DocuSign Envelope ID: 58ADCB48-9CCF-4C83-9545-680AE0513203
DIRECTOR'S REPORT
To,
The Members,
ISB ALUMNI FAMILY BUSINESS FORUM
Your Directors have pleasure in presenting Annual Report of your company along with
the Audited Financial Statement for the Financial Year ended on 31=^ March, 2021.
Further, in compliance with the Companies Act, 2013 the company has made all requisite
disclosures in the Board Report with the objective of accountability and transparency in
its operations and to make you aware about its performance and future perspective.
1. FINANCIAL SUMMARY OR HIGHLIGHTS/PERFORMANCE OF THE COMPANY:
The financial results for the year ended 31st March, 2021 and the corresponding
figures for the last year are as under:
Particulars Current Year Previous Year
2020-21 2019-20
Total Income NIL 2,500
Total Expenses 13,200 19,550
Profit/(Loss) before Tax (13,200) (17,050)
Depreciation NIL NIL
Tax Expense
● Current Tax NIL NIL
● Deferred Tax (3,432) (23,021)
Profit/(Loss) after Tax (9.768) (40,071)
Transfer to Reserve
2. BRIEF DESCRIPTION OF THE COMPANY'S WORKING DURING THE
YEAR/STATE OF COMPANY'S AFFAIR
During the year under review and in the previous year the Company has not generated
any revenue. The Company had suffered loss of Rs. 9,768 against a loss of Rs. 40,071 In
the previous year. Your Directors are putting in their best efforts to improve the
performance of the Company.
3. CHANGE IN THE NATURE OF BUSINESS
There is no Change in the nature of the business of the Company done during the year.
4. DIVIDEND
The Directors of your Company regret their inability to recommend any dividend for the
Financial Year 2020-2021.
5. CHANGES IN SHARES CAPITAL
The paid up Equity Share Capital as on March, 2021 was Rs. 1,00,000. The
Company has not issued shares with differential voting rights. It has neither issued
employee stock options nor sweat equity shares and does not have any scheme to fund
its employees to purchase the shares of the Company.
6. WEB-LINK OF ANNUAL RETURN
Company has no website of its own. Accordingly, we are unable to provide any website
link in connection with the Annual Return. However, the Company shall file its annual
return by due date with Registrar of Companies website at www.mca.gov.in.
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7. MEETINGS
During the Financial Year 2020-21, 5 number of Board meetings were held.
8. PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS UNDER SECTION
186
The Company has not made any Loans, Guarantees and Investments covered under the
provisions of Section 186 of the Companies Act, 2013. Accordingly, disclosures under
Section 134(3)(g) of the Companies Act, 2013 is not applicable on the Company for the
financial year.
9. PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES
With reference to Section 134(3)(h) of the Companies Act, 2013, the Company has not
entered into any contracts and arrangements with related parties under Section 188(1)
of the Act.
10.DIRECTORS
There is no change in the Directors.
11. KEY MANAGERIAL PERSONNEL
There is no Key Managerial Personnel (KMP) in the Company as per Section 2(51) and as
required under Section 203 of the Companies Act, 2013.
12.STATUTORY AUDITORS AND THEIR REPORT
In the Annual General Meeting held on 31^‘ December 2020, M/s D K G A & Associates,
Chartered Accountants (Firm Registration No. 019196N) were appointed as Statutory
Auditors for 5 years to hold office until the conclusion of the Annual General Meeting of
the Company to be held in the year 2025.
There are no observations (including any qualification, reservation, adverse remark or
disciaimer) of the Auditors in their Audit Report that may call for any explanation from
the Directors. Further, the notes to accounts referred to in the Auditor's Report are self-
explanatory.
13.MATERIAL CHANGES SUBSEQUENT TO THE DATE OF FINANCIAL
STATEMENTS
There are no other material changes and commitments affecting the financial position of
the Company occurred between the ends of the financial year to which these financial
statements relate on the date of this report.
14.CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREGIN
EXCHANGE EARNING AND OUTGO
The Company is not in the manufacturing business. Accordingly, disclosure regarding
Conservation of Energy and Technology Absorption required under the provisions of
Section 134 of the Companies Act, 2013 read with Rule 8(3) of the Companies
(Accounts) Rules, 2014 is not applicable. There is no Foreign Earnings and outgo in the
Company.
15.SUBSIDIARY, JOINTVENTURE AND ASSOCIATE COMPANY
The Company has no subsidiary. Joint venture and associate Company.
