To,
The Members of
Ascom Leasing & Investment Limited
The Board of Directors of your Company are pleased to present the Thirty-Sixth (36th)
Annual Report on the business and operations of the Company, italicizing the progress and
growth achieved during the year along with Audited Financial Statements with Auditors'
Report thereon, Secretarial Auditor's Report for the Financial Year ended 31st March,
2023.
FINANCIAL HIGHLIGHTS:
The financial performance of the Company for the financial year ended on 31st March,
2023 is as follows:
Particular |
As on 31st March,2023 (In Lakh) |
As on 31stMarch, 2022 (In Lakh) |
Revenue from Operations |
1,215.11 |
1,244.63 |
Other Income |
- |
- |
Total Income |
1,215.11 |
1,244.63 |
Total Expenses |
553.27 |
597.93 |
Profit Before Tax |
661.83 |
646.70 |
Extraordinary Items |
0.06 |
- |
Less: Income Tax (Current Year) |
165.67 |
159.39 |
Less: Deferred Tax |
- |
- |
Less: Previous Year Tax |
- |
- |
Profit/(Loss) after tax |
496.11 |
487.30 |
Earning Per Share |
4.24 |
6.24 |
The Company has prepared the financial statements in accordance with the generally
accepted accounting principles in India ('Indian GAAP') to comply in all material respects
with the notified Accounting Standards ('AS') under Section 133 of the Companies Act, 2013
('the Act'), read with rule 7 of the Companies (Accounts) Rules, 2014 and the Companies
(Accounting Standards) Amendment Rules, 2016. Further, the Company follows the statutory
requirements, circulars and guidelines issued by the Reserve Bank of India (RBI) for
Non-Banking Financial Companies (NBFC), from time to time to the extent they have an
impact on the financial statements and current practices prevailing in India.
RESULTS OF OPERATIONS & STATE OF COMPANY'S AFFAIRS
The management of the Company is putting their best efforts to improve the performance
of the Company. During the year, the Company has generated the total Revenue of Rs.
1215.11 Lakhs in comparison to Rs. 1244.63 Lakhs in the previous year. The total expenses
for the period under review was Rs.553.27 Lakhs and Company has earned the Net profit
(after tax) of Rs. 496.11 Lakhs
The Company's Capital Adequacy Ratio calculated in line with the Reserve Bank of India
('RBI') directions for Non-Banking Financial Companies ('NBFCs') which is well above the
minimum regulatory requirement.
CHANGE IN THE NATURE OF BUSINESS
There were no changes in the nature of Business of the Company during the financial
year.
CHANGE IN SHARE CAPITAL Authorized Share Capital
During the Financial Year 2022-23, there had no changes in the Authorized Share Capital
of the Company. The Authorized Share Capital of the Company is Rs. 15,00,00,000 divided
into 1,50,00,000 Equity Shares of Rs. 10/- each.
Paid up Share Capital
During the year, the Company increases its Paid-up share Capital from Rs 78,094,530 /-
comprising of 78,09,453 equity shares of Rs. 10/- each to Rs. 11,71,41,790/- comprising of
11,714,179 equity shares of Re. 10 each through issue of bonus equity shares in proportion
1:2 by way of Capitalization of Free Reserves and Securities Premium.
DIVIDEND
Board have considered it financially prudent in the long-term interest of the Company
to re-invest the profits into the business of the Company to build a strong reserve base
and grow the business of the Company. Therefore, Board of Directors has not recommended
any dividend for the financial year ended on 31st March, 2023.
TRANSFER TO RESERVES
During the year, the Company has transferred Rs. 99.00 Lakhs (20% of the profits are
required to be transferred to a Statutory/Special Reserve Account.) to the statutory
Reserve as per Section 45-IC of the Reserve Bank of India Act, 1934,
MATERIAL CHANGES AND COMMITMENTS AFFECTING FINANCIAL POSITION OF THE COMPANY
During the financial year 2022-23, upon receipt of approval of Members through postal
ballot on 20th February, 2023 of the proposal of Bonus Equity Shares to the
existing shareholders of Company in proportion 1:2 and consequently the paid-up equity
share capital of the Company increased from Rs 78,094,530 /- comprising of 78,09,453
equity shares of Rs. 10/- each to Rs. 11,71,41,790/- comprising of 11,714,179 equity
shares of Re. 10 by way of Capitalization of Free Reserves and Securities Premium.
