the Company, the Directors have not declared any dividend for the financial year 2022-23.
Transfer to General Reserve:
During the Financial year 2022-23, the Company has Net loss and
therefore not transferred any amount in Reserve and Surplus.
Change in Nature of Business:
During the year, the Company has not changed its business or object and
continues to be in the same line of business as per the main object of the Company.
Share Capital:
During the year under review, no changes took places in the Authorized
and Paid-up share capital of the Company.
Authorized Capital
The Authorized Capital of the Company is Rs.10,00,00,000/- divided into
1,00,00,000 Equity Shares of Rs. 10/- each.
Issued, Subscribed & Paid-Up Capital
The present Paid-up Capital of the Company is Rs. 9,77,86,000/- divided
into 97,78,600 Equity Shares of Rs. 10/- each.
DIRECTORS AND KEY MANAGERIAL PERSONNEL:
Constitution of Board:
As on the date of this report, the Board comprises of the following
Directors;
|
|
|
|
No. of Committee1 |
No. of |
Name of Director |
Category Cum Designation |
Date of Appointment at
current Term & designation |
Total Director Ships in
other co.2 |
in which Director is
Members |
in which Director is
Chairman |
Shares held as on March
31, 2023 |
Mr. Alkesh Dashrathlal Patel |
Chairman and Managing Director |
June 24, 2021 |
2 |
2 |
- |
- |
Mr. Baldevbhai Manubhai Patel |
Executive Director |
August 16, 2022 |
- |
- |
- |
- |
Mr. Chirag Yashvantbhai
Thakkar |
Non-Executive Director |
March 1, 2021 |
1 |
- |
- |
1918800 Equity Shares |
Mrs. Bhumi Atit Patel |
Non-Executive Independent
Director |
March 1, 2021 |
3 |
4 |
- |
- |
Ms. Urshita Mittalbhai Patel |
Non-Executive Independent
Director |
December 26, 2018 |
1 |
4 |
2 |
- |
1
Committee includes Audit Committee and Shareholders'
Grievances Committee across all Public Companies including our Company.
2
excluding Section 8 Company, Struck off Company,
Amalgamated Company and LLPs
The composition of Board complies with the requirements of the
Companies Act, 2013 ("Act"). Further, in pursuance of Regulation 15(2) of SEBI
(Listing Obligations and Disclosure Requirements) Regulations, 2015 ("Listing
Regulations"), the Company is exempted from the requirement of having composition of
Board as per Regulation 17 of Listing Regulations.
None of the Director of the Company is serving as a Whole-Time Director
in any other Listed Company and the number of their directorship is within the limits laid
down under section 165 of the Companies Act, 2013.
Board Meeting:
The Board of the Company regularly meets to discuss various Business
opportunities. Additional Board meetings are convened, as and when required to discuss and
decide on various business policies, strategies and other businesses.
During the year under review, Board of Directors of the Company met 09
(Nine) times as on May 30, 2022; June 27, 2022 July 29, 2022; August 8, 2022; August 16,
2022; September 02, 2022; November 14, 2022; December 15, 2022, and March 1, 2023.
The details of attendance of each Director at the Board Meetings are
given below:
Name of Director |
Date of Original
Appointment |
Date of Cessation |
Number of Board Meetings
Eligible to attend |
Number of Board Meetings
attended |
Mr. Alkesh Dashrathlal Patel |
March 23, 2015 |
- |
9 |
9 |
Mr. Baldevbhai Manubhai Patel |
August 16, 2022 |
- |
4 |
4 |
Mr.Chirag Yashvantbhai Thakkar |
March 01, 2008 |
- |
9 |
9 |
Mrs. Bhumi Atit Patel |
March 18, 2016 |
- |
9 |
9 |
Ms. Urshita Mittalbhai Patel |
September 14, 2018 |
- |
9 |
9 |
The gap between two consecutive meetings was not more than one hundred
and twenty days as provided in section 173 of the Act.
Disclosure by Directors
The Directors on the Board have submitted notice of interest under
Section 184(1) of the Companies Act, 2013 i.e. in Form MBP-1, intimation under Section
164(2) of the Companies Act, 2013 i.e. in Form DIR 8 and declaration as to compliance with
the Code of Conduct of the Company.
Independent Directors:
In terms of Section 149 of the Companies Act, 2013 and rules made there
under, the Company has two Non-Promoter Non-Executive Independent Directors in line with
the act. The Company has received necessary declaration from each Independent Director
under Section 149 (7) of the Companies Act, 2013 that they meet the criteria of
independence laid down in Section 149 (6) of the Act. Further, all the Independent
Directors of the Company have registered themselves in the Independent Director Data Bank.
A separate meeting of Independent Directors was held on March 01, 2023
to review the performance of Non-Independent Directors and Board as whole and performance
of Chairperson of the Company including assessment of quality, quantity and timeliness of
flow of information between Company management and Board.
The Board of Directors of the Company has taken on record the said
declarations and confirmation as submitted by the Independent Directors after undertaking
due assessment of the veracity of the same. In the opinion of the Board, they fulfill the
conditions as Independent Directors and are independent of the Management. Further, all
the Independent Directors have registered themselves with Independent Directors' Data
Bank. None of Independent Directors have resigned during the year.
Information on Directorate:
During the year under review, there was following change in
constitution of the Board of Directors of the Company.
a) Change in Board Composition
Changes in Board Composition during the financial year 2022-23 and up
to the date of this report is furnished below: i. In the Board Meeting held on May 30,
2022:-
? On the recommendation of the Nomination and Remuneration Committee
and Board of Directors, Mr. Baldevbhai Manubhai Patel (DIN: 00191708) was appointed as an
Additional Executive Director of the Company subject to approval from Stock Exchange.
