To,
The Members of Vitesse Agro Limited
Your Directors have pleasure in presenting their 42nd Director's Report on the business
and operations of Vitesse Agro Limited (The Company) together with the Audited
Financial Statements of Accounts of the Company for the Financial Year ended March 31,
2022.
1. FINANCIAL RESULTS:
The standalone financial performance of the Company for the financial year ended March
31, 2022 is summarized below:
STANDALONE
(Amount in Lakhs)
| Particulars |
2021-22 |
2020-21 |
| Revenue from operations |
1882.09 |
1999.99 |
| Other Income |
1.67 |
- |
| Total Income |
1883.75 |
1999.99 |
| Total Expenditure |
1794.59 |
1779.81 |
| Profit/(Loss) before exceptional and extraordinary items and tax |
89.16 |
220.18 |
| Less: exceptional and extraordinary items |
- |
- |
| Profit / (Loss) before taxation |
89.16 |
220.18 |
| Less: - Current Tax |
23.18 |
|
| - Income Tax (Earlier years) |
- |
|
| - Deferred Tax |
15.29 |
11.52 |
| Profit/(Loss) after Tax |
50.69 |
149.69 |
| Earnings per equity shares in Rs. |
1.12 |
3.31 |
2. SHARE CAPITAL:
The Authorized capital of the Company is 10,00,00,000 (Ten Crore rupees only/-) divided
into 1,00,00,000 Equity Share (One Crore rupees only/-) and paid up capital of the Company
is 4,77,84,560 (Four crore seventy seven lakh eighty four thousand five hundred sixty
rupees only/-)
A. Issue of equity shares with differential rights
The Company has not issued any equity shares with differential rights so no disclosure
is required as per Rule 4 (4) of the Companies (Share Capital and Debentures) Rules 2014.
B. Issue of sweat equity shares
The Company has not issued sweat equity shares, so no disclosure is required as per
Rule 8(13) of the Companies (Share Capital and Debentures) Rules 2014.
C. Issue of employee stock options
The Company has not issued employee stock options, so no disclosure is required as per
Rule 12(9) of the Companies (Share Capital and Debentures) Rules 2014.
D. Provision of money by company for purchase of its own share by employees or by
trustee for the benefit of employees
The Company has not made any provision for purchase of its own share of employees or by
the trustee for the benefit of employees so no disclosure is required as per Rule 16(4) of
the Companies (Share Capital and Debentures) Rules 2014.
4. DEPOSITS:
During the reporting period, your Company has not accepted any deposits, falling within
the meaning of Section 73 of the Companies Act, 2013 and the Companies (Acceptance of
Deposits) Rules, 2014.
However, the directors have given declaration that the Unsecured taken by the directors
of the company have been taken from the own funds.
5. DIVIDEND:
The Board of Directors did not recommend any dividend for the year.
6. TRANSFER OF UNCLAIMED DIVIDEND TO INVESTOR EDUCATION AND PROTECTION FUND:
The provisions of Section 125(2) of the Companies Act, 2013 do not apply as there was
no dividend declared and paid last year.
(ii) AMOUNTS, IF ANY, WHICH IT PROPOSES TO CARRY TO ANY RESERVES:
We do not propose to transfer any amount to general reserve.
(iii) CHANGE IN THE NATURE OF BUSINESS, IF ANY:
During the reporting period, there is no change in the nature of business of the
Company.
(iv) REVISION OF FINANCIAL STATEMENT, IF ANY:
There was no revision in the financial statements of the Company.
