a hinav capital services ltd. · shareholder information corporate abhinav capital services limited...
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A HINAV CAPITAL SERVICES LTD."AthenaHouse", Row HouseNo.4, Rajnigandha, Gokuldham, Goregaon(East), Mumbai · 400063.
Tel: 022·28425907 Fax : 022·28406189www.abhinavcapital.com
CIN No.: L65990MH1994PLC 083603
Date: 20th November, 201 8
To,
BSE Limited
P. J. Towers, Dalal Street,
Mumbai - 400001
BSE - Scrip Code: 532057
Dear Sir jMadam,
Sub : Annual Report for 2017-18
Referen ce: Ackn owledgement no. 373246
In reference to the Ackn owled gement no. 373246, We have filed Annua l Rep ort 2018 on 28th
September 2018 in which Schedule No. 16 (Le. Employees Benefit Expe nse) w as missing. We are
now upl oading th e revised copy of Annual Rep ort after inserting th e Schedule No. 16 (i.e.
Employees Benefit Expense).
You are requested to take sam e on record.
Yours faithfully
Kamlesh Kotak
Director
D.I.No - 00012755
CC : Ahmadabad Stock Exchange.
Annual Report2017-18
Registered Office :Athena House, Row House No.4, Rajnigandha, Gokuldham, Goregaon (E.), Mumbai-400063.
Tel.: 28425907 Fax: 28406189 E-mail: [email protected]
ShareholderInformation CorporateAbhinavCapitalServicesLimitedwasincorporatedinMumbai,in1994undertheCompaniesAct,1956.TheregisteredofficeofthecompanyissituatedatAthenahouse,Rowhouseno4,Rajnigandha,Gokuldham,Goregaon(E),Mumbai-400063,Maharashtra.
CIN:L65990MH1994PLC083603
CapitalAuthorisedcapital :Rs.8,00,00,000/-Paidupcapital :Rs.6,92,46,000/-
FinancialYearTheCompany'sfinancialyearbeginsonApril1andendsonMarch31.AnnualGeneralMeeting
Day:Wednesday
Date:September26,2018
Time:11:00am.
Venue:Athenahouse,Rowhouseno4,Rajnigandha, Gokuldham,Goregaon(E),Mumbai-400063,Maharashtra.
E-votingdate:September23,2018toSeptember25,2018
BookClosuredate:September21,2018toSeptember26,2018
Listing:BombayStockExchange& Ahmedabadstockexchange
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BoardandCommittees
TheBoardofDirectorsMr.ChetanKaria Mr.KamleshKotakChairman Non–IndependentDirector
Mr.GirishDesai Mrs.GayatriSonavaneIndependentDirector IndependentDirector
BoardcommitteesAuditcommitteeStakeholderRelationshipCommittee
BankersBankofIndiaStockExchangeBranch,Mumbai–400023.
AuditorsM/s.SCMehra&AssociatesCharteredAccountantsOfficeNo.9,GroundFloor,RadhaDalviSociety,OppUnionBankofIndia,Kandivali(East),Mumbai–400101.
ShareTransferAgentAdroitCorporateServicesPrivateLimited19,JaferbhoyIndustrialEstate,MakwanaRoad,MarolNaka,Andheri(East),Mumbai400059.TelNo.:28594060/28596060FaxNo.:28503748
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CONTENTS
Sr.No.
Particulars PageNo.
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BoardofDirectorsandCorporateInformation
NoticeofMeeting
RouteMap
Board'sReport
SecretarialAuditReport
ManagementDiscussionandAnalysis
ReportonCorporateGovernance
Auditor’sCertificate
Auditor'sReport
NetOwnedFund
FinancialResults
StatementofAssets&Liabilities
BalanceSheet
ProfitandLossAccount
CashFlowStatement
NotesformingPartofAccounts
SignificanceofAccountingPolicies
ProxyForm
AttendanceSlip
PollingPaper
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NOTICEDearMembers,Youarecordiallyinvitedtoattendthe24thAnnualGeneralMeetingofthemembersofAbhinavCapitalServicesLimitedtobeheldonwednesday,September26,2018at11:00a.m.ISTattheregisteredofficeoftheCompanysituatedatAthenaHouse,RowHouseNo.4,Rajnigandha,Gokuldham,Goregaon(East),Mumbai-400063,Maharashtra,India,totransactthefollowingbusiness
ORDINARYBUSINESSITEMNO.1:-AdoptionoffinancialstatementsToconsiderandadopttheauditedfinancialstatementsoftheCompanyfortheyearendedonMarch31,2018andthereportsoftheBoardofDirectors(''theBoard”)andauditorsthereon.
ITEMNO.2:-AppointmentofMr.ChetanRasikKariaasadirectorliabletoretirebyrotationToappointadirectorinplaceofMr.ChetanRasikKariaholdingDIN:00015113,whoretiresbyrotationand,beingeligible,seeksre-appointment.
""RESOLVEDTHATpursuanttotheprovisionsofsection152andotherapplicableprovisionsofCompaniesAct,2013theapprovalofthemembersofthecompanybeandisherebyaccordedtothereappointmentofMr.ChetanRasikKaria(DIN:00015113)asadirector,totheextentthatheisrequiredtoretirebyrotation.”
ITEMNO.3:-RatificationofappointmentofauditorToratifytheappointmentofauditorofthecompanyandtofixtheirremunerationpayableforthefinancialyear2018-19and if thought fit, topass,withorwithoutmodification, the followingResolutionasanOrdinaryResolution:
“RESOLVEDTHATpursuanttoSections139,142andotherapplicableprovisions,oftheCompaniesAct,2013andtherulesmadethereunder,asamendedfromtimetotime,pursuanttotherecommendationsoftheauditcommmitteeoftheBoardofDirectorsandpursuanttotheresolutionpassedbythemembersattheupcomingAGM,theappointmentofM/s.SCMehra&Associates,CharteredAccountants(Firmregistrationno106156W)astheauditorofcompanytoholdofficetilltheconclusionofthenextAGMbeandisherebyratifiedandthattheBoardofDirectorsbeandisherebyauthorisedtofixtheremunerationpayabletothemforfinancialyear2018-19asmaybedeterminedbytheauditcommitteeinconsultationwiththeauditors.”
SPECIALBUSINESSITEMNO.4:ChangeinObjectClauseofMemorandumofAssociationToConsider,andifthoughtfit,topasswithorwithoutmodification(s),thefollowingasaspecialresolution:
“RESOLVEDTHATpursuanttoSection4andsection13oftheCompaniesAct,2013,andotherapplicableprovisionsreadwiththerulesandregulationsmadethereunderincludinganyamendment,re-enactmentorstatutorymodificationthereof,approvalofthemembersbeandishereby accorded to substitute the existingMemorandumof Association of the Company by a new set ofMemorandumofAssociation,asmayberequiredtoaligntheMemorandumofAssociationwiththeprovisionsoftheCompaniesAct,2013.
“RESOLVEDFURTHERTHATtheBoardofDirectorsoftheCompanybeandareherebyseverallyauthorisedtosignallsuchformsandreturnsandotherdocumentsandtodoallsuchacts,deedsandthingsasmaybenecessarytogiveeffecttotheaforesaidresolution.”
ITEMNO.5:AdoptionofArticlesofAssociationasperCompaniesAct,2013ToConsider,andifthoughtfit,topasswithorwithoutmodification(s),thefollowingasaspecialresolution:“RESOLVED THAT pursuant to the provisions of Section 14 and all other applicable provisions of the
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Companies Act, 2013 read with Companies (Incorporation) Rules, 2014 (including any statutorymodification(s)orre-enactmentthereof,forthetimebeinginforce),consentoftheCompanybeandisherebyaccorded to substitute the existing Articles of Association of the Company by a new set of Articles ofAssociation;.”
“RESOLVEDFURTHERTHATtheBoardofDirectorsoftheCompanybeandareherebyseverallyauthorisedtosignallsuchformsandreturnsandotherdocumentsandtodoallsuchacts,deedsandthingsasmaybenecessarytogiveeffecttotheaforesaidresolution.”
ForandonbehalfoftheBoardofDirectors, ForAbhinavCapitalServicesLimited
Place:Mumbai ChetanKariaDate:August08,2018 Chairman
Note:
1. ProxiesinordertobevalidmustreachtotheRegisteredOfficeoftheCompanynotlessthan48hoursbeforethedateofthemeeting.
2. MembersarerequestedtointimateimmediatelyanychangeintheResidentialAddressoftheCompany.
3. TheRegisterofmembersandShareTransferBooksoftheCompanywillremainclosedfromSeptember21,2018toSeptember262018(bothdaysinclusive)
4. Corporate members intending to send their authorized representatives to attend the Meeting are
requested to send to the Company a certified copy of the Board Resolution authorizing theirrepresentativetoattendandvoteontheirbehalfattheMeeting.
5. SEBI has mandated the submission of Permanent Account Number (PAN) by every participant insecuritiesmarket.Membersholdingsharesinelectronicformare,therefore,requestedtosubmitthePANtotheirDepositoryParticipantswithwhomtheyaremaintainingtheirdemataccounts.MembersholdingsharesinphysicalformcansubmittheirPANdetailstotheRegistrarandTransferAgents.
6. TosupportthegreeninitiativeoftheGovernment,electroniccopyoftheAnnualreportfortheyearended31st March, 2018 is being sent to the members whose mail IDs are available with the Company/DepositoryParticipant(s)forcommunicationpurposesunlessanymemberhasrequestedforaphysicalcopyofthesame.Formemberswhohavenotregisteredtheiremailaddress,physicalcopiesoftheAnnualReport2018isbeingsentinthepermittedmode.PleasenotethattheannualreportandthenoticeoftheAnnualGeneralMeetingarealsopostedonthewebsite“www.abhinavcapital.com”fordownloadandcopyoftheAnnualReportshallbeprovidedtotheshareholderattheAnnualGeneralMeeting,ifrequired.
7. Inordertofacilitatee-votingontheresolutionsbymembers,electroniccopyoftheNoticeoftheAnnualGeneralMeetingoftheCompanyinteraliaindicatingtheprocessandmannerofe-votingalongwithAttendanceSlipandProxyFormisbeingsenttoallthememberswhoseemailIDsareregisteredwiththeCompany/DepositoryParticipants(s)forcommunicationpurposesunlessanymemberhasrequestedforahardcopyofthesame.Formemberswhohavenotregisteredtheiremailaddress,physicalcopiesoftheNoticeoftheAnnualGeneralMeetingoftheCompanyinteraliaindicatingtheprocessandmannerofe-votingalongwithAttendanceSlipandProxyFormisbeingsentinthepermittedmode.
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8. Votingthroughelectronicmeans IncompliancewithprovisionsofSection108oftheCompaniesAct,2013andRule20oftheCompanies
(ManagementandAdministration)Rules,2014,theCompanyispleasedtoprovidemembersfacilitytoexercisetheirrighttovoteattheAnnualGeneralMeeting(AGM)byelectronicmeansandthebusinessmaybetransactedthroughe-VotingServicesprovidedbyCentralDepositoryServices(India)Limited(CDSL).Theinstructionsfore-votingareasunder:
A. IncaseaMemberreceivesanemailfromCDSL[formemberswhoseemailIDsareregisteredwiththeCompany/DepositoryParticipants(s)]:
(i) OpenemailandopenPDFfileviz;“APL.pdf”withyourClientIDorFolioNo.aspassword.ThesaidPDFfilecontains your user ID and password/PIN for e-voting. Please note that the password is an initialpassword.
(ii) LaunchinternetbrowserbytypingthefollowingURL:https://www.evotingindia.com/
(iii) ClickonShareholder–Login
(iv) PutuserIDandpasswordasinitialpassword/PINnotedinstep(i)above.ClickLogin.
(v) Passwordchangemenuappears.Changethepassword/PINwithnewpasswordofyourchoicewithminimum8digits/charactersorcombinationthereof.Notenewpassword.Itisstronglyrecommendednot to share your password with any other person and take utmost care to keep your passwordconfidential.
(vi) Homepageofe-votingopens.Clickone-Voting:ActiveVotingCycles.
(vii) SelectElectronicVotingEventNumber(EVEN)ofAbhinavCapitalServicesLimited.
(viii)Nowyouarereadyfore-votingasCastVotepageopens.
(ix) Castyourvotebyselectingappropriateoptionandclickon“Submit”andalso“Confirm”whenprompted.
(x) Uponconfirmation,themessage“Votecastsuccessfully”willbedisplayed.(xi) Onceyouhavevotedontheresolution,youwillnotbeallowedtomodifyyourvote.
(xii) Institutionalshareholders(i.e.otherthanindividuals,HUF,NRIetc.)arerequiredtosendscannedcopy(PDF/JPGFormat)oftherelevantBoardResolution/Authorityletteretc.togetherwithattestedspecimensignatureofthedulyauthorizedsignatory(ies)whoareauthorizedtovote,totheScrutinizerthroughe-mailtojaydeep@[email protected].
B. I) IncaseaMemberreceivesphysicalcopyoftheNoticeofAGM[formembersthoseemailIDsarenotregisteredwiththeCompany/DepositoryParticipants(s)orrequestingphysicalcopy]:
i) InitialpasswordisprovidedintheAttendanceSlipfortheAGM: ii) PleasefollowallstepsfromSl.No.(ii)toSl.No.(xii)above,tocastvote.
II) Incaseofanyqueries,youmayrefertheFrequentlyAskedQuestions(FAQs)forShareholdersande-votingusermanualforShareholdersavailableattheDownloadssectionofwww.evotingindia.com
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III) IfyouarealreadyregisteredwithCDSLfore-votingthenyoucanuseyourexistinguserIDandpassword/PINforcastingyourvote.
IV) Youcanalsoupdateyourmobilenumberande-mailidintheuserprofiledetailsofthefoliowhichmaybeusedforsendingfuturecommunication(s).
V) Thee-votingperiodcommencesonSeptember23,2018(9:00am)andendsonSeptember25,2018(6:00pm).Duringthisperiodshareholders'oftheCompany,holdingshareseitherinphysicalformorindematerializedform,asonthecutoffdate(recorddate)ofSeptember22,2018maycasttheirvoteelectronically.Thee-votingmoduleshallbedisabledbyCDSLforvotingthereafter.Oncethevoteonaresolutioniscastbytheshareholder,theshareholdershallnotbeallowedtochangeitsubsequently.
VI) ThevotingrightsofshareholdersshallbeinproportiontotheirsharesofthepaidupequitysharecapitaloftheCompanyasonthecut-offdate(recorddate)ofSeptember22,2018.
VII) AbhishekWalwaikar,Mumbai (MembershipNo. MAH/4147/2012)has been appointed as theScrutinizertoscrutinizethee-votingprocessinafairandtransparentmanner.
VIII)TheScrutinizershallwithinaperiodnotexceeding3(three)workingdaysfromtheconclusionofthee-voting period unblock the votes in the presence of at least 2 (two) witnesses not in theemploymentoftheCompanyandmakeaScrutinizer'sReportofthevotescastinfavouroragainst,ifany,forthwithtotheChairmanoftheCompany.
IX) TheResultsshallbedeclaredonoraftertheAGMoftheCompany.TheResultsdeclaredalongwiththeScrutinizer'sReportshallbeplacedontheCompany'swebsitewww.abhinavcapital.comandonthewebsiteofCDSLwithin2(two)daysofpassingoftheresolutionsattheAGMoftheCompanyandcommunicatedtotheStockExchanges.
9. Themembersarerequestedto: i. Intimatetotheregistrars/Company,changesifany,intheirregisteredaddressatanearlydatealong
withthepincodenumber;
ii. QuoteRegisteredFolio/ClientID&DPIDinalltheircorrespondence;
iii. DematerialisethesharesheldinphysicalformattheearliestastradingintheEquitySharesoftheCompanyshallbeonlyindematerialisedformforalltheinvestors.
iv. Availofthefacilityofnominationbynominatingintheprescribed“NOMINATIONFORM”apersontowhomhis/hersharesintheCompanyshallvestintheeventofhis/herdeath.
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EXPLANATORYSTATEMENTPURSUANTTOTHEPROVISIONSOFSECTION102OFTHECOMPANIESACT,2013
ITEMNO.4:UponenactmentoftheCompaniesAct,2013,theMemorandumofAssociationoftheCompanywererequiredtobere-alignedaspertheprovisionsofthenewAct.Yourdirectors'initsmeetingheldonAugust08,2018hadapproved(subjecttotheapprovalofmembers)theamendmentintheMemorandumofAssociationoftheCompanywithrespecttothefollowing:
a. ClauseIII(A)–MainObjectsoftheCompanybywayofinsertion(s)/deletion(s)/alteration(s);b. ClauseIII(B)-MatterswhicharenecessaryforfurtheranceoftheObjectsspecifiedinClause3(A)bywayof
insertion(s)/deletion(s)/alteration(s);c. ClauseIII(C)–Otherobjectshavebeendeleted;d. Otheramendmentsrequiredtoaligntheexistingmemorandumof associationwiththeprovisionsofthe
Companiesact,2013.ThedraftoftheamendedMemorandumofAssociationproposedforapproval,areavailableforinspectionbytheshareholdersoftheCompanyduringnormalbusinesshoursattheRegisteredofficeoftheCompanyandcopiesthereofshallalsobemadeavailableforinspectionattheCorporateOfficeoftheCompanyandalsoattheplaceofthemeetingonthemeetingday.In termsof Section4 and13of theCompaniesAct, 2013, the consentof theMembersbywayof SpecialResolutionisrequiredforproposedamendmentsintheMemorandumofAssociationoftheCompany.YourDirectorsrecommendevotingfortheaboveresolutionaspercompaniesamendmentact,2017.YourDirectorscommendpassingofthisresolutionbywayofaspecialresolution.Noneofthedirectors,KMPs,ortheirrelativesareinterestedorconcerned,financiallyorotherwise,intheresolutionsetoutatitemno.4.ITEMNO.5:Upon enactment of the Companies Act, 2013, various provisions of the Companies Act, 1956 have beenrepealedandinviewofthesametheArticlesofAssociationoftheCompanyneedstobere-alignedaspertheprovisionsofthenewAct.TheBoardofDirectorsinitsmeetingheldonAugust08,2018decided(subjecttotheapprovalofmembers)toadoptanewsetofArticlesofAssociationinplaceofandtotheexclusionofexistingArticlesofAssociationoftheCompany.ThedraftofthenewsetofArticlesproposedforapprovalisbeingcirculatedalongwiththisnoticeoftheAnnualGeneralMeetingandalsoavailableforinspectionbytheshareholdersoftheCompanyduringnormalbusinesshoursattheRegisteredofficeoftheCompanyandcopiesthereofshallalsobemadeavailableforinspectionattheCorporateOfficeoftheCompanyandalsoattheplaceofthemeetingonthemeetingday.IntermsofSection14oftheCompaniesAct,2013,theconsentoftheMembersbywayofspecialresolutionisrequiredforadoptionofnewsetofArticlesofAssociationoftheCompany.YourDirectorsrecommendevotingfortheaboveresolutionaspercompaniesamendmentact,2017YourDirectorscommendpassingofthisresolutionbywayofaspecialresolution.Noneofthedirectors,KMPs,ortheirrelativesareinterestedorconcerned,financiallyorotherwise,intheresolutionsetoutatitemno.5.
ForandonbehalfoftheBoardofDirectors, AbhinavCapitalServicesLimited
ChetanKariaDate:August08,2018 ChairmanRegisteredOffice:AbhinavCapitalServicesLimitedAthenaHouse,RowHouseNo.4,Rajnigandha,Gokuldham,Goregaon(East),Mumbai400063CIN:L65990MH1994PLC083603Tel.:28425907|Fax:28406189Email: |[email protected] [email protected]
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RouteMap
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Board'sReport
DearMembers,TheBoardofDirectorshereby submits the report of thebusiness andoperationsof yourCompany ('theCompany'or'AbhinavCapitalServicesLimited')alongwiththeAuditedfinancialStatements,forthefinancialyearendedMarch31,2018.
FinancialPerformance
YourcompanypostedtotalincomeandnetprofitofRs.5,11,83,943/- andRs.3,44,93,859/-respectively,forthefinancialyearendedMarch31,2018asagainstRs.4,40,47,986/-andRs.3,20,51,626/-respectively.TheCompanyhasearnedsizableinterestincomeinspiteofnon–Conductiveeconomiccondition,yourCompanyhasmanagedexcellentgrowthduringtheyear.
IndustrystructureandDevelopmentsTheNonBankingFinancialCompany(NBFC)sectorsawalargelystableoutlookformajorNBFCs.Fromtheperspectiveoflargerfinancialsystem,ScheduledCommercialBankscontinuedtobethedominantplayersaccounting fornearly47%of thebilateralexposure followedbyAssetManagementCompaniesmanagingMutual Funds (AMC-MFs), Non Banking Financial Companies, Insurance companies, Housing financeCompanies(HFCs),andAll-IndiaFinancialInstitutions(AIFIs).
OpportunitiesNBFCsnicheincertainassetclasseswouldcontinuetoenablethemtoexpandtheirmarketshare.Theirabilitytocustomiseproducts,pricetheriskandmanagecreditcosts,especiallyrelatedtosmall-ticketloans,viz.lightcommercialvehicle(CV),usedCV,small-ticketinghousingloans,small-ticketLAPandmicrofinance,wouldcontinuetosupporttheirgrowth.Eveninthelargeticketmidcorporatesegment,wholesaleanddiversified
ParticularsCurrentYear2017-18(Rs.)
PreviousYear2016-2017(Rs.)