? Took on record the withdrawal of resignation of Mr. Chirag Thakkar
(DIN: 01993020) as an non-executive director and designated director of the company
therefore board of Directors decided not to proceed with application with stock exchange
for resignation of Mr. Chirag Thakkar (DIN: 01993020) as non-executive director and
designated director which was duly approved in the board meeting held on March 16, 2021.
ii. In the Board Meeting held on August 16, 2022:-
? Taken on record appointment of Mr. Baldevbhai Manubhai Patel (DIN:
00191708) as an Additional Executive Director and Designated Director w.e.f August 16,
2022 pursuant to approval of Bombay Stock Exchange Limited (No. NSE/MEM_COMP/4C/432/01)
dated August 12, 2022 and approval of BSE Limited (MO/DD/ 07152022104352) dated July 15,
2022, in terms of provisions of Section 161 of the Act and Articles of Association of the
Company and who holds the office up to the date of this Annual General Meeting.
Approval of Members were taken for regularization of appointment of Mr.
Baldevbhai Manubhai Patel (DIN: 00191708) as Executive Director of the company with effect
from August 16, 2022at the 28th Annual General Meeting (AGM') of the
Company held on Thursday, September 29, 2022.
? Taken on records Approval of Bombay Stock Exchange Limited (No.
NSE/MEM_COMP/4C/432/01) dated August 12, 2022 and approval of BSE Limited (MO/NDD/
07152022104333) dated July 15, 2022 w.r.t Change in Designation of Mr. Chirag Thakkar from
Designated Director to Non-Designated Director for these exchanges.
b) Retirement by rotation and subsequent re-appointment.
Mr. Alkesh Dashrathlal Patel (DIN: 00189943), Chairman & Managing
Director, is liable to retire by rotation at the ensuing Annual General Meeting, pursuant
to Section 152 and other applicable provisions, if any, of the Companies Act, 2013, read
with the Companies (Appointment and Qualification of Directors) Rules, 2014 (including any
statutory modification(s) or re-enactment(s) thereof for the time being in force), and
being eligible have offered himself for re-appointment.
Appropriate business for his re-appointment is being placed for the
approval of the shareholders of the Company at the ensuing AGM. The brief resume of the
Director and other related information has been detailed in the Notice convening the
ensuing AGM of the Company.
The relevant details, as required under Regulation 36 (3) of SEBI
(Listing Obligations and Disclosure Requirements) Regulations, 2015 ("SEBI Listing
Regulations") and Secretarial Standard, of the person seeking re-appointment/
appointment as Director are also provided in Notes to the Notice convening the 29th
Annual General meeting.
Key Managerial Personnel:
In accordance with Section 203 of the Companies Act, 2013, the Company
has Mr. Alkesh Dashrathlal Patel who is acting as Chairman and Managing Director of the
Company. Mr. Baldevbhai Manubhai Patel and Ms. Rushika Tejrajji Parekh are acting as Chief
Financial Officer and Company Secretary & Compliance officer of the company
respectively.
Further, there was no change in the Key Managerial Personnel of the
Company during the financial year 2022-23.
Change in Registered office:
During the year, there was no change in Registered Office of the
Company.
Performance Evaluation:
The Board of Directors has carried out an annual evaluation of its own
performance, board committees and individual directors pursuant to the provisions of the
Companies Act, 2013 and Securities and Exchange Board of India (Listing Obligations and
Disclosure Requirements) Regulations, 2015 in the following manners;
The performance of the board was evaluated by the board, after seeking
inputs from all the directors, on the basis of the criteria such as the board composition
and structure, effectiveness of board processes, information and functioning etc. The
performance of the committees was evaluated by the board after seeking inputs from the
committee members on the basis of the criteria such as the composition of committees,
effectiveness of committee meetings, etc. The board and the nomination and remuneration
committee reviewed the performance of the individual directors on the basis of the
criteria such as the contribution of the individual director to the board and committee
meetings like preparedness on the issues to be discussed, meaningful and constructive
contribution and inputs in meetings, etc. In addition, the chairman was also evaluated on
the key aspects of his role.
Separate meeting of independent directors was held to evaluate the
performance of non-independent directors, performance of the board as a whole and
performance of the chairman, taking into account the views of executive directors and
non-executive directors. Performance evaluation of independent directors was done by the
entire board, excluding the independent director being evaluated.
Directors' Responsibility Statement:
Pursuant to section 134(5) of the Companies Act, 2013, the board of
directors, to the best of their knowledge and ability, confirm that: a) In preparation of
annual accounts for the year ended March 31, 2023, the applicable accounting standards
have been followed and that no material departures have been made from the same; b) 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
or loss of the Company for that year; c) The Directors had 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) The Directors had prepared the annual
accounts for the year ended March 31, 2023 on going concern basis. e) The Directors had
laid down the internal financial controls to be followed by the Company and that such
Internal Financial Controls are adequate and were operating effectively; and 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.
COMMITTEES OF BOARD:
The Board of Directors, in line with the requirement of the act, has
formed various committees, details of which are given hereunder.
A. Audit Committee:
The Company has formed audit committee in line with the provisions
Section 177 of the Companies Act, 2013. Audit Committee meeting is generally held for the
purpose of recommending the half yearly and yearly financial result. Additional meeting is
held for the purpose of reviewing the specific item included in terms of reference of the
Committee.
During the year under review, Audit Committee met 5 (Five) times viz on
May 30, 2022; July 29, 2022; August 8, 2022, September 2, 2022 and November 11, 2022.
The composition of the Committee and the details of meetings attended
by its members are given below:
Name |
Category |
Designation |
Number of
meetings during the financial year 2022-23 |
|
|
|
Eligible to attend |
Attended |
Ms. Urshita Mittalbhai Patel |
Non-Executive Independent
Director |
Chairperson |
5 |
5 |
Mrs. Bhumi Atit Patel |
Non-Executive Independent
Director |
Member |
5 |
5 |
Mr. Alkesh Dashrathlal Patel |
Chairman and Managing
Director |
Member |
5 |
5 |
The Statutory Auditors of the Company are invited in the meeting of the
Committee wherever requires. Company Secretary and Chief Financial Officer of the Company
are the regular invitee at the Meeting.
