To the Members,
The Board present the Integrated Annual Report of the Company along with the Audited
Financial Statements for the financial year ended 31st March 2024 together with
the Auditors Reports thereon.
1. Financial Results:
The summarised financial results are highlighted as under:
(amt in. Lakhs)
| Particulars |
31st March 2024 |
31st March 2023 |
| Revenue from operations |
158.52 |
149.61 |
| Other Income |
67.03 |
0.60 |
| Total Income |
225.55 |
150.21 |
| (-) Total Expenses |
47.62 |
35.57 |
| Profif/(Loss) before Exceptional Item and Tax |
177.92 |
114.64 |
| (-) Exceptional Items |
- |
- |
| Profit/(Loss) before Tax |
177.92 |
114.64 |
| (-) Tax Expenses |
(0.72) |
29.81 |
| Profif/(Loss) after Tax |
178.87 |
84.83 |
| EPS |
0.88 |
0.42 |
2. Company's Performance:
The Total Revenue for FY 2023 - 24 and FY 2022 - 23 stands at Rs. 225.55 lakhs and Rs.
150.21 Lakhs respectively. The Profit after Tax for FY 202324 was Rs. 178.87 Lakhs as
compared to previous years revenue of Rs. 84.83 Lakhs. Earing per share has been increased
from 0.42 paisa to 0.88 paisa for the year under review.
Overall performance of the company indicates financial growth for upcoming years.
3. Share Capital:
During the period under review, the face value of equity share of the Company had been
sub-divided from Rs. 10/- (Rupees Ten only) to Rs. 02/- (Rupees Two only) per equity
share. Authorised share capital has been increased from Rs. 16,00,00,000/ - (Rupees
Sixteen Crores only) to Rs. 45,00,00,000/- (Rupees Forty-Five Crores only). Paid-up share
capital is increase from Rs. 10,20,00,000/- (Rupees Ten Crore Twenty Lakh only) to Rs.
20,40,00,000/- (Rupees Twenty Crore Forty Lakh only).
4. Change in the nature of Business:
Your Company is a tech-based company carrying business of Information Technology and
related ancillary Services. There was no change in nature of business during the period
under review.
5. Transfer to Reserves and surplus:
After all the appropriations and adjustments, the closing balance of retained earnings
for FY 2023-24 stands at Rs. 53.79 Lakhs.
6. Dividend:
Your directors do not recommend any dividend for FY 2023-24.
7. Bonus Issue:
During the period under review, on 20th March 2024, the Company made
allotment of Bonus Issue in ratio of 1:1 i.e. 01 (One) equity share for every 01 (One)
equity share held.
8. Annual Return:
Annual Return in form MGT 9 is enclosed along with this report as Annexure - 1.
9. Subsidiary/Associates/Joint Ventures:
The Company does not have any Subsidiary, Associates or Joint Venture. Therefore, there
is no instance of payment of remuneration or commission to MD or WTD from any of its
subsidiaries.
10. Significant and Material Orders passed by the Regulators/Courf/ Tribunal:
During the year under review, no significant and/or material orders were passed by the
Regulators, SEBI, Stock Exchanges, Court or Tribunals which impacts the company's ongoing
or future operation.
11. Material changes and commitment, if any affecting the financial position of the
Company:
There was no change in the nature of business during the FY 2023-24. During the period
ending from FY 2023-24 till date of this report, there is no instance of any material
changes or commitments which can impact the financial position of the Company.
12. Auditors:
a. Statutory auditor:
M/s. Rawka & Associates, Chartered Accountants (FRN: 021606C) were appointed as a
Statutory Auditor of the Company during the last AGM held on 30th September
2023 for the period of Four year. This is their 2nd term which will expire in
the year 2027.
b. Secretarial Auditor:
M/s. Prachi Bansal & Associates, Practicing Company Secretary (COP: 23670) were
appointed as a Secretarial Auditor of the Company for FY 2023-24. Secretarial Compliance
Report and Secretarial Audit Report issued by them are enclosed herewith as annexure - 2
and annexure - 3 respectively.
c. Internal Auditor:
M/s. KSGC & Associates, Practicing Chartered Accountants (FRN: 021829C) were
appointed as an Internal Auditor of the Company for FY 2023-24.
d. Cost Records and Cost Auditors:
As the Company does not fall under the criteria as specified under section 148(1) of
the Act read with the Companies (Cost Records and Audit) Rules, 2014, appointment of Cost
Auditor or maintenance of Cost Records are not applicable to the Company.
