To,
The Members,
URBAN ENVIRO WASTE MANAGEMENT LIMITED
The Board of Directors of the company are pleased to present their 13th Annual Report of the Company together with Audited
Financial Statements for the financial year ended, 31 st March, 2024.
KEY FINANCIAL HIGHLIGHTS
The Highlights of Financial results (standalone) of your
Company for the year ending March 31st, 2024 is summarized below: -
(Rs. in Lakhs)
Particulars
Profit before interest, depreciation and tax (EBITDA)
STATE OF COMPANY'S AFFAIRS
During the year under review, the total Income of the Company was Rs 10,263.13 Lakhs against Rs 3,937.62 Lakhs in the previous year. During the period, The Company has earned a Profitafter tax of Rs 705.49 Lakhs compared to Rs 215.71 Lakhs in the previous year.
WEBLINK OF THE EXTRACT OF THE ANNUAL RETURN
Pursuant to section 92(3) of the Companies Act, 2013 and rule 12(1) of the Companies (Management and Administration)
Rules, 2014, copy of the Annual Return is placed on the website of the Company at https://urbanenviroltd.com/AnnualReturnundersection92
DIVIDENDS
During the year 2023-24, an Interim Dividend @ 5% i.e. Rs.0.50 per equity share has been paid in November,2023. Total dividend outlay for the year is Rs. 21,65,000. The Company is having a dividend distribution policy which is available on company's weblink https://urbanenviroltd.com/assets/pdf/ Policies/Dividend-Distribution-Policy.pdf
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 andProtectionFund(IEPF)
TRANSFER TO RESERVES
Pursuant to provisions of section 134(3)(j) of the Companies
Act, 2013, the Company has transferred an amount of Rs.
1,729.50 Lakhs (Securitiesprofitduring the year) to reserve account during the year under review.
SUBSIDIARY COMPANIES
Your Company does not have any Subsidiary Company.
CHANGE IN NATURE OF BUSINESS
Company has not changed its nature of business.
LISTING OF SHARES:
The Shares of the Company were listed on National Stock Exchange, SME platform, Mumbai on 22 nd June, 2023. The Company has paid the annual listing year 2023-2024. The Equity Shares of the Company has the electronic connectivity To provide service to the Shareholders, the Company has appointed M/s. Bigshare Services Private Limited, Pinnacle Business Park, Office to Ahura Centre, Andheri East, Mumbai, Maharashtra 400093 as Registrar and Share Transfer Agent (RTA) of the Company for Secretarial Services for its Members / Investors and for Electronic Connectivity with NSDL and CDSL.
SHARE CAPITAL STRUCTURE OF THE COMPANY
A. Authorized Capital
The Authorized Capital of the Company is Rs 12,00,00,000 (Rupees Twelve Crore)
B. Paid up Capital and Changes thereon, if any:
The Issued, Subscribed and Paid-up capital is Rs.4,33,00,000 (Rupees Four Crore Thirty-Three Lakhs) divided into 43,30,000 (Forty-Three Lakhs and Thirty Thousand) equity shares of Rs. 10/-.
During the year, the Company had issued Shares by way of following Allotment:
S. No. Type of Issue
1 Initial Public Offer
and issued, subscribed and Paid-up capital of the company is increased from Rs. 3,41,00,000/- to Rs. 4,33,00,000/- Other than this there has been no change in the Authorized Share
Capital, Issued, paid up and Subscribed Capital of the company during the year.
DETAILS OF UTILIZATION OF FUNDS RAISED THROUGH INITIAL PUBLIC OFFER (IPO):
The details of the proceeds from the fresh issue are as follows:
Utilization of Net Proceeds:
Sr no Item Head
1 Repayment of certain secured borrowings in full availed by company
2 Funding working capital requirements of the Company
3 General corporate purposes
Total
DIRECTORS/KMP
During the period under review, the Board of Directors of the
Company duly constituted as per provisions of Companies Act,
2013.
