To
The Members
Ashiana Ispat Limited
Your Directors have pleasure in presenting their 32nd Annual Report on the
affairs of the company together with Audited Financial Statements for the financial year
ended 31st March, 2024.
1. FINANCIAL RESULTS
The standalone financial performance of the company for the financial year ended March
31, 2024 in summarized below.
Particulars |
Rs. in lacs |
Rs. in lacs |
|
2023-24 |
2022-23 |
Revenue from operations |
32183.60 |
46456.85 |
Other Income |
263.27 |
96.80 |
Total Revenue |
32446.87 |
46553.65 |
Profit/(loss) before taxes |
200.11 |
344.43 |
Total Expenditure |
32246.76 |
46209.22 |
Tax Expense/(Benefit) |
52.93 |
44.72 |
Profit/(Loss) after Tax |
147.18 |
299.71 |
Other comprehensive income |
8.14 |
- |
Earning per equity shares in Rs. |
1.85 |
3.76 |
1. STATE OF COMPANY’S AFFAIRS
The Total Income of your Company for the Financial Year 2023-24 stood at Rs. 32446.87
Lakh as compared to Rs. 46553.65 Lakh of the previous Financial Year. Your Company has
ended the Financial Year 2023-24 with a profit after tax from the ordinary activities of
Rs.155.32 Lakh as against the previous Financial Year's Rs. 299.71 Lakh. After taking into
account your Company has carried forward an amount of Rs. 155.32 Lakh to the Balance
Sheet. The Directors trust that shareholders will find the performance of the company in
the coming years to be satisfactory. The Earning per share (EPS) of the company is Rs.
1.85 per share (Basic) and Diluted EPS is Rs. 1.85 per share. The raising of capital
through preferential issue of shares will provide interest free working capital to the
company and will reduce the financial charges. This will certainly help in enhancing the
EPS of the shareholders.
2. Change in the nature of business, if any
There is no change in the nature of the business of the Company during the year.
CORPORATE GOVERNANCE:
The Company believes that good corporate governance is one of the vital tools, in
directing and controlling the affairs of the Company in an efficient manner and helps in
achieving the goal of maximizing value of Company's stakeholders in a sustained manner. It
recognizes Transparency, Integrity, Honesty and Accountability as core values, and the
management believes that practice of each of these creates the right corporate culture
fulfilling the purpose of Corporate Governance. However, it is to be recognized that
Corporate Governance is not just a destination but a consistent journey to consolidate and
enhance sustainable value creation to the company, by adhering to the core values. A
separate section on Corporate Governance and a Certificate regarding compliance of
conditions of Corporate Governance, forms part of the Annual Report as
Annexure-“D”.
DIVIDEND:
The directors have not recommended any dividend for the financial year 2023-24.
SHARES WITH DIFFERENTIAL RIGHTS, EMPLOYEE STOCK OPTION, SWEAT EUITYSHARES:
During the year, the company has not issued any Equity Shares with Differential Rights,
Employee Stock Options and/or Sweat Equity Shares.
FIXED DEPOSITS:
During the year, your Company has not accepted any fixed deposits under the provisions
of the Companies Act, 2013 and the Rules made there under.
Annual Return
Pursuant to Section 92 (3) read with Section 134 (3) (a) of the Act, the Annual return
in Form MGT -7 as on March 31, 2024 is available on the Company’s website.
SECRETARIALSTANDARDS:
The Company has complied with applicable secretarial Standards.
BOARD OF DIRECTORS AND KEY MANAGERIAL PERSONNEL
During the financial year 2023-24 following changes in directorship were made:
a. During the year, Ms.Shruti Jain resigned from the office of Independent Director
with effect from 15th, December 2024, for pursuing external opportunities. The Board
places on record its deep appreciation for the outstanding contribution made by Ms.Shruti
Jain.
b. Mr. Deepak Sharma who is a qualified Chartered Accountant has been appointed as
Independent Director. His knowledge and experience would be immense beneficial for the
overall functioning of the Board and the operations of the Company.
c. Directors retire by rotation:
In accordance with the provisions of the Companies Act, 2013 and Articles of
Association, Mr. Naresh Chand, Director of the Company retires by rotation at this Annual
General Meeting and being eligible offer himself for re-appointment.