RevenuefromOperations
OtherIncome
Incomefromoperations
Less:InterestExpenses
Less:Depreciation&AmortisationExpenses
Less:OtherExpenses
Less:EmployeeBenefitsExpenses
Profit/(Loss)BeforeTax&ExceptionalItems
Less:CurrentyearTaxation
Less:ShortProvisionsforPriorYears
Less:DeferredTax
Less:TaxExpensesofDiscontinuingOperations
ProfitAfterTax
Less:Appropriation
TransfertoGeneralReserve
ProposedDividend
TaxonDividend
SurpluscarriedtoBalanceSheet
TOTAL
3,00,68,506
2,11,15,437
5,11,83,943
49,11,424
1,57,418
20,85,994
7,15,568
4,33,13,539
90,00,000
(2,07,720)
27,400
-
3,44,93,859
-
-
-
3,44,93,859
3,44,93,859
2,37,11,085
2,03,36,901
4,40,47,986
13,50,295
2,28,905
12,48,701
7,51,600
4,04,68,485
84,00,000
-
16,859
-
3,20,51,626
-
-
-
3,20,51,626
3,20,51,626
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NBFCswouldcontinuetogainshareastheypossesstheabilitytopricetheriskandloanstructuringflexibility.ThelargeNBFCsareexpectedtogrow18%yoyoverFY2018-19.Considering the transition to the90dayspastdue(dpd)Non-performingasset (NPA)recognitionwillbecompletebyFY2018,NBFCscouldfurtherrecaliberatetheirprovisioningpolicytocushiontheimpactoncreditcost.Government'sincreasedfocusonruraleconomyintebudgetfor2018-19couldbeaboostforNBFCsthathaveasignificantportionoftheirassetsinruralareas.
ThreatsGrowthofthecompany'sassetbook,qualityofassetsandabilitytoraisefundsdependsignificantlyontheeconomy.Unfavourable events in the Indian economy can effect consumer sentiment and in turn impactconsumer decisions to purchase financial products. Competition from a broad range of financial serviceproviders,unstablepoliticalenvironmentandchangeingovernmentpolicies/regulatoryframeworkcouldimpacttheCompany'soperations.
OutlookThemarketwillcontinuetogrowandmatureleadingtodifferentiationofproductsandservices.Eachfinancialintermediarywillhavetofinditsnicheinordertoaddvaluetocustomers.TheCompanyiscautiouslyoptimisticinitsoutlookfortheyear2018-19.
ReservesTheCompanydoesnotrecommendtransferringanyamounttotheGeneralReserves.
DividendTheDirectorsdonotrecommendthepaymentofdividendfortheyearunderreview.
ShareCapital• TheAuthorizedShareCapitaloftheCompanyisRs.8,00,00,000/-dividedinto80,00,000EquitySharesof
facevalueofRs.10/-each.ThereisnochangeintheAuthorizedShareCapitaloftheCompanyduringtheyearunderreview.
• ThePaid-upShareCapitaloftheCompanyisRs.6,92,46,000/-dividedinto69,24,600EquitySharesoffacevalueofRs.10/-each.ThereisnochangeinthePaid-upShareCapitaloftheCompanyduringtheyearunderreview.
• TheCompanyhasnotissuedanyequityshareswithdifferentialrightsastodividend,votingorotherwiseduringtheyearunderreview.
a) BuyBackofSecuritiesTheCompanyhasnotboughtbackanyofitssecuritiesduringtheyearunderreview.
b) SweatEquityTheCompanyhasnotissuedanysweatequityduringtheyearunderreview
c) BonusSharesTheCompanyhasnotissuedanybonussharesduringtheyearunderreview
ListingofSharesTheCompany'sequitysharesarelistedontheBSELtd.,AhmadabadStockExchange.TheCompanyconfirmedthattheannuallistingfeetoboththestockexchangesforF.Y.2018-19hasbeenpaid.
Subsidiaries,JointVenturesAndAssociateCompaniesTheCompanydoesnothaveanySubsidiary,JointventureorAssociateCompany
Directors&KeyManagerialPersonnelInaccordancewiththeprovisionsoftheCompaniesAct,2013andtheArticlesofAssociationoftheCompanyMr.ChetanKaria,DirectorisretiringbyrotationattheensuingAnnualGeneralMeetingoftheCompanyandiseligibleforre-appointment&hehasofferedhimselfforre-appointment.TherearenoanychangesinBoardofdirectors.
Appropriateresolutionsfortheappointment/re-appointmentofDirectorsarebeingplacedforyourapprovalattheensuingAnnualGeneralMeeting.
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DeclarationbyIndependentDirectorsTheCompanyhasreceiveddeclarationfromalltheIndependentDirectorsoftheCompanyconfirmingthattheymeetwiththecriteriaofindependenceasprescribedundersub-section(6)ofSection149oftheCompaniesAct,2013
FamiliarisationProgrammefortheIndependentDirectorsIncompliancewiththerequirementsoftheListingRegulations,theCompanyhasputinplaceaFamiliarizationProgram for the Independent directors to familiarize them with the Company, their roles, rights,responsibilitiesintheCompany,natureoftheindustryinwhichtheCompanyoperates,businessmodeletc.
MeetingofIndependentDirectorsTheIndependentDirectorsmetonceduringtheyearunderreview.TheMeetingwasconductedinaninformalmannerwithoutthepresenceoftheChairman,theNon-ExecutiveNon-IndependentDirectorsandtheChiefFinancialOfficer.
MaterialChangesNomaterialchangesandcommitmentsaffectingthefinancialpositionoftheCompanyoccurredbetweentheendofthefinancialyeartowhichthisfinancialstatementsrelateonthedateofthisreport
DETAILSOFBOARDMEETINGSDuringtheyearunderreview,FourBoardmeetingswereheld,detailsofwhicharesummarizedbelow:
PublicDepositsTheCompanyhasnottakenanydepositsfromthepublicforwhichinformationisrequiredtobegivenintheReport.
ConservationOfEnergyThecompanyisutilizingelectricityoptimally.
TechnologyAbsorptionThecompanyhasnotpurchasedorimportedanynewtechnology.Hence,notapplicable.
ForeignExchangeEarningsandOutgo:NIL
ParticularsofEmployeesTherearenoemployeestowhomremunerationinexcessofRs.1.2CroreperannumorRs.8.5lakhpermonthhasbeenpaid.
DetailsofUnclaimedSuspenseAccountCompany is not having unclaimed suspense account as required under schedule V of the SEBI (ListingObligations&DisclosureRequirements)Regulations,2015.
StatutoryAuditorsandtheirReportUndersection139oftheCompaniesAct,2013andtherulesmadethereunderitismandatorytorotatethestatutoryAuditorsoncompletionofthemaximumtermpermittedunderthesaidAct.TheAuditCommitteeoftheCompanyhasproposedandtheBoardofDirectorshasrecommendedtheappointmentofM/s.SCMehra&Associates,CharteredAccountants(FirmRegistrationNo.106156WasthestatutoryAuditorofthecompany.M/s.SCMehra&AssociateswillholdofficeforaperiodoffiveconsecutiveyearsfromtheconclusionofthisAnnualGeneralMeetingofthecompanytilltheconclusionoftheAnnualGeneralMeetingtobeheldintheyear
Sr.No. DateoftheMeeting No.ofDirectorsattendedthemeeting
1 29thMay2017 4
2 11thAugust2017 4
3 08thNovember2017 4
4 13thFebruary2018 4
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2022onaremunerationthatmaybedeterminedbytheAuditCommitteeinconsultationwiththeauditors.ExtractofAnnualReturnasperSection92(3)ofCompaniesAct2013ThedetailsformingpartoftheextractoftheAnnualReturninformMGT-9isannexedherewithasAnnexure-I.
SecretarialAuditReportPursuanttoSection204oftheAct,theSecretarialAuditReportfortheFinancialYearended31stMarch2018givenbyDGPrajapati&Associates,PracticingCompanySecretaryisannexedtothisReport.TheSecretarialAuditReportfortheyearunderreviewisself-explanatoryandannexedwiththisreportasAnnexure-II
ReportsonManagementDiscussionAnalysisAs required under the SEBI (Listing Obligations and Disclosures Requirements) Regulations, 2015,managementdiscussionandanalysisreportisannexedasAnnexure–IIItothisReport
ReportsonCorporateGovernanceAsrequiredundertheSEBI(ListingObligationsandDisclosuresRequirements)Regulations,2015,CorporategovernancereportisannexedasAnnexure–IVtothisReport
DIRECTORS'COMMENTSONAUDITORS'REPORTTheobservationsmadebytheAuditorsintheirReportreadwithrelevantnotesgivenintheNotestoAccountsareself-explanatoryandtherefore,donotrequireanycommentsfromyourDirectorspursuanttoSection134(3)(f)oftheCompaniesAct,2013.
RBIGUIDELINESYourCompany isComplyingwithall therequirementsofReserveBankof India forNonBankingFinanceCompany.Intermsofparagraph9BBoftheNBFCRegulations,theparticularsasapplicabletothecompanyareappendedtotheBalancesheet.
DIRECTORS'RESPONSIBILITYSTATEMENTPursuant to the requirement under section 134(5) of Companies Act, 2013, with respect of Director'sresponsibilitystatement,itisherebyconfirmedthat:I) inthepreparationoftheaccountforthefinancialyearended31stMarch,2018;theapplicableaccounting
standardshadbeenfollowedalongwithproperexplanationrelatingtomaterialdeparture.
ii) theDirectorshadselectedsuchaccountingpoliciesandappliedthemconsistentlyandmadejudgmentsandestimatesthatarereasonableandprudentsoastogiveatrue&fairviewofthestateofaffairsoftheCompanyattheendofthefinancialyearandoftheprofitandlossoftheCompanyfortheyearunderreview;
iii) theDirectorshadtakenproperandsufficientcareforthemaintenanceofadequateaccountingrecordsinaccordancewiththeprovisionsoftheCompaniesAct,2013forsafeguardingtheassetsoftheCompanyandforpreventinganddetectingfraudandotherirregularities.
iv) theDirectorshadpreparedtheaccountsforthefinancialyearended31stMarch,2018ona'goingconcern'basis.
v) theDirectorshavelaiddowninternalfinancialcontrolstobefollowedbythecompanyandthatsuchinternalfinancialcontrolsareadequateandwereoperatingeffectively
vi) theDirectorshaddevisedpropersystemstoensurecompliancewiththeprovisionsofallapplicablelawsandthatsuchsystemswereadequateandoperatingeffectively.
DISCLOSUREOFCOMPOSITIONOFAUDITCOMMITTEETheAuditCommitteeconsistsofMr.GirishDesai,Mr.ChetanKaria&Mrs.GayatriSonawane.Thecommitteeinter-aliareviewstheinternalcontrolsystem&complianceofvariousregulations.Thecommitteealsoreviews
13
atlengthfinancialstatementsbeforetheyareplacedbeforetheBoard.
RELATEDPARTYTRANSACTIONSTheCompanyisnothavinganyrelatedpartytransactionduringtheyearunderreview.
FIXEDDEPOSITSTheCompanyhasnotacceptedanyfixeddepositduringtheyearunderreview.
RISKMANAGEMENTPOLICYTheCompanyhasaRiskManagementPolicywithanobjectivetoformalizetheprocessofidentificationofpotentialriskandadoptappropriateriskmitigationmeasuresthroughariskmanagementstructure.TheRiskPolicyisasteptakenbytheCompanytowardsstrengtheningtheexistinginternalcontrolsandupdatingthesameasmayberequiredfromtimetotime.
CORPORATESOCIALRESPONSIBILITYINITIATIVESTheCSRPolicyisnotapplicabletoyourCompany.
PARTICULARSOFLOANS,GUARANTEESORINVESTMENTSPursuanttosection186(11)oftheCompaniesAct,2013('theAct'),theprovisionsofsection186(4)oftheActrequiringdisclosureinthefinancialstatementsofthefullparticularsoftheloansmadeandguaranteesgivenorsecurities provided by a Non-Banking Financial Company in the ordinary course of its business and thepurposeforwhichtheloanorguaranteeorsecurityisproposedtobeutilizedbytherecipientoftheloanorguaranteeorsecurityareexemptedfromdisclosureintheAnnualReport.
Further, pursuant to theprovisionsof section186 (4) of theAct, thedetails of investmentsmadeby theCompanyaregivenintheNotestotheFinancialStatements.
INTERNALCONTROLSYSTEMTheCompany'sInternalControlprocedurewhichincludesInternalFinancialControlsensuresthatcompliancewithvariouspolicies,practices&Statutes&keepinginviewtheCompany'spaceofgrowth.
EVALUATIONOFPERFORMANCEOFTHEBOARD,ITSCOMMITTEESANDINDIVIDUALDIRECTORSTheBoardofDirectorshavecarriedoutanannualevaluationofitsownperformance,itsvariouscommitteesandindividualdirectorspursuanttotheprovisionsoftheActandtheCorporateGovernancerequirementsasprescribedundertheListingRegulations.TheperformanceoftheBoardwasevaluatedbytheBoardafterseeking inputs fromall thedirectorson thebasisofvariouscriteria suchasBoardComposition,process,dynamics, quality of deliberations, strategic discussions, effective reviews, committee participation,governancereviewsetc.
WHISTLEBLOWERPOLICY/VIGILMECHANISMTocreateenduringvalueforallstakeholdersandensurethehighestlevelofhonesty, integrityandethicalbehavior inall itsoperations, the companyhas formulatedaVigilMechanismnamedasAbhinavWhistleBlowerPolicy'inadditiontotheexistingcodeofconductthatgovernstheactionsofitsemployees.TheVigilMechanismasenvisagedintheCompaniesAct,2013andtheRulesprescribedthereunderandtheListingRegulationsisimplementedthroughtheWhistleBlowerPolicy,toprovideforadequatesafeguardsagainst victimization of persons who use such mechanism and make provision for direct access to theChairmanoftheAuditCommittee.TheWhistleBlowerPolicyprovidesforprotecteddisclosureandprotectiontotheWhistleBlower.UndertheWhistleBlowerPolicy,theconfidentialityofthosereportingviolation(s)isprotectedandtheyarenotsubjecttoanydiscriminatorypractices
MaintenanceofCostrecordsThemaintenanceofCostrecordsasspecifiedbytheCentralGovernmentundersubsection(1)ofsection148oftheCompaniesAct,2013isnotrequiredbytheCompanyandaccordinglysuchaccountsandrecordsarenotmadeandmaintainedbytheCompany.
14
InternalComplaintsCommitteeTheCompanyhascompliedwithprovisionsrelatingtotheconstitutionofInternalComplaintsCommitteeundertheSexualHarassmentofwomenatworkplace(prevention,prohibitionandRedressalAct,2013.
DISCLOSUREUNDERSEXUALHARASSMENTOFWOMANATWORKPLACE(Prevention,Prohibition&Redressal)Act2013TheCompanyhaszerotolerancetowardsSexualHarassmentattheworksplace&hasadoptedapolicyonPrevention,Prohibition&Redressalonworksplaceinlinewiththeact.TheCompanyhasnotreceivedanycomplaintsofsexualharassmentduringFY2017-18.
CORPORATEGOVERNANCE&MANAGEMENTDISCUSSION&ANALYSISSTATEMENTTheCompanyhastakenadequatestepstoensurethattheconditionsofCorporateGovernanceasstipulatedinListingRegulationsoftheStockExchangearecompliedwith.AdetailedreportonCorporateGovernancehasbeenincludedinthisreportalongwithacertificatefromtheauditorsofthecompanyregardingcomplianceofconditionsofCorporateGovernance. Further,aseparateManagementDiscussionandAnalysisreportisalsogiveninthisreport.
ACKNOWLEDGMENTYourDirectorsthanktheclientsfortheconfidenceintheCompany,whichhasenabledtheCompanytoreachtoanewlevelofcustomersatisfaction.TheBoardplacesacknowledgmenttotheemployeesfortheirteamworkandprofessionalapproachfortheCompany'simage.YourDirectorswouldliketoexpresstheirgratitudeforthecontinuoussupportandguidancereceivedfromCompany'slenders,bankers,theGovernmentdepartments,andSEBIandStockExchangeofficials.
ForandonbehalfoftheBoardofDirectors, ForAbhinavCapitalServicesLimited
Sd/-Place:Mumbai ChetanKariaDate:August08,2018 Chairman
15
AnnexureI
FORMNO.MGT-9
EXTRACTOFANNUALRETURN
Asonfinancialyearendedon31.03.2018
PursuanttoSection92(3)oftheCompaniesAct,2013andrule12(1)oftheCompany
(Management&Administration)Rules,2014
I. REGISTRATION&OTHERDETAILS:
1.
2.
3. NameoftheCompany
4.
5.
6.
7.
Category/Sub-category
oftheCompany
Addressofthe
Registeredoffice&
contactdetails
Whetherlistedcompany
Name,Address&contact
detailsoftheRegistrar&
TransferAgent,ifany.
08/12/1994
CompanyLimitedbyShares
Athenahouse,RowHouseNo-4,Rajnigandha,Gokuldham,Goregaon(East),Mumbai-63Tel.No.:022-28425907Listed
AdroitCorporateServicesP.Ltd.st
19,JaferbhoyInd.Estate,1 Floor,MakwanaRoad,MarolNaka,Mumbai-59Tel.No.:28596060
1.
NameandDescriptionofmain
products/services
InterestIncome 8040
S.No. %tototalturnoverofthe
company
100
1.
Name&AddressoftheCompanySlNo
CIN
RegistrationDate
L65990MH1994PLC083603
ABHINAVCAPITALSERVICESLIMITED
II. PRINCIPALBUSINESSACTIVITIESOFTHECOMPANY(Allthebusinessactivitiescontributing10%ormoreofthetotalturnoverofthecompanyshallbestated)
NICCodeofthe
Product/service
III. PARTICULARSOFHOLDING,SUBSIDIARY&ASSOCIATECOMPANIES
CIN/GLNHolding/
Subsidiary/
Associate
%
of
sharesheld
Applicable
Section
NA
16
Categoryof
Shareholders
No.ofSharesheldatthebeginningof
theyear[Ason31-March-2017]
No.ofSharesheldattheendofthe
year[Ason31-March-2018]%
Change
during
theyear
Demat Physical Total %of
Total
Shares
Demat Physical Total %of
Total
Shares
4949708 0 4949708 71.48 4949708 0 4949708 71.48 0.00
0 0 0 0.00 0 0 0 0.00 0.00
0 0 0 0.00 0 0 0 0.00 0.00
0 0 0 0.00 0 0 0 0.00 0.00
0 0 0 0.00 0 0 0 0.00 0.00
4949708 0 4949708 71.48 4949708 0 4949708 71.48 0.00
0 0 0 0.00 0 0 0 0.00 0.00
0 0 0 0.00 0 0 0 0.00 0.00
0 0 0 0.00 0 0 0 0.00 0.00
0 0 0 0.00 0 0 0 0.00 0.00
0 0 0 0.00 0 0 0 0.00 0.00
0 0 0 0.00 0 0 0 0.00 0.00
0 0 0 0.00 0 0 0 0.00 0.00
0 0 0 0.00 0 0 0 0.00 0.00
0 0 0 0.00 0 0 0 0.00 0.00
0 0 0 0.00 0 0 0 0.00 0.00
0 0 0 0.00 0 0 0 0.00 0.00
0 0 0 0.00 0 0 0 0.00 0.00
VI. SHAREHOLDINGPATTERN(EquityShareCapitalBreakupaspercentageofTotalEquity) Category-wiseShareHolding
A.Promoters
(1)Indian
a)Individual/HUF
b)CentralGovt
c)StateGovt(s)
d)BodiesCorp.
e)Banks/FI
f)Anyother
Total
shareholding
ofPromoter(A)
B.Public
Shareholding
1.Institutions
a)MutualFunds
b)Banks/FI
c)CentralGovt
d)StateGovt(s)
e)Venture
CapitalFunds
f)Insurance
Companies
g)FIIs
h)Foreign
Venture
CapitalFunds
i)Others
(specify)
Sub-total(B)(1)
17
2. Non-Institutions
a)BodiesCorp.
