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EQUITY - MARKET SCREENER

Amrapali Fincap Ltd
Industry :  Finance & Investments
BSE Code
ISIN Demat
Book Value()
539265
INE990S01016
110.2475284
NSE Symbol
P/E(TTM)
Mar.Cap( Cr.)
N.A
33.67
16.29
EPS(TTM)
Face Value()
Div & Yield %
0.36
10
0
 

As on: Oct 02, 2022 01:58 AM

Dear Shareholders,

The Board of Directors hereby submits the 17th Annual report of the business and operations of your Company (‘the Company'), along with the audited financial statements, for the financial year ended March 31, 2021.

Financial Highlights:

Particulars F.Y. 2020-21 F.Y. 2019-20
Revenue from operation 8454.45 11268.12
Other Income 1666.61 478.84
Total Revenue 8621.06 11746.96
Less: Total Expenses before Depreciation, Finance Cost and Tax 8401.27 11546.32
Profit before Depreciation, Finance Cost and Tax 219.79 200.64
Less: Depreciation 2.03 2.07
Finance Cost 150.38 110.32
Profit Before Tax 67.38 88.25
Less: Current Tax 19.50 19.50
Deferred tax Liability (Asset) (0.28) (0.30)
MAT Credit 7.8 (6.03)
Profit after Tax 55.96 75.08

REVIEW OF BUSINESS OPERATION Financial performance:

During the year under review, Company has earned total income of 8621.06 Lakhs as against the total income of 11746.96 lakhs of previous Financial Year 2019-20. The Total Income of the company was decreased by 26.61% over previous year. The major Decrease in total income of the Company is due to increase in inventories of finished goods, WIP and Stock in Trade from operation. The Revenue from Operation has decreased about 24.97% as compared to previous Financial Year 2019-20. Further, profit before tax in the financial year 2020-21 stood at 67.38 Lakhs as compared to 88.25 Lakhs of last year and net profit after tax stood at 55.96 Lakhs compared to profit of 75.08 Lakhs for previous year. The profit of the Company Decreased about 74.54% as compared to previous financial year. The major Decreased in profit is due to Decreased in total income of the Company as compared to increase in total expenses of the Company. Dividend With a view to conserve and save the resources for future prospect of the Company, your Directors regret to declare dividend for the financial year 2020-21 (Previous year - Nil). Net Profit Transfer to Reserve The Company has not transferred any amount to any reserve for the financial year 2020-21. All the profit of the Company was transferred to carry forward credit balance of Profit and Loss account of the Company. Change in Nature of Business: During the year, your Company has not changed its business or object and continues to be in the same line of business as per main object of the Company. Share Capital: During the year under review, no changes took places in the Authorized and Paid-up share capital of the Company.

Authorized Capital

The Authorized Capital of the Company is 14, 00, 00,000/- divided into 14000000 Equity Shares of 10/- each. Issued, Subscribed & Paid-Up Capital The present Paid-up Capital of the Company is 13, 44, 00,000/- divided into 13440000 Equity Shares of 10/ each-. BOARD OF DIRECTORS AND KEY MANAGERIAL PERSONNEL: Constitution of Board: As on the date of this report, the Board comprises following Directors;

No. of Committee1
Name of Director Category Cum Designation Date of Appointment at current Term & designation Total Directo rship2 in which Director is Members in which Director is Chairman No. of Shares held as on March 31, 2021
Mr.HashmukhA rvindbhai Thakkar Chairman and Managing Director March 02,2021 2 2 - -
Ms. Bhumi Atit Patel Non-Executive Independent Director March 02,2021 3 2 - -
Mr. Ganpat Motiram Rawal Non-Executive Independent Director September 30, 2015 1 2 2 -

 1Committee includes Audit Committee and Shareholders' Grievances Committee across all Public Companies.

