To,
The Members, Heera Ispat Limited
Dear Shareholders,
Your directors have pleasure in presenting herewith the 31st Audited
Annual Report for the year ended on 31st March 2023 of your Company.
FINANCIAL RESULTS:
The Financial performance of the company during the year is as under:
(Amount Rs.in Lacs)
PARTICULARS |
FOR THE YEAR ENDED ON
31/03/2023 |
FOR THE YEAR ENDED ON
31/03/2022 |
Revenue from Operations |
NIL |
NIL |
Other Income |
NIL |
NIL |
Total Income including Depreciation and
Amortization |
NIL |
NIL |
Total Expenses |
10.68 |
10.33 |
Profit Before Exceptional Items and Tax |
-10.68 |
-10.33 |
Exceptional Item |
38.71 |
-0.19 |
Tax Expenses |
0 |
0 |
Deferred Tax |
0 |
-0 |
Provision for FBT. |
0 |
0 |
Profit / (Loss) After Tax.
Transferred to Reserve and Surplus in Balance Sheet. |
28.03 |
-10.52 |
Net Earnings per share. |
0.48 |
-0.18 |
Reserve And Surplus |
-581.60 |
-609.63 |
OPERATIONAL OVERVIEW:
During the year the company was not engaged in any commercial business
operations of Manufacturing, Trading or providing services. The Revenue from such
operations during the year is NIL. The Company has incurred an expenditure in the nature
of General Administrative Expenses of Rs. 10.68 lacs. Hence, the company has incurred a
net operational loss of Rs. 10.68 lacs, which was Rs. 10.33 Lacs in the previous year.
However, the company has reversed its Long term Investment Losses (Impairment Losses of
Rs. 71.62 Lacs and after making necessary adjustments for conversion of Long term
investments loss of Rs. 33.9 lacs, thus total Impairment losses of Rs. 38.71 lacs is
accounted for as an Exceptional Item which was earlier provided Please refer to note no.
15 titled Exceptional Items in the audited balance sheet attached.
DIVIDEND:
In the view of accumulated and carried forwarded losses your Directors
have not recommended any amount to be paid as Dividend to shareholders.
PERFORMANCE:
The company has made net profit of Rs. 28.03 Lacs after necessary
adjustments for Reversal of impairment losses provided in earlier years, which was Rs.
10.52 Lacs financial loss in the previous year. This is due to mainly non-operation of any
type of commercial business activities in the company during the year.
DETAILS OF THE ASSOCIATES/ JOINT VENTURE / SUBSIDIARIES COMAPANIES:
The company does not have holding or subsidiary companies during the
year and no other company has become holding / subsidiary/ joint venture. There as no
investments of more than 20% in any other body corporate by the company Hence there was no
Associate / Group Companies.
SHARE CAPITAL STRUCTURE:
During the year under review there were no changes in the Authorized,
Issued, Subscribed and Paid-up Share Capital Structure of the Company.
FIXED DEPOSIT:
The Company has not invited nor accepted any public deposit during the
year under review and no amount against the same was outstanding at the end of the year.
REGULATORY STATEMENT:
In conformity with Regulations of SEBI (Listing Obligation and
Disclosure Requirement)2015, the Cash Flow Statement for the year ended 31.03.2023 is
annexed hereto. The equity shares of the Company are listed on the BSE Ltd. The Company
has paid listing fees for the year 2023-24 to BSE.
After closure of the Financial Year the B S E Ltd has sent an email to
the company informing that it has imposed a financial penalty (Inclusive of GST) of Rs.
53.91 Lacs for late compliance/ non compliance of certain Regulations/ clauses of SEBI
(LODR) 2015. However, the company has made necessary application in prescribed format by
paying penalty waiver fees to BSE Ltd for reduction/ waiver of some of the penalties which
are exorbitant or wrongly calculated and the company is not in a financial position to pay
such huge amount of penalty. The application is at the active stage of consideration of
BSE Ltd. The management is hopeful of substantial reduction in this huge amount of penalty
imposed. Further the management is also in search of some financial arrangements to pay
off such penalty in time.
CORPORATE GOVERNANCE:
The Company's Total paid up equity share capital is less than Rs. 10
crores and its total Net worth is less than Rs. 25 crores, Hence, the Company is being
treated as Small Company and as such as per SEBI (LODR) 2015 Regulation Number: 15(2) your
company is exempt from making compliance with Regulations No. 17 to 27, Clause- B to I of
Sub Regulation 2 of Regulation 45 and Para C, D and E of Schedule V. Accordingly, except
the statement on" Management Discussion and Analyses Report," your
Directors have though formed the sub-Committees of the Board as per
requirements of Corporate Governance and they are operational, however, no detailed Report
on Compliance with Conditions of Corporate Governance report are given here with. The
Company is exempted from providing report on Corporate Governance in accordance with
regulation 34(3) and schedule V(C) to the SEBI (Listing Obligations and Disclosure
Requirements), Regulations, 2015.
INTERNAL AUDITOR:
Considering very minimum financial transactions in the company just to
meet the routin Administrative expenses, the Company has not appointed an Independent firm
of Chartered Accountants to act as an Internal Auditor as per suggestion of auditors and
recommendation of the Audit Committee in order to strengthen the internal control system
for the Company. The Board will appoint an Internal Auditors as and when it deem fit and
proper considering the adequate number of business, commercial operations and more
financial transactions of varied nature.
CORPORATE SOCIAL RESPONSIBILITY:
The provisions of Section 135 of the Companies Act, 2013 read with the
Companies (Corporate Social Responsibility Policy) Rules, 2014 are not applicable to your
Company.
DEMATERIALISATION OF SECURITIES:
Both the Depositories admit your Company's Equity shares in the System
of Dematerialization namely NSDL and CDSL. The Company has signed tripartite Agreement
through Registrar and Share Transfer Agent M/s Skyline Financial Services Pvt. Ltd. The
Investors are advised to take advantage of timely dematerialization of their securities.
The ISIN allotted to your Company is INE025D01013. Total Share dematerialized up to 31st
March 2023 were 53,50,400 which constitute 90.95% of total capital. Your directors request
all the shareholders to dematerialize their shareholding in the company as early as
possible.
DETAILS OF RELATED PARTIES TRANSACTIONS PURUSANT TO SECTION 188(1) OF
THE COMPANIES ACT, 2013:
The Company has not entered into related parties' transactions for
sale/purchase of goods or services at preferential prices. However, all the transactions
in the nature of sales/purchase of goods or services are made on arm's length basis.
The same were reported to the Board at every meeting and Board took a note of the same and
approved. Other details for inter corporate financial transactions or remuneration and
other benefits paid to directors, their relatives, key managerial personnel etc. are given
in the notes to the accounts as per requirements of AS 18. Company has formulated various
other policies such as Evaluation of Board Performance Policy etc. All such policies were
documented and adopted by the Board in its meeting.