Recommendations of Audit Committee, wherever/whenever given, have been
accepted by the Board of Directors.
Vigil Mechanism:
The Company has established a vigil mechanism and accordingly framed a
Whistle Blower Policy. The policy enables the employees to report to the management
instances of unethical behavior actual or suspected fraud or violation of Company's
Code of Conduct.
Further the mechanism adopted by the Company encourages the Whistle
Blower to report genuine concerns or grievances and provide for adequate safe guards
against victimization of the Whistle Blower who avails of such mechanism and also provides
for direct access to the Chairman of the Audit Committee in exceptional cases. The
functioning of vigil mechanism is reviewed by the Audit Committee from time to time. None
of the Whistle blowers has been denied access to the Audit Committee of the Board. The
Whistle Blower Policy of the Company is available on the website of the Company
www.amrapali.com/Investors-Report.aspx?pagename=Policies.
B. Stake holder's Relationship Committee:
The Company has constituted Stake holder's Relationship Committee in
line with the provisions Section 178 of the Companies Act, 2013. The Committee mainly
focus on the redressal of Shareholders' / Investors' Grievances, if any, like
Transfer / Transmission / Demat of Shares; Loss of Share Certificates;
Non-receipt of Annual Report; Dividend Warrants; etc.
During the year under review, Stake holder's Relationship Committee met
4 (Four) times viz on May 30, 2022; August 8, 202; November 14, 2022 and March 1, 2023.
The composition of the Committee and the details of meetings attended
by its members are given below:
Name |
Category |
Designation |
Number of
meetings during the financial year 2022-23 |
|
|
|
Eligible to attend |
Attended |
Ms. Urshita Mittalbhai Patel |
Non-Executive Independent
Director |
Chairperson |
4 |
4 |
Mrs. Bhumi Atit Patel |
Non-Executive Independent
Director |
Member |
4 |
4 |
Mr. Alkesh Dashrathlal Chairman and Member 4 4 PatelManaging
Director
The Company Secretary of the company present in all meetings of Stake
holder's Relationship Committee held during the year. Also, during the year, the Company
had not received any complaints from the Shareholders. There was no complaint pending as
on March 31, 2023.
C. Nomination and Remuneration Committee:
The Company has formed Nomination and Remuneration committee in line
with the provisions of Section 178 of the Companies Act, 2013. Nomination and Remuneration
Committee meetings are generally held for identifying the persons who are qualified to
become Directors and may be appointed in senior management and recommending their
appointments and removal. During the year under review, Nomination and Remuneration
Committee met 3 (Three) times viz on May 30, 2022; August 16, 2022 and September 2, 2022.
The composition of the Committee and the details of meetings attended
by its members are given below:
Name |
Category |
Designation |
Number of
meetings during the financial year 2022-23 |
|
|
|
Eligible to attend |
Attended |
Ms. Urshita Mittalbhai Patel |
Non-Executive Independent
Director |
Chairperson |
3 |
3 |
Mrs. Bhumi Atit Patel |
Non-Executive Independent
Director |
Member |
3 |
3 |
Mr. Alkesh Dashrathlal Patel |
Chairman and Managing
Director |
Member |
3 |
3 |
Nomination and Remuneration Policy:
Nomination and Remuneration Policy in the Company is designed to create
a high performance culture. It enables the Company to attract motivated and retained
manpower in competitive market, and to harmonize the aspirations of human resources
consistent with the goals of the Company. The Company pays remuneration by way of salary,
benefits, perquisites and allowances to its Executive Directors and Key Managerial
Personnel. Annual increments are decided by the Nomination and Remuneration Committee
within the salary scale approved by the members and are effective from April 1, of each
year.
The Nomination and Remuneration Policy, as adopted by the Board of
Directors, is placed on the website of the Company at
www.amrapali.com/Investors-Report.aspx?pagename=Policies.
Remuneration of Director:
The details of remuneration paid during the financial year 2022-23 to
directors of the Company is provided in Form MGT-7 available at website of the Company,
i.e. www.amrapali.com/Investors-Report.aspx?pagename=annret
PUBLIC DEPOSIT:
The company has not accepted any deposits from the public. Hence, the
directives issued by the Reserve Bank of India & the Provision of Section 73 to 76 of
the Company Act, 2013 or any other relevant provisions of the Act and the Rules there
under are not applicable.
PARTICULARS OF LOANS, GUARANTEES, INVESTMENTS & SECURITY:
Details of Loans, Guarantees, Investments and Security covered under
the provisions of Section 186 of the Companies Act, 2013 are given in the notes to the
Financial Statement.
ANNUAL RETURN:
Pursuant to Section 92(3) read with Section 134(3)(a) of the Act, the
Annual Return as on March 31, 2023 is available on the Company's website on
www.amrapali.com/Investors-Report.aspx?pagename=annret.
TRANSACTIONS WITH RELATED PARTIES:
Particulars of contracts or arrangements with related parties referred
to in Section 188(1) of the Companies Act, 2013, in the prescribed Form AOC-2, is annexed
to this Report as Annexure A to this Report.
Further, The details of the related party transactions for the
financial year 2022-23 is given in notes of the financial statements which is part of
Annual Report.
The Policy on Related Party Transactions as approved by the Board of
Directors is available on the website of the Company at
https://www.amrapali.com/Investors-Report.aspx?pagename=Policies
BOOK CLOSURE DATE:
The Register of Members and Share Transfer Books of the Company will be
closed from Thursday, September 21, 2023 to Thursday, September 28, 2023 (both days
inclusive) for the purpose of 29th Annual General Meeting.