TRANSFER OF UNCLAIMED DIVIDEND TO INVESTOR EDUCATION AND PROTECTION FUND
The provisions of Section 125(2) of the Companies Act, 2013 do not apply as there was
no dividend declared and paid last year.
DEPOSIT
The Company being non-deposit taking NBFC, has neither accepted any deposits from the
public, nor does it have any scheme to invite any such deposits.
SUBSIDIARIES, IOINT VENTURES AND ASSOCIATE COMPANIES
The Company does not have any Subsidiary, Joint Venture or Associate Company; hence
provisions of Section 129(3) of the Companies Act, 2013 relating to preparation of
consolidated financial statements are not applicable.
MATERIAL CHANGES AND COMMITMENTS AFFECTING FINANCIAL POSITION BETWEEN THE END OF THE
FINANCIAL YEAR AND DATE OF REPORT
There have been no material changes and commitments were recorded during the financial
year which materially affects the financial position of the Company till the date of this
report.
PARTICULARS OF LOANS. GUARANTEES OR INVESTMENTS MADE UNDER SECTION 186 OF THE COMPANIES
ACT. 2013
The Company, being an NBFC registered with the RBI and engaged in the business of
giving loans in ordinary course of its business, is exempt from complying with the
provisions of Section 186 of the Act with respect to loans and guarantees. Accordingly,
the disclosures of the loans given as required under the aforesaid section have not been
made in this Report.
However, the particulars of Loans, Guarantees, and Investments have been disclosed in
the Financial Statements read together with Notes annexed to and forming an integral part
of the Financial Statements.
PARTICULARS OF CONTRACTS OR ARRANGEMENTS MADE WITH RELATED PARTIES
All contracts / arrangements / transactions entered by the Company during the financial
year with related parties were on an arm's length basis and in the ordinary course of
business under the Companies Act 2013 and not material under the Listing Regulations and
hence did not require members' prior approval under the Companies Act 2013 and the Listing
Regulations.
The particulars of contracts or arrangements with related parties referred to in
sub-section (1) of Section 188 are attached as Annexure-I in the Form AOC-2.
The Policy on dealing with related party transactions, as approved by the Board may be
accessed on the Company's website at the link http://ascomfinance.com/report/RPT-Policy
VIGIL MECHANISM / WHISTLE BLOWER POLICY
In compliance with the requirement of the Companies Act, 2013 and SEBI Listing
Regulations, the Company has established a Whistle Blower Policy / Vigil Mechanism Policy
that enables the Directors and Employees to report genuine concerns. The vigil mechanism
provides for
adequate safeguards against victimization of persons who use the vigil
mechanism; and
direct access to the Chairperson of the Audit Committee of the Board of
Directors of the Company in appropriate or exceptional cases. No complaint of this nature
has been received by the Audit Committee during the year under review.
The Vigil Mechanism - cum - Whistle Blower Policy may be accessed on the Company's
website at the link: http://ascomfinance.com/report/Whistle-Blower-Policy.
DETAILS OF SIGNIFICANT AND MATERIAL ORDERS BY THE REGULATORS OR COURTS ORTRIBUNALS
IMPACTING THE GOING CONCERN STATUS AND COMPANY'S OPERATIONS IN FUTURE.
There was no significant order was passed by any regulatory authority or court or
tribunal against Company.
CORPORATE SOCIAL RESPONSIBILITY (CSR)
As per the provisions of Section 135 of the Companies Act, 2013 read with rules framed
thereunder, certain class of companies is required to spend 2% of its average net profit
during 3 preceding years on CSR activities. It also provides for formation of CSR
committee of the Board. The rules prescribe the activities qualify under CSR and the
manner of spending the amount. The Company is not covered under Section 135 of the
Companies Act, 2013 and the rules framed there under for the financial year under review.
However, Company has complied all the requirements with respect to CSR till 2021-2022.