 2 Excluding Section 8 Company & struck of Companies

The composition of Board complies with the requirements of the Companies Act, 2013 ("Act"). Further, in pursuance of Regulation 15(2) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("Listing Regulations"), the Company is exempted from requirement of having composition of Board as per Regulation 17 of Listing Regulations. None of the Directors of Board is a member of more than ten Committees or Chairman of more than five committees across all the Public companies in which they are Director. The necessary disclosures regarding Committee positions have been made by all the Directors. None of the Director of the Company is serving as a Whole-Time Director or Managing Director in any Listed Company and is holding position of Independent Director in more than 3 Listed Company and none of the Director of the Company is holding position as Director in more than eight listed entities and none of the Director is serving as Independent Director in more than 7 Listed Company. None of the Directors of the Company is disqualified for being appointed as Director as specified in Section 164 (2) of the Companies Act, 2013. Board Meeting Regular meetings of the Board are held at least once in a quarter. The Board of the Company regularly meets to discuss various Business opportunities. Additional Board meetings are convened, as and when requires to discuss and decide on various business policies, strategies and other businesses. During the year under review, Board of Directors of the Company met 7(Seven) times on June 29, 2020;July 15, 2020; August 28, 2020; November 09, 2020; December 28, 2020; February 18, 2021; March 02, 2021.

The details of the attendance of each Director at the Board Meetings are given below;

Name of Director

Date of Original Appointment

Date of Cessation Number of Board Meetings Eligible to attend Number of Board Meetings attended
Mr. Hashmukh Arvindbhai Thakkar April 3,2014 - 7 7
Ms. Bhumi Atit Patel March 18,2016 - 7 7
Mr. Chirag Thakkar

November 08,2009

March 02,2021 7 7
Mr. Ganpat Motiram Rawal August 08,2011 - 7 7
Mr. Ashwin Shah March 15,2017 March 02,2021 7 7

The gap between two consecutive meetings was not more than one hundred and twenty days as provided in section 173 of the Act. Independent Directors:

 In terms of Section 149 of the Companies Act, 2013 and rules made there under, the Company has Two Non- Promoter Non-Executive Independent Directors in line with the act. The Company has received necessary declaration from each Independent Director under Section 149 (7) of the Companies Act, 2013 that they meet the criteria of independence laid down in Section 149 (6) of the Act. Further, all the Independent Directors of the Company have registered themselves in the Independent Director Data Bank.

 A separate meeting of Independent Directors was held on February 18, 2021 to review the performance ofNon-Independent Directors and Board as whole and performance of Chairperson of the Company including assessment of quality, quantity and timeliness of flow of information between Company management and Board. Information on Directorate: During the year under review, there was change in constitution of the Board of Directors of the Company.

a) Change in Designation of Board of Directors Changes in Board Composition during the financial year 2020-21 and up to the date of this report is furnished below.

i.Ms.Bhumi Atit Patel who was appointed in the Board meeting held on March 02, 2021 as aNon-ex ecutive Director of the Company and who is eligible for appointment and who meets the Criteria for independence as provided in section 149(6) of the Act and who has submitted a declaration to the effect and whose appointment has been recommended by Nomination and remuneration committee, subject to approval of shareholders in the ensuing General Meeting, appointed as an Non-Executive Independent director of the company for a period of Five years i.e Upto March 01, 2026 and not liable to retire by rotation.

ii. In the Board Meeting held on March 02, 2021, Board of Directors of the Company approved

 Change in designation of Mr. Hashmukh Arvindbhai Thakkar from Managing Director of the company to Chairman and Managing Director of the Company.

iii. During the year, Mr. Hasmukh Thakkar (DIN: 00071065) was reappointed as Managing

Director for further period of five (5) years from with effect from February 18, 2020, in the

16TH Annual General Meeting of the Company held on September 25, 2020. iv. Mr. Ganpat Rawal (DIN 00190484), was re-appointed as a Non -Executive Independent Director of the Company, not liable to retire by rotation, to hold office for a second term of five years commencing with effect from September 30 , 2020 up to September 29, 2025in the 16TH Annual General Meeting of the Company held on September 25, 2020.

b) Retirement by rotation and subsequent re-appointment. i. In accordance with the provisions of the Articles of Association and Section 152 of the

Companies Act, 2013, Mr. Hashmukh Arvindbhai Thakkar (DIN: 00071065), Executive Director of the Company, retires by rotation at the ensuing annual general meeting, he, being eligible, has offered himself for re-appointment as such and seeks re-appointment.

