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Faze Three Ltd

BSE Code : 530079 | NSE Symbol : FAZETHREE | ISIN:INE963C01033| SECTOR : Textiles |

NSE BSE
 
SMC up arrow

17.90

0.00 0.00 Volume 280564

24-Nov-2000 EOD

Prev. Close

17.90

Open Price

16.25

Bid Price (QTY)

13.00(100)

Offer Price (QTY)

20.90(13)

 

Today’s High/Low 17.90 - 16.25

52 wk High/Low 17.90 - 0.00

Key Stats

MARKET CAP (RS CR) 691.15
P/E 17.53
BOOK VALUE (RS) 80.6649122
DIV (%) 0
MARKET LOT 1
EPS (TTM) 16.21
PRICE/BOOK 3.52321712438435
DIV YIELD.(%) 0
FACE VALUE (RS) 10
DELIVERABLES (%)
4

News & Announcements

02-Nov-2021

Faze Three consolidated net profit rises 122.06% in the September 2021 quarter

26-Oct-2021

Faze Three to hold board meeting

06-Sep-2021

Faze Three Ltd - Disclosures under Reg. 29(2) of SEBI (SAST) Regulations 2011

18-Aug-2021

Faze Three receives upgrade in credit ratings from CARE

26-Oct-2021

Faze Three to hold board meeting

18-Aug-2021

Faze Three receives upgrade in credit ratings from CARE

07-Aug-2021

Faze Three to hold board meeting

01-Jul-2021

Faze Three to convene AGM

Corporate Actions

Bonus
Splits
Dividends
Rights
Capital Structure
Book Closure
Board Meeting
AGM
EGM
 

Financials

Income Statement

Standalone
Consolidated
 

Peers Comparsion

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Share Holding

Category No. of shares Percentage
Total Foreign 1637718 6.73
Total Institutions 0 0.00
Total Govt Holding 0 0.00
Total Non Promoter Corporate Holding 743234 3.06
Total Promoters 12221706 50.26
Total Public & others 9716592 39.95
Total 24319000 100
  • Total Foreign
  • Total Institutions
  • Total Govt Holding
  • Total Non Promoter Corporate Holding
  • Total Promoters
  • Total Public & others

About Faze Three Ltd

Faze Three Exports (FTEL) was incorporated as a private limited company in Jan.'85, and became a deemed public limited company in Jan.'94. It was converted into a full-fledged public limited company in May '94. Ajay Anand, who promoted the company in 1984, is the chairman and managing director of FTEL. In Feb.'95, FTEL came out with a Rs 12.66-cr public issue (premium: Rs 110) to part-finance the proposed EOU to manufacture furnishing fabric, etc, at a project cost of Rs 15.7 cr. The company manufactures and exports cotton handlooms, furnishing fabric and made-ups at its unit in Haryana. Its products include dhurries, cushions, furnishings, carpets, etc. FTEL exports to Japan, Taiwan, Hong Kong, Germany, the US, etc. The company took over ARR Products on 31 Mar.'94. FTEL was the recipient of gold medals for its export performance in 1991-92 and 1992-93. In 1995-96, the business was adversely affected due to an earthquake in Japan, which constituted a major part of exports. The construction work at the new project site at Silvassa was completed. New machineries were installed for manufacturing bathmats, a new product item. The company is taking up new projects as part of its expansion and diversification plans into the field of home furnishing and other interior furnishing related products. The company has drawn an expansion plan for silvassa, alongwith their joint venture partners Achter & Ebels, Germany which are pioneers in field of automotive fabrics. During 1998-99, the company hived of Dadra (UT) manufacturing unit and to acquired controlling stake in V R Woodart Limited (formerly known as Veera Treatwood Limited). V R Woodart Ltd is 100 % EOU engaged in Mfg & Exporting of Rubber wood furniture. In 1999-2000, the Autofab division of the company has been hived off to the Joint Venture Company `Aunde Faze Three Autofab Ltd'. During March 2003 the name of the company was changed to Faze Three Limited. The Commercial production at Dapada Factory was commenced in April, 2002 and the expansion and modernization of the Dyeing unit at Panipat was also completed. In the year 2003, the name of the company was changed to Faze Three Limited.

