To The Members,
Your Directors take pleasure in presenting their Seventh Annual Report on the
Business and Operations of the Company and the Accounts for the Financial Year ended 31st
March, 2024 (period under review).
1. FINANCIAL PERFORMANCE OF THE COMPANY:
The summary of the financial performance for the financial year ended March 31, 2024
and the previous financial year ended March 31, 2023 is given below:
(Rs in lacs)
Particulars |
31-Mar-24 |
31-Mar-23 |
Total Income |
1319.47 |
1,111.95 |
Less: Expenditure |
1201.83 |
1021.59 |
Profit before Depreciation and tax |
117.64 |
90.36 |
Less: Depreciation |
7.82 |
11.40 |
Profit before Tax and Extraordinary item |
109.82 |
78.96 |
Provision for Taxation |
28.55 |
18.81 |
Extraordinary item |
- |
8.95 |
Profit after Tax and Extraordinary item |
81.27 |
51.20 |
Other Comprehensive Income |
- |
- |
Total Comprehensive Income |
- |
- |
Earnings Per Share (FV of Rs.10/- per share) |
|
|
(1) Basic |
2.90 |
4.73 |
(2) Diluted |
2.90 |
4.73 |
2. REVIEW OF OPERATIONS
The Total Income of the Company stood at 1319.47 lacs for the year ended March 31, 2024
as against 1,111.95 lacs in the previous year. The Company made a net profit of 81.27 lacs
for the year ended March 31, 2024 as compared to the net profit of 51.20 lacs in the
previous year.
3. CASH FLOW STATEMENTS
As required under regulation 34 of the SEBI (LODR) Regulations, 2015, a Cash Flow
Statement forms part of Annual Report.
4. TRANSFER TO RESERVES IN TERMS OF SECTION 134 (3) (J) OF THE COMPANIES ACT,
2013
The Board has decided not to transfer any amount to the Reserves for the year under
review.
5. DIVIDEND:
The dividend policy for the year under review has been formulated taking into
consideration of growth of the company and to conserve resources, the Directors do not
recommend any dividend for year ended March 31, 2024.
6. TRANSFER OF UNPAID AND UNCLAIMED DIVIDENDS TO INVESTOR EDUCATION AND
PROTECTION FUND
The Ministry of Corporate Affairs under Sections 124 and 125 of the Companies Act, 2013
requires dividends that are not encashed/ claimed by the shareholders for a period of
seven consecutive years, to be transferred to the Investor Education and Protection Fund
(IEPF). In FY 2023-24, there was no amount due for transfer to IEPF.
7. SHARE CAPITAL
The Authorised Share Capital of the Company was increased from existing Rs. 25,00,000/-
(Rupees Twenty Five Lakh only) divided into 2,50,000 (Two Lakh Fifty Thousand) Equity
Shares of Rs. 10/-(Rupees Ten only) each to Rs. 3,00,00,000 (Rupees Three Crore only)
divided into 29,00,000 (Twenty Nine Lakh) Equity Shares of Rs. 10/- (Rupees Ten only) each
and 1,00,000 (One Lakh) Preference Shares of Rs. 10/-(Rupees Ten only) each/- pursuant to
Shareholders Resolution passed at the Extra Ordinary General Meeting held on February 27,
2023.
The Authoried Share Capital of the Company was increased from Rs. 3,00,00,000/- (Rupees
Three Crores Only) divided into 29,00,000 (Twenty Nine Lakhs) Equity Shares of Rs. 10/-
(Rupees Ten Only) and 1,00,000 (One Lakh)Preference Shares of Rs. 10/- (Rupees Ten Only)
each to Rs.3,40,00,000/- (Rupees Three Crores Forty Lakhs Only) divided into 33,00,000
(Thirty Three Lakhs) Equity Shares of Rs. 10/- (Rupees Ten Only) and 1,00,000 (One Lakh)
Preference Shares of Rs. 10/- (Rupees Ten Only) each by creation of additional 4,00,000
(Four Lakhs) Equity Shares of Rs. 10/- (Rupees Ten Only) each and consequential Alteration
in the Capital Clause of the Memorandum of Association and was approved by shareholders in
the meeting held on 21st June, 2024
Company has appointed M/s Kfin Technologies Limited as the Registrar and Transfer Agent
of the Company.
