Annual Report: 2021
Annual Report for the F.Y. 2020-2021 Summary:
Financial Highlights & Performance:
The annual report of FINO Paytech Limited highlights the financial results for the year ended March 31, 2021, comparing them to the previous year. Standalone net sales and other income decreased from Rs. 6,414.21 lakhs in 2019-20 to Rs. 2,233.86 lakhs in 2020-21. The standalone loss before tax was Rs. 1,548.62 lakhs, compared to a profit of Rs. 839.26 lakhs in the previous year. Consolidated net sales and other income increased slightly from Rs. 85,291.29 lakhs to Rs. 86,037.22 lakhs. However, the consolidated loss after tax was Rs. 5,040.18 lakhs, compared to a loss of Rs. 2,099.64 lakhs in the previous year.
Dividend & Material Changes/COVID-19 Impact:
Due to the losses incurred, the Directors did not recommend any dividend for the financial year ended March 31, 2021. The COVID-19 pandemic impacted the Company's operations due to nationwide lockdowns. The Company has resumed operations in a phased manner, adhering to government directives, and continues to monitor material changes to future economic conditions.
Company Affairs, Subsidiaries & Reserves:
The Company provides technology solutions to banks, insurance companies, government, and non-government institutions. Fino Payments Bank Limited reported revenue of Rs. 79,102.7 lakhs and a net profit of Rs. 2,047.43 lakhs. Fino Finance Private Limited reported revenue of Rs. 4,987.53 lakhs and a net loss of Rs. 5,472.62 lakhs. Fino Financial Services Private Limited had revenue of Rs. NIL lakhs and a net loss of Rs. 0.728 lakhs. Fino Trusteeship Services Limited, an associate company, reported a net profit of Rs. 23.50 lakhs. No amount was transferred to reserves due to the Company's losses.
Directors & Key Personnel:
Mr. Ashok Kini was appointed as an Additional Director and later confirmed as an Independent Director for a five-year term. Mr. Amit Jain, Nominee Director, resigned. Mr. Sudeep Gupta retires by rotation and is eligible for re-appointment. Mr. Praveer Kumar was appointed as CFO. Mr. Basavraj Loni and Ms. Riya Devulkar resigned as Company Secretary, and Mr. Jitendra Garg was appointed as Company Secretary. Independent Directors have submitted declarations of independence.
Board Evaluation & Capital Structure:
The Company employs an efficient mechanism for the Annual Evaluation of performance by the Board, Directors individually, and the Committees of the Board. The evaluation framework assesses attendance, contribution, strategic perspectives, advice, and commitment to stakeholders. The Company allotted 7,20,500 Equity Shares of Rs. 10 each under its ESOP Scheme, increasing the issued and paid-up share capital to Rs. 123,45,93,260/-. There were no changes to the Authorised Share Capital.
Energy Conservation, Committees & Stakeholders:
The Company undertook initiatives to conserve energy, such as installing LED lights and using capacitor banks. The Board has constituted committees such as Audit, Nomination and Remuneration, Corporate Social Responsibility, and Stakeholder Relationship. Details of meetings and attendance are provided. The Company was not required to spend any amount towards CSR during F.Y. 2020-2021 due to losses. The Directors' Responsibility Statement confirms adherence to accounting standards and proper maintenance of records.
Auditors & Compliance:
MSKC & Associates (formerly R. K. Kumar & Co.) are the Statutory Auditors. DM & Associates, Company Secretaries, Mumbai are the Secretarial Auditor. The Secretarial Audit Report notes that as of March 31, 2021, the Composition of the Audit Committee was not in accordance with the provisions of Section 177 of the Companies Act, 2013 and notes steps to correct this issue. The Company's vigil mechanism and policy against sexual harassment are in place.
Financial Statements & Auditors' Report:
The standalone and consolidated financial statements were prepared according to Indian Accounting Standards. The Auditors' Report is unmodified and does not contain any qualification, reservation, or adverse remark. Emphasis of matter is drawn to the uncertainty related to the COVID-19 pandemic's impact. The auditors provide their report on the standalone financial statements of Fino PayTech Limited for the financial year 2020-2021 and include annexures detailing compliance with Companies Act, 2013 and internal controls. They also state there are adequate systems and processes in the Company commensurate with its operations to monitor and ensure compliance with applicable laws, rules, regulations and guidelines.
Access essential information and documents to make informed investment decisions
Stay updated with upcoming events, conferences, and announcements
Access quarterly and half-yearly financial statements and reports
Download comprehensive annual reports and financial summaries
Access investor presentations, corporate briefings, and slideshows
Our blog provides insightful information about unlisted shares, offering a deeper understanding of how these assets work, their potential benefits, and the risks involved. Whether you're new to unlisted shares or looking to expand your knowledge, we cover topics such as investment strategies, valuation methods, market trends, and regulatory aspects. Stay updated with expert tips and guides to navigate the unlisted share market effectively.
Unlisted shares are stocks of companies that are not listed on any stock exchange, meaning they are not publicly traded. These shares are typically available for trade in the private market through brokers, and can offer unique investment opportunities.
You can buy unlisted shares through a broker or platform that specializes in unlisted share transactions. We provide a secure and easy way to purchase unlisted shares from top companies, ensuring a smooth transaction process.
The share prices of unlisted companies can fluctuate based on various factors like market demand, company performance, and private transactions. You can check the latest share prices for unlisted companies on our website for real-time updates.
Unlisted shares can offer higher growth potential, as they are typically not subject to the same market volatility as listed shares. However, they come with higher risk due to limited liquidity and availability of information. It's important to research thoroughly and consult experts before investing.
To sell unlisted shares, you can connect with a broker or platform that facilitates the sale of private stocks. We help investors buy and sell unlisted shares with ease, ensuring that your transaction is handled professionally and securely.
Yes, unlisted shares can eventually be listed on a stock exchange through an Initial Public Offering (IPO). This process allows the company to offer its shares publicly and be traded on major exchanges, potentially increasing liquidity and visibility.
Gains from unlisted shares are subject to capital gains tax in India. Short-term capital gains (if held for less than 24 months) are taxed at your applicable income tax rate, while long-term capital gains (if held for more than 24 months) are taxed at 20% with indexation benefits. Always consult a tax advisor for precise tax implications.
The value of unlisted shares is typically determined by private transactions, financial reports, and market demand. We provide the latest updates on share prices of unlisted companies, giving you the most accurate valuation available.
The minimum investment for unlisted shares can vary depending on the company and broker. Generally, the minimum investment is higher than for listed stocks, but we provide detailed information to help you make the best investment decisions.
Yes, unlisted shares may pay dividends if the company has declared them. However, since these companies may be in their growth stage, dividend payments are not always guaranteed. It's important to check the company's financial health before investing.
It's important to conduct thorough research on the company's financials, management, market potential, and overall business model. You can also seek professional advice from experts to help you choose unlisted shares with strong growth prospects.
Gains from unlisted shares are subject to capital gains tax in India. Short-term capital gains (if held for less than 24 months) are taxed at your applicable income tax rate, while long-term capital gains (if held for more than 24 months) are taxed at 20% with indexation benefits. Always consult a tax advisor for precise tax implications.