 The Nomination and Remuneration Committee and Board of Directors recommends his re- appointment on the Board.

c) Cessation of Directorships i. Mr. Chirag Yashvantbhai Thakkar ceased to hold the office as Non Executive director of the company with effect from March 02, 2021 due to his pre-occupancy elsewhere. The Board placed on record its appreciation for the valuable contribution and services rendered by them during his tenure as Director of the Company. ii.

 Mr. Ashwin Purshottamdas Shahceased to hold the office as an Independent Director of thecompany with effect from March 02, 2021 due to his pre-occupancy elsewhere. The Board placed on record its appreciation for the valuable contribution and services rendered by them during his tenure as Director of the Company.

The relevant details, as required under Regulation 36 (3) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("SEBI Listing Regulations") and Secretarial Standard, of the person seeking re-appointment/ appointment as Director are also provided in Notes to the Notice convening the 17th Annual General meeting. Key Managerial Personnel: During the year under review there was no change in Key Managerial Personnel. In accordance with Section 203 of the Companies Act, 2013, the Company has Mr. HashmukhArvindbhai Thakkar, Chairman &Managing Directorof the Company. Further, Mr. Prakashchandra K Shah and Ms. Pooja Shahare acting as Chief Financial Officerand Company Secretaryrespectively. Performance 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. The performance of the board was evaluated by the board, after seeking inputs from all the directors, on the basis of the criteria such as the board composition and structure, effectiveness of board processes, information and functioning etc. The performance of the committees was evaluated by the board after seeking inputs from the committee members on the basis of the criteria such as the composition of committees, effectiveness of committee meetings, etc. The board and the nomination and remuneration committee reviewed the performance of the individual directors on the basis of the criteria such as the contribution of the individual director to the board and committee meetings like preparedness on the issues to be discussed, meaningful and constructive contribution and inputs in meetings, etc. In addition, the chairman was also evaluated on the key aspects of his role. Separate meeting of independent directors was held to evaluate the performance of non-independent directors, performance of the board as a whole and performance of the chairman, taking into account the views of executive directors and non-executive directors. The same was discussed in the board meeting that followed the meeting of the independent directors, at which the performance of the board, its committees and individual directors was also discussed. Performance evaluation of independent directors was done by the entire board, excluding the independent director being evaluated. Directors' Responsibility Statement: Pursuant to section 134(5) of the Companies Act, 2013, the board of directors, to the best of their knowledge and ability, confirm that:

a) In preparation of annual accounts for the year ended March 31, 2021, the applicable accounting standards have been followed and that no material departures have been made from the same;

b) The Directors had selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company at the end of the financial year and of the profit or loss of the Company for that year;

c) The Directors had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 2013, for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;

d) The Directors had prepared the annual accounts for the year ended March 31, 2021 on going concern basis.

e) The Directors had laid down the internal financial controls to be followed by the Company and that such Internal Financial Controls are adequate and were operating effectively; and f) The Directors had devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.

COMMITTEE OF BOARD

The Board of Directors, in line with the requirement of the act, has formed various committees, details of which are given hereunder. A. Audit Committee:

The Company has formed audit committee in line with the provisions Section 177 of the Companies Act, 2013. Audit Committee meeting is generally held for the purpose of recommending the half yearly and yearly financial result. Additional meeting is held for the purpose of reviewing the specific item included in terms of reference of the Committee. During the year under review, Audit Committee met 2 (Two) times viz on July 15, 2020 and November 09, 2020. The composition of the Committee and the details of meetings attended by its members are given below:

Name Category Designation

Number of meetings during the financial year 2020-21

Eligible to attend Attended
Mr. Ganpat Motiram Rawal Non-Executive Independent Director Chairman 2 2
Mr. Ashwin Shah (Resigned w.e.f March 02, 2021) Non-Executive Independent Director Member 2 2
Mr. Hashmukh Arvindbhai Thakkar Chairman and Managing Director Member 2 2
Ms. Bhumi Atit Patel (Appointed w.e.f March 02, 2021) Non-Executive Independent Director Member 0 0

