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Directors Report of Bella Casa Fashion & Retail Ltd.

Mar 31, 2018

Dear Shareholders,

The Directors of Bella Casa Fashion & Retail Limited (Formerly known as Gupta Fabtex Private Limited) have pleasure in submitting their 22nd Annual Report on the business and operations of the Company together with the Audited Statements of Accounts for the year ended 31st March, 2018.

Financial Results

The audited financial results of the Company for the year ended March 31st 2018 are summarized below:

Particulars

2017-18

2016-17

Total Income

12703.23

11,502.86

Total Expenditure

11797.77

10,999.96

Earning Before Finance Cost, Depreciation & Amortization and Tax (EBIDTA)

1333.10

876.67

Less: Finance Cost

348.24

315.88

Less: Depreciation & Amortization expenses

79.40

57.90

Profit Before Tax and Exceptional Items

905.46

502.90

Exceptional Items

(0.76)

(0.76)

Profit from Ordinary Activities before Tax

906.22

503.66

Less: Extra Ordinary Items

-

-

Less: Tax Expenses

305.65

176.86

Profit After Tax (PAT)

600.57

326.80

Review Of Operations And The State Of Company’s Affairs

The Company recorded total revenue of Rs.12703.23 Lacs during the year under review as against Rs.11502.86 Lacs in the previous year thereby registering growth of 10.44 %. The profit after tax for the year ended 31st March, 2018 is Rs.600.57 Lacs as against Rs.326.80 Lacs in the previous year showing growth of 83.77%. EBIDTA during the year increased from 876.67 Lacs to 1333.10 Lacs registering a significant growth of 52.06%.

Dividend

Your Directors are pleased to recommend a Final Dividend of Rs.0.50/- (fifty paisa) per equity share of face value of Rs.l0/- each for the year ended 31st March, 2018. The Final Dividend, subject to the approval of Members at the Annual General Meeting on 31stAugust, 2018. The total proposed Final Dividend, amounts to Rs.0.50/- per equity share and will absorb 62,53,806 (Sixty Two Lacs fifty three thousand eight hundred six rupees) including Dividend Distribution Tax of Rs.10,66,306/-

Transfer To Reserves & Surplus

The Company proposes to transfer an amount of Rs.600.57 lacs (Previous year Rs.326.80 Lacs) to general reserves.

Share Capital

The authorized and paid up Equity Share Capital as on March 31, 2018 stood at Rs.11,75,00,000 (Rupees eleven crores seventy lacs) and 10,00,50,000 (Rupees ten crores fifty thousand) respectively.

Company has allotted 5,15,000 fully paid-up equity shares on preferential basis at a face value of Rs.10/- each and allotted 2,70,000 and 5,000 equity shares pursuant to the conversion of warrants in 2017-18 to the promoters and other public and consequently the number of equity shares increased from 92,15,000 to 100,05,000.

As on March 31,2018, promoters, persons belonging to promoters group and public shareholders of the Company holds 14.70.000 warrants convertible into Equity Shares of the Company.

During the year under review, the Company has not issued shares with differential voting rights nor has granted any stock options or sweat equity.

Preferential Allotment

The Board of Director of your Company, had during the financial year i.e. 2017-18 allotted 5,15,000 equity shares and 17.45.000 warrants convertible into equity shares on a preferential basis pursuant to the resolution passed in the Extra Ordinary General Meeting held on 28.03.2017 to persons falling under promoter group and public shareholders.

Each warrant was convertible into one fully paid-up Equity Share of 10/- each ranking pari-passu in all respects, within a period of 18 months from the date of allotment, in one or more tranches. Out of the above, the Company has converted2.70.000 warrants on 05th October, 2017, 5,000 warrants on 30th October, 2017 into equity shares by way of allotment of equivalent number of equity shares of face value of Rs.10/- each on receipt of full consideration in respect of above warrants. Consequent to the allotment of equity shares and conversion of warrants, the paid-up equity share capital of your Company stands at 10,00,50,000 divided into 100,05,000 equity shares of face value of Rs.10/- each.

Declaration Of Independent Directors-

Your Company has received declarations from all the Independent Directors of the Company confirming that they meet the criteria of independence as prescribed under Section 149(6) of the Act read with Schedules and the Companies (Appointment and Qualification of Directors) Rules, 2014 and the SEBI (LODR).

Particulars Of Loans, Guarantees Or Investments Under Section 186

Pursuant to the provisions of Section 186(4) of the Act and SEBI (LODR), disclosures on particulars relating to loans, advances and investments are provided as part of the Financial Statements. There are no guarantees issued or securities provided by your Company in terms of Section 186 of the Act, read with the Companies (Meetings of Board and its Powers) Rules, 2014.

Board of Directors

As per the provisions of the Section 152 of the companies Act, 2013 Whole Time Directors of the Company, Mr.Saurav Gupta (DIN-07106619) retire by rotation at the meeting and being eligible, offer himself for reappointment. The board of directors of the Company recommends his respective appointment. During the year under review, there is no change in the Board of Directors of the Company.

Number Of The Meeting Of The Board

The details of the Number of Meetings of the Board held during the financial year 2017-18 forms part of the Corporate Governance.