CONSERVATION OF ENERGY. RESEARCH AND DEVELOPMENT. TECHNOLOGY ABSORPTION- FOREIGN
EXCHANGE EARNINGS AND OUTGO
The particulars as per the Companies (Accounts) Rules, 2014 regarding conservation of
energy, technology absorption are as under:
(A) Conservation of Energy
Steps taken or impact on conservation of energy |
|
The steps taken by the Company for utilizing alternate sources of energy |
N.A. |
The capital investment on energy conservation equipment's |
|
(B) Technology Absorption
1. Efforts made towards technology absorption: N.A.
2. Benefits derived like product improvement, cost reduction, product development or
import substitution: N.A.
3. In case of imported technology (imported during the last three years reckoned from
the beginning of the financial year)-
Details of technology imported |
N.A. |
Year of Import |
|
Has technology been fully absorbed |
|
If not fully absorbed, areas where absorption has not taken place, and the reasons
thereof |
|
4. Expenses incurred on Research and Development
During the period under review particulars regarding expenditures on research and
development are as under:
Particulars |
|
Capital Expenditures |
|
Recurring Expenditures |
N.A. |
Total |
|
Total Research and development expenses as % of turnover |
|
FOREIGN EXCHANGE EARNINGS AND OUTGO-
The Foreign Exchange earned in terms of actual inflows during the year- NIL The Foreign
Exchange outgo during the year in terms of actual outflows- NIL
DECLARATION BY INDEPENDENT DIRECTOR
The Company has received necessary declaration from each independent director under
Section 149(7) of the Companies Act, 2013 that they continue to confirm the criteria of
independence laid down in Section 149(6) of the Companies Act, 2013.
INTERNAL FINANCIAL CONTROL SYSTEM
The Company has an Internal Control System which is commensurate with the size, scale
and complexity of its operations. To maintain its objectivity and independence, the
Internal Audit reports to the Chairman of the Audit Committee of the Board and to the
Managing Director. The Internal Audit Department reviews the effectiveness and efficiency
of these systems and procedures to ensure that all assets are protected against loss and
that the financial and operational information is accurate and complete in all respects.
Company policies, guidelines and procedures provide for adequate checks and balances and
are meant to ensure that all transactions are authorized, recorded and reported correctly.
To further strengthen the internal control process, the Company has developed the very
comprehensive compliance management tool to drill down the responsibility of the
compliance from top management to executive.
MANAGEMENT DETAILS/ INFORMATION
Composition of Board Directors
During the financial year, there were no changes in the composition of Board of
Directors of the Company.
Following are the Details of Directors on the Board of the Company.
S.No. Name of the Director |
Designation |
1. Mr. TusharPandya |
Managing Director & CFO |
2. Mrs. Rupalben Tushar Pandya |
Whole Time Director |
3. Mr. Rohitkumar Balvantrai Pandya |
Whole Time Director |
4. Mr. Ketanbhai Dhanjibhai Lakhani |
Independent Director |
5. Ms. Jayshriben Rajendra Pathak |
Independent Director |
6. Mr. Pradeep Champaklal Wadiwala |
Independent Director |
Key Managerial Personnel of the Company
Following are the Details of Key Managerial Personnel of the Company as on 31st
March 2023:
S.No. Name of the Director |
Designation |
1. Mr. Tushar Rohitbhai Pandya |
Managing Director & CFO |
2. Mrs. Rupalben Tushar Pandya |
Whole Time Director |
3. Mr. Rohitkumar Balvantrai Pandya |
Whole Time Director |
4 Mrs . Shewta Aggarwal |
Company Secretary |
Mrs. Sweta Vipinchandra Shah, Chief Financial Officer of the Company was resigned from
the said post with effect from 1stSeptember, 2022
The Board of Directors in its meeting held on September 02, 2022 placed on record its
appreciation of her performance, knowledge, skills and commitment demonstrated by her
during her tenure as Chief Financial Officer of the Company and appointed and nominated
Mr. Tushar Rohitbhai Pandya as Chief Financial Officer of the Company on the
recommendation of the Nomination and Remuneration Committee with effect from September 02,
2022.
After the closure of financial year, Ms. Shweta Aggarwal resigned from the post of
Company Secretary & Compliance Officer of the Company with effect from 21st
June, 2023. Further, Ms. Shivani Sharma appointed as Company Secretary & Compliance
Officer of the Company with effect from 21st June, 2023.