The Statutory Auditors of the Company are invited in the meeting of the Committee wherever requires. Chief Financial Officer of the Company is a regular invitee at the Meeting. Recommendations of Audit Committee have been accepted by the Board wherever/whenever given. Vigil Mechanism: The Company has established a vigil mechanism and accordingly framed a Whistle Blower Policy. The policy enables the employees to report to the management instances of unethical behavior actual or suspected fraud or violation of Company's Code of Conduct. Further the mechanism adopted by the Company encourages the Whistle Blower to report genuine concerns or grievances and provide for adequate safe guards against victimization of the Whistle Blower who avails of such mechanism and also provides for direct access to the Chairman of the Audit Committee in exceptional cases. The functioning of vigil mechanism is reviewed by the Audit Committee from time to time. None of the Whistle blowers has been denied access to the Audit Committee of the Board. The Whistle Blower Policy of the Company is available on the website of the Company www.amrapali.co.in.

B. Stakeholder's Grievance & Relationship Committee:

The Company has constituted Stakeholder's Grievance & Relationship Committee mainly to focus on the redressal of Shareholders' / Investors' Grievances, if any, like Transfer / Transmission / Demat of Shares; Loss of Share Certificates; Non-receipt of Annual Report; Dividend Warrants; etc. During the year under review, Stakeholder's Grievance & Relationship Committee met 4 (Four) times viz on July 15, 2020; August 28, 2020; November 09, 2020 and February 18, 2021. The composition of the Committee and the details of meetings attended by its members are given below:

Name Category

Designatio n

Number of meetings during the financial year 2020- 21

Eligible to attend Attended
Mr. GanpatRawal Non-Executive Independent Director Chairman 4 4
Mr. Ashwin Shah (Resigned w.e.f. March 02, 2021) Non-Executive Independent Director Member 4 4
Mr. HashmukhArvindb hai Thakkar

Managing Director

Member 4 4
Ms. Bhumi Atit Patel (Appointed w.e.f March 02, 2021)

Non-Executive Independent Director

Member 0 0

During the year, the Company had not received any complaints from the Shareholders. There was no complaint pending as on March 31, 2021. C. Nomination and Remuneration Committee:

The Company has formed Nomination and Remuneration committee in line with the provisions of Section 178 of the Companies Act, 2013. Nomination and Remuneration Committee meetings are generally held for identifying the persons who are qualified to become Directors and may be appointed in senior management and recommending their appointments and removal. During the year under review, Nomination and Remuneration Committee met 3 (Three) times viz on August 28, 2020,February 18, 2021 and March 02, 2021. The composition of the Committee and the details of meetings attended by its members are given below:

Name Category Designation

Number of meetings during the financial year 2020-21

Eligible to attend Attended
Mr. Ganpat Rawal Non-Executive Independent Director Chairman 3 3
Mr. Chirag Thakkar (Resigned w.e.f March 02, 2021)

Non-Executive Director

Member 3 3
Mr. Ashwin Shah(Resigned w.e.f March 02, 2021) Non-Executive Independent Director Member 3 3
Ms. Bhumi Atit Patel (Appointed w.e.f March 02, 2021) Non-Executive Independent Director Member 0 0
Mr. Hashmukh Arvindbhai Managing Director Member 0 0

Thakkar

 

Appointed w.e.f

March 02, 2021)

Nomination and Remuneration Policy:

Nomination and Remuneration Policy in the Company is designed to create a high performance culture. It enables the Company to attract motivated and retained manpower in competitive market, and to harmonize the aspirations of human resources consistent with the goals of the Company. The Company pays remuneration by way of salary, benefits, perquisites and allowances to its Executive Directors and Key Managerial Personnel. Annual increments are decided by the Nomination and Remuneration Committee within the salary scale approved by the members and are effective from April 1, of each year. The Nomination and Remuneration Policy, as adopted by the Board of Directors, is placed on the website of the Company at http://www.amrapali.co.in/pdf/codeofconduct/201605071320292731.pdf.

Remuneration of Director:

The details of remuneration paid during the financial year 2020-21 to Managing Director of the Company is provided in Annual Return which is available on http://www.amrapali.co.in/ Annual Return:

Pursuant to Section 92(3) read with Section 134(3)(a) of the Act, the Annual Return as on March 31, 2021 is available on the Company's website onhttp://www.amrapali.co.in/pdf/annualreport/202108271240320185.pdf Public Deposit: The company has not accepted any deposits from the public. Hence, the directives issued by the Reserve Bank of India & the Provision of Section 73 to 76 of the Company Act, 2013 or any other relevant provisions of the Act and the Rules there under are not applicable.