Composition of Board of Directors:
The Board of Directors of URBAN is an optimum combination of Executive and Non-Executive Directors. As on 31st 2024, The Board of company consists of Six (6) Directors. The composition and category of Directors is as follows:
S. No. Name of Director
1 Shri Kamlesh Sharma
2 Shri Suresh Sharma
4 Mrs. Sheela Suresh Sharma
5 Shri Govind Maherwal
6 Shri Yogesh Kumar Gupta
Key Managerial Personnel (KMP):
S. No. Name of KMP
3 Ms. Shraddha Kiran Kulkarni
* Ms. Shraddha Kiran Kulkarni appointed as Company Secretary
& Compliance officer w.e.f.
Disclosure of Relationships between Directors Interest:
Name of Directors
Relationship with other Directors
Shri Suresh Sharma
Husband of Mrs. Sheela Suresh Sharma and Brother of Shri Kamlesh Sharma
Retirement by Rotation:
In terms of Section 152 of the Companies Act, 2013, Shri Vikas Sharma (DIN: 08958628), Director of the Company is liable to retire by rotation at the forthcoming Annual General Meeting and being eligible, offered himself for re-appointment. Brief profile of Director seeking Appointment/Re-appointment is given as annexure to the Notice of AGM.
The Board confirms that none of the Directors of the Company is disqualified from being appointed as Director in terms of Section 164 of declaration has been obtained from all the Directors in this regard.
MANAGEMENT DISCUSSION & ANALYSIS:
In terms of Regulation read with other applicable provisions, the detailed review of the operations, and its business is given in the Management's Discussion and
Analysis Report (MDA) which forms part of this Annual Report and is incorporated herein by reference and forms an integral part of this report.
MEETINGS OF THE BOARD OF DIRECTORS
During the Financial Year 2023-24, the Company held Ten (10) board meetings of the Board of Directors as per Section 173 of Companies Act, 2013 which is summarized below.
SN Date of Meeting
PRESENCE/ATTENDANCE OF DIRECTORS IN THE MEETINGS
SN Name of Director
Committee Meeting
1 Shri Kamlesh Sharma (DIN: 01845899)
2 Shri Suresh Sharma (DIN: 09104544)
3 Shri Vikas Sharma (DIN: 08958628)
4 Mrs. Sheela Suresh Sharma (DIN: 09609557)
5 Shri Govind Maherwal (DIN: 09618750)
6 Shri Yogesh Kumar Gupta (DIN: 09609556)
COMMITTEES
The Board's committees focus on certain specific areas and make informed decisions with the authority delegated to them. Each committee of the Board functions according to its charter that defines its composition, Companies Act, 2013 and the Listing Regulations. Presently, the Company is having following Board Committees: A. AUDIT COMMITTEE
The Audit Committee assists the Board in its responsibility for overseeing the quality and integrity of the accounting, auditing and reporting practices of the Company and its compliance with the legal and regulatory requirements. The Committee's purpose is to oversee the accounting and financial reporting process of the Company, the audits of the Company's financial statements, independence, performance and remuneration of the statutory auditors, the performance of internal auditors, etc. The Composition of the Audit Committee meets the requirements of Companies Act, 2013 and Regulation 18 of Listing Regulations.
All the recommendations of Audit Committee have been accepted by the Board of Directors
Sr. No Name of Member
Attendance at the Committee Meeting held during the F.Y. 2023-24
The Company Secretary acts as the Secretary to the Committee. Terms of Reference: The terms of reference of the Audit Committee are as under:
1. Oversight of the Company's financial reporting process and the disclosure of its financial information to ensure that the financial statement is correct,
2. Recommending to the Board, the appointment, reappointment and, if required, the replacement or removal of the statutory auditor and the fixationof audit fees.
3. Approval of payment to statutory auditors for any other services rendered by the statutory auditors.
4. Reviewing, with the management, the annual financial for approval, with particular reference to: i. Matters required to be included in the Director's
Responsibility Statement to be included in the
Board's report in terms of clause (c) of subsection 3 of section 134 of the Companies Act,
2013; ii. Changes, if any, in accounting practices and reasons for the same; iii. Major accounting entries involving estimates based on the exercise of judgment by management; iv. Significant adjustments made in the financial statements arising out of audit findings; v. Compliance with listing requirements relating to Financial statements; vi. Disclosure, Review and approval of any related party transactions; vii. Qualifications in the draft audit report. of employees and action
5. Reviewing, with the management, the quarterly/half yearly/annual financial statements before submission to the board for approval.