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, the applicable accounting standards had been followed along with proper explanation relating to material departures;

b. they have 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; the change in accounting policy as to Depreciation as mentioned under Notes to Account.

c. they have 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. they have prepared the annual accounts on a going concern basis; and

e. they have devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.

f. they have laid down internal financial controls for the Company and such internal financial controls are adequate and operating effectively.

Acceptance Of Deposits-

The Company has not accepted any Deposits from the Public within the meaning of Section 73 of the Companies Act, 2013 and Companies (Acceptance of Deposits) Rules, 2014

Extract Of The Annual Return

We have enclosed the extract of the annual return in Form No. MGT - 9 shall form part of the Board''s report

Investor Education And Protection Fund-

There were no amounts, required to be transferred, to the Investor Education and Protection Fund by the Company during the year.

Listing Fees

Presently, the Equity Shares of the Company are listed on the BSE Limited. The Company has paid the annual listing fees for the financial year 2018-2019 to BSE.

Statutory Auditors

M/s KALANI & COMPANY, Chartered Accountants, Jaipur, the Auditor of the Company who was appointed in the Annual General Meeting dated 30th September, 2014 till the conclusion of the sixth Annual General Meeting and is being eligible for the ratification in the ensuing Annual General Meeting of the Company. As required under the provisions of Section 139 of the Companies Act, 2013, the Company has obtained written confirmation from Messrs Kalani& Company that their appointment, if made, would be in conformity with the limits specified in the said Section. There is no Audit qualification for the year under review.

Auditor’s Report-

In the opinion of the Directors the notes to the accounts in auditor''s report are self-explanatory and adequately explained the matters, which are dealt with by the Auditors.

Secretarial Audit

Pursuant to the provisions of the section 204 of the Companies Act, 2013 and rules made there under, the Company has appointed M/s Shailja Sharma & Associates, Company Secretary in the Board Meeting held on 31.03.2018 to undertake the Secretarial Audit of the Company. The report is enclosed as "ANNEXURE A" to this report. No adverse comments have been made in the report by the Practicing Company Secretary.

Cost Audit

As per the requirement of the Central Government and pursuant to section 148 of the Companies Act, 2013, read with Companies (Cost Records and Audit) Rules, 2014 as amended from time to time your company hereby confirms that during the year under review, cost audit was not applicable to the Company.Maintenance of cost records as specified by the Central Government under sub-section (1) of section 148 of the Companies Act, 2013, is required by the Company and accordingly such accounts and records are made and maintained.

Internal Audit

Pursuant to the section 138 of the Companies Act, 2013 read with rule 13 of the Companies (Accounts) Rules, 2014 Company has appointed Ms. Monika Sabnani, Company Secretary as Internal Auditor of the Company in the Board Meeting held on 31.03.2018 to undertake internal audit. Their scope of work includes review of processes for safeguarding the assets of the Company, review of operational efficiency, effectiveness of systems and processes, and assessing the internal control strengths in all areas. Internal Auditors findings are discussed with the process owners and suitable corrective actions taken as per the directions of Audit Committee on an ongoing basis to improve efficiency in operations

Secretarial Standards

The Company complies with all the secretarial standards.

Related Party Transaction

The Company has no material significant transactions with its related parties which may have a potential conflict with the interest of the Company at large. All transactions entered with the Related Parties as defined under the Companies Act, 2013 and regulation 23 of the SEBI (listing Obligation & Disclosure Requirements) Regulations, 2015 during the financial year were in the ordinary course of business and on arm''s length basis and do not attract the provisions of section 188 of the Companies Act, 2013. Thus disclosure in form AOC- 2 is not required. Related party transactions have been disclosed under the Note 2.32 of significant accounting policies and notes forming part of the financial statements in accordance with Accounting Standard 18.

A statement in summary form of transactions with related parties in the ordinary course of business and arm''s length basis is periodically placed before the Audit committee for review and recommendation to the Board for their approval.

Subsidiary Companies

The Company does not have any subsidiary.

Management Discussion And Analysis Report

As per requirements of Regulation 34 of Securities and Exchange Board of India (Listing Obligations and Disclosure) Regulations 2015, Management''s Discussion and Analysis of the financial condition and results of operations have been provided separately in this Annual Report.

Conservation Of Energy, Technology Absorption, Foreign Exchange And Outgo:

The information under section 134(3) of the Companies Act, 2013 read with Rule 8(3) of the Companies (Accounts) Rules, 2014 for the year ended March 31, been appended as ‘‘Annexure B" to this Report.

Risk Management

Business risk evaluation and management is ongoing process within the Company. The Assessment is periodically examined by the Board. The management of the Company has identified some of the major areas of concern having inherent risk, viz. Financial, Commodity Price, Regulatory, Human Resource, Interest rate Risks. The processes relating to minimizing the above risks have already been put in place at different levels of management. The management of the Company reviews the risk management processes and implementation of risk mitigation plans. The processes are continuously improved.

Particulars Of Employees

Disclosures with respect to the remuneration of Directors and employees as required under Section 197 of Companies Act, 2013 and Rule 5 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 has been appended as "Annexure C" to this Report.