Re-appointment at the ensuing AGM Retirement of Director by Rotation
In accordance with the provisions of the Companies Act, 2013 and Article 77 of the
Articles of Association of the Company, Mrs. Rupalben Tushar Pandya Whole Time Director of
the Company shall retire by rotation at the ensuing 36th AGM of the Company and
being eligible, offers himself for re-appointment.
Further, The Board recommends their appointment/re-appointment. Brief resume and other
particulars of Mrs. Rupalben Tushar Pandya are annexed to the Notice of AGM forming part
of this Annual Report.
Performance evaluation
In line with the provisions of Section 134(3) of the Companies Act, 2013 and Rules made
thereunder read with the relevant provisions of the SEBI Listing regulations, 2015, the
Board of Directors has carried out an annual evaluation of its own performance, Board
Committees and individual Direc tors. The performance of the Board of Directors and its
Committees were evaluated on various parameters such as structure, composition,
experience, performance of specific duties and obligations, quality of decision making and
overall effectiveness.
The performance of individual Directors was evaluated on parameters, such as meeting
attendance, participation and contribution and independent judgment.
The Board members noted from time to time the suggestions/ inputs of Independent
Directors, Nomination Committee and Audit Committee and also discussed various initiatives
to further improve the Board effectiveness.
In a separate meeting of Independent Directors held on 31.03.2023 performance of
non-independent Directors, performance of the Board as a whole and performance of the
Chairman was evaluated.
Criteria for performance evaluation criteria is available on the website of the Company
at http://www.ascomfinance.com/policies.html
MEETINGS OF THE BOARD
The Company prepares the schedule of the Board Meeting in advance to assist the
Directors in scheduling their program. The agenda of the meeting is circulated to the
members of the Board well in advance along with necessary papers, reports, recommendations
and supporting documents so that each Board member can actively participate on agenda
items during the meeting.
The Board met Eight (08) times during the Financial Year 2022-2023. The Board Meetings
were held of the Company as follow:
20-05-2022
16-08-2022
02-09-2022
03-10-2022
12-11-2022
20-01-2023
22-02-2023
07-03-2023
The maximum interval between any two meetings did not exceed 120 days. Following are
details of meetings attended by each Directors of Company:
S. No Name of the Director |
No of board Meetings held during the year during his/her tenure as
Director |
No. of Meetings attended during the year |
1. Mr. TusharRohitbhai Pandya |
8 |
8 |
2. Mrs. RupalbenTushar Pandya |
8 |
6 |
3. Mr. RohitkumarBalvantrai Pandya |
8 |
7 |
4. Mr. KetanbhaiDhanjibhai Lakhani |
8 |
7 |
5. Ms. JayshribenRajendra Pathak |
8 |
6 |
6. Mr. Pradeep ChampaklalWadiwala |
8 |
8 |
The 35th Annual General Meeting of the Company was held on 28th
September, 2022 and conduct an postal ballot for approval of shareholder for issue of
Bonus Shares
POUCY ON DIRECTORS' APPOINTMENT AND REMUNERATION INCLUDING CRITERIA FOR DETERMINING
QUALIFICATIONS. POSITIVE ATTRIBUTES. INDEPENDENCE AND OTHER MATTERS PROVIDED UNDER SECTION
1 78 (3)
The Company has in place a Nomination & Remuneration Committee in accordance with
the requirements of the Companies Act, 2013.
The Committee has formulated a policy on Director's appointment and remuneration
including recommendation of remuneration of the key managerial personnel including senior
management and other employees, composition and the criteria for determining
qualifications, positive attributes and independence of a director and the policy is
available on the website of the Company i.e. http://www.ascomfinance.com/policies.html
CONSTITUTION OF VARIOUS COMMITTEES & ITS MEETING
The Board committees play a crucial role in the governance structure of the Company and
have been constituted to deal with specific areas/ activities which concern the Company
and need a closer review. The Board committees are set up under the formal approval of the
Board, to carry out clearly defined roles which are considered to be performed by the
members of the Board, as a part of good governance practice.
All decisions and recommendations of the committees are placed before the Board for
information or approval. The minutes of the meetings of all the committees are placed
before the Board for their review.