IIndian
ii)Overseas
b)Individuals
i)Individual
shareholders
holdingnominal
sharecapital
uptoRs.1lakh
ii)Individual
shareholders
holdingnominal
sharecapitalin
excessof
Rs1lakh
c)Others(specify)
NonResidentIndians
ClearingMember
Sub-total(B)(2)
TotalPublic
Shareholding
(B)=(B)(1)+(B)(2)
C.Sharesheld
byCustodian
forGDRs&ADRs
GrandTotal
(A+B+C)
788074 0 788074 11.38 799861 0 799861 11.55 0.17
0 0 0 0.00 0 0 0 0.00 0.00
12221 29815 42036 0.61 28636 29815 58451 0.84 0.23
1031282 0 1031282 14.8 1003080 0 1003080 14.49 -0.31
0 0 0 0.00 0 0 0 0.00 0.00
113500 0 113500 1.64 113500 0 113500 1.64 0.00
0 0 0 0.00 0 0 0 0.00 0.00
0 0 0 0.00 0 0 0 0.00 0.00
500 0 500 0.01 0 0 0 0.00 0.01
0 0 0 0.00 0 0 0 0.00 0.00
0 0 0 0.00 0 0 0 0.00 0.00
1945077 29815 1974892 28.52 1945077 29815 197489 28.52 0.00
0 0 0 0.00 0 0 0 0.00 0.00
0 0 0 0.00 0 0 0 0.00 0.00
6894785 29815 6924600 100 6894785 29815 6924600 100 0.00
OverseasCorporateBodies
ForeignNationals
Trusts
ForeignBodies-DR
18
B) ShareholdingofPromoter
1
2
3
4
5
Shareholdingatthebeginningoftheyear
ShareholdingattheendoftheyearShareholder'sName %changein
shareholdingduringthe
year
No.ofShares
%oftotalSharesofthe
company
%ofSharesPledged/
encumberedtototalshares
No.ofShares
%oftotalSharesofthe
company
%ofSharesPledged/
encumberedtototalshares
C) ChangeinPromoters'Shareholding(pleasespecify,ifthereisnochange)
Shareholdingatthebeginningoftheyear
CumulativeShareholdingduringtheyear
Particulars
No.ofShares
%oftotalSharesofthecompany
No.ofShares
%oftotalSharesofthecompany
Atthebeginningoftheyear
DatewiseIncrease/Decreasein
PromotersShareholdingduringtheyear
specifyingthereasonsforincrease/
decrease(e.g.allotment/transfer/
bonus/sweatequityetc.):
Attheendoftheyear
SN
VinodHardattraiBiyaniHUF
HardattraiBalabuxBiyani
KailashHardattraiBiyaniHUF
BharatHardattraiBiyaniHUF
VinodHardattaraiBiyani
1328550
1320500
1251350
1047108
2200
19.19%
19.07%
18.07%
15.12%
0.03%
1328550
1320500
1251350
1047108
2200
19.19%
19.07%
18.07%
15.12%
0.03%
NIL
NIL
NIL
NIL
NIL
SN
NIL
NIL
NIL
NIL
NIL
NIL
NIL
NIL
NIL
NIL
NIL
NIL
19
Shareholdingatthebeginningoftheyear
CumulativeShareholdingduringtheyear
ForEachoftheTop10Shareholders
No.ofShares
%oftotalSharesofthecompany
No.ofShares
%oftotalSharesofthecompany
AsperAnnexureAttached
Atthebeginningoftheyear
DatewiseIncrease/Decreasein
PromotersShareholdingduringtheyear
specifyingthereasonsforincrease
/decrease(e.g.allotment/transfer/
bonus/sweatequityetc):
Attheendoftheyear
E) ShareholdingofDirectorsandKeyManagerialPersonnel:
SecuredLoansexcludingdeposits
Indebtednessatthebeginningof
thefinancialyear
I)PrincipalAmount
ii)Interestduebutnotpaid
iii)Interestaccruedbutnotdue
Total(i+ii+iii)
ChangeinIndebtednessduringthefinancialyear
*Addition
*Reduction
NetChange
Indebtednessattheendofthefinancialyear
IPrincipalAmount
ii)Interestduebutnotpaid
iii)Interestaccruedbutnotdue
Total(i+ii+iii)
UnsecuredLoans
DepositsTotal
Indebtedness
Shareholdingatthebeginningoftheyear
CumulativeShareholdingduringtheyear
ShareholdingofeachDirectorsandeachKeyManagerialPersonnel
No.ofShares
%oftotalSharesofthecompany
No.ofShares
%oftotalSharesofthecompany
AtthebeginningoftheyearDatewiseIncrease/DecreaseinPromotersShareholdingduringtheyearspecifyingthereasonsforincrease/decrease(e.g.allotment/transfer/bonus/sweatequityetc.):Attheendoftheyear
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
D) ShareholdingPatternoftoptenShareholders:NIL
OtherthanDirectors,PromotersandHoldersofGDRsandADRs):
SN
NIL NIL NIL NIL
NIL NIL NIL NIL
NIL NIL NIL NIL
V) INDEBTEDNESS - Indebtednessof theCompany including interestoutstanding/accruedbutnotdue forpayment.
20
----- ---- ---- ---1 IndependentDirectors Feeforattendingboardcommitteemeetings Commission Others,pleasespecify Total(1)2 OtherNon-ExecutiveDirectors Feeforattendingboardcommitteemeetings Commission Others,pleasespecify Total(2) Total(B)=(1+2) TotalManagerial Remuneration OverallCeilingaspertheAct
ParticularsofRemuneration
----- ---- ---- ---1 Grosssalary (a)Salaryasperprovisionscontainedin section17(1)oftheIncome-taxAct,1961 (b)Valueofperquisitesu/s17(2) Income-taxAct,1961 (c)Profitsinlieuofsalaryundersection17(3) Income-taxAct,19612 StockOption3 SweatEquity4 Commission -as%ofprofit -others,specify…5 Others,pleasespecify Total(A) CeilingaspertheAct
ParticularsofRemuneration
VI. REMUNERATIONOFDIRECTORSANDKEYMANAGERIALPERSONNEL-
A. RemunerationtoManagingDirector,Whole-timeDirectorsand/orManager:NIL
NameofMD/WTD/Manager TotalAmountSN.
B. Remunerationtootherdirectors:-NA
SN. NameofDirectors TotalAmount
21
KeyManagerialPersonnelParticularsofRemuneration
Type SectionoftheCompaniesAct
BriefDescription
DetailsofPenalty/Punishment/Compoundingfeesimposed
Appealmade,ifany
(giveDetails)
C. REMUNERATIONTOKEYMANAGERIALPERSONNELOTHERTHAN
MD/MANAGER/WTD:NA
SN.
CEO CS CFO Total
Grosssalary
(a)Salaryasperprovisionscontainedinsection17(1)oftheIncome-taxAct,1961
(b)Valueofperquisitesu/s17(2)Income-taxAct,1961
(c)Profitsinlieuofsalaryundersection17(3)Income-taxAct,1961
StockOption
SweatEquity
Commission
-as%ofprofit
others,specify…
Others,pleasespecify
Total
1
2
34
5
VII. PENALTIES/PUNISHMENT/COMPOUNDINGOFOFFENCES:NA
Authority[RD/NCLT/COURT]
A.COMPANY
Penalty
Punishment
Compounding
B.DIRECTORS
Penalty
Punishment
Compounding
C.OTHEROFFICERSINDEFAULT
Penalty
Punishment
Compounding
22
Atthebeginningoftheyear
DatewiseIncrease/Decreasein
Shareholdingduringtheyear
AttheEndoftheyear
Atthebeginningoftheyear
DatewiseIncrease/Decreasein
Shareholdingduringtheyear
AttheEndoftheyear
Atthebeginningoftheyear
DatewiseIncrease/Decreasein
Shareholdingduringtheyear
AttheEndoftheyear
ANANDRATHISHARE
ANDSTOCKBROKERS
LTD
SANCHAYFIN
COMLTD
SUBHASHCHANDRA
GUPTAHUF
ShareholdingPattern
oftoptenShareholders(otherthanDirectors,
Pro
motersandHoldersofGDRsandADRs):
No.ofS
haresheldatthebeg
inningoftheye
arCu
mulative
Shareh
oldingduringtheye
arForEach
ofthe
Top10Shareholders
NameofShareholder's
AsOnDate
No.o
fShares
%oftotalsh
ares
ofthecompany
No.o
fShares
%oftotalsh
ares
ofthecompany
Atthebeginningoftheyear
DatewiseIncrease/Decreasein
Shareholdingduringtheyear
AttheEndoftheyear
AQUAPROOFW
ALL
PLASTPRIVATE
LIM
ITED
01/0
4/2
017
0
0.00
0
0.00
09/0
3/2
018
309380
4.47
309380
4.47
31/0
3/2
018
0
0.00
309380
4.47
01/0
4/2
017
254937
3.68
254937
3.68
NIL
NIL
31/0
3/2
018
0
0.00
254937
3.68
01/0
4/2
017
205500
2.97
205500
2.97
NIL
NIL
31/0
3/2
018
0
0.00
205500
2.97
Atthebeginningoftheyear
DatewiseIncrease/Decreasein
Shareholdingduringtheyear
AttheEndoftheyear
PRAKHARADVISORS
ANDTRADERSPVTLTD
01/0
4/2
017
309380
4.47
309380
4.47
09/0
3/2
018
-309380
4.47
0
0.00
31/0
3/2
018
0
0.00
0
0.00
01/0
4/2
017
213482
3.08
213482
3.08
NIL
NIL
31/0
3/2
018
0
0.00
213482
3.08
Atthebeginningoftheyear
DatewiseIncrease/Decreasein
Shareholdingduringtheyear
AttheEndoftheyear
RAJENDRAPRASA
D
GUPTAHUF
01/0
4/2
017
200000
2.89
200000
2.89
NIL
NIL
31/0
3/2
018
0
0.00
200000
2.89
2 3 4 5
SlNo.
1 6
Atthebeginningoftheyear
DatewiseIncrease/Decreasein
Shareholdingduringtheyear
AttheEndoftheyear
SANJAYDUNGARMAL
BOTHRA
01/0
4/2
017
120455
1.74
120455
1.74
NIL
NIL
31/0
3/2
018
0
0.00
120455
1.74
7
23
Atthebeginningoftheyear
DatewiseIncrease/Decreasein
Shareholdingduringtheyear
AttheEndoftheyear
Atthebeginningoftheyear
DatewiseIncrease/Decreasein
Shareholdingduringtheyear
AttheEndoftheyear
RAMBALL
ABHGUPTA
ANDSONSHUF
RACHANASURESH
CHOKHANIShareholdingPattern
oftoptenShareholders
(otherthanDirectors,P
romotersandHoldersofGDRsandADRs):
No.ofS
haresheldatthebeg
inningoftheye
arCumulative
Shareh
oldingduringtheye
arForEach
ofthe
Top10Shareholders
NameofShareholder's
AsOnDate
No.o
fShares
%oftotalsh
ares
ofthecompany
No.o
fSh
ares
%oftotalsh
ares
ofthecompany
01/0
4/2
017
102627
1.48
102627
1.48
NIL
NIL
31/0
3/2
018
0
0.00
102627
1.48
01/0
4/2
017
61642
0.89
61642
0.89
23/0
6/2
017
-2
0.00
61640
0.89
14/0
7/2
017
-80
0.00
61560
0.89
21/0
7/2
017
-250
0.00
61310
0.89
29/0
9/2
017
-25
0.00
61285
0.89
06/1
0/2
017
-6500
0.09
54785
0.79
13/1
0/2
017
-11490
0.17
43295
0.63
10/1
1/2
017
-4000
0.06
39295
0.57
17/1
1/2
017
-126
0.00
39169
0.57
24/1
1/2
017
-200
0.00
38969
0.56
08/1
2/2
017
-7030
0.10
31939
0.46
15/1
2/2
017
-12300
0.18
19639
0.28
22/1
2/2
017
-3870
0.06
15769
0.23
05/0
1/2
018
-5990
0.09
9779
0.14
12/0
1/2
018
-2300
0.03
7479
0.11
02/0
3/2
018
-7479
0.11
0
0.00
31/0
3/2
018
0
0.00
0
0.00
Atthebeginningoftheyear
DatewiseIncrease/Decreasein
Shareholdingduringtheyear
AttheEndoftheyear
RAJESHBOTHRA
01/0
4/2
017
113500
1.64
113500
1.64
NIL
NIL
31/0
3/2
018
0
0.00
113500
1.64
9 10
SlNo.
8
Atthebeginningoftheyear
DatewiseIncrease/Decreasein
Shareholdingduringtheyear
AttheEndoftheyear
SARLA
K.M
OHATTA
01/0
4/2
017
60000
0.87
60000
0.87
NIL
NIL
31/0
3/2
018
0
0.00
60000
0.87
11
Atthebeginningoftheyear
DatewiseIncrease/Decreasein
Shareholdingduringtheyear
AttheEndoftheyear
ANIRUDHKISHORE
MOHATTA
01/0
4/2
017
60000
0.87
60000
0.87
NIL
NIL
31/0
3/2
018
0
0.00
60000
0.87
12
24
ThisreportistobereadwithourletterofevendatewhichisannexedasAnnexure-Aand
formsanintegralpartofthisreport.
[Pursuanttosection204(1)oftheCompaniesAct,2013andRuleNo.9oftheCompanies(AppointmentandRemunerationPersonnel)Rules,2014]
FORMNO.MR-3SECRETARIALAUDITREPORTFinancialyearended31stMarch,2018
To,TheMembers,AbhinavCapitalServicesLimitedAthenaHouse,RowHouseNo.4,Rajnigandha,Gokuldham,Goregaon(East),Mumbai400063.
We have conducted the secretarial audit of the compliance of applicable statutory provisions and theadherencetogoodcorporatepracticesbyAbhinavCapitalServicesLimited(hereinaftercalledthecompany).SecretarialAuditwasconductedinamannerthatprovidedusareasonablebasisforevaluatingthecorporateconducts/statutorycompliancesandexpressingouropinionthereon.
BasedonmyverificationofAbhinavCapitalServicesLimited'sbooks,papers,minutebooks,formsandreturnsfiledandotherrecordsmaintainedbythecompanyandalsotheinformationprovidedbytheCompany,itsofficers,agentsandauthorizedrepresentativesduringtheconductofsecretarialaudit,Weherebyreportthatinouropinion,thecompanyhas,duringtheauditperiodcoveringthefinancialyearendedon31stMarch,2018compliedwith the statutory provisions listed here under and also that the Company has proper Board-processesandcompliance-mechanisminplacetotheextent,inthemannerandsubjecttothereportingmadehereinafter:
Wehaveexaminedthebooks,papers,minutebooks,formsandreturnsfiledandotherrecordsmaintainedbytheCompanyforthefinancialyearendedon31stMarch,2018accordingtotheprovisionsof:
1) TheCompaniesAct,2013(theAct)andtherulesmadethereunder;
2) TheSecuritiesContracts(Regulation)Act,1956('SCRA')andtherulesmadethereunder;
3) TheDepositoriesAct,1996andtheRegulationsandBye-lawsframedthereunder;
4) ForeignExchangeManagementAct,1999andtherulesandregulationsmadethereundertotheextentofForeignDirectInvestment,OverseasDirectInvestmentandExternalCommercialBorrowings;
5) ThefollowingRegulationsandGuidelinesprescribedundertheSecuritiesandExchangeBoardofIndiaAct,1992('SEBIAct'):-
(a) The Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers)Regulations,2011;
(b) TheSecuritiesandExchangeBoardofIndia(ProhibitionofInsiderTrading)Regulations,1992;
(c) The Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements)Regulations,2009;
(d) TheSecuritiesandExchangeBoardof India (EmployeeStockOptionSchemeandEmployeeStockPurchaseScheme)Guidelines,1999;
(e) TheSecuritiesandExchangeBoardofIndia(IssueandListingofDebtSecurities)Regulations,2008;
(f) The Securities and Exchange Board of India (Registrars to an Issue and Share Transfer Agents)
25
Regulations,1993regardingtheCompaniesActanddealingwithclient;
(g) TheSecuritiesandExchangeBoardofIndia(DelistingofEquityShares)Regulations,2009;
(h) TheSecuritiesandExchangeBoardofIndia(BuybackofSecurities)Regulations,1998;
(I) The Securities and Exchange Board of India (Listing obligations and Disclosure Requirements),Regulations2015
6)Thefollowinglaws,regulations,directions,orders,applicablespecificallytotheCompany:
i. TheReserveBankofIndiaAct,1934
ii. MasterDirection-Non-BankingFinancialCompanyReturns(ReserveBank)Directions,2016.
iii. Master Circular- Non-Banking Financial Companies – Corporate Governance (Reserve Bank)Directions,2015.
Wehavealsoexaminedcompliancewiththeapplicableclausesofthefollowing:
1. SecretarialStandardsissuedbytheInstituteofCompanySecretariesofIndia.
2. The Listing Agreements for equity entered into with Bombay Stock Exchange Limited and withAhmedabadStockExchange.
DuringtheperiodunderreviewtheCompanyhasgenerallycompliedwiththeprovisionsoftheAct,Rules,Regulations,Guidelines,Standards,etc.mentionedabovesubjecttothefollowingobservations:
I. TheCompanyhasnotappointedwholetimeCompanysecretaryasrequiredunderCompaniesAct,2013.Pleasespecifyreason
Ifurtherreportthat
TheBoardofDirectorsoftheCompanyisdulyconstitutedwithproperbalanceofExecutiveDirectors,Non-ExecutiveDirectorsandIndependentDirectors.ThechangesinthecompositionoftheBoardofDirectorsthattookplaceduringtheperiodunderreviewwerecarriedoutincompliancewiththeprovisionsoftheAct.
AdequatenoticeisgiventoalldirectorstoscheduletheBoardMeetings,agendaanddetailednotesonagendaweresentatleastsevendaysinadvance,andasystemexists
forseekingandobtainingfurtherinformationandclarificationsontheagendaitemsbeforethemeetingandformeaningfulparticipationatthemeeting.
Majoritydecisioniscarriedthroughwhilethedissentingmembers'viewsarecapturedandrecordedaspartoftheminutes.Wedidnotfindanydissentingdirector'sviewsintheminutes.
Wefurtherreportthatthereareadequatesystemsandprocessesinthecompanycommensuratewiththesizeandoperationsofthecompanytomonitorandensurecompliancewithapplicablelaws,rules,regulationsandguidelines.
Wefurtherreportthatduringtheauditperiodthecompanyhasnospecificevents/actionshavingamajorbearing on the company's affairs in pursuance of the above referred laws, rules, regulations, guidelines,standards,etc.referredtoabove.
Date:August08,2018Place:Mumbai
ForD.G.Prajapati&Associates
DharmendraG.PrajapatiProprietor
CPNo.:4209FCSNo.6567
26
To,TheMembers,AbhinavCapitalServicesLimitedAthenaHouse,RowHouseNo.4,Rajnigandha,Gokuldham,Goregaon(East),Mumbai400063.
Ourreportofevendateistobereadalongwiththisletter.
1. Maintenance of Secretarial record is the responsibility of the management of the Company. Ourresponsibilityistoexpressanopiniononthesesecretarialrecordsbasedonouraudit.
2. WehavefollowedtheauditpracticesandprocessaswereappropriatetoobtainreasonableassuranceaboutthecorrectnessofthecontentsoftheSecretarialrecords.Theverificationwasdoneontestbasisto ensure that correct facts are reflected in Secretarial records.We believe that the process andpractices,wefollowedprovideareasonablebasisforouropinion.
3. WehavenotverifiedthecorrectnessandappropriatenessoffinancialrecordsandBooksofAccountsoftheCompany.
4. Whereverrequired,wehaveobtainedtheManagementrepresentationabouttheComplianceoflaws,rulesandregulationsandhappeningofevents,etc.
5. TheComplianceoftheprovisionsofCorporateandotherapplicablelaws,rules,regulations,standardsistheresponsibilityofmanagement.Ourexaminationwaslimitedtotheverificationofprocedureontestbasis.
6. TheSecretarialAuditreportisneitheranassuranceastothefutureviabilityoftheCompanynoroftheefficacyoreffectivenesswithwhichthemanagementhasconductedtheaffairsoftheCompany.
AnnexureA
Date:August08,2018Place:Mumbai
ForD.G.Prajapati&Associates
DharmendraG.PrajapatiProprietor
CPNo.:4209FCSNo.6567
27
MANAGEMENTDISCUSSIONANDANALYSISREPORT
NonBanking FinanceCompanies (“NBFC”) are an integral part of the Indian financial system, enhancingcompetitionanddiversificationinthefinancialsectorandcomplementingthebankingsystem.NBFCsplayavitalroleinfurtheringtheobjectiveoffinancialinclusionbyservingthecreditdemandofthesmallandmediumscaleandretailsectors.
Finance is themostcritical lubricant foracceleratingeconomicgrowth. .Non-BankingFinanceCompanies(NBFCs) continue to play a critical role inmaking financial services accessible to a wider set of India'spopulationandareemergingasstrongintermediariesintheretailfinancespace.
GlobalTheglobaleconomyexpandedby3.6%in2017.Economicactivitygainedmomentumfromthesecondhalfof2016, especially in advanced economies. The US economy grew at 2.3%, accelerating from 1.5% in thepreceding year. Industrial production also registered a robust growth driven largely by mining activity..Economicactivityintheeuroareacontinuedtoexpandatasolidpacemarking2017asoneofthebestyearsfortheareainoveradecade.EconomicactivityalsocontinuedtoexpandinmajorEmergingMarketEconomies(EMEs).China'seconomygrewby6.9%in2017,aboveboththeofficialtargetof6.5%and6.7%recordedin2016.InBrazil,economicactivityisgainingmomentum,drivenbyhighercommoditypricesandimprovedfiscaloutlook.TheRussianeconomyhascontinuedtorecover,
OutlookWithfinancialconditionsstillsupportive,globalgrowthisexpectedtoriseto3.9%in2018and2019.AdvancedEconomies(AEs)willgrowfasterthisyearandnext;euroareaeconomiesaresettonarrowexcesscapacitywithsupportfromaccommodativemonetarypolicyandexpansionaryfiscalpolicywilldrivetheUSeconomyabovefullemployment
IndiaEconomicScenario TheIndianeconomypostedagrowthof6.6%inFY2017-18comparedto7.1%inFY2016-17.Government
hasimplementedvariouspoliciesduringandbeforeFY2017-18–suchastheInsolvencyandBankruptcyCode,reformsintherealestatesectorintheformofRERA,allowingofFDIinvariousindustries,etc.-areexpectedtopropelgrowthupwards,goingforward.AccordingtoCentralStatisticsOffice(CSO),theIndianeconomypostedagrowthrateof7.7%duringQ4–January–March2018,enablingthecountrytoretainitsposition as the fastest growing major economy. This was on account of robust performance bymanufacturingandservicesectorsaswellasgoodfarmoutput.WhiletheIMFprojectsthatIndia'sGDPwillincreaseat7.4%inFY2019and7.8%inFY2020,theWorldBankexpectsgrowthtoreach7.3%inFY2019andrisefurtherto7.5%inFY2020.
Therevisedfiscaldeficitwasputat3.5%ofGDPin2016-17,higherthan3.2%budgetedlastyear.Thefiscaldeficithasbeenprojectedat3.3%ofGDPfortheyear2018-19,higherthanthefiscalconsolidationtargetof3%.
Outlook GDP growth is expected to surpass the 7.4% mark in 2019, after the teething troubles relating to
implementation of the GST. Large resource mobilisation from the primary market could strengtheninvestmentactivityfurtherintheperiodahead.TheprocessofrecapitalisationofpublicsectorbanksandresolutionofdistressedassetsundertheInsolvencyandBankruptcyCode(IBC)mayimprovethebusinessandinvestmentenvironment.