6. Reviewing, with the management, the statement of uses / application of funds raised through an issue (public issue, right issue, preferential issue, etc.), the statement of funds those stated in the offer document/Draft Prospectus /notice the monitoring agency monitoring the utilization of proceeds of a public or rights issue, and making appropriate recommendations or discharging up steps in this matter. actions,
7. Review and monitor the auditor's independence, performance and effectiveness of audit process.
8. Approval or any subsequent modification of transactions of the company with related parties;
9. Scrutiny of inter-corporate loans and investments; 10. Valuation of undertakings or assets of the company, wherever it is necessary;
11. Evaluation of internal financial controls and risk management systems; by the Audit Committee),
12. Reviewing, with the management, performance of statutory and internal auditors, adequacy of the internal control systems;
13. Reviewing the adequacy of internal audit function, if any, including the structure of the internal audit department, and seniority of the official heading the department, reporting structure coverage and frequency of internal audit.
14. Discussion with internal auditors any significant findings and follow up there on.
15. Reviewing the findings of any internal investigations by the internal auditors into matters where there is suspected fraud or irregularity or a failure of internal control systems of a material nature and reporting the matter to the board.
16. Discussion with statutory auditors before the audit commences, about the nature and scope of audit as well as post-audit discussion to ascertain any area of concern.
17. To look into the reasons for substantial defaults in and other legal the payment to the depositors, debenture holders, shareholders (in case of non-payment of declared dividends) and creditors.
18. To oversee and review the functioning mechanism which shall provide for adequate victimiz safe guards against directors who avail of the vigil mechanism and also provide for direct access to the Chairperson of the
Audit Committee in appropriate and exceptional cases.
19. Call for comments of the auditors about internal control systems, scope of audit including the for purposes other than observations Prospectus/ statements before submission to the Board; 20. Approval of appointment of CFO (i.e., the whole-time Finance Director or any other person heading that function) the finance function &after assessing the background, etc. of the candidate.
21. To investigate any other matters referred to by the
Board of Directors;
22. Carrying out any other function as is mentioned in the terms of reference of the Audit Committee.
The Audit a. Management discussion and analysis of financial operations; information and results of b. Statement of submitted by the defined management; c. Management letters / letters of internal control weaknesses issued by the statutory auditors; d. Internal audit relating to internal reports control weaknesses; and e. The appointment, removal and terms remuneration of the chief internal auditor shall be subject to review by the
Audit Committee. f. Statement of deviations: I. Quarterly statement of deviation(s) of monitoring agency, if applicable, stock exchange(s) in terms of Regulation 32(1).
II. Annual statement of funds than those stated in the offer document/prospectus/ notice in terms of Regulation 32(7).
B. NOMINATION AND REMUNERATION COMMITTEE of Committee formed The Nomination and Remuneration pursuant to Section inter alia, to assess Listing Regulations, period, severance fees and the remuneration payable to the Managing Director/ sitting payable to the Non- Whole Time Directors; Executive Directors; remuneration policy covering policies senior executives. on remuneration
4. Devising a policy on diversity of board of directors.
5. Deciding on, whether to extend or continue the term of appointment of the independent director, on the basis of the report of performance evaluation independent directors.
6. Decide the salary, allowances,178 of the Companies Act, perquisites, bonuses, of notice Executive Directors.
7. Define and implement the Performance Linked Incentive Scheme (including ESOP of the Company)
Position Status Attendance at the Meeting held Committee during the F.Y. 2023-24
The Company Secretary acts as the Secretary to the Terms of Reference: The terms of reference of the Nomination Remuneration
1. Formulate the criteria for determining the
of a director and recommend to the Board a policy relating e Directors keeping in view the other employees.
2. Identifying persons who are qualified to become directors and may be appointed in senior management in accordance with the criteria laid down, and recommend to the Board of Directors their appointment and removal.