8. MANAGEMENT'S DISCUSSION AND ANALYSIS REPORT:
Management's Discussion and Analysis Report for the year under review, in terms of the
Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements)
Regulations, 2015 (the "Listing Regulations") and SEBI (Listing Obligations and
Disclosure Requirements) (Amendment) Regulations, 2018 (the "Amended Listing
Regulations"), is presented in a separate section forming part of the Annual Report
as Annexure III".
9. CHANGE IN NATURE OF BUSINESS, IF ANY
There has been no change in nature of business of the Company during the FY under
review.
10. DISCLOSURES BY DIRECTORS
The Board of Directors has submitted notice of interest in Form MBP 1 under Section
184(1) as well as intimation by directors in Form DIR 8 under Section 164(2) and
declarations as to compliance with the Code of Conduct of the Company.
Certificate of Non-Disqualification of Directors received from H Maheshwari &
Associates., Practicing Company Secretary is annexed to the Board s Report as "Annexure
IV".
11. SUBSIDIARY/ JOINT VENTURE/ ASSOCIATE COMPANY
The Company does not have any Subsidiary, Joint venture or an Associate Company.
12. MATERIAL CHANGES AND COMMITMENTS
The Company has obtained the status of being listed on BSE SME Platform with effect
from November 07, 2023. The Company managed to raise 976.00 Lakhs by initial public offer
of 8,00,000 equity shares of 10 each through its prospectus dated October 25, 2023.
Further stakeholder may find the Prospectus though link:
https://mishindia.com/investor-relations/
Listing on Stock Exchanges:
The Company has obtained the status of being listed on BSE SME Platform with effect
from November 07, 2023. The Company managed to raise 976.00 Lakhs by initial public offer
of 8,00,000 equity shares of 10 each through its prospectus dated October 25, 2023.
Further 8,00,000 Equity Shares of face value of Rs. 10/- each were available under the
Offer, at Issue Price of Rs. 122. The Offer opened for subscription on October 31, 2023
and closed on November 02, 2023. The Equity shares of Mish have been listed on BSE SME
Platform on November 07, 2023.
The above were the material changes and commitments affecting the financial position of
the company which have occurred during the period under review.
13. EXTRACT OF ANNUAL RETURN:
The Annual Return of the Company as on 31st March, 2024 is available on the
website of the Company at https://mishindia.com/investor-relations/
14. CHANGE IN SHARE CAPITAL:
The Authorised Share Capital of the Company was increased from existing Rs. 25,00,000/-
(Rupees Twenty Five Lakh only) divided into 2,50,000 (Two Lakh Fifty Thousand) Equity
Shares of Rs. 10/-(Rupees Ten only) each to Rs. 3,00,00,000 (Rupees Three Crore only)
divided into 29,00,000 (Twenty Nine Lakh) Equity Shares of Rs. 10/- (Rupees Ten only) each
and 1,00,000 (One Lakh) Preference Shares of Rs. 10/-(Rupees Ten only) each/- pursuant to
Shareholders Resolution passed at the Extra Ordinary General Meeting held on February 27,
2023.
During the period under review and as on the date of this report following changes took
place in the Authoried Share Capital of the Company was increased from Rs. 3,00,00,000/-
(Rupees Three Crores Only) divided into 29,00,000 (Twenty Nine Lakhs) Equity Shares of Rs.
