To The Members
Vedant Asset Limited
(Formally known as Vedant Asset Private Limited)
Your Directors have pleasure in presenting the Annual Report of the company together
with the Audited Statements of Accounts for the Financial Year ended 31st
March, 2024.
1. FINANCIAL PERFORMANCE:
The company's financial performance for the year ended March 31, 2024 is summarized
below. The Board's Report is prepared based on the standalone financial statements of the
company. The table below summaries the financial position of the company under the broad
headings for the last two years.
Financial Summary of the Company
|
Standalone Financials |
| Particulars |
2023-24 (Rs in Lakhs) |
2022-23 (Rs in Lakhs) |
| 1. Revenue from Operation |
253.84 |
196.83 |
| 2. Other Income |
55.90 |
19.81 |
| Total Income |
309.74 |
216.64 |
| 4. Finance Expenses |
0.00 |
0.00 |
| 5. Other Expenses |
270.90 |
172.38 |
| 6. Depreciation Expenses |
07.08 |
07.63 |
| Total Expenses |
277.98 |
180.01 |
| 7. Profit before Tax |
31.76 |
36.63 |
| 8. Current Tax |
7.02 |
8.94 |
| 9. Deferred Tax |
1.24 |
1.34 |
| 10. Profit after Tax |
23.50 |
26.35 |
2. BUSINESS OPERATIONS:
The Company has reported total revenue (including other income) of 309.74 Lakhs for the
current year as compared to 216.64 Lakhs in the previous year. The Net Profit after tax
for the year amounted to 23.50 Lakhs in the current year as compared to Profit of 26.35
Lakhs in the previous year. The total revenue is increased by 93.10 Lakhs as compared with
the previous year.
3. DIVIDEND AND RESERVES:
The Board of Directors' do not recommend any dividend for the year under review and the
profit of the company amounting to Rs. 23.50 Lakhs is transferred to the reserves.
4. CHANGE IN THE NATURE OF BUSINESS:
There is no change in the nature of business of company during the year under review.
5. MAJOR EVENTS DURING THE F.Y.2023-24:
The company entered into an agreement with Bank of India for Business Correspondence
Services on PAN India basis. The company has opened 22 CSP points in the state of Odisha
as a part of this agreement.
6. MATERIAL CHANGES BETWEEN THE DATE OF BOARD REPORT AND END OF FINANCIAL YEAR:
There have been no material changes and commitments, affecting the financial position
of the Company which have occurred between the end of the financial year of the Company to
which the financial statements relate and the date of the report.
7. SHARE CAPITAL:
The paid up share capital of the company as on 31st March 2024 is Rs.
2,76,16,000/- consisting of 27,61,600 fully equity shares of Rs. 10/- each.
8. ANNUAL RETURN:
Pursuant to Section 92(3) of the Companies Act, 2013 read with Rule 12 of the Companies
(Management and Administration) Rules, 2014, a copy of the Annual Return of the Company
for Financial Year 2023-24 prepared in accordance with Section 92(1) of the Act. The same
will be placed on the website of the company at www.vedantasset.com
9. DIRECTORS AND KEY MANAGERIAL PERSONNEL:
The Board is properly constituted as per the provisions of the Companies Act, 2013. The
Board at present comprises of:
| Name |
Designation |
Date of Appointment |
| 1. Mr. Lallit Tripathi |
Chairman & Managing Director |
Originally Appointed as Director w.e.f. July 07, 2015. Further, Change in designation
as Chairman & Managing Director w.e.f. August 25, 2022. |
| 2. Mrs. Rama Tripathi |
Whole Time Director |
Originally Appointed as Non-Executive Director w.e.f. November 30, 2021. Further,
Change in designation as Whole Time Director w.e.f. August 25, 2022. |
| 3. Mrs. Priyanka Maheshwari |
Non-Executive Director |
Originally Appointed as Director w.e.f. July 07, 2015. Further, Change in designation
as Non- Executive Director w.e.f. August 29, 2022. |
| 4. Mr. Gautam Jain |
Independent Director |
25.08.2022 |
| 5. Mr. Gaurav Bagroy |
Independent Director |
25.08.2022 |
| 6. Mrs. Sradha Sengupta |
Chief Financial Officer |
05.09.2022 |
| 7. Mr. Shobhan Gupta |
Company Secretary & Compliance Officer |
05.09.2022 |
10. NUMBER OF BOARD MEETINGS CONDUCTED DURING THE YEAR:
During the year under review, 6 (SIX) board meetings were held. The intervening gap