As the Company is loss making one, the provisions related to CSR is
presently not applicable to the Company.
Regarding Performance Review of each of the member of the Board and
also the performance of the various Committees and the Board, the Company has adopted the
Model Code of Conduct for Independent Directors, Key Managerial Personnel as prescribed in
Schedule IV to the Companies Act, 2013 and also as prescribed in the SEBI (Insider
Trading) Regulations. The Company strictly follows the procedure to obtain necessary
timely declarations from each of the directors and key managerial personnel.
Management's Discussion and Analysis Report:
Management's discussion and perceptions on existing business,
future outlook of the industry, future expansion and diversification plans of the Company
and future course of action for the development of the Company are fully explained in a
separately in Corporate Governance Report.
DEPOSITS:
The company has not invited or accepted any Deposit, Loans or finance
from the public in violation of section 73(1) of Companies Act 2013 or any rules made
there under.
DIRECTORS:
Mr. Prakash Nemchand Shah a whole time Director and CFO will retire by
rotation at the ensuing Annual General Meeting as per provisions of Law. He is eligible
for Reappointment and offers himself for reappointment.
DETAILS OF LOANS, GUARANTEES AND INVESTMENTS U/S 186 OF THE COMPANIES
ACT, 2013:
During the year under review the Company has not made any inter
corporate loans, investments, given any corporate guarantee to any other body corporate,
subsidiary, associate or any other company.
DETAILS OF THE BOARD AND GENERAL MEETINGS HELD AND ATTENDANCE OF
DIRECTORS AT THE MEETINGS:
During the year, the company held total 5 Board meetings on 30/05/2022,
12/08/2022, 25/09/2022, 14/11/2022, 14/02/2023. All the Directors were present at all the
board meetings to consider various businesses and pass necessary resolutions. The 30th
Annual General Meeting of the Company was held on 25th September 2022 in
physical mode.
The Company has disclosed all the material information to the stock
exchanges and the Registrar of Companies Office in time as per requirements of law and
SEBI (LODR) 2015.
Directors present at the Meeting of board:
Names of Director |
30/05/2022 12/08/202 |
25/09/2022 |
14/112022 |
14/02/2023 |
|
|
2 |
|
|
|
DINESHKUMAR S RAO |
Yes |
Yes |
Yes |
Yes |
Yes |
ALPESH KIRITBHAI PATEL |
Yes |
Yes |
Yes |
Yes |
Yes |
RADHESHYAM RAMPAL PATEL |
Yes |
Yes |
Yes |
Yes |
Yes |
AUDIT COMMITTEE:
The audit committee of the Board of Directors is as under:
Sr. no. Name of Director /
Member of Audit Committee |
Designation in committee |
No. of Meeting Attended |
Dates of Committee Meeting |
1. ALPESH KIRITBHAI PATEL |
Chairman |
4 |
30/05/2022,12/08/2022, |
|
|
|
14/11/2022,14/02/2022 |
2. RADHESHYAM RAMPAL PATEL |
Member |
4 |
30/05/2022,12/08/2022, |
|
|
|
14/11/2022,14/02/2022 |
3. PRAKASH N SHAH |
Member |
4 |
30/05/2022,12/08/2022, |
|
|
|
14/11/2022,14/02/2022 |
(A) FUNCTION OF AUDIT COMMITTEE:
Alpesh K. Patel as Chairman heads the audit Committee. He has more than
30 years of Construction experience. He is further assisted by one non-executive
independent directors namely Radhe shyam R Patel and by Whole Time Director & CFO Mr.
Prakash N. Shah. He has thorough knowledge of working, usage and accounting for financial
transactions as per requirements of Companies Act and the Stock Exchange requirements.
The Committee meets at least once every quarter and prepares its
minutes on the proceedings and business discussed and transacted. The Committee reports to
Board of Directors. All committee reports and minutes are placed before the Board in all
its meetings for information, guidance, directions and record keeping. In addition, the
Committee also reviews the internal control systems operating within the organization and
obtains guidance from the statutory auditors and other professionals of corporate repute
from time to time to make timely compliances and payment of statutory dues.
(B) ROLE AND RESPONSIBILITY OF AUDITCOMMITTEE:
The Committee acts as a bridge between the Statutory Auditors and the
Board of Directors of the Company. It is authorized to select and establish accounting
policies, review reports of the Statutory Auditors and meet with them to discuss and
deliberate their suggestions, findings and other related matters. Further, the committee
is authorized to, inter alia, monitor, review and evaluate the Auditor's
independence, performance and effectiveness of the audit process, overseeing of the
Company's financial reporting process and the disclosure of its financial
information, and review the quarterly, half yearly and annual financial statements before
submission to the Board for approval. Further the committee is liable to examine the
financial statements and the Auditors' Report thereon, approve transactions of the
Company with its related parties including consequent modifications thereof, grant omnibus
approvals subject to fulfillment of certain conditions, analyze inter-corporate loans and
investments, valuation of undertakings or assets of the Company wherever it is necessary.
Further, it is also empowered to review the Management Discussion and Analysis of
financial condition and results of operations and statement of significant related party
transactions. It also looks into any other matter as referred to it by the Board of
Directors from time to time.
Generally, all the items stated in Section 177(4) of the Companies Act,
2013 and Point A of Part C of the Schedule II of the SEBI (Listing Obligations and
Disclosure Requirements) Regulations, 2015 are covered under the roles of the Audit
Committee. The Audit Committee has been granted powers as prescribed under provisions of
the Regulation 18(2)(c) of the aforesaid Regulations and reviews all the information as
prescribed in Point B of the Part C of the Schedule II of the SEBI (Listing Obligations
and Disclosure Requirements) Regulations, 2015.
STAKEHOLDERS RELATIONSHIP COMMITTEE (FORMERLY
SHAREHOLDERS'/INVESTORS' GRIEVANCE COMMITTEE:)
(A) TERMS OF REFERENCE:
This committee looks into investor complaints if any, and redresses the
same expeditiously. Beside the committee approves allotment, transfer & transmission
of shares, debentures, any new certificates on split \ consolidation \ renewal etc. as may
be referred to it by the Board of Directors. In addition, the committee also looks in to
compliance with stock exchange listing agreement and circulation of shareholder and
general public interest information through proper media and stock exchanges from time to
time.
(B) FORMATION:
The Shareholders'/Investors Grievance Committee presently comprise
all Non-Executive Directors. During the year the Committee held 12 meeting (Last Saturday
of every month) The Attendance of Members at the Meeting was as follows:
Sr. no. Name |
Type |
No. of Meeting Attended |
1. ALPESH KIRITBHAI PATEL |
Chairman |
12 |
2. RADHESHYAM RAMPAL PATEL |
Member |
12 |
3. PRAKASH N SHAH |
Member |
12 |
(C ) FUNCTIONS OF INVESTORS SERVICES COMMITTEE:
The company has merged in this committee its earlier committee of share
Transfer. This Committee looks in to all aspects related to Shares, Bonds Securities and
retail investors. The committee also looks after the dematerialization process of equity
shares. The Committee is also empowered to keep complete records of shareholders,
statutory registers relating to shares and securities, maintaining of the complete record
of share dematerialized, and complaints received from investors and other various
agencies.