Faze Three Ltd Chairman Speech

Faze Three Ltd Company History

Faze Three Exports (FTEL) was incorporated as a private limited company in Jan.'85, and became a deemed public limited company in Jan.'94. It was converted into a full-fledged public limited company in May '94. Ajay Anand, who promoted the company in 1984, is the chairman and managing director of FTEL. In Feb.'95, FTEL came out with a Rs 12.66-cr public issue (premium: Rs 110) to part-finance the proposed EOU to manufacture furnishing fabric, etc, at a project cost of Rs 15.7 cr. The company manufactures and exports cotton handlooms, furnishing fabric and made-ups at its unit in Haryana. Its products include dhurries, cushions, furnishings, carpets, etc. FTEL exports to Japan, Taiwan, Hong Kong, Germany, the US, etc. The company took over ARR Products on 31 Mar.'94. FTEL was the recipient of gold medals for its export performance in 1991-92 and 1992-93. In 1995-96, the business was adversely affected due to an earthquake in Japan, which constituted a major part of exports. The construction work at the new project site at Silvassa was completed. New machineries were installed for manufacturing bathmats, a new product item. The company is taking up new projects as part of its expansion and diversification plans into the field of home furnishing and other interior furnishing related products. The company has drawn an expansion plan for silvassa, alongwith their joint venture partners Achter & Ebels, Germany which are pioneers in field of automotive fabrics. During 1998-99, the company hived of Dadra (UT) manufacturing unit and to acquired controlling stake in V R Woodart Limited (formerly known as Veera Treatwood Limited). V R Woodart Ltd is 100 % EOU engaged in Mfg & Exporting of Rubber wood furniture. In 1999-2000, the Autofab division of the company has been hived off to the Joint Venture Company `Aunde Faze Three Autofab Ltd'. During March 2003 the name of the company was changed to Faze Three Limited. The Commercial production at Dapada Factory was commenced in April, 2002 and the expansion and modernization of the Dyeing unit at Panipat was also completed. In the year 2003, the name of the company was changed to Faze Three Limited.

Faze Three Ltd Directors Reports

FOR THE FINANCIAL YEAR ENDED MARCH 31, 2021

To,

The members of Faze Three Limited

Your Directors are pleased to present the 36th Annual Report of your Company containing the business performance and the Audited Financial Statements for the year ended on 31st March 2021.

1. FINANCIAL PERFORMANCE (Standalone & Consolidated):

(Rs. in Crores)

Particulars For the Year ended 31.03.2021 For the Year ended 31.03.2021 For the Year ended 31.03.2020 For the Year ended 31.03.2020
(Standalone) (Consolidated) (Standalone) (Consolidated)
Revenue from Operations 324.17 324.59 302.19 302.17
Other Income 2.13 2.13 4.12 4.12
Profit before tax 35.41 35.33 22.32 21.18
Provision for taxation (incl. deferred tax) 10.40 10.40 3.04 3.04
Profit for the year 25.01 24.93 19.28 18.84
Other comprehensive income for the year (0.14) (0.14) (0.25) (0.25)
Total comprehensive income for the year 24.87 24.82 19.03 17.89

The standalone and consolidated financial statements for the financial year ended March 31, 2021, forming part of this Annual Report, have been prepared in accordance with the Indian Accounting Standards (Ind AS) as notified by the Ministry of Corporate Affairs.

2. KEY HIGHLIGHTS OF THE FINANCIAL PERFORMANCE/ STATE OF THE COMPANY'S AFFAIRS:

During the year under review, the Company achieved consolidated revenue from operations of INR 324.59 Crores as against INR 302.17 Crores in the previous year. Total Income for Apr-June quarter of FY 21 was affected owing to COVID lockdown. The Revenue for the said Q1 was ~INR 40 Crores versus INR 95 Crores, being average quarterly revenue for last 3 quarters for FY 21. Revenue for 01 July 2020 to 31 March 2021 (9 months) was ~INR 285 Cr.