between the Meetings was within the period prescribed under the Companies Act, 2013
(the "Act"). Required quorum was present throughout each meeting as per the
requirement of the said Act, the details of Board meetings are given below:
| Date of Board Meeting |
Members Present |
|
Lallit Tripathi |
Rama Tripathi |
Priyanka Maheshwari |
Gautam Jain |
Gaurav Bagroy |
| 1. 29-05-2023 |
Yes |
Yes |
Yes |
Yes |
Yes |
| 2. 01-09-2023 |
Yes |
Yes |
Yes |
Yes |
Yes |
| 3. 04-09-2023 |
Yes |
Yes |
Yes |
Yes |
Yes |
| 4. 10-11-2023 |
Yes |
Yes |
Yes |
Yes |
Yes |
| 5. 13-01-2024 |
Yes |
Yes |
Yes |
Yes |
Yes |
| 6. 08-03-2024 |
Yes |
Yes |
Yes |
Yes |
Yes |
11. SHAREHOLDER'S MEETING:
During the year under audit, 1 (ONE) meetings of shareholders were convened.
Details of the meeting are given below:
| General Meeting Date |
Business Transacted in the Meeting |
Type of Meeting |
| 1. 28.09.2023 |
Adoption of Annual Accounts and |
Annual General |
|
Boards report thereof |
Meeting |
12. DECLARATION OF THE INDEPENDENT DIRECTORS:
The Company has obtained the declaration from its Independent Directors (during the
F.Y. 2023-24) under Section 149(6) of the Companies Act 2013 and Rule 4 of the Companies
(Appointment and Qualification of Directors) Rules, 2014.
13. DETAILS OF SUBSIDIARY/JOINT VENTURE/ASSOCIATE COMPANY:
The Company has a wholly owned subsidiary in the name of M/s Kartik Credit Private
Limited as on 31.03.2024.
14. ANNUAL EVALUATION OF PERFORMANCE OF THE BOARD:
Pursuant to the provisions of the Companies Act, 2013, the Board has carried out an
annual evaluation of the board itself and individual directors. The company has devised a
questionnaire to evaluate the performances of each director. The evaluation was done after
taking into consideration inputs received from the Directors, setting out parameters of
evaluation. Evaluation parameters of the Board were mainly based on Disclosure of
Information, Key functions of the Board, Responsibilities of the Board.
15. DIRECTORS' RESPONSIBILITY STATEMENT:
In pursuance of section 134(3)(c) read with Section 134 (5) of the Companies Act 2013,
which requires inclusion of Director Responsibility Statement, yours Director hereby
certify that: -
a) In the preparation of the annual accounts for the year ended 31st March,
2024, the Company has followed the applicable accounting standards and there are no
material departures from the same. b) Accounting policies were adopted and applied
consistently, and the judgements and estimates that have been made are reasonable and
prudent so as to give a true and fair view of the state of affairs of the company as at 31st
March 2024 and of the profit of the company for year ended on that date.
c) Proper and sufficient care has been taken for the maintenance of adequate accounting
records in accordance with the provisions of the Act for safeguarding the assets of the
company and for preventing and detecting fraud and other irregularities.
d) Annual accounts have been prepared on a going concern basis.
e) They have laid down internal financial controls to be followed by the company and
such internal financial controls are adequate and operating effectively.
f) There is a proper system to ensure compliance with the provisions of all applicable
laws and that such systems were adequate and operating effectively.
16. CORPORATE GOVERNANCE:
The terms of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
exempts companies which have listed their specified securities on SME Exchange from
compliance with corporate governance provisions. Since the equity share capital of your
Company is listed exclusively on the SME Platform of BSE, the Company is exempted from
compliance with Corporate Governance requirements, and accordingly the reporting
requirements like Corporate Governance Report, Business Responsibility Report etc. are not
applicable to the Company. However, the Company is in compliance with provisions of
Corporate Governance mentioned in the Companies Act, 2013 to the extent applicable.
17. MANAGEMENT DISCUSSION AND ANALYSIS REPORT:
Management discussion and analysis report is presented in the separate section and
forms an integral part of the Directors' Report.