MATERIAL CHANGES AND COMMITMENT:
There are no material changes and commitments, affecting the financial
position of the Company, have occurred between the ends of financial year of the Company
i.e. March 31, 2023 to the date of this Report.
PARTICULAR OF EMPLOYEES:
The ratio of the remuneration of each director to the median of
employees' remuneration as per Section 197(12) of the
Companies Act, 2013, read with Rule 5(1) of the Companies (Appointment
and Remuneration of Managerial Personnel) Rules, 2014 is annexed to this Report as
Annexure-B.
The statement containing top ten employees in terms of remuneration
drawn and the particulars of employees as required under Section 197(12) of the Act read
with Rule 5(2) of the Companies (Appointment and Remuneration of Managerial Personnel)
Rules, 2014, is not applicable to the company and therefore, separate annexure was not
provided in part of this report. Further, the report and the accounts are being sent to
members excluding this annexure. In terms of Section 136 of the Act, the said annexure is
open for inspection in electronic mode for Members. Any shareholder interested in
obtaining a copy of the same may write to Company Secretary.
SEXUAL HARASSMENT OF WOMEN AT WORKPLACE:
To foster a positive workplace environment, free from harassment of any
nature, we have institutionalized the Anti-Sexual Harassment Initiative (ASHI) framework,
through which we address complaints of sexual harassment at the all workplaces of the
Company. Our policy assures discretion and guarantees non-retaliation to complainants. We
follow a gender-neutral approach in handling complaints of sexual harassment and we are
compliant with the law of the land where we operate. The Company has setup an Internal
Complaints Committee (ICC) for redressal of Complaints.
During the financial year 2022-23, the Company has not received any
complaints on sexual harassment, out of which nil complaints have been disposed off and
Nil complaints remained pending as of March 31, 2023.
RISK MANAGEMENT:
A well-defined risk management mechanism covering the risk mapping and
trend analysis, risk exposure, potential impact and risk mitigation process is in place.
The objective of the mechanism is to minimize the impact of risks identified by taking
proactive actions to mitigate them. The framework is based on the principles of the
probability of risk occurrence and the potential impact if it does occur. A thorough
exercise is being conducted to identify, assess, monitor, and manage both business and
non-business risks.
ENERGY CONSERVATION, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS AND OUTGO:
Conservation of Energy:
In its endeavor towards conservation of energy, the Company ensures
optimal use of energy, avoid wastages and conserve energy as far as possible.
Technology Absorption:
The Company has not carried out any research and development
activities.
FOREIGN EXCHANGE EARNINGS AND OUTGO:
Foreign Exchange Earnings & Outgo during the year are as under:
Earnings - Nil Outgo Royalty Expenses - Nil
COMPLIANCE WITH THE PROVISIONS OF SECRETARIAL STANDARD 1 AND
SECRETARIAL STANDARD 2:
The Company has devised proper systems to ensure compliance with the
provisions of all applicable Secretarial Standards issued by the Institute of Company
Secretaries of India and that such systems are adequate and operating effectively. During
the year under review, the Company has complied with the applicable Secretarial Standards
issued by the Institute of Company Secretaries of India, New Delhi.
SUBSIDIARIES ASSOCIATES AND JOINT VENTURE OF THE COMPANY:
Our Company does not have any Subsidiary, Associate and Joint Venture
Company.
INTERNAL FINANCIAL CONTROL SYSTEMS AND THEIR ADEQUACY:
The Company has an effective internal control system, which ensures
that all the assets of the Company are safeguarded and protected against any loss from
unauthorized use or disposition. The Internal Auditors of the Company carry out review of
the internal control systems and procedures. The internal audit reports are reviewed by
Audit Committee.
The Company has also put in place adequate internal financial controls
with reference to the financial statements commensurate with the size and nature of
operations of the Company. During the year, such controls were tested and no material
discrepancy or weakness in the Company's internal controls over financial reporting
was observed.
CORPORATE GOVERNANCE:
The Company strives to incorporate the appropriate standards for
corporate governance. However, pursuant to Regulation 15(2) of SEBI (Listing Obligations
and Disclosure Requirements) Regulations, 2015 the Company is not required to mandatorily
comply with the provisions of certain regulations of the SEBI (Listing Obligations and
Disclosure Requirements) Regulations, 2015 and therefore the Company has not provided a
separate report on Corporate Governance, although few of the information are provided in
this report under relevant heading.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT:
In terms of Regulation 34, and Schedule V of SEBI (Listing Obligations
and Disclosure Requirements) Regulations, 2015 a review of the performance of the Company,
for the year under review, Management Discussion and Analysis Report, is presented in a
separate section forming part of this Annual Report.
STATUTORY AUDITOR AND THEIR REPORT:
Pursuant to the provisions of Section 139 of the Companies Act, 2013
read with rules made thereunder, M/s. B.B.Gusani & Associates, Chartered Accountant,
Jamnagar (FRN: 0140785W), were appointed as the Statutory Auditors of the company in the
Annual General Meeting of the Company held on September 23, 2022 to hold the office from
the conclusion of 18th AGM till the conclusion of the 23rd AGM to be
held in the year 2027.
The Notes to the financial statements referred in the Auditors Report
are self-explanatory and therefore do not call for any comments under Section 134 of the
Companies Act, 2013. The Auditors' Report does not contain any qualification,
reservation or adverse remark. The Auditors' Report is enclosed with the financial
statements in this Annual Report.
INTERNAL AUDITOR:
Pursuant to Section 138 of Companies Act 2013, the Company had
appointed M/S. S P Thakker & Associates, Chartered Accountants (FRN: 155994W), as an
Internal Auditor of the Company.
REPORTING OF FRAUD:
The Auditors of the Company have not reported any fraud as specified
under Section 143(12) of the Companies Act, 2013.