IndianFinancialServicesIndustryIndia'sfinancialservicessectorplaysacriticalroleindrivingthecountry'seconomicgrowthbyprovidingawide spectrumof financial andallied services toa large consumercross-section. In India, themarket forfinancialservicessectorisstilllargelyuntapped.Digitaltechnology,whichhastransformedthewaybusinessisconductedacrosstheworld,isprojectedtobeoneofthemajordriversforthegrowthofthissectorinIndiaas
AnnexureIII
28
well.AnextensiverangeoffinancialproductsareincreasinglybeingsoldanddeliveredusingtheelectronicplatformtomillionsofcustomersinIndia
NBFCSectorNon-BankingFinancialCompanies (NBFC)arean integralpartof the IndianFinancial system,augmentingcompetitionanddiversificationinthefinancialsectorandcomplementingthebankingsystem.TheIndianNBFCsectorhasbeenprovidingcredittocustomersintheunderservedandunbankedareas.TheirchannelingthesavingsandinvestmentsofcustomersandthesubsequentcapitalformationisnecessaryforIndia'seconomicgrowthanddevelopment.Theirabilitytoinnovateproductsinconformitywiththeneedsoftheirclientsiswellestablished.
PerformanceAccordingtoCRISIL,NBFCsinIndiaareexpectedtosee18%CompoundedAnnualGrowthRate(CAGR)forthenexttwo-and-a-halfyearsandraisetheirshareintotalcreditto19%by2020.Asperlateststudy,sharesofNBFCinFinancialMarketwillbe19%by2020
OutlookNBFCscontinuetobeanintegralpartofthecountry'sfinancialserviceecosystem.TheexpectedreformsanddrivetowardsvariouscoresectorswillprovidemoreopportunitiestotheNBFCstocreatesignificantfinancialinclusionandemploymentopportunities
Goingforward,improvedconsumersentimentaftertheSeventhPayCommissionbytheCentreaswellassalaryrevisionsbyStatesareexpectedtoboostdemand.
CompanyisregisteredwiththeReserveBankofIndiaasanNBFC.Withaplethoraofretailfinanceoptionsinitsarsenal,Abhinavisfocusedonfulfillingtherequirementsofvariousincomegroupsofthesociety.TheCompanyoffersarangeoffinancialservices..Themarketforthisactivityoffershighpotentialforgrowth.
CompanyisoperatingbusinessfromMumbai.
ParticularsCurrentYear2017-18(Rs.)
PreviousYear2016-2017(Rs.)
RevenuefromOperations
OtherIncome
Incomefromoperations
Less:InterestExpenses
Less:Depreciation&AmortisationExpenses
Less:OtherExpenses
Less:EmployeeBenefitsExpenses
Profit/(Loss)BeforeTax&ExceptionalItems
Less:CurrentyearTaxation
Less:ShortProvisionsforPriorYears
Less:DeferredTax
Less:TaxExpensesofDiscontinuingOperations
ProfitAfterTax
Less:Appropriation
TransfertoGeneralReserve
ProposedDividend
TaxonDividend
SurpluscarriedtoBalanceSheet
TOTAL
3,00,68,506
2,11,15,437
5,11,83,943
49,11,424
1,57,418
20,85,994
7,15,568
4,33,13,539
90,00,000
(2,07,720)
27,400
-
3,44,93,859
-
-
-
3,44,93,859
3,44,93,859
2,37,11,085
2,03,36,901
4,40,47,986
13,50,295
2,28,905
12,48,701
7,51,600
4,04,68,485
84,00,000
-
16,859
-
3,20,51,626
-
-
-
3,20,51,626
3,20,51,626
29
Inspiteofnon–Conductiveeconomiccondition,yourCompanyhasmanagedexcellentgrowthduringtheyearunderreview.TheDirectorsarehopefulthattheCompanywilldobetterduringthecurrentyear.
OpportunitiesandThreatsTheperformanceofcapitalmarketinIndiahasadirectcorrelationwiththeprospectofeconomicgrowthandpoliticalstability.Thereislotofopportunitiesforinvestmentincapitalmarket.YourCompanyishavingseparateresearchdepartment,whichanalyzethemarketandadvicethemanagementinbuildinggoodportfolio. OurbusinessperformancemayalsobeimpactedbyincreasedcompetitionfromlocalandglobalplayersoperatinginIndia,regulatorychangesandattritionofemployees.Withgrowingpresenceofplayersofferingadvisoryservicecoupledwithprovisionoffundsfortheclients'needs,wewouldfacecompetitionofunequalproportion.Wecontinuously tackle this situation by providing increasingly superior customized services.Themore-than-comfortablecapitalizationlevelsoftheCompanypresentmultipleopportunitiesintermsofaddingproductlines and/or growing inorganically, should a worthwhile opportunity present itself. Company focused ontraditionaldatasources&investedintechnologyandanalyticstodevelopadvancedcreditscoringmodelsthatincorporatenon-traditionaldatasources.ThegreaterresourcesattheCompany'scommandarealsoexpectedtoenableittoimproveitsreachinitsexistingmarkets.Webelievethatstrongurbandemandandanincreaseincreditpenetrationwillcontinuetodrivethegrowthintheconsumerfinancesegment.However,theremaybeaperiodofmutedgrowthfromtheruralsector.
Infinancialservicesbusiness,effectiveriskmanagementhasbecomeverycrucial.AsanNBFC,YourCompanyisexposedtocreditrisk,liquidityriskandinterestraterisks.Yourcompanyhasinplacesuitablemechanismstoeffectively reduce such risks. All these risks are continuously analyzed and reviewed at various levels ofmanagementthroughaneffectiveinformationsystem.
TheCompanyishavingexcellentResearchDepartment.TheCompanyishavingteamofExpertadvisor,whoishelpingtheCompanyinmakinggoodInvestment.TheCompanyisexposedtoallrisks&threatwhichFinancialMarket&Non-BankingFinanceCompanyfaces.Thecompanyisalsofacingriskofheavyupsanddowninstockmarketwhichcanbeminimizeduetoriskmanagementsystemofourcompany.Theeverevolvingregulatoryaspects,sluggishinvestmentclimatesandtechnologydrivencompetitionwouldbetheenvironmentinwhichthecompany'sgrowthstrategieswillbetested.
HumanResourcesCompany conducts various programmes aimed towards strengthening skills, enhancing productivity andbuildingsenseofownershipamongitsemployees.TheCompanyundertakeregulartrainingprogrammefordevelopment of Employees skills. To promote & develop upcoming managerial talent, advance trainingprogrammeswere extended to select skilled talentswho have displayed high potential to take additionalresponsibilitiesinthechallengingbusinessenvironment.
RiskManagementYourCompany,beinginthebusinessoffinance,hastomanagevariousrisks.Theserisksincludecreditrisk,liquidityrisk,interestrateriskandoperationalrisk.ThestockmarketthebarometerofEconomyisnotdonewell.Further itseemsthatretail investorsarenot investing incapitalmarket. Intoday'scomplexbusinessenvironment,almosteverybusinessdecisionrequiresexecutivesandmanagerstobalanceriskandreward.Effectiveriskmanagementisthereforecriticaltoanorganization'ssuccess.Today'soperatingenvironmentdemandsarigorousandintegratedapproachtoriskmanagement.TimelyandeffectiveriskmanagementisofprimeimportancetoourcontinuedsuccessIncreasedcompetitionandmarketvolatilityhasenhancedtheimportanceofriskmanagementinShareTradingbusiness.Thesustainabilityofthebusinessisderivedfromthefollowing:
*Identificationofthediverserisksfacedbythecompany.
30
*Theevolutionofappropriatesystemsandprocessestomeasureandmonitorthem.
*Riskmanagementthroughappropriatemitigationstrategieswithinthepolicyframework.
*Monitoringtheprogressoftheimplementationofsuchstrategiesandsubjectingthemtoperiodicalauditandreview.
*Reportingtheseriskmitigationresultstotheappropriatemanageriallevels.
Thereistheriskoflossfrominadequateorfailedsystems,processesorprocedures.Thesemaybeattributedtohumanfailureortechnicalproblemsgiventheincreaseduseoftechnologyandstaffturnover.
InternalControlSystemsandtheiradequencyCompany'sInternalAuditDepartmenthasbeenreviewingallcontrolmeasuresonperiodicalintervalsalsorecommendingimprovementswherevernecessary.ThusaneffortismadeforevaluatingtheeffectivenessofInternalControlSystem.
SuchinternalcontrolisbeingmanagedbyhighlyqualifiedandexperiencedpersonnelandreportsdirectlytotheAuditCommitteeoftheBoard.TheAuditCommitteeregularlyreviewstheaudit findingsaswellasthe,anInformationSecurityAssuranceServiceisalsoprovidedbyindependentexternalprofessionals.Basedontheirrecommendations, the Company has implemented a number of controlmeasures both in operational andaccountingrelatedareas,apartfromsecurityrelatedmeasures.
FulfilmentofRBINormsandStandardsTheCompanyhasfulfilledallRBINormsandcompliedwithit.
CautionaryStatementThisreportdescribingthecompany'sactivities,projectionsaboutfutureestimates,assumptionswithregardtoglobaleconomicconditions,governmentpolicies,etcmaycontain“forwardlookingstatements”basedontheinformationavailablewiththecompany.Forward-lookingstatementsarebasedoncertainassumptionsandexpectationsoffutureevents.Thesestatementsaresubjecttocertainrisksanduncertainties.Thecompanycannotguaranteethattheseassumptionsandexpectationsareaccurateorwillberealized.Theactualresultsmaybedifferentfromthoseexpressedorimpliedsincethecompany'soperationsareaffectedbythemanyexternalandinternalfactors,whicharebeyondthecontrolofthemanagement.Hencethecompanyassumesnoresponsibilityinrespectofforward-lookingstatementsthatmaybeamendedormodifiedinfutureonthebasisofsubsequentdevelopments,informationorevents.
CompanyfollowsallMandatoryAccountingStandards.
ForandonbehalfoftheBoardofDirectors,
ForAbhinavCapitalServicesLimited
Sd/-
Place:Mumbai ChetanKaria
Date:August08,2018 Chairman
31
NameofDirectorExecutive/Non
Executive/IndependentNo.OfOutsiderDirectorship
No.OfoutsideCommitteepositionheld
Public Private Member Chairman
Mr.GirishDesai Independent - - - -
Mr.ChetanKaria NonExecutive/Nonindependent- - - -
Mr.KamleshKotak NonExecutive/Nonindependent- 1 - -
Mrs.GayatriSonavane Independent - - - -
REPORTONCORPORATEGOVERNANCE
CORPORATEGOVERNANCEPHILOSOPHY
TheCompanyconsidersCorporateGovernanceasanimportantprocessforconducting&managingitsbusinessactivities in a transparent&visiblemanner in the interest of all its stakeholders, besideskeeping importantsegmentofthesocietyadequatelyinformed.AbhinavCapitalServicesLimitedadoptedgoodcorporatepracticesallthroughitsexistence&orienteditsactionsinconsonancewiththem.IthasbeentheendeavorofAbhinavCapitalServices Limited to give fair& equitable treatment to all its stakeholders including employees, customers,&shareholdersasalsotocomplywithapplicablerules®ulations.
BoardofDirectors
TheBoardofDirectorsoftheCompany(“Board”)consistsofoptimumcombinationofExecutive,NonExecutive,onewomendirector&IndependentDirectorstoensureindependentfunctioningoftheBoard.HalfoftheBoardmembersconsistofIndependentDirectors.TheIndependentDirectorsmeetthecriteriaofindependencespecifiedinthelistingregulations.TheappointmentofDirectorshappensthroughatransparentprocess.EachDirectorappointedisissuedwithanappointmentletterinlinewiththerequirementsoflistingregulations.IneachmeetingoftheBoardandtheCommittees,whereverrequired,presentationsontheoperations,financialresults,strategy,riskmanagement,humanresourcearemadebytheseniormanagementteam.
Thecompanyhasnonexecutivechairmanandalldirectorsarenon-executivedirectors.
Noneofthedirectorsontheboardofdirectorsontheboardisamemberofmorethan10committeesorchairmanofmore than5committeesasspecified in the listingregulations.Necessarydisclosuresregardingcommitteepositionshavebeenmadebythedirectors.
Thestrengthoftheboardofdirectorsis4directors.Theboardcomprisedofnon-executivechairman,executivedirectorandIndependentdirectors.
senior management has made disclosures to the board confirming that there are no material, financial orcommercial transactionsbetweenthemandthecompany,whichcouldhavepotentialconflictof interestwithcompanyatlarge.
NoneoftheDirectorsholdanyequityshares
AllDirectorsdonotholdanysharesintheCompany.ThereisnoneedfordisclosureoftheirshareholdingintheCompanyasrequiredunderthelistingregulations.AllDirectorshavemadedeclarationabouttheircategoryofdirectorshipsintheCompanyatthetimeoftheirappointmentandmakethisdeclarationannually.AllsuchannualdeclarationswereplacedbeforetheBoardatthemeetingheldonMay29,2017.NoneoftheDirectorsarerelatedinterseintermsof'relative'definedundertheAct.TheBoardmeetsatleastonceineachquartertoreviewinadditiontoothermatterstheperformanceandfinancialresults.
Apartfromthis,additionalBoardmeetingsareheldbygivingappropriatenoticetoaddressthespecificneedsoftheCompany.Themaximumtimegapbetween twomeetingsdoesnotexceed120days.TheBoardmeetingsaregenerallyscheduledinadvance.
Theboardmet4timesduringtheyeari.e.29thMay2017,11thAugust2017,08thNovember2017&13thFebruary2018
AnnexureIV
32
Mr.ChetanKaria 4 4 YES
Mr.GirishDesai 4 4 YES
Mr.KamleshKotak 4 4 YES
Mrs.GayatriSonavane 4 4 YES
DIRECTORSNO.ofBoardMeetingsheld
No.ofMeetingattended
AttendanceattheAGM
ThefollowingtablegivestheattendancerecordofthedirectorsattheboardaswellasAnnualGeneralMeeting.
Notes1. NoneoftheDirectorsarerelatedtoanyotherdirector2. NoneoftheDirectorsholdsDirectorshipinmorethan15publiclimitedCompaniesnorisamemberof
morethanTenCommitteesacrossallCompaniesinwhichheisaDirector3. NoneoftheDirectorsreceivedanyloansoradvancesfromCompanyduringtheyear.
IndependentDirectorsAllIndependentDirectorsoftheCompanyhavebeenappointedaspertheprovisionsoftheAct,ListingRegulationsand the Governance Guidelines for Board Effectiveness adopted by the Company. Independent directors areappointedforaperiodof5yearsaspersection149(10)oftheCompaniesAct,2013(”Act”).FormallettersofappointmenthavebeenissuedtoIndependentDirectors.
SeparateMeetingofIndependentDirectorsA separate meeting of Independent Directors of the Company, without the attendance of Non-IndependentDirectorsandmembersofmanagement,washeldon30thMay,2017,asrequiredunderScheduleIVtotheAct(CodeforIndependentDirectors)andRegulation25(3)oftheListingRegulations.
AttheMeeting,theIndependentDirectors: • ReviewedtheperformanceofNon-IndependentDirectorsandtheBoardasawhole; • ReviewedtheperformanceoftheChairmanoftheCompany,takingintoaccounttheviewsoftheN o n -
ExecutiveDirectors;and • Assessed the quality, quantity and timeliness of flow of information between the Company
managementandtheBoardthatisnecessaryfortheBoardtoeffectivelyandreasonablyperformitsduties.
AllIndependentDirectorsoftheCompanyattendedtheMeetingofIndependentDirectors.
FamiliarizationProgrammeforIndependentDirectorsTheCompanyhasadoptedastructuredprogrammefororientationofIndependentDirectorsatthetimeoftheirjoiningsoastofamiliarisethemwiththeCompany—itsoperations,business,industryandenvironmentinwhichitfunctionsandtheregulatoryenvironmentapplicabletoit.TheCompanyupdatestheBoardMembersonacontinuingbasisonanysignificantchangesthereinandprovidesthemaninsighttotheirexpected roles and responsibilities so as to be in a position to takewell-informed and timely decisions andcontributesignificantlytotheCompany.PursuanttotheprovisionsoftheActandRegulation25(7)oftheListingRegulationstheCompanyhasduringtheyearconductedfamiliarisationprogrammesforitsIndependentDirectorswhichincluded,detailedpresentationsonlongtermvisionandstrategyoftheCompany,itsbusinessmodelandoperations,digitization,Industryoutlook,,PreventionofInsiderTradingRegulations,SEBIListingRegulations,AccountingStandards,FrameworkforRelatedPartyTransactions,providingRegulatoryupdatesatBoardandAuditCommitteeMeetings,circulatingpressreleases,disclosuresmadetoStockExchanges,newsandarticlesrelatedtotheCompanytoprovideupdatesfromtimetotime.
33
CommitteesoftheBoard
TheCommitteesoftheBoardConstitutedwhentheCodebecomesapplicabletotheCompany.TheroleandtheresponsibilitiesofeachoftheCommitteeiswelldefined.TheBoardhasconstitutesthefollowingCommittees.
AuditCommittee
Thecompanyhasconstitutedanauditcommitteeintheyear2006.Therole,powersandfunctionsoftheauditcommitteeareasperguidelinesstatedinthelistingregulationswiththestockexchangesreadwithsection177ofthecompanies'act2013.Thetermsofreferenceoftheauditcommitteeinter-aliaarebroadlyasunder:
1.Tooverseethecompany'sfinancialreportingprocessandthedisclosureofitsfinancialinformation,toensurethatthefinancialstatementiscorrect,sufficientandcredible.
2. Torecommendtotheboard,theappointmentandreappointmentofstatutoryauditors,fixationofauditfeesandalsoapprovalforpaymentofanyotherservices.
3. Toreviewwiththemanagement,theannualfinancialstatementsbeforesubmissiontotheboardforapproval,withparticularreferenceto:
a) Mattersrequiredtobeincludedinthedirector'sresponsibilitystatementinboardsreport,intermsofsub-section5ofsection134ofcompanies'act2013.
b) Changes,ifany,inaccountingpoliciesandpracticesandreasonsforthesame.
c) Majoraccountingentriesinvolvingestimatesbasedontheexerciseofjudgmentbymanagement.
d) Significantadjustmentsmadeinfinancialstatementarisingoutofauditfindings.
e) Compliancewithlistingandotherlegalrequirementsrelatingtofinancialstatements.
f) Disclosureofrelatedpartytransactions.
e) Qualificationsinthedraftauditreport.
4. To reviewwith themanagement, the quarterly financial statements before submission to the board forapproval.
5. Toreviewwithmanagement,performanceofstatutoryandinternalauditorsandadequacyoftheinternalcontrolsystems.
6. ToreviewthestatusonutilizationofIPOproceeds.
7. To review the adequacy of internal control system, including the structure of internal audit department,staffingofthedepartment,reportingstructurecoverageandfrequencyofinternalaudit.
8. Discussionwithinternalauditorsforanysignificantfindingsandfollowupthereon.
9. Reviewingthe findingsofany internal investigationsby the internalauditors intomatterswhere there issuspectedfraudorirregularityorafailureofinternalcontrolsystemsofamaterialnatureandreportingthemattertotheboard.
10. Discussionwithstatutoryauditorsbeforetheauditcommences,aboutthenatureandscopeofauditaswellaspost-auditdiscussiontoascertainanyareaofconcern.
11. Toreviewthefunctioningofwhistleblowermechanism,ifandwhenintroduced.
12. Carryingoutsuchotherfunctionasmaybespecificallyreferredtothecommitteebytheboardofdirectorsand/orothercommittee(s)ofthedirectorsofthecompany.
TheAudit Committeewas constitutedwithTwo independentNonExecutiveDirector andOnenon-executivedirectorviz
34
Meetingandattendanceduringtheyear
DuringtheyearunderreportfourmeetingsoftheCommitteewereheldandallthedirectorswerepresentinallthemeeting.
Duringtheyearunderreport,theAuditCommitteereviewedthequarterlyandannualfinancialresultsbeforetheBoardtookthesameonrecord.TheCommitteealsoreviewedinternalauditreportandinternalcontrolsystemsandproceduresandrecommendeddesiredimprovementstotheBoardtostrengthenthesame.Asameasureofgoodcorporategovernance,representativesofstatutoryAuditorswereregularlyinvitedtothemeetingoftheauditCommitteeandmadesignificantcontributiontothedeliberationsattheCommitteemeetings.
StakeholdersRelationshipCommittee
ThecompositionoftheCommitteeisasunder
DuringtheyearunderreporttheCommitteemettwotimesinayear
Mr.ChetanKariaactasaComplianceofficerandhasbeenregularlyinteractingwiththeShareTransferAgentstoensurethatthecomplaintsoftheinvestorsareattendedtowithoutunduedelayandwheredeemedexpedientthecomplaints are referred to the Committee or discussed at themeetings. The Company has not received anycomplaintduringtheyear.
ThetermsofreferenceoftheStakeholdersRelationshipCommittee(SRC)areasfollows:
1. Reviewstatutorycompliancerelatingtoallsecurityholders.
2. Considerandresolve thegrievancesof securityholdersof theCompany, includingcomplaints related totransferofsecurities,non-receiptofannualreport/notices/balancesheet.
3. OverseeandreviewallmattersrelatedtothetransferofsecuritiesoftheCompany.
4. ApproveissueofduplicatecertificatesoftheCompany.
5. ReviewmovementsinshareholdingandownershipstructuresoftheCompany.
6. EnsuresettingofpropercontrolsandoverseeperformanceoftheRegistrarandShareTransferAgent.
7. Recommendmeasuresforoverallimprovementofthequalityofinvestorservices.
Disclosuresonrelatedpartytransactions
NomateriallysignificantrelatedpartytransactionswereenteredbytheCompanywithitspromotersordirectors,whichcouldbedeemedtobepotentiallyconflictingwiththeinterestsoftheCompany.