Significant And Material Orders Passed By The Regulators/courts

There are no significant and material orders passed by the Courts or any other regulators which would impact the going Concern Status Of The Company And Its Future Operation.

Performance Evaluation-

Pursuant to the provisions of the Act and SEBI (LODR) and in terms of the Framework of the Board Performance Evaluation, the Nomination and Remuneration Committee and the Board have carried out an annual performance evaluation of its own performance, the performance of various Committees of the Board, individual Directors and the Chairman. The manner in which the evaluation has been carried out has been set out in the Corporate Governance Report which forms an integral part of this Report.

Disclosure Under Sexual Harassment Of Women At Workplace (Prevention, Prohibition And Redressal) Act, 2013

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 committee constituted under the said act has confirmed that no complaint/case has been filed/ pending with the Company during the year.

Material Changes And Commitments If Any, 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

The Board of Directors have recommended dividend of Rs.0.50 (fifty paisa) per fully paid up equity share of Rs.10/each for the financial year 2017-18 on 29th May, 2018, which is based on relevant share capital as on 31stMarch, 2018. The actual dividend amount will be dependent on the relevant share capital outstanding as on the record date / book closure.

The Company has allotted 3,70,000 Equity Shares of Rs.10/- each to Promoters and promoters group pursuant to the conversion of warrants on 01st June, 2018 and consequently the number of equity shares increased from 1,00,05,000to 1,03,75,000.

Apart from above Management does not perceive any material changes occurred subsequent to the close of the financial year as on March 31,2018 before the date of report dated August 06,2018 affecting financial position of the Company in any substantial manner.

Corporate Governance-

As per Regulation 34 (3) read with Schedule V of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 the report of the Corporate Governance and the Certificate of the Auditors of the Company in respect of compliance thereof and appended hereto and forming part of the report.

Corporate Social Responsibility

The Company was not required to constitute Corporate Social Responsibility committee under the section 135 of Companies Act, 2013.

Cautionary Statement

Statement in the annual return particularly those which relate to Management Discussion & Analysis Report may constitute forward looking statements within the meaning of applicable laws and regulations. Although the expectations are based on reasonable assumption, the actual result might differ.

Appreciation And Acknowledgement

Your Directors express their sincere gratitude for the assistance and co-operation extended by the customers, various Government, Semi-Government, and Local Authorities, Suppliers, Shareholders, Business Association.

Your Directors also wish to place on record their deep appreciation for the dedication & hard work put by the employees at all levels towards the growth of the Company. Last but not the least, Board of Directors wish to thank Investors/Shareholders for their support, co-operation and faith in the Company.

For and on the behalf of the

Bella casa Fashion Retail Limited

Sd/- Sd/-

Harish Kumar Gupta Pawan Kumar Gupta

Chairman & Whole-Time Managing Director

Director

Place: Jaipur

Date: 06.08.2018 DIN: 01543446 DIN: 01323944

Date: 06.08.2018


Mar 31, 2017

Dear Shareholders,

The Directors of Bella Casa Fashion & Retail Limited (Formerly known as Gupta Fabtex Private Limited) have pleasure in submitting their 21st Annual Report together with the Audited Statements of Accounts for the year ended 31st March, 2017.

1. FINANCIAL RESULTS

The audited financial results of the Company for the year ended March 31st, 2017 are summarized below:

Rs. in Lacs

Particulars

2016-17

2015-16

Total Income

11,502.86

8,530.18

Total Expenditure

10,999.96

8,313.11

Earning Before Finance Cost, Depreciation & Amortization and Tax (EBIDTA)

876.67

594.69

Less: Finance Cost

315.88

325.03

Less: Depreciation & Amortization expenses

57.90

52.57

Profit Before Tax and Exceptional Items

503.66

217.07

Exceptional Items

0.76

0.76

Profit from Ordinary Activities before Tax

503.66

217.83

Less: Extra Ordinary Items

_

_

Less: Tax Expenses

176.86

79.07

Profit After Tax (PAT)

326.80

138.76

2. REVIEW OF OPERATIONS AND THE STATE OF COMPANY''S AFFAIRS

The Company recorded total revenue of Rs. 11,502.86 Lacs during the year under review as against Rs. 8530.18 Lacs in the previous year thereby registering growth of 34.85 %. The profit after tax for the year ended 31st March, 2017 is Rs. 326.80 Lacs as against Rs. 138.76 Lacs in the previous year showing growth of 135.50%. EBIDTA during the year increased from 594.69 Lacs to 876.67 Lacs registering a significant growth of 47.42%.

3. DIVIDEND & RESERVES

Company has not declared any dividend during the year because Board of Directors of the Company has decided to carry all profit after tax to Profit & Loss Account under Reserve & Surplus and to keep it for future growth and development. Your Company has earned adequate profit during the financial year 2016-17 and proposes to transfer balance of profit to the General Reserve.

4. SHARE CAPITAL

The authorized and paid up Equity Share Capital as on March 31, 2017 stood at Rs. 10,00,00,000 and 9,21,50,000 respectively.

As on March 31, 2017, none of the directors of the Company hold instruments convertible into Equity Shares of the Company.

During the year under review, the Company has not issued shares with differential voting rights nor has granted any stock options or sweat equity.

5. PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS UNDER SECTION 186

Pursuant to the provisions of Section 186(4) of the Act and SEBI (LODR), disclosures on particulars relating to loans, advances and investments are provided as part of the Financial Statements. There are no guarantees issued or securities provided by your Company in terms of Section 186 of the Act, read with the Companies (Meetings of Board and its Powers) Rules, 2014.

6. DECLARATION OF INDEPENDENT DIRECTORS-

Your Company has received declarations from all the Independent Directors of the Company confirming that they meet the criteria of independence as prescribed under Section 149(6) of the Act read with Schedules and the Companies (Appointment and Qualification of Directors) Rules, 2014 and the SEBI (LODR).

7. BOARD OF DIRECTORS

As per the provisions of the Section 152 of the companies Act, 2013 Whole Time Directors of the Company, Mr. Gaurav Gupta (DIN-07106587) retire by rotation at the meeting and being eligible, offer himself for reappointment. The board of directors of the Company recommends his respective appointment.

During the year under review, there is no change in the Board of Directors of the Company.

8. KEY MANAGERIAL PERSONNEL

During the year under review, the Company has following persons as Key Managerial Personnel:

Name of the Person

Designation

Mr. Harish Kumar Gupta

Chairman & Whole- Time Director

Mr. Pawan Kumar Gupta

Managing Director

Mr. Saurav Gupta

Whole- Time Director

Mr. Gaurav Gupta

Whole- Time Director

Mr. Naresh Manwani

Chief Financial Officer

Ms. Sonika Gupta

Company Secretary & Compliance Officer

During the year under review, there is no change in the Key Managerial Personnel of the Company.

9. NUMBER OF THE MEETING OF THE BOARD

The details of the Number of Meetings of the Board held during the financial year 2016-17 forms part of the Corporate Governance.

10. 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, the applicable accounting standards had been followed along with proper explanation relating to material departures;

(b) they have 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; the change in accounting policy as to Depreciation as mentioned under Notes to Account.

(c) they have 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) they have prepared the annual accounts on a going concern basis; and

(e) they have devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.

(f) they have laid down internal financial controls for the Company and such internal financial controls are adequate and operating effectively.

11. ACCEPTANCE OF DEPOSITS-

The Company has not accepted any Deposits from the Public within the meaning of Section 73 of the Companies Act, 2013 and Companies (Acceptance of Deposits) Rules, 2014

12. EXTRACT OF THE ANNUAL RETURN

We have enclosed the extract of the annual return in Form No. MGT - 9 shall form part of the Board''s report

13. INVESTOR EDUCATION AND PROTECTION FUND -

There were no amounts, required to be transferred, to the Investor Education and Protection Fund by the Company during the year.

14. LISTING FEES

Presently, the Equity Shares of the Company are listed on the BSE Limited (SME Platform). The Company has paid the annual listing fees for the financial year 2017-2018 to BSE.

15. STATUTORY AUDITORS

M/s KALANI & COMPANY, Chartered Accountants, Jaipur, the Auditor of the Company who was appointed in the Annual General Meeting dated 30th September, 2014 till the conclusion of the sixth Annual General Meeting and is being eligible for the ratification in the ensuing Annual General Meeting of the Company. As required under the provisions of Section 139 of the Companies Act, 2013, the Company has obtained written confirmation from Messrs Kalani & Company that their appointment, if made, would be in conformity with the limits specified in the said Section. There is no Audit qualification for the year under review.

16. AUDITOR''S REPORT-

In the opinion of the Directors the notes to the accounts in auditor''s report are self-explanatory and adequately explained the matters, which are dealt with by the Auditors.

17. SECRETARIAL AUDIT

Pursuant to the provisions of the section 204 of the Companies Act, 2013 and rules made there under, the Company has appointed M/s Shailja Sharma & Associates, Company Secretary in the Board Meeting held on 31.03.2017 to undertake the Secretarial Audit of the Company. The report is enclosed as “ANNEXURE A” to this report. No adverse comments have been made in the report by the Practicing Company Secretary.

18. COST AUDIT-

During the year under review, cost audit was not applicable to the Company.

19. INTERNAL AUDIT

Pursuant to the section 138 of the Companies Act, 2013 read with rule 13 of the Companies (Accounts) Rules, 2014 Company has appointed M/s AG & Company, Chartered Accountants as Internal Auditor of the Company in the Board Meeting held on 31.03.2017 to undertake internal audit. Their scope of work includes review of processes for safeguarding the assets of the Company, review of operational efficiency, effectiveness of systems and processes, and assessing the internal control strengths in all areas. Internal Auditors findings are discussed with the process owners and suitable corrective actions taken as per the directions of Audit Committee on an ongoing basis to improve efficiency in operations.

20. RELATED PARTY TRANSACTION-

The Company has no material significant transactions with its related parties which may have a potential conflict with the interest of the Company at large. All transactions entered with the Related Parties as defined under the Companies Act, 2013 and regulation 23 of the SEBI (listing Obligation & Disclosure Requirements) Regulations, 2015 during the financial year were in the ordinary course of business and on arm''s length basis and do not attract the provisions of section 188 of the Companies Act, 2013. Thus disclosure in form AOC- 2 is not required. Related party transactions have been disclosed under the Note 2.30 of significant accounting policies and notes forming part of the financial statements in accordance with Accounting Standard 18.