MAINTENANCE OF COST RECORD:
Since the company is not falling under prescribed class of Companies,
the Company is not required to maintain cost records.
CORPORATE SOCIAL RESPONSIBILITY (CSR):
Provisions pertaining to Corporate Social Responsibility of Section 135
of the Companies Act, 2013 are not applicable to the Company, hence there is nothing to
mention for the year under review.
SIGNIFICANT/MATERIAL ORDERS PASSED BY THE REGULATORS INTERNAL AUDITOR:
There are no other significant/material orders passed by the
Regulators, Courts, Tribunals, Statutory and quasi-judicial body impacting the going
concern status of the Company and its operations in future.
The details of litigation on tax and other relevant matters are
disclosed in the Auditors' Report and Financial Statements which forms part of this
Annual Report.
THE DETAILS OF APPLICATION MADE OR ANY PROCEEDING PENDING UNDER THE
INSOLVENCY AND BANKRUPTCY CODE, 2016 DURING THE YEAR ALONG WITH THEIR STATUS AS AT THE END
OF THE FINANCIAL YEAR:
During the Financial Year 2022-23, there was no application made and
proceeding initiated /pending under the Insolvency and Bankruptcy Code, 2016, by any
Financial and/or Operational Creditors against your Company. As on the date of this
report, there is no application or proceeding pending against your company under the
Insolvency and Bankruptcy Code, 2016.
SECRETARIAL AUDITOR AND THEIR REPORT:
Pursuant to the provisions of Section 204 of the Act read with The
Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Company
has appointed M/s. Payal Dhamecha & Associates, Practicing Company Secretary,
Ahmedabad to conduct the Secretarial Audit of the Company for the financial year 2022-23.
The Secretarial Audit Report is annexed herewith as Annexure C to this Report.
WEBSITE:
As per Regulation 46 of SEBI (Listing Obligation and Disclosure
Requirements) Regulations 2015 the Company has maintained a functional website namely
www.amrapali.com containing basic information about the Company. The website of the
Company is containing information like Policies, Shareholding Pattern, Financial and
information of the designated officials of the Company who are responsible for assisting
and handling investor grievances for the benefit of all stakeholders of the Company etc.
GENERAL DISCLOSURE:
Your Directors state that the Company has made disclosures in this
report for the items prescribed in section 134 (3) of the Act and Rule 8 of The Companies
(Accounts) Rules, 2014 and other applicable provisions of the act and listing regulations,
to the extent the transactions took place on those items during the year. Your Directors
further 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) Issue of Equity Shares with differential rights as to dividend,
voting or otherwise;
(ii) Issue of shares (including sweat equity shares) to employees of
the Company under any scheme save and ESOS; (iii) Annual Report and other compliances on
Corporate Social Responsibility; (iv) There is no revision in the Board Report or
Financial Statement; (v) No significant or material orders were passed by the Regulators
or Courts or Tribunals which impact the going concern status and Company's operations
in future; (vi) Information on subsidiary, associate and joint venture companies.
APPRECIATIONS AND ACKNOWLEDGEMENT:
Your Directors wish to place on record their sincere appreciation for
significant contributions made by the employees at all levels through their dedication,
hard work and commitment during the year under review.
The Board places on record its appreciation for the support and
co-operation the Company has been receiving from its suppliers, distributors, retailers,
business partners and others associated with it as its trading partners. Your Company
looks upon them as partners in its progress and has shared with them the rewards of
growth. It will be your Company's endeavour to build and nurture strong links with
the trade based on mutuality of benefits, respect for and co-operation with each other,
consistent with consumer interests.
Your Directors also take this opportunity to thank all Shareholders,
Clients, Vendors, Banks, Government and Regulatory Authorities and Stock Exchanges, for
their continued support.
Registered office: |
For and on behalf of Board of
Directors |
Unit No. PO5-02E, 5th Floor, |
Amrapali Capital And Finance
Services Limited |
Tower A WTC Gift City, Gandhinagar-382355 |
CIN: L65910GJ1994PLC118992 |
|
Sd/- |
Sd/- |
|
Alkesh Dashrathlal Patel |
Bhumi Atit Patel |
Place: Ahmedabad |
Chairman and Managing Director |
Non- Executive Independent |
Date: September 5, 2023 |
DIN: 00189943 |
Director DIN: 07473437 |
Annexure A FORM NO. AOC-2
Particulars of Contracts/Arrangements Made With Related Parties
Forms for disclosure of particulars of contracts/arrangements entered
into by the company with related parties referred to in Section 188(1) of the Companies
Act, 2013 including certain arm's length transactions under third proviso thereto
(Pursuant to Section 134(3) (h) of the Act and Rule 8(2) of the
Companies (Accounts) Rules, 2014)
A. Details of contracts or arrangements or transactions not at
arm's length basis:
There were no contracts or arrangements or transactions entered in to
by the Company during the financial year ended on March 31, 2023, which were not at
arm's length basis.