Total Income for the Quarter ended (QE) March 2021 stood at INR 108.67 Crores versus INR 73.91 Crores for QE March 2020. Growth of 47% q-o-q. (Results for March 2021 quarter were the highest ever quarterly Total Income and Net Profit in the company since inception. The capex undertaken in last 4 years has enabled company to service higher volumes)

The Company earned Standalone Net Profit after Tax for year ended 31 March 2021 at INR 25.01 Crores vs INR 19.28 Crores for year ended 31 March 2020. Growth of ~29.7% y-o-y. The Consolidated Net Profit of INR 24.82 crores as against Net Profit of INR 17.89 Crores during previous year.

There was no change in the nature of the business of the Company during the period.

3. DIVIDEND:

During the year under review, your Directors have decided to retain the resources to fuel the growth and objectives of the Company. The Directors are confident to derive optimum utilization out of the same which shall be in the best interest of the stakeholders.

4. SHARE CAPITAL:

The Authorised Share Capital of the Company is Rs. 26,00,00,000/- divided into 2,60,00,000 equity shares of face value of Rs. 10/- each. The paid up share capital of the Company is Rs. 24,31,90,000/- divided into 2,43,19,000 equity shares of face value of Rs. 10/- each.

During the F.Y. 2020-21 there was no change in the share capital of the Company.

5. RESERVES:

There were no appropriations to reserves/ general reserves during the year under review. The closing balance of the retained earnings of the Company for FY 2020-21 was INR 119.08 Crores.

6. DEPOSITS:

The Company has not accepted any deposits from the public falling within the ambit of Section 73 of the Companies Act, 2013 and the Companies (Acceptance of Deposits) Rules, 2014, or under Chapter V of the Companies Act, 2013.

7. SUBSIDIARY OR ASSOCIATE OR JOINT VENTURE COMPANY:

The Company has a wholly owned subsidiary (WOS) in USA namely Faze Three US LLC which is a front office of the Company in USA and is actively engaged in sourcing local business within USA for supplying the Company's range of products to stores/ retailers. Pursuant to the provisions of Section 129(3) of the Companies Act, 2013, a statement containing salient features of financial statements of the WOS in Form AOC-1 is attached to the Consolidated Financial Statements. The separate audited financial statements in respect of the WOS are also available on the website of the Company.

The Total Income for FY 2020-21 stood at USD 1.03 MN vs USD 0.29 MN for FY 2019-20. The PBT was positive at USD 0.003 MN vs loss of USD 0.169 MN during FY 2019-20.

There were no other Companies which have become or ceased to be Subsidiary, Associate or Joint Venture of the Company during the period under review.

8. DIRECTORS' RESPONSIBILITY STATEMENT:

Pursuant to the requirements of Section 134(3)(c) of the Companies Act, 2013, with respect to the Director's Responsibility Statement, the Directors hereby confirm that:

(i) in the preparation of the Annual Financial Statements for the year ended 31st March 2021, the applicable accounting standards have been followed along with proper explanation relating to material departures, if any;

(ii) such accounting policies as mentioned in Notes to Financial Statements have been selected and applied consistently and judgements and estimates have been made that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company as at 31st March 2021 and of the Profit of the Company for the year ended on that date;

(iii) proper and sufficient care have been taken 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;

(iv) the Annual Financial Statements have been prepared on a going concern basis;

(v) proper internal financial controls were in place and that the financial controls were adequate and were operating effectively;

(vi) systems to ensure compliance with the provisions of all applicable laws were in place and were adequate and operating effectively.

9. NUMBER OF MEETINGS OF THE BOARD AND AUDIT COMMITTEE:

The Board and Committees of the Board meets at regular intervals to discuss and decide on Company / Business policy and strategy apart from other Board business. In case of a special and urgent business need, where the meeting of the Board of Directors is not envisaged, the Board's approval is taken by passing resolutions by circulation, as permitted by law, which are noted and confirmed in the subsequent Board Meeting.

The details of number of Board and Committee meetings of the Company are set out in the Corporate Governance Report which forms part of this Report.

10. CHANGES IN DIRECTORS AND/ OR KEY MANAGERIAL PERSONNEL:

During the year under review, there were no changes that took place in the constitution of the Board of Directors and the Board Committees.

