Annual Report: 2021
Digvijay Finlease Limited 29th Annual Report Summary:
Overview:
The 29th Annual Report of Digvijay Finlease Limited (DFL) presents the company's audited financial statements for the year ended March 31, 2021. The financial statements adhere to the Indian Accounting Standards (Ind AS). The report includes the Directors' Report, Independent Auditors' Report, Balance Sheet, Statement of Profit and Loss, Statement of Changes in Equity, Statement of Cash Flows, and related notes.
Board of Directors, Key Personnel and Statutory Auditors:
The Board of Directors consists of Ashok Bhandari, Ravi Goenka, Sudip Kumar Mukherjee and Gourav Periwal. K.K. Thakur is the Manager & CFO and R.R. Dalmia is the Company Secretary. D.K. Chhajer & Co., Chartered Accountants, Kolkata, served as the statutory auditors.
Financial Performance:
Share Capital:
The authorized share capital stands at ₹20 Crore divided into 2 Crore equity shares of ₹10 each. The paid-up equity share capital stood at ₹1325.94 Lac as of March 31, 2021. No shares were issued during the year.
Dematerialization of Shares:
The company has arrangements with NSDL for dematerialization. The ISIN is INE01US01017.
Loans and Guarantees:
Provisions of Section 186 of the Companies Act, 2013 are not applicable as Digvijay Finlease is a registered NBFC.
Related Party Transactions:
No materially significant contracts or arrangements with related parties requiring disclosure under Section 188 of the Companies Act, 2013, except for remuneration to key managerial personnel and rent paid, which are disclosed in the Notes to Accounts.
Internal Financial Control:
Adequate internal financial control procedures are in place. The Audit Committee reviews reports from internal auditors. No material weakness in design or operation was observed.
Risk Management:
Identified risks include commercial, financial, operational, and legal & regulatory risks overseen by the Audit Committee.
Directors and Key Managerial Personnel:
Gourav Periwal retires by rotation and offers himself for reappointment. The Board recommends the re-appointment. Ravi Goenka and S. K. Mukherjee continue as Independent Directors. The Company has a familiarization program for independent directors. K.K. Thakur is Manager and CFO. Rakesh Rosan Dalmia is Company Secretary and Compliance Officer.
Auditors:
D.K. Chhajer & Co. will continue as auditors until the conclusion of the 30th AGM to be held in 2022. There were no comments or observations mentioned by the Auditors in their report.
Corporate Social Responsibility (CSR):
The company’s CSR focus is on environment preservation, education, and supporting the needy. This year the company contributed for development & promotion of sports activities through a Section 8 Company namely "Shree Cement East Bengal Foundation".
Sexual Harassment Policy:
A policy is in place as required by the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013. The company has less than 10 employees; hence the internal committee is not applicable.
Directors' Responsibility Statement:
The board confirms that applicable Accounting Standards have been followed, accounting policies are consistent, proper and sufficient care has been taken for maintaining adequate accounting records, and the Annual Accounts have been prepared on a going concern basis.
Annexure AOC-2:
Form AOC-2 shows details of material contracts or arrangements or transactions at arm's length basis with Shree Capital Services Ltd. for Office Rent Agreement.
Financial Results Review:
Total income decreased, and profit before and after tax also decreased compared to the previous year. The company remains registered as an NBFC with the Reserve Bank of India. The COVID-19 Pandemic has not significantly affected the financial position of the Company.
Corporate Social Responsibility:
CSR activities focused on promoting and developing sports, with ₹30.65 Lac spent through the Shree Cement East Bengal Foundation. The Company is committed to spending 2% of its Average Net Profits of last three financial years towards its social initiatives.
Directors’ Remuneration and Other Disclosures: Details provided about remuneration to Directors and Key Managerial Personnel.
Independent Auditor’s Report: The audit was conducted in accordance with Standards on Auditing (SAs). Emphasis is drawn to Note No. 35 regarding uncertainties due to the COVID-19 pandemic. The audit was conducted remotely.
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