10/- (Rupees Ten Only) and 1,00,000 (One Lakh)Preference Shares of Rs. 10/- (Rupees Ten
Only) each to Rs.3,40,00,000/- (Rupees Three Crores Forty Lakhs Only) divided into
33,00,000 (Thirty Three Lakhs) Equity Shares of Rs. 10/- (Rupees Ten Only) and 1,00,000
(One Lakh) Preference Shares of Rs. 10/- (Rupees Ten Only) each by creation of additional
4,00,000 (Four Lakhs) Equity Shares of Rs. 10/- (Rupees Ten Only) each and consequential
Alteration in the Capital Clause of the Memorandum of Association and was approved by
shareholders in the meeting held on 21st June, 2024.
15. FAMILIARISATION PROGRAMME FOR DIRECTORS
As a practice, all Directors (including Independent Directors) inducted to the Board go
through a structured orientation programme. Presentations are made by Senior Management
giving an overview of the operations, to familiarise the new Directors with the Company's
business operations. The Directors are given an orientation on the products of the
business, group structure and subsidiaries, Board constitution and procedures, matters
reserved for the Board, and the major risks and risk management strategy of the Company.
During the year under review, Two (2) new Independent Directors viz. Tapan Shah and
Diksha Maheshwari were inducted to the Board.
16. DIRECTORS AND KEY MANAGERIAL PERSONNEL:
i. Change in Directors
During the period under review and as on the date of this report following are the
changes that took place in the Board Structure:
(1) The Board at its meeting held on May 02nd 2023, appointed Ms. Anita
Bhartia (DIN: 09338148), as a Non-Executive Director which was approved by
Shareholders in Extra Ordinary General Meeting of the Company.
(2) The Board at its meeting held on July 24th 2024, Ms. Diksha Maheshwari
(DIN: 10200518) and Mr. Tapan Rajiv Shah (DIN: 03059034) were appointed as Non Executive
Independent Director of the Company.
(3) Mr. Kaushal Goenka (DIN: 02446587) was Re-designated as Chairman and Managing
Director of the company w.e.f 24th July 2023.
(4) Mr. Sajan Bhartia (DIN: 07967810) was Re-designated as Whole time director of the
company w.e.f 24th July 2023.
ii. Retirement by Rotation of the Directors
In accordance with the provisions of the Companies Act, 2013 and the Articles of
Association of the Company, Mr. Sanjay Kumar Bhartia, Whole Time Director of the Company,
retires by rotation and offers himself for re- appointment.
The brief resume of Mr. Sanjay Kumar Bhartia, the nature of his expertise in specific
functional areas, names of the companies in which he has held directorships, her
shareholding etc. are furnished in the Annexure - A to the notice of the ensuing
AGM.
iii. Independent Directors
Our Company has received annual declarations from all the Independent Directors of the
Company confirming that they meet with the criteria of Independence provided in Section
149(6) of the Companies Act, 2013 and Regulations 16(1) (b) & 25 of the SEBI (Listing
Obligations and Disclosure Requirements) Regulations, 2015 and there has been no change in
the circumstances, which may affect their status as Independent Director during the year.
The Independent Directors met on 25th March, 2024, without the attendance of
Non-Independent Directors and members of the Management. The Independent Directors
reviewed the performance of Non-Independent Directors and the Board as a whole; the
performance of the Chairman of the Company, taking into account the views of Executive
Directors and Non-Executive Directors and assessed the quality, quantity and timeliness of
flow of information between the Company Management and the Board that is necessary for the
Board to effectively and reasonably perform their duties.
iv. Key Managerial Personnel:
As on date of report, following are the Key Managerial Personnel of the Company:
a) Mr. Kaushal Mahesh Goenka (Managing Director) b) Mr. Sajan Kumar Bhartia (Whole time
Director and Chief Financial Officer) c) Mrs. Muskan Kachhawaha ( Company Secretary w.e.f
29th May, 2024)
Following were changes in the Key Managerial Personnel during the year;
a) Ms. Kruti Parekh (Company Secretary w.e.f 11th July, 2023 up to 27th
December, 2023). b) Ms. Saloni Kacchawaha (Company Secretary w.e.f 27th
December, 2023 upto 30th April 2024). c) Mrs. Muskan Kachhawaha (Company
Secretary w.e.f 29th May, 2024) d) Mr. Kaushal Goenka (DIN: 02446587) was Re-designated as
Chairman and Managing Director of the company w.e.f 24th July 2023. e) Mr.