A statement in summary form of transactions with related parties in the ordinary course of business and arm''s length basis is periodically placed before the Audit committee for review and recommendation to the Board for their approval.

21. SUBSIDIARY COMPANIES

The Company does not have any subsidiary.

22. MANAGEMENT DISCUSSION AND ANALYSIS REPORT

As per requirements of Regulation 34 of Securities and Exchange Board of India (Listing Obligations and Disclosure) Regulations 2015, Management''s Discussion and Analysis of the financial condition and results of operations have been provided separately in this Annual Report.

23. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS AND OUTGO:

The information under section 134(3) of the Companies Act, 2013 read with Rule 8(3) of the Companies (Accounts) Rules, 2014 for the year ended March 31, been appended as “Annexure B” to this Report.

24. RISK MANAGEMENT

Business risk evaluation and management is ongoing process within the Company. The Assessment is periodically examined by the Board. The management of the Company has identified some of the major areas of concern having inherent risk, viz. Financial, Commodity Price, Regulatory, Human Resource, Interest rate Risks. The processes relating to minimizing the above risks have already been put in place at different levels of management. The management of the Company reviews the risk management processes and implementation of risk mitigation plans. The processes are continuously improved.

25. PARTICULARS OF EMPLOYEES

Disclosures with respect to the remuneration of Directors and employees as required under Section 197 of Companies Act, 2013 and Rule 5 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 has been appended as “Annexure C” to this Report.

26. SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS/COURTS

There are no significant and material orders passed by the Courts or any other regulators which would impact the going concern status of the Company and its future Operation.

27. PERFORMANCE EVALUATION-

Pursuant to the provisions of the Act and SEBI (LODR) and in terms of the Framework of the Board Performance Evaluation, the Nomination and Remuneration Committee and the Board have carried out an annual performance evaluation of its own performance, the performance of various Committees of the Board, individual Directors and the Chairman. The manner in which the evaluation has been carried out has been set out in the Corporate Governance Report which forms an integral part of this Report.

28. DISCLOSURE UNDER SEXUAL HARASSMENT OF WOMEN AT WORKPLACE(PREVENTION, PROHIBITION AND REDRESSAL) ACT, 2013

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 committee constituted under the said act has confirmed that no complaint/case has been filed/ pending with the Company during the year.

29. MATERIAL CHANGES AND COMMITMENTS, IF ANY, 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

Management does not perceive any material changes occurred subsequent to the close of the financial year as on 31.03.2017 before the date of report dated 15.07.2017 affecting financial position of the Company in any subsequent manner.

30. CORPORATE GOVERNANCE-

As per Regulation 34 (3) read with Schedule V of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 the report of the Corporate Governance and the Certificate of the Auditors of the Company in respect of compliance thereof and appended hereto and forming part of the report.

As per SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 the compliance with the corporate governance provisions as specified in regulations 17, 18, 19, 20, 21,22, 23, 24, 25, 26, 27 and clauses (b) to (i) of sub-regulation (2) of regulation 46 and para C , D and E of Schedule V shall not apply, in respect of the listed entity which has listed its specified securities on the SME Exchange.

31. CORPORATE SOCIAL RESPONSIBILITY-

The Company was not required to constitute Corporate Social Responsibility committee under the section 135 of Companies Act, 2015.

32. GOODS AND SERVICE TAX

Goods and Services Tax (GST) is a landmark reform which will have a lasting impact on the economy and on businesses. Implementation of a well-designed GST model that applies to the widest possible base at a low rate can provide significant growth stimulus to the business and contribute to the Prime Minister''s mission of ''Make in India''. Your Company has been preparing for migrating to GST with changes across IT systems, Supply Chain and operations have been made keeping in mind the sweeping changes that GST would bring in. While there are a few areas that need to be addressed, the Government went live on GST on 1st July, 2017 and your Company was ready for this transformative reform.

33. CAUTIONARY STATEMENT

Statement in the annual return particularly those which relate to Management Discussion & Analysis Report may constitute forward looking statements within the meaning of applicable laws and regulations. Although the expectations are based on reasonable assumption, the actual result might differ.

34. APPRECIATION AND ACKNOWLEDGEMENT

Your Directors express their sincere gratitude for the assistance and co-operation extended by the customers, various Government, Semi-Government, and Local Authorities, Suppliers, Shareholders, Business Association.

Your Directors also wish to place on record their deep appreciation for the dedication & hard work put by the employees at all levels towards the growth of the Company. Last but not the least, Board of Directors wish to thank Investors/Shareholders for their support, co-operation and faith in the Company.

For and on the behalf of the

Bella casa Fashion Retail Limited

Sd/- Sd/-

Harish Kumar Gupta Pawan Kumar Gupta

Chairman & Whole-Time Director Managing Director

DIN: 01323944 DIN: 01543446

Place: Jaipur

Date: 15.07.2017


Mar 31, 2016

To,

Dear Shareholder s,

The Directors of Bella Casa Fashion Retail Limited (Formerly known as Gupta tax Private Limited) have pleasure in submitting that Annual Report together with the Audited Statements of Accounts for the year ended s3March, 2016.