In accordance with Section 152 of the Companies Act 2013 and the rules framed thereunder, Mrs. Rashmi Anand - Non-Executive Director (DIN: 00366258) retires by rotation at the ensuing Annual General Meeting and being eligible offers herself for re-appointment.

The Members of the Company at 34th Annual General Meeting had passed special resolution for re-appointment of Mr. Ajay Anand (DIN: 00373248) as the Managing Director and Mr. Sanjay Anand (DIN: 01367853) as the Whole -time Director of the Company for a period of three (3) years with effect from April 1, 2019 upto March 31, 2022. The Board of Directors of the Company at its meeting held on June 30, 2021, on recommendation of the Nomination and Remuneration Committee, approved the re-appointment of Mr. Ajay Anand as the Managing Director for a period of 3 years and Mr. Sanjay Anand as the Whole-time Director for the period of 3 years subject to approval of members by passing a Special Resolution. The approval of members for the re-appointment of Mr. Ajay Anand and Mr. Sanjay Anand is proposed at the ensuing Annual General Meeting of the Company. Mr. Vinit Rathod (DIN: 07589863) and Mr. Manan Shah (DIN: 07589737) were appointed as an independent directors for the first term of 5 (Five) years effective August 12, 2016. Their office of directorship is due for retirement on August 11, 2021. After taking into account their performance evaluation and considering the knowledge, acumen, expertise, experience and the substantial contribution, the Nomination and Remuneration Committee has recommended the re-appointment of Mr. Vinit Rathod and Mr. Manan Shah to the Board for a second term of 5 (Five) years. The Board, at its meeting held on June 30, 2021, approved the re-appointment of Mr. Vinit Rathod and Mr. Manan Shah as independent directors of the Company with effect from August 12, 2021 to August 11, 2026, whose office shall not be liable to retire by rotation, subject to members approval. The Board proposes their re-appointment to the Members at the ensuing Annual General Meeting of the Company by passing a Special Resolution.

Your directors would like to confirm that all the Independent Directors of the Company meet the required levels of integrity, expertise and experience for discharging their duties efficiently.

Mr. Akram Sati (M No. 50020) was appointed as Company Secretary and Compliance Officer of the Company with effect from March 08, 2021 in place of Mr. Ankit Parekh, erstwhile Company Secretary of the Company who served upto March 07, 2021.

11. PERFORMANCE EVALUATION OF BOARD:

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 Companies Act, 2013 and the Corporate Governance requirements as prescribed by Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements), Regulations 2015.

The performance evaluation of the non-executive directors is done by the Board annually. The performance evaluation of the Executive Directors is carried out by the Independent Directors annually. The performance is evaluated after seeking inputs from all the Directors on the basis of the criteria such as the Board composition and structure, experience and competencies, attendance, effectiveness of board processes, information and functioning, independent approach, etc. The above criteria are broadly based on the Guidance Note on Board Evaluation issued by the Securities and Exchange Board of India on January 5, 2017. The Board of Directors expressed their satisfaction with the evaluation process.

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, attendance of the members, recommendations to the Board and their implementation, effectiveness of committee meetings, etc.

12. DECLARATION BY INDEPENDENT DIRECTORS:

The Company has received necessary declaration from each Independent Director under Section 149(7) of the Companies Act, 2013, that he / she meets the criteria of independence laid down in Section 149(6) of the Companies Act, 2013 and Regulation 25 of SEBI (Listing Obligations and Disclosure Requirements), Regulations 2015. The Board is of the opinion that the Independent Directors of the Company hold highest standards of integrity and possess requisite expertise and experience required to fulfill their duties as Independent Directors.

13. FAMILIARIZATION PROGRAMME FOR THE INDEPENDENT DIRECTORS:

The Board members are provided with necessary documents, reports and internal policies to enable them to familiarise with the Company's procedures and practices.

Pursuant to the SEBI regulations, the Company organises Familiarization Programme periodically for the independent Directors, with a view to familiarize them with their role, rights and responsibilities in the Company, nature of industry in which the Company operates, business model of the Company, etc. The Board familiarization process comprises of the Induction programme for new independent Directors, sessions on business and functional issues and strategy making. Periodic presentations are made at the Board and Committee meetings on business and performance updates of the Company including Finance, Sales, and Overview of business operations, business strategy and risks involved.