(v) DIRECTORS & KEY MANAGERIAL PERSONNEL:
The Board of the Company was duly constituted in accordance with the provisions of the
Companies Act, 2013. As of the date of the report, your company has the following
Directors on its Board:
| S. Name of Director No |
Designation |
DIN |
Date of Appointment |
Date of Resignation |
| 1 Mrs. Rajni Gupta |
CFO (KMP) |
AKRPG5960G |
25/04/2019 |
|
| 2 Mr. Roop Kishore Gola |
Director |
02456413 |
20/03/2019 |
|
| 3 Mr. Avadhesh Kumar Gola |
Director |
03551615 |
20/03/2019 |
|
| 4 Mrs. Sumita |
Independent Director |
08430851 |
25/05/2019 |
|
| 5 Mr. Sohan lal Prajapati |
Director |
08964695 |
04/12/2020 |
|
| 5 Mr. Pankaj Kumar Jha |
Director |
08026198 |
01/04/20219 |
22/09/2022 |
A. Following were Changes in Directors:
Mr. Pankaj Jha has resigned from the post of the director on 22.09.2022
B. Chief Financial Officer
During the period under review, there is no change in the Chief Financial officer of
the Company
C. Company Secretary & Compliance Officer
During the reporting period, Ms. Shweta Chaturvedi has been appointed as Company
Secreatry & Compliance Officer on 19th September, 2022.
NUMBER OF MEETINGS OF THE BOARD OF DIRECTORS
During the Financial Year under review 06(Six) meetings of the Board of Directors were
held. The dates on which the said meetings were held:
• 30th June, 2021,
• 14th August, 2021,
• 03rd September, 2021,
• 10th November, 2021,
• 10th March, 2022
• 26th March, 2022
The intervening gap between any two Meetings was within the period prescribed under the
SEBI (LODR) Regulations, 2015 and Companies Act, 2013.
A. Audit Committee
The Company has an Audit Committee of Directors in compliance with provisions of the
Companies Act, 2013 and Regulation 18 of SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015.
As on the date of the report, the Committee comprises of:
| Mrs. Sumita |
(Chairman, Independent Director) |
| Mr. Avadhesh Kumar Gola |
(Member, Director) |
| Mr. Roop Kishore Gola |
(Member, Director) |
The terms of reference of the Audit Committee inter alia include overseeing the
financial reporting process, reviewing the financial statements and recommending the
appointment of Auditors. All the recommendations made by Audit Committee were accepted.
During the year Five Audit Committee Meetings were held:
• 30th June, 2021,
• 14th August, 2021,
• 03rd September, 2021,
• 10th November, 2021,
• 26th March, 2022
B. Nomination and Remuneration Committee
The Company has a Nomination & Remuneration Committee of Directors in compliance
with provisions of the Companies Act, 2013 and Regulation 19 of SEBI (Listing Obligations
and Disclosure Requirements) Regulations, 2015. The Committee's scope of work includes
nominate the directors as per their qualifications, experience and positive attributes,
deciding on remuneration and policy matters related to remunerations of Directors and
laying guidelines for remuneration package or compensation etc.
As on the date of the report, the Committee comprises of:
| Mrs. Sumita |
(Chairman, Independent Director) |
| Mr. Avadesh Kumar Gola |
(Member, Director) |
| Mr. Pankaj Kumar Jha |
(Member, Independent Director) |
During the year Two Nomination and Remuneration Meeting was held.
1. 14.08.2021,
2. 14.02.2022.
C. Stakeholders Relationship Committee
The Company has a Stakeholder Relationship Committee of Directors in compliance with
provisions of the Companies Act, 2013 and Regulation 20 of SEBI (Listing Obligations and
Disclosure Requirements) Regulations, 2015 to look into the redressal of complaints of
investors such as transfer or credit of shares, non-receipt of dividend/notices / annual
reports, etc.
The Committee comprises of:
| Mrs. Sumita |
(Chairman, Independent Director) |
| Mr. Avadesh Kumar Gola |
(Member, Director) |
| Ms. Shweta Chaturvedi |
(Member, Company Secretary) |
The Company has a Stakeholder Relationship Committee of directors to look into the
redressal of complaints of investors such as transfer or credit of shares, non-receipt of
dividend/notices / annual reports, etc.
During the year One (10.11.2021) Stakeholders Relationship Committee Meetings were
held.
Details of establishment of Vigil Mechanism/Whistle Blower Policy for Directors and
Employees
The Company has a well framed vigil mechanism/whistle blower policy for its directors
and employees. The company believes in honesty, integrity, ethics, transparency and good
conduct in its professional environment and provides such kind of environment to its
employees and directors and always encourages its team to follow such standards in their
activities. The directors, employees and other team members are free to report on the
issues which require genuine concern. An Audit Committee of the Board of directors has the
responsibility to review the functioning of vigil mechanism and the same has been
performed by the committee periodically.