18. DIRECTOR'S APPOINTEMNT REMUNERATION AND NOMINATION POLICY:
The Company, has constituted an Audit Committee, Nomination and Remuneration Committee
and Stakeholders' Relationship Committee under Section 178(1) of the Companies Act, 2013
and Rule 6 of the Companies (Meetings of Board and its Powers) Rules, 2014 and
Stakeholders Relationship Committee under Section 178(5) of the Companies Act, 2013.
THE COMMITTEE's CONSTITUTED BY THE COMPANY ARE AS FOLLOWS:
The members of the Audit Committee are as follows:
| Name of the Director |
Status in Committee |
Nature of Directorship |
No. of meetings held |
No. of meetings attended |
| Mr. Gautam Jain |
Chairman |
Independent Director |
4 |
4 |
| Mr. Gaurav Bagroy |
Member |
Independent Director |
4 |
4 |
| Mr. Lallit Tripathi |
Member |
Chairman & Managing Director |
4 |
4 |
The Company Secretary acted as the Secretary of the Meetings of the Audit Committee.
The members of the Nomination and Remuneration Committee are as follows:
Name of the Status in Nature of No. of No. of Director Committee Directorship
meetings meetings held attended
Mr. Gaurav Bagroy Chairman Independent Director 2 2 Mr. Gautam Jain Member Independent
Director 2 2 Mrs. Priyanka Member Non- Executive 2 2 Maheshwari Director
The members of the Stakeholders Relationship Committee are as follows:
| Name of the Director |
Status in Committee |
Nature of Directorship |
No. of meetings held |
No. of meetings attended |
| Mr. Lallit Tripathi |
Chairman |
Chairman & Managing Director |
1 |
1 |
| Mr. Gaurav Bagroy |
Member |
Independent Director |
1 |
1 |
| Mrs. Priyanka Maheshwari |
Member |
Non- Executive Director |
1 |
1 |
19. PARTCULARS OF LOANS, GUARANTEES OR INVESTMENTS UNDER SECTION 186 OF THE COMPANIES
ACT, 2013:
The details of Loans given, guarantees given, investments made and securities provided
under the Section 186 of the Companies Act, 2013 have been provided in the notes to the
Financial Statements.
20. PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH REALTED PARTIES:
All contracts / arrangements / transactions entered by the Company during the financial
year with related parties were in the ordinary course of business and on an arm's length
basis. There are no significant related party transactions made by the Company with
Promoters, Directors, Key Managerial Personnel or other designated persons which may have
a potential conflict with the interest of the Company at large. Attention of the members
is drawn to the disclosures of transactions with the related parties is set out in Notes
to Accounts forming part of the financial statement.
21. MATERIAL CHANGES & COMMITMENT:
No material changes and commitments affecting the financial position of the company
occurred during the year and between the end of financial year to which these financial
statements relate and on the date of this report.
22. DETAILS OF APPLICATION MADE OR ANY PROCEEDING PENDING UNDER THE INSOLVENCY AND
BANKRUPTCY CODE, 2016:
There is no application made by or against the company and there are no proceedings
pending under the Insolvency and Bankruptcy Code, 2016 (31 of 2016) during the year under
review.
23. DETAILS OF DIFFERENCE BETWEEN AMOUNT OF THE VALUATION ONE AT THE TIME OF ONE TIME
SETTLEMENT AND THE VALUATION DONE WHILE TAKING LOAN FROM THE BANKS OR FINANCIAL
INSTITUTIONS ALONG WITH THE REASONS THEREOF:
The Company did not avail or settle any loan from the banks or financial institutions.
Hence it is not required to conduct such valuation.
24. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND
OUTGO:
Your Company has not carried out any business activities warranting conservation of the
energy and technology absorption in accordance with Section 134 (3) (m) of the Companies
Act, 2013 read with the Companies (Accounts) Rules, 2014. Since the company is not engage
in any manufacturing activity, issues relating to technology absorption are not quite
relevant to its functioning. During the year under review there is no foreign exchange
earnings and outgo.