Particulars of Loans, Guarantees, Investments & Security:

Details of Loans, Guarantees, Investments and Security covered under the provisions of Section 186 of the Companies Act, 2013 are given in the notes to the Financial Statement.

Contracts or Arrangements with Related Parties:

Particulars of contracts or arrangements with related parties referred to in Section 188(1) of the Companies Act, 2013, in the prescribed Form AOC-2 is annexed to this Report as "Annexure-C". Disclosure of Remuneration: In terms of the provisions of Section 197(12) of the Act read with Rules 5(2) and 5(3) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, a statement showing the names and other particulars of the employees drawing remuneration in excess of the limits set out in the said rules will be available for inspection at the Registered Office of the Company during working hours and any member interested in obtaining such information may write to the Company and the same will be furnished on request. Having regard to the provisions of the first proviso to Section 136(1) of the Act and as advised, the Annual Report excluding the aforesaid information is being sent to the members of the Company. Disclosures relating to remuneration and other details as required under Section 197(12) of the Act read with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 are provided as an Annexure – D, which forms part of this Report.

Material Changes and Commitment:

There are material changes and commitments, affecting the financial position of the Company, have occurred between the ends of financial year of the Company i.e. March 31, 2021 to the date of this Report. i. Company has entered into Revenue Sharing agreement with Amrapali Industries Limited (AIL) w.e.f April 01, 2021, and through that agreement company will give business advances amounting to Rs. 40.00 Crores(Rupees Fourty Crores Only) to AIL for the developments of Amusement business/Amrapali Funland (Situated at Ahmedabad-Kankaria Lake Front and related facilities in and around it) and against the said advances AIL has agreed to share 5 % of its gross revenue earned from such Amusement business/Amrapali Funland for a period of 10 years with our Company. ii.

 Company has entered into Revenue Sharing agreement with Sky Wanderers Private Limited w.e.fApril 01, 2021, according to that agreement, company will give business advances to Rs. 08.00 Crores(Rupees Eight Crores Only) for the developments of Entertainment business (Situated at Ahmedabad-Kankaria Lake Front and related facilities in and around it) of SWPL and against the said advances SWPL has agreed to share 3% of its gross revenue earned from such business for a period of 10 years with our Company. Sexual Harassment of Women at Workplace: To foster a positive workplace environment, free from harassment of any nature, we have institutionalized the Anti-Sexual Harassment Initiative (ASHI) framework, through which we address complaints of sexual harassment at the all workplaces of the Company. Our policy assures discretion and guarantees non-retaliation to complainants. We follow a gender-neutral approach in handling complaints of sexual harassment and we are compliant with the law of the land where we operate. During the year under review, there were no incidences of sexual harassment reported.

Energy Conservation, Technology Absorption and Foreign Exchange Earnings and Outgo:

The Company being engaged in the Service Industries, the Company has not taken any major step to conserve the energy. Further, the Company has not utilized alternate sources energy except electricity. In addition to that, the Company is not manufacturing Company and therefore, the question of technology absorption does not arise. Hence, the details of conservation of energy, technology absorption etc. as required under section 134(3)(m) of the Companies Act, 2013 read with the Companies (Accounts) Rules, 2014, is notapplicable to the Company. Further, there was no foreign exchange earnings and outgo during the financial year 2020-21 (Previous Year – Nil). Secretarial Standards of ICSI:

 The Company is in compliance with the Secretarial Standard on Meetings of the Board of Directors (SS-1)and General Meeting (SS-2) issued by the Institute of Company Secretaries of India and approved by the Central Government.

Risk Management:

A well-defined risk management mechanism covering the risk mapping and trend analysis, risk exposure, potential impact and risk mitigation process is in place. The objective of the mechanism is to minimize the impact of risks identified and taking advance actions to mitigate it. The mechanism works on the principles of probability of occurrence and impact, if triggered. A detailed exercise is being carried out to identify, evaluate, monitor and manage both business and non-business risks.