The following appointments to the Board are proposed:
a. Mrs. Ashita Jain: The Board of Directors, Based on the recommendation of Nomination
and Remuneration committee, appointed Mrs. Ashita Jain as an Additional Director in the
category of Non- Executive non-independent Director, board recommended to appoint Mrs.
Ashita Jain under Section 152 of the Companies Act 2013 in the Board meeting held on 28thSeptember,
2023 subject to approval of Shareholders of the Company in the ensuing General Meeting. b.
Mr. Mritunjay Kumar: The Board of Directors, Based on the recommendation of Nomination and
Remuneration committee, appointed Mr. Mritunjay Kumar as an Additional Director in the
category of Non- Executive non-independent Director, board recommended to appoint Mr.
Mritunjay Kumar under Section 152 of the Companies Act 2013 in the Board meeting held on
31st August, 2024 subject to approval of Shareholders of the Company in the
ensuing General Meeting. c. Mr. Kapil Aggarwal: The Board of Directors, Based on the
recommendation of Nomination and Remuneration committee, appointed Mr. Kapil Aggarwal as
an Additional Director in the category of Non- Executive non-independent Director, board
recommended to appoint Mr. Kapil Aggarwal under Section 152 of the Companies Act 2013 in
the Board meeting held on 31stAugust, 2024 subject to approval of Shareholders
of the Company in the ensuing General Meeting. d. Mr. Puneet Jain: The Board of Directors,
Based on the recommendation of Nomination and Remuneration committee, reappointed Mr.
Puneet Jain asManaging Director in the category of Executive non-independent Director,
board recommended to appoint Mr. Puneet Jainin the Board meeting held on 30th
May, 2024 subject to approval of Shareholders of the Company in the ensuing General
Meeting. e. Mr. Naresh Chand: The Board of Directors, Based on the recommendation of
Nomination and Remuneration committee, reappointed Mr. Naresh Chand as Whole Time Director
in the category of Executive non-independent Director, board recommended to appoint Mr.
Naresh Chand in the Board meeting held on 30th May, 2024 subject to approval of
Shareholders of the Company in the ensuing General Meeting. f. Mr. Deepak Sharma: The
Board of Directors, Based on the recommendation of Nomination and Remuneration committee,
reappointed Mr. Deepak Sharma asIndependent Director, board recommended to appoint Mr.
Deepak Sharmain the Board meeting held on 31st August, 2024 subject to approval
of Shareholders of the Company in the ensuing General Meeting. g. Mr. Shyam Sunder: The
Board of Directors, Based on the recommendation of Nomination and Remuneration committee,
reappointed Mr. Shyam Sunder as Independent Director, board recommended to appoint Mr.
Shyam Sunder in the Board meeting held on 31st August, 2024 subject to approval
of Shareholders of the Company in the ensuing General Meeting.
Pursuant to the provisions of section 203 of the Companies Act 2013 the KMP's of the
Company as on 31.03.2024 are:
1. Mr. Naresh Chand: Whole-time Director 2. Mr. Puneet Jain: Managing Director 3. Mrs.
Anu Bansal: Whole-time Executive Director 4. Mr. Ravindra Kumar Jain: Chief Financial
Officer 5. Mr. Harun Rashid Ansari: Company Secretary
LISTING WITH EXCHANGE AND LISTING FEES:
The Equity Shares of the Company are presently listed with Bombay Stock Exchange
Limited (BSE). Further the Company has paid listing fees to the exchange (i.e. BSE) up to
financial year 2024-25.