The committee meets every month to approve all the cases of shares
demat, transfer, issue of duplicate and resolution of the investors' complaints,
submission of information to various statutory authorities like NSDL / CDSL, SEBI, stock
Exchanges, Registrar of companies periodically. Other roles duties powers etc. have been
clearly defined in line with the Regulation 20 of listing obligation and disclosure
requirement rules of SEBI and kept flexible by the Board from time to time.
NOMINATION AND REMUNERATION COMMITTEE:
The Nomination and Remuneration committee comprises all 3 independent
Directors, which are as under:
Sr. no. Name |
Type |
No. of Meeting Attended |
1. ALPESH KIRITBHAI PATEL |
Chairman |
1 |
2. RADHESHYAM RAMPAL PATEL |
Member |
1 |
3. PRAKASH N SHAH |
Member |
1 |
(A) TERMS OF REFERENCE:
The remuneration committee comprises of all non-executive independent
directors.
(i) To ascertain the requirements of and appointment of Key Managerial
personals.
(ii) To prescribe rules, regulations, policy, requirements of
qualifications and experience of key managerial personnel. (iii) To decide the terms of
conditions of employment and responsibilities, authorities of all executive directors,
Managing Director and to ensure that they discharge their duties diligently and report to
Board regularly.
(iv) To fix the remuneration payable to Managing Director, Executive
Director, Whole Time Directors. (v) To decide on distribution of profits as commission
amongst various executive and non-executive directors. (vi) To design, frame and make
policy for remuneration payable for key managerial personnel and up to 3rd rank
departmental heads by way of issue of shares as ESOP or stock options or otherwise
including to provide staff loans/ advances to subscribe to any ESOPs or Stock options by
employees of the company.
Further except the cash reimbursement of actual expenses incurred by
directors, no other benefits in the form of stock options or ESOP etc. are being offered
to any directors of the Company or to any key managerial personnel for the year. As the
company has long overdue accumulated losses in its books of accounts; it is not paying any
sitting fees or commission of net profit or any other remuneration in kind to any of its
directors. The Company does not have any key managerial personnel receiving remuneration
of more than Rs. 200,000/- Per Month. The company is regular in labor compliances and
payment of statutory labor dues with relevant authorities in time.
Other function roles duties powers etc. have been clearly defined in
line with the Regulation 19 of listing obligation and disclosure requirement rules of SEBI
and kept flexible for medication by the Board from time to time.
NUMBER OF BOARD AND COMMITTEE MEETING HELD DURING THE YEAR:
Name of the Committee |
No. of Meeting held |
Board Of Directors |
5 |
Audit Committee of Board |
4 |
Nomination Remuneration Committee |
1 |
Stakeholders Relationship Committee |
12 |
(Formerly Shareholders'
/Investor Grievance Committee) |
|
DECLARATION BY INDEPENDENT DIRECTORS:
(Pursuant to Provisions of section 149(6) OF the Companies Act 2013)
All the Independent Directors of the Company do hereby declare that:
(1) All the Independent Directors of the Company are neither Managing
Director, nor a Whole Time Director nor a manager or a Nominee Director. (2) All the
Independent Directors in the opinion of the Board are persons of integrity and possesses
relevant expertise and experience. (3) Who are or were not a Promoter of the Company or
its Holding or subsidiary or associate company. (4) Who are or were not related to
promoters or directors in the company, its holding, subsidiary or associate company (5)
Who has or had no pecuniary relationship with the company, its holding, subsidiary or
associate company or their promoters or directors, during the two immediately preceding
financial years or during the current financial year. (6) None of whose relatives has or
had pecuniary relationship or transaction with the company, its holding, subsidiary, or
associate company, or their promoters, or directors, amounting to two per cent or more of
its gross turnover or total income or fifty lacs rupees or such higher amount as may be
prescribed, whichever is lower, during the two immediately preceding financial years or
during the current financial year, (7) Who neither himself, nor any of hisrelatives, (a)
Holds or has held the position of a key managerial personnel or is or has been employee of
the company or its holding, subsidiary or associate company in any of three financial
years immediately preceding the financial year in which I\he is proposed to be appointed.
(b) Is or has been an employee or proprietor or a partner, in any of the three financial
years immediately preceding the financial years in which he is proposed to be appointed of
(i) A firm of auditors or company secretaries in practice or cost auditors of the company
or its holding, subsidiary or associate company; OR (ii) Any legal or a consulting firm
that has or had any transaction with the company, its holding, subsidiary or associate
company amounting to ten per cent, or more of the gross turnover of such firm; (iii) Holds
together with his relatives two per cent, or more of the total voting power of the
company; OR (iv) Is a Chief Executive or director, by whatever name called, or any
non-profit organization that receives twenty-five per cent or more of its receipts from
the Company, any of its promoters, directors or its holding, subsidiary or associate
company or that holds two per cent or more of the total voting power of the company; OR
(v) Who possesses such other qualifications as may be prescribed.
(vi) All the Independent Directors are not Registered on the Website
www.independentdirectorsdatabank.in and none of them have passed the requisite
qualification to become an Independent Director. However, they were appointed as such
prior to the date of coming in to notification in this behalf.
DIRECTORS' RESPONSIBILITY STATEMENT:
In terms of section 134 Clause (C) of Sub-Section (3) of the Companies
Act, 2013, in relation to financial statements for the year 2015-16, the Board of
Directors state:
a) In the preparation of the annual accounts for the financial year
ended 31st March 2023, as far as possible and to the extent, if any, accounting
standards mentioned by the auditors in theirreport as not complied with, all other
applicable accounting standards have been followed along with proper explanation relating
to material departure; b) The Directors 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 profit and loss account of the Company for that period; c) The
Directors have taken proper and sufficient care for the maintenance of adequate accounting
records in accordance with the provisions of this Act for safeguarding the assets of the
Company and for preventing and detecting fraud and other irregularities; d) The Directors
have prepared the annual accounts on a going concern basis; and e) The directors in the
case of a listed company had laid down internal financial controls to be followed by the
company and that such internal financial controls are adequate and were operating
effectively. f) The Directors have devised proper systems to ensure compliance with the
provisions of all applicable laws and that such systems were adequate and operating
effectively.