Sajan Bhartia (DIN: 07967810) was Re-designated as Whole time director of the company
w.e.f 24th July 2023. .
17. BOARD MEETINGS:
The Company held Nine (9) meetings of its Board of Directors during the year on May 02,
2023, July 24, 2023, July 31, 2023, August 04, 2023, October 25, 2023, November 03, 2023,
November 14, 2023, December 27, 2023 and 26th February 2024.
18. COMMITTEES OF THE BOARD:
(a) Audit Committee:
The Audit Committee, as per Section 177 of Companies Act, 2013, was constituted on
August 04, 2023 under the Chairmanship of Mr. Tapan Shah. After constitution the committee
met Three (3) times with full attendance of all the members. The composition of the Audit
Committee as at March 31, 2024 and details of the Members participation at the Meetings of
the Committee are as under:
Name of Director |
Category |
Position in the committee |
Attendance at the Audit Committee Meetings held on |
|
|
|
04.08.2023 |
25.10.2023 |
14.11.2023 |
Mr. Tapan Shah |
Non- Executive - |
Chairman |
Yes |
Yes |
Yes |
Ms. Diksha |
Independent Director Non- Executive - |
Member |
Yes |
Yes |
Yes |
Maheshwari |
Independent Director |
|
|
|
|
Mr. Kaushal Goenka |
Managing Director |
Member |
Yes |
Yes |
Yes |
The Committee is governed by a Charter which is in line with the regulatory
requirements mandated by the Companies Act, 2013. Some of the important functions
performed by the Committee are:
Financial Reporting and Related Processes:
? Oversight of the Company s financial reporting process and financial information
submitted to the Stock Exchanges, regulatory authorities or the public.
? Reviewing with the Management, the Half Yearly Unaudited Financial Statements and the
Auditor s Limited Review Report thereon / Audited Annual Financial Statements and Auditors
Report thereon before submission to the Board for approval. This would, inter alia,
include reviewing changes in the accounting policies and reasons for the same, major
accounting estimates based on exercise of judgement by the Management, significant
adjustments made in the Financial Statements and / or recommendation, if any, made by the
Statutory Auditors in this regard. ? Review the Management Discussion & Analysis of
financial and operational performance. ? Discuss with the Statutory Auditors its judgement
about the quality and appropriateness of the Company s accounting principles with
reference to the Accounting Standard Policy. ? Review the investments made by the Company.
All the Members on the Audit Committee have the requisite qualification for appointment
on the Committee and possess sound knowledge of finance, accounting practices and internal
controls.
The Auditors, Internal Auditors, Chief Financial Officer are invited to attend the
meetings of the Committee. The Company Secretary acts as the Secretary to the Committee.
(b) Nomination and Remuneration Committee:
The Nomination and Remuneration Committee, as per Section 178(1) of Companies Act,
2013, was constituted on August 04, 2023 under the Chairmanship of Ms. Diksha Maheshwari.
After constitution the committee met once with full attendance of all the members. The
composition of the Nomination and Remuneration Committee as at March 31, 2024 and details
of the Members participation at the Meetings of the Committee are as under:
Name of Director |
Category |
Position in the committee |
Attendance at the Remuneration Committee held on 04.08.2023 |
Ms. Diksha |
Non- Executive |
Chairman |
Yes |
Maheshwari Mr. Tapan Shah |
Independent Director Non- Executive |
Member |
Yes |
Ms. Anita Bhartia |
Independent Director Non- Executive Director |
Member |
Yes |
The terms of reference of the Committee as per Companies Act 2013 and SEBI (LODR) 2015,
include the following:
? Formulation of the criteria for determining qualifications, positive attributes and
independence of a director and recommend to the board of directors a policy relating to,
the remuneration of the directors, key managerial personnel and other employees; ? For
every appointment of an independent director, the Nomination and Remuneration Committee
shall evaluate the balance of skills, knowledge and experience on the Board and on the
basis of such evaluation, prepare a description of the role and capabilities required of
an independent director. The person recommended to the Board for appointment as an
independent director shall have the capabilities identified in such description. For the
purpose of identifying suitable candidates, the Committee may: a) Use the services of an
external agencies, if required; b) Consider candidates from a wide range of backgrounds,
having due regard to diversity; and c) Consider the time commitments of the candidates. ?