AUDIT REORT & AUDITORS:
Audit Report
The Notes on financial statements referred to in the Auditors’ Report are
self-explanatory and do not call forany further comments. The Auditors’ Report does
contain some qualification, reservation, remark or disclaimerfor which reply has been
given in the Directors Report.
As per the provisions of Listing Regulations Auditor's certificate on Corporate
Governance forms part of this report and don't contain any qualifications or adverse
remarks. The CG Report itself explained to reconstitute of Board of Directors as per
provision of Section 149 of Companies Act, 2013 and the Regulation 17 of LODR. The Notes
to the financial statements referred in the Auditors Report are self-explanatory. The
Auditors’ Report is enclosed with the financial statements in this Annual Report.
SECRETARIAL AUDIT& SECRETARIAL AUDIT REPORT:
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 appointed
M/s Bir Shankar & Co., Company Secretaries in practice, to undertake the Secretarial
Audit of the Company. "The report of the Secretarial Audit is annexed to this report
as Annexure “E”. "Secretarial Auditors" report does contain some
qualification, reservation, remark or disclaimerfor which reply has been given in the
Directors Report.
1. The Secretarial Audit Report for the year 2023-24 is provided in ANNEXURE -
E. The qualifications made by the Secretarial Auditor and the explanation to the
observations are as follows:
S.No. |
QUALIFICATION |
MANAGEMENT’S EXPLANATION |
1. |
Discrepancy noticed w.r.t composition of the Board and late
submission under Regulation 23(9),27(2),31,33,34, and 19(1)(2) of SEBI (LODR) Regulations,
2015 and Late Submission of Financial results for quarterSeptember 2023, December 2023 and
ended March 2023 |
Management responsible for compliance made good and paid the fine
imposed by BSE. |
A. STATUTORY AUDITORS
M/s. S. Singhal & Co., Chartered Accountants., Bhiwadi(Firm registration No
001526C)tendered their resignation to discontinue as the Statutory Auditor of the Company
for the remaining term of their period.
Hence, in order to fill up the casual vacancy, the Company has appointed M/s. Khiwani
& Co. (Firm Registration No.: 002589N) Delhi, in the Board Meeting convened on 8th
March, 2024.
As required under Section 139 of the Companies Act, 2013, the Company has received a
written consent from M/s. Khiwani & Co. (Firm Registration No.: 002589N), Delhi for
such appointment and also a certificate to the effect that their appointment, if made,
would be in accordance with Section 139(1) of the Companies Act, 2013 and the rules made
thereunder.
At the Annual General Meeting held on 06 May, 2024, the shareholders approved the
ratification of appointment of M/s. Khiwani & Co, Chartered Accountants (Firm
Registration No. 002589N) as the Statutory Auditor till the conclusion of 32nd Annual
General Meeting.
Further it is proposed to appointment of M/s Khiwani Sood & Associates. Chartered
Accountants (Firm Registration No. 040433N) from the conclusion of 32nd Annual General
Meeting till the conclusion of 37th Annual Meeting at such remuneration as may be decided
mutually by the Auditors and the Board of directors. The Audit Report given by M/s Khiwani
& Co., Chartered Accountants hereunder is forming part of the Annual Report. The Notes
on financial statements referred to in the Auditors’ Report are self-explanatory and
do not call for any further comments. The Auditors’ Report does contain some
qualification, reservation, remark or disclaimer for which reply has been given in the
Directors Report.