DECLARATION BY BOARD AS PER REQUIREMENT OF SECTION 178 (1):
In compliance with Section 178 (1) as also in compliance with
applicable Regulations of SEBI (LODR), 2015 the Board of Directors does hereby declare
that:
a. The Company has proper constitution of the Board of
Directors including independent directors in proportion as per requirement of SEBI (LODR),
2015. Except that it has not appointed a Woman Director in the Company. b.
The Company has constituted Nomination and Remuneration Committee, Stakeholders
Relationship Committee, Audit Committee as per requirements of the SEBI (LODR), 2015and
provisions of the Companies Act 2013. c. The Company has the policy for selection and
appointment of independent directors who are persons of reputation in the society, have
adequate educational qualification, sufficient business experience and have integrity
& loyalty towards their duties. d. The Company has policy to pay managerial
remuneration to its Managing/Whole Time Directors based upon their qualification,
experience and past remuneration received by them from their previous employers and
company's financial position. e. The Independent Directors are not paid sitting fee.
f. The Company is not paying any commission on net profits to any
directors. g. During the year the Board has met 5 times during the year. The details of
presence of every director at each meeting of the Board including the meetings of the
Committees, if any, are given in this report as mentioned elsewhere.
SYSTEM OF PERFORMANCE EVALUATION OF THE BOARD, INDEPENDENT DIRECTORS
AND COMMITTEES AND INDIVIDUAL DIRECTORS
1. The Board makes evaluation of the effectiveness and efficiency of
every individual director, committee of directors, independent directors and board as a
whole.
2. For these purposes the Board makes evaluation twice in a year on a
half yearly basis.
3. The performance of individual directors is evaluated by the entire
Board, excluding the Director being evaluated on the basis of presence of every director
at a meeting, effective participation in discussion of each business agenda, feedback
receives from every director on draft of the minutes and follow up for action taken
reports from first line management.
4. Effectiveness and performance of various committees are evaluated on
the basis of the scope of work assign to each of the committees, the action taken by the
committees are reviews and evaluated on the basis of minutes and agenda papers for each of
the committee meetings.
5. The performance of independent directors is evaluated on the basis
of their participation at the meetings and post meeting follow up and communication from
each of such independent directors.
PARTICULARS OF THE EMPLOYEES:
Particulars of the employees as required under provisions of Section
197 (12) of the Act read with Rule 5 of The Companies (Appointment and Remuneration of
Managerial Personnel) Rules, 2014 as amended from time to time, are not attached with this
report since there was no employee who was in receipt of remuneration in excess of Rs.
8,50,000 per month during the year or Rs. 1.2 Cr. per annum in the aggregate if employed
for a part of the year.
AUDITORS:
STATUTORY AUDITORS:
The term of office of the Statutory Auditors held currently by M/s.
Naresh J Patel & Co., a peer reviewed firm of Chartered Accountants, Ahmedabad since
last 5 financial years now comest to an end on 31st March 2023 and they are
holding the office as such only up to the date of ensuing Annual General Meeting. They
will retire at ensuing Annual General Meeting.
The Board of directors have now in consultation with and as per
recommendation of the Audit Committee proposed to appoint M/s. Dhrumil A Shah & Co.,
Chartered Accountants, Ahmedabad for the next term of 5 years i.e. from 01/04/2023 to
31/03/2028 and to hold the office as such from the date of conclusion of 31st
AGM up to the date of conclusion of 36th AGM of the Company. The new auditors
have given their consent in writing under section 139 on 31st July 2023. Your
directors recommend to pass the resolution at the ensuing AGM with requisite majority.
SECRETARIAL AUDITOR:
The Company has appointed M/s. KAMLESH SHAH & SHAH CO. as the
secretarial auditor for the financial year 2023-24. They have given their report in the
prescribed form MR-3 which is annexed to this report as an ANNEXURE A.
COST AUDITORS:
The Company is not engaged in any type of manufacturing activities of
the products which requires its cost records to be audited and is also not coming within
the perview of maintaining the cost records for manufacturing activities. Hence, no cost
auditors are to be appointed.
STATUTORY INFORMATION:
The Information required to be disclosed in the report of the Board of
Directors as per the provisions of Section 134 of the Companies Act-2013 and the Companies
(Disclosure of Particulars in the Report of Board of Directors) Rules 1988 regarding the
conservation of energy; technology absorption, foreign exchange earnings and outgo are not
applicable to the company. As Company is not manufacturing any product or providing any
services. As there was no commercial business activities during the year, the Company has
not Earned any foreign Exchange nor it has incurred any foreign exchange expenses.
MATERIAL CHANGES / INFORMATION:
1. No material changes have taken place after the closure of the
financial year and up to the date of this report which may have substantial effect on the
business and financial of the Company.
2. No significant and material orders have been passed by any of the
regulators or courts or tribunals impacting the going concern status and companies
operations in future.
AUDITORS OBSERVATIONS:
The statutory auditors have expressed in their report that the
company's entire networh has been eroded and it has no sufficient cash flow. It has
already sold its real estate like Factory buildings, plant and machineries and other
assets. There is a considerable ground and doubts about the continuing the business
operations in future. However, the company has continued to account its financial
transactions on going concern basis.
The Management is hopeful of starting trading in Iron, Steel and such
other construction materials products on credit terms as its directors have good
reputation in the market and personal contacts. They are also exploring opportunity to
raise further funds through further issue of shares or other securities to prospective
investors or any proposed joint venture partner in the company. Considering this fact the
management has continued to account its financial transactions on going concern basis.
The Secretarial Auditors have made their observation in their report as
under:
However, the Non-Executive Non-Promoter Independent Directors Mr.
Alpesh K Patel and Mr. Radheshyam Rampal Lodh, have not yet registered as an Independent
Director on MCA Website as well as they have also not passed the requisite qualifying test
to become an independent Director. However, they were already appointed as such prior to
the date of coming in to force of the Notification requiring Independent Directors to pass
the qualifying examinations.
We further report that the website of the Stock Exchange BSE Ltd still
shows following persons as Directors/ KMP, even though they are as on date not the
directors or KMP of the Company. The Company needs to take adequate steps to update BSE in
this regard.
Mr. Ramesh Mistry Chairman and Director (Name to be removed from BSE
Website) Ms. Trupti Dhaval Jain, Woman Director (Name to be removed from BSE Website) Mr
Ramanugrah Singh, Non Executive Independtn Director (Name to be removed) Mr Suhag
Vijaykumar Shah, Chief Financial Officer (Name to be removed).
Mr. Harsh Shah, the Company Secretary had resigned w.e.f. 04/02/2023.
The Company is yet to appoint a new company secretary in his place.
The Company's total networth is eroded. It has no sufficient
financial means to start and continue any business operations. It is as on date not able
to afford the salary of professional persons like Company Secretary and looking to present
conditions of the company no company secretaries are willing to come and join the company
at this stage. Regarding Non-Disqualification of Independent Directors, as they were
appointed prior to the date of new notification, and they are continuing as director.
Their term of office now expires at the next Annual General Meeting in the year 2023-24
AGM. Thereafter the company will appoint new adequately qualified directors as an
Independent Director. Regarding updation of websites of BSE and Company the management is
taking immediate steps to rectify and update the records to show the correct position as
early as possible.