The Company has currently had 3 (Three) Committees:
1. Audit Committee (AC)
2. Nomination and Remuneration Committee (NRC)
3. Stakeholder's Relationship Committee (SRC).
The major terms of reference of the Committees, its composition and number of meetings
held during the year ended March 31, 2023 are as follows:
AUDIT COMMITTEE
The Company has duly constituted Audit Committee in accordance of Section 179 of the
Companies Act, 2013.
The Composition of the Audit Committee as on 31st March 2023:
Sr. Name of the Director No. |
DIN |
Designation in the Committee |
1 Pradeep Champaklal Wadiwala |
08490596 |
Chairman |
2 Ketanbhai Dhanjibhai Lakhani |
07098256 |
Member |
3 Jayshriben Rajendra Pathak |
08490562 |
Member |
4. Rohitkumar Balvantrai Pandya |
06400619 |
Member |
Meetings of the Audit Committee
During the year the Audit Committee met 4 (Four) times. The date of the meetings held
during the year ended March 31, 2023 are:
20.05.2022
02-09-2022
03-10-2022
12-11-2022
Following are details of meetings attended by each Directors/ Member of Audit
Committee:
S.No. Date of Meeting |
Total Number of members of the Committee associated as on the date
meeting |
Attendance |
|
|
Number of Members entitled to Attend |
No. of Members Attended |
1. 20.05.2022 |
4 |
4 |
3 |
2. 02.09.2022 |
4 |
4 |
4 |
3. 03.10.2022 |
4 |
4 |
4 |
4. 12.11.2022 |
4 |
4 |
4 |
In case any person requires more information/ details regarding the Audit Committee the
person may access the Company's website at the link:
http://www.ascomfinance.com/corporate- governance.html
4- NOMINATION AND REMUNERATION COMMITTEE
The Company has duly constituted Nomination & Remuneration in accordance of Section
178 of the Companies Act, 2013.
Composition of Nomination & Remuneration Committee as on 31st March
2023:
Sr. No. Name of the Director |
DIN |
Designation in the Committee |
1. Pradeep Champaklal Wadiwala |
08490596 |
Chairman |
2. Ketanbhai Dhanjibhai Lakhani |
07098256 |
Member |
3. Jayshriben Rajendra Pathak |
08490562 |
Member |
Nomination & Remuneration Policy is updated on the website of the Company i.e. at
http://ascomfinance.com/report/REMUNERATION-POLICY
Meetings of the Nomination & Remuneration Committee
During the year the Nomination and Remuneration Committee met 1 (One) time. The date of
the meetings held during the year ended March 31, 2023 are:
02.09.2022
Following are details of meetings attended by each Directors/ Member of Nomination
& Remuneration:
S.No. D Date of Meeting |
Total Number of members of the Committee associated as on the date
meeting |
Attendance |
|
|
Number of Members entitled to Attend |
No. of Members Attended |
1. 02.09.2022 |
3 |
3 |
3 |
4- STAKEHOLDERS RELATIONSHIP COMMITTEE MEETING
The Company had duly constituted Stakeholders Relationship Committee in accordance of
Section 178 of the Companies Act, 2013.
The major terms of reference of the Stakeholders Relationship Committee include:
Consideration & Resolution of the grievances of security holders of the
Company;
Reviewing of Transfer / Transmission requests / Demat / Remat requests of the
security shareholders and issuance of duplicate share certificate, if any
Composition of the Stakeholders Relationship Committee as on 31st March
2023:
Sr. No. Name of the Director |
DIN |
Position in the Committee |
1 Pradeep Champaklal Wadiwalal |
08490596 |
Chairman |
2 Tushar Rohitbhai Pandya |
03264783 |
Member |
3 Rohitkumar Balvantrai Pandya |
06400619 |
Member |
Meetings of the Stakeholders Relationship Committee
During the year the Stakeholders Relationship Committee met 1 (One) time. The date of
the meetings held during the year ended March 31, 2022 are:
07.01.2023
Following are details of meetings attended by each Directors/ Member of Stakeholders
Relationship Committee:
S.No. Date of Meeting |
Total Number of members of the Committee associated as on the date
meeting |
Attendance |
|
|
Number of Members entitled to Attend |
No. of Members Attended |
1. 07.01.2023 |
3 |
3 |
3 |
INDEPENDENT DIRECTORS MEETING
The Independent Directors played active role in Board as well as committee meetings in
which they are members. Keeping in view the provisions the meeting of Independent
Directors held on 31st March, 2023, without the presence of Non-Independent
Directors and members of the Management.