B. Details of material contracts or arrangement or transactions at
arm's length basis:
Sr. No Name of
Related Parties |
Nature of Relation |
Nature of Transaction
with related parties |
Duration of the
Contracts/ Arrangements or transactions including the value, if any |
Salient terms of the
contracts or arrangements or transactions including the value, if any |
Date (s) of approval by
the Board |
Amount paid as advances,
if any |
1. Chirag Yashwant Thakkar |
Key Managerial Personnel |
Interest Paid/(Received) |
FY 2022-23 |
On Market Rate 16.46 Lakhs |
May 30, 2022 |
NA |
|
(KMP) |
Brokerage Income |
FY 2022-23 |
On Market Value 0.12 Lakhs |
May 30, 2022 |
NA |
2. Amrapali Industries Limited |
Associate Concern |
Brokerage Income |
FY 2022-23 |
On Market Value 0.93 Lakhs |
May 30, 2022 |
NA |
3. Yashwant Thakkar |
Relative of KMP |
Brokerage Income Security
Deposits |
FY 2022-23 FY 2022-23 |
On Market Value 14.14 Lakhs
On Market Value 400 Lakhs |
May 30, 2022 |
NA |
4. Rashmikant Thakkar |
Relative of KMP |
Brokerage Income Security
Deposits |
FY 2022-23 FY 2022-23 |
On Market Value 0.17 Lakhs On
Market Value 1125.00 Lakhs |
May 30, 2022 |
NA |
5. Yashwant Thakkar HUF |
Relative of KMP |
Brokerage Income |
FY 2022-23 |
On Market Value 0.33 Lakhs |
May 30, 2022 |
NA |
6. Reetaben Thakkar |
Relative of KMP |
Security Deposits |
FY 2022-23 |
On Market Value 1375.00 Lakhs |
May 30, 2022 |
NA |
Registered office: |
For and on behalf of Board of
Directors |
Unit No. PO5-02E, 5th Floor, |
Amrapali Capital And Finance
Services Limited |
Tower A WTC Gift City, Gandhinagar-382355 |
CIN: L65910GJ1994PLC118992 |
|
Sd/- |
Sd/- |
|
Alkesh Dashrathlal Patel |
Bhumi Atit Patel |
Place: Ahmedabad |
Chairman and Managing Director |
Non- Executive Independent |
Date: September 5, 2023 |
DIN: 00189943 |
Director DIN: 07473437 |
Annexure-B Particulars of Employees
Disclosures pertaining to remuneration and other details as required
under Section 197(12) of the Companies Act, 2013 read with Rules made there under.
3A. Information as per Rule 5(1) of the Companies (Appointment and
Remuneration of Managerial Personnel)
Rules, 2014:
a) The ratio of remuneration of each director, Chief Financial
Officer, Chief Executive Officer, Company Secretary or Manager to the median remuneration
of employees for the Financial Year and the Percentage increase in their remuneration if
any, in the Financial Year:
Sr. No. Name |
Designation |
Nature of Payment |
Ratio against
remuneration of each Director and Key Managerial Personnel's to median remuneration of
Employees |
Percentage Increase/
(Decrease) in Remuneration for financial year 2022-23 |
1 Alkesh Dashrathlal Patel |
Chairman & Managing
Director |
Remuneration1 |
- |
- |
2 Chirag Yashvantbhai Thakkar |
Non-Executive Director |
Sitting Fees2 |
- |
- |
3 Bhumi Atit Patel |
Non-Executive Independent
Director |
Sitting Fees2 |
- |
- |
4 Urshita Mittalbhai Patel |
Non-Executive Independent
Director |
Sitting Fee2 |
- |
- |
5. Baldev Manubhai Patel |
Chief Financial Officer |
Salary3 |
1.24:1 |
- |
6. Rushika Tejrajji Parekh |
Company Secretary &
Compliance Officer |
Salary |
1:1 |
No change |
1
During the financial year 2022-23, remuneration to the
Directors was nil, hence, the ratio of remuneration of such directors to median
remuneration of employees and increase / decrease in remuneration are not given.
2
During the financial year 2022-23, siting fees to the
Non-Executive Director, Independent Directors was nil, hence, the ratio of
remuneration of such directors to median remuneration of employees and increase / decrease
in remuneration are not given.
3
During the financial year 2021-22, remuneration to the
CFO was nil, hence, the increase / decrease in remuneration are not given.
b) The percentage increase in the median remuneration of employees in
the financial year: The median remuneration of employee is decreased by 36.86% over
previous year. c) The number of permanent employees on the rolls of the Company: 27
Employees d) Average percentile increase already made in the salaries of employees
other than the managerial personnel in the last financial year and its comparison with the
percentile increase in the managerial remuneration and justification thereof and point out
if there are any exceptional circumstances for increase in the managerial remuneration:
The average salaries of the employees decreased by 16.60% as compared
to the previous year. However, total salary paid to employees increased by 25.10% as
compared to previous year.
e) The Board of Directors of the Company affirmed that remuneration
of all the Key Managerial Personnel of the Company is as per the Remuneration Policy of
the Company.
3B. Information as per Rule 5(2) of the Companies (Appointment and
Remuneration of Managerial Personnel)
Rules, 2014:
a) List of top ten employees in terms of remuneration drawn:
The company is not falling under the criteria for providing details of
Top ten employee's details so the said rule is not applicable to the Company. Hence
Company has not provided any information in this regards.
b) Employees employed throughout the financial year, was in receipt of
remuneration for that year which, in the aggregate, was not less than one crore and two
lakh rupees:
There was no such employees employed throughout the financial year, was
in receipt of remuneration for that year which, in the aggregate, was not less than one
crore and two lakh rupees.
c) Employees employed for a part of the financial year, was in receipt
of remuneration for any part of that year, at a rate which, in the aggregate, was not less
than eight lakh and fifty thousand rupees per month:
There was no such employees employed for a part of the financial year,
was in receipt of remuneration for any part of that year, at a rate which, in the
aggregate, was not less than eight lakh and fifty thousand rupees per month.
d) Employees employed throughout the financial year or part thereof,
was in receipt of remuneration in that year which, in the aggregate, or as the case may
be, at a rate which, in the aggregate, is in excess of that drawn by the managing director
or whole-time director or manager and holds by himself or along with his spouse and
dependent children, not less than two percent of the equity shares of the company:
There was no such employees employed throughout the financial year or
part thereof, was in receipt of remuneration in that year which, in the aggregate, or as
the case may be, at a rate which, in the aggregate, is in excess of that drawn by the
managing director or whole-time director or manager and holds by himself or along with his
spouse and dependent children, not less than two percent of the equity shares of the
company.