Formulation of criteria for evaluation of performance of independent directors and the
board of directors; ? Devising a policy on diversity of board of directors;
? Identifying persons who are qualified to become directors and who may be appointed in
senior management in accordance with the criteria laid down, and recommend to the board of
directors their appointment and removal. ? Whether to extend or continue the term of
appointment of the independent director, on the basis of the report of performance
evaluation of independent directors. ? Recommend to the board, all remuneration, in
whatever form, payable to senior management.
The Company has formulated a Remuneration Policy which is annexed to the Board s Report
in "Annexure I".
(c) Stakeholders Relationship Committee:
The Stakeholders Relationship Committee, as per Section 178 (5) of Companies Act, 2013,
continued working under Chairmanship of Ms. Diksha Maheshwari. The Committee is governed
by a Charter, which is in line with the regulatory requirements mandated by the Companies
Act, 2013. During the year, the committee met one time with full attendance of all the
members. The composition of the Stakeholders Relationship Committee as at March 31, 2024
and details of the Members participation at the Meetings of the Committee are as under:
Name of Director |
Category |
Position in the committee |
Attendance at the Stakeholders Relationship Committee held on
04.08.2023 |
Ms. Diksha |
Non- Executive |
Chairperson |
Yes |
Maheshwari Ms. Anita Bhartia |
Independent Director Non- Executive Director |
Member |
Yes |
Mr. Sajan Bhartia |
Whole Time Director |
Member |
Yes |
The terms of reference of the Committee are:
? Resolving the grievances of the security holders of the listed entity including
complaints related to transfer/transmission of shares, non-receipt of annual report,
non-receipt of declared dividends, issue of new/duplicate certificates, general meetings
etc. ? Review of measures taken for effective exercise of voting rights by shareholders. ?
Review of adherence to the service standards adopted by the listed entity in respect of
various services being rendered by the Registrar & Share Transfer Agent. ? Review of
the various measures and initiatives taken by the listed entity for reducing the quantum
of unclaimed dividends and ensuring timely receipt of dividend warrants/annual
reports/statutory notices by the shareholders of the company.
During the year, no complaints were received from shareholders. There are no balance
complaints. The Company had no share transfers pending as on March 31, 2024.
Ms. Muskan Kachhawaha, Company Secretary and Compliance Officer of the Company, w.e.f.
29th May, 2024.
19. BOARD S PERFORMANCE EVALUATION:
The Board of Directors carried out an annual evaluation of the Board itself, its
Committees and individual Directors. The entire Board carried out performance evaluation
of each Independent Director excluding the Independent Director being evaluated. The
Nomination Remuneration Committee also carried out evaluation of every director s
performance.
The evaluation was done after taking into consideration inputs received from the
Directors, setting out parameters of evaluation. Evaluation parameters of the Board and
Committees were mainly based on Disclosure of Information, Key functions of the Board and
Committees, Responsibilities of the Board and Committees, etc. Evaluation parameters of
Individual Directors including the Chairman of the Board and Independent Directors
were based on Knowledge to Perform the Role, Time and Level of Participation, Performance
of Duties and Level of Oversight and Professional Conduct etc.
Independent Directors in their separate meeting evaluated the performance of
Non-Independent Directors, Chairman of the Board and the Board as a whole.