1 Mr.ChetanKaria Chairman NonIndependentNonExecutiveDirector
2 Mr.KamleshKotak Member NonIndependentNonExecutiveDirector
3 Mr.GirishDesai Member IndependentNonExecutiveDirector
1 Mr.ChetanKaria Chairman NonExecutiveDirector2 Mr.GirishDesai Member IndependentNonExecutiveDirector3 Mrs.GayatriSonavane Member IndependentNonExecutiveDirector
Sl.No.
Name Designation Category
Sl.No.
Name Designation Category
35
I
ii
iii
iv
v
vi
vii
viii
Ix
x
xi
xii
DIN
DateofBirth
Age
Qualification
Experience
Natureofhisexpertiseinspecificfunctionalareas
Termsandconditionsofre-appointment
DateoffirstappointmentontheBoard
Shareholdinginthecompany
Relationshipbetweendirectorsinter-se
Directorship
Chairman/MembersofCommittees
Sl.No. Particulars
00015113
February16,1972
46years
Bcom
Morethan15Years
FinanceandAccounts
As per the resolution passed by theshareholders at the Annual GeneralMeeting
June16,2003
Nil
Norelation
Nil
2
Mr.ChetanKaria
DisclosureofAccountingTreatment
ThefinancialstatementsarepreparedonaccrualbasisofaccountingandcompanycompliedwiththeAccountingstandardsreferredtoinsection2(2)oftheCompaniesAct,2013
BoardDisclosures-RiskManagement
Thecompanyhaslaiddowntherequisiteprocedurestoinformtheboardmembersabouttheriskassessmentandminimizationprocedures.
Yourcompanyisnotinspeculativetradeandisinvestorsfriendlyandhencemarketriskiseliminated.Thevolatilemovementsinthestockmarketarenaturalandyourcompanyhadtocopewiththesituation.Thistheywishtoachievebyprudentandfrugaldeploymentofavailablefundstominimizelossandriskinthemarket.
Re-appointmentofDirectors
Informationas requiredunder regulation36(3)SEBI (LODR)Regulations,2015 in respectofdirectorsbeingreappointed/appointed
CodeofconductforpreventionofInsiderTradingPractices
IncompliancewiththeSEBI(ProhibitionofInsiderTrading)Regulations,2015,asamendedthecompanyhas
formulated,adoptedandimplemented“codeofconductforpreventionofinsidertrading”
CEO/CFOcertification
Acertificatefromchairmanonthefinancialstatementsofthecompanywasplacedbeforetheboardaspertherequirementofthelistingregulations.
Managementdiscussionandanalysis
Managementdiscussionandanalysisisgivenasaseparatesectionintheannualreport.
36
Statutorycompliances
TheCompanyhasnotreceivedanyNoticeorcomplaintfromthestatutoryauthorities.TheCompanyisregularinComplyingwithvariouscompliancesunderthevariousstatutoryauthorities
Cashflowstatementfortheperiodfrom1stApril2017to31stMarch2018.
Cashflowfromoperatingactivities:enclosed
Dematerializationofshares
SharesinthecompanycanbeheldandtradedinelectronicformandSEBIhasmadeitcompulsoryforthecompanytodeliverindematerializationformonly.Majorityofcompaniessharesareindematerializedformonly.
ShareTransferSystem
TheShareslodgedfortransfer&dematerializationareprocessedbytheRegistrar&ShareTransferAgentonaweeklybasis&generally registered&returnedwithinaperiodof twoweeks from thedateof receipt. If thedocumentsarecompleteinalltherespect.
TheCompanyhasbeenobtaininghalfyearlycertificatesfromaCompanySecretaryinPracticewithin30daysfromthecloseoftherelevantperiodwithregardtocomplianceofsharetransferformalitiesaspertherequirementofRegulation40(9)oftheListingRegulationsofthestockexchanges,wherethesecuritiesofthecompanyarelisted.
Detailsofnoncomplianceandpenalties,stricturesimposed
TherewerenoinstancesofnoncompliancebytheCompanyonanymatterrelatingtocapitalmarketduringlastthreeyears.Nopenalties, strictureswere imposedon theCompanybystockexchangesorSEBIoranyotherstatutoryauthority(ies).
WhistleBlowerandVigilMechanismPolicy
TheCompanypromotes ethical behaviour in all its business activities andhasput in place amechanism forreportingunethicalbehaviorbyadoptingwhistleblowerpolicyandvigilmechanisminlinewithRegulation22ofthe Listing Regulations for employees to report concerns about unethical behavior providing for adequatesafeguardagainstvictimizationofdirectors/employees,whoavailofthemechanism.
Reconciliationofsharecapitalaudit
SEBI has mandated reconciliation of share capital audit under Regulation 55A of SEBI (Depositories andParticipants)Regulations,1996. Accordinglyaudit for reconciliationof share capital admittedwithNationalSecuritiesDepositoryLimited(“NSDL”)andtheCentralDepositoryServices(India)Ltd(“CDSL”)withthetotalissuedandlistedcapitalwerecarriedoutonaquarterlybasisduringtheYearbyaPracticingCompanySecretaryappointedby thecommitteeof theBoard.Theaudit confirmed that the total issued/paidupcapitalwere inagreementwiththeaggregatetotalnumberofsharesinphysicalformandtotalnumberofdematerialisedshareswithNSDLandCDS.
Meansofcommunication
Thequarterly/half-yearly/annualfinancialresultsofthecompanyareannouncedwithinthestipulatedperiodandarenormallypublishedinEnglishandMarathinewspapers.ThequarterlyShareholdingPatternandCorporateGovernanceReportoftheCompanyarefiledwithBSEthroughBSEOnlinePortal.
37
OtherDisclosureRecommendedbytheCommittee
DetailofAnnualGeneralMeetings
Year Type Location Date Time
2014
2011
2010
2009
2012
2013
2015
2016
AGMAthenaHouse,RowHouseNo.4,Rajnigandha,Gokuldham,Goregaon(East),Mumbai400063
30thSeptember2014 11.00AM
AGM
AGM
AGM
AthenaHouse,RowHouseNo.4,Rajnigandha,Gokuldham,Goregaon(East),Mumbai400063
30thSeptember2011 11.00AM
AthenaHouse,RowHouseNo.4,Rajnigandha,Gokuldham,Goregaon(East),Mumbai400063
30thSeptember2010 11.00AM
AthenaHouse,RowHouseNo.4,Rajnigandha,Gokuldham,Goregaon(East),Mumbai400063
14thSeptember2009 11.00AM
AGMAthenaHouse,RowHouseNo.4,Rajnigandha,Gokuldham,Goregaon(East),Mumbai400063
29thSeptember2012 11.00AM
AGMAthenaHouse,RowHouseNo.4,Rajnigandha,Gokuldham,Goregaon(East),Mumbai400063
30thSeptember2013 11.00AM
AGMAthenaHouse,RowHouseNo.4,Rajnigandha,Gokuldham,Goregaon(East),Mumbai400063
30thSeptember2015 11.00AM
AGMAthenaHouse,RowHouseNo.4,Rajnigandha,Gokuldham,Goregaon(East),Mumbai400063
30thSeptember2016 11.00AM
2017 AGMAthenaHouse,RowHouseNo.4,Rajnigandha,Gokuldham,Goregaon(East),Mumbai400063
28thSeptember,2017 11.00AM
Whetherspecialresolutionswereputthroughpostalballotlastyear?No.
Arevotesproposedtobeconductedthroughpostalballotthisyear?No.
No.OfEquityShares Shareholders No.ofShares
Number %ofHolders Number %ofShares
Upto500 329 89.16 31080 0.45
501-1000 5 1.36 3580 0.05
1001-2000 7 1.90 11100 0.16
2001-3000 2 0.54 4290 0.06
3001-4000 0 - 0 -
4001-5000 0 - 0 -
5001-10000 3 0.81 21053 0.30
10001&Above 23 6.23 6853497 98.98
TOTAL 369 100.00 6924600 100.00
DistributionSchedulesason31.03.2018
38
CategoriesofShareholdersason31.03.2018
Category %OfShareholding No.OfShares
Promoters 71.48 4949708
Individuals 15.33 1061531
DomesticCompanies 11.55 799861
FIs,MutualFunds&Bank - 0
FIIs,OCBs&NRI 1.64 113500
TOTAL 100 6924600
39
AUDITOR'SCERTIFICATEONCORPORATEGOVERNANCE
TOTHEMEMBERSOFABHINAVCAPITALSERVICESLIMITED
WehaveexaminedthecomplianceofconditionofCorporateGovernancebyAbhinavCapitalServicesLimited,
fortheyearendedon31stMarch,2018asstipulatedinClause49oftheListingAgreementofthesaidStock
Exchange.
The Compliance of conditions of the Corporate Governance is the responsibility of themanagement. Our
examinationwaslimitedtoreviewofproceduresandimplementationthereof,adoptedbytheCompanyfor
ensuringthecomplianceoftheconditionsofCorporateGovernance.Itisneitheranauditnoranexpressionof
opiniononthefinancialstatementoftheCompany.
Inouropinionandtothebestofourinformationandaccordingtotheexplanationgiventous,wereportas
under:
WecertifythattheCompanyhascompliedwiththeconditionsofCorporateGovernanceasstipulatedinthe
abovementionedListingAgreement.
WestatethatnoinvestorgrievanceispendingforaperiodexceedingonemonthagainsttheCompanyasperthe
recordmaintainedbytheShareholders/InvestorGrievanceCommittee.
WefurtherstatethatsuchcomplianceisneitheranassuranceastothefurtherviabilityoftheCompanynorthe
efficiencyoreffectivenesswithwhichthemanagementhasconductedtheaffairsofthecompany.
ForSCMehra&Associates
FirmRegistrationNo.:106156W
CharteredAccountants
Place :Mumbai CADEEPAKM.OZADate :28thMay2018 Partner MembershipNo.:045890
40
41
DECLARATIONBYTHEDIRECTORUNDERREGULATION34(3)READWITHPARAGRAPHDOFSCHEDULE
VOFTHE SECURITIESANDEXCHANGEBOARDOF INDIA (LISTINGOBLIGATIONSANDDISCLOSURE
REQUIREMENTS)REGULATIONS,2015
To,
TheMembersof
ABHINAVCAPITALSERVICESLIMITED
I,ChetanR.Karia,DirectorofABHINAVCAPITALSERVICESLIMITEDdeclarethatalltheMembersoftheBoard
ofDirectorsandSeniorManagementPersonnelhaveaffirmedcompliancewiththeCodeofConductfortheyear
ended31stMarch,2018.
ForSCMehra&Associates
FirmRegistrationNo.:106156W
CharteredAccountants
Place :Mumbai CADEEPAKM.OZADate :28thMay2018 Partner MembershipNo.:045890
ForABHINAVCAPITALSERVICESLIMITED
ChetanR.Karia
Director
To
TheMembersof
AbhinavCapitalServicesLimited
ReportontheFinancialStatementsWehaveauditedtheaccompanying financialstatementsofAbhinavCapitalServicesLimited (“theCompany”),whichcomprisetheBalanceSheetasat31stMarch2018,thestatementofProfitandLoss,thecashflowstatementfortheyearthenended,andasummaryofsignificantaccountingpoliciesandotherexplanatoryinformation.
Management'sResponsibilityfortheFinancialStatementsTheCompany'sBoardofDirectorsisresponsibleforthemattersinsection134(5)oftheCompaniesAct,2013(“theAct”)withrespecttothepreparationofthesefinancialstatementsthatgiveatrueandfairviewofthefinancialposition,financialperformanceandcashflowsoftheCompanyinaccordancewiththeaccountingprinciplesgenerallyacceptedinIndia,includingtheAccountingStandardsspecifiedunderSection133oftheAct,readwithRule7oftheCompanies(Accounts)Rules,2014.ThisresponsibilityalsoincludesthemaintenanceofadequateaccountingrecordsinaccordancewiththeprovisionoftheActforsafeguarding of the assets of the Company and for preventing and detecting the frauds and otherirregularities; selection and application of appropriate accounting policies; making judgments andestimatesthatarereasonableandprudent;anddesign, implementationandmaintenanceof internalfinancial control, thatwere operating effectively for ensuring the accuracy and completeness of theaccountingrecords,relevanttothepreparationandpresentationofthefinancialstatementsthatgiveatrueandfairviewandarefreefrommaterialmisstatement,whetherduetofraudorerror.
Auditors'ResponsibilityOurresponsibilityistoexpressanopiniononthesefinancialstatementsbasedonouraudit.WehavetakenintoaccounttheprovisionsoftheAct,theaccountingandauditingstandardsandmatterswhicharerequiredtobeincludedintheauditreportundertheprovisionsoftheActandtheRulesmadethereunder.WehaveconductedauditinaccordancewiththeStandardsonAuditingspecifiedundersection143(10)oftheAct.ThoseStandardsrequirethatwecomplywithethicalrequirementsandplanandperformtheaudittoobtainreasonableassuranceaboutwhetherthefinancialstatementsarefreefrommaterialmisstatement.
Anauditinvolvesperformingprocedurestoobtainauditevidenceabouttheamountsanddisclosuresinthe financial statements. The procedures selected depend on the auditor's judgment, including theassessmentoftherisksofmaterialmisstatementofthefinancialstatements,whetherduetofraudorerror.Inmakingthoseriskassessments,theauditorconsidersinternalfinancialcontrolrelevanttotheCompany'spreparationofthefinancialstatementsthatgivetrueandfairviewinordertodesignauditprocedures that are appropriate in the circumstances. An audit also includes evaluating theappropriatenessofaccountingpoliciesusedandthereasonablenessoftheaccountingestimatesmadebyCompany'sDirectors,aswellasevaluatingtheoverallpresentationofthefinancialstatements.Webelievethattheauditevidencewehaveobtainedissufficientandappropriatetoprovideabasisforourauditopiniononthefinancialstatements.
OpinionInouropinionandto thebestofour informationandaccordingto theexplanationsgiventous, theaforesaidfinancialstatementsgivetheinformationrequiredbytheActinthemannersorequiredandgiveatrueandfairviewinconformitywithaccountingprinciplesgenerallyacceptedinIndia:
IndependentAuditors'Report
42
sta) InthecaseoftheBalanceSheet,ofthestateofaffairsofthecompanyasat31 March,2018;
b) InthecaseoftheStatementofProfitandLoss,oftheProfitfortheyearendedonthatdateand
c) Incaseofcashflowstatement,ofcashflowsfortheyearendedonthatdate.
ReportonOtherLegalandRegulatoryRequirements
1. AsrequiredbytheCompanies(Auditor'sReport)Order,2016issuedbytheCentralGovernmentofIndiaintermsofsub-section(11)ofsection143oftheCompaniesAct,2013andonthebasisofsuchchecksofthebooksandrecordsofthecompanyasweconsideredappropriateandaccordingtotheinformationandexplanationgiventous,wegiveintheAnnexure–1astatementonthemattersspecifiedinparagraphs3and4oftheOrder.
2. Asrequiredbysection143(3)oftheAct,wereportthat:
a) Wehavesoughtandobtainedalltheinformationandexplanationswhichtothebestofourknowledgeandbeliefwerenecessaryforthepurposesofouraudit;
b) InouropinionproperbooksofaccountasrequiredbylawhavebeenkeptbytheCompanysofarasappearsfromourexaminationofthosebooks;
c) TheBalanceSheet,theStatementofProfitandLoss,andtheCashflowstatementdealtwithbythisReportareinagreementwiththebooksofaccount;
d) Inouropinion,theaforesaidfinancialstatementscomplywiththeAccountingStandardsspecifiedunderSection133oftheAct,readwithRule7oftheCompanies(Accounts)Rules,2014andCompanies(AccountingStandards)AmendmentRules,2016;
e) Onthebasisofwrittenrepresentationsreceivedfromthedirectorsason31March,2018,takenonrecordbytheBoardofDirectors,noneofthedirectorsisdisqualifiedason31March,2018,frombeingappointedasadirectorintermsofSection164(2)oftheAct;
f) Withrespecttotheadequacyoftheinternalfinancialcontrolsoverfinancialreportingofthecompanyandtheoperatingeffectivenessofsuchcontrols,refertoourseparatereportinAnnexure–2tothisreport;
g) WithrespecttotheothermatterstobeincludedintheAuditor'sReportinaccordancewithRule11oftheCompanies(AuditandAuditors)Rules,2014,inouropinionandtothebestofourinformationandaccordingtotheexplanationsgiventous:
(i) TheCompanydoesnothaveanypendinglitigationswhichwouldimpactitsfinancialposition;
(ii) TheCompanydidnothavelongtermcontractsincludingderivativecontractsforwhichtherewereanymaterialforeseeablelosses;and
(iii) There were no amounts which were required to be transferred to the Investor Education andProtectionFundbytheCompany.
ForSCMehra&AssociatesFirmRegistrationNo.:106156WCharteredAccountants
Place :Mumbai CADEEPAKM.OZADate :28thMay2018 Partner MembershipNo.:045890
43
Annexure–1toourreportofevendate
Re:AbhinavCapitalServicesLimited(“thecompany”)
In our opinion, andon thebasis of such checks of thebooks and records aswe considered appropriate andaccordingtotheinformationandexplanationsgiventousduringthenormalcourseofaudit,whichwerenecessarytothebestofourknowledgeandbelief,wereportthat:
(1) (a) TheCompanyhasmaintainedproperrecordsshowingfullparticularsincludingquantitativedetailsandsituationofitsfixedassets.
(b) TheManagementhasphysicallyverifiedcertainassetsduringtheyearinaccordancewithaprogramofverification,whichinouropinionprovidesforphysicalverificationofthefixedassetsatreasonableintervals.Accordingtotheinformationandexplanationsgiventousnomaterialdiscrepancieswerenoticedonsuchverification. Duringtheyear,Companyhasnotdisposedofanysubstantial/majorpartoffixedassets.
(c) Thereisnoimmovablepropertiesareheldbythecompanyhencethisclauseisnotapplicable.
(2) (a) TheCompanyisregisterednonbankingfinancialcompanyandmainbusinessistograntandobtainloansandadvancesandapartfromthiscompanyinvestsurplusfundsinsharesandsecuritiesandinviewofthesamethereisnotradingactivitycarriedonduringtheyear,hencethereisnoclosingstockason31stMarch2018.
(b) Ascompanydoesnotdealintradingactivity,thereforeproceduresofphysicalverificationofinventorybythemanagementisnotrequired.
(c) Ascompanydoesnotdealintradingactivity,thereforemaintainingproperrecordsofinventoryisnotrequired.
(3) Accordingtotheinformationandexplanationgiventous,thecompanyhasnotgrantedanyloans,securedorunsecured to companies, firms, limited liability partnerships or other parties covered in the registermaintainedundersection189oftheCompaniesAct,2013. AsthecompanyisNBFC,Loanandadvancesgiven in the normal course of business have not been considered here for reporting. Accordingly, theprovisionofclause3(iii)(a),(b)and(c)oftheorderarenotapplicabletocompanyandhencenotcommentedupon.
(4) Inouropinionandaccordingtotheinformationandexplanationsgiventous,thecompanyhaswhereverapplicablecompliedtheprovisionsofSection185andSection186oftheCompaniesAct,2013inrespectofloans,investments,guaranteesandsecurity.
(5) Accordingtotherecordsofthecompanyandinformationandexplanationsgiventous,thecompanyhasnotacceptedanydepositasperdirectiveissuedbyReserveBankofIndiaandtheprovisionofthesection73to76oranyotherrelevantprovisionoftheCompaniesAct2013andrulesframedthereunder.
(6) Tothebestofourknowledgeandasexplained,thecompanyisengagedinNonBankingFinancialCompanyandnotdealtinanysaleofgoods,hencetheCentralGovernmenthasnotprescribedthemaintenanceofcostrecordsbythecompanyundersub–section(1)ofsection148oftheCompaniesAct,2013foranyofitsproducts.
44
(7) (a) Accordingtotherecordsofthecompanyandinformationandexplanationsgiventousinrespectofstatutoryduesandotherdues, the companyhasbeengenerally regular indepositingundisputedstatutoryduesincludingIncomeTax,salestax,wealthtax,servicetax,dutyofcustom,dutyofexcise,valueaddedtax,cessandanyotherstatutorydueswiththeappropriateauthoritiesduringtheyear.
(b) Accordingtotherecordsofthecompany,thereareduesofcustomsdutyandincometaxwhichhavenotbeendepositedonaccountofdispute.Thefollowingarethedetails:
(8) Accordingtorecordsofthecompany,thecompanyhasnotborrowedfundsfromfinancialinstitutions,banks,governmentorissueddebenturestill31stMarch2016.Hence,inouropinion,thequestionofreportingondefaultinrepaymentofduestofinancialinstitutionsorbanksordebentureholdersdoesnotarise.
(9) Accordingtorecordsofthecompany,thecompanyhasnotraisedmoneyduringtheyearbywayofinitialpublicofferorfurtherpublicoffer(includingdebtinstruments)andtermloans.Hence,inouropinion,thisclauseisnotapplicableinrespectofreportingondelayordefaultmadeduringtheyear.
(10) Basedupontheauditprocedureperformedforthepurposeofreportingtrueandfairviewofthefinancialstatementandaccordingtotheinformationandexplanationsgivenbymanagement,Wereportthatnofraudonorbytheofficeroremployeesofthecompanyhasbeennoticedorreportedduringtheyear.
(11) Basedupontheauditprocedureperformedforthepurposeofreportingtrueandfairviewofthefinancialstatementandaccording to the informationandexplanationsgivenbymanagement,wereport that thecompanyhasnotpaidanymanagerialremunerationtokeypersonduringtheyearinaccordancewiththerequisiteapprovalsmandatedbytheprovisionsofSection197readwithScheduleVtotheCompaniesAct,2013,hencethisclauseisnotapplicable.