12. MATERIAL CHANGES AND COMMITMENTS AFFECTING FINANCIAL POSITION OF THE COMPANY:
During the period under review, there is no material changes and Commitments affecting
Financial position of the Company.
13. PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS MADE U/S 186 OF THE COMPANIES ACT,
2013:
Particulars of loan given, investment made, guarantees given and security provided
under section186 of the Companies Act, 2013, if any, are provided in the notes of
financial statement.
14. INTERNAL FINANCIAL CONTROL SYSTEMS AND THEIR ADEQUACY:
According to Section 134(5) (e) of the Companies Act, 2013, the term "Internal
Financial Control (IFC)" means the policies and procedures adopted by the Company for
ensuring the orderly and efficient conduct of its business, including adherence to the
company's policies, safeguarding of its assets, prevention and detection of frauds and
errors, accuracy and completeness of the accounting records and timely preparation of
reliable financial information. The company has a well-placed, proper and adequate
Internal Financial Control System which ensures that all the assets are safeguarded and
protected and that the transactions are authorized recorded and reported correctly. To
further strengthen the internal control process, the company has developed the very
comprehensive compliance management tool to drill down the responsibility of the
compliance from the top management to executive level.
The compliance relating to Internal Financial controls have been duly certified by the
Statutory Auditors.
15. CORPORATE SOCIAL RESPONSIBILITY:
Provisions of Corporate Social Responsibility are not applicable on the Company.
Therefore, Company has not developed and implemented any Corporate Social Responsibility
Initiatives as provisions of Section 135(1) of the Companies Act, 2013 read with Companies
(Corporate Social Responsibility Policy) Rules, 2014.
16. CORPORATE GOVERNANCE:
Provisions of Para C, D and E of Schedule V of the SEBI (Listing Obligations and
Disclosures Requirements) Regulations, 2015 are not applicable to your Company. Hence,
report on Corporate Governance is not annexed.
17. HUMAN RESOURCES
The Management has a healthy relationship with the officers and the Employee.
18. BOARD EVALUATION:
The Board of Directors has carried out an annual evaluation of its own performance,
Board committees and individual directors pursuant to the provisions of the Act and the
corporate governance requirements as prescribed by Securities and Exchange Board of India
(Listing Obligations and Disclosure Requirements) Regulations 2015 ("SEBI Listing
Regulations").
The performance of the Board was evaluated by the Board after seeking inputs from all
the directors on the basis of the criteria such as the board composition and structure,
effectiveness of board processes, information and functioning, etc.
The performance of the committees was evaluated by the Board after seeking inputs from
the committee members on the basis of the criteria such as the composition of committees,
effectiveness of committee meetings, etc.
The Board and the Nomination and Remuneration Committee reviewed the performance of the
individual directors on the basis of the criteria such as the contribution of the
individual director to the Board and Committee meetings like preparedness on the issues to
be discussed, meaningful and constructive contribution and inputs in meetings, etc. In
addition, the chairman was also evaluated on the key aspects of his role.
In a separate meeting of independent directors, performance of non-independent
directors, performance of the board as a whole and performance of the chairman was
evaluated, taking into account the views of executive directors and non-executive
directors. The same was discussed in the board meeting that followed the meeting of the
independent directors, at which the performance of the board, its committees and
individual directors was also discussed. Performance evaluation of independent directors
was done by the entire board, excluding the independent director being evaluated.
The Board evaluated the performance of Independent Directors and Individual Directors
considering various parameters such as their familiarity with the Company's vision,
policies, values, code of conduct, their attendance at Board and Committee Meetings,
whether they participate in the meetings constructively by providing inputs and provide
suggestions to the Management/Board in areas of domain expertise , whether they seek
clarifications by raising appropriate issues on the presentations made by the
Management/reports placed before the Board, practice confidentiality, etc. It was observed
that the Directors discharged their responsibilities in an effective manner. The Directors
possess integrity, expertise and experience in their respective fields.