The Board of Directors of the Company affirmed that remuneration of all
the Key Managerial Personnel of the Company are as per the Remuneration Policy of the
Company.
Registered office: |
For and on behalf of Board of
Directors |
Unit No. PO5-02E, 5th Floor, |
Amrapali Capital And Finance
Services Limited |
Tower A WTC Gift City, Gandhinagar-382355 |
CIN: L65910GJ1994PLC118992 |
|
Sd/- |
Sd/- |
|
Alkesh Dashrathlal Patel |
Bhumi Atit Patel |
Place: Ahmedabad |
Chairman and Managing Director |
Non- Executive Independent |
Date: September 5, 2023 |
DIN: 00189943 |
Director DIN: 07473437 |
Annexure - C
SECRETARIAL AUDIT REPORT
FORM NO. MR-3
For The Financial Year Ended March 31, 2023
[Pursuant to section 204(1) of the Companies Act, 2013 and
Rule 9 of the Companies (Appointment and Remuneration of Managerial
Personnel) Rules, 2014]
To,
The Members,
Amrapali Capital and Finance Services Limited
Registered office: Unit No. PO5-02E, 5th Floor, Tower A WTC Gift City,
Gandhinagar- 382355
I have conducted the Secretarial audit of the compliance of applicable
statutory provisions and the adherence to good corporate practices by Amrapali Capital
and Finance Services Limited (hereinafter called the Company'). Secretarial
Audit was conducted in a manner that provided me a reasonable basis for
evaluating the corporate conducts/ statutory compliances and expressing my opinion
thereon.
Based on my verification of the Company's books, papers, minute
books, forms and returns filed and other records maintained by the Company and also the
information provided by the Company, its officers, agents and authorized representatives
during the conduct of secretarial audit, I hereby report that, in my opinion, the Company
has, during the audit period covering the financial year ended on March 31, 2023,
generally complied with the statutory provisions listed hereunder and also that the
Company has proper Board-processes and compliance-mechanism in place to the extent, in the
manner and subject to the reporting made hereinafter:
I have examined the books, papers, minute books, forms and returns
filed and other records maintained by the Company for the financial year ended on March
31, 2023 according to the provisions of:
i. The Companies Act, 2013 (the Act') and the rules made
there under as applicable; ii. The Securities Contracts (Regulation) Act, 1956
(SCRA') and the rules made there under; iii. The Depositories Act,1996
and the Regulations and Bye-laws framed there under; iv. Foreign Exchange
Management Act, 1999 (FEMA) and the rules and regulations made there under to the extent
of Foreign Direct Investment; v. The following Regulations and Guidelines
prescribed under the Securities and Exchange Board of India Act, 1992
(SEBI Act'): a) The Securities and Exchange Board of India
(Substantial Acquisition of Shares and Takeovers) Regulations, 2011 and circulars/
guidelines/Amendments issued there under; b) The Securities and Exchange Board of India
(Prohibition of Insider Trading) Regulations, 2015and circulars/ guidelines/Amendments
issued there under; and c) The Securities and Exchange Board of India (Listing Obligations
and Disclosure Requirements) Regulations, 2015and circulars/ guidelines/Amendments issued
there under and Listing Agreement executed with the Exchange; d) Securities and Exchange
Board of India (Depositories and Participants) Regulations, 2018 (to the extent
applicable); e) and circulars/ guidelines/Amendments issued thereunder, vi. Revised
Secretarial Standards issued by the Institute of Company Secretaries of India.
Further During the year under the report, the provisions of the Acts,
Rules, Regulations, Guidelines, Standards, etc. mentioned above read with circulars,
notifications and amended rules, regulations, standards etc. issued by the Ministry of
Corporate Affairs, Securities and Exchange Board of India and such regulatory authorities
for such acts, rules, regulations, standards etc. as may be applicable, from time to time
issued for compliances have been complied with by the Company, except;
The Company has maintained internally structured digital database in
Digital Software for FY 2022-23 with adequate internal controls and checks such as time
stamping and audit trails to ensure non-tampering of the database in compliance with
Regulation 3(5) & 3(6) of SEBI (Prohibition of Insider Trading) Regulations, 2015.
However, majority of UPSI Sharing Entries have been entered delayed in the software. We
had relied on the certificates submitted by the company in this regard and accordingly
company has complied with the requirements of the said regulations.
I further report that the company being mainly engaged in the business
of a Self-Clearing Member in the Equity Segment of NSE, BSE & MCX-SX, Member of MCX
and Clearing Member in NSE F & O and NSE Currency Segment, NSE Commodity Segment, BSE
Commodity Segment, Trading member of MCX-SX FO, MCX-SX Currency & BSE F & O
Segment and Depository Participant of NSDL, followings are few of specific applicable laws
to the Company, which requires approvals or compliances under respective Acts or
Regulations. I have relied on the representation made by the Company and its Officers for
systems and mechanism formed by the Company for compliances under other applicable Acts,
Laws and Regulations as applicable to the Company:
i. Forward Contracts (Regulation) Act, 1952 and rules made there under;
ii. SEBI (Stock Brokers and Sub-Brokers) Regulations, 1992; iii. Rules, Regulations
circulars and Byelaws of the Bombay Stock Exchange Limited and the Clearing Corporation
(NSCCL); iv. Rules, Regulations circulars and Byelaws of the BSE
Limited and the Clearing Corporation (ICCL); v. Rules, Regulations circulars and Byelaws
of the Metropolitan Stock Exchange of India Limited;
In this regard, we have checked the compliances made to various stock
exchanges, commodity exchange, Depository (NSDL). During the period under review the
Company has complied with the provisions of the Act, Rules made thereunder, Regulations,
guidelines etc. mentioned above except,
i. During the year 2022-23, company had paid Short Margin penalty to
NSE amounting to Rs. 3,86,410/- i. During the year 2022-23, company had paid Segregation
penalty amounting to Rs. 75,41,615/- ii. During the year 2022-23, company has delayed in
Submission of Segregation Report for which company paid penalty amounting to Rs.