20. CORPORATE SOCIAL RESPONSIBILITY
The Company does not fall under the criteria laid under the provisions of Section 135
of the Companies Act 2013 and rules framed there under for the year ended 31st
March 2024. Therefore, the provisions of Corporate Social Responsibility are not
applicable to the Company during the period.
21. AUDITORS:
i. Statutory Auditors:
The Board has re-appointed M/s J. C. Kabra and Associates, Chartered Accountants as the
statutory auditors of the Company for term of five consecutive years, from the conclusion
of 3rd Annual General Meeting, held in 2020 till the conclusion of the 8th
Annual General Meeting to be held in the year 2025, as approved by shareholders of the
Company.
ii. 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 H Maheshwari & Associates., a firm of Company Secretaries in Practice (CP
No. 10245), to undertake the Secretarial Audit of the Company for the F.Y. 2023-25. The
Secretarial Audit Report for F.Y. 2023-24 is annexed herewith as "Annexure
II".
iii. Cost Auditor:
The Company does not fall within the provisions of Section 148 of the Companies Act,
2013, as read with the Companies (Cost Records and Audit) Rules, 2014. Therefore, the
maintenance of cost records and the applicability of cost audits, as specified by the
Central Government under Section 148 of the Companies Act, 2013, are not applicable to the
Company.
iv. Internal Auditor:
The Board of Director s, based on the recommendation of the Audit Committee and
pursuant to the provisions of section 138 of the Act read with the Companies (Accounts)
Rules, 2014, has appointed M/s. Dinesh Jain & Co, (Firm Registration Number: 102601W).
Chartered Accountants, Mumbai as the Internal Auditors of your Company for the financial
year 2023-25. The Internal Auditor conducts the internal audit of the functions and
operations of the Company and reports to the Audit Committee and Board.
22. AUDITOR S REPORT:
The Auditor s Report and Secretarial Auditor s Report does not contain any
qualifications, reservations or adverse remarks. Report of the Auditors are given as an
Annexure which forms part of this report.
23. VIGIL MECHANISM / WHISTLE BLOWER POLICY:
Pursuant to the provisions of Section 177(9) of the Act, read with the Rules made
thereunder, the Company has adopted a Whistle-Blower Policy for Directors and Employees to
report genuine concerns and to provide adequate safeguards against victimization of
persons who may use such mechanism. The functioning process of this mechanism has been
more elaborately mentioned in the Corporate Governance Report which forms part of this
Annual Report. The said
Policy is available on Company s website at https://mishindia.com/.
24. INTERNAL AUDIT & CONTROLS:
Pursuant to provisions of Section 138 read with rules made there under, the Board has
appointed M/s. Dinesh Jain & Co., Chartered Accountants, as an Internal Auditors of
the Company to check the internal controls and functioning of the activities and recommend
ways of improvement. The Internal Audit is carried out on half yearly basis; the report is
placed in the Audit Committee Meeting and the Board Meeting for their consideration and
direction.
The Internal Financial Controls with reference to financial statements as designed and
implemented by the Company are adequate. During the year under review, no material or
serious observation has been received from the Internal Auditors of the Company for
inefficiency or inadequacy of such controls.
Based on the framework of internal financial controls and compliance systems
established and maintained by the Company, work performed by the internal, statutory and
secretarial auditors and external consultants and the reviews performed by management and
the relevant board committees, including the audit committee, the board is of the opinion
that the Company s internal financial controls were adequate and effective during the
financial year 2023-24.
25. RISK ASSESSMENT AND MANAGEMENT:
Your Company has been on a continuous basis reviewing and streamlining its various
operational and business risks involved in its business as part of its risk management
policy. Your Company also takes all efforts to train its employees from time to time to
handle and minimize these risks.
26. LISTING WITH STOCK EXCHANGES:
During the period under review, Mish Designs Limited was listed on the SME Platform of
the BSE Limited. It has paid the Annual Listing Fees for the year 2024-25 to BSE Limited.