13. Directors and KMPs:
The Board of the Company is optimum combination of Directors to meet the criteria as
specified Regulation 17 of the SEBI LODR. The Company also have KMPs as specified under
Section 203 of the Act and relevant regulations of SEBI LODR. Details of Directors and
KMPs during the FY 2023 - 24 are as follows:
| Name |
DIN/PAN |
Designation |
Date of Appointment |
Date of Resignation |
| Mukesh Jadhav |
09539015 |
Non-executive Director |
10th October 2023 |
- |
| Puneet Singh Chandhok |
01546843 |
Managing Director |
07th May 2024 |
- |
| Amardeep Singh |
02136503 |
Executive Director |
25th June 2024 |
- |
| Latesh Poojary |
10414863 |
Non-executive Director |
05th December 2023 |
- |
| Rohit Singh |
10455367 |
Independent Director |
24th January 2024 |
- |
| Anupriya Sharma |
10477666 |
Independent Director |
24th January 2024 |
- |
| Sanjay Gangurde |
10415085 |
Executive Director |
05th December 2023 |
07th May 2023 |
| Motibhai Rabari |
08573080 |
Managing Director |
01st January 2021 |
24th January 2024 |
| Udaybhai Patel |
08068806 |
Independent Director |
29th January 2021 |
24th January 2024 |
| Chandni Solanki |
08705082 |
Independent Director |
01st March 2020 |
24th January 2024 |
| Kalpesh Medhekar |
09519789 |
Executive Director |
25th February 2022 |
05th December 2023 |
| Subhash Nagam |
09526544 |
Non-executive Director |
03rd March 2022 |
05th December 2023 |
| Richard Desouza |
- |
Chief Executive Officer |
24th January 2024 |
17th June 2024 |
| Motibhai Rabari |
- |
Chief Financial Officer |
26th September 2019 |
28th March 2024 |
| Chetan Shah |
- |
Chief Financial Officer |
28th March 2024 |
- |
| Deepika Undhad |
- |
Company Secretary |
21st April 2022 |
- |
14. Directors Responsibility Statements:
Pursuant to Section 134(5) of the Act and to the best of its knowledge & ability,
the Board hereby confirm that -
• In the preparation of the annual accounts, all the applicable accounting
standards have been followed and there are no material departures from the same;
• They have selected such accounting policies and applied them consistently. They
have made judgements and estimates that are reasonable and prudent so as to give a true
and fair view of the state of affairs of the Company at the end of the FY and of profit of
the Company for that period;
• They have taken proper and sufficient care 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;
• They have prepared the annual accounts on a going concern basis;
• They have laid down internal financial controls to be followed by the Company
and such internal financial controls are adequate and operating effectively;
• They have devised proper systems to ensure compliance with the provisions of all
applicable laws and that such systems are adequate and operating effectively.
15. Details of Board Meetings:
During the year under review, the Board met 11 (Eleven) times i.e. on 29th
May 2023, 10th August 2023, 05th September 2023, 10th
October 2023, 23rd October 2023, 04th November 2023, 05th
December 2023, 19th January 2024, 24th January 2024, 20th
March 2024 and 28th March 2024. Further details related to Meetings of the
Board are mentioned in the CGR forming part of this Integrated Annual Report.
16. Boards Evaluation:
The Board of Directors has carried out an annual evaluation of its own performance,
board committees, and individual directors pursuant to the provisions of the Act and SEBI
LODR. In a separate meeting of Independent Directors, performance of Non-Independent
directors, the Board as a whole and Chairman of the Company was evaluated, taking into
account the views of executive directors and non-executive directors. Performance
evaluation of independent directors was done by the entire Board, excluding the
independent director being evaluated.
17. Committee Details:
To comply with the Act and SEBI LODR, three mandatory committees are formed by the
Board viz Audit Committee, Stakeholders Relationship Committee and Nomination &
Remuneration Committee. The Board undertake to form other committees as per the provisions
of the Act and SEBI LODR as and when become applicable. Details of the Committees are
mentioned in CGR forming part of this Integrated Annual Report.
18. Managerial Remuneration and Particular of Employees:
The information pursuant to Section 197(12) of the Act, read with Rule 5 of the
Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, details
related to the remuneration of Directors, KMPs and Employees are enclosed herewith in
Annexure - 4.
19. Policy on Directors appointment, Remuneration and other details:
The company's policy on appointment of directors and other related details are
available on the website of the company.
20. Particulars of contracts or arrangements with Related Parties:
There were no material related party transactions during the year under review.
Accordingly, the disclosure of RPTs as required under Section 134(3)(h) of the Act in Form
AOC-2 is not applicable to the Company. Prior omnibus approval of the Audit Committee is
obtained at the beginning of a financial year for the planed or foreseeable transactions.
The Company has formulated a policy for dealing with related party transactions which
is available on website of the Company. The details of the RPTs as per Ind AS - 24 on
Related Party Disclosures are set out in Notes to the financial statements forming part of
this Annual Report.
21. Corporate Social Responsibility:
Provisions of section 135 of the act are not applicable to your company during the
period under review.