Internal Financial Control Systems and their Adequacy:

The Company has an effective internal control system, which ensures that all the assets of the Company are safeguarded and protected against any loss from unauthorized use or disposition. The Internal Auditors of the Company carry out review of the internal control systems and procedures. The internal audit reports are reviewed by Audit Committee. The Company has also put in place adequate internal financial controls with reference to the financial statements commensurate with the size and nature of operations of the Company. During the year, such controls were tested and no material discrepancy or weakness in the Company's internal controls over financial reporting was observed.

Corporate Governance:

Your Company strives to incorporate the appropriate standards for corporate governance. However, pursuant to Regulation 15(2) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 the Company is not required to mandatorily comply with the provisions of certain regulations of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and therefore the Company has not provided a separate report on Corporate Governance, although few of the information are provided in this report of Directors under relevant heading.

Management Discussion and Analysis Report:

In terms of Regulation 34, and Schedule V of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 a review of the performance of the Company, for the year under review, Management Discussion and Analysis Report, is presented in a separate section forming part of this Annual Report.

Statutory Auditor and Their Report:

Pursuant to the provisions of Section 139 of the Companies Act, 2013 read with rules made thereunder, M/s. D G M S & CO, Chartered Accountant, Jamnagar (formerly known as M/s. DoshiMaru& Associates, Chartered Accountant, Jamnagar) (FRN: 0112187W), were appointed as Statutory Auditors of the Company to hold office from the 13th Annual General Meeting (AGM) till conclusion of the 17th Annual General Meeting(AGM) of the company to be held in the calendar year 2021.

 M/s. D G M S & CO, Chartered Accountant, Jamnagar (formerly known as M/s. Doshi Maru& Associates,Chartered Accountant, Jamnagar) (FRN: 0112187W) proposed to b re-appointed as Statutory Auditors of your Company at forthcoming Annual General Meeting, for the second term of four consecutive years for a term till the conclusion of Twenty First Annual General Meeting to be held in the calendar year 2025. The Notes to the financial statements referred in the Auditors Report are self-explanatory and therefore do not call for any comments under Section 134 of the Companies Act, 2013. The Auditors' Report does not contain any qualification, reservation or adverse remark. The Auditors' Report is enclosed with the financial statements in this Annual Report.

Significant And Material Orders Passed By The Regulators

During the Year under review, no significant and material orders passed by any regulators or courts or tribunals impacting the going concern status and company's operation in future.

Reporting of Fraud:

The Auditors of the Company have not reported any fraud as specified under Section 143(12) of the Companies Act, 2013. Secretarial Auditor and Their Report: Pursuant to the provisions of Section 204 of the Act read with The Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, your Company has appointed M/s. Payal Dhamecha &Associates, Practicing Company Secretary, Ahmedabad to conduct the Secretarial Audit of the Company for the financial year 2020-21. The Secretarial Audit Report is annexed herewith as Annexure-E to this Report. General Disclosure: Your Directors state that the Company has made disclosures in this report for the items prescribed in section 134 (3) of the Act and Rule 8 of The Companies (Accounts) Rules, 2014 and other applicable provisions of the act and listing regulations, to the extent the transactions took place on those items during the year. Your Directors further state that no disclosure or reporting is required in respect of the followingitems as there were no transactions 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 shares (including sweat equity shares) to employees of the Company under any scheme save and ESOS;

(iii) Details relating to deposits covered under Chapter V of the Act;

(iv) There is no revision in the Board Report or Financial Statement;

(v) No significant or material orders were passed by the Regulators or Courts or Tribunals which impact the going concern status and Company's operations in future;

(vi) Information on subsidiary, associate and joint venture companies.

Acknowledgement:

Your Directors wish to place on record their sincere appreciation for significant contributions made by the employees at all levels through their dedication, hard work and commitment, enabling the Company to achieve good performance during the year under review. Your Directors also take this opportunity to place on record the valuable co-operation and support extended by the banks, government, business associates and the shareholders for their continued confidence reposed in the Company and look forward to having the same support in all future endeavors.

 For and on behalf of Board of Directors Amrapali Fincap Limited

 HashmukhArvindbhai Thakkar

Chairman and Managing Director

DIN 00071065

Place:Ahmedabad

Date: August 20, 2021

Registered office

19, 20, 21 Narayan Chambers, 3rd Floor,

Behind Patang Hotel, Ashram Road,