27. COMPLIANCE WITH SECRETARIAL STANDARDS:
In terms of Section 118(10) of the Act, the Company is complying with the Secretarial
Standards issued by the Institute of Company Secretaries of India and approved by Central
Government with respect to Meetings of the Board of Directors and General Meetings.
28. *PARTICULARS OF EMPLOYEES AND REMUNERATION
The information required under Section 197 & Rule 5 of the Companies (Appointment
and Remuneration of Managerial Personnel) Rules, 2014 is given below.
a) The median remuneration of employees of the Company during the financial year is Rs
2,88,000
b) Percentage increase/decrease in the median remuneration of employees in the
financial year 2023-24 : Not Applicable
c) Number of permanent employees on the rolls of the Company as on March 31, 2024: 47
d) It is hereby affirmed that the remuneration paid during the year is as per the
Remuneration policy of the Company.
e) There is no employee covered under the provisions of section 197(14) of the
Companies Act, 2013.
There was no employee in the Company who drew remuneration of 1,00,00,000 / - per annum
during the period under review. Hence, the Company is not required to disclose any
information as per Rule 5(2) of the Companies (Appointment and Remuneration) Rules, 2014.
29. POLICIES AND DISCLOSURE REQUIREMENTS:
In terms of provisions of the Companies Act, 2013 the Company has adopted following
policies which are available on its website https://mishindia.com/
30. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS
AND OUTGO:
i. Conservation of Energy
a) The steps taken or impact on conservation of energy The Operations of the
Company are not energy intensive. However, adequate measures have been initiated for
conservation of energy.
b) The steps taken by the Company for utilizing alternate source of energy
Company shall consider on adoption of alternate source of energy as and when necessities.
c) The Capital Investment on energy conversation equipment No Capital Investment
yet.
ii. Technology Absorption
a) The efforts made towards technology absorption. Minimum technology required
for Business is absorbed.
b) The benefits derived like product improvement, cost reduction, product
development or import substitution Not Applicable.
c) In case of imported technology (imported during the last three years reckoned
from the beginning of the financial year) Not Applicable.
1. the details of technology imported;
2. the year of import;
3. whether the technology been fully absorbed;
4. if not fully absorbed, areas where absorption has not taken place, and the
reasons thereof
iii. The expenditure incurred on Research and Development Not Applicable.
iv. Foreign exchange earnings and Outgo - Income in Foreign Currency -
1,10,60,905.
31. PARTICULARS OF LOANS, INVESTMENTS AND GUARANTEES:
Particulars of loans given, investments made, guarantees given and securities provided
are provided in the financial statements.
32. PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES:
No contracts / arrangements / transactions entered by the Company during the financial
year with related parties. Thus Disclosure in form AOC-2 is not required. Further, during
the year, the Company had not entered into any contract / arrangement /transaction with
related parties which could be considered material in accordance with the policy of the
Company on materiality of related party transactions. The details of the related party
transactions as required under Indian Accounting Standard (IND-AS) 24 are set out in Note
to the financial statements forming part of this Annual Report.
33. DEPOSITS:
Your Company did not accept / hold any deposits from public / shareholders during the
year under review.
34. PREVENTION OF INSIDER TRADING:
In compliance with the provisions of the Securities and Exchange Board of India
(Prohibition of Insider Trading)
Regulations, 2015, as amended, the Company has formulated and adopted the revised
"Code of Conduct for Prevention of Insider Trading" ("the Insider Trading
Code"). The object of the Insider Trading Code is to set framework, rules and
procedures which all concerned persons should follow, while trading in listed or proposed
to be listed securities of the Company. During the year, the Company has also adopted the
Code of Practice and Procedures for Fair Disclosure of
Unpublished Price Sensitive Information ("the Code") in line with the SEBI
(Prohibition of Insider Trading) Amendment Regulations, 2018. The Code is available on the
Company s website https://mishindia.com/
35. RELATED PARTY TRANSACTIONS
All transactions entered into with related parties as defined under the Act during the
FY were in the ordinary course of business and on an arm s length pricing basis and do not
attract the provisions of Section 188 of the Act. There were no materially significant
transactions with the related parties during the FY which were in conflict with the
interest of the Company.