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16.RISK MANAGEMENT POLICY
The Board of Directors bear the overall responsibility for the company's risk
management and internal control procedures in connection with the financial reporting
process, including ensuring compliance with relevant legislation and other regulations
relating to financial reporting. The Board of Directors under takes on going assessment
of the risks to which the company is subject, including risks relating to financial
reporting.
The risk management procedures and internal control are regularly reviewed in order to
continuously secure and enhance their effectiveness.
17.POLICY ON DIRECTORS APPOINTMENT AND POLICY ON REMUNERATION
The Company, being a Private Company was not required to constitute a Nomination and
Remuneration 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.
18.PARTICULARS OF REMUNERATION OF DIRECTORS/ KMP/EMPLOYEES
There are no employees who are in receipt of remuneration in excess of the limits
prescribed under Rule 5(2) of the Companies (Appointment and Remuneration of
Managerial Personnel) Rules, 2014.
19.SIGNIFICANT & MATERIAL ORDERS PASSED BY THE REGULATORS
During the year no significant and material orders passed by the regulators or courts or
tribunals impacting the going concern status and company's operations in future.
20.INTERNAL FINANCIAL CONTROL FOR FINANCIAL STATEMENTS
Your Company has an effective internal financial control system, which is continuously
evaluated by statutory auditors. The internal control is designed to ensure that financial
and other records are reliable for preparing financial information and for maintaining
accountability of assets. All financial and audit control systems are also reviewed by the
Board of the Company.
21.DEPOSIT
The Company has not invited/ accepted any deposits from the public during the year
ended 31st March, 2021. There were no unclaimed or unpaid deposits as on 31st March,
2021. Detail of loans from Directors as required under Rule 2(c)(viii) of Companies
(Acceptance of Deposits) Rules, 2014 outstanding as on 31®^ March, 2021 is as follows:
Mr Amit Khanna: Rs.5,35,443
22.DECLARATION BY INDEPENDENT DIRECTORS
There is no requirement for appointment of Independent Director on the board of the
Company under Companies Act, 2013. Hence there is no Independent Director on the
board.
23.DISCLOSURE UNDER THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE
(PREVENTION, PROHIBITION AND REDRESSAL) ACT, 2013
During the year under review, the Company has not received any complaint under the
provisions of the Sexual Harassment of Women at Workplace (Prevention, Prohibition &
Redressal) Act, 2013.
DocuSign Envelope ID: 58ADCB48-9CCF-4C83-9545-680AE0513203
24.TRANSFER OF AMOUNTS TO INVESTOR EDUCATION AND PROTECTION FUND
Your Company did not have any funds lying unpaid or unclaimed for a period of seven
years. Therefore there were no funds which were required to be transferred to Investor
Education and Protection Fund (lEPF).
25.DETAILS IN RESPECT OF FRAUDS REPORTED BY AUDITORS OTHER THAN
THOSE WHICH ARE REPORTABLE TO THE CENTRAL GOVERNMENT
The Statutory Auditors of the Company have not reported any frauds to the Board of
Directors under Section 143(12) of the Companies Act, 2013, including rules made
thereunder.
26.DIRECTORS'S RESPONSIBILITY STATEMENT
The Directors' Responsibility Statement referred to in clause (c) of Sub- section (3) of
Section 134 of the Companies Act, 2013 shall state that
(a) in the preparation of the annual accounts for the financial year ended 31®^ March
2021, the applicable accounting standards had been followed along with proper
explanation relating to material departures:
(b)The director 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 and loss of the company for that period;
(c) the director had taken proper and sufficient care for the maintenance of adequate
accounting records in accordance with the provisions of this Act for safeguarding
the assets of the company and for preventing and detecting fraud and other
irregularities;
(d)the directors had prepared the annual accounts on a going concern basis; and
(e) the directors had devised proper system to ensure compliance with the provisions
of all applicable laws and that such system were adequate and operating
effectively.
27.ACKNOWLEDGEMENTS:
Your Directors take this opportunity to place on record their appreciation and sincere
gratitude to the Government agencies, the bankers to the Company for their valuable
support and assistance extended from time to time and look forward to their continued
co-operation in the years to come. Your Directors acknowledge the support and co
operation received from the employees and all those who have helped in the day to day
management.
For and on behalf of the Board
ISB ALUMNI FAMILY BUSINESS FORUM
Amit Khanna Isha Goyal
Director Director
DIN:00072306 DIN:00601039
N-107 2nd Floor C-14, West End
Panchsheel Park New Delhi-110021
New Delhi-110017
Date: 25^^ September, 2021
Place: Delhi