APPRECIATION
Your directors place on records their sincere appreciation for the
valuable support and co-operation as received from government authorities, Financial
Institutions and Banks during the year. The Directors are also thankful for the support
extended by Customers, Suppliers and contribution made by the employees at all level. The
Directors would also like to acknowledge continued patronage extended by Company's
shareholders in its entire endeavor.
|
|
On Behalf of the Board of Directors |
Date: 14t h |
AUGUST 2023 |
Heera Ispat Limited |
Place: Ahmedabad |
|
|
|
Sd/- |
|
|
(DINESHKUMAR S RAO) |
|
|
Chairman And Managing D irector |
|
|
(DIN: 06379029) |
ANNEXURE TO THE DIRECTORS REPORT
FORM NO. MGT-9 EXTRACT OF ANNUAL RETURN AS ON THE FINANCIAL YEAR ENDING
ON 31/03/2023
[Pursuant to section 92(3) of the Companies Act, 2013 and rule 12(1) of
the Companies (Management and Administration) Rules, 2014]
I. REGISTRATION AND OTHER DETAILS:
1) CIN :- L27101GJ1992PLC018101
2) Registration date: 05/08/1992
3) Name of the company : HEERA ISPAT LIMITED
4) Category/ sub-category of the company: Company limited by shares/
Indian Non-Government Company.
5) Address of the registered office and contact details:
B-104, Ganesh Homes, Near Pramukh Bunglow, Behind Sahajanand Homes,
Chenpur Rodd, New Ranip, Ahmedabad: 382 470, Gujarat
6) Whether listed company: YES
7) Name, address and contact details of registrar and transfer agent
(if any):- Skyline Financial Services Pvt. Ltd D-153/A, First Floor, Okhla Industrial
Area, Phase-1, New Delhi 110 020. Tel.: +91 11 26812682-83, 011-64732681 to 88 Fax : +91
11 26812682 Web: www.skylinerta.com
II. PRINCIPAL BUSINESS ACTIVITIES OF THECOMPANY
All the business activities contributing 10 % or more of the total
turnover of the company shall be stated:-
SR. No. Name and descriptions
main products/ service |
NIC Code of the product/
Service |
% to Total turnover of the
company |
1 STEEL MANUFACTURIN |
|
0% |
2. INTEREST AND OTHER INCOME |
65 |
0% |
PARTICULARS OF HOLDING, SUBSIDIARY AND ASSOCIATE COMPANIES
SR. NO. |
NAME AND ADDRESS OF THE
COMPANY |
CIN/GLN |
|
CONCERN |
% of shares held by COMPANY |
APPLICABLE SECTION |
NIL |
NIL |
|
NIL |
NIL |
NIL |
NIL |
II. SHARE HOLDING PATTERN (Equity Share Capital Breakup as percentage
of Total Equity) i) Category-wise Share Holding
Category of Shareholders |
No. of Shares held at the
beginning of the year [As on 31-March-2023] |
No. of Shares held at the end of
the year [As on 31-March-2022] |
|
|
Demat |
Physical |
Total |
% of Total Shares |
Demat |
Physical |
Total |
% of Total Shares |
% Chang e during the year |
A. Promoter's |
|
|
|
|
|
|
|
|
|
(1) Indian |
|
|
|
|
|
|
|
|
|
a) Individual/ HUF |
1060900 |
0 |
106090 0 |
18.03 |
1060900 |
0 |
106090 0 |
18.03 |
0 |
b) Central Govt |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
c) State Govt(s) |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
d) Bodies Corp. |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
e) Banks / FI |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
f) Any other |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
Sub Total (A) (1) |
1060900 |
0 |
106090 0 |
18.03 |
1060900 |
0 |
106090 0 |
18.03 |
0 |
(2) Foreign |
|
|
|
|
|
|
|
|
|
a) NRI- Individual |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
b) Other Individuals |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
c) Bodies Corp |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
d) Banks. FI |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
e) Any other |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
Sub Total (A) (2) |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
Total shareholding of Promoter (A)
=(A)(1)+(A)(2) |
1060900 |
0 |
106090 0 |
18.03 |
1060900 |
0 |
106090 0 |
18.03 |
N='RIGHT'>0 |
B. Public |
|
|
|
|
|
|
|
|
|
Shareholding |
|
|
|
|
|
|
|
|
|
1. Institutions |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
a) Mutual Funds |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
b) Banks / FI |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
c) Central Govt |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
d) State Govt(s) |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
e) Venture Capital Funds |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
f) Insurance Companies |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
g) FIIs |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
h) Foreign Venture Capital Funds |
0 l |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
i) Others (specify) |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
Sub-total (B)(1):- |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
2. Non- Institutions |
|
|
|
|
|
|
|
|
|
a) Bodies Corp. |
40175 |
400 |
40575 |
0.69 |
33440 |
400 |
33840 |
0.57 |
+0.12 |
i) Indian |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
ii) Overseas |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
b) Individuals |
|
|
|
|
|
|
|
|
|
i) Individual shareholders holding nominal
share capital up to Rs. 2 lakh |
717809 |
409900 |
1127709 |
19.17 |
558701 |
411700 |
970401 |
16.50 |
+2.67 |
ii) Individual shareholders holding nominal
share capital in excess of Rs 2 lakh |
335055 8 |
122100 |
3472658 |
59.03 |
352815 6 |
122100 |
365025 6 |
62.05 |
-3.02 |
c) Others (specify) |
|
|
|
|
|
|
|
|
|
Hindu Undivided Families |
180958 |
0 |
180958 |
3.08 |
167378 |
0 |
167378 |
2.85 |
+0.23 |
Non Resident |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