During the year under review, apart from regular briefing at various meetings as well as periodical reports, one separate familiarization programme was held on 05.02.2021. The policy for Familiarization Programme for the Independent Directors is available on website of the Company at https://www.fazethree.com/corporate-governance/.

14. DISCLOSURE RELATING TO REMUNERATION TO DIRECTORS, KEY MANAGERIAL PERSONNEL AND PARTICULARS OF EMPLOYEES:

As required under Section 197(12) of the Companies Act, 2013 read with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, as amended from time to time, details of Remuneration to Directors and Key Managerial Personnel is provided in Form MGT-9 annexed to this Report.

As on 31st March 2021, the Company has no employee who- (i) if employed throughout the financial year, was in receipt of remuneration, in aggregate, more than Rs. 102.00 Lacs, or (ii) If employed for part of the financial year, was in receipt of remuneration, in aggregate, more than Rs 8.50 lacs per month.

15. AUDIT COMMITTEE:

As on 31st March 2021, the Audit Committee comprises of three members namely Mr. Vinit Rathod (Chairman), Mr. Ajay Anand and Mr. Manan Shah. Other details pertaining to the Audit Committee are included in the Corporate Governance Report, which forms part of this report. All the Members of the Committee are adequately literate to understand the financial and other aspects.

16. NOMINATION & REMUNERATION COMMITTEE:

The Nomination & Remuneration Committee of the Board of Directors of the Company is duly constituted pursuant to Section 178(1) of the Companies Act, 2013 and Regulation 19 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The Nomination and Remuneration Committee is responsible for evaluating the balance of skills, experience, independence, diversity and knowledge on the Board and for drawing up selection criteria. The Board of Directors of the Company has defined a policy on Director's appointment and payment of remuneration including criteria for determining qualifications, positive attributes and independence of Directors and terms of reference of the Committee which is available on the website of the Company at https://www.fazethree.com/policies/.

As on March 31, 2021, the Nomination & Remuneration Committee comprised of 3 members all being Non-Executive Directors namely Mr. Vinit Rathod (Chairman), Mrs. Rashmi Anand and Mr. Manan Shah. All the recommendations made by the Committee during the period were accepted by the Board.

17. STAKEHOLDERS RELATIONSHIP COMMITTEE

As on March 31, 2021, the Stakeholders Relationship Committee comprises of three members namely Mr. Vinit Rathod (Chairman), Mr. Ajay Anand and Mr. Manan Shah. Other details pertaining to the Committee are included in the Corporate Governance Report, which forms part of this report.

18. CORPORATE SOCIAL RESPONSIBILITY STATEMENT (CSR):

The Company has always considered Social Responsibility as an integral part of sustainable growth and has been over the years contributing towards it in various ways. The management of the Company endeavors for the upliftment of the society and the natural resources which are essential for overall economic growth. The Company was entitled to spend Rs. 37,80,847/- (Thirty Seven Lacs eighty thousand eight hundred and forty seven only) towards the CSR activities and the Company has honored its complete obligation towards the same.

The Company has spent Rs. 38,00,000/- (Thirty Eight lacs only) towards CSR activities by way of donations for promoting education, including special education and employment enhancing vocation skills especially among children, women, elderly and the differently abled and livelihood enhancement projects and promoting health care including preventive health care and sanitation during the F.Y. 2020-21 after consultation with the CSR Committee.

The brief outline of the Corporate Social Responsibility (CSR) policy of the Company and the initiatives undertaken by the Company on CSR activities during the year are set out in Annexure I of this report in the format prescribed in the Companies (Corporate Social Responsibility Policy) Rules, 2014.

During the financial year ended March 31, 2021, the Committee had recommended to the Board to approve the amendments to its CSR Policy in view of the recent changes/ amendments to CSR provisions in Companies Act, 2013, which was duly approved by the Board. The said policy is placed on its website of the Company at https://www.fazethree.com/policies/.

19. CONSERVATION OF ENERGY AND TECHNOLOGY ABSORPTION:

The information as required under Section 134(3)(m) of The Companies Act, 2013 read with Rule 8(3) of the Companies (Accounts) Rules, 2014 with respect to conservation of energy, technology absorption and foreign exchange earnings and outgoings is annexed to this report as Annexure II.

20. CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES:

The Company has entered into transactions with related parties as defined under Section 2(76) during the financial year. All related party transactions were carried on at arm's length price and/ or in the ordinary course of business. The approval of the Audit Committee has been obtained for all the transactions and the approval of the Board of Directors has been obtained wherever necessary at the beginning of the year or before entering into the transaction. The said transactions are subject to review by the Audit Committee every quarter. There were no material related party transactions with related parties during the financial year. The Company doesn't foresee material related party transactions in financial year 2021-22 requiring members approval under Section 188 of the Companies Act, 2013 read with Rule 15 of the Companies (Meetings of Board and its Powers) Rules, 2014 and Regulation 23 of the SEBI (LODR) Regulations, 2015.

The policy on Related Party Transactions as approved by the Board is available on the website of the Company at https://www.fazethree.com/policies/.

Information on transactions with related parties pursuant to Section 134(3)(h) of the Act read with rule 8(2) of the Companies (Accounts) Rules, 2014 are given in Form AOC-2 and the same forms part of this report as Annexure III.

21. MATERIAL CHANGES AND COMMITMENT AFFECTING FINANCIAL POSITION OF THE COMPANY:

There are no material changes or commitments, affecting the financial position of the Company which has occurred between the end of the financial year of the Company i.e. March 31, 2021 and the date of the Directors' report.

22. VIGIL MECHANISM / WHISTLE BLOWER POLICY:

The Company has a Whistle Blower Policy and has established the necessary vigil mechanism for directors and employees in confirmation with Section 177(9) of the Act and Regulation 22 of Listing Regulations, to report concerns about unethical behavior and provide appropriate avenues to the Directors and employees to bring to the attention of the management any issue which is perceived to be in violation of or in conflict with the Code of Conduct of the Company and to report concerns about unethical behavior. The said policy has been posted on the website of the Company at https://www.fazethree.com/policies/.

During the year under review, no complaint or adverse reporting was received by the designated officer of the Company.

23. DISCLOSURE AS PER SEXUAL HARRASMENT OF WOMEN AT WORKPLACE (PREVENTION PROHIBITION AND REDRESSAL) ACT, 2013:

The Company has a Prevention of Sexual Harassment Policy and an Internal Complaints Committee in place as per the requirements of Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013. The Company has not received any complaint or adverse reporting during the year.

24. RISK MANAGEMENT:

The Company has in place a mechanism to inform Board of Directors about the Risk assessment and risk minimization procedures and periodical reviews to ensure that risk is controlled by the management through the means of a properly laid-out framework. The Audit Committee has additional oversight in the area of financial risks and controls. The major risks identified by the businesses and functions are systematically addressed through mitigating actions on a continuing basis.

25. INTERNAL FINANCIAL CONTROLS:

The Company has adequate internal control systems, commensurate with the size, scale and complexity of its operations which monitors business processes, financial reporting and compliance with applicable regulations. The systems are periodically reviewed for identification of control deficiencies and formulation of time bound action plans to improve efficiency at all the levels.

26. MANAGEMENT DISCUSSION AND ANALYSIS REPORT:

Management Discussion and Analysis Report as required under SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, is enclosed as Annexure IV.

27. CORPORATE GOVERNANCE:

The Company believes in transparency and adhering to good corporate governance practices in every sphere of its operations. The Company has taken adequate steps to comply with the applicable provisions of Corporate Governance as stipulated in SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. A report on Corporate Governance is annexed to this report as Annexure V.

28. STATUTORY AUDITOR:

M/s. MSKA & Associates Chartered Accountants (Firm Registration No. 105047W), were appointed as the Statutory Auditor by the members of the Company in the 32nd Annual General Meeting for a period of 5 years i.e. till the conclusion of the 37th Annual General Meeting. In accordance with the Companies (Amendment) Act, 2017, implemented on 7th May, 2018 by Ministry of Corporate Affairs, the appointment of Statutory Auditors is not required to be ratified at every AGM. As recommended by the Audit Committee, the appointment of M/s. MSKA & Associates as the Statutory Auditor of the Company shall continue for the F.Y. 2021-22. M/s. MSKA & Associates has confirmed that their appointment is within the prescribed limits specified in Section 139 of the Companies Act, 2013.