25. RISK MANAGEMENT AND AREA OF CONCERN:
Risk Management is the process of identification, assessment and prioritization of
risks followed by coordinated efforts to minimize, monitor and mitigate/control the
probability and/or impact of unfortunate events or to maximize the realization of
opportunities. The Company has laid down a well-defined Risk Management Policy covering
the risk mapping, trend analysis, risk exposure, potential impact and risk mitigation
process. A detailed exercise is being carried out to identify, evaluate, manage and
monitoring of both business and non- business risk. The Board periodically reviews the
risks and suggests steps to be taken to control and mitigate the same through a properly
defined framework.
Although, market conditions are likely to remain competitive, future success will
depend upon offering improved products through technology innovation and productivity. The
Company continues to invest in these areas. The Company has the risk management and
internal control framework in place commensurate with the size of the Company. However,
Company is trying to strengthen the same. The details of the risks faced by the Company
and the mitigation thereof are discussed in detail in the Management Discussion and
Analysis report that forms part of the Annual Report.
26. CORPORATE SOCIAL RESPONSIBILITY:
The provisions of Section 135 of the Companies Act, 2013 read with Companies (Corporate
Social Responsibility Policy) Rules, 2014 are not applicable to the Company as on March
31, 2024. Hence, your Company is not required to adopt the CSR Policy or constitute CSR
Committee during the year under review.
27. DEPOSITS:
During the year under review, your Company has neither accepted nor renewed any
deposits from public within the meaning of Section 73 of the Companies Act, 2013 read with
Companies (Acceptance of Deposits) Rules, 2014. Further, the Company has not accepted any
deposit or loans in contravention of the provisions of the Chapter V of the Companies Act,
2013 and the Rules made there under.
28. STATUTORY AUDITORS & THEIR REPORT:
As per the provisions of Section 139 of the Act read with the Companies (Audit and
Auditors) Rules, 2014, the members of the Company had appointed M/s N.K. Kejriwal &
Co., Chartered Accountants (Firm Registration No. 04326C) as the Statutory Auditor of your
Company in AGM held on 28th September, 2023 for a period of 5 years from the FY
2023-24.
There are no qualifications, reservations or adverse remarks or disclaimers made by
M/s. N.K. Kejriwal & Co., Chartered Accountants, Statutory Auditors, in their Report
on the accounts of the Company for the year under review. The observations made by them in
their Report are self-explanatory and do not call for any further clarifications from the
Board.
29. SECRETARIAL AUDIT:
The Secretarial Audit report provided by M/s Satish Kumar and Associates has been
forming part of this report. The Secretarial Audit Report does not contain any
qualifications, reservations, or adverse remarks.
30. INTERNAL AUDIT:
The Company's internal audit is being managed internally by the senior officials of the
organization.
31. INTERNAL FINANCIAL CONTROL SYSTEMS AND THEIR ADEQUACY:
The Board has laid down standards, processes and procedures for implementing the
internal financial controls across the organization. After considering the framework of
existing internal financial controls and compliance systems; work performed by the
Statutory Auditors and External Consultants; reviews performed by the Management, the
Board is of the opinion that the Company's internal financial controls with reference to
the financial statements were adequate and effective during the financial year 2023-24.
32. INTERNAL CONTROL SYSTEMS:
Adequate internal control systems commensurate with the nature of the Company's
business and size and complexity of its operations are in place and have been operating
satisfactorily. Internal control systems comprising of policies and procedures are
designed to ensure reliability of financial reporting, timely feedback on achievement of
operational and strategic goals, compliance with policies, procedure, applicable laws and
regulations and that all assets and resources are acquired economically, used efficiently
and adequately protected.
33. COST AUDITOR:
As per provision of section 148(3) of Companies Act, 2013 and rule 6(2) of Companies
(Cost records and audit) Rules, 2014, the Company is not required to appoint a cost
auditor to audit the cost records of the Company.
34. PARTICULARS OF EMPLOYEES AND REMUNERATION:
Disclosures with respect to the remuneration of Directors and employees as required
under Section 197 of the Companies Act and Rule 5(1) of the Companies (Appointment and
Remuneration of Managerial Personnel) Rules, 2014 forms a part of the financials. There
were no such employees of the Company for which the information required to be disclosed
pursuant to Section 197 of the Companies Act, 2013 read with Rule 5(2) & (3) of the
Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014.
35. EXPLAINATION OF BOARD OF DIRECTORS ON AUDITORS' REPORT:
There are no qualifications or reservation or adverse remarks made by the auditors in
their report for the year under review. Hence there is no explanation required for the
same.