Indians Overseas Corporate Bodies |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
Foreign Nationals |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
Clearing Members |
0 |
0 |
0 |
0 |
25 |
0 |
25 |
0.00 |
0 |
Trusts |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
Foreign Bodies |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
Sub-total (B)(2):- |
428950 0 |
532400 |
4821900 |
81.97 |
428770 0 |
534200 |
482190 0 |
81.97 |
0 |
Total Public |
428950 |
532400 |
4821900 |
81.97 |
425020 |
534200 |
482190 |
81.97 |
0 |
Shareholding (B)=(B)(1)+ (B)(2) |
0 |
|
|
|
0 |
|
0 |
|
|
C. Shares held by Custodian for GDRs &
ADRs |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
Grand Total (A+B+C) |
535040 0 |
532400 |
5882800 |
100 |
534860 0 |
534200 |
588280 0 |
100 |
0 |
(ii) Shareholding of promoter
SN Shareholder's Name |
Shareholding at
the beginning of the year |
Share holding at
the end of the year |
% change in share
holding during the year |
|
No. of Share s |
% of total
Shares of the company |
%of Shares
Pledged / encumbers red to total share s |
No. of Share s |
% of total
Shares of the company |
%of Shares
Pledged / encumber e d to total shares |
|
1 Dharmendra Mistry |
1060090
0 |
18.03 |
0 |
1060900 |
18.0
3 |
0 |
16.06 |
Total |
10,60,90
0 |
18.03 |
0 |
10,60,90
0 |
18.0
3 |
0 |
0 |
(Ill) Change in Promoter's Shareholding (Please Specify, If There Is No
Change)
There is No change in the shareholding of the promoters during the
financial year 2022-23
(lv) Shareholding pattern of top ten shareholders (other than
directors, promoters and holders of GDRs and ADRs)
|
Shareholding at the
beginning of the year |
Cumulative
Shareholding during the year |
No. of
Shares |
% of total shares of the
Company |
No. of shares |
% of total shares of the
Company |
1 Keena M Kothari |
384815 |
6.54 |
384815 |
6.54 |
2 Dimple Shah |
211000 |
3.59 |
211000 |
3.59 |
3 Hetal D Shah |
210000 |
3.57 |
210000 |
3.57 |
4 Rajeshkumar Patel |
200000 |
3.40 |
200000 |
3.40 |
5 Chintan H Chowdary |
175000 |
2.97 |
175000 |
2.97 |
6 KinjalChintanChowd ary |
175000 |
2.97 |
175000 |
2.97 |
7 Harilal V Chowdary |
175000 |
2.97 |
175000 |
2.97 |
8 Kamala H Chowdary |
175000 |
2.97 |
175000 |
2.97 |
9 Pankaj Dahyalal Shah |
160000 |
2.72 |
160000 |
2.72 |
10 DaxeshDahyalal Shah |
158000 |
2.69 |
158000 |
2.69 |
TOTAL |
202381
5 |
34.39 |
2023815 |
34.3
9 |
(v) Shareholding of directors and key managerial personnel:
1 |
Shareholding at
the beginning of the year |
Cumulative
Shareholding during the year |
|
No. of shares |
% of total shares of the
company |
No. of shares |
% of total shares of the
company |
At the beginning of
the year |
|
|
|
|
Date wise
Increase / Decrease in Shareholding during the year specifying the reasons for
Increase /decrease (e.g. allotment / transfer
/ Bonus/ sweat equity etc): |
|
(No
Change) |
(No Change) |
(No Change) |
|
- |
- |
- |
|
- |
- |
- |
|
|
|
|
At the end of the
year |
|
|
|
|
(vi) INDEBTEDNESS
Indebtedness of the Company including interest outstanding/accrued but
not due for payment
|
Secured Loans excluding
deposits |
Unsecured Loans |
Deposits |
Total Indebtedness |
Indebtedness at the beginning
of the financial year |
|
|
|
|
i) Principal Amount |
NIL |
NIL |
NIL |
NIL |
ii) Interest due but not paid |
NIL |
NIL |
NIL |
NIL |
iii) Interest accrued but not due |
NIL |
NIL |
NIL |
NIL |
Total (i+ii+iii) |
NIL |
NIL |
NIL |
NIL |
Change in Indebtedness during
the financial year |
|
|
|
|
* Addition |
NIL |
NIL |
NIL |
NIL |
* Reduction |
NIL |
NIL |
NIL |
NIL |
Net Change |
NIL |
NIL |
NIL |
NIL |
Indebtedness at the end of |
|
|
|
|
the financial year |
|
|
|
|
i) Principal Amount |
NIL |
NIL |
NIL |
NIL |
ii) Interest due but not paid |
NIL |
NIL |
NIL |
NIL |
iii) Interest accrued but not due |
NIL |
NIL |
NIL |
NIL |
Total (i+ii+iii) |
NIL |
NIL |
NIL |
NIL |
VI. REMUNERATION OF DIRECTORS AND KEY MANAGERIAL PERSONNEL
A. Remuneration to Managing Director, Whole-time Directors and/or
Manager:
SN. Particulars of
Remuneration |
Name of MD/WTD/ Manager |
Total Amount |
|
Mr. DINESHKUMAR SAMARATAJI
RAO |
NIL |
1 Gross salary |
NIL |
NIL |
(a) Salary as per provisions
contained in section 17(1) of the Income-tax Act, 1961 |
NIL |
NIL |
(b) Value of perquisites u/s
17(2) Income- tax Act, 1961 |
NIL |
NIL |
(c) Profits in lieu of salary
under section 17(3) Income- tax Act, 1961 |
NIL |
NIL |
2 Stock Option |
NIL |
NIL |
3 Sweat Equity |
NIL |
NIL |
4 Commission |
NIL |
NIL |
- as % of profit |
|
|
- others, specify
|
|
|
5 |
NIL |
NIL |
Total (A) |
NIL |
NIL |
B. Remuneration to other directors:
SN. Particulars of
Remuneration |
Name of Directors |
1 Independent Directors |
Mr. Alpesh Patel |
Mr. Radheshya m Rampal Patel |
Mr. Prakas h Shah |
|
|
|
|
Fee for attending board
committee meetings |
NIL |
NIL |
NIL |
NIL |
NIL |
|
NIL |
Commission |
NIL |
NIL |
NIL |
NIL |
NIL |
|
NIL |
Others, please
specify(Remuneration) |
NIL |
NIL |
NIL |
NIL |
NIL |
|
NIL |
Total (1) |
NIL |
NIL |
NIL |
NIL |
NIL |
|
NIL |
2 Other Non-Executive
Directors |
|
|
|
|
|
|
|
Fee for attending board
committee meetings |
NIL |
NIL |
NIL |
NIL |
NIL |
|
NIL |
Commission |
NIL |
NIL |
NIL |
NIL |
|
NIL |
|
Others, please specify |
NIL |
NIL |
NIL |
NIL |
|
NIL |
|
Total (2) |
NIL |
NIL |
NIL |
NIL |
|
NIL |
|
Total (B)=(1+2) |
NIL |
NIL |
NIL |
NIL |
|
NIL |
|
Total Managerial Remuneration |
NIL |
NIL |
NIL |
NIL |
|
NIL |
|
C. REMUNERATION TO KEY MANAGERIAL PERSONNEL OTHER THAN MD/MANAGER/WTD
The Company does not have Company Secretary in Job, CEO/CFO. So they
are not paying any Remuneration.