29. PARTICULARS OF LOANS, GUARANTEES AND INVESTMENTS

Details of loans, guarantees and investments covered under Section 186 of the Companies Act, 2013 is given in the notes to the financial statements.

30. FRAUD REPORTED BY THE AUDITOR, IF ANY

There is no fraud reported by the Statutory Auditor during the year under review as per Section 143(12) of the Companies Act, 2013.

31. SECRETARIAL AUDITOR:

Pursuant to the provisions of Section 204 of Companies Act, 2013 and the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Company has undertaken Secretarial Audit for the financial year 2020-21 by appointing M/s. Sanjay Dholakia & Associates, Practicing Company Secretary, which, inter alia, includes audit of compliance with the Companies Act, 2013, and the Rules made thereunder, SEBI Listing Regulations and other Regulations and Acts applicable to the Company. The Secretarial Audit Report is annexed to this report as

Annexure VI.

There is no fraud reported by the Secretarial Auditor during the year under review as per Section 143(12) of the Companies Act, 2013.

32. OBSERVATIONS – STATUTORY AUDITOR & SECRETARIAL AUDITOR:

Statutory Auditor:

The Statutory Auditors' Report to the Members does not contain any reservation, qualification or adverse remark.

Secretarial Auditor:

The Secretarial Audit Report to the Members does not contain any reservation, qualification or adverse remark.

33. COST AUDIT AND RECORDS:

The Company maintains the cost records of its products as applicable under the Companies (Cost Records and Audit) Rules, 2014. Under Rule 4(3) (i) of the Companies (Cost Records and Audit) Rules, 2014 the requirement of Cost Audit is not applicable to the Company.

34. WEB ADDRESS AND EXTRACT OF ANNUAL RETURN:

The details forming part of extract of the annual return in Form MGT-9 is annexed to this report as Annexure VII. The same is also placed on the website of the Company at www.fazethree.com as a part of the Directors Report.

The Annual Return of the Company as referred in sub-section (3) of Section 92 has been placed on the Company's website viz. www.fazethree.com.

35. SIGNIFICANT MATERIAL ORDERS PASSED BY COURTS, IF ANY:

There are no significant material orders passed by the Regulators/ Courts against the Company which would impact the going concern status of the Company and its future operations.

36. ACKNOWLEDGEMENT:

Your Directors wish to place on record their appreciation for the co-operation extended by all the employees, Bankers, Financial Institutions, various State and Central Government authorities and Stakeholders.

For and on behalf of the Board
Date: June 30, 2021
Place: Mumbai
Ajay Anand
Chairman & Managing Director

   

Faze Three Ltd Company Background

Ajay AnandAjay Anand
Incorporation Year1985
Registered Office380/1 Khanvel Silvassa Road,
Dapada,Dadra & Nagar Haveli-396191
Telephone91-260-2699323,Managing Director
Fax91-260-2699322
Company SecretaryAkram Sati
AuditorMSKA & Associates
Face Value10
Market Lot1
ListingBSE,Luxembourg,
RegistrarSharex Dynamic (India) Pvt Ltd
Unit No 1 Luthra Ind,Andheri Kurla Road ,Safed Pool Andheri(E,Mumbai - 400 072

Faze Three Ltd Company Management

Director NameDirector DesignationYear
Sanjay Anand Whole-time Director 2021
Ajay Anand Chairman & Managing Director 2021
Manan Shah Independent Director 2021
Vinit Rathod Independent Director 2021
Rashmi Ajay Anand Director 2021
Kartik Jethwa Independent Director 2021
Akram Sati Company Secretary 2021

Faze Three Ltd Listing Information

Faze Three Ltd Finished Product

Product NameUnit Installed
Capacity
Production
Quantity
Sales
Quantity
Sales
Value
Sales NA 000246.42
Other Operating revenues NA 00019.29
Excise Duty NA 0000
Cotton H/L Durries Made-ups...Mtr0000
Cotton H/L Durries Made-ups...Pcs0000

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