22. Human Resource, Health & Safety:
The Company considers its Human Resources Development a critical factor to its success
and continuously focuses on its development with various people initiatives. We strive to
encourage diversity in workforce and believe in building the career of our employees
through focused interventions.
Your company gives paramount importance to safety, security and wellbeing of its human
resources and maintains highest standards of health and safety in all aspects.
23. Internal Financial Control and adequacy:
The details in respect of internal financial control and their adequacy are included in
the Management Discussion and Analysis, which is a part of this report.
24. Conservation of energy, technology absorption, foreign exchange earnings and outgo:
The information on conservation of energy, technology absorption and foreign exchange
earnings and outgo stipulated under Section 134(3) (m) of the Companies Act, 2013 read
with Rule, 8 of The Companies (Accounts) Rules, 2014, is annexed herewith as Annexure - 5
forming part of the report.
25. Vigil Mechanism:
A vigil mechanism has been implemented through the adoption of Whistle blower Policy
with an objective to enable any employees or director to raise genuine concern or report
that may constitute the Instances of corporate fraud, unethical conduct, a violation of
Central or State
laws/rules/regulations and/or any other regulatory or judicial directives. It also
provides safeguards against victimization of employees who avail the mechanism and allows
direct access to the chairman of the Audit Committee.
The vigil mechanism acts as per the provisions mentioned under section 177 (9) &
(10) of the Act and Regulation 22 of the SEBI LODR.
26. Prevention of Insider Trading:
The Company takes efficient measure for prevention of Insider Trading. Trading Window
for dealing in company's securities by Directors, KMPs, Designated Employees and their
immediate relatives closes on beginning of every quarter as per the norms of SEBI PIT
Regulations.
27. Particulars of loans, guarantees and investments:
During the year under review, the Company has not given any loans or guarantees to any
person. Further, the Company does not have any investment falling within the preview of
Section 186 of the Act.
28. Management Discussion & analysis Report:
Management Discussion and analysis report form separate part of this report enclosed as
Annexure - 6.
29. Report on Corporate Governance and certif?cate thereon:
The report on the Corporate Governance as stipulated in regulation 34 read with
Schedule V of the SEBI LODR, 2015 is enclosed with this Report as Annexure - 7 along with
certificate received from Practicing Company Secretary thereon.
30. Deposits:
The Company has not accepted any deposit from public and as such no amount of principal
or interest on deposit from public was outstanding during the year under review.
31. Secretarial Standards:
The Company is in compliance with the Secretarial Standards on Meetings of the Board of
Directors (SS - 1) and General Meetings (SS - 2) issued by the Institute of Company
Secretaries of India.
32. Transfer of Unclaimed Dividend to Investor Education and Protection Fund:
No amount of unclaimed dividend has been transferred to Investor Education and
Protection Fund.
33. Employee Stock Option Scheme:
The Company has introduced Colab Cloud - Employee Stock Options Plan 2024 ("ESOP
2024") for the eligible employees of the Company and its future subsidiary, if any.
The ESOP 2024 was approved by the Board of Directors on 01st July 2024 and
subsequently by the members of the Company through Postal Ballot on 05th August
2024. The Company is under process to get necessary approvals from the Stock Exchange.
34. Other Disclosures and Reporting:
The Board states that there is no disclosure or reporting is required in respect of
following agenda items:
• Issue of shares with differential voting rights, dividend rights or otherwise as
no such shares were issued;
• Voting rights which are not directly exercised by the employees in respect of
shares for the subscription/purchase of which loan was given by the Company pursuant to
provisions of section 67(3)(c) of the Act;
• Details in respect of frauds reported by Auditors under section 143(12) other
than those which are reportable to the Central Government, as there was no such instance
of frauds;
• Reporting on Corporate Social Responsibility under section 135(1) of the Act;
• The details of application made and proceeding pending under the Insolvency and
Bankruptcy Code, 2016;
• The details of difference between amount of the valuation done at the time of
one-time settlement and the valuation done while taking loan from the Banks or Financial
Institutions.
35. Acknowledgements:
Your directors take this opportunity to thank company's employees, customers, service
providers, banks and all other individual directly or
indirectly associated with the company for their continuous support. The Directors
express deep and sincere gratitude to all the stakeholders of
the Company.
| Place: New Delhi |
|
By the order of the Board |
| Date: 02nd September 2024 |
For Colab Cloud Platforms Limited |
|
| Registered Office: |
Sd/- |
Sd/- |
| 125, 2nd Floor, Shahpur Jat, New Delhi, Delhi - 110049, India. |
Mukesh Jadhav |
Puneet Singh Chandhok |
| Tel: 8828865429 |
Chairman |
Managing Director |
| E-mail: cs@colabcloud.in |
DIN: 09539015 |
DIN: 01546843 |
| Website: www.colabcloud.in |
|
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