SN Particulars of Remuneration |
Key Managerial Personnel |
|
CS |
CFO/CEO |
Total |
|
|
SUHAG V SHAH |
|
1 Gross salary |
N.A. |
N.A. |
N.A. |
(a) Salary as per
provisions contained in section 17(1) of the Income-tax Act, 1961 |
N.A. |
N.A. |
N.A. |
(b) Value of
perquisites u/s 17(2) Income- tax Act, 1961 |
N.A. |
N.A. |
N.A. |
(c) Profits in
lieu of salary under section 17(3) Income-tax Act, 1961 |
N.A. |
N.A. |
N.A. |
2 Stock Option |
N.A. |
N.A. |
N.A. |
3 Sweat Equity |
N.A. |
N.A. |
N.A. |
4 Commission |
N.A. |
N.A. |
N.A. |
- as % of profit |
N.A. |
N.A. |
N.A. |
Others, specify
|
N.A. |
N.A. |
N.A. |
5 Others, please specify |
N.A. |
N.A. |
N.A. |
Total |
N.A. |
N.A. |
N.A. |
VII. PENALTIES / PUNISHMENT/ COMPOUNDING OF OFFENCES:
Type |
Section of the Companies Act |
Brief Description |
Details of Penalty /
Punishment/ Compounding fees Imposed |
Authority [RD / NCLT /
COURT] |
Appeal made, if any (give
Details) |
A. COMPANY
Penalty |
No |
No |
No |
No |
No |
Punishment |
No |
No |
No |
No |
No |
Compounding |
No |
No |
No |
No |
No |
B. DIRECTORS |
|
|
|
|
|
Penalty |
No |
No |
No |
No |
No |
Punishment |
No |
No |
No |
No |
No |
Compounding |
No |
No |
No |
No |
No |
C. OTHER OFFICERS IN DEFAULT |
|
|
|
|
Penalty |
No |
No |
No |
No |
No |
Punishment |
No |
No |
No |
No |
No |
Compounding |
No |
No |
No |
No |
No |
To,
The Members,
HEERA ISPAT LIMITED CIN:L27101GJ1992PLC018101
l/we have conducted the secretarial audit of the compliance of
applicable statutory provisions and the adherence to good corporate practices by HEERA
ISPAT LIMITED (Hereinafter called the Company). Secretarial Audit was conducted in a
manner that provided me/us a reasonable basis for evaluating the corporate
conducts/statutory compliances and expressing my opinion thereon.
Based on my/our verification of the records of HEERA ISPAT LIMITED, books,
papers, minute books, forms and returns filed and other records maintained by the company
and also the information provided by the company, its officers, agents and authorized
representatives during the conduct of secretarial audit, l/We hereby report that in my/our
opinion, the company has, during the audit period covering the financial year ended on
31st March 2023 complied with the statutory provisions listed hereunder and
also that the company has proper Board-processes and compliances mechanism in place to the
extent, in the manner and subject to the reporting made hereinafter:
l/We have examined the books, papers, minute books, forms and returns
filed and record maintained by HEERA ISPAT LIMITED (CIN: L27101GJ1992PLC018101) for the
financial year ended on March 31, 2021 according to the provisions of:
(i) The Companies Act, 2013 (the Act) and the rules made there under;
(ii) The Securities Contracts (Regulations) Act,1956 ('SCRA') and the
rules made there under;
(iii) The Depositories Act, 1996 and the Regulations and Bye-laws
framed there under;
(iv) Foreign Exchange Management Act,1999 and the rules and regulation
made thereunder to the extent of Foreign Direct Investment, Overseas Direct Investment and
External Commercial Borrowings:(NOT APPLICABLE FOR THE YEAR UNDER REVIEW)
(v) The following Regulations and guidelines prescribed under the
Securities and Exchange Board of India Act, 1992 ('SEBI Act')
(a) The Securities and Exchange Board of India (Substantial Acquisition
of Shares and Takeover) Regulations, 2011;
(b) The Securities and Exchange Board of India (Prohibition of Insider
Trading) Regulations, 1992;
(c) The Securities and Exchange Board of India (Issue of Capital and
Disclosure Requirements) Regulations, 2009;
(d) The Securities and Exchange Board of India (Employee Stock Option
Scheme and Employee Stock Purchase Scheme) Guidelines, 1999; (NOT APPLICABLE FOR THE
YEAR UNDER REVIEW)
(e) The Securities and Exchange Board of India (Issue and Listing of
Debt Securities) Regulations, 2008; (NOT APPLICABLE FOR THE YEAR UNDER REVIEW)
(f) The Securities and Exchange Board of India (Registrar to an Issue
and Share Transfer Agents) Regulations, 1993 regarding the Companies Act and dealing with
client.
(g) The Securities and Exchange Board of India (Delisting of Equity
Shares) Regulations, 2009; NOT APPLICABLE FOR THE YEAR
(h) The Securities and Exchange Board of India (Buyback of Securities)
Regulations, 1998; (NOT APPLICABLE FOR THE YEAR UNDER REVIEW)
(vi) As stated in the Annexure - A - all the laws, rules,
regulations are applicable specifically to the company.
(Vii) No other major corporate events occurred during the year and
various compliances made by the Company with applicable Laws, Rules, Regulations, and
Listing Regulations.
I/We have also examined compliance with the applicable clauses of the
following:
(i) Secretarial Standards issued by The Institute of Company
Secretaries of India and applicable w.e.f July 01, 2015 or any amendment, substation, if
any, are adopted by the Company and are complied with.
(ii)The Listing Agreements entered into by the Company with The BSE
Limited and the provisions of the SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015 are applicable to the Company and are complied with subject to our
observations in this report.
During the period under review the Company has complied with the
provision of the Act, Rules, Regulations, Guidelines, Standards, etc. mentioned above.
I further report that
The board of directors of the company is duly constituted with proper
balance of executive directors, non -executives directors, independent directors. However,
the Non-Executive Non- Promoter Independent Directors Mr. Alpesh K Patel and Mr.
Radheshyam Rampal Lodh, have not yet registered as an Independent Director on MCA Website
as well as they have also not passed the requisite qualifying test to become an
independent Director. However, they were already appointed as such prior to the date of
coming in to force of the Notification requiring Independent Directors to pass the
qualifying examinations.
We further report that the website of the Stock Exchange BSE Ltd still
shows following persons as Directors/ KMP, even though they are as on date not the
directors or KMP of the Company. The Company needs to take adequate steps to update BSE in
this regard.
Mr. Ramesh Mistry Chairman and Director (Name to be removed from BSE
Website)
Ms. Trupti Dhaval Jain, Woman Director (Name to be removed from BSE
Website)
Mr Ramanugrah Singh, Non Executive Independtn Director (Name to be
removed)
Mr Suhag Vijaykumar Shah, Chief Financial Officer (Name to be removed).
Mr. Harsh Shah, the Company Secretary had resigned w.e.f. 04/02/2023.
The Company is yet to appoint a new company secretary in his place.
Adequate notice is given to all directors to schedule the board
meetings, agenda and detailed notes on agenda were sent at least seven days in advance or
with consent of directors at a shorter notice, and a system exists for seeking and
obtaining further information and clarification on the agenda items before the meeting and
for meaningful participation at the meeting. Majority decision is carried through while
the dissenting members' views, if any, are captured and recorded as part of the minutes.
I Further report that there are adequate systems and processes
exist in the company commensurate with the size and operations of the company to monitor
and ensure compliances with applicable laws, rules, regulations and guidelines.
I further report that during the audit period, in the company there
was no specific event / action that can have a bearing on the company's compliance
responsibilities in pursuance of the above referred laws, rules, regulations, guideline,
standards, except our observation as aforesaid paragraphs.
