Annual Report: 2022
Digvijay Finlease Limited - 30th Annual Report Summary (Financial Year 2021-22)
Overview: The document is the 30th Annual Report of Digvijay Finlease Limited for the financial year 2021-22. It includes the Directors' Report, financial statements, auditor's report, and notes to the financial statements.
Directors' Report: The Board of Directors presents the audited financial statements for the year ended March 31, 2022, prepared in accordance with Indian Accounting Standards (Ind AS).
Financial Results (Rs in Lac):
Appropriations:
The total income for the year amounted to ₹5,875.58 Lac, compared to ₹647.39 Lac in the previous year. The Company continues to be registered as a Non-Banking Financial Company with the Reserve Bank of India. Due to the uncertainty from the pandemic, the Board decided to retain the earnings and not propose any dividend.
Share Capital: The company has only one class of shares - equity shares of par value ₹10/- each. The Authorised Share Capital of the Company stands at 20 Crore divided into 2 Crore equity shares of ₹10/- each. The paid-up equity share capital of the Company stood at 1325.94 Lac as at 31st March, 2022. The Company did not issue any shares during the year.
Transfer to Reserve Fund: In compliance with section 45-IC of Reserve Bank of India Act, 1934, a transfer of ₹781.16 Lac to the Reserve Fund is proposed.
Public Deposits: The Company did not accept any deposit from the public during the year nor does it hold any public deposit as at the end of the financial year.
Particulars of Loans and Guarantees: Exempt from complying with Section 186 of the Companies Act, 2013, due to being an NBFC.
Dematerialisation of Shares: Arrangements with NSDL for dematerialization of securities. The ISIN is INE01US01017.
Related Party Transactions: No significant material contract/arrangement/transactions with related parties, except for remuneration to key managerial personnel, sitting fees paid to directors and rent paid to the enterprise having significant influence which is in the ordinary course of business.
Internal Financial Control: Adequate financial controls are in place, and internal auditors review the system.
Risk Management: Identified risks are Commercial Risks, Financial Risks, Operational Risks, and Legal & Regulatory Risks. A Risk Management Committee is constituted, comprising Shri Ashok Bhandari, Shri Ravi Goenka, and Shri Gourav Periwal.
Directors and Key Managerial Personnel: Shri Ashok Bhandari retires by rotation and offers himself for re-appointment. Ravi Goenka and S. K. Mukherjee continue as Independent Directors. Sumit Jain is the Company Secretary and Compliance Officer.
Auditors: M/s S Jaykishan, Chartered Accountants, are the Statutory Auditors, appointed until the conclusion of the 32nd Annual General Meeting.
Reporting of Frauds: No instances of fraud were reported by auditors.
Committees:
Corporate Social Responsibility (CSR): Focus on environment preservation, education, and sports. Committed to spending 2% of average net profits of the last three financial years. The CSR Committee met once during the reporting period.
Policy on Directors' Appointment and Remuneration: Policies are in place for selection, appointment, and remuneration of Directors and Senior Management.
Sexual Harassment: Policy to prevent sexual harassment at workplace, compliant with the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013. No complaints received during the year.
Directors' Responsibility Statement: The Board confirms that the financial statements comply with accounting standards, give a true and fair view, and that internal financial controls are adequate and operating effectively.
Independent Auditor's Report:
Financial Statements Highlights: The balance sheet and statement of profit and loss are presented. The company's assets, liabilities, and equity are detailed. Key items include cash and cash equivalents, bank balances, loans, investments, equity share capital, and reserves. Statement of changes in equity for the year ended March 31, 2022 has also been provided.
Corporate Social Responsibility Policy (CSR Policy): Digvijay Finlease Limited (DFL) believes that for its operation and growth to be sustainable, it has to be responsive to social needs. Its progress is thus underlined by strict adherence to environment preservation, social upliftment, spread of education, promotion of sports etc. DFL believes in making social development as an integral part of its business activities so as to bring about a meaningful change in the lives of people. DFL considers social responsibility as a voluntary act rather than an additional activity mandated by statute.
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