AppellateAuthoritywherethedisputeispending NatureofDemand DemandRaised Amountpaid Remarks
Commissioner of Income Tax (Appeal) -20
Income Tax Demand u/s 143(3) for Financial Year 2010-11
4,78,780 Nil Disallowed u/s 14A Rs.6,17,745/- and Appeal filed against scrutiny assessment order u/s 143(3) on 19/03/2014 and hearing yet not done.
Deputy Commissioner of Income Tax Circle – 12(1)(2)
Penalty u/s 271(1)(c) for Financial Year 2012-13
Amount not Determined
Nil Penalty has been levied on disallowances made during the scrutiny assessment proceedings.Reply for drop of penalty proceedings has been made and drop order yet to be received.
45
(12) Accordingtorecordsofthecompany,thecompanyisnotcoveredunderthecategoryofNidhicompany,thereforeprovisionofclause3(xi)oftheorderarenotapplicabletothecompanyandhencenotcommentedupon.
(13) Accordingtotheinformationandexplanationsgiventous,thecompanyhascompliedwithSection177and188ofCompaniesAct,2013inrespectoftransactionswithrelatedpartiesanddetailshavebeendisclosedinthefinancialstatementsasrequiredbytheapplicableaccountingstandards.
(14) To thebestofourknowledgeandbeliefandaccording to informationandexplanationsgiven tous thecompany has not made any preferential allotment or private placements of shares or fully or partlyconvertibledebenturesduringtheyear.HencetheprovisionsofSection42oftheCompaniesAct,2013donotapply.
(15) Tothebestofourknowledgeandbeliefandaccordingtotheinformationandexplanationsgiventous,thecompanyhaswhereverapplicablecompliedwithprovisionsofSection192oftheCompaniesAct,2013inrespectofanynoncashtransactionsenteredwithdirectorsorpersonsconnectedwithhim.
(16) The company is registered Non Banking Financial Company and the company is holding certificate ofregistrationvideregistrationnumber13.00685underSection45-IAoftheRBIAct,1934.
ForSCMehra&Associates
FirmRegistrationNo.:106156W
CharteredAccountants
Place :Mumbai CADEEPAKM.OZADate :28thMay2018 Partner MembershipNo.:045890
46
Annexure–2toourreportofevendate
Re:AbhinavCapitalServicesLimited(“thecompany”)
ReportontheInternalFinancialControlsunderClause(i)ofSub-section3ofSection143oftheCompaniesAct,2013(“theAct”)
WehaveauditedtheinternalfinancialcontrolsoverfinancialreportingofAbhinavCapitalServicesLimited(“theCompany”)asof31stMarch2018inconjunctionwithourauditofthefinancialstatementsoftheCompanyfortheyearendedonthatdate.
Management'sResponsibilityforInternalFinancialControls:
TheCompany'smanagementisresponsibleforestablishingandmaintaininginternalfinancialcontrolsbasedonthe internal control over financial reporting criteria established by the Company considering the essentialcomponentsofinternalcontrolstatedintheGuidanceNoteonAuditofInternalFinancialControlsoverFinancialReportingissuedbytheInstituteofCharteredAccountantsofIndia. Theseresponsibilitiesincludethedesign,implementation and maintenance of adequate internal financial controls that were operating effectively forensuring the orderly and efficient conduct of its business, including adherence to company's policies, thesafeguardingofitsassets,thepreventionanddetectionoffraudsanderrors,theaccuracyandcompletenessoftheaccountingrecords,andthetimelypreparationofreliablefinancialinformation,asrequiredundertheCompaniesAct,2013.
Auditors'Responsibility:
OurresponsibilityistoexpressanopinionontheCompany'sinternalfinancialcontrolsoverfinancialreportingbasedonouraudit.WeconductedourauditinaccordancewiththeGuidanceNoteonAuditofInternalFinancialControlsOverFinancialReporting(the“GuidanceNote”)andtheStandardsonAuditing,issuedbyICAIanddeemedtobeprescribedundersection143(10)oftheCompaniesAct,2013,totheextentapplicabletoanauditofinternalfinancialcontrols,bothapplicabletoanauditofInternalFinancialControlsand,bothissuedbytheInstituteofCharteredAccountantsof India.ThoseStandardsand theGuidanceNoterequire thatwecomplywithethicalrequirementsandplanandperformtheaudittoobtainreasonableassuranceaboutwhetheradequateinternalfinancialcontrolsoverfinancialreportingwasestablishedandmaintainedandifsuchcontrolsoperatedeffectivelyinallmaterialrespects.
Ourauditinvolvesperformingprocedurestoobtainauditevidenceabouttheadequacyoftheinternalfinancialcontrolssystemoverfinancialreportingandtheiroperatingeffectiveness.Ourauditofinternalfinancialcontrolsoverfinancialreportingincludedobtaininganunderstandingofinternalfinancialcontrolsoverfinancialreporting,assessing the risk that a material weakness exists, and testing and evaluating the design and operatingeffectivenessof internalcontrolbasedon theassessedrisk.Theproceduresselecteddependon theauditor'sjudgement,includingtheassessmentoftherisksofmaterialmisstatementofthefinancialstatements,whetherduetofraudorerror.
WebelievethattheauditevidencewehaveobtainedissufficientandappropriatetoprovideabasisforourauditopinionontheCompany'sinternalfinancialcontrolssystemoverfinancialreporting.
MeaningofInternalFinancialControlsoverFinancialReporting
A company's internal financial control over financial reporting is a process designed to provide reasonableassuranceregardingthereliabilityoffinancialreportingandthepreparationoffinancialstatementsforexternalpurposesinaccordancewithgenerallyacceptedaccountingprinciples.Acompany'sinternalfinancialcontroloverfinancialreportingincludesthosepoliciesandproceduresthat:
(1) Pertaintothemaintenanceofrecordsthat,inreasonabledetail,accuratelyandfairlyreflectthetransactionsanddispositionsoftheassetsofthecompany;
(2) Providereasonableassurancethattransactionsarerecordedasnecessarytopermitpreparationoffinancialstatementsinaccordancewithgenerallyacceptedaccountingprinciples,andthatreceiptsandexpendituresofthecompanyarebeingmadeonlyinaccordancewithauthorisationsofmanagementanddirectorsofthe
47
company;and
(3) Providereasonableassuranceregardingpreventionortimelydetectionofunauthorisedacquisition,use,ordispositionofthecompany'sassetsthatcouldhaveamaterialeffectonthefinancialstatements
InherentLimitationsofInternalFinancialControlsoverFinancialReporting:
Becauseoftheinherentlimitationsofinternalfinancialcontrolsoverfinancialreporting,includingthepossibilityofcollusionorimpropermanagementoverrideofcontrols,materialmisstatementsduetoerrororfraudmayoccurandnotbedetected.Also,projectionsofanyevaluationoftheinternalfinancialcontrolsoverfinancialreportingtofutureperiodsare subject to the risk that the internal financial controlover financial reportingmaybecomeinadequatebecauseofchangesinconditions,orthatthedegreeofcompliancewiththepoliciesorproceduresmaydeteriorate.
Opinion:
Inouropinion, theCompanyhas, inallmaterialrespects,anadequate internal financialcontrolssystemoverfinancialreportingandsuchinternalfinancialcontrolsoverfinancialreportingwereoperatingeffectivelyasat31stMarch2018,basedontheinternalcontroloverfinancialreportingcriteriaestablishedbytheCompanyconsideringtheessentialcomponentsofinternalcontrolstatedintheGuidanceNoteonAuditofInternalFinancialControlsOverFinancialReportingissuedbytheInstituteofCharteredAccountantsofIndia.
ExplanatoryParagraph:
Wealsohaveaudited,inaccordancewiththestandardonAuditingissuedbytheInstituteofCharteredAccountantsofIndia,asspecifiedundersection143(10)oftheAct,thefinancialstatementofAbhinavCapitalServicesLimited,whichcomprisestheBalanceSheetasat31stMarch2018,andtherelatedstatementofProfit&LossandCashFlowStatement for the year then ended, and summary of significant accounting policies and other explanatoryinformation,andourreportdated28thMay2018andexpressedanunqualifiedopinionthereon.
ForSCMehra&Associates
FirmRegistrationNo.:106156W
CharteredAccountants
Place :Mumbai CADEEPAKM.OZADate :28thMay2018 Partner MembershipNo.:045890
48
RBIREGISTRATIONNO.13.00685STATEMENTOFNETOWNEDFUNDason31.03.2018 (AmountinRs.)
ForandonbehalfoftheBoardof
AbhinavCapitalServicesLimited
ChetanKaria KamleshKotak Place:Mumbai
DIN:00015113 DIN:00012755 Date:28thMay2018
Chairman Director
AMOUNTITEMNAME ITEMCODE
Note:'Freereserves'shallincludebalanceinsharepremiumaccount,capitalanddebentureredemptionreservesandanyotherreservesshowninthebalance-sheetandcreatedthroughanallocationoutofprofitsbutnotbeing(a)areservecreatedforrepaymentofanyfutureliabilityorfordepreciationonassetsorforbaddebts,or(b)areservecreatedbyrevaluationofassetsofthecompany.
ForSCMehra&AssociatesFirmRegnNo.:106156WCharteredAccountants
AuditorsCertificate:WehaveexaminedthebooksofaccountandotherrecordsmaintainedbyAbhinavCapitalServicesLimitedinrespectof theNetOwned Fund as on 31stMarch 2018 and report that to the best of our knowledge and according to the information andexplanationsgiventousandasshownbytherecordexaminedbyus,thefiguresshowninstatementofNetOwnedAssetsarecorrect.
CADeepakM.OzaPartnerMembershipNo.:045890
Place:MumbaiDate:28thMay2018
111
112
113114
115
116117118119
110121122123120
130
141142143
144
145
140
150
151
69246000
15,69,02,278
2,62,58,111
25,24,06,389
-
3,50,1923,50,192
25,20,56,197
2,45,587
2,45,587
25,20,56,197
CapitalFundTierI(i)Paid-upEquityCapital(ii)Preferencesharestobecompulsorilyconvertibleintoequity(iii)Freereserves(Pleaseseenotebelow):(a)GeneralReserves(b)SharePremium(c)CapitalReserves(representingsurplusonsaleofassetsheldin
separateaccount)(d)DebenturesRedemptionReserve(e)CapitalRedemptionReserve(f)CreditBalanceinP&LAccount(g)Otherfreereserves(tobespecified)StatutoryFundasperRBI
GuidelinesTotalof111to119
(iv)Accumulatedbalanceofloss(v)DeferredRevenueExpenditure(vi)OtherIntangibleAssets
Totalof121to123(vii)Ownedfunds(110-120)(viii)Investmentinsharesof:[pleaseseeNote(1)below]:(a)Subsidiaries(b)CompaniesinthesameGroup(c)Othernon-bankingfinancialcompanies (ix) Thebook value of debentures bonds, outstanding loans andadvances (including hire-purchase and lease finance) made to anddepositswith[pleaseseenote(2)below]:(a)Subsidiaries(loansandadvances)(b)CompaniesinthesameGroup
Total(141to145)(x)Amountofitem140inexcessof10percentofitem130above
(xi)Netownedfunds(130-150)
-
49
AbhinavCapitalServicesLtd."AthenaHouse",RowHouseNo.4,RajnighandaGokuldham,Goregaon(East),Mumbai-400063
CIN:L65990MH1994PLC083603
AuditedFinancialResultforthePeriodended31stMarch2018
Note:1)TheaboveAuditedFinancialResultwerereviewed&approvedatthemeetingoftheBoardofDirectorsheldon28thMay20182)TheCompanydoesnothavemorethanoneactivityhencesegmentwisereportingisnotseparatelygiven,aspertheAccountingStandardonSegment
Reporting(AS-17).3)StatusofInvestorGrievances-Opening-0,ReceivedDuringthequarter-1,GrievancesRedressed-1,Pending-04)Alltheabovedataareinlakhs,exceptthedetailsofEPS,No.ofShares,andPercentageofShareholding.5)Thefiguresforthepreviousyear/periodareregrouped/rearrangedwherevernecessary. ByOrderoftheBoard
ForAbhinavCapitalServicesLtd.
ChetanKariaChairmanDINno:00015113
Place:Mumbai
Date:28thMay,2018
31.03.2018(Audited)
31.12.2017(Unaudited)
31.03.2017(Audited)
31.03.2018(Audited)
Particulars QuarterEnded YearEnded
(Rs.InLacs)
31.03.2017(Audited)
I Revenue from operations 55.38 83.75 140.24 300.69 237.11
II Other income (0.37) 182.03 - 211.15 203.37
III Total Revenue (I + II) 55.01 265.78 140.24 511.84 440.48
IV Expenditure
Employee benefit expense 1.14 2.01 2.18 7.16 7.52
Finance Costs 6.73 38.56 3.12 49.11 13.50
Depreciation and amortization expense 0.39 0.40 0.57 1.57 2.29
Other expenses 7.56 5.92 3.62 20.86 12.49
Total Expenditure 15.82 46.87 9.48 78.70 35.80
V Profit before exceptional and extraordinary items and tax (III - IV) 39.19 218.91 130.76 433.14 404.68
VI Exceptional items - - - - -
VII Profit before extraordinary items and tax (V - VI) 39.19 218.91 130.76 433.14 404.68
VIII Extraordinary items - - - - -
IX Profit before tax (VII- VIII) 39.19 218.91 130.76 433.14 404.68
X Tax Expenses
Current Tax 10.00 33.00 26.05 90.00 84.00
Deferred Tax Expenses / (Income) 0.07 0.07 0.00 0.27 0.17
Short / (Excess) Provision for Tax - (2.08) - (2.08) -
XI Profit/(Loss) for the period from continuing operations 29.12 187.92 104.71 344.94 320.52
XII Profit/(Loss) from Discontinuing operations - - - - -
XIII Tax Expenses on Discontining Operations - - - - -
XIV Profit/ (Loss) for the Period 29.12 187.92 104.71 344.94 320.52
XV Paid-up equity share capital (Face Value of the shares Rs.10 each) 692.46 692.46 692.46 692.46 692.46
XVI Reserve excluding Revaluation Reserve as per balance sheet of previous accounting year
XVII Basic & Diluted Earning Per Share (EPS) (not annualised) 0.42 2.71 1.51 4.98 4.63
XVIII Public Shareholding
- Number of Shares 19,74,892 19,74,892 19,74,892 19,74,892 19,74,892
- Percentage of Shareholding 28.52 28.52 28.52 28.52 28.52
XIX Promoters and Promoter Group Shareholding
(a) Pledged / Encumbered
Number of Shares NA NA NA NA NA
Percentage of Shares (as a % of the total shareholding of promoter and promoter group) NA NA NA NA NA
Percentage of Shares (as a% of the total share capital of the company) NA NA NA NA NA
(b) Non-encumbered
Number of Shares 49,49,708 49,49,708 49,49,708 49,49,708 49,49,708
Percentage of Shares (as a% of the total shareholding of promoter & prom group) 100 100 100 100 100
Percentage of Shares (as a % of the total share capital of the company) 71.48 71.48 71.48 71.48 71.48
50
AbhinavCapitalServicesLtd."AthenaHouse",RowHouseNo.4,RajnighandaGokuldham,Goregaon(East),Mumbai-400063
CIN:L65990MH1994PLC083603
StatementofAssetsandLiabilitiesason31stMarch,2018
ByOrderoftheBoardForAbhinavCapitalServicesLtd.
ChetanKariaChairmanDINno:00015113
Place:MumbaiDate28thMay2018
Figuresasattheendofcurrentreporting
period31.03.2018
Figuresasattheend
ofcurrentreporting
period31.03.2017
A EQUITYANDLIABILITIES
1 Shareholders'Funds:(a)ShareCapital (b)ReservesandSurplus
Sub-totals-Shareholder'sFund
2 ShareApplicationMoneyPendingAllotment
3 MinorityInterest*
4 Non-CurrentLiabilities(a)LongTermBorrowings
(b)DeferedTaxLiabilities(Net) (C)OtherLongTermLiabilities (d)LongTermProvisions Sub-totals-NoncurrentLiabilities
5 CurrentLiabilities(a)ShortTermBorrowings
(b)TradePayables
(c)OtherCurrentLiabilities
(d)ShortTermProvisions
Sub-totals-NoncurrentLiabilities
TOTAL-EQUITY&LIABILITIES
B ASSETS
NonCurrentAssets1 (a)FixedAssets
(b)Non-CurrentInvestment
(c)DeferedTaxAssets(Net)
(d)LongtermLoans&Advances
(e)OtherNon-CurrentAssets
Sub-totals-NoncurrentAssets
2 CurrentAssets
(a)CurrentInvestments(b)Inventories(c)TradeReceivables(d)Cash&CashEquivalents(e)ShorttermLoans&Advances(f)OtherCurrentAssets
Sub-totals-CurrentAssets
TOTAL-ASSETS
Particulars
(Rs.InLacs)
692.461831.60
2524.06-
-
----
-
2430.041.30391.162822.50
5346.56
4.5427.51
3.500.14
-435.66
-
-
4,497.00
40.16
373.75-
692.461486.67
2179.13-
-
----
-129.151.71351.01
481.87
2,660.99
6.08306.483.780.10-316.44
282.54-
1,703.9122.05
336.04
-
5,346.57 2,660.99
4910.91 2,344.56
51
AbhinavCapitalServicesLtd."AthenaHouse",RowHouseNo.4,RajnighandaGokuldham,Goregaon(East),Mumbai-400063
CIN:L65990MH1994PLC083603
BALANCESHEETASAT31STMARCH2018
(AmountinRs.)
RefertoNote
No.
Asat31stMarch
2018
Asat31stMarch
2017
1 Shareholders'Funds
(a)ShareCapital 1
(b)ReservesandSurplus 2
(c)MoneyReceivedAgainstShareWarrants
2 ShareApplicationMoneyPendingAllotment
3 Non-CurrentLiabilities
(a)LongTermBorrowings
(b)DeferedTaxLiabilities(Net)
(C)OtherLongTermLiabilities
(d)LongTermProvisions
4 CurrentLiabilities
(a)ShortTermBorrowings
(b)TradePayables(c)OtherCurrentLiabilities
(d)ShortTermProvisions
TotalEquity&Liabilities
NonCurrentAssets
1 (a)FixedAssets
(i)TangibleAssets 6
(ii)IntangibleAssets
(iii)Capitalworkinprogress
(iv)IntangibleassetsunderDevelopment
(b)Non-CurrentInvestment 7
(c)DeferedTaxAssets(Net) 8
(d)LongtermLoans&Advances 9
(e)OtherNon-CurrentAssets
2 CurrentAssets
(a)CurrentInvestments 10(b)Inventories
(c)TradeReceivables 11
(d)Cash&CashEquivalents 12
(e)ShorttermLoans&Advances 13
(f)OtherCurrentAssetsTotalAssets
SignificantAccountingPolicies: AtoS
NotesFormingIntegralPartoftheFinancialStatement: 1to30
ThisistheBalanceSheetreferredtoinourReportofevendate.
Particulars
Asperourreportofevendate ForSCMehra&Associates ForandonbehalfoftheBoardof FirmRegnNo.:106156W AbhinavCapitalServicesLimited CharteredAccountants
CADeepakM.Oza ChetanKaria KamleshKotak Partner DIN:00015113 DIN:00012755 MembershipNo.:045890 Chairman Director
Place:Mumbai Place:Mumbai Date:28thMay,2018 Date:28thMay,2018.
34
5
-
-
-
-
-
-
-
-
-
-
--
-
6,92,46,000
18,31,60,389
-
24,30,04,3891,30,387
3,91,15,725
53,46,56,890
4,50,910
4,27,50,771
3,50,192
14,120
44,96,99,981
40,15,870
3,73,75,045
53,46,56,890
-
-
-
-
-
-
-
-
-
-
-2,82,54,426
-
6,92,46,000
14,86,66,530
-
1,29,15,0021,71,227
3,51,00,552
26,60,99,311
6,08,329
3,06,47,550
3,77,592
10,220
17,03,91,294
22,05,454
3,36,04,446
26,60,99,311
I.EQUITYANDLIABILITIES
II.ASSETS
52
AbhinavCapitalServicesLtd."AthenaHouse",RowHouseNo.4,RajnighandaGokuldham,Goregaon(East),Mumbai-400063
CIN:L65990MH1994PLC083603
(AmountinRs.)
Sr.
No.Particulars
Referto
NoteNo.
ForYearEnded31st
March2018
ForYearEnded31st
March2017
I RevenuefromOperations 14
OtherIncome 15
Expenses:
EmployeeBenefitsExpenses 16
FinanceCosts 17
Depreciation&AmortisationExpenses 7
OtherAdministrativeExpenses 18
V Profitbeforeexceptionalandextraordinaryitemsandtax
ExceptionalItems
ProfitBeforeExtraordinaryItemsandTax
Extraordinaryitems
ProfitBeforeTax
X Taxexpense:(1)CurrentTax
(2)DeferredTaxExpenses/(Income)
Profit(Loss)fromtheperiodfromcontinuingoperations
Profit/(Loss)fromDiscontinuingoperations
TaxExpensesonDiscontiningOperations
Profit/(Loss)fromDiscontinuingoperations
Profit/(Loss)forthePeriod
EarningsPerShare:
(1)Basic 19
(2)Diluted 19
SignificantAccountingPolicies: AtoSNotesFormingIntegralPartoftheFinancialStatement: 1to30
ThisistheBalanceSheetreferredtoinourReportofevendate.
