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Inox Leasing and Finance Limited Unlisted Shares

Annual Report: 2024

Year: 2024

Annual Report Summary

INOX Leasing and Finance Limited Annual Report 2023-24 Summary:

Corporate Information:

  • The report covers INOX Leasing and Finance Limited (INOXGFL Group).
  • Key personnel are listed, including Mr. D.K. Jain (Chairman) and Mr. V.K. Jain and Mr. Devansh Jain as Directors.
  • Board level committees are detailed: Audit, Stakeholders’ Relationship, Corporate Social Responsibility, Nomination and Remuneration, Committee of Directors for Operations, Investments, Risk Management, and IT Strategy.
  • The registered office is located in New Delhi.
  • Bankers include ICICI Bank Limited and HDFC Bank Limited.
  • The auditor is M/s. Dewan P.N. Chopra & Co., Chartered Accountants, Noida.

Notice of Annual General Meeting (AGM):

  • The 29th AGM will be held on Monday, September 30, 2024, in New Delhi.
  • Ordinary Business includes the adoption of financial statements (standalone and consolidated) and the re-appointment of Mr. Devansh Jain as a Director.
  • Special Business involves seeking approval for: increasing borrowing limits, creation of mortgage/charge on assets, increasing the threshold for loans/guarantees/securities/investments, and advancing loans/giving guarantees/providing security.
  • Members entitled to attend and vote can appoint proxies, with proxies required 48 hours before the meeting.
  • The Register of Members and Share Transfer Books will be closed from September 23, 2024, to September 30, 2024.
  • Unclaimed dividends will be transferred to the Investor Education and Protection Fund (IEPF), and shareholders are urged to claim their dividends.
  • Members holding shares in demat form are requested to register/update their e-mail address with their respective Depository Participants.
  • The Company is providing e-voting facility through CDSL.
  • Instructions and procedures for remote e-voting are provided for both demat and physical shareholders, including specific steps for different depositories (CDSL and NSDL).

Explanatory Statements:

  • The increase in borrowing limits is proposed due to the company's existing and future financial requirements. The borrowing limit is proposed to be ₹2000 Crore.
  • Approval is sought for the Board to sell, lease, or dispose of company undertakings, including creating charges or mortgages on assets, up to a limit of ₹2000 Crore.
  • Approval is sought to make investments, grant loans, and provide guarantees up to ₹2000 Crore, to make optimum use of available funds and also to achieve long termstrategic and business objectives.
  • Approval is sought to provide financial assistance in the form of loans or guarantees to subsidiary companies or associates up to ₹2000 Crore for their principal business activities.

Annexure-1 (Director Re-appointment):

  • Provides details on Mr. Devansh Jain, who is seeking re-appointment. This includes his brief profile, date of birth, director identification number, qualifications, experience, other directorships, and committee memberships.
  • Mr. Jain has over 16 years of business experience.

Boards' Report:

  • Presents the 29th Annual Report of INOX Leasing and Finance Limited.
  • Financial results are detailed, showing both consolidated and standalone performance for FY 2023-24 and FY 2022-23. Consolidated revenue for FY 2024 was Rs. 558100.18 lakhs. Standalone revenue for FY 2024 was Rs. 443.52 lakhs.
  • No dividend is recommended for the financial year 2023-24 in order to conserve profits.
  • Unpaid dividend of Rs. 38.38 Lakhs has been transferred to the IEPF.
  • Rs. 429.00 lacs has been transferred to Statutory Reserve.
  • The Board affirms that all Directors meet "fit and proper" criteria and are not disqualified.
  • Details of Board meetings held during the year and director attendance are provided.
  • The company has adequate internal controls.
  • Auditors have not reported any frauds.
  • The Annual Return is available on the company’s website.
  • There are no material changes and commitments affecting the company’s financial position.
  • The Corporate Social Responsibility (CSR) Committee has been formed.
  • The company has adopted best corporate practices.
  • Vigil Mechanism has been adopted.
  • Details on the prevention of sexual harassment policy are provided.
  • A Chief Compliance Officer has been appointed.
  • The company has complied with and continues to comply with RBI regulations

Financial Statements (Standalone and Consolidated):

  • Detailed standalone and consolidated balance sheets, statements of profit and loss, statements of changes in equity, and cash flow statements are presented.
  • Significant accounting policies are outlined.
  • Detailed notes on various financial items are provided, such as cash and cash equivalents, other bank balances, trade receivables, loans, investments, tax liabilities, provisions, equity, segment reporting, and related party disclosures.

Auditor's Report:

  • Independent Auditor's Report by Dewan P.N. Chopra & Co. expresses an unqualified opinion on the standalone and consolidated financial statements.
  • The report includes an Annexure A with details on matters specified in the Companies (Auditor's Report) Order, 2020.
  • A separate report on internal financial controls over financial reporting is also included.

This summary provides a comprehensive overview of the INOX Leasing and Finance Limited Annual Report 2023-24.

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