3. Formulation of criteria for evaluation of independent directors and Board of Directors. the Board has delegated the
and evaluate the performance and determine the e Directors for Executive amount of incentive of the that purpose. are as under:
8. Decide the amount of Commission payable to the Whole time Director / Managing Directors.
9. Review and suggest revision of the total remuneration package of the performance of the Company, standards prevailing in the industry, statutory guidelines etc.
10. To formulate and administer the Employee Stock Option Scheme C. STAKEHOLDER'S RELATIONSHIP COMMITTEE Pursuant to Section 178 of the Companies Act, 2013 and powers to Listing Regulations, the committee, inter alia, to approve transfer/transmission of shares, considering and resolving the grievances, to oversee the performance of the Registrar & Share Transfer Agent, oversee the implementation and compliance of the Code of
Conduct adopted by the Company for prevention of Insider Trading and to attend all other matters related thereto.
Attendance at the Committee .Y. F Meeting held during the 2023-24
Terms of Reference:
The terms of reference of the Stakeholder's Relationship
1. Allotment, transfer of shares including transmission,
holding and vice versa, issue of duplicate shares in lieu of those torn, destroyed, lost or defaced or where the space at back for recording transfers have been fully
2. Issue of duplicate certificates and new certificates split/consolidation/renewal, etc.
3. Review the process and mechanism of redressal of Shareholders' /Investor's grievance and suggest measures of improving the system of redressal of
Shareholders' /Investors' grievances.
4. Non-receipt of share certificate(s), non-receipt of declared dividends, non-receipt of interest/ dividend warrants, non-receipt of annual report and any other grievance/ complaints with Company or any officer of the Company arising out in discharge of his duties.
5. Oversee the performance of the Registrar & Share Transfer Agent and also review and take note of complaints directly received and resolved them.
6. Oversee the implementation and compliance of the Code of Conduct adopted by the Company for prevention of Insider Trading for Listed Companies as Board of India specified 2015 as (Prohibition and loss of the amended from time to time.
7. Any other power t care for the n
Directors of the Company from time to time by way of resolution passed by it in a duly conducted Meeting, and other
8. Carrying out function contained in the any other equity listing agreements as and when amended from time
DECLARATION BY INDEPENDENT DIRECTORS UNDER SECTION 149(6)
The Company has received declarations from all the
Independent Directors of the Company confirming that they meet the criteria of independence as specified under Section 149(6) of the Companies Act, 2013 read with schedules and rules issued thereunder. They have also confirmed that they meet the requirements of "Independent Director" as
Regulation 16(1)(b) of the SEBI (Listing mentioned
Obligation and Disclosure Requirement) Regulation, 2015.
BOARD EVALUATION
Pursuant to the provisions of Companies Act, 2013 and SEBI
(Listing Obligation and Disclosure Requirement) Regulations,
2015, the Board has carried out annual performance evaluation of its own performance, the directors individually as well the evaluation of the working of its Audit, Nomination
& Remuneration and Stakeholder committee, including . the Chairperson of the Board who were evaluated on parameters such as level of engagement and contribution and independence of judgment thereby safeguarding the interest of the Company.
The performance evaluation of the Independent Directors was carried out by the entire Board. The performance evaluation of the Chairperson and the Non-Independent Directors was carried out by the Independent Directors. The Directors expressed their satisfaction with the evaluation process.
DIRECTORS' RESPONSIBILITY STATEMENT
Pursuant to Section 134(5) of the Companies Act, 2013 the Board of Directors of the Company confirms that-
(a)
(b)
(c)
(d)
(e)
(f) .
PARTICULARS OF EMPLOYEES
None of the employee has received remuneration exceeding the limit as stated in rule 5(2) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014.
INFORMATION ABOUT SUBSIDIARY/ JV/ ASSOCIATE COMPANY
The company as on date does not have any Subsidiaries and
Joint Ventures and Associates.
PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS
The Company has not granted any loan, guarantee, or made any investments during the year ended 31st March 2024.
During the Financial Year 2023-24, the particulars of Loan given, Guarantees given and Investments made and securities provided along with the purpose for which the loan or ed by the receipt are utiliz guarantee, security provided to be provided in the audited financial statements of the Company read with notes on accounts forming part of the financial statements.