Auditors’ Report:
The Report of Auditors and Notes forming part of the Accounts are attached along with
the Annual Report. Comments on Statutory Auditor’s Report: Reply to the
qualifications made in Auditor’s report
S.No. |
QUALIFICATION |
REPLY |
A. 1 |
Qualified opinion of statutory Auditor: |
Receivables amounting to Rs.15.06 crores consists the amount due
towards the company facing insolvency process under IBC code. In the matter of holding
company NINEX DEVELOPERS LIMITED Honb’le NCLT Pronounced their order on 15.02.2024
and directed RP to handover the assets, documents, records pertaining to the Corporate
Debtor to the suspended management of the Corporate Debtor forthwith. Since the Corporate
Insolvency Resolution Process (CIRP) has been withdrawn, all the connected IA(s)/CA(s)
stands disposed of. |
. |
Trade receivables include an amount of Rs. 15.06 crores that have
been outstanding for more than three years. |
|
|
This has led to a significant increase in credit risk. |
|
|
The company has not made any provision of Expected Credit Loss
(ECL) as required under Indian Accounting Standard (Ind AS) 109, "Financial
Instruments," where an entity is required to assess and recognize impairment losses
based on the expected credit loss model. |
|
|
In the absence of Information, we are unable to comment on the
possible effect on the company. |
Management of Ninex Group who are our debtor assured that
Insolvency Resolution Process (CIRP) against the others company which are about
100%subsidiary of Ninex are also likely to be withdrawn. |
|
Reference is invited to note no. 4, out of the Trade Receivables as
mentioned in point no.1 above, an amount of Rs. 660.80 Lakhs is receivable from companies
where proceedings under Corporate Insolvency Resolution Process (CIRP) are pending with
the NCLT. The claim of the company has been admitted and accepted by NCLT. |
Management have strong opinion and believe that once the insolvency
process gets withdrawn the management of the corporate debtors will clear all dues with
interest. |
|
|
Management is in regular touch with others debtors and they are
also in a process to clear the outstanding dues within shorter period. |
A.2 |
We draw attention to Note No. 5 of the financial statements,
which describes that the company has requested confirmation for the balances of
Trade Payables, Trade Receivables, Loans and Advances, and Current
Liabilities from the respective parties. However, as of the date of this report,
the company has not received responses to these confirmation requests. |
For the above referred observation of the Auditors, the company
provides the following clarifications: |
|
|
Company having more than two and half years old business relation
with all our stakeholders including Debtors and Creditors. Concerned official of the
Management is in regular touch with Debtors and creditors and management ensures to get
Confirmation from all the Debtors and Creditors. |
|
As a result, we were unable to obtain sufficient appropriate
audit evidence regarding these balances through external confirmations.
Consequently, we are unable to verify the completeness, existence, and accuracy of these
balances as reported in the financial statements. |
|
|
This matter was considered in determining the nature, timing,
and extent of our audit procedures applied in our audit of the financial statements,
and in forming our opinion on these financial statements. |
|
|
B For Audit Qualification(s) where the impact is not
quantified by the auditor: |
|
1 Management's estimation on the impact of audit qualification: |
Management is of the view that both the qualified opinion 1and 2 of
the above have no impact and hence not quantified. |
|
2 Auditors’ comment on (i) and (ii): |
Auditors have no comments thereupon. |
B. COST AUDITORS:
In terms of the Section 148 of the Companies Act, 2013 read with Companies (Cost
Records and Audit) Rules, 2014, the Company is required to maintain cost accounting
records and get them audited every year and accordingly such accounts and records are made
and maintained. The Board appointed M/s. Mithlesh Gupta & Co., Cost Accountants, as
cost auditors of the Company for the financial year 2023-24 at a fee of INR 30,000 plus
applicable taxes and out of pocket expenses subject to the ratification of the said fees
by the shareholders at the ensuing annual general meeting. The cost audit report for the
financial year ended March 31, 2024 would be filed with the Central Government.
The cost audit report for the financial year ended March 31, 2023 was filed on
10.10.2023 within prescribed timelines.
C. SECRETARIAL AUDITOR
As per the provisions of Section 204 of the Companies Act, 2013 and Rules there under,
M/s Bir Shankar & Co., Practicing Company Secretary was appointed as the Secretarial
Auditor of the Company for the year 2024-25.
D. INTERNAL AUDITOR
As per the provisions of Section 138 of the Companies Act, 2013 and Rules thereunder,
M/s. Anil Kakar & Associates, Chartered Accountant was appointed as the Internal
Auditor of the Company for the year 2024-25.