36. REPORTING OF FRAUDS BY AUDITORS:
During the year under review, the Auditors have not reported any instances of frauds
committed in the Company by its Officers or Employees under Section 143(12) of the
Companies Act, 2013.
37. SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS OR TRIBUNALS:
There are no significant material orders passed by the Regulators/Courts which would
impact the going concern status of the Company and its future operations.
38. POLICY/ VIGIL MECHANISM/ CODE OF CONDUCT
The Company has a Whistle Blower Policy in line with the provisions of the Section 177
of the Companies Act, 2013. This policy establishes a vigil mechanism for directors and
employees to report their genuine concerns actual or suspected fraud or violation of the
Company's code of conduct. The said mechanism also provides for adequate safeguards
against victimization of the persons who use such mechanism and makes provision for direct
access to the chairperson of the Audit Committee. At present, any such issue can be
addressed to Company Secretary
(cs@vedantasset.com) or to the Managing Director (lallit1@gmail.com). The Company is
creating a separate link for the Whistle Blower Policy which will be available on the
website of the Company at www.vedantasset.com.
The Board of Directors has approved a Code of Conduct which is applicable to the
Members of the Board and all employees in the course of day to day business operations of
the company. The Company believes in "Zero Tolerance" against bribery,
corruption and unethical dealings / behaviors of any form and the Board has laid down the
directives to counter such acts. The Company is creating a separate link for the Whistle
Blower Policy which will be available on the website of the Company at
www.vedantasset.com.
The Code lays down the standard procedure of business conduct which is expected to be
followed by the Directors and the designated employees in their business dealings and in
particular on matters relating to integrity in the work place, in business practices and
in dealing with stakeholders. The Code gives guidance through examples on the expected
behavior from an employee in a given situation and the reporting structure.
All the Board Members and the Senior Management Personnel have confirmed compliance
with the Code. All Management Staff were given appropriate training in this regard.
39. DISCLOSURES UNDER SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION PROHIBITION
& REDRESSAL) ACT, 2013:
Your Company is committed to creating and maintaining an atmosphere in which employees
can work together, without fear of sexual harassment, exploitation and intimidation.
Accordingly, the Company has in place an Anti-Sexual Harassment Policy in line with the
requirements of The Sexual Harassment of Women at the Workplace (Prevention, Prohibition
& Redressal) Act 2013. Internal Complaints Committee (ICC) was set up to redress
complaints received regarding sexual harassment. All employees (Permanent, Contractual,
temporary, trainees) are covered under this policy.
The following is a summary of sexual harassment complaints received and disposed of
during the year:
| No. of complaints received |
Nil |
| No. of complaints disposed off |
Nil |
40. INVESTOR COMPLAINTS:
There were no complaints received by the company from any of the investors as on 31st
March 2024.
41. POSTAL BALLOT:
No Postal ballot was conducted by the company during the year 2023-24.
42. GENERAL:
Your directors state that no disclosure or reporting is required in respect of the
following items as there were no transaction on these items during the year under review.
(i) Issue of equity shares with differential rights as to dividend, voting or otherwise.
(ii) Issue of equity shares (including sweat equity shares) and ESOS to employees of the
company under any scheme. (iii) There was no instance of non-exercising of voting rights
in respect of shares purchased directly by the employees under a scheme pursuant to
section 67(3) of the Act read with Rule 16(4) of Companies (Share Capital and Debentures)
Rules, 2014 and hence no information has been furnished.
Acknowledgement: -
The Directors would like to express their sincere appreciation of the co-operation and
assistance received from Shareholders, Bankers, regulatory bodies and other business
constituents during the year under review. Your Directors also wish to place on record
their deep sense of appreciation for the commitment displayed by all executives, officers
and staff, resulting in successful performance of the Company during the year. Your
Directors also express their sincere thanks to companies esteemed clients for their
continued patronage and their deep appreciation and understanding for the services being
provided to them. Your Directors look forward to the continued support of all stakeholders
in the future.
| For and on behalf of the Board of |
| Vedant Asset Limited |
| Sd/- |
| Lallit Tripathi |
| Director |
| DIN: 07220161 |
| Date: - 05.09.2024 |
| Place: - Ranchi |
|