1. FINANCIAL RESULTS

The audited financial results the Company for the year ended March 3kt, 206 are summarized below:

Particulars

2014-15

2015-16

Total Income

85,30,7 ,6P

78,98,97,865

Total Expenditure

83,3 ,D ,055

77,68,05,356

Earning Before Finance Cost, Deprivation & Amortization and Ta (EBIDTA)

5,9 4,69,35 1

5,1 3,82,38

Less: Finance Cos t

3,25,03,245

3,22,90,058

Less: Depreciation &Amortization expenses

52,58,542

59,99,571

Profit Before T and Exceptional Item

2,7,07,564

130,92,509

Exceptional Item s

-76,46

-43,2,580

Profit from Ordinary Activities before Tax

2,7,83,981

,74,05,089

Less: Extra Ordinary Items

-

-

Less: Tax Expenses

79,07,23

6,22,408

Profit After Tax (PAT)

1,38,76,858

,2,82,682

2. REVIEW OF OPERIONS AND THE STATE OF COMPANY’S AFFAIR S

The Company recorded total revenue of Rs 85,30,7,6P during the year under review against Rs.78, 98,97,865 in the previous year thereby registering growth 7.99 %. Tie profit for the year ended 3fet March, 206 is Rs. 1,38,76,858 as against Rs. 1,2,82,682 in the previous year showing growth of 22.99%.

EBIDTA during the year increased fi5onB ,82,38 to 5,94,69,35 1 registering a significant growth of 5.74%.

3. DIVIDEND

Company has not declared any dividend during the year because Board of Directors of the Company has decided to carry all profit to Profit & Loss Account under Reserve & Surplus and to keep it for future growth and development.

4. RESERVE-S

During the year Company issued5, 000 Bonus Shares to existing shareholders from its Reserve & Surplus account amounting R4I,7 J50, 000 at a face value of Rs. Breach. During the year Company also earned profit and your directors have decided to plough back the profit into the business therefore no dividend is recommend for the financial year ended 3st March, 206 During h year under review balance of profits after tax was transferred to General Reserve.

5. SHARECAPITAL

The authorized and paid up Equity Share Capital as on March 3} 20)5 stood at Rs. 2,05,00,000 and 2.05,(0,000 respectively. During the year Company increase its Authorized Share Capital from 2.05,(0,000 to 000,00,000 and paid up capital from 2,05,00,000 to 9,2150,000.

Your Company increased its paid up Share Capital from Rs. 2,05,00,000 to Rs. 9,2150,000 by way of

47.5, 000 Bonus Share among of Rs.4,7^0, 000 at a face value of Rs. 10/each and 24,50,000 Equity Shares through Initial Public Offer (IPO) amounting of Rs. 3,43,00000 at a face value of -Rs. 0/ each and a premium of Rs. -4/ach. The aforesaid Equity Shares is listed on Platform.

During the year under review, the Company has not issued shares with differential voting rights nor has granted any stock options or sweat equity. As on March 3, 206, none of the directors of the Company hold instruments convertible in Equity Shares of the Company.

6. CHANGEOF N AM-E

Name of the Company was changed from “Gupta Fated Private Limited” to “Bella Casa Fashion &

Retail Private Limited” with effect from 15.07.2015 and the Company was converted into Public Limited Company with effect froM07.205.

The change of the name was approved by the members in the 9th Annual General Meeting on 29.06.205 and the conversion of the Company into Limited Company approved by the members in the Extra Ordinary General of the Company held on 5.07.205. The Registrar of Companies, Jaipur has issued the new certificate of incorporation recording the the Company on 3 107.201 5

7. PARTICULAROF LOANS, GUARANTEES OR INVESTMENTS UNDER SECTION B6.

Details of Loans, Guarantees and Investments covered under the provisions of Section B6 of the Companies Act, 20© are given in the notes to Financial Statements.

8. DECLARATIONS INDEPENDENT DIREC - ''ORS

The Board of Directors of the Company declares impended Directors M. S harad Mangal Ms Kalpana Juneja, Mr. Gunjan Jaiand Mr. Vikas Mathur are:

a) in the opinion of the Board, are persons of integrity and possesses relevant expert i se and experience;

b) (i) who were or were not a promoter of the or its holding, subsidiary or associate Company

( i i) who are not related to promoters or directors in the Company, its holding, subsidiary or associate Company .

c) Who have or had no pecuniary relationship with the Company, its holding, associate Company or their promoters or directors, during the two immediately preceding financial years or during the current financial year;

d) None of whose relatives has or had pecuniary relationship or transaction with the Company, its holding, subsidiary or associate Company or their promoters, or directors, amounting to two percent or more of its gross turnover of total income or such higher amount

as may be prescribed, whichever is lower, during the two immediately preceding financial years or during the current financial year;

e) Who, either himself nor any of his relatives

i) holds or has held the position of a key personnel or is or has been employee of the Company or its holding, subsidiary or associate Company in any of the three financial year immediately preceding the financial year in which he is proposed to be appointed.

ii) is or has been an employee or a partner, in any of the three financial years immediately preceding the financial year in which he is proposed to be appointed, of