NUMBER OF BOARD MEETINGS HELD DURING THE YEAR:
The Board met 8 times duringthe financial year 2023-24, the details of which are given
in corporate Governance section.
NOMINATION AND REMUNERATION COMMITTEE AND STAKEHOLDERS RELATIONSHIP COMMITTEE:
The Company has duly constituted the Nomination and Remuneration Committee and the
Stakeholders Relationship Committee comprising non-executive directors of which not less
than one half of the members are independent directors. During the year 3 (Three)
Nomination & Remuneration Committee Meetings and 4 (Four) Stakeholder &
Relationship Committee Meetings were convened and held, the details where of are given in
the Corporate Governance Report which forms part of this Annual Report.
ANNUAL EVALUATION OF THE PERFORMANCE OF THE BOARD, ITS COMMITTEES AND OF INDIVIDUAL
DIRECTORS:
The Board of Directors has evaluated the performance of the Board, its Committees and
the individual directors as per the Nomination and Remuneration Policy. The Independent
Directors of the Company also review the performance of Non-Independent Directors of the
Board.
DECLARATION BY INDEPENDENT DIRECTORS AS REQUIRED UNDER SECTION 149(7) OF THE COMPANIES
ACT, 2013
All the Independent directors of the company have given their statement of declaration
under Section 149(7) of the Companies Act, 2013 ("the Act") that they meet the
criteria of independence as provided in Section 149(6) of the Act, and their Declarations
have been taken on record.
POLICYON DIRECTORS' APPOINTMENT REMUNERATION
The Company strives to maintain an appropriate combination of executive, non-executive
and independent Directors including at least one woman Director. The Nomination &
Remuneration Committee of the Company leads the process for Board appointments in
accordance with the requirements of Companies Act, 2013, listing agreement/regulations and
other applicable regulations or guidelines. All the Board appointments are based on
meritocracy. The potential candidates for appointment to the Board are inter alia
evaluated on the basis of highest level of personal and professional ethics, standing,
integrity, values and character; appreciation of the Company's vision, mission, values;
prominence in business, institutions or professions; professional skill, knowledge and
expertise; financial literacy and such other competencies and skills as may be considered
necessary.
In addition to the above, the candidature of an independent Director is also evaluated
in terms of the criteria for determining independence as stipulated under Companies Act,
2013, listing agreement/regulations and other applicable regulations or guidelines. In
case of re-appointment of Independent Directors, the Board shall take into consideration
the results of the performance evaluation of the Directors and their engagement level.
The Board of Directors of the Company has adopted a Remuneration Policy for Directors,
KMPs and other employees. The policy represents the overarching approach of the Company to
the remuneration of Director, KMPs and other employees.
LOANS, GUARANTEES AND INVESTMENTS BY THE COMPANY:
Details of loans, guarantees and investments by the Company to other body corporates or
persons are given in Financial Statements/Notes to the financial statements.
MATERIAL CHANGES & COMMITMENTS:
Apart from the frequently interruption in production due to rigorous environmental
policy adopted by the Government there were no others material changes, events and
commitments affecting the financial position of your Company between the end of the
Financial Year and the date of this report.
DETAILS OF SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULAOTRS, COURTS AND
TRIBUNALS
During the year under review, there have been no significant and material orders passed
by the regulators or courts or tribunals impacting the going concern status and
company’s operations in future.
SHARE CAPITAL:
The Authorized Share Capital of the Company is Rs. 15,00,000/- (Rupees Fifteen crore)
divided into 150,00,000 (OneCrore fifty laks) equity shares of Rs. 10/- (Rupees One) each.
The Paid-up Share Capital of the Company is Rs. 79,648,000/- (Rupees Seven crore ninety
six lakhs forty eight thousand) divided into 7,964,800 (Seventy nine lakh sixty four
thousand eight hundred) equity shares of Rs. 10/- (Rupees One) each. Further, there is no
change in Authorized Share Capital and Paid-up Share Capital of the Company during the
financial year under review.