They reviewed the performance of Non-Independent Directors and the Board as a whole,
the performance of the Chairman of the Company, taking into account the views of Executive
Director and Non- Executive Directors and assessed the quality, quantity and timeliness of
flow of information between the Company Management and the Board that is necessary for the
Board to effectively and reasonably perform its duties.
The Independent Directors expressed satisfaction over the performance and effectiveness
of the Board, individual Non- Independent Directors and the Chairman.
As per the provisions of the Companies Act, 2013 read with Schedule IV, following are
the Independent Directors of the Company.
Sr. No. Name of member |
DIN |
1. Mr. Ketanbhai Dhanjibhai Lakhani |
07098256 |
2. Ms. Jayshriben Rajendra Pathak |
08490562 |
3. Mr. Pradeep Champaklal Wadiwala |
08490596 |
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 the preparation of the annual accounts, the applicable accounting standards have
been followed;
b) the Directors 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 the financial year and of
the profit and loss of the Company for that 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) the Directors have prepared the annual accounts on a going concern basis.
e) the Directors have laid down internal financial controls to be followed by the
Company and that such internal financial controls are adequate and were operating
effectively
f) the Directors have devised proper system to ensure compliance with the provisions of
all applicable laws and that such systems were adequate and operating effectively.
PARTICULARS OF EMPLOYEES U/S 197(12) OF THE COMPANIES ACT, 2013
The information required under Section 197 & Rule 5 of the Companies (Appointment
and Remuneration of Managerial Personnel) Rules 2014 is enclosed in Annexure II.
COMPLIANCE OF SECRETARIAL STANDARDS
The Company has duly complied with the applicable clauses of Secretarial Standards i.e.
SS-1 and SS- 2 on Meetings of the Board of Directors and General Meetings, respectively
issued by the Institute of Company Secretaries of India.
LISTING
Currently the Equity Shares of the Company are listed on Emerge platform of National
Stock Exchange of India Limited (NSE) and there are no arrears on account of payment of
Listing Fees to the Stock Exchange.
AUDITORS & AUDITORS REPORT:
4- STATUTORY AUDITOR
Pursuant to the provisions of Section 139 (2) of the Act and the rules made thereunder,
the Members at their Thirty-Five AGM held on September 28, 2022, had appointed DSI &
CO. (ICAI Firm's Registration Number 127226W) Statutory Auditors of the Company for a term
of five years i.e. from the conclusion Thirty Fifth of AGM till the conclusion of the
Forty AGM.
The notes on accounts referred to in the auditors' report are self-explanatory and
therefore don't call for any further comments by the Board of Directors.
EXPLANATIONS OR COMMENTS OF THE BOARD ON QUALIFICATION(S). RESERVATIONS) OR ADVERSE
REMARK(S) OR DISCLAIMER MADE BY STATUTORY AUDITOR
The Statutory Auditor in its Report: The notes on accounts referred to in the auditors'
report are self-explanatory and therefore don't call for any further comments by the Board
of Directors. During
the year under review, the Company has not reported any fraud mentioned under Section
143(12) of the Act.
4- SECRETARIAL AUDITOR
In terms of Section 204 of the Act and Rules made there under, M/s Pawan Mahur &
Associate Practicing Company Secretaries was appointed as Secretarial Auditors for the
financial year 2022-23 and have submitted their Secretarial Audit Report in Form No. MR-3
as required under Section 204 of the Companies Act, 2013 for the financial year ended 31st
March, 2023. The Report forms part of this report as Annexure III.
INTERNAL AUDITOR
In terms of Section 138 of the Companies Act, 2013 read with Companies (Accounts)
Rules, 2014, M/s Dharan Shah &Associates, Chartered Accountants were appointed as
Internal Auditors for the period of three financial year commencing from 2022-23.
COST AUDITORS
Pursuant to Section 148 (3) of the Companies Act, 2013 and rule 6(2) of the Companies
(Cost records and Audit Rules) 2014 is not applicable on the Company.