19. STATEMENT SHOWING THE NAMES OF THE TOP TEN EMPLOYEES IN TERMS OF
REMUNERATION DRAWN AND THE NAME OF EVERY EMPLOYEE AS PER RULE 5(2) & (3) OF THE
COMPANIES (APPOINTMENT & REMUNERATION) RULES, 2014:
Disclosure pertaining to remuneration and other details as required under Section 197
of the Companies Act, 2013 read with rule 5(1) of the Companies (Appointment and
Remuneration of Managerial Personnel) Rules, 2014 is given in "Annexure-II" to
this Report.
The Statement containing the particulars of employees as required under section 197(12)
of the Companies Act, 2013 read with rule 5(2) and other applicable rules (if any) of the
Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, is provided
in a separate annexure forming part of this report.
20. CONSERVATION OF ENERGY, RESEARCH AND DEVELOPMENT, TECHNOLOGY ABSORPTION, FOREIGN
EXCHANGE EARNINGS AND OUTGO
The particulars as prescribed under sub-section (3)(m) of section 134 of the Companies
Act, 2013 read with Rule 8(3) of Companies (Accounts) Rules, 2014 are annexed herewith at (Annexure
II).
21. Policies
Company has the following policies:
• Policy on Preservation of Documents and Archives Management as per Regulation 9
and 30(8) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
• Policy for Disclosure of events/ information and Determination of materiality as
per Regulation 30(4)(ii) of the SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015.
• Policy on Materiality of Related Party Transactions as per Regulation 23(1) of
the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
• Policy for determining material subsidiary as per SEBI (Listing Obligations and
Disclosure Requirements) Regulations, 2015.
22. PARTICULARS OF CONTRACTS OR ARRANGEMENTS MADE WITH RELATED PARTIES:
The particular of contracts or arrangements made with related parties pursuant to
Section 188(1) is furnished in (AOC-2) and the same is attached to this report. (Annexure
I).
23. NO FRAUDS REPORTED BY STATUTORY AUDITORS:
During the Financial Year 2021-22, the Auditors have not reported any matter under
section 143(12) of the Companies Act, 2013, therefore no detail is required to be
disclosed under section 134(3) (CA) of the Companies Act, 2013.
24. SUBSIDIARIES, TOINT VENTURES AND ASSOCIATE COMPANIES:
During the reporting period, the Company does not have any Subsidiary, Joint Venture or
Associate Company hence provisions of Section 129(3) of the Companies Act, 2013 relating
to preparation of consolidated financial statements are not applicable.
25. VIGIL MECHANISM / WHISTLE BLOWER POLICY:
Pursuant to Section 177(9) and (10) of the Companies Act, 2013, and Regulation 22 of
the SEBI (Listing Obligation and Disclosure Requirement) Regulation, 2015, the Company has
formulated Whistle Blower Policy for vigil mechanism of Directors and employees to report
to the management about the unethical behavior, fraud or violation of Company's code of
conduct. The mechanism provides for adequate safeguards against victimization of employees
and Directors who use such mechanism and makes provision for direct access to the chairman
of the Audit Committee in exceptional cases.
26. DETAILS OF SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS OR
TRIBUNALS IMPACTING THE GOING CONCERN STATUS AND COMPANY'S OPERATIONS IN FUTURE:
During the period under review no material orders have been passed by the regulators or
courts or tribunals impacting the going concern status and company's operations in future.
27. DIRECTORS' RESPONSIBILITY STATEMENT:
Pursuant to the requirement under Section 134 (5) of the Companies Act, 2013, with
respect to Directors Responsibilities Statement, it is hereby confirmed:
(a) That in the preparation of the annual accounts for the financial year ended 31st
March, 2022 the applicable accounting standards had been followed along with proper
explanation relating to material departures;
(b) That the directors had selected such accounting policies and applied them
consistently and made judgments and estimates that were reasonable and prudent so as to
give a true and fair view of the state of affairs of the company at the end of the
financial year and of the profit or loss of the company for the year review;
(c) That the directors had taken proper and sufficient care for the maintenance of
adequate accounting records in accordance with the provisions of Companies Act, 2013 for
safeguarding the assets of the company and for preventing and detecting fraud and other
irregularities;
(d) That the directors had prepared the annual accounts for the financial year ended
31st March,2022 on a going concern basis;
(e) That the directors had laid down internal financial controls to be followed by the
company and that such internal financial controls are adequate and were operating
effectively and
(f) That the directors had devised proper system to ensure compliance with the
provisions of all applicable laws and that such system were adequate and operating
effectively.