(3)Short/(Excess)ProvisionforTax
Asperourreportofevendate ForSCMehra&Associates ForandonbehalfoftheBoardof FirmRegnNo.:106156W AbhinavCapitalServicesLimited CharteredAccountants
CADeepakM.Oza ChetanKaria KamleshKotak Partner DIN:00015113 DIN:00012755 MembershipNo.:045890 Chairman Director
Place:Mumbai Place:Mumbai Date:28thMay,2018 Date:28thMay,2018
STATEMENTOFPROFIT&LOSSFORTHEYEARENDEDON31STMARCH2018
-
-
-
-
-
3,00,68,506
2,11,15,437
7,15,568
49,11,424
1,57,418
20,85,994
78,70,404
5,11,83,943
4,33,13,539
4,33,13,539
4,33,13,539
90,00,000
27,400(2,07,720)
3,44,93,859
3,44,93,859
4.98
4.98
-
-
-
-
-
2,37,11,085
2,03,36,901
7,51,600
13,50,295
2,28,905
12,48,701
35,79,501
4,40,47,986
4,04,68,485
4,04,68,485
4,04,68,485
84,00,000
16,859-
3,20,51,626
3,20,51,626
4.63
4.63
TotalRevenue(I+II)
TotalExpenses(IV)
(III-IV)
(V-VI)
(VII-VIII)
(IX-X)
(XI+XIV)
(XII-XIII)
53
CASHFLOWSTATEMENTFORTHEYEARENDEDON31stMARCH2018
Particulars YearEnded31.03.2018
YearEnded31.03.2017
(AmountinRs.)
A]CashFlowfromOperatingActivities
NetProfitbeforeTaxationandExtraordinaryactivities
Adjustmentsfor:
Contingentprovisiononstandardasset
Depreciation
Loss/(Profit)onsaleofInvestments
DividendIncome
OperatingProfitbeforeWorkingCapitalchanges
Decrease/(Increase)inSundryDebtors
Increase/(Decrease)inSundryCreditors
Increase/(Decrease)inOtherCurrentLiabilities
Increase/(Decrease)inShortTermProvisions
Decrease/(Increase)Longtermloansandadvances
Increase/(Decrease)inShortTermBorrowings
Decrease/(Increase)inLoans&Advances
CashGenerated/(Utilised)inOperations
IncomeTaxPaid
CashflowbeforeextraordinaryItems
ExtraordinaryItems
NetCashfromOperatingActivities(A)
B]CashFlowFromInvestingActivities
PurchaseofInvestments
SaleofInvestments
DividendReceived
NetCashfromInvestingActivities(B)
(C]CashFlowFromFinancingactivities
NetIncrease/(Decrease)inCashandCashEquivalents
CashandCashEquivalentsasatthebeginningoftheyear
CashandCashEquivalentsasattheendoftheyear
NetIncrease/(Decrease)inCashandCashEquivalents
6,98,272
1,57,418
(2,05,24,090)
-5,91,137
(27,93,08,687)
23,00,89,387
(40,840)
66,901
(3,900)
-
3,13,484
(50,49,12,469)
54,15,87,764
5,91,137
17,702
2,28,905
(2,01,21,114)
(2,15,787)
(70,80,811)
1,28,03,177
79,451
(4,428)
(5,00,00,000)
(4,82,137)
(22,77,49,687)
26,17,80,491
2,15,787
4,33,13,539
(2,02,59,536)
2,30,54,002
(4,88,83,655)
(2,58,29,653)
96,26,363
(3,54,56,016)
-
(3,54,56,016)
3,72,66,431
-
18,10,416
22,05,454
40,15,870
18,10,416
4,04,68,485
(2,00,90,294)
2,03,78,191
(4,46,84,748)
(2,43,06,557)
84,41,031
(3,27,47,588)
-
(3,27,47,588)
3,42,46,591
-
14,99,003
7,06,451
22,05,454
14,99,003Asperourreportofevendate ForSCMehra&Associates ForandonbehalfoftheBoardof FirmRegnNo.:106156W AbhinavCapitalServicesLimited CharteredAccountants
CADeepakM.Oza ChetanKaria KamleshKotak Partner DIN:00015113 DIN:00012755 MembershipNo.:045890 Chairman Director
Place:Mumbai Place:Mumbai Date:28thMay,2018 Date:28thMay,2018
54
AbhinavCapitalServicesLtd."AthenaHouse",RowHouseNo.4,RajnighandaGokuldham,Goregaon(East),Mumbai-400063
CIN:L65990MH1994PLC083603
NotesFormingIntegralPartoftheFinancialStatement
Note:1-ShareCapital (AmountinRs.)
Sr.No.
AsAt31stMarch2018
AsAt31stMarch2017
1
80,00,000EquitySharesofRs.10/-each
(PreviousYear80,00,000SharesofRs.10/-each) 80,000,000 80,000,000
80,000,000 80,000,000
2
69,24,600EquitySharesofRs.10/-each(PreviousYear69,24,600SharesofRs.10/-each) 69,246,000 69,246,000
69,246,000 69,246,000
Particulars
Note:1(A)-Reconciliationofno.ofSharesoutstanding: (AmountinRs.)
Number Amount
Sharesoutstandingatthebeginningoftheyeari.e.01stApril2017SharesIssuedduringtheyearSharesboughtbackduringtheyear
6,924,600 69,246,000
- -
- -
Sharesoutstandingattheendoftheyeari.e.31stMarch2018 6,924,600 69,246,000
ParticularsEquityShares
Note:2-Reserve&Surplus: (AmountinRs.)Sr.No
AsAt31stMarch2018
AsAt31stMarch2017
1 StatutoryReserve
Openingbalance 1,29,49,01464,10,325(+)AdditionduringtheYear
(-)UtilisedduringtheYear -
ClosingBalance 1,93,59,339
2 Surplus
Openingbalance 10,36,65,8903,20,51,626
-64,10,325
(+)NetProfit/(NetLoss)Forthecurrentyear(-)UtilisedduringtheYear(-)TransfertoStatutoryReserve
ClosingBalance 12,93,07,191
14,86,66,530GrandTotal
Particulars
Note:1(B)-Detailsofshareholdersholdingofmorethan5%shares
Sr.No. No.ofShares
held
%ofHolding
No.ofShares
held
%ofHolding
1,047,108
15.12% 1,047,108 15.12%
1,320,500
19.07% 1,320,500 19.07%
1,251,350
18.07% 1,251,350 18.07%
1,328,550
19.19% 1,328,550 19.19%
Asat31March2017NameofShareholder Asat31March2018
BharatH.BiyaniHUF
HardattraiB.BiyaniHUF
KailashHardattraiBiyaniHUF
VinodHardattraiBiyaniHUF
1
2
3
4
1,93,59,33968,98,772-
2,62,58,111
12,93,07,1913,44,93,859-
68,98,772
15,69,02,278
18,31,60,389
AUTHORIZEDCAPITAL
ISSUED,SUBSCRIBED&PAIDUPCAPITAL
55
SundryCreditorsforTradeSundryCreditorsforExpenses
Note:3-TradePayable (AmountinRs.)
Sr.No.
Particulars
12
AsAt31stMarch2018
AsAt31stMarch2017
24,30,04,389
-
24,30,04,389
1,28,08,052
1,06,950
1,29,15,002Total
StatutoryLiabilitiesOthersPayable
Note:4-OtherCurrentLiabilities (AmountinRs.)
Sr.No.
Particulars
12
AsAt31stMarch2018
AsAt31stMarch2017
94,387
36,000
1,30,387
52,624
1,18,603
1,71,227Total
Contingentprovisiononstandardasset
OutstandingLiabilities
ProvisionforTaxation
Note:5-ShortTermProvisions (AmountinRs.)
Sr.No.
Particulars AsAt31stMarch2018
AsAt31stMarch2017
11,24,250
91,475
3,79,00,000
3,91,15,725
4,25,978
24,574
3,46,50,000
3,51,00,552Total
1
2
3
DeferredTaxAssets
-RelatedtoFixedAssets/Depreciation
Note:8-DeferredTaxAssets (AmountinRs.)
Sr.No.
Particulars AsAt31stMarch2018
AsAt31stMarch2017
3,50,1923,77,592
Total
1
As per accounting standard (AS-22) on accounting for taxes on income issued by the Institute of Chartered
AccountantsofIndia,theprovisionforDeferredTaxIncomefortheFinancialYear2015-2016hasbeencomputedat
Rs.16,497/-(PreviousYearIncomeofRs.1,61,828/-)andisCreditedtothestatementofProfitandLoss.
TheDeferredTaxAssetsasat31stMarch2018comprisesofthefollowing:
3,50,1923,77,592
Others
Note:9-Longtermloansandadvances (AmountinRs.)
Sr.No.
Particulars AsAt31stMarch2018
AsAt31stMarch2017
14,12010,220
Total
1
14,12010,220
56
Salaries
Gratuity
StaffWelfare
Note:16-EmploymentBenefitExpenses (AmountinRs.)
Sr.No.
Particulars FortheYearEnded31stMarch2017
1
FortheperiodEnded31stMarch2018
7,13,460
-
2,108
7,15,568
7,51,600
-
-
7,51,600
InterestPaid
BankCharges
Note:17-FinanceCosts (AmountinRs.)
Sr.No.
Particulars FortheYearEnded31stMarch2017
1
FortheperiodEnded31stMarch2018
49,06,087
5,337
49,11,424
13,26,241
24,054
13,50,295
Total
Total
AdvertisementExpenses
Auditors'Remuneration[RefertoNote:19(A)]
Conveyance
Contingentprovisiononstandardasset
DematCharges
GeneralOfficeExpenses
InterestpaidondelayedTDS
InsurancePremium
ListingFees
Membership&Subscription
MiscellaneousExpenses
PortfolioManagementFees
Postage&Telegram
Printing&Stationery
ProfessionTax-SelfforCo.
ProfessionalFees
ROCFees
Registrar&TransferAgentCharges
RentRates&Taxes
SocietyCharges
TelephoneExpenses
VehicleRunningExpenses
CDSLE-voting
WaterCharges
Total
Note:18-OtherAdministrativeExpenses: (AmountinRs.)
Sr.No.
Particulars FortheYearEnded31stMarch2017
FortheperiodEnded31stMarch2018
55,721
40,000
344
6,98,272
3,133
2,330
-
26,723
2,87,500
1,607
(167)
79,327
15,508
35,410
2,500
1,38,530
3,000
83,137
3,64,981
7,980
7,863
1,62,837
11,650
57,808
20,85,994
40,932
1,10,400
191
17,702
959.46
3,044
324
28,344
2,29,748
1,334
(283)
15,026
12,535
31,471
2,500
97,950
4,800
76,378
3,60,000
7,980
7,306
1,42,342
-
57,718
12,48,701
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
57
Secured
-Outstandingformorethansixmonths
-Considergood
-Considerdoubtful
LessthanSixMonths
Unsecured
-Outstandingformorethansixmonths
-Considergood
-Considerdoubtful
-LessthanSixMonths
-Considergood
-Considerdoubtful
Note:11-TradeReceivables (AmountinRs.)
Sr.No.
Particulars AsAt31stMarch2018
AsAt31stMarch2017
1 -
-
-
16,15,50,000
-
28,81,49,981
-
44,96,99,981
-
-
-
10,96,58,329
-
6,07,32,965
-
17,03,91,294Total
CashinHand
BalancewithScheduledbanks
-inCurrentAccount
Note:12-Cash&CashEquivalents (AmountinRs.)
Sr.No.
Particulars AsAt31stMarch2018
AsAt31stMarch2017
68,580
39,47,290
40,15,870
68,780
21,36,674
22,05,454Total
1
2
Unsecured&ConsideredGood
-Loans&advancestoStaff
-AdvanceReceivable
-BalanceswithRevenueAuthorities
Note:13-ShortTermsLoansandAdvances (AmountinRs.)
Sr.No.
Particulars AsAt31stMarch2018
AsAt31stMarch2017
50,000
2,08,371
3,71,16,674
3,73,75,045
3,94,085
2,35,470
3,29,74,891
3,36,04,446Total
1
InterestIncome
Note:14-RevenuefromOperations (AmountinRs.)
Sr.No.
Particulars FortheYearEnded31stMarch2017
1
FortheperiodEnded31stMarch2018
3,00,68,506 2,37,11,085
3,00,68,506 2,37,11,085Total
58
Note:15-OtherIncome (AmountinRs.)Sr.No. Particulars FortheYearEnded
31stMarch2017FortheperiodEnded31stMarch2018
Profit/(Loss)onSaleofInvestmentsinShares/MFs
DividendIncome
Profit/(Loss)onFutures&Options
BankInterest
1 2,05,24,090
5,91,137
-
210
2,11,15,437
2,01,21,114
2,15,787
-
-
2,03,36,901Total
ForStatutoryAudit
ForTaxAudit&TaxationMatter
ForCertification&OtherMatters
Note:18(A)-AuditorsRemuneration (AmountinRs.)
Sr.No.
Particulars FortheYearEnded31stMarch2017
1
FortheperiodEnded31stMarch2018
40,000
-
-
40,000Total
34,500
11,500
64,400
1,10,400
NetProfitfortheyearattributabletoequity
shareholders(AfterTax)
WeightedaverageNo.ofEquityShares
BasicandDilutedEarningspershare(A/B)
NominalValuePerShare
Note:19-EarningsPerShare(EPS) (AmountinRs.)
Sr.No.
Particulars FortheYearEnded31stMarch2017
A
FortheperiodEnded31stMarch2018
3,44,93,859
69,24,600
4.98
10
3,21,59,954
69,24,600
4.64
10
B
CD
59
AbhinavCapitalServicesLtd."AthenaHouse",RowHouseNo.4,RajnighandaGokuldham,Goregaon(East),Mumbai-400063
CIN:L65990MH1994PLC083603
NotesFormingIntegralPartoftheFinancialStatement
ParticularsQuantity/
Units
Figuresasat31st
March2018
Quantity/
Units
Figuresasat31st
March2017
Notes7-NonCurrentinvestment AmountinRs.
4,01,8083,06,47,550
QuotedEquitySharesAlembicPharmaceuticalsLtdAmaraRajaBatteriesLtdAtulLimitedBajajFinanceLimitedBajajHoldingsAndInvestmentLtdBharatElectronicsLtd.BoschLtdCanfinHomesLtdCarborundumUniversalLtd.CastrolIndiaLtdCDSLEquityCeraSanitarywareLtdCochinShipyardsCrisilLtdEnduranceTechnologiesLtdEngineersIndiaLtdGodrejPropertiesLtd.GoodyearIndiaLtd.GodrejIndustryLtdHdfcBankLtdHi-TechPlasHondaSielPowerProductsLtdICRALtdINFOSYSTECHNOLOGIESLTD.IntenseTechnologiesLtdIonExchangeIndiaLtd.ISGECHeavyEngineeringLtd.KPRMillKarurVysyaBankLtd.KotakMahindraBankLtd.LupinLimitedMarutiSuzukiIndiaLtdMaxFinancialServicesLtdMold-TekPackagingLtdMothersonSumiSystemsLtdNeulandLaboratoriesLtdNilkamalLtdOrientPaperLtdPIIndustriesLtdPidiliteIndustriesLtdPlastiblendIndiaLtdRaneBrakeLiningLtdRaneHoldingsLtdShankaraBuildShanthiGearsLtdShardaCropchemLtdSundaramFinanceLtdSundaramFinanceHoldingLtdSuprajitEngineeringLtdSupremeIndustriesLtdTataConsultancyServicesLtdTataElxsiLtdTitanCompanyLtd.TimkenIndiaLtdV-GuardIndustriesLtd
MarketValueOfNonCurrentInvestmentasat31.03.2018isRs.4,64,02,181/-(PreviousYearMarketValueRs.5,27,70,365/-)
Total
878936604426,869
4-
2,000372180-41,27548--
7962235101---
8025,00020,000-
80-
1,592-
111334,600205-
4586,138901513,800679355-2297474403106-12273-350
51,47680,79572,00159,45884,72636,70,09394,833-
5,23,82077,46460,605-
2,33,16,92498,751--64,54076,21099,8161,26,108---75,36517,50,18365,96,838-54,422-10,83,574-67,05776,4234,92,77557,563-82,82527,39,10475,2451,11,7821,47,49754,38681,76556,447-85,1311,01,40311,66978,8881,00,787-
1,01,08266,143-44,794
1328950602825,0004222,000--
19-
4843331--2351018,50036150-25,00020,0001006225,0001,5923591334,600-650-
2,34,158551511,9005193-50,00022974-4031063661-
86376
78,10280,7951,01,23559,45851,26837,65,12594,83328,3935,23,820--45,420-98,75124,97150,611--99,8161,26,10815,07,30543,0505,75,282-17,50,18365,96,8384,72,86140,04028,04,81810,83,57452,56952,03176,4234,92,775-
5,38,122-39,24,74446,3671,11,7821,47,49733,53481,765-43,17,40685,1311,13,072-78,8881,00,78792,9121,01,082-50,25747,749
2,15,1124,27,50,771
60
NotesForm
ingIntegralPartoftheFinancialStatement:
No
te :
7 -
FIX
ED
ASSETS
Ass
ets
Rat
e o
f
De
pre
ciat
ion
As
at 1
st A
pri
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20
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s A
s at
31
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Mar
ch 2
01
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at 1
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r th
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ns
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at 3
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ch 2
01
8
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31st
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ch
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18
As
at 3
1st
Mar
ch 2
01
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Off
ice
Equ
ipm
ents
4
,97
,14
2
14
,16
,79
7
17
,55
,63
1
1,7
1,4
98
3
8,4
1,0
68
3
8,4
1,0
68
--
4
97
,14
2
1,4
16
,79
7
1,7
55
,63
1
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1,4
98
3,8
41
,06
8
3,8
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,06
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-4
,72
,28
5
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3,4
5,9
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1
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8,9
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1
,62
,92
3
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3
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24
,85
7
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,83
5
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,64
3
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,57
5
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34
2
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9,4
34
Sr.
No
.
1)
2)
3)
4)
Note:10-CurrentInvestments
AmountinRs.
PARTICULARS
Quantity/
Units
Figuresasat31st
March2017
Quantity/
Units
Figuresasat31st
March
2016
InvestmentinM
utualFund
BirlaCashPlusInst.PremGrowth
HDFCLiquid-DailyDividen
d
Mark
etValueOfQuotedCurrentInvestment
asat31.03.2018isRs.Nil/-
(PreviousYearMark
etV
alueRs.2,82,67,432/-)
1,08,297.801
53.367602,82,00,000
54,425
2
,82,54,426
Total
61
NotesFormingIntegralPartoftheFinancialStatement
20) Debtors,Creditors&LoansandAdvances:
TheDebtors,creditors&Loans&AdvancesarestatedatBookValueandthesamearesubjecttoconfirmationandreconciliation,ifany.
21) ForeignExchangeTransactions:
Thecompanyhasnotenteredintoanyforeignexchangetransactionsduringtheyear.
22) BorrowingCost:
“NIL”amountofborrowingcostiscapitalizedduringtheyear.
23) IntheopinionoftheBoard,alltheCurrentAssets,LoansandAdvancesareapproximatelyofthevaluesstated,ifrealizedintheordinarycourseofbusiness.
24) RelatedPartyDisclosure:
DisclosureinrespectofRelatedPartiespursuanttoAccountingStandard–18
ListofRelatedparties:KeyManagementPersons
ChetanKaria,Chairman
KamleshKotak,Director
GirishDesai,Director
GayatriSonavane,Director
RelatedPartiesTransactionsduringtheyear:NIL
25) ThereisonlyonesegmentasrequiredbyAccountingStandard17andaccordinglythefiguresstatedinthebalancesheetandprofitandlossaccountpertainstosegmentresultsonly.Hencethesamearenotreportedseparately.
26) ImpairmentofAssets:
Thereisonlyoneclassofasseti.e.OfficeEquipments.
Theamountofimpairmentlossesrecognizedinthestatementofprofitandlossduringthe period and the line item(s) of the statement of profit and loss in which thoseimpairmentlossesareincluded:
Theamountofreversalsofimpairmentlossesrecognizedinthestatementofprofitandlossduringtheperiodandthelineitem(s)ofthestatementofprofitandlossinwhichthoseimpairmentlossesarereversed:
Theamountofimpairmentlossesrecognizeddirectlyagainstrevaluationsurplusduringtheperiod:
Theamountofreversalsofimpairmentlossesrecognizeddirectlyinrevaluationsurplusduringtheperiod:
NIL
NIL
NIL
NIL
62
Break-up of Loans and Advances including bills receivables[otherthanthoseincludedin(4)below]:
Particulars AmountOutstanding
3)
(a) Secured
(b) Unsecured(allloansandadvances)
NIL
44,96,99,981/-
BreakupofLeasedAssetsandstockonhireandotherassetscountingtowardsAFCactivities
4)
(I) Leaseassetsincludingleaserentalsundersundrydebtors:
(a) Financiallease
(b) Operatinglease
(ii) Stockonhireincludinghirechargesundersundrydebtors:
(a) Assetsonhire
(b) RepossessedAssets
NIL
NIL
NIL
NIL
AssetsSide
27) ContingentLiabilitiesandCapitalandOtherCommitments:
TherearenoContingentLiabilitiesandoutstandingcapitalandothercommitments.
28) TheCompanyhasnotappointedcompanysecretarythroughouttheyearunderreview,accordingtotheprovision of section 203 of the Companies Act, 2013 read with Companies (Appointment andRemunerationofManagerialPersonnel)Rules,2014duetotheunavailabilityofCompanySecretary. TheCompanyhaswrittena letter to the InstituteofCompanySecretariesof India forgiving thenamesofsuitablecandidateforappointmentofCompanySecretaryofIndia.Howevercompanyhascontinuedtoavailservicesofpracticingcompanysecretary.
29) DisclosureofdetailsasrequiredbyRevisedPara13ofNonBankingFinancialCompaniesPrudentialNorms(ReserveBank)Directions,2007,earlierPara9BBofNonBankingFinancialCompaniesPrudentialNorms(ReserveBank)Directions,1998:
AmountinRs.