AUDITORS:
Statutory Auditors & Their Report
M/s. B Shroff & CO, Chartered Accountants (FRN: 006514W), Statutory Auditors were appointed in the General Meeting for FY 2021-22 held on 30.09.2022 for a period of 5 year. They have confirmed that they are not disqualified from continuing as Auditor of the Company.
There are no observations (including any qualification, or disclaimer) of the Auditors in reservation, their Audit Report that may call for any explanation from the
Directors.
Secretarial Auditors
Pursuant to the provisions of Section 204 of the Act read the Companies (Appointment and Remunerationof Managerial Personnel) Rules, 2014, your Board has appointed M/s. Kunal (C.P. no: 10188) as Dutt the Secretarial Auditor to conduct the Secretarial Audit of the
Company for the financial year 2023-24.
The Board in its meeting dated 28th May, 2024 has appointed M/s. Kunal Dutt & Associates,
Secretarial Auditor of the Company to carry out Secretarial
Audit of the Company for the financial year 2024-25. The Secretarial Audit Report is issued in Form MR-3 by M/s. Kunal Dutt & Associates, Company Secretaries, in respect of the Secretarial Audit of the Company for the financial year ended on March 31, 2024. The Secretarial Audit Report does not contain any
During the year under review, no instance of fraud was reported by the Secretarial Auditor of the Company in their
Audit Report under Section143(12) of the Act, therefore no detail is required to be disclosed under Section134 (3) of the
Act.
The Secretarial Audit Report issued in form MR-3 is annexed as
"Annexure-C".
Internal Auditors
Pursuant to the provisions of Section 138 (1) of the Companies Act, 2013 and Rule 13 of the Companies (Accounts) Rules,
2014, the Board of Directors of your Company has appointed
M/s. ACA & Company (FRN - 152198W) as the internal auditor of the company for the F.Y. 2023-24.
PREVENTION OF INSIDER TRADING
Pursuant to the provision of the Securitiesand Exchange Board of India (Prohibition of Insider Trading) Regulation, amendments thereto, the company has in place a code of conduct to regulate, monitor and report trading by insider for prohibition of Insider trading in the shares of the Company. The code inter alia prohibits purchase/ sale of shares of the
Company by its Designated Persons and other connected persons while in possession of Unpublished PriceSensitive Information in relation to the Company and during when trading window is close.
The company has also formulated a Code of practices and procedures for fair disclosure of Unpublished Price Information (UPSI) and said code in available on company's website and can be assessed at https://urbanenviroltd.com/Policies
MATERIAL CHANGES AND COMMITMENTS AFFECTING THE FINANCIAL POSITION OF THE COMPANY:
There were no material changes and commitments made by directors affecting financial position have occurred after end of the financial year and upto the date of this report. Secretaries as
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS AND OUTGO
Information on conservation of Energy, Technology absorption, Foreign Exchange earnings and outgo required to be disclosed under Section 134 of the Companies Act, 2013 read with Companies (Accounts) Rules, 2014 are provided hereunder:
A. Conservation of Energy:
The Company is taking due care for using electricity in the office takes care for optimum utilization of energy.
the steps taken by the company for utilizing alternate sources of energy;
No capital investment on energy conservation equipment made during the financial year.
B. Technology Absorption:
absorption; the efforts made towards technology reduction, product the benefits improvement, cost development or import
in case of imported technology (imported during the last three years reckoned from the beginning of the financial year)-
d) if not fully absorbed, areas whereabsorptionhas not taken place, and the reasons thereof; Not applicable since 5 years period is over expenditure incurred on Research and Development
C. Foreign Exchange Earnings and Outgo:
• The Foreign Exchange earned in terms of actual inflows during the year and the Foreign Exchange outgo during the year in terms of actual
RELATED PARTY TRANSACTION
There were no materially significant related party transactions with the Promoters, Directors and Key Managerial Personnel, which may have a potential conflict with the interest of the
Company at large. Given that the Company does not have anything to report pursuant to Section 134(3)(h) of the Act read with Rule 8(2) of the Companies (Accounts) Rules, 2014 in Form No. AOC- 2, the same is not provided.
Attention of the members is drawn to Note No.25 to
Standalone Financial Statements which sets out related party disclosure.