28. AUDITORS & AUDITOR'S REPORT:
a) Statutory Auditor:
Pursuant to the provisions of section 139(8) of the Companies Act, 2013 and rules frame
thereunder M/s Saroj Kumar Jha & Associates Chartered Accountants was appointed as
Auditor of the Company.
Auditor's Report
The Auditor's Report for financial year ended March 31, 2022, does not contain any
qualification, reservation or adverse remarks. All Observations made in the Independent
Auditors' Report and Notes forming part of the Financial Statements are self-explanatory
and do not call for any further comments and also, there is no incident of fraud requiring
reporting by the auditors under section 143(12) of the Companies Act, 2013 during the
year. The Auditor's report is enclosed with the financial statements in this Auditor's
Report.
b) Secretarial Auditor:
Pursuant to the provisions of Section 204 of the Companies Act, 2013 and the Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Company has
appointed M/s Santa Singh & Associates Practicing Company Secretaries, to undertake
the secretarial audit of the Company for the Financial Year 2021-2022.
Secretarial Audit Report
The Secretarial Audit Report for the financial year ended 31st March, 2022. A copy of
the Secretarial Audit Report (Form MR-3) as provided by the Company Secretary in Practice
has been annexed to the Report. (Annexure-IV)
c) Cost auditors:
The Company has not appointed the Cost Auditor as pursuant to Section 148 of the
Companies Act, 2013 read with the Companies (Cost Records and Audit) Amendment Rules,
2014, the cost audit is not applicable to the Company.
29. EXTRACT OF THE ANNUAL RETURN
The extract of annual return under Section 92(3) of the Companies Act, 2013 and Rule 12
of the Companies (Management and Administration) Rules, 2014 is available on the website
of the Company at www.viteseeagro.in.
30. FAMILIARISATION PROGRAMMES
The Company familiarises its Independent Directors on their appointment as such on the
Board with the Company, their roles, rights, responsibilities in the Company, nature of
the industry in which the Company operates, etc. through familiarisation programme. The
Company also conducts orientation programme upon induction of new Directors, as well as
other initiatives to update the Directors on a continuing basis. The familiarisation
programme for Independent Directors is disclosed on the Company's website www.viteseeagro.in.
31. MANAGEMENT DISCUSSION AND ANALYSIS REPORT:
The Management's Discussion and Analysis Report for the year under review, as
stipulated under regulation 34 (3) and Part B of schedule V of the SEBI (Listing
Obligation and Disclosure Requirement) Regulation, 2015 is annexed to this Annual Report
as "Annexure - V".
32. CODE OF CONDUCT:
Commitment to ethical professional conduct is a must for every employee, including
Board Members and Senior Management Personnel of the Company. The Code is intended to
serve as a basis for ethical decision- making in conduct of professional work. The Code of
Conduct enjoins that each individual in the organization must know and respect existing
laws, accept and provide appropriate professional views, and be upright in his conduct and
observe corporate discipline. The duties of Directors including duties as an Independent
Director as laid down in the Companies Act, 2013 also forms part of the Code of Conduct.
All Board Members and Senior Management Personnel affirm compliance with the Code of
Conduct annually.
33. INFORMATION REQUIRED UNDER SEXUAL HARASSMENT OF WOMEN AT WORK PLACE (PREVENTION,
PROHIBITION & REDRESSAL) ACT, 2013:
The Company has zero tolerance towards sexual harassment at the workplace and towards
this end, has adopted a policy in line with the provisions of Sexual Harassment of Women
at Workplace (Prevention, Prohibition and Redressal) Act, 2013 and the Rules there under.
