Directors Report
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To
The Members
XENTURION FINTECH PRIVATE LIMITED
Kochi
Your Directors have pleasure in presenting the 02nd Annual Report on the business and operation of the company and the audited accounts for the financial year ended 31st March, 2019.
Financial Summary/ Performance of the Company
The financial result for the financial year ended 31st March 2019 is as under:-
| Particulars | 2018- 19(Amount in Rs.) | 2017- 18(Amount in Rs.) |
|---|---|---|
| Revenue from operations | 2177123.44 | 25600.00 |
| Other income | 129554.00 | 25362.00 |
| Total Revenue | 2306677.44 | 50962.00 |
| Total Expenses | 3612739.76 | 379667.72 |
| Loss before tax | 1306062.32 | 328705.72 |
| Deferred Tax | (12389.24) | 2717.37 |
| Loss after tax | 1318451.56 | 325988.35 |
Board of Directors expects that during the next year the Company will perform better and achieve profit.
Reserves and Surplus
Loss has been transferred to Reserves and Surplus Account.
Change in the nature of business
There is no change in the nature of the business of the Company.
Events Subsequent to the date of Financial Statements
No material changes and commitments affecting the financial position of the Company occurred after the end of the financial year to which these financial statements.
Dividend
Due to loss, Directors do not recommend any dividend for the period under review.
Meetings
During the Financial Year 2018-19 the Boards of Directors of the Company, met on 28/05/2018, 24/06/2018, 16/09/2018, 10/11/2018 & 23/01/2019.
Directors
There is no change in the directors of the company.
Risk Management Policy
The Company will develop and implement a risk management policy which will identify major risks that may threaten the existence of the Company. It will be reviewed from time to time. Risk mitigation process and measures will be clearly spelled out in the said policy.
Subsidiary, Joint Venture and Associate Company:
The Company has no Joint Ventures/ Subsidiary/ Associate Company. Hence Company is exempted from making Consolidated Financial Statements of its Joint venture for the financial year 2018-19 vide Rule 6 of the Companies (Accounts) Rules, 2014.
Significant & Material orders passed by the Regulators:
During the year no significant and material orders were passed by the regulators or courts or tribunals impacting the going concern status and company’s operations in future
Changes in Share Capital
During the year under review, the Company has neither issued shares with differential voting rights nor has granted any stock options or sweat equity.
Statutory Auditors
KPR &Co. Chartered Accountants, Kochi, were appointed as the Statutory Auditors at the last Annual General Meeting for a period of 5 years i.e., to hold office until the conclusion of the 6th Annual General Meeting
Auditors’ Report
The Auditors’ Report does not contain any qualification / adverse remarks. Notes to Accounts and Auditors’ remarks in their report are self-explanatory and do not call for any future comments
Particulars of Loans, Guarantees or Investments under Section 186
Company has not made any Loans, Guarantees and Investments covered under the provisions of Section 186 of the Companies Act, 2013.
Deposit
The Company has neither accepted nor renewed any public deposits during the year under review.
Extract of Annual Return:
A copy of Company’s annual return is available at Company’s website and the web-link of such annual return is http://www.xenft.com/
Pursuant to Rule 12(1) of the Companies (Management and Administration) Rules, 2014, an extract of annual return in Form MGT-9 is attached with this Directors Report as Annexure ‘A’.
Particulars of Contracts or arrangements with Related Parties:
No agreement was entered with related parties by the Company during the current year for purchase or sale of goods. Form AOC- 2 is not attached.
Disclosure under the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013
The company has in place a policy for prevention of sexual harassment in accordance with the requirements of the Sexual Harassment of Women at Workplace (Prevention, Prohibition & Redressal) Act, 2013. Internal Complaints Committee has been set up to redress complaints received regarding sexual harassment. All employees (permanent, contractual, temporary, trainees) are covered under this policy. The Company did not receive any complaint during the year 2018-19.
Conservation of Energy, Technology Absorption and Foreign Exchange Earning and Outgo:
The details of conservation of energy, technology absorption, foreign exchange earnings and outgo are as follows:
(a) Conservation of energy
| (I) | the steps taken or impact on conservation of energy | Company’s operation does not consume significant amount of energy. |
| (ii) | the steps taken by the company for utilizing alternate sources of energy. | Not applicable, in view of comments in clause (i) |
| (iii) | the capital investment on energy conservation equipment’s | Not applicable, in view of comments in clause (i) |
(b) Technology absorption
| (i) | the effort made towards technology absorption | Nil |
| (ii) | the benefits derived like product improvement cost reduction product development or import substitution | Nil |
| (iii) | in case of imported technology (important during the last three years reckoned from the beginning of the financial year) (a) the details of technology imported (b) the year of import; (c) whether the technology been fully absorbed (d) if not fully absorbed, areas where absorption has not taken place, and the reasons thereof |
Nil |
| (iv) | the expenditure incurred on Research and Development | Nil |
(c) Foreign exchange earnings and outgo
During the year, the total foreign exchange used was Rs. Nil and the total foreign exchange earned was Rs. Nil
Transfer of amounts to Investor Education and Protection Fund:
Your Company did not have any funds lying unpaid or unclaimed for a period of seven years. Therefore there were no funds which were required to be transferred to Investor Education and Protection Fund (IEPF).
Directors’ Responsibility Statement
Pursuant to clause (c) of Sub- section (3) of Section 134 of the Companies Act, 2013 the Directors state that:
- in the preparation of the annual accounts, the applicable accounting standards had been followed along with proper explanation relating to material departures:
- The directors had selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the company at the end of the financial year and of the loss of the company for that period;
- the directors had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of this Act for safeguarding the assets of the company and for preventing and detecting fraud and other irregularities;
- the directors had prepared the annual accounts on a going concern basis; and
- the directors had devised proper systems to ensure compliance with the provisions of all applicable laws and that such system were adequate and operating effectively
Acknowledgements
The directors place on record their sincere appreciation for the assistance and co-operation extended by all and look forward to continue fruitful association with all business partners of the company.
For and on behalf of the Board of Directors
Chairman & Managing Director
U K Sethumadhavan
DIN: 05107708
Place: Trichur
Date: 17.07.2019