Particulars
Loans and advances availed by the non- banking financialcompanyinclusiveofinterestaccruedthereonbutnotpaid:
LiabilitiesSide
AmountOutstanding
AmountOverdue
Debentures :Secured
:Unsecured
(otherthanfallingwithinthemeaningofpublicdeposits)
DeferredCredits
TermLoans
Inter-corporateloansandborrowing
CommercialPaper
OtherLoans
1)
(a)
(b)
(c)
(d)
(e)
(f)
NIL
NIL
NIL
NIL
NIL
NIL
NIL
NIL
NIL
NIL
NIL
NIL
NIL
NIL
63
Break-upofInvestmentsCurrentInvestments
4)
1. Quoted
(i) Shares (a) Equity (b) Preference
(ii) DebenturesandBonds.
(iii) Unitsofmutualfunds
(iv) GovernmentSecurities
(v) Others(pleasespecify)
2. Unquoted (i) Shares (a) Equity (b) Preference (ii) DebenturesandBonds (iii) Unitsofmutualfunds (iv) GovernmentSecurities (v) Others(pleasespecify)
LongTerminvestments
1. Quoted (i) Shares (a) Equity (b) Preference (ii) DebenturesandBonds (iii) Unitsofmutualfunds (iv) GovernmentSecurities (v) Others(pleasespecify)
2. Unquoted (i) Shares (a) Equity (b) Preference (ii) DebenturesandBonds (iii) Unitsofmutualfunds (iv) GovernmentSecurities (v) Others(pleasespecify)
TOTAL
NIL
NIL
NIL
NIL
NIL
NIL
NIL
NIL
NILNILNILNILNILNIL
4,27,50,771/-NILNILNILNILNIL
NILNILNILNILNILNIL
4,27,50,771/-
(iii) OtherloanscountingtowardsAFCactivities
(a) Loanswhereassetshavebeenrepossessed
(b) Loansotherthan(a)above
Borrowergroup-wiseclassificationofassetsfinancedasin(3)and(4)above:PleaseseeNote2below
5)
Category
1. RelatedParties
(a) Subsidiaries
(b) Companiesinthesamegroup
(c) Otherrelatedparties
2. Otherthanrelatedparties
Total
AmountNetofProvisionsSecured Unsecured Total
NIL
NIL
NIL
NIL
NIL
NIL
NIL
NIL
44,96,99,981/-
44,96,99,981/-
NIL
NIL
NIL
44,96,99,981/-
44,96,99,981/-
64
Investor group-wise classification of all investments (current and long term) in shares andsecurities(bothquotedandunquoted)
6)
1. RelatedParties
(a) Subsidiaries
(b) Companiesinthesamegroup
(c) Otherrelatedparties
2. Otherthanrelatedparties
Total
MarketValue/BreakuporfairvalueorNAV
BookValue(NetofProvisions)
Category
NIL
NIL
NIL
4,64,02,181/-
4,64,02,181/-
NIL
NIL
NIL
4,64,02,181/-
4,64,02,181/-
OtherInformation7)
Particulars Amount
(I GrossNon-PerformingAssets (a) Relatedparties (b) Otherthanrelatedparties
(ii) NetNon-PerformingAssets (a) Relatedparties (b) Otherthanrelatedparties
(iii) Assetsacquiredinsatisfactionofdebt
NIL
NIL
NIL
NIL
NIL
65
AllAccountingStandardsandGuidanceNotesissuedbyICAIareapplicableincludingforvaluationofinvestmentsand other assets as also assets acquired in satisfaction of debt. However,market value in respect of quotedinvestmentsandbreakup/fairvalue/NAVinrespectofunquotedinvestmentsshouldbedisclosedirrespectiveofwhethertheyareclassifiedaslongtermorcurrentin(4)above.
30) The day-to-day operations of the company are closely supervised by the Board of Directors and nosignificantdeficienciesormaterialweaknesshasbeenobservedintheoperationandFinancialControlandprocesses of the company. However, the company is in process of documenting an Internal ControlframeworkmechanismcommensuratewiththesizeoftheCompanyandnatureofitsactivities.
31) Previousyear's figureshavebeenregrouped/reclassifiedwherevernecessarytocorrespondwiththecurrentyear'sclassifications/disclosures.
SIGNIFICANTACCOUNTINGPOLICIES:
A. CorporateInformation:
AbhinavCapitalServicesLimited ispublic limitedcompanydomiciled in Indiaand incorporatedunder theprovisionoftheCompaniesAct,2013.TheCompanyisaNonDepositAcceptingNon-BankingFinanceCompanyorNBFC-ND-NSIregisteredwithReserveBankofIndia(RBI)videregistrationno.13.00685.TheCompanyisengagedinthebusinessoffinancingofLoans.
B. BasisofPreparationofFinancialStatements:
The financial Statements of the company have been prepared in accordance with the generally acceptedaccountingprinciplesinIndia(IndianGAAP).TheCompanyhaspreparedthesefinancialstatementstocomplyinallmaterialsrespectsunderthehistoricalcostbasisandontheprinciplesofagoingconcernandalsoinaccordance with the standards on accounting issued by Institute of Chartered Accountants of India andprovisionsoftheCompaniesAct,2013,unlessspecificallystatedtobeotherwise.
Allassetsandliabilitieshavebeenclassifiedascurrentandnon–currentaspertheCompany'snormaloperatingcycleandothercriteriasetoutintheScheduleIIIoftheCompaniesAct,2013.Basedonthenatureofservicesandtheirrealizationincashandcashequivalents,theCompanyhasascertaineditsoperatingcycleas12monthsforthepurposeofCurrentandnoncurrentclassificationofassetsandliabilities.
Further,theCompanyfollowsprudentialnormsforIncomeRecognition,assetsclassificationandprovisioningforNon-performingassetsaswellascontingencyprovisionforStandardassetsasprescribedbyTheReserveBankofIndia(RBI)forNon-BankingFinancialCompanies.TheaccountingstandardsarefollowedinsofarastheyarenotinconsistentwiththePrudentialNormsprescribedbyReserveBankofIndia(RBI).
Accounting policies, unless specifically stated to be otherwise, are consistent and are in accordance withgenerallyacceptedaccountingprinciples.
C. UseofEstimation:
Thepreparationof financialstatements isconformitywithIndianGAAPrequiresthemanagementtomakejudgments, estimates and assumptions that affect the reported amounts of revenues, expenses, assets andliabilities and the disclosures of contingent liabilities, at the end of the reporting period. Although theseestimatesarebasedonthemanagement'sbestknowledgeofcurrenteventsandactions,uncertaintyabouttheseassumptionsandestimatescouldresultintheoutcomesrequiringamaterialadjustmenttothecarryingamountofassetsorliabilitiesinthefutureperiods.
D. TangibleandIntangibleFixedAssetsandDepreciations:
TheFixedassetsarestatedatcost,netofaccumulateddepreciationandimpairmentlosses,ifany.Costcomprisesthepurchasepriceandanyattributablecostofbringingtheassettoitsworkingconditionforitsintendedtouse.
Subsequentexpenditurerelatedtoanitemoffixedassetsisaddedtoitsbookvalueonlyifitincreasesthefuturebenefitsfromtheexistingassetsbeyonditspreviouslyassessedstandardofperformance.Allotherexpensesonexistingfixedassets,includingdaytodayrepair&maintenanceexpendituresandcostofreplacingparts,arechargedtothestatementofprofit&lossfortheperiodduringwhichsuchexpensesareincurred.
Gainsor lossesarising fromde-recognitionof fixedassetsaremeasuredas thedifferencebetween thenetdisposalproceedsandcarryingamountoftheassetsandarerecognizedinthestatementofprofit&losswhenassetsisderecognized.
E. Depreciationandamortization:
Depreciationandamortizationonfixedassetsiscalculatedonwrittendownvalue(WDV)oftheassetsbasedonuseful life of the assets prescribed under Schedule II to the Companies Act, 2013 and estimated by themanagement.InrespectofadditionstoFixedAssetstheDepreciationandamortizationisprovidedonproratabasis for the year. The company has used the following useful life and rates to provide depreciation andamortizationonitsfixedassets:
66
F. ImpairmentofAssets:
Thecompanyassessesateachreportingdatewhetherthereisanindicationthatanassetmaybeimpaired.Ifanyindicationexists,orwhenannualimpairmenttestingforanassetisrequired,thecompanyestimatestheasset'srecoverableamount.AnAsset'srecoverableamountisthehigherofanasset'snetsellingpriceanditsvalueinuse.Therecoverableamountisdeterminedforanindividualasset,unlesstheassetdoesnotgeneratecashinflowsthatarelargelyindependentofthosefromotherassetsorgroupsofassets.Wherethecarryingamountofanassetexceedsitsrecoverableamount,theassetisconsideredimpairedandiswrittendowntoitsrecoverableamount.Inassessingvalueinuse,theestimatedfuturecashflowsarediscountedtotheirpresentvalueusingapre-taxdiscountratethatreflectscurrentmarketassessmentsofthetimevalueofmoneyandtherisksspecifictotheassets.Indeterminingnetsellingprice,recentmarkettransactionsaretakenintoaccount,ifavailable.Ifnosuchtransactionscanbeidentified,anappropriatevaluationmodelisused.Afterimpairment,depreciationisprovidedonrevisedcarryingamountoftheassetsitsremainingusefullife.
AnAssessmentismadeateachreportingdateastowhetherthereisanyindicationthatpreviouslyrecognizedimpairment lossesmay no longer exist ormay have decreased. If such identification exists, the companyestimatestheasset'srecoverableamount.Apreviouslyrecognizedimpairmentlossisreversedonlyiftherehasbeenachangeinassumptionsusedtodeterminetheasset'srecoverableamountsincethelastimpairmentlosswasrecognized.Thereversalislimitedsothatthecarryingamountoftheassetdoesnotexceeditsrecoverableamount, nor exceeds the carrying amount that would have been determined, net of depreciation, has noimpairmentlossbeenrecognizedfortheassetsinprioryears.Suchreversalisrecognizedinthestatementofprofit&lossunlesstheassetiscarriedatrevaluedamount,inwhichcasethereversalistreatedasrevaluationincrease.
G. Provisioning/Writtenoffofassets:
Non-performing loans are written / provided for, as permanagement estimates, subject to theminimumprovision required as per Non Systemically Important Non-Banking Financial (Non Deposit Accepting orHolding)CompaniesprudentialNorms(ReserveBank)Directions,2015.
Provisionagainstloans&advances:
Provisiononstandardassetsi.e.loansandadvancesaremadeat0.25%.
H. Investment:
Investments,whicharereadilyrealizableandintendedtobeheldfornotmorethanyearfromthedateonwhichsuch investments are made, are classified as current investment in accordance with RBI guidelines andaccountingstandard13on“AccountingforInvestments”issuedbytheInstituteofCharteredAccountantsofIndiaasnotifiedundertheCompanies(AccountingStandards)Rules,2006.Alltheinvestmentsareclassifiedaslongterm(NonCurrent)investments.
OnInitialrecognition,allinvestmentsaremeasuredatCost.Thecostcomprisespurchasepricesanddirectlyattributable acquisition charges such as brokerage, fees andduties. If an investment is acquired, or partly
Sr.No. ClassificationofAssets EstimatedUsefulLife(inyears)
RatesofDepreciation/Amortization
1
2
3
4
Computer&Software
Furniture&Fixtures
MotorCars/Vehicles
OfficeEquipments
3Years
10Years
8Years
5Years
63.16%
25.89%
31.23%
45.07%
67
acquired,bytheissueofsharesorothersecurities,theacquisitioncostisthefairvalueofthesecuritiesissued.
Currentinvestmentsarecarriedinthefinancialstatementsatlowerofcostandfairvaluedeterminedonanindividualinvestmentbasis,Longterminvestmentsarecarriedatcost.Howeverprovisionfordiminutioninvalueismadetorecognizeadeclineotherthantemporaryinthemarketvalue(Realisablevalue)ofinvestments.MarketValueofQuotedInvestmentsisvaluedatclosingpriceofBombayStockExchange.
Ondisposalofaninvestment,thedifferencebetweenitscarryingamountandnetdisposalproceedsischargedorcreditedtostatementofprofit&loss.
I. InventoryValuation:
Inventoryofsharesandsecuritiesarevaluedon first in firstoutbasisat lowerofcostormarketvalueonIndividualscrip-by-scripbasis.
J. BorrowingCost:
Borrowing cost (if any) that are directly attributable to the acquisition, construction or production of aqualifyingassetarecapitalizedaspartofthecostofsuchassetsuptodatewhensuchassetsarereadyforintendeduse.Theamountsofotherborrowingcosts(ifany)arechargedtostatementofprofitandlossintheperiodinwhichtheyareincurred.
K. RecognitionofIncomeandExpenditure:
Incomeandexpensesisaccountedonaccrualbasis.
(i) Incomesincludinginterest/discountoranyotherchargesonNon-PerformingAssetsarerecognisedonlywhenit isactuallyrealised.Anysuchincomerecognisedbeforetheassetbecamenon-performingandremainingunrealisedarereversed.
(ii) Incomefromdividendonsharesofcorporatebodiesandunitsofmutualfundsaretakenintoaccountoncashbasis.Theincomefromdividendonsharesofcorporatebodiesaretakenintoaccountonaccrualbasiswhen such dividend has been declared by the corporate body in its annual generalmeeting and thecompany'srighttoreceivepaymentisestablished.
(iii) AccountingforEquityIndex/StockFuture:
(a) Gainsarerecognizedonlyonsettlement/expiryofthederivativeinstruments.
(b) Allopenpositionsaremarkedtomarketandtheunrealizedlossisnettedonascripwisebasis.Marktomarketgains,ifany,arenotrecognized.
(c) Debit/creditbalanceonopenpositionsareshownascurrentassets/currentliabilities,asthecasemaybe.
(iv) Otherrevenueisrecognizedonaccrualbasisandnosignificantuncertaintyexistsastoitsrealizationorcollection.
(v) Profit/(Loss)earnedonsaleofinvestmentsisrecognizedontradedatebasis.Profit/(Loss)onsaleofinvestmentisdeterminedbasedonthe“FirstinFirstout(FIFO)”costofinvestment.
L. TaxesonIncome:
Taxexpensescomprisesofcurrentanddeferredtax
(i) CurrentTax:CurrentIncomeTaxismeasuredattheamountexpectedtobepaidtotaxauthorityinaccordancewiththeIncomeTaxAct,1961.Thetaxratesandtaxlawsusedtocomputetheamountarethosethatareenactedorsubstantivelyenacted,atthereportingdate.
(ii) Deferred Tax Provision: Deferred Tax is recognized on timing differences being the differencesbetweentaxable incomesandaccounting incomethatoriginate inoneperiodandarecapableofreversal inoneormoresubsequentperiod(s). Thedeferred taxasset is recognizedandcarriedforwardonlytotheextentthatthereisareasonablecertaintythattheassetwillberealizedinfuture.
68
M. RetirementBenefits:
Sinceitisnotpossibletoascertainwithreasonablecertaintythequantumofretirementbenefits,thesameareaccountedforonactualpaymentbasis.
N. ForeignExchangeTransactions:
ForeignExchangetransactions(ifany)arerecordedusingtheexchangeratesprevailingonthedatesoftherespectivetransactions.Exchangedifferencesarisingonforeignexchangetransactionssettledduringtheyeararerecognisedintheprofitandlossaccount.
Monetaryassets and liabilities (if any)denominated in foreign currenciesas at thebalance sheetdatearetranslatedatyearendrates. Theresultantexchangedifferencesarealso recognized in theprofitand lossaccount.
O. ResearchandDevelopment:
RevenueExpenditureonresearchanddevelopment(ifany)ischargedtoprofitandlossaccountintheyearinwhichitisincurred. CapitalExpenditure,ifany,onresearchanddevelopmentinincludedinadditiontofixedassets.
P. Leases:
Leases,wherethelessoreffectivelyretainssubstantiallyalltherisksandbenefitsofownershipoftheleaseditem,areclassifiedasoperatingleases.OperatingLeasepaymentsarerecognizedasexpensesinthestatementofProfitandLossovertheleaseterm.
Q. EarningPershare:
BasicEarningPerShareiscalculatedbydividingtheNetProfitorLossfortheperiodattributabletoequityshareholders(afterdeductingandattributabletaxes)byWeightedAverageNoofEquitySharesoutstandingduringtheyear.
ForthepurposeofcalculatingDilutedEarningPerShare,theProfitorLossfortheperiodattributabletoequityshareholdersandtheWeightedAverageNoofSharesoutstandingduringtheyearareadjustedfortheeffectsofalldilutivepotentialequityshares.
R. CashandCashEquivalents:
CashandCashEquivalentsforthepurposeofcashflowstatementcomprisecashatbankandonhand,fixeddepositandshorttermhighlyliquidateinvestmentwithanoriginalmaturityof3monthsorlessarereadilyconvertibleintoknownamountofcashandwhicharesubjecttoinsignificantriskofchangeinvalue.CashandCashEquivalentdoesnotincludefixeddepositwhichislienmarkedagainstborrowing.
S. ContingentLiabilitiesandProvisions:
Theprovisionisrecognizedwhenthecompanyhasapresentobligationasaresultofpastevent,itisprobablethatanoutflowofresourceswillberequiredtosettletheobligation,inrespectofwhicharereliableestimatecanbemadeoftheamountofobligation.Provisionsarediscountedtoitspresentvalueandaredeterminedbasedonbestestimaterequiredtosettletheobligationatthereportingdate.Thesearereviewedateachreportingdateandadjustedtoreflectcurrentbestestimate.
Acontingentliabilityispossibleobligationthatarisesfrompasteventswhoseexistencewillbeconfirmedbyoccurrenceornonoccurrenceofoneormoreuncertainfutureeventsbeyondthecontrolofthecompanyorpresentobligationthatisnotrecognizedbecauseitisnotprobablethatanoutflowofresourceswillberequiredtosettletheobligation.Acontingentliabilityalsoarisesinextremelyrarecaseswherethereisaliabilitythatcannotberecognizedbecauseitcannotbemeasuredreliably.Thecompanydoesnotrecognizeacontingentliabilitybutdisclosesitsexistenceinthefinancialstatement.
69
PROXYFORM
MGT-11[Pursuanttosection105(6)oftheCompaniesAct,2013andrule19(3)ofthe
Companies(ManagementandAdministration)Rules,2014]
AbhinavCapitalServicesLimitedHEADOFFICE:AthenaHouse,RowHouseNo.4,Rajnigandha,Gokuldham,Goregaon(East),
Mumbai-400063,Maharashtra,India.
NameofMember(s)
RegisteredAddress
Email-Id
FolioNo./ClientID DPID
I/We,beingthemember(s)ofsharesoftheabovenamedcompany,herebyappoint.
1. of havingE-mailId: orfailinghim
2. of havingE-mailId: orfailinghim
3. of havingE-mailId: orfailinghim
asmy/ourproxytoattendandvote(onapoll)forme/usandonmy/ourbehalfattheoftheAGMoftheCompany,to
beheldonwednesday,the26thSeptember,2018at11:00AMattheRegisteredOfficeoftheCompanyatAthena
House,RowHouseNo.4,Rajnigandha,Gokuldham,Goregaon(East),Mumbai-400063,Maharashtra,India,andat
anyadjournmentthereofinrespectofsuchresolutionasareindicatedbelow:
ItemNo. Resolution
Itemno.1:-Adoptionoffinancialstatements
Itemno.2:-AppointmentofMr.ChetanRasikKariaasadirectorliabletoretirebyrotation
Itemno.3:-Ratificationofappointmentofauditor
Itemno.4:-ChangeinObjectClauseofMemorandumofAssociation
Itemno.5:-AdoptionofArticlesofAssociationasperCompaniesAct,2013
1.
2.
3.
4.
5.
Signedthisdayof2018.
SignatureofProxyHolder(s) SignatureofShareholder
AffixRevenueStamp
Note:ThisformofproxyinordertobeeffectiveshouldbedulycompletedanddepositedattheRegisteredofficeof
theCompany,notlessthan48hoursbeforethecommencementoftheMeeting.
70
AttendanceSlip
AGMoftheCompanyheldonat
Regd.FolioNo. /DPID ClientID/Ben.A/C No.ofsharesheld
Name:
Address:
IcertifythatIamaregisteredshareholder/proxyfortheregisteredShareholderoftheCompanyandhereby
recordmypresenceattheAGMoftheCompanytobeheldonWednesday,the26thSeptember,2018at11:00am
at the Registered Office of the Company at Athena House, Row House No. 4, Rajnigandha, Gokuldham,
Goregaon(East),Mumbai-400063,Maharashtra,India.
Member's/Proxy'snameinBlockLettersMember's/Proxy'sSignature
Note:Pleasefillthisattendanceslipandhanditoverattheentranceofthehall.
71
FORMNO.MGT-12
PollingPaper[Pursuanttosection109(5)oftheCompaniesAct,2013andrule21(1)(c)ofthe
Companies(ManagementandAdministration)Rules,2014]
AbhinavCapitalServicesLimitedRegisteredoffice:AthenaHouse,RowHouseNo.4,Rajnigandha,Gokuldham,
Goregaon(East),Mumbai-400063,Maharashtra,India.
NameoftheFirstnamedShareholder(inblockletters)
Postaladdress
RegisteredfolioNo./*ClientIDNo.(Applicabletoinvestorsholdingsharesindematerializedform)
ClassofShare
IherebyexercisemyvoteinrespectofOrdinary/Specialresolutionenumeratedbelowbyrecordingmyassentor
dissenttothesaidresolutioninthefollowingmanner:
Place:
Date:
BALLOTPAPER
Sl.No. Particulars Details
1
2
3
4
Adoptionoffinancialstatements
Appointment ofMr. Chetan Rasik Karia as a directorliabletoretirebyrotation
Ratificationofappointmentofauditor
ChangeinObjectClauseofMemorandumofAssociation
AdoptionofArticlesofAssociationasperCompaniesAct,2013
ItemNo. Resolution DissentAssent
No.ofSharesheldbyme
1
2
3
4
5
(SignatureoftheShareholder)
72