The Company has complied with provisions relating to the constitution of Internal
Complaints Committee under the Sexual Harassment of Women at Workplace (Prevention,
Prohibition and Redressal) Act, 2013 which redresses complaints received on sexual
harassment. During the financial year under review, the Company has not received any
complaints of sexual harassment from any of the women employees of the Company
34. RISK MANAGEMENT POLICY
The Board of Directors of the Company are of the view that currently no significant
risk factors are present which may threaten the existence of the company. During the year,
your Director's have an adequate risk management infrastructure in place capable of
addressing those risks. The company manages monitors and reports on the principal risks
and uncertainties that can impact its ability to achieve its strategic objectives. The
Audit Committee and Board of Directors review these procedures periodically. The company's
management systems, organizational structures, processes, standards, code of conduct and
behaviour together form a complete and effective Risk Management System (RMS).
35. PREVENTION OF INSIDER TRADING
The Company has a Code of Conduct for Prevention of Insider Trading with a view to
regulate trading in securities by the Directors and certain designated employees of the
Company. The Code requires pre-clearance for dealing in the Company's shares and prohibits
the purchase or sale of Company shares by the Directors and designated employees while in
possession of unpublished price sensitive information in relation to the Company and
during the period when the trading window is closed. The Board is responsible for
implementation of the Code. All Board Directors and the designated employees have
confirmed compliance with the Code.
36. DISCLOSURE OF RELATIONSHIP BETWEEN DIRECTOR INTER -SE
None of the Directors are related to each other
37. SECRETARIAL STANDARDS
Your Company complies with the Secretarial Standard on Meetings of Directors (SS-1) and
Secretarial Standard on General Meetings (SS-2) whenever it has applicable. Your Company
will comply with the other Secretarial Standards issued by the Institute of Company
Secretaries of India (ICSI) as and when they are made mandatory.
38. DETAILS OF APPLICATION MADE OR ANY PROCEEDINGS PENDING UNDER THE INSOLVENCY AND
BANKRUPTCY CODE, 2016 DURING THE YEAR ALONG WITH THEIR STATUS AS AT THE END OF THE
FINANCIAL YEAR:
During the reporting period, no application made or any proceeding is pending under the
Insolvency and Bankruptcy Code, 2016 (31 of 2016).
39. DETAILS OF DIFFERENCE BETWEEN AMOUNT OF THE VALUATION DONE AT THE TIME OF
ONE TIME SETTLEMENT AND THE VALUATION DONE WHILE TAKING LOAN FROM THE BANKS OR FINANCIAL
INSTITUTIONS ALONG WITH REASONS THEREOF:
During the reporting period, no such valuation has been conducted in the financial
year.
40. CAUTIONARY NOTE
The statements forming part of the Board's Report may contain certain forward looking
remarks within the meaning of applicable securities laws and regulations. Many factors
could cause the actual results, performances or achievements of the Company to be
materially different from any future results, performances or achievements that may be
expressed or implied by such forward looking statements.
41. STATEMENT ON OTHER COMPLIANCES
Your Director's state that no disclosure or reporting is required in respect of the
following items as there were no transactions on these items during the reporting period:
a. Details relating to deposits covered under Chapter V of the Act.
b. Issue of equity shares with differential voting rights as to dividend, voting or
otherwise;
c. Issue of shares (including sweat equity shares) to employees of the Company.
d. Neither the Managing Director nor any of the Whole-time Directors of the Company
receive any remuneration or commission.;
42. WEBSITE OF THE COMPANY:
Your Company maintains a website www.viteseeagro.in where detailed information
of the Company and specified details in terms of the Companies Act, 2013 and SEBI (Listing
Obligations & Disclosure Requirements) Regulations, 2015 have been provided.
ACKNOWLEDGEMENT:
The Directors regret the loss of life are deeply grateful and have immense respect for
every person. The Directors wish to convey their appreciation to all of the Company's
employees for their contribution towards the Company's performance. The Directors would
also like to thank the shareholders, employee unions, customers, dealers, suppliers,
bankers, governments and all other business associates for their continuous support to the
Company and their confidence in its management.
|
|
By Order of the Board |
|
|
For Vitesee Agro limited |
|
Sd/- |
Sd/- |
|
Roop Kishore Gola |
Avadhesh Kumar Gola |
| Place: Noida |
(Director) |
(Director) |
| Date: 08-11-2022 |
DIN- 02456413 |
DIN- 03551615 |
|