Management Discussion and Analysis:
Management Discussion and Analysis comprising an overview of the financial results,
operations / performance and the future prospects of theCompany form part of this Annual
Report.
THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE:
Your Company has always believed in providing a safe and harassment free workplace for
every individual working in AIL through various interventions and practices. 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. The Company always endeavours to create and provide an environment that is free
from discrimination and harassment including sexual harassment.
The Company believes in prevention of harassment of employees as well as contractors.
During the yearended 31 March, 2024, no complaints pertaining to sexual harassment were
received.
RELEVANT EXTRACT OF THE ANNUAL RETURN:
The details forming part of the extract of the Annual Return in Form MGT-9, as required
under the provisions of the Companies Act, 2013, forms an integral part of Board Report.
Form MGT-9 is available on the website of the Company and can be accessed at
www.ashianaispat.in.
Auditor's certificate on Corporate Governance
As per the provisions of Listing Regulations Auditor's certificate on Corporate
Governance forms part of this report and don't contain any qualifications or adverse
remarks related to compliance with the conditions/provisions of corporate governance.
RELATED PARTY TRANSACTIONS:
The Board has adopted a policy to regulate the transactions of the Company with its
related parties. As per policy, all related party transactions require approval as per the
provisions of the Companies Act, 2013 and SEBI (LODR) Regulations. The said policy is
available on the Company's website viz. www.ashianaispat.in.
VIGIL MECHANISM:
The Company has in place a whistleblower policy, to support the Code of Business
Ethics. This policydocuments the Company's commitment to maintain an open work environment
in which employees, consultants and contractors are able to report instances of unethical
or undesirable conduct, actual or suspected fraud or any violation of Company's Code of
Business Ethics at a significantly senior level without fear of intimidation or
retaliation.
Individuals can also raise their concerns directly to the chairman of the Audit
Committee of the Company. Any allegations that fall within the scope of the concerns
identified are investigated and dealt with appropriately. Further, during the year, no
individual was denied access to the Audit Committee for reporting concerns, if any. The
details of establishment of vigil mechanism for Directors & employees to report
genuine concerns are available at the website of the Company viz. www.ashianaispat.in.
INTERNALFINANCIAL CONTROLS AND ITS ADEQUACY:
AIL continuously invests in strengthening its internal control processes. The Company
has put in place an adequate system of internal financial control commensurate with its
size and nature of business which helps in ensuring the orderly and efficient conduct of
its business. These systems provide a reasonable assurance in respect of providing
financial and operational information, complying with applicable statutes, safeguarding of
assets of the Company, prevention & detection of frauds, accuracy & completeness
of accounting records and ensuring compliance with corporate policies.
FAMILIARISATION PROGRAM FOR DIRECTORS:
The Company provides an orientation and business overview to all its new Directors and
Independent Directors and provides materials and briefing sessions periodically which
assists them in discharging their duties and responsibilities. The Directors of the
Company are also informed of the important developments in the Company and Industry.
Directors are fully briefed on all business related matters, and new initiatives proposed
by the Company and updated on changes and developments in the domestic & global
corporate and industry scenario. The detail of the familiarisation program for Directors
is available on the website of the Company viz. www.ashianaispat.in.
CHANGES IN CAPITAL STRUCTURE:
During the year, there was no change in the Capital Structure of the Company.
Board of Directors of your company has decided to introduce Equity capital by issue of
Equity shares on preferential basis to identified person. This infusion of capital will be
made in accordance with SEBI (ICDR) Regulations, 2015. This investment is a reflection of
management conviction that it will create a longer term positive impact on the overall
growth of the Company which will ultimately build the confidence of ourstakeholders. This
steps will reduce the interest burden on the company and ultimately pay-out ratio to
shareholders will increase. It was further decided to declare interim dividend/ final
dividend to shareholders on regular basis.