36. SIGNIFICANT AND MATERIAL ORDERS:
There are no significant and material orders passed by the Regulators or Courts or
Tribunals impacting the going concern status and Company s operations in future.
37. FRAUD REPORTING
There have been no frauds reported by the Auditors of the Company to the Audit
Committee or the Board of Directors under sub-section (12) of section 143 of the Companies
Act, 2013 during the financial year.
38. OBLIGATION OF COMPANY UNDER THE 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 and an Internal Complaints Committee has been set up to redress
complaints received regarding Sexual Harassment at workplace, with a mechanism of lodging
& redress the complaints. All employees (permanent, contractual, temporary, trainees,
etc.) are covered under this policy.
Your Directors further state that pursuant to the requirements of Section 22 of Sexual
Harassment of Women at Work place (Prevention, Prohibition & Redressal) Act, 2013 read
with Rules there under, the Company has not received any complaint of sexual harassment
during the year under review.
39. HUMAN RESOURCES:
Your Company has established an organization structure that is agile and focused on
delivering business results. With regular communication and sustained efforts it is
ensuring that employees are aligned on common objectives and have the right information on
business evolution.
40. CORPORATE GOVERNANCE:
In terms of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
exempts companies which have listed their specified securities on SME Exchange from
compliance with corporate governance provisions.
Since the equity share capital of your Company is listed exclusively on the SME
Platform of BSE, the Company is exempted from compliance with Corporate Governance
requirements, and accordingly the reporting requirements like Corporate Governance Report,
Business Responsibility Report etc. are not applicable to the Company.
41. DISCLOSURES:
The following disclosures are not applicable to the company:
1. The details of application made or any proceeding pending under the Insolvency and
Bankruptcy Code, 2016 (31 of 2016) during the year alongwith their status as at the end of
the financial year.
2. The 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 the reasons thereof.
42. DIRECTORS RESPONSIBILITY STATEMENT:
Pursuant to Section 134(5) of the Companies Act, 2013, the board of directors, to the
best of their knowledge and ability, confirm that:
i. In the preparation of the annual accounts, the applicable accounting standards have
been followed and there are no material departures.
ii. 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
of the Company for that period.
iii. They have taken proper and sufficient care for the maintenance of adequate
accounting records in accordance with the provisions of the Act for safeguarding the
assets of the Company and for preventing and detecting fraud and other irregularities.
iv. They have prepared the annual accounts on a going concern basis.
v. They have laid down internal financial controls to be followed by the Company and
such internal financial controls are adequate and operating effectively.
vi. They have devised proper systems to ensure compliance with the provisions of all
applicable laws and that such systems were adequate and operating effectively.
43. CAUTIONARY STATEMENTS:
Statements in this Annual Report, particularly those which relate to Management
Discussion and Analysis describing the Company s objectives, projections, estimates and
expectations may constitute forward looking statements within the meaning of applicable
laws and regulations. Actual results might differ materially from those either expressed
or implied in the statement depending on the circumstances.
44. ACKNOWLEDGEMENTS:
Your Directors would like to express deep sense of appreciation for the assistance and
co-operation received from the Financial Institutions, Banks, Government Authorities and
Shareholders and for the devoted service by the Executives, staff and workers of the
Company. The Directors express their gratitude towards each one of them.
Registered Office: |
By Order Of The Board Of Directors |
Gala No. 4, Gulati Industries, Hattibaug |
FOR MISH DESIGNS LIMITED |
Love Lane, Mazgaon, Mumbai City |
Sd/- |
Maharashtra, India, 400010 |
Kaushal Goenka |
Tel : 022-23719478, |
(Managing Director) |
CIN: U74999MH2017PLC302175 |
DIN: 02446587 |
Website: https://mishindia.com/ |
Mumbai, Tuesday, August 27, 2024 |
Email: info@mishindia.com |
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