Regarding Compliance/ Non-Compliance with the Stock Exchange as per
SEBI (LODR) 2015, our observation is as under:
The Company is not maintaining its own website as per requirements of
SEBI (LODR) 2015 and is not uploading the information documents on its website on
quarterly/ half yearly/ yearly basis. However, it is submitting many of such documents
regularly with stock exchange which are available for inspection and view by general
public through BSE Ltd website.
After closure of the Financial Year but before the date of this report
on 25/05/2023, the Company received a letter/ e. mail communication that BSE Ltd has
imposed a financial penalty including GST of Rs. 53,91,217/- including GST of Rs.
8,22,389/- for non-compliance of various clauses of SEBI (LODR) 2015. According to us this
is a very huge financial penalty which is to be paid or waived off immediately on request
of the Company in writing to the BSE Ltd. This is a contingent liability.
Based on the current financial position, non-operation of commercial
business activities, huge accumulated financial losses within the company, we apprehend
the company will not be able to pay this huge penalty. However, we are informed by the
Management that they are making a detailed application to BSE ltd for removal/ waive off
the penalty imposed immediately.
Regarding Financial Accounts related matters, the Auditors' observation
in their report are self-explanatory and we are not making any separate comment thereon.
We draw the attention to the Report of the Statutory Auditors and
financial statements in this regarding
Place: Ahmedabad FOR KAMLESH M. SHAH & CO.
Date: June 6, 2023 UDIN: A008356E000463569
Securities Laws
1. All Price Sensitive Information were informed to the stock exchanges
from time to time
2. All investors complaint directly received by the RTA & Company
is recorded on the same date of receipts and all are resolved within reasonable time.
3. The Company has paid all dues of the Stock Exchanges including
the Annual Listing Fees.
Labour Laws
1. All the premises and establishments have not been registered with
the appropriate authorities.
2. The Company has not employed any child labour/ Bonded labour in any
of its establishments.
3. Provisions with relate to compliances of PF/ESI/Gratuity Act are NOT
applicable to Company during the year under review.
4. There was no incidence of Sexual Harassment to any of the Female/
Women employee of the Company.
Environmental Laws
During the year under review there was no Manufacturing business
activities in the Company. The Provisions of the Environmental laws and regulations
relating to obtaining any specific permissions or licenses if any are not applicable to
the company during the year.
Taxation Laws
The company follows all the provisions of the Indirect taxation laws
and Income Tax Act, 1961 and filing the returns at proper time with Income tax department
and all other applicable departments. Regarding timely compliance for various returns
required to be filed with various tax authorities, we have relied upon the observations of
the Statutory Auditors.
FOR KAMLESH M. SHAH & CO.,
PRACTICING COMPANY SECRETARIES
(KAMLESH M. SHAH)
PROPREITOR ACS: 8356, COP: 2072
Place: Ahmedabad Date: June 6, 2023 UDIN: A008356E000463569,
To
The Members,
HEERA ISPAT LIMITED CIN:L27101GJ1992PLC018101
BLOCK NO B-104 GANESH HOMES NEAR PRAMUKH BUNGLOWS
BEHIND SAHAJANANG HOMES CHENPUR ROAD NEW RANIP AHMEDABAD 382470 GUJARAT
INDIA
Our report of even date is to be read along with this letter:
1. Maintenance of secretarial record is the responsibility of the
management of the Company. Our responsibility is to express an opinion on these
secretarial records based on our audit.
2. We have followed the audit practices and processes as were
appropriate to obtain reasonable assurance about the correctness of the contents of the
secretarial records. The verification was done on test basis to ensure that correct facts
are reflected in secretarial records. We believe that the processes and practices, we
followed provide a reasonable basis for our opinion.
3. We have not verified the correctness and appropriateness of
financial records and Books of Accounts of the Company.
4. Wherever required, we have obtained the Management representation
about the compliance of laws, rules and regulations and happening of events.
5. The compliance of the provisions of corporate and other applicable
laws, rules, regulations, standards is the responsibility of management. Our examination
was limited to the verification of procedures and compliances done are on test basis.
6. The secretarial audit report is neither an assurance as to the
future viability of the Company nor of the efficiency or effectiveness with which the
management has conducted the affairs of the Company.
7. We have relied on Management Representation Letter provided by the
Company before issuing this Report to the Company.
Place: Ahmedabad |
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FOR KAMLESH M. SHAH &
CO., |
Date: June 6, 2023 |
PRACTICING COMPANY
SECRETARIES |
UDIN: A008356E00046356S |
151ACS-8356 \ o :] !
\COP-2072i // |
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(KAMLESH M. SHAH) |
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PROPREITOR |
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ACS: 8356, COP: 2072 |
To,
Members,
HEERA ISPAT LIMITED,
Ahmedabad-70, Gujarat
We have examined the relevant registers, records, forms, returns and
disclosures received from the Directors of HEERA ISPAT LIMITED bearing CIN:
L27101GJ1992PLC018101 and having its registered office at BLOCK NO B-104 GANESH HOMES NEAR
PRAMUKH BUNGLOWS BEHIND SAHAJANANG HOMES CHENPUR ROAD NEW RANIP AHMEDABAD 382470 GUJARAT
INDIA (hereinafter referred to 'the Company'), produced before us by the Company for the
purpose of issuing this Certificate, in accordance with Regulation 34(3) read with
Schedule V Para-C Sub clause 10(i) of the Securities Exchange Board of India (Listing
Obligations and Disclosure Requirements) Regulations, 2015.
In our opinion and to the best of our information and according to the
verifications (including Directors Identification Number (DIN) status at the portal
(www.mca.gov.in) as considered necessary and explanations furnished to us by the Company
& its officers, we hereby certify that none of the Directors on the Board of the
Company as stated below for the Financial Year ending on March 31, 2023 have been debarred
or disqualified from being appointed or continuing as Directors of companies by the
Securities and Exchange Board of India, Ministry of Corporate Affairs or any such other
Statutory Authority. All the Independent Directors are not Registered at Www.independentdirectorsdatabank.in
portal but the appointment of all Independent Directors were made before the New Rules for
Mandatory Registration at IICA comes into the force. No Independent Directors have passed
the Online Proficiency Test.
Sr. No. Name of Director |
DIN |
Date of Appointment |
1 Dineshkumar S Rao |
06379029 |
15/09/2012 |
2 Prakash N. Shah |
06376987 |
30/06/2020 |
3 Radheshyam R. Patel |
02694786 |
01/10/2009 |
4 Alpesh K. Patel |
00389094 |
01/10/2009 |
Ensuring the eligibility of the appointment / continuity of every
Director on the Board is the responsibility of the management of the Company. Our
responsibility is to express an opinion on these based on our verificOation.
Place: Ahmedabad Date: May 20, 2023 UDIN: A008356E000345101
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