Annual Report: 2021
KLM Axiva Finvest Limited Annual Report 2020-21 Summary:
The annual report for KLM Axiva Finvest Limited for the financial year 2020-2021 is shared by Dr. Alexander John Joseph IAS (Retd), Chairman, and Shri. Shibu Theckumpurath Varghese, Executive Director. The report highlights various aspects of the company's performance, operations, and financial standing. Despite the challenges posed by the COVID-19 pandemic, KLM Axiva has achieved significant milestones, including the third issue of Non-Convertible Debentures (NCD), expansion of branches, introduction of Digi Gold (an online platform for gold), and the Investa 2020 initiative. The company aims to provide affordable financial services to those in need and help people achieve their needs and wants, focusing on inclusivity and reaching the zenith with the support of shareholders and well-wishers.
Financial Performance: The company's financial results for 2020-2021 show revenue from operations at Rs. 1,23,76,15,874 and a profit after taxes of Rs.7,14,10,886. The company has raised Rs.124 crores through its third public issue of NCDs and has reached an asset size of Rs.500 crores. The company’s consolidated AUM stood at Rs. 747.30 crores, with consolidated PAT at Rs. 7.14 Lakhs.
Operational Highlights: KLM Axiva now operates as a Non-Banking Financial Company - Systemically Important No-Deposit taking Company (NBFC-ND-SI) starting October 16, 2020, and functions as an NBFC-Investment and Credit Company (NBFC-ICC) as per RBI guidelines. The company is planning to expand its presence manifold in the coming FY's to over vivid areas and is planning to expand branch numbers to 500 by the end of this FY 2020-21.
Corporate Governance and Compliance: The board consists of five directors, including two independent directors, and various committees, including an Audit Committee, Nomination and Remuneration Committee, and others. The company has complied with the provisions relating to the constitution of Internal Compliance Committee under the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013. They are in compliance with the Secretarial Standards.
Additional Capital and Credit Rating: Your Company has a capital adequacy ratio (Capital to risk weighted assets ratio – CRAR) of 16.06%as on March 31, 2021. The minimum regulatory requirement for non-deposit accepting NBFCs is 15%. The company's debt instruments are rated by Credit Analysis & Research Limited with CARE BB+; Stable. The Company has framed Fair Practices Code as per the latest guidelines issued by Reserve Bank of India in this regard.
Corporate Social Responsibility (CSR): During the year, the company spent Rs.7,24,715/- on CSRprojects/programs. The amount equal to 2% of the average net profit for the past three financial years required to be spent on CSR activities was Rs. 11,62,013/-.
Auditor's Report: The report includes statements on compliance with various standards, as well as the auditor's opinion on the financial statements. The company has not fully complied with the Master Direction - Information Technology Framework for the NBFC Sector, or with directions related to uploading KYC details, although CKYC registration is completed.
Risk Management: The company is engaged in the business of financial services. The Board is also periodically informed of the business risks and the actions taken to manage them. The company has formulated a policy for Risk management.
Subsidiary Performance: M/s. KMLM Financial Services Limited is a wholly owned subsidiary of your Company. Its major financial parameters for Financial Year 2020-21 are as follows:
Notice of AGM: A notice is given for the 24th Annual General Meeting (AGM) of the members of KLM Axiva Finvest Limited. It includes agenda items such as adopting financial statements, appointing directors and auditors, and re-appointing Dr. Alexander John Joseph as an Independent Director. A special resolution to increase the Authorised Share Capital of the Company is also discussed.
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