COMMITTEES:
The various Committees, as required by the Securities Exchange Board of India (Listing
Obligations and Disclosure Requirements) Regulations, 2015, have been constituted/
reconstituted amongst members of the Board. The composition of the various committees as
on 31.03.2024 is as under:
Sr. No. |
Name of Committee |
Members |
1. |
Audit Committee |
Mr. Deepak Sharma |
|
|
Mr. Manoj Kumar |
|
|
Ms.Anu Bansal |
2. |
Nomination and Remuneration |
Mr. Deepak Sharma |
|
Committee |
Mr. Manoj Kumar |
|
|
Ms.Ashita Jain |
3. |
Stakeholders Relationship |
Mr. Deepak Sharma |
|
Committee |
Mr. Manoj Kumar |
|
|
Mr. Naresh Chand |
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO:
Information on conservation of energy, technology absorption and foreign exchange
earnings and outgo is given in Annexure-“F” to this report.
PARTICULARS OF EMPLOYEES:
In accordance with the provisions of Section 197(12) of the Companies Act, 2013 and
Rule 5(2) of Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014,
the names and other particulars of employees are set out in the Annexure-“G” to
this report and forms part of this report.
DIRECTORS' RESPONSIBILITYSTATEMENT:
The Directors would like to assure the Members that the financial statements for the
year under review conform in their entirety to the requirements of the Companies Act,
2013.
The Directors confirm that:
In the preparation of the annual accounts/financial statements, the applicable
accounting standards have been followed along with proper explanation relating to material
departures; Appropriate accounting policies have been selected and applied consistently
and have madejudgments and estimates that are reasonable and prudent so as to give a true
and fair view of the stateof affairs of the Company as at 31st March, 2024 and of the
profit/loss of the Company for the yearended on 31st March, 2024; Proper and sufficient
care has been taken for 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;
The annual accounts/financial statements have been prepared on a going concern basis.
That Internal financial controls were laid down to be followed by the company and that
such internal financial controls are adequate and were operating effectively. Proper
systems had been devised to ensure compliance with the provisions of all applicable laws
and that such systems were adequate and operating effectively.
CORPORATE SOCIAL RESPONSIBILITY:
The Company has adopted Corporate Social Responsibility initiatives and focuses on key
areas as education, healthcare etc., in accordance with the provisions of the relative Act
and rules made thereunder. The Corporate Social Responsibility Committee consists of Sh.
Naresh Chand (Chairman), Mr. Deepak Sharma and Sh. Puneet Jain. The Board of Directors on
recommendation of the CSR Committee has formulated the CSR policy of the Company. The CSR
activities of the Company are implemented in accordance with the core values viz.
protecting stakeholder interests, proactive engagement with the local communities and
striving towards inclusive development. The CSR activities are focused on the following
five broad themes with goals to improve overall socio economic indicators of Company's
area of operation:
To eradicate Extreme hunger and Poverty
Promoting healthcare, sanitation and making safe drinking water available; Employment
enhancement through training and vocational skill development; Income enhancement through
farm based and other livelihood opportunities; Promoting education and sports; and
Ensuring sustainable environment.
The annual report on CSR containing particulars specified in Companies (CSR Policy)
Rules, 2014 is given in Annexure “H”. The CSR policy of the Company is also
placed on the website of the Company viz. www.ashianaispat.in.
ACKNOWLEDGEMENTS:
Your Directors express their gratitude to the Company's vendors, customers, Banks,
Financial Institutions, Shareholders & society at large for their understanding and
support. Finally, your Directors acknowledge the dedicated services rendered by all
employees of the company.
|
For and on Behalf of the Board |
|
For Ashiana Ispat Limited |
Place: Bhiwadi |
(Ashita Jain) |
Dated: 31.08.2024 |
Chairperson |
|
DIN: 09802051 |
|