- a firm of auditors or Company secretaries in practice or cost auditors or the Company or its holding, subsidiary or associate Company ;

- any legal or a consulting firm that has or had any transaction with the Company, its holding, subsidiary or associate Company amounting to ten percent or more of the gross turnover of such firm .

iii) holds together with his per cent, or more of the total voting power of the Company; or

iv) is a Chief Executive or director, by whatever name called, of any organization that receives twenty-five percent or more of its receipts from the Company, any of its promoters, directors or its holding, subsidiary or associate Company or that holds two per cent or more of the total voting power of the Company; or

v) Who possesses such other qualification as may be prescribed

9. DIRECTORS

As per the provisions of the Section 52 of accompanies Act, 203 Whole Time Erectors of the Company, Mr.Harish KumaGupta (DIN03 23 9 44 ) retire by rotation at the meeting aught eligible, offer himself for reappointment. The board of directors of the Company respective appointment.

During the year under revieW, r. Pawan Kumar Gupta-designated as Managing Director from the Director of the Company, Mr. Harish Kumar Guptesignated as Chairman &Whole - Time Director from the Managing Director of the Company and Mr. Sapura Gupta and Mr. Gaurav Gup re-designated as Whole Time Direct from Director of the Company with effect 3ritoijfi205.

Also Mr. Naresh Manwsappointed as Chief Financial officer and Ms. Sonika Gupta have been appointed as Company Secretary with effect frlSim.205 and 29.05.205 respectively.

In accordance with the Companies Act, 20®, Ms. Kalpana Juneja, Mr. Sharad Mangal and Mr. Gunjan Jain were appointed as Independent Directors of the Company with and Mr. Vikas Mathwas appointed as Independent Directors of the : with effect from 31.07.205 for a period of five consecutive years. All Independent Directors have given declarations that they meet the criteria of independence as laid down under section 49(6) of Companies Act, 203 and Regulation 6 of SEBI (Listing Obligations and Disclosure Requirements) Regulations , 20)5

10. KEY MANAGERIAL PERSON NEL

During the year under review, the Company has following persons as Key Man designation :

Name of the Person

Designation

Mr. Harish Kumar Gupta

Chairman & Whole Time Director

Mr. Pawan Kumar Gupta

Managing Director

Mr. Saurav Gupta

Whole- Time Director

Mr. Gaurav Gupta

Whole- Time Director

Mr. N aresh Manwani

Chief Financial Officer

Ms. Sonika Gupta

Company Secretary & Compliance Officer

11. NUMBER OF THE MEETING OF THE BOARD

The details of the Number of Meetings of the Board held during the financial year part of the Corporate Governance.

12. RESPONSIBILITY STATEMENT

The Directors’ Responsibility Statement referred to in clause (c) of sub-section (3) of Section 34 of the Companies Act, 20®, shall state that

(a) in the preparation of the annual accounts, the applicable accounting standards had been followed along with proper explanation relating to material departures;

(b) they have selected such accounting policies and applied them consistently and made judgment 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; the change in accounting policy as to Depiction as mentioned under Notes to Account.

(c) they have 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) they have prepared the annual accounts on a going concern basis ; and

(e) they have devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequately operating effectively.

(f) they have laid down internal financial controls for the Company and such internal financial controls are adequate and operating effectively.

13. ACCEPTANCE OF DEPOS [TS

The Company has not accepted any fixed Deposits from within the meaning of Section 73 of the Companies Act, 203 and Companies (Acceptance of Deposits) Rules, 20!

14. EXTRACT OF THE ANNUAL RETURN

We have enclosed the extract of the annual return in Form N o. MMGTl form part of the Board’s report

15. INVESTOR EDUCATION AND PROTECTION- FUND

There were no amounts, required to be transferred, to the Investor Education and Protection Fund by the Company during the year.

16. LISTING ON SME PLATFORM OF THE BSE - IMITED

Your Directors are pleased to inform Company has successfully listed its securities on the SME platform of BSE Limited on B.D.205 and the Company has paid listing fees for the year 2015 -16

17. STATUTORY AUDITC RS

M/s KALANI &COMPANY, Chartered Accountants, Jaipur, the Auditor Company who was appointed in the Annual General Meeting September, 204 till the conclusion of the sixth Annual General Meeting and is being eligible for the ratification in the ensuing Annual General Meeting of the Company.

18. AUDITOR’S REPORT-

In the opinion of the Directors the notes to the accounts in auditor’s report are self-explanatory and adequately explained the matters, which are dealt with by the Auditors.

19. SECRETARIAL AUDIT

Pursuant to the provisions of the section 204 of the Companies 203 and rules made there under, the Company has appointed M/s Shailja Sharma & Associates, Company Secrirtarhe Board Meeting held on 29.03.206 to undertake the Secretarial Audit of the Company. The report is enclosed

as “ANNEXURE A” to this report. No adverse comments have been made in the report by the Practicing Company Secretary y.

20. COSTAUDIT-

During the year under review, cost audit was not applicable to the Company.