20,38,864/- to NSE. iii. During the year 2022-23, company has delayed in daily Submission
of Non API of the holding statement for which company paid penalty amounting to Rs.
2,00,100/- to NSE iv. During the year 2022-23, Company has paid penalty of Rs. 63,091/- to
NSE w.r.t trading in Non-Approval
Script of MWPL. v. During the year 2022-23, The Company has paid
Inspection penalty of Rs. 50,400/- to NSE. vi. During the year 2022-23, The Company has
paid penalty for Non Submission for bank balance, holding statement and cash and cash
equivalent Rs. 1,81,600/- to NSE. vii. During the year 2022-23, The Company has paid
penalty Rs. 2,800/- for operating of trading terminals without having valid certification
to NSE. viii. During the year 2022-23, The Company has paid Internal Audit Report
observation penalty amounting to Rs.
59,500/- to NSE. ix. During the year 2022-23, The Company has paid
penalty of Rs. 3017.26/- to NSE for operating CTCL software without valid certification.
x. During the year 2022-23, The Company has paid penalty for Non Submission for bank
balance, holding statement and cash and cash equivalent Rs. 34,000/- to BSE. xi. During
the year 2022-23, The Company has paid penalty of Rs. 6000/- to BSE for delay in
submission enhanced Supervision.
During the Period under review, provisions of the following Acts,
Rules, Regulations, Guidelines, Standards, are not applicable to the Company: i. Foreign
Exchange Management Act, 1999 and the rules and regulations made there under to the extent
of
Overseas Direct Investment and External Commercial Borrowings; and ii.
The Securities and Exchange Board of India (Registrars to an Issue and Share Transfer
Agents) Regulations, 1993 regarding the Companies Act and dealing with client; - the
Company is not registered as Registrar to an Issue & Share Transfer Agent. However,
the Company has appointed Satellite Corporate Services Private Limited as Registrar &
Share Transfer Agent as per the Securities and Exchange Board of India (Listing
Obligations and Disclosure Requirements) Regulations, 2015. iii. The Securities and
Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018
and circulars/ guidelines/Amendments issued there under. iv. The Securities and Exchange
Board of India (Delisting of Equity Shares) Regulations, 2021; v. Securities and Exchange
Board of India (Share Based Employee Benefits and Sweat Equity) Regulations, 2021 and
circulars/ guidelines/Amendments issued there under; vi. Securities and Exchange Board of
India (Issue and Listing of Non-Convertible Securities) Regulations, 2021; vii. The
Securities and Exchange Board of India (Issue and Listing of Debt Securities) Regulations,
2008; viii. The Securities and Exchange Board of India (Buyback of Securities)
Regulations, 2018;
I further report that
The Board of Directors of the Company is duly constituted with
Executive Directors, Non-Executive Directors, Independent Directors and Women Director in
accordance with the act.
Adequate notice is given to all Directors to schedule the Board
Meetings, agenda and detailed notes on agenda were sent in advance, and a system exists
for seeking and obtaining further information and clarifications on the agenda items
before the meeting and for meaningful participation at the meeting. However Company has
not paid Sitting fees to any of the Non-Executive Directors and Non-Executive Independent
Director.
Since none of the members have communicated dissenting views in the
matters / agenda proposed from time to time for consideration of the Board and Committees
thereof, during the year under the report, hence were not required to be captured and
recorded as part of the minutes.
I further report that -
There are adequate systems and processes in the Company commensurate
with the size and operations of the Company to monitor and ensure compliance with
applicable laws, rules, regulations and guidelines.
There was no event/action which had major bearing on the Company's
affairs in pursuance to the above referred laws, rules, regulations, guidelines,
standards, etc.
I further report that during the Audit period the Company has- i.
The 28th Annual General Meeting of the members of the Company was held on Thursday,
September 29, 2022 at
04:00 P.M. through Video Conferencing (VC)/Other Audio-Visual Means
(OVAM).
|
For Payal Dhamecha& Associates |
|
Practicing Company Secretary |
|
ICSI Unique Code:-S2020GJ735800 |
|
Sd/- |
|
Payal Dhamecha |
|
(Proprietor) |
|
ACS No.: 47303 COP No. 20411 |
Place: Ahmedabad |
|
Date: September 5, 2023 |
UDIN: A047303E000948324 |
To, The Members,
Amrapali Capital and Finance Services Limited
My report of even date is to be read along with this letter.
1. Maintenance of secretarial records is the responsibility of the
management of the Company. My responsibility is to express an
2. I have followed the audit practices and processes as were
appropriate to obtain reasonable assurance about the correctness of the contents of
secretarial records. The verification was done based on the records and documents provided
to me, on test basis, to ensure that correct facts are reflected in secretarial records. I
believe that the processes and practices followed by me provide a reasonable basis for my
opinion.
3. I have not verified the correctness and appropriateness of financial
records and books of accounts of the Company.
4. Wherever required, I have obtained the Management representation
about the compliance of laws, rules and regulations and happening of events etc.
5. The compliance of the provision of corporate and other applicable
laws, rules, regulations, standards is the responsibility of management. My examination
was limited to verification of procedures on test basis.
6. The Secretarial Audit report is neither an assurance as to the
future viability of the Company nor the efficacy or effectiveness with which the
management has conducted the affairs of the Company.
For Payal Dhamecha& Associates Practicing Company Secretary ICSI
Unique Code:-S2020GJ735800
Sd/- Payal Dhamecha (Proprietor) ACS No.: 47303 COP No. 20411 Place:
Ahmedabad Date: September 5, 2023 UDIN: A047303E000948324