INSTANCES OF FRAUD. IF ANY REPORTED BY THE AUDITORS:
Pursuant to provisions of Section 143(12) and sub-Section (14) of the Companies Act,
2013, as amended from time to time, the Auditors have not reported any incident of fraud
to the Company during the year under review.
CORPORATE GOVERNANCE
Pursuant to Regulation 15(2)(a) of SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015, the compliance of corporate governance provisions shall
not apply to the listed entity which has listed its specified securities on the SME
Exchange.
As the Equity Shares of the Company are listed on Emerge Platform of National Stock
Exchange of India Limited, therefore the provisions regarding Corporate Governance are not
applicable to your Company.
Your Company have complied with applicable Secretarial Standards issued by the
Institute of Company Secretaries of India (ICSI) and approved by Central Government from
time to time.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
As per SEBI Listing Regulations, Management Discussion and Analysis are attached, which
form part of this report annexed herewith at Annexure No. IV.
RISK MANAGEMENT AND RISK MANAGEMENT POLICY
The Board has adopted a risk management policy where various risks faced by the Company
have been identified and a framework for risk mitigation has been laid down. Even though
not mandated, the Company has constituted a Risk Management Committee to monitor, review
and control risks. The risks and its mitigating factors are discussed in the Board for
identifying the element of risk which, in the opinion of the Board may threaten the
existence of the Company and safeguarding the Company against those risks.
CODE OF CONDUCT AND ETHICS
The Board of Directors of the Company has adopted a Code of Conduct and Ethics for the
Directors and Senior Executives of the Company. The object of the Code is to conduct the
Company's business ethically and with responsibility, integrity, fairness, transparency
and honesty. The Code sets out a broad policy for one's conduct in dealing with the
Company, fellow Directors and with the environment in which the Company operates.
INFORMATION REQUIRED UNDER SEXUAL HARASSMENT OF WOMEN AT WORK PLACE (PREVENTION,
PROHIBITION & REDRESSAL) ACT, 2013
Your Company has a policy and framework for employees to report sexual harassment cases
at workplace and the process ensures complete anonymity and confidentiality of
information. No complaints of sexual harassment were raised in the financial year 2022-23.
ANNUAL RETURN
A copy of the Annual Return as provided under section 92(3) of the Act, in the
prescribed form, which will be filed with the Registrar of Companies/MCA, is hosted on the
Company's website and can be accessed at
http://www.ascomfinance.com/financial-information.html
RBI REGULATIONS
The Company continues to comply with all the requirements prescribed by the Reserve
Bank of India (RBI) from time to time. The Board of Directors have framed various policies
as applicable to the Company including Risk based internal audit policy. The Board
periodically reviews the policies and approves amendments as and when necessary.
GENERAL
Your directors state that no disclosure or reporting is required in respect of the
following matters as there were no transactions on these items during the year under
review:
There are no significant material orders passed by the Regulators or Courts or
Tribunal, which would impact the going concern status of the Company and its future
operation No fraud has been reported by the Auditors to the Audit Committee or the
Board.
There has been no application made or pending under Insolvency and Bankruptcy
Code, 2016
As per rule 8 (13) of Companies (Share Capital and Debentures) Rules, 2014,
during the period under review, your Company has not issued Sweat equity shares.
As per rule 12 (9) of Companies (Share Capital and Debentures) Rules, 2014,
during the period under review, your Company has not issued equity shares under the scheme
of employee stock option.
As per rule 16 (4) of Companies (Share Capital and Debentures) Rules, 2014 there
are no voting rights exercised directly or indirectly by the employees in respect of
shares held by them.
ACKNOWLEDGEMENT
Your directors pay their sincere gratitude to the Company's employees, customers,
vendors, investors, Business Constituents, Shareholders and academic institutions for
their Co-operation and continuous support. The Directors also thank the Government of
India and concerned government departments / agencies for their co-operation.
Date: September 05, 2023 |
For & on behalf of |
|
Place:Surat |
Ascom Leasing & Investments Limited |
|
|
Sd/- |
Sd/- |
|
RupalbenTushar Pandya |
TusharRohitbhai Pandya |
|
Wholetime Director |
Managing Director |
|
DIN: 06396751 |
DIN: 03264783 |
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