21. INTERNAL AUDIT

Pursuant to the section 38 of the Companies Act, 20)3 read with rule 3 of the Companies (Accounts) Rules, 204 Company has appointed M/s Vikas Jain & Associates Chartered Accountants Secretary in the Board Meeting held on 29.03.20)6 to under of the Company.

22. RELATED PARTY TRAN SACT ON

The Company has no material significant transactions with its related parties which may have a potential conflict with the interest of the Company at entered with the Related as defined under the Act, 20© and regulation23 of the SEB (listing Obligation &

Disclosure Requirements) Regulations, 20Huring the financial year were in the ordinary course of business and on arm’s length basis and do not attract the provisions of section B8 of the Companies Act, 203. Thus disclosure in form AO C2 is not required. Related party transactions have been disclosed under the Note 229 of significant accounting policies and notes forming part of the financial statements in accordance with Accounting Standard B.

A statement in summary form of transactions with related parties in the ordinary course of business and armies length basis periodically placed before the Audit committee for review and recommendation to the Board for their approval.

23. SUBSIDIARY COMPANIES The Company does not have any subsidiary.

24. MANAGEMENT DISCUSSION AND ANALYSIS REPORT

As per requirements of Regulation of Securities and Exchange Board of India (Listing Obligations and Disclosure) Regulations 2015, Management’s Discussion and Analysis of the financial condition and results of operations have been provided separately in this Annual Report.

25. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS AND OU TGO

The information under section 34(3) of the Companies Act, 2016 read with Rule 8(3) of the Companies (Accounts) Rules, 20)4 for the year ended March been appended as Annexure BT this Report

26. RISK MANAGEME NT

Business risk evaluation and management is ongoing process within the Company. The Assessment is periodically examined by the Board.

27. PARTICULARS OF EMPLOYEES

Disclosures with respect to the remuneration of Directors and employees as required under Section 97 of Companies Act, 2013 and Rule 5 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 has been appended a Annexure to His Report .

28. SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS/COURT

There are no significant and material orders passed by the Courts or any other regulators which would impact the going concern status of the Company and its future Operation.

29. PERFORMANCE EVALUATI ON

Pursuant to the protons of the Companies Act, 2013 and Regulation 7 (0) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015,he Nomination and Remuneration Committee has laid down the criteria for of the performance of individual Directors and the Board as a whole. Based on the criteria the exercise of evaluation was carried out through a structured process covering various aspects of the Board functioning such as composition of the Board and committees, experience & expertise, performance of specific duties & obligations, attendance, contribution at meetings, etc. The performance evaluation of the Chairman and the Non Independent Directors was carried out by the Independent Director. The of the Independent Directors was carried out by the entire Board (excluding the Director being evaluated). The Directors expressed their satisfaction with the evaluation process.

30. DISCLOSURE UNDER SEXUAL HARASSMENT OF WOMEN a! WORKPLACE(PREVENTIONO HKBITION AND REDRESSAL) ACT 2013

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 &Redressed) Act, 203. Internal committee the said act has confirmed that no complaint/case has been filed/ pending with the Company during the ye ar.

31. MATERIAL CHANGES AND COMMITMENTS, IF ANY, AFFECTING THE Finny POSITION OF THE COMPANY WHICH HAVE OCCURRED BETWEEN THE END OF FINANCUA YEAR OF THE COMPANY TO WHICH THE FINANCIAL STATEMENTS REL AND THE DATE OF THE REPORT

Management does not perceive any material changes occurred subsequent to the close of the financial year as on 3103.206) before the date of report date3.09.2015 affecting financial position of the Company in any subsequent manner .

32. CORPORATE GOVERNANCE

As per Regulation 34 (3) read with Schedule V of the SEBI (Listing Obligations and Disclosure Requirements) of the Auditors of the Companion respect of compliance thereof and appended hereto and forming part of the report .

As per SEBI (Listing Obligations and Disclosure Requirements) Regulation the)5compliance with the corporate provisions as specified in regulations 7, B, P, 20, 2J22, 23, 24, 25,

26, 27 and clauses (b) to (i) of su-regulation (2) of regulation 46 and C , D and E of Schedule V shall not apply, in respect of the listed entity which has securities on the SME Exchange.

33. CORPORATEOCIAL RESPON SIBIL-1 TY

The Company was not required to constitute Corporate Social under the section )35 of Companies Act, 2015.

34. CAUTIONARY STATEMENT

Statement in the annual return particularly those which relate to Management Discussion & Analysis Report may constitute forward looking statements within the meaning of applicable laws and regulations. Although the expectations are based on reasonable assumption, might differ .

35. APPRECIATION AND ACKNOWLEDGEMENT

Your Directors express their sincere gratitude for the assistance- extended by the customers, various Government, and Local Authorities, Suppliers, Shareholders, Business Association .

Your Directors also wish to place on record their deep appreciation for the dedication & hard work put by the employees at all levels towards the growth of the Company. Last but not the least, the Board oi Directors wish to thank the yes/Shareholders for their and faith in the Company

F or and on the behalf Bella casa Fashion Retail Limited

S d/- Sd/-

Harish Kumar Gupta Pawan Kumar Gupta

hairman &WholeTime Director Managing Director

DIN : 03 23 9 44 DIN : 0543446

P lace: Jaipur

D ate: 03.09.206

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