The RPT Policy as approved by the Audit Committee and the
Board is available on the website of the Company https:// urbanenviroltd.com/Policies
DEPOSITS
The Company has neither accepted nor renewed any Deposits mentionedsection73 of the Act and the Companies under (Acceptance of Deposits) Rules, 2014 during the reporting period.
DISCLOSURE WITH RESPECT TO MAINTENANCE OF COST RECORDS
Your Company doesn't fall within the scope of Section 148(1) of the Companies Act, 2013 and hence does not require to maintain cost records as specified by the
Central Government.
RISK MANAGEMENT
The Board of Directors of the Company identify, evaluate business risks and opportunities. The Directors of the Company take pro-active steps to minimize adverse impact on the business objectives and enhance the Company's competitive advantage. Presently no material risk has been identified by the directors except of general business risks, for which the
Company is leveraging on their expertise and experience.
SECRETARIAL STANDARDS
Your Company has complied with all Secretarial Standards issued by the Institute of Company Secretaries of India (ICSI) and approved by Central Government from time to time.
CORPORATE SOCIAL RESPONSIBILITIES (CSR)
The company does not meet the criteria of Section 135 of Companies Act, 2013 read with the Companies (Corporate Social Responsibility Policy) Rules, 2014 for the FY 2023-24.
INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY
The Company has adequate system of internal control to safeguard and protect from loss, unauthorized use or disposition authorized, recorded and reported to the Management. The Company is following all the applicable Accounting Standards for properly maintaining the books of accounts and reporting financial statements.
VIGIL MECHANISM
Pursuant to the provisions of Section 177(9) of the Companies Act, 2013 read with Rule 7 of the Companies (Meetings Board and its Powers) Rules, 2014, the Company had adopted
‘Whistle Blower Policy' for Directors and employees.
A mechanism has been established for employees to report concerns about unethical behaviour, actual or suspected fraud, or violation of Code of Conduct and Ethics. It also provides for adequate safeguards against the victimization of employees who avail of the mechanism and allows direct access to the Board of Directors in exceptional cases. Board will periodically review the functioning
Blower Mechanism.
During the Financial Year under review, no whistle blower event was reported and mechanism functioning personnel have been denied access to the Chairperson of
Audit Committee. The policy is available on the website of the company at https://urbanenviroltd.com/Policies .
DISCLOSURE UNDER SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION, PROHIBITION AND REDRESSAL) ACT, 2013
The Company is committed to provide a safe and conducive work environment to its employees during the financial year.
As per the provisions of the Sexual Harassment of Woman at the Workplace(Prevention, Prohibition and Redressal)Act, 46 and Paras C, D and E of Schedule V of Securities 2013, internal complaints committees have been set up in the Company to deal with the cases received under the Act. The committee members are as under:
Name
Mrs. Sheela Suresh Sharma (Non-Executive Director)
Ms. Shraddha Kulkarni (Company Secretary)
Shri Amol Tirale (CFO)
Your directors further state that during the financial year, there were no cases filed pursuant to the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013. The Company regularly conducts awareness programmes for its employees
DETAILS IN RESPECT OF FRAUDS REPORTED BY AUDITORS UNDER SECTION 143 (12)
There are no offence of fraud or observations (including any qualification, reservation, adverse remark or disclaimer) under of its assets. All the transactions are properly section143(12) 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 Auditors Report are self-explanatory.
BOARD'S COMMENT ON THE AUDITORS' REPORT AND AUDITORS' APPOINTMENT
There are no observations (including any reservation, adverse remark or disclaimer) 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 Auditors Report are self-explanatory.
REGULATORY ACTION
There are no significant and material orders passed by the regulators or courts or tribunals that could impact the going concern status and operations of the company in future.
CERTIFICATE FROM COMPANY SECRETARY INof Whistle PRACTICE REGARDING NON-DISQUALIFICATION OF DIRECTORS
The Company has received a certificate from M/s Kunal Dutt & Associates, Practicing well. No
Directors on the Board of the Company have been debarred or disqualified from being appointed or continuing as Directors of companies by the SEBI, MCA or any such statutory authority for the financial certificate is